When I first heard about RESP, I didn't know about self directed RESP. I thought, I just have to open an account and start putting money monthly.
After a couple of years, I learned that I can buy GIC with the money in RESP. So, it was like, many GICs in the RESP which were just getting matured and reinvested at maturity.
The interest rate was very low. So the money didn't do much work.
The end result is my kid's degree costs more than the money I accumulated in RESP.
Then, we saved money in RRSPs and used that money for the down payment for the home. I think, that was a good decision. But, the bad decision came a little later when we decided to invest with Investors Group. The financial advisor we started with was great. he was very genuine and was working with us. But, after a couple of years, he decided to quit from IG. Our investment were supposed to be looked after by his manager. We should have moved our investments from them when this so called manager came for the first meeting without even having a look on what our investments are. Warning signs... Yeah, life got busy and I just ignored that little voice in my head... Do be financially independent we have to make good personal finance decisions each time.
Glad that I decided to stop investing with them in 2016.
Another regret with money is we chose to buy a condo. We should have started with a house. We thought, the condo can be a started home and we can move to an independent house later. it is not going to happen with the burning hot housing market.
I am glad that i have only few money regrets. do you have money regrets? What is your biggest money regret?