Cheryl Das (centre) had help from some of the Osoyoos Coyotes players for an open house event at her new office recently. From left are: Colton Nikiforuk, Brett Lisoway, Connor Onstein, Brock Jackson, Das, Grant Zaruk, Adam Jones and Randy Bedard. (Richard McGuire photo)
As a mother of four children, Cheryl Das knows first hand the importance of saving money to help pay the high – and continually growing – costs of attending college or university.
Das, who has enjoyed a long and successful business career, has opened a new business in Osoyoos that caters directly to parents putting aside the money necessary to ensure their children won’t graduate from their post-secondary studies heavily in debt and struggle for years to pay off student loans.
Das is the owner of Knowledge First financial services, which opened in July in the former home of Yore Movie Store on Main Street in Osoyoos.
“Registered Education Savings Plans (RESPs) are all we do … we don’t offer any other financial services, so we’re very good at what we do by focusing on this one service only,” said Das.
Every parent imagines a better life for their children and one of the surest ways to turns dreams into reality is by gaining the knowledge necessary to succeed and it’s almost impossible to attain success without a post-secondary education, said Das.
“Saving for your child’s education is one of the best things you can do for them,” she said. “We provide sound financial plans for your savings and will help you access the government education grants you are entitled to. It’s what we do best.”
For nearly 50 years, Canadian families have relied on Knowledge First Financial to help them fulfill their children’s ambitions through education savings plans and Das said she’s thrilled to be able to help families from the Osoyoos and Oliver areas.
Das, who still owns her own insurance brokerage business in Coquitlam, said she moved to Osoyoos to open her new business because she wanted to raise her five-year-old twins Maya and Jada and 10-year-old son Gaven in a smaller community like Osoyoos.
Bailey, 21, her oldest daughter, is currently in her third year studying business at college in Vancouver.
Her partner lives in Osoyoos and she has been travelling back and forth to the Lower Mainland for the past two years, but has settled in Osoyoos since opening First Knowledge three months ago, she said.
“Osoyoos is a wonderful community and the response my new business has received from the community has just been incredible,” she said.
Unlike other financial institutions that also offer RESPs, Knowledge First is a not-for-profit organization and can offer the best rates in the business, she said.
“Our children are the only stakeholders and they get all of the profits,” she said. “The average rate on return over 25 years is 5.3 per cent, which is significantly higher than the major banks and their return of two to three per cent over the same period.
“This company has had a proven record of success over the past 52 years and is an all-Canadian company, which appeals to a lot of our clients.”
Many young parents do not know that they are entitled to apply for numerous provincial and federal education grants and a big part of her business is informing and assisting parents in accessing these grants, she said.
“Some are income tested and many others are not,” she said. “The sad reality is many young parents don’t know about these education grants that are available in Canada and many others don’t know how to access them.
“That’s what I’m here for … I will walk them through the process.”
The RESPs offered by Knowledge First are eligible for all government grants.
“It’s part of our service in getting you the most out of your education savings,’ she said.
There are RESPs starting for as low as $10 per month per child and parents owe a duty to their children to try and save as much money as possible so they can attend post-secondary studies without he burden of financial debt, she said.
“Every family is different and there are different amounts each family can afford, but every parent should make the effort to try and put aside as much as they possibly can,” she said. “With the growing costs of education in this country, it’s so important for parents to try and save what they can so their children don’t leave college or university heavily in debt.”
Over the past decade, tuition fees have more than doubled in real terms and the reality is students have to pay a larger share of the costs for post-secondary education, leaving more and more graduates deeper in debt, she said.
Das has set up a play area for children and tots inside her office so kids can play while she discusses their education funding future with their parents.
“All members of the family are welcome to come in and play,” she said.
First Knowledge is open Monday to Friday from 9:30 a.m. until 5 p.m.
Das can be reached toll-free at 1-888-439-1902 or at 604-276-0500. She can be reached by email at [email protected].
KEITH LACEY
Osoyoos Times
