Having a child is a big evolution in any human’s life. It is a virtue to nurture another human to become an adult & face life one day. Therefore, it is great responsibility as well. Abhishek Gupta, Founder and CEO of High School Moms and INACE express his thoughts on the same topic giving a voice to parenthood’s feeling. For any parent their child is their priority. They work hard every day of their life to provide their child the best of everything & you will never meet a parent who will complain about it. This is an obligation that the person chooses themselves. But it takes a lot to plan everything properly which can secure your child’s future. It is always better to plan out financial problems & capabilities at an early stage for your child’s education. This will make sure you are prepared completely at every stage of your child’s education.
A decent liberal education degree anywhere in India on an average cost around 30-40 lacs. The same course if pursued in western countries can cost up to 2.5 crores. It is also important to mention that ivy leagues do not provide merit-based scholarships. So, the only way to pursue education from such prestigious countries is to plan the educational finances. When you start to plan for your child’s educational expenditure early, you obviously get a long time to save for the same. This will not only make you stress free but also give you enough mental space to be there for your child on their important phases.
No financial planning might land you in middle of stress & different things exactly on the time when you need to be attentive and expressive for your child. Indian society is weaved in a way where any middle-class family when goes through a rough financial time, every member shares the stress & you of course don’t want your child to be worried about family’s financial condition when they have to study & work hard for their future.
You will realize as your child is growing up that his/her education will require a lot of money as the time passes by. Rapidly Growing inflation is one of the prime reasons behind this increase in the cost of education and this is exactly the reason why any parents should be prepared to face & solve all these hurdles that will surely come in the way of your child’s education. Therefore, you might want to consider buying a good child education plan at an early stage.
You should consider the various schemes launched by almost every insurance company out there before planning the future of your child. As of now we are familiar of the fact that investments have emerged as one of the most opted after ways to plan the future of your child.
Now, when it comes down to all those future planning schemes, you do not just have to go and buy a life insurance plan for your child. Instead, go for schemes like Child Life Insurance plans which are helpful for you & your child to secure a bright future. You also get their help in understanding the market value of your assets & then invest the saving for his or her future. He further added.
You need to understand that financial planning for your child depends upon the economy and overall scene of the market. There is a lot to research before investing in any education plan. So be aware of the market risks and other turns that might come in your way of educational planning. In addition to this, there are several schemes that also offer financial help to you at different stages of your life. Financial planning is important to have a secure future for your kids, but it will also make sure that your present is blissful too.