|
| |
|
Importance of planning for your child's future
Inflation or a general rise in prices can be credited as the single largest contributor for this situation. None of the areas like education, marriage or even one's lifestyle are left unscathed by rising prices. Hence it is imperative that parents account for this phenomenon while providing for their children. An example should help us explain this better. Assume that a 2-year MBA program in a leading business school costs Rs 500,000 at present. Your child is 5 years old now and will pursue the management degree at the age of 20 years. This gives you a time frame of 15 years. Assuming that the inflation rate is 10% per annum, the education would cost Rs 2,088,624. Now that seems a handful, doesn't it? However, if you have an investment plan in place, this target can be easily achieved. A Personalfn consutlant can help you draw up the investment plan. Children and their well-being often rank as the highest "priorities" for parents and words like "only the best for my child" are rather common. However just having your heart in the right place isn't sufficient. Instead what you need is a practical approach to ensure that you work towards providing your child with a financially secure future. And that just might be the best present you will ever gift your child! Smart Financial Planning Solutions - Child's Future: For a child-planning solution that is best for you, meet a Personalfn consultant today! Don't forget to ask for your complimentary copy of the "The definitive guide to planning your child's future"! To know how Personalfn can assist you, please fill in the form below. We will get in touch with you shortly. |
The dynamics of planning for the child's future have changed radically over the years. The conventional method of providing for the child was to simply set aside some money in a savings bank account. These funds would then be utilised for the child's life stages. At best, parents would make investments in fixed deposits with the intention of providing from the maturity proceeds. However, it would be safe to say that such an approach is not only outdated, but also inadequate in the present scenario.