Having a child is a big change in the life of every human being. It is a virtue to nurture another human to grow into an adult and face life one day. Therefore, it is also a great responsibility. Abhishek Gupta, Founder and CEO of High School Moms and INACE expresses his thoughts on the same topic giving voice to the feeling of parenthood. For any parent, their child is their priority. They work hard every day of their lives to provide their child with the best of everything and you will never meet a parent who will complain about that. It is an obligation that the person chooses himself. But it takes a lot to properly plan everything that can secure your child’s future. It is always best to plan for financial issues and abilities early in your child’s education. This will ensure that you are completely prepared for every stage of raising your child.
A decent liberal education degree anywhere in India costs on average about 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 offer merit-based scholarships. So, the only way to pursue studies in such prestigious countries is to plan education finances. When you start planning for your child’s education expenses early, you obviously have plenty of time to save. This will not only relieve you of stress, but also give you enough mental space to be there for your child during their important phases.
No amount of financial planning can drag you into the midst of stress and different things exactly when you need to be attentive and expressive for your child. Indian society is woven in a way where any middle class family is going through a tough financial time, every member shares the stress and of course you don’t want your child to worry about the financial situation of the family when he must study and work. difficult for their future.
You will realize as your child grows that their education will cost them a lot of money over time. Rapidly growing inflation is one of the main reasons behind this increase in the cost of education and this is exactly the reason why all parents must be ready to face and solve all these obstacles that will surely hinder the education of your child. Therefore, you may want to consider buying a good early childhood education plan.
You should consider the various programs run by almost all insurance companies before planning for your child’s future. As of now, we know that investments have become one of the most chosen ways to plan for your child’s future.
Now, when it comes to all those future planning plans, you don’t just have to buy a life insurance plan for your child. Instead, opt for schemes like children’s life insurance plans that are helpful for you and your child to ensure a bright future. You also get their help to understand the market value of your assets and then invest the savings for its future. He added again.
You must understand that your child’s financial planning depends on the economy and the overall market scene. There’s a lot to research before investing in an education plan. So be aware of market risks and other shifts that may occur in the way you plan for education. In addition to this, there are several schemes that also offer you financial assistance at different stages of your life. Financial planning is important to ensure a secure future for your children, but it will also ensure that your present is also a happy one.