Plan for their future this Children’s day
Plan for their future this Children’s day
What will you do when after 15 years, your kid tells you he/she wants to pursue music/acting/dance at London/New York?
Or say they have perfect scores to get admission in the top universities in India or abroad?
You never know what their liking would be and how dynamic they might turn out to be.
In such situations, the last thing you should be worrying about is the money! Supporting them financially is not just a duty, but a way to express your love and trust in them!
A sound financial plan for their future requires a great deal of planning in the present
Follow these steps to devise a plan for your children’s future:
- Set a goal
- Calculate the period of time you have to save for
- Calculate the future amount that you’ll require
- Find an investment plan that’ll take you towards your goal
- Pay attention to your investments
1. Set a goal: Setting a goal does not necessarily mean saving a dedicated amount of money every month for your child’s education. A thorough plan based on one’s income, investment, growing economy and inflation, decides what the financial goal should be.
2. Calculate the period of time you have to save for: An investment plan will vary based on the age of your children and when they plan to pursue their higher education.
A new born child will require money for higher education after 20 years whereas a class 5th kid will require in 15 years. Based on that, the planning and strategy will change.
3. Calculate the future amount that you’ll require: Taking inflation, investment and growth rate into consideration, one has to calculate the amount that’ll be required in future.
Say for example, today it costs around 20-25 lakhs for a good educational course in a top university, you need to set a goal based on what the future cost is going to be.
4. Find an investment plan that’ll hit the bull’s eye: An investment plan has to be selected and devised based on your goals, your time frame and your financial status to hit the bull’s eye of achieving desired benefits and returns.
5. Pay attention to your investments: Monitoring your investments, their returns, the compound annual growth rate and its progress is as important as investing in the first place. Knowing all the details makes you understand the plan and its outcome.
This children’s day, Cedrus Wealth Partners urges all of you to follow these 5 steps and gift your children a plan to make their future better, secure and happier!
Let their dreams fly with the wings of your investments!
Happy Children’s Day!
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