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Planning For Children's Future

It's essential to be prepared to fulfil your children's educational dreams. This can be done by choosing an investment strategy for building wealth that also offers life insurance.

  • Sep 14, 2016

A child means the whole world to its parents. And it is every parent’s dream to fulfill their child’s future plan and prepare them for the world with the education they choose with an excellent and secure life education.

A specialised education that matches your child’s interests can help them shine in this cutthroat environment by maximising their talents. It gives them an edge over others and brings them closer to their life’s goals. Therefore, you must plan what specialised children’s policy you invest in.

We no longer live in the supposedly “good old days.” Because there weren’t as many options back then, making decisions was much more accessible. However, the digital era has created many chances for everyone, even your children. As a result, their goals have grown, and getting the necessary education has become more expensive.

Studying abroad has been a top priority among Gen Z and Gen Alpha. Many students compete for admission to foreign universities or the Ivy League to support their career objectives. Simply put, you can no longer decide your child’s future plan. It requires immediate attention, especially if you have just married or had a child.

Education is a means to strengthen the foundation of your child’s future plan. Here are four tips to be future ready

Plan for educational aspirations

The younger generation’s desire to study abroad is growing in popularity. However, any parent must begin making financial preparations for it at least 10-15 years in advance if they hope to achieve this aim. Therefore, it would be better if you first estimated the cost of studying abroad in the future.
You can achieve this goal by carefully strategizing and diversifying your assets across hazardous and safe instruments such as savings plan under the appropriate children’s policy.

Inculcate good money habits in your kids

It’s crucial to instill solid money management practices in children to manage their finances when they reach a particular age. Some crucial things they must acquire at an earlier age include setting monthly pocket money, training them to budget, and teaching them about taxes and secure life education. In addition, as independence is one of their goals, these behaviors will help them develop wise financial practices once they have moved away from home or begun to do a job.

Start Early

It is always wise to start early to better prepare for future possibilities, regardless of the life objective. The child will have their own goals, but as a parent, you also see a particular kind of life for them. First, calculate the approximate cost of the student’s education, consider inflation, and then begin saving for it using the right children’s policy.

Parents frequently wait until their children attend school and start forming their objectives. This is a grave error. Starting early with your investments and savings allows you to take advantage of compounding, which can be beneficial in the long term. In addition, course correction is always possible when traveling.

Assess Your Assets

Consider the assets you already have in place before you begin investing. Based on this, you can choose how much to invest. But remember that you should make distinct investments for your various objectives. For example, consider that you are also saving at home for your child’s education. If it’s unnecessary, you shouldn’t utilise the money you’ve set aside for your house to pay for your child’s education or vice versa.

Every sound financial plan must include insurance. It would be a grave error to establish investment plans without considering insurance. You never know what might happen tomorrow since life is unpredictable. You might not always be around to take care of them. Your child might struggle to make ends meet if something were to happen to you and you could no longer provide for their future.

For this reason, a term insurance policy must always be a part of your financial planning. A life insurance would provide your spouse and children with a financial safety net if something terrible happened to you. There are many different insurance options available. Select the solution that best satisfies your needs and complies with the children’s policy. Do not forget to look for insurance plans with a high sum insured because you do not want to leave your family without adequate financial security.

After all, your dreams lie in the dreams of your children!

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- A Consumer Education Initiative series by Kotak Life

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