As parents, we aspire to offer our children the best of both the worlds. While we make sure to provide a healthy, quality, and holistic day-to-day environment for our children, much more detailed planning is required for their education and future.

In an attempt to ensure this, your plan must encompass these small yet important steps:

Step #1

Identify Your Child’s Future Financial Needs

While you start planning for your child’s higher education, the first step is to identify a broad financial range that you would require to transform your aspirations into reality. Once you determine your child’s career interests and aspirations, the money you will require to fulfil those aspirations, the time horizon, your risk appetite, among other essential parameters of financial planning for your child’s future.

Think beyond the course fee, apart from fees include the cost towards extra-curricular activities, transportation, accommodation, etc. Use this Child Education Planning Calculator to ascertain the inflation-adjusted amount you should plan for your child’s bright future.

Step #2

Start Early. Drive Slowly. Reach Safely.

In my career as a financial planner and money multiplier, I have often observed people push starting with investments.

The Early You Start, The Greater The Returns.

Systematic Investment is a habit that you should inculcate as early as possible. If possible try to inculcate it in your siblings too. It will help them accomplish different financial goals of their life with ease.

Unlike earlier, these days have witnessed a new trend in investment; most parents start investing in their child’s future or higher education from an early stage through SIP (systematic investment planning).

Small amounts invested regularly, over a span of 20 years accumulate a substantially large corpus. This also helps them reap the benefits of compounding.

Step #3

Have Sufficient Insurance Plans

Battles are fought and battles are won, when there is planning, strategy, and preparations for the same. What happens if you have no plan, no preparation and you are standing right in front of your opponent (financial challenges)? Seems difficult to overcome?

This is exactly where a Life Insurance plan can come to rescue!

A child education plan offers the dual benefit of insurance and investment. A child education plan also helps you to ensure that your child’s future is secured even if you are not around to handle it.

Learn more about the Child Education Planning by Money Multiplier and start investing soon. Time will pass away swiftly. And soon you will be in need of a huge corpus to fund your child’s aspiration as your child crosses his teenage years and is ready to enter the graduate college of his dreams.

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