Children's FutureFunding Planning
It is done to secure your child's future by arranging funds for his/her higher education and marriage. It should be started as soon as your child is born. The expenses for education and marriage are raising everyday and we need a defined strategy to achieve these goals.
Planning for child education is not just dependent on the numbers; rather it's a combination of a number of factors; social, personal beliefs, religious, your way of approaching & looking at life…
As far as our society goes, earlier providing a great education to children was seen as a passport to good retirement, because you do your duty of providing support to your child, and in turn he completes his responsibility of taking care of you in your old age.
If you are an earning member of your family and feeling the pressure of creating a corpus of several lacs for your child after 20-25 yrs, We would suggest lower your tension, while you can still save and plan for the goal to fulfill your dream through prudent Financial Planning.
Similarly, we see that one of the main goals in our life is "Children Marriage". For most, the present cost of this goal is around Rs, 10 lakh and by the time our children will be marrying , it definitely would cost a bomb! Financial Planning would give all answers on your critical goals like grand or simple marriage.
You have several products in the market which claim to be Child Plans. They are costly and complicated for most of the general investors. The simple funda for successful financial planning is "Don't buy if you don't understand it". Planning for child education can be step by step designed simple plan which we do through get out the future cost of education and marriage and map with your existing savings and investments and advise to start further investment on getting any shortfall to achieve these goals.
Thus a thorough and well crafted Children's Future Funding Plan is the most rational thing to do. PrudentFP will help you to craft a thorough and rational education fund plan so your child doesn't compromise on his/her career aspirations.