The 10th board exam results are just out…Congratulations to all the students who have passed with flying colours!
I know the question which is bothering the children as well as their parents is…‘What Next?’
Indian parents have very high expectations about their children’s education and careers. In today’s competitive world, the need for strong & quality education is increasing. With India’s prospering young population, the excellence in education is a determining factor in the race for better careers today and it will keep on increasing in the future.
However Education, especially quality education doesn’t come cheap and it is also something that parents hate compromising on! A child’s school costs alone have reached sizeable amount. Now-a-days, access to higher education is easier, with good colleges in India and foreign universities wooing students.
In today’s date, the cost of Higher Education from a recognized institution is reaching new heights.
In order to give a good start to the child’s future, it is important to plan for such a big financial goal before hand.
Thus, parents must plan and start saving early to build a corpus for their children’s higher studies. And, while it is an important financial goal, it should be prioritized properly. Below are some points, you should take care of while building your corpus.
- Invest Systematically
It is not possible to build such a huge corpus in a day or two. Hence, it is very important to save & invest in regular intervals.
- Account for Inflation
We experience Inflation in our day to day life. The education fees will also go up as time passes. The returns from your investments should beat the rate of increase in the cost of education. If a course needs 15 lakhs in today’s date then it is quite possible to reach about 20 lakhs in next 5 – 7 years.
- Invest upon Time
You must make investments on the basis of the time horizon. Your Investment options may change depending upon the number of years you want to stay invested.
Make sure that your children’s dreams come true & finance doesn’t turn out to be an obstacle in achieving their goals. Best of Luck!