Indian parents – probably – more than any other parents are invested in their children’s success. Before our child turns two, our hunt begins to find the right school. We research school stats, we compare teaching faculty and facilities. We want to ensure they start right, after all, this is the first step towards a successful career and a happy life.
What more can we do, to help our children do their best?
We need to broaden our focus. We tend to concentrate on the short-term i.e. making sure they eat healthy, getting them into the right school, finding the right extra-curricular activities to help them become all-rounders, etc. We also need to consider the long-term. Our children are not going to remain 2 or 5 or 10 or 15, they are growing and as they meet new people, learn new things – their world expands and so do their dreams. Today, your five-year-old may want to be a pilot but when he’s 10, he may want to be build cars and when he’s 15, he may decide to be an aeronautical engineer.
You need to plan for these eventualities especially since the cost of education is rising. You may not know this but in the past decade, year after year, the tuition fees for educational courses in India has risen by 10 to 15%.
How does that affect you? Well, if in 2017, a University Course costs appx. ₹5-lakhs then in 5 years it will cost appx. ₹8.05-lakhs. Similarly, it will cost appx. ₹12.96-lakhs in 10 years and ₹20.88-lakhs in 15 years. *
* Numbers calculated based on 10% inflation.
Given the situation, are you financially prepared to provide your child with a quality education?
Then, it is time to take on the role of a Financial Planner and start planning and investing to make sure you can provide your child with a quality education, in the field of their choice.
Don’t know how? Use the below calculatior to calculate how much money you will need to invest to ensure a bright future for your child. The calculator factors in – your child’s age, how long before he starts college, his potential career path, the effect of inflation etc. to give you an approximate amount you will need to invest monthly.
P.S. If you have more than one child – the amount will differ based on each child’s age. So, make sure to calculate for each of your children’s education, individually.
In short, by taking on one more role – the role of a Financial Planner you can ensure that your child has the monetary backing to succeed in his future endeavors.