A guide to planning your child’s education: From costs, goals to investments
Apr 5, 2024, 13:08 IST
Ask any parent to list their key commitments in life and child education will likely find a top place in the list. Regardless of their own educational background, parents desire quality education for their children, making it one of the most significant expenses in life, alongside healthcare.
As John Dewey, an American philosopher and psychologist said, “Education is not preparation for life, education is life itself.”
Planning your child’s education is a strategic journey towards their future success. Investing with a goal brings discipline, balancing present desires with future needs. And through disciplined investment, one can build a substantial corpus over time.
Here are some important steps in planning your child's education:
Now that you have got a basic idea of what is involved in planning for your child’s education, let us take a closer look at the points mentioned above.
By following these steps in collaboration with a financial planner, you can effectively plan and prepare for your child's education, ensuring they have access to the opportunities which they need to succeed academically and professionally.
To conclude, under expert guidance of a financial planner, invest strategically inmutual funds as it is the optimal instrument both from an investment and inflation perspective. Regularly revisit and adapt the plan, with the ultimate aim of securing a solid financial plan for your child’s education.
This article is published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in.
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As John Dewey, an American philosopher and psychologist said, “Education is not preparation for life, education is life itself.”
How much will it cost you and how much is enough?
Planning your child’s education is a strategic journey towards their future success. Investing with a goal brings discipline, balancing present desires with future needs. And through disciplined investment, one can build a substantial corpus over time.
Here are some important steps in planning your child's education:
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- Define Your Goals – Thorough thinking and understanding of the educational goals
- Assess your finances with a Financial Advisor
- Understanding Education Cost
- Creating a Personalised Plan and Exploring Investment Options
- Implementation, Regular Monitoring and Review
- Continuous Communication
Now that you have got a basic idea of what is involved in planning for your child’s education, let us take a closer look at the points mentioned above.
- Thorough thinking and understanding of the educational goals
- Assess your finances with a Financial Advisor
- Understanding Education Cost
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- Personalised Plan and Exploring Investment Options
- Implementation, Regular Monitoring and Review
- Continuous Communication
By following these steps in collaboration with a financial planner, you can effectively plan and prepare for your child's education, ensuring they have access to the opportunities which they need to succeed academically and professionally.
To conclude, under expert guidance of a financial planner, invest strategically inmutual funds as it is the optimal instrument both from an investment and inflation perspective. Regularly revisit and adapt the plan, with the ultimate aim of securing a solid financial plan for your child’s education.
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Disclaimer: The article is authored by Shekhar,Director,Wealth Direct Mutual Fund Distributor Pvt. Ltd. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. Do your own research (DYOR) before deciding to invest in any financial asset class.This article is published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in.