CHILD FUTURE PLANNING

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Child Education

So, what’s your biggest financial goal in life? Your Child’s education? Their marriages? Planning your own retirement? What is the strategy you’ll follow to reach these goals? What if I tell you that in the coming times, your way of looking at these goals needs to change?

You can’t look at goals the same way as your parents did! The lives & times of our parents, ourselves and our children will have lots of differences; difference arising because of the way our society and economy changes from year to year, decade to decade. As parents, it is natural to want the very best for your child - the best schooling, best opportunities in life, etc. But you see, education is one of the best gifts your children can receive.

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And as Indians, it is strongly ingrained in us that education is everything, and we want our kids to go to the top schools for their chosen fields.

Even though education is the most important priority for parents, the costs are a major concern. They shell out a large portion of their savings to provide the best education.

Hence, a financial plan to achieve this goal is very important.
If you already have children, the earlier you start planning, the better.

Especially if you want your child to attend good institutions and abroad. You must begin planning soon as the education costs are only on the rise.

Marriage Planning

Marriage affects your finances in many ways, including your ability to build wealth, plan for retirement, plan your estate, and capitalize on tax and insurance-related benefits. State and federal laws on these subjects provide default positions. Some of these baseline conditions can be modified by a prenuptial agreement, a contract that permits a couple to keep their finances separate, protect each other from debt, and take other actions that could limit the rights of either partner.

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If you and your partner have different goals, you’ll need to prioritize what’s important. Not sure what you should be striving for (or how to get there)? Consider hiring a financial planner to analyze your finances and help you put together a plan.

One important priority for any couple should be an emergency savings plan. Every marriage has its share of ups and downs, and an emergency fund can help you weather times of financial struggle. Paying down debt and saving for retirement are two other priorities that will convey long-term benefits.