new Delhi. If you want to secure the future of your children, then you should start investing for it early. Inflation, expenses, children’s education expenses etc. should also be taken care of while investing. Here the right decisions at the right time will help the parents to fulfill their goals set for the children.
Actually, every parent wants to give a better tomorrow to their children. They make every effort to make the children’s future secure. One also invests and saves for financial security, but some mistakes should be avoided in this. By avoiding these mistakes, investing will make your child’s life easier.
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Don’t delay start investing and saving
The sooner you start investing and saving, the better. You have a lot of time in your hands when it comes to investing or saving for children, from their birth till they reach college age. Therefore, taking advantage of such a long time frame, you should start investing or saving as soon as possible. With this you will be saved from financial pressure.
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Wrong estimate of future cost of education
The cost of education has increased a lot in the current era. Effectively, the cost of a good professional course within India would be around Rs 7 lakh or more. If you want to teach children abroad, the cost is likely to be around 10 times. Therefore, the investment should be commensurate with whether you are looking for education abroad for the child or are looking towards education in the country itself.
not keeping track of inflation
Funding for higher education is an important financial goal. But most investors have a habit of choosing a random round figure as the target. But inflation should also be taken into account. So take an idea from the cost of inflation index as well. The amount of fund you want to raise should be in line with inflation and future cost of education.
Choosing the wrong instruments for investment
It is important to invest according to your financial goals. This means choosing instruments that will grow your money at the right pace. Apart from this, it is also to be kept in mind that investing or saving should not be done through only one option. It is important to have diversification in the portfolio so that even if there is a low return from one investment/savings instrument, the high return of another instrument can make up for it.
Tags: investment, Personal finance, Saving
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