It is every parent’s dream to see
their child get the best education. We have so many options available today. I
remember, when we were in school, we had only five major options—Commerce,
Arts, Science, Engineering or Medical. A fortunate few would choose something
different.
Today, we have career counsellors
and a battery of tests to identify what your child is good at and what
professions are best suited for them. Parents and kids are overwhelmed and
confused with choices. But the bigger worry is the escalating costs of each of
these career streams. What if your child aspires to do the most expensive
course? What if he or she has their heart set on going to the US to pursue
medicine? Are you prepared for it? Can you fund the astronomical fees that
schools and educational institutes charge today? Sadly, we are worried and
sometimes, secretly hoping that the child will choose an option that suits our
budget. But as luck may have it, your child probably aspires to go to the best
college, sending your budget out of control.
There are several professional
experts like financial planners to guide you to the right investment plan. One
can definitely hire them and get the best investments and education funds. What
I would like to share are a few non-financial tips to secure your child’s
education fund.
Impart the value of
money
Teach the importance of money to your kids from
an early age. Let them know that money does not grow on trees and not even
ATMs. It needs to be earned through hard work and discipline. Create a minor
account and start saving regularly, even if it means one per cent of your
monthly income.
Understand the power
of passive income
Passive income is the income you get through
your investments. So, even if you don’t work, your passive income is still
credited to your bank account. Invest early and start earning passive income.
Teach the same to your kids as well, so that when you need to fund their
education, you can utilise either these funds or use your monthly income to pay
off regular installments.
Learn financial
planning from experts
Understand the power of money and how it can
help you achieve your goals. Whatever you focus on will grow. So start focusing
upon money, though not from a needy space. Learn how to effectively plan for
your finances. Get real. Get your queries answered. Have a spreadsheet and
become good with numbers. This will help you plan and focus upon the money you
feel you need for your child’s education.
Start saving early
Allow your child to experience horizontally but
grow vertically. Basically, let your child explore everything like sports,
creative arts, medical, etc, so that when it comes to higher studies, your
child can make the right choice and grow. You will receive the satisfaction of
money well spent.
