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Published on: 02 Feb 2017 by sahu
Who wouldn’t love to give the best for the child? However, are you capable of doing it? If you consider the minimum average spend on a child to be around Rs.54.75lakhs, how would you plan ahead so as to arrange for that money?
Well, there no more needs to be any sacrifices made by the parent in order to serve the child. Start investing and plan for the bright future of the child.
Well, let’s see some of the factors that we can take as fixed expenses while bringing up a child. Let’s start with childbirth, which require some money. Then comes the education, entertainment, travel, recreation, building a talent, birthdays, graduation and wedding.
We don’t need an excel sheet with the exact numbers to know that the cost is going to be high.Well, plan early and start with systematic investment plan(SIP) with the goal to save for the child’s future. To know about the best investment plans, you can now approach a financial advisor. Below are some ways you can start investing and compound wealth over the long term:
• For birthday’s of your child, invest a specific amount into the mutual fund of your choice based on your financial planning, goals and risk tolerance to see how it compounds to create wealth over the long term.
• You can also get your advisor to chart out the investment plan to make your child’s future more secure.
• Spread out your investments based on your goals and investment horizon with the help of a mutual fund advisor.
Hence, start early plan out the future of your child and invest in the schemes based on your goals to get optimum returns at the end.