Planning a child’s future is on the top of a priority list for every parent. No one wants to make any mistake or compromise a bit when it comes to your child’s career or future life.
This post talks about do’s and don’ts you must follow while planning for childrens future.
Things You Must Never Do
Discourage Your Child from Studying More
Never become a parent who tries to stop his child from getting a higher education by citing silly reasons. Even if such reasons hold a lot of significance in your life, don’t let them become a part of your child’s life.
The common reasons stated by parents in our society include:
- What is the use of spending so much on another degree? We should better save this money for your marriage.
- You are getting older. We can’t wait for your marriage to happen as that will only make us free from all the responsibilities.
Is marriage more important than education?
You need to know career/ education of your child is way more important than marriage. He must be financially independent before you even think about his marriage.
Once child’s education is taken care of, his marriage will automatically be taken care of.
Buy Life Insurance of Your Child
It happens to be one of the most frequently made mistakes by parents these days.
Do you know that life insurance cover is meant to be bought on the name of an earning member of the family?
Why should you, then, buy a life insurance on your child’s name when he is not an earning member?
What you must know is that if something happens to you and a life cover was bought by you on your child’s name, there is not going to be any payout from the insurance firm.
The bottom line is that you must carefully choose investment plans if you want to get maximum returns.
Things You Must Do
Start Saving Early for Your Child’s Education
You need to set your targets right. Ask yourself what is your ultimate goal when it comes to your child’s education?
It is recommended that you make a rational assessment of money you would need for his education.
Accordingly, you must start saving early. Study different investment plans and choose the one that defines your goals in the best manner.
Never wait for your child to grow big enough to first start considering different study options and then wait for your turn to plan finances.
It is, probably, the worst time to plan finances for your child’s education.
Health Insurance Plan
Have you included your child’s name in your health insurance plan?
If not, you must do it right now.
A proper health insurance plan ensures the good health of your child without you having to compromise on any of your investment goals.
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Encourage Your Child to Pursue His Dream Career
If your child is passionate about something in life and wants to make a career out of his passion/ hobby, you must never discourage him. Rather, support him with all your means so that he can reach an acme in his chosen field.
Remember, no work is small or big. Never impose your unfulfilled desires on him/ her. Let your child live his/ her dreams.
Your duty is to teach him to fly high and you must, therefore, never restrict his flight.
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