A question I have been asking the girls every other day. And the best part is their responses keep changing almost every time.
Anu wanted to be a doctor when she was three. At five, she wanted to be a teacher like her Grandma. At seven, she wanted to be a zoologist/entomologist. A year later she added that she wanted to be a paleontologist too studying fossils. And this morning when I asked the same question, she answered,
“I want to own an animal farm and take care of endangered species just like Tim Faulkner.”
She definitely is the female equivalent of Mowgli…misplaced in this civilized city while her heart still beats in the woods.
On the other hand, Li’l Love has always and always wanted to be Mamma. Be it when I was working or now that I am home.
It’s fun to listen to your children’s aspirations. It helps you plan for the child’s future in advance. I love the fact that they have innumerable options to choose from and the freedom to do so. Possibly the first generation that has complete support from their parents as well as teachers in this matter.
I am sure that ten years down the lane they’ll be far more clear about what career options they want to choose from. Ten year is not a long period and at the rate at which cost of living is increasing, we have got to be prepared to fund their choices by then. We wouldn’t want our children to give up on their dreams for lack of funds…isn’t it?
When I discussed this with the husband, he said,
“Do Your Homework so that we can plan our investments for their future.“
After some amount of research on the internet, I landed up with this chart. This tells me that we have to save approximately 15K-20K every month per child in order to arrange about 40-50 lakhs for their education from a reputed institution as soon as they are eighteen years of age.
Fixed deposits cannot fetch interest rates that can help us arrange the estimated amount in the said time frame. Nor do we have so much money to invest in one go. That’s where Mutual Funds and SIPs (Systematic Investment Plans) come to our rescue. The advantages of Mutual Funds are:
- Regulated by SEBI
- Easy Liquidity
- Range of investment choices
- Long term tax benefits
Do check out Axis Mutual Fund #DoYourHomework campaign.
I’m sure it’ll help you make the right choice. I just made mine.
This is a sponsored post. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.