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Common Mistakes To Avoid While Planning for Your Child's Future
While today there are investment avenues aplenty, parents need to think beyond just saving or even investing ad-hocto plan for a child's education. They need to identify the appropriate investment avenues at an opportune time to meet their financial goals. They need to strike the right asset allocation balance. But en route to the financial goals, there could be quite a few missteps. Here are a few mistakes that parents need to avoid when planning for a child's future.
Mistake 1: Starting late
Planning for children's education is a long-term financial goal. So, it's ideal to waste no time and start investing soon after the child is born. The compounded growth will help achieve the goal with small, monthly contributions. So, by the time the child is 18-20, and ready to go to college, you will have nearly two decades to create the right-sized fund for his/her need.
If you start late, like when a child is already in his/her teens, it might be too late to plan. But it is not the end of the road. It will take quite a bit of funds to be ready with the right amount and the choice of asset classes would have to be conservative. Plans like HDFC Life Click 2 Protect Life. It offers life cover, and safeguards against terminal and critical illnesses and disability and will help you maintain your finances through difficult times. Should anything happen to you, the payout from the plan can help your child continue their education.
Investing in your child's future and ensuring his/her financial future is of utmost importance. With a few smart investments and carefully-planned life cover, you can give your little one the help they need to make all their dreams come true.
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ARN:ED/04/20/18635
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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