One fine afternoon my daughters and I were sitting enjoying the bright sunny day in our garden. It was then when my mother called me up giving me the news of my cousin’s selection for a big MNC’s job in abroad with a huge package. We all were very happy and were having all praises for her and her hard work. I tried explaining my 6 year old that hard work is the key and how can even she be successful if she concentrates on her studies. She seemed interested in the explanation and later she said, “Yes Mumma, I will work hard and become a good scientist”. I was surprised at her knowledge of the term ‘scientist’! I smilingly asked, “Is it? Great! What do scientists do but?” She replied as per her understanding, “They find new things”, I said “like?” She replied, “hmm… like like…. the ‘aeroplane’” pointing towards the sky. I couldn’t believe that at such little age she knew what she wants to be. However I know this can change as time goes by, but still her clarity of her dreams left me bewildered. After all, she has made her choice and now it was my turn to fulfil my responsibility as a part to provide her the resources but with the rising cost of education at an alarming rate of 10-12% per year will it be easily possible for us? Will we be able to fulfil our children’s aspirations and help them realize their dreams?
I researched hard and reached the conclusion that we not only need to be mentally but financially prepared to encourage them and ensure that they get the education of their dreams. I realized that to secure our child’s future and to address their financial goals we just will not have to “SAVE” but “INVEST” wisely otherwise the last resort left with us will only be the education loan. Children’s education is one of the biggest cash outflows that families must plan for. Investing at the right time and investing right both are crucial to get the optimum returns and the right means to plan for child’s future.
I started searching the web and to my luck I came across the website of Axis Mutual Fund. There was #DoYourHomework Campaign going on. Initially I felt like this must be for kids but as I read on, I found, this was for the benefits of kids but for Parents! #DoYourHomework is basically an investor education awareness campaign from Axis Mutual Fund. All you need to do is just answer the 4 questions laid out and the rest will be taken care of by their specially designed financial calculators. One you answer these questions, it will bring out a thorough analysis and the way by which you can achieve your target. To ascertain the closest estimations, you may even select the rate of inflation and the interest cost. It will show you the initial one-time payment required to achieve the goal as well the EMI to be deposited in order to achieve the goal. Fantastic, isn’t it?
There is a video available on the website that shows that today Children have a number of career options and whichever option they choose, we as parents should be prepared in advance. There are also some great eBooks available for both children and parents. Painting, short stories and crossword book are very nice with fun and learn approach. All this can be done on the go as well with the help of their Homework App. I tried this app on my mobile to figure out the approximate cost of education and the result was just jaw-dropping for me. I had no idea of the amount we would be requiring to fund our kids’ education but now when we have an estimate, we are sure to achieve our goal by investing right!
Did you Do Your Homework parents? Are you prepared to help your kids achieve their dreams?
We would love to hear from you as well!