Right Investment for Your Child’s Future
Parents always worry about their children. They want their child’s future to be secure. And, most of the parents in India start saving for their child’s future when they are born. There are various investment options that may come up to you, but the problem is getting the right option.
Following are a few tips that may help you to make an appropriate financial plan for your child’s future:
1. Know your plans: It is always better to start saving as early as possible, but there is a need for the plan before starting investment. Planning is the first step to be taken before starting the investments. It is also important to understand the amount that is required for a child’s education, wedding, etc. You should also remember the inflation rate and its effects on the value of our returns.
2. Set Up Goals: Before making an investment decision, we need to set up goals. These goals reflect the needs. Also, every person has different goals, and it can be categorized into short term or long term goals.
3. Select the right Investment Scheme: It is not enough to decide to invest, but choosing the right investment plan is equally important. Choose an investment plan that offers adequate funds to meet your needs. Consider various factors like your income, time, level of risk, liquidity and returns. Try to avoid the plans that carry a high risk and offer returns that may be fluctuating.
4. Covering risk: An important plan, where you should put your money is the insurance policy. Make sure that you buy a term plan that has a minimum cover of 10-12 times your annual income added to any liabilities that you carry.
5. Other avenues: You can also open a savings account where interest is compounded as it gives you better returns. Investing in mutual funds is also a better option.
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