As a parent, you’ve got two main goals in your mind when it comes to your child. The first is to ensure that your children are healthy and happy, and the second one is to ensure that they have a great future. Essentially, these are the things that are parenting decisions generally boil down to. While you’re doing everything you can to ensure these things, there’s something else that you can consider as well: sound investment choices across various financial instruments.
Here’s how making these choices can make you a better parent:
1. You can take care of your children’s health
As your child’s health is your priority, investing in health insurance for them or on their behalf can make sure that nothing stands between your child and his/her health. As diseases or illnesses are not really dependant on any age and can strike at any time, it is essential to make this investment choice sooner rather than later. Once you do so, you can make sure that no matter what the future holds, your child will always be healthy and safe. Not being able to get your child the best treatments or doctors can be a huge blow and this is a great way to prevent that.
2. You can make your children’s dreams come true
By making good investment choices well in time, you can ensure that you’ve done all you can to make your child’s dreams come true. How? By investing in high ROI policies such as ULIPs, you can make sure that you’ve grown your funds large enough to support your child going for further studies in India and even abroad. There are certain careers or courses that are value education from abroad simply because the best courses in those fields are not available in India. Therefore, you’ll be ensuring that your child’s future is all set by making this investment.
3. You can ensure financial independence
Life is incredibly unpredictable. You never know what lies ahead right around the corner, and there’s truly no way of ever finding out. The best that you can do for your family and your child is to ensure that you’ve stayed prepared for almost all situations that life can throw at you. By investing in life insurance policies, you can make sure that your family stays financially independent and does not have to depend on anyone else for their needs to be met. You child can continue to learn, grow, and enjoy the same lifestyle, and eventually make a name for himself/herself in the future.
4. You can allow your child to make unconventional choices
When you and your family are financially secure, you can allow your child to make unconventional choices with regards to education or work. If your child needs time to understand the career path that makes the most sense, you can allow a gap year as you will not be depending on the additional income from his/her work. You will also be more likely to let your child explore other dreams like a career in the arts without worrying too much about the finances and whether or not the future will be stable. By accounting for your own needs and not pressuring your child to earn in the future for the whole family, you can give your child the space needed to pursue different avenues in life and come out a more fulfilled and satisfied person.
Nowadays, there are multiple career options available to children and it is not uncommon for them to change their minds or try out different fields until they find the right fit.