Educating your child abroad is slowly transforming from an opportunity limited to the wealthy to a more democratising and inclusive advantage with Middle class Indian families also being able to send their kids to pursue the “American” Or insert *country of their choice* Dream! The caveat being here that they plan their finances wisely and well in advance. (The early bird gathers no moss!)
With educational tracks that focus more on analytical ability and learning beyond the textbook, your child can benefit not only by developing these skill sets but also by applying them in the job market when the time comes. This is why so many people aspire to give their children an opportunity that is truly once-in-a-lifetime.
Similarly, whether you have been living in the city for a few years or were born and brought up in it, you may have noticed that your metropolitan city has begun bursting at the seams with the large amount of people that now reside in it. Real estate prices, as a result, have shot up far more than the prices in other, non-metropolitan cities, making it much harder than before to have your own home.
Both aspirations require a certain monetary bandwidth which isn’t attainable by all, and both are ones that are quite important to your loved ones. So, what can you do?
1. Focus on investing and growing your money
No matter how hard you may work, organizations usually offer rigid growth plans to their employees, which means there’s only a certain amount you can aspire to earn in a few set years. However, instead of resigning yourself to that fact and letting the “dream house” wait, you can take matters into your own hands and invest a certain portion of your disposable income. Some investment policies, like ULIPs, offer the triple features of investments, savings, and insurance- allowing you to grow your money and use it towards fulfilling your dreams while also basking in the security of a vibrant future for your loved ones even if you aren’t unfortunately around.
2. Save, Save, Save!
Saving your money is of utmost importance. You never know where life takes you and having a certain lump sum of money can cushion almost any fall. By saving money, you are not just ensuring that you have safety in the future, but are also guaranteeing yourself a certain amount of freedom from financial worry. For instance, if one loses one’s job, panic ensues. Often, the idea of not being able to support our family can cause enough worry to make us take up jobs or make decisions that are slightly irrational. If we have the security of money, the job hunt can be a time that is spent more wisely, and lesser job offers can be fielded for better career opportunities, simply because you have the time and space to think. This eventually translates to a better future filled with more prosperity, leading to an increased ability to make your dreams come true.
3. Evaluate financial products
Another way to ensure that you can send your child abroad, or buy that beautiful villa you and the wife have been eyeing, is to properly evaluate financial products to see what suits your needs the most. There are investment plans that are geared towards facilitating your child’s education, and they might be more beneficial to you than a generic plan you’ve been considering. Similarly, short-term investment and saving plans, like ULIPs, can allow you to promise yourself a certain amount of money in the future, taking a lot of the pressure to earn super fast and save off your hands.
Being able to provide for your family’s needs is what matters the most. Although the idea may overwhelm you, fulfilling their dreams and ensuring their happiness does not have to be a difficult, unattainable thing.