Financial planning for family

A Plan Which Will Give Your Child Wings!

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Contrary to stereotype, for some reason Rajesh’s daughter, Kiara when she was younger preferred to play with cars. Even her Barbies wore overalls and sat on dumpsters. He laughed it off and called her tomboyish and hoped that someday she would get over this phase and she would do ‘the girlie stuff.’

Again in school, she excelled in maths and physics. Now at 12, the answer to the question, ‘what do you want to become when you grow up?’ usually has only one answer Automobile engineer.

Now, this is an unusual choice for a girl, but Rajesh realises that she is really serious about it. Now it is up to him to help her achieve her dream.

He started discussing with different people who could guide him on how he could help his daughter achieve her goal. After some discussions, he realisesthat his job was two-fold. One was to chalk out a plan to help his daughter prepare for the exams that she would need to take in the future and to enrol her in workshops that would give her additional inputs to encourage her passion. And the 2nd part was for us to start planning and investing for the financial needs to meet the expenses and for that Rajesh decided to invest in a ULIP which will not only provide returns in future but will also protect his daughter if an unfortunate event occurs to him. The plan he chose is Edelweiss Tokio Life – Wealth plus with a Rising Star Benefit. This financial planning is needed as there is a possibility that she might want to go abroad for her studies. An engineering degree from an internationally renowned university is definitely going to help her in her career. Though it may be a little early to start thinking about it, we do spend time looking at how she could start preparing for exams such as SAT. Apparently some students start preparing by the 9th standard for such exams. And that’s not too far away.

So when you guide your child to prepare for academics well in advance why delay financial planning that can help your child achieve his/her career goals? Be a wise investor by starting early so that you can reap the benefits of compounding that can add to your returns!

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