Source: Indian Express
‘You reap what you sow’
Being a parent, you are caught hold by numerous responsibilities. Out of which, investing for your child’s future is among the most important ones. Everyone wants a great future for their kids, but this would be possible only if you invest wisely in the present.
Let us know the simple investment techniques for millennial parents who want to gift their child a simple but great future.
If the year 2020 has made a case for anything, it’s the phrase “Life is unpredictable”. That is why it’s important for you as parents to have an emergency fund set up for all of life’s surprises. This is usually the equivalent of 6-12 months' worth of living expenses depending on the number of dependents you have. You can invest this money in a liquid mutual fund that offers you higher interest rates and the freedom to withdraw when you need it. This makes sure you are financially prepared for any unexpected life event.
Protect your family
We all know about insurance. There are enough advertisements out there tugging at our emotional strings and begging us to get insured. Despite this we don’t always buy insurance – it’s just something we think we’ll get to “later”. Well, this is one situation in which sooner is better than later. Protect yourself and your children. Get a good term life insurance and a family floater + critical illness plan that covers most health issues.
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Save for upcoming expenses
Raising children is perhaps more expensive than it’s ever been before. Everything from baby toys to school books and uniforms costs a liver. Therefore, it’s best to brace yourself for expenses you know will pop up. You can estimate the amount of money you will need for both short-term and medium-term expenses. Then consult a Wealth Coach who can help you build the perfect portfolio.