Importance Of Having A Fund For Your Child’s Future
Today’s parents are very concerned about the education of their children. They want to give the best to their children and they are thus leaving no stone unturned to give their children the best upbringing.
From expensive schools to extra co-curricular classes, the options available are plenty. Most parents, however, miss seeing that if the initial stages of the life of the children are so costly then what would they have to spend on the higher education of their child. Before you invest know is Crypto CFD Trader a scam.
The cost of education is skyrocketing
The tuition fees are increasing year after year. On top of that if you consider inflation then the inflation rate is increasing every year. If some parents would have assumed that the rate of inflation would be constant and would have planned for their child’s education based on the current rate of inflation, then imagine their plight. Despite being planned they would have missed giving the best to their children. It is thus important that when you plan for your child’s future you save your money into instruments that beat inflation.
Increase in the number of career options
There are a number of career options for children these days. More and more opportunities are opening up for children to pursue, not just in their country but globally too. You would never know what your child would want to do say 20 years from today. It is thus important that you be prepared for an international education or for an offbeat course.
Most parents think that when the time comes their child can take an education loan and study. But the education loan is not good for your children. The child would have to spend around 10 years of his income just to pay off the education loan. As a result, he will be able to plan for his own future very late. This means that everything would be delayed for him. Also if the child has to take an education loan when he is pursuing his graduation then the option of doing a post-graduation become bleak because he has to get a job immediately to pay for the loan. Also, the rate of education loan is not very cheap.
It is thus important that you start to invest in your child’s future education as early as you can. This will help you build a lump sum amount by the time your child reaches the age to attend college.