With some creative thinking and crafty investing, give your child a lifetime of security, promises Chirag Mohanty Samal.
It starts with nappies, pocket money and school trips. And it escalates quickly. All parents know that bringing up a child takes the cunning of an accountant and the self-sacrifice of a saint. While there will be many unexpected expenses along the way—broken limbs, lost gadgets, school picnics—there are a few major milestones that you can plan ahead for, like university, the first car or a wedding. So, should you just keep creating fixed deposits for each such big event? Or is there a smarter way to invest for your child’s future? We asked the pros and they had a few simple tips for parents building a nest egg.
BEGIN EARLY
The earlier, the better. If you put away a little fund when a child is born, there will be enough time for it to grow substantially. Taresh Bhatia, certified financial planner and advisor, illustrates this: “For instance, if you put away ₹5,000 a month, at 8 per cent interest for 15 years, you will have ₹17.3 lakh by the end of it.” The advantage of starting early is that you don’t need to invest aggressively. A small amount saved regularly will go a long way.
BE CONSISTENT
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE GOODNESS OF GHEE
What: The Pure Cow Ghee range for babies with sensitive skin from Himalaya Babycare
Hello Hyderabad!
The Kaftan Company makes its debut in Hyderabad with a physical store
A COSMIC CULINARY JOURNEY
Located in the vibrant heart of Kolkata, That Place Bowl & Bar aims to be something out of the ordinary
BIG ON THE SCREEN
Writer-director INDIRA DHAR is no newcomer to international film festivals, but a standing ovation at Cannes for her latest film was an unforgettable experience. She talks to Shraddha Kamdar about the inspiration, her love for films and more
COMMAND RESPECT EFFORTLESSLY
Try these strategies if you hate not being taken seriously.
FIND CALM IN CHAOS
Deal with difficult situations using the principles of stoicism.
GREENER IN THE CUP
Samiksha Bhowmik details why a cup of matcha needs to be part of your diet
THE BEST OF TWO VIBRANT WORLDS
LYLA, in Mumbai's BKC, seamlessly blends Central American vibrancy with Californian flair
A Melange Of the Middle East & Indian Spices
Bringing contemporary twists to tradition, MERCHANT & ME is a youthful urban space for cuisine and cocktails in Pune
10 REASONS WHY SEYCHELLES COULD BE YOUR DREAM DESTINATION
Seychelles hits all the high notes on the romance roster whether you're on honeymoon or a love break.