Aman Tripathi (name changed) lost his father, the sole breadwinner, at an age when he was just about to pursue higher studies. But help was at hand, in the form of a child policy his father had bought 15 years ago from Life Insurance Corporation of India (LIC). It not only paid for his education but also took care of daily expenses. Tripathi is now the managing director of a big private company, and he is still thankful to LIC for financing his education, which eventually made him climb the professional ladder.
There is an important lesson for parents in Tripathi’s story. With admission season for MBA and a host of other higher education courses round the corner, parents could be shelling out anything between ₹10– ₹25 lakh for their wards at B-Schools in India. The price-tag could be several notches higher if the children are aiming for foreign studies.
The harsh reality is that costs are likely to double in the next 10 years, given the rate of inflation and depreciating rupee against foreign currencies. If not adequately covered, shelling out the sum could be a real strain on your finances. Alternatively, parents may opt for an education loan. But then, you bear the burden of paying interest, in some cases, till you reach your retirement age.
Parenting is a mix of fun, joy, hard work, and a different genre of responsibilities. Your lives spin around your children and often before you know they are ready to pursue higher education and a career, and then all set for marriage in a few years. The wedding budget could range anywhere between ₹15 – ₹25 lakh, if you live in a Tier 1 or Tier 2 city.
この記事は Outlook Money の December 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Money の December 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.