Manish Arora, 46, a businessman based in Punjabi Bagh, Delhi, first started investing for his daughter Adya, now 18, when she was eight years old. Manish always wanted to send his daughter abroad for higher education.
That clarity helped him start planning early and save consistently to meet the goal. The family’s persistence and Manish’s organised approach paid off. Adya was able to join the University of Illinois, Chicago, the US, in September 2023 to pursue an undergraduate programme in psychology despite the steep cost that an international education entails.
Today, more and more students are opting for higher education. According to the All India Survey on Higher Education (AISHE) 2020-2021 released by the Ministry of Education, “The total enrollment in higher education has increased to nearly 4.14 crore in 2020-21 from 3.85 crore in 2019-20. Since 2014-15, there has been an increase of around 72 lakh in the enrolment (21 per cent).”
Some of these stick to the engineering, medical and management courses in India, which remain among the favourites even now, while many others are choosing newer career options, and still others, like Adya, are choosing to study abroad in varied fields.
Most parents in India aspire to provide the best possible education to their children, but turning that dream into reality is not easy if they are not as well prepared like Manish was.
We explore the burst of new career options that your children might like to choose from, give you an idea about the explosion in the cost of education, and list strategies that can help your children realise their dreams and ambitions.
WIDER CAREER OPTIONS
Denne historien er fra November 2023-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 2023-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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.
