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
3 Money Rules Women Must Follow
Women typically do not take part in financial discussions and leave it to the family. But that is wrong. It’s as much your right to discuss money whether you are working or a homemaker
PLAN, INVEST IN SELF AND CELEBRATE RETIREMENT
The event focused on the evergreen subject of retirement planning, and speakers talked about various issues, such as how to navigate the market and one's portfolio in the investing phase of retirement planning, the importance of insurance, especially health insurance, and the need for a shift in mindset in sync with the changing financial topography of India
Maximizing Income and Managing Wealth for a Safe Retirement
Gain insights into dynamic withdrawal strategies, balanced expense management, and diversified investment approaches that ensure a secure, enduring retirement lifestyle.
How To Weather The NFO Storm
Fund houses are launching new fund offers (NFOs) one after another with narrower mandates, which may be risky for you. Should you venture in these and under what circumstances?
Coffee Can Investing
The concept of Coffee Can Investing is based on a historical American practice wherein people stored their valuables inside coffee cans. These cans were kept safely for many years until the need for those valuables arose.
Define Your Future
There are incremental changes that you need to make in your financial plan as you age, though the essence remains the same. We have stories of six women from different age groups that show how resilience and grit can secure your future, how awareness can define your path, and fill the financial gaps
'Having My Own Money Gave Me Confidence'
SWARUP MOHANTY, Vice Chairman & CEO, Mirae Asset Investment Managers India shares his experiences when he got his first paycheque and the challenges he faced while building an independent life for himself at the time. He had little money then, so he was unable to save in the initial years, but highlights the importance of starting early
Wealth Creation with Mutual Funds
Create wealth with expert insights on mutual fund strategies for long-term financial growth.
NEW INCOME TAX BILL 2025:10 KEY CHANGES
Union Minister of Finance Nirmala Sitharaman tabled the Income Tax Bill (ITB) 2025 in Lok Sabha on February 13, 2025. The new Bill will replace the Income-tax Act, 1961 (I-T Act, 1961) and will come into effect from April 1, 2026. All the changes in Budget 2025 have been incorporated in this new Bill. Let us take a look at 10 key changes that will affect you directly from financial year 2026-27
How Rate Cut Affects Debt Funds
It is recommended you match your investment horizon with the portfolio maturity. When there is adverse volatility, the accrual over your holding period will take care of it
