In Times Of A Pandemic, How To Have A Sound Financial Plan For Your Child's Future?
NDTV
With COVID-19 uncertainty not looking at melting away soon, a systematic approach is required while investing for a child
We are living in perhaps the most uncertain of times. The novel coronavirus pandemic has torn apart families, robbed many of their jobs, and left parents wondering what they do here onwards to at least secure the financial future of their children. A good financial plan would ensure that all the important aspects — education, higher education and health care —are taken care of well in advance. At a time when the COVID-19 has brought in devastation across the world, it's all the more critical to ensure your child is financially secure. Start early The earlier you think, the better it is. From investing in mutual funds to directly buying stocks and maintaining them for a period of 15-20 years will give you great returns in future. The earlier you invest, the better, for it saves you or significantly reduces the mental burden when your child needs money for his/her higher education. Investments held for a considerable period also grow more because of the power of compounding, banks say. Having said that, it's important first to analyse the maintainable investment so that you continue to take care of the family's monthly expenses without any strain.More Related News