At 17 your child will say “ I’m ready.” What would you want to say?
Every parent would want to make sure their kid’s future turns out to be very good. Being a parent brings both joy and the responsibility of securing your kid’s future against any unexpected life events and that is what the prime duty of a parent should be, as you no longer have to consider only procuring your future but also the future of your kid; as their guardians, it’s your responsibility to invest wisely to ensure your children get the best possible facilities that in turn will shape up their careers and prepare them to be successful in the world.
Most parents have a fund dedicated to their children’s education during his/her early years which gives them a low annual rate of return. However, in the kind of world we live in, the inflation rate tends to keep increasing and currently stands at a whopping 12-13% for education alone for year on year basis. This has led to denying their children of studying abroad in renowned universities and instead look for cheaper alternatives. Many parents are convinced to opt for loans which leads to an exorbitant amount of interest in the due time. Therefore Plan for this.
Hence, a child’s education fund is extremely important and should not be overlooked for his/her welfare in the longer run. As a parent, you should plan for your child’s education, otherwise it will result in huge withdrawal from your pocket, or the only option available will be resorting to education loan.