Parents are often concerned about their child's studies. Parents should also think about the need for education. If parents are planning to save their child for higher education, they should also take advice from experts. At the same time, parents should also take care of their child's interests. We are saying here some things which you should take care of.
Change the mindset over time: It is better to think about the old ways of saving that asset class should definitely be chosen based on the ability to take risks. However, you can save money for the child's studies by investing for 10 to 15 years of the property you have. You can think of long term investment, which will benefit you even further.
Also, understand the child's mind: Avoid making independent decisions for the child's higher education. Every parent should think about it before starting savings and investments. If parents want to make their child a doctor, also find out what the child wants. The child's mind must also be understood. If you listen, it will be more burdened by the child because your child may be trying to do something else, make a career in another field, and you want to do something else.
What's going on for a short time:
For example, for short-term purposes (3 to 5 years), you can choose fixed deposits, recurring deposits, debt mutual funds.
What are the long-term objectives:
For long-term purposes (10 years and more), you can definitely opt for PPF, National Savings Certificate, Sukanya Samriddhi Account, and many other long term investment options. You can take the help of a better financial advisor if you want.
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