There used to be a time in India when parents decided what their children would opt as a career in the future. They would desire that their wards either become a high ranking government officer or doctor or an engineer or a Chartered Accountant. Anything apart from this was frowned upon.
But today, it is different. Right from wanting to be a footballer or a Cordon Bleu Chef or a ballet performer or even an actor there is nothing to limit a child’s ambition. This comes with a caveat – Education and Opportunities have become expensive.
However, these are some challenges which a parent might face:
- Preparatory expenses – To secure admission into any of these courses abroad, your child will have to achieve a certain level of preparation. For example: If your child wishes to trial for any of the football clubs in the UK, he would have to improve his game in India. Getting a dietician to create a special diet, following the diet and setting up special coaching in any of the well-equipped football training institutions such as the Liverpool Football Academy in Pune (which charges Rs 4.5 Lakh per annum) or the FCBEscola in Gurgaon would certainly set you back by Rs 6-8 Lakh per year depending on which city you stay.
- Application expenses – You would also want to visit the country in which the institution of your choice is located. Flight tickets, hotel expenses and travel for your spouse, child and you could easily hike up to anywhere between Rs 2.5 to 3.5 lakhs for even a ten-day trip.
- Tuition Fees – If your child gets admitted and doesn’t receive a scholarship then you would also have to bear the tuition fees. 8 semesters of attending Le Cordon Bleu culinary school would set you back by at least $50,000. This is close to Rs. 35 Lakh.
- Living Expenses – If you want your child to only focus on completing the course without worrying about other responsibilities, you would have to bear the living expenses as well. An average annual expense for a single adult in the US is at least $ 20,000 per year. In Europe, this amount is higher, thanks to the Euro being such stronger than the Rupee.
Do you feel your child’s dream would be crushed under the heavy weight of these bills? You don’t have to worry. There is a way out if you can spare a few years to a SIP investment plan.
Top SIP plans have helped several families create wealth over the last couple of decades. Birla Sun Life – Sabse Important Plan (SIP) is amongst the best mutual funds for SIP I have come across. This platform will help you understand how much to invest depending on your goals, risk appetite, and tenure. With patience and discipline, it would certainly be possible for you to create a substantial amount which can be used to fulfill your child’s aspirations.
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