There is a plenty of joy of being a parent, at the same time there comes the duty of securing your kid's future against an unexpected life events. Every parent would want to make sure their kid's future turn out to be a perfect one. That is what the prime duty of a parent should be as you no longer have to consider 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 carry around the world.
Many think, and so a strong education is essential to your child's safe future because it's the platform they can utilize to find new avenues and become successful. Education expenses and tuition fees are rising and preparing to get these expenses ready before can help you handle the expenses of raising your kid and securing a bright future. You can also look in to the Best Child Education Plan in Dubai to get an Idea of what should you do.
Begin with insuring yourself. No matter how nicely you conserve, insuring yourself from life's unpredictable events is a must. There are many Life Insurance Plans in UAE which can make you stay secured. Your insurance coverage functions as the next roof for your dependents. Not only may such a strategy would help fulfil your child's educational needs that could otherwise be difficult to cover in the absence of insurance, however some kid plans also provide a fixed sum for higher education once the child attains the age that takes care of his high education expenses. Higher Education Plan in Dubai lets you to take care of your child’s adult education alone.
To accurately plan your child's education expenses by planning and using a solid investment strategy for investing in your children's education is extremely important. This ensures that if one or more of your investments do not give you the returns that you expected, other investments may outperform and your general investment gives you the returns that you predicted. You can also reduce risk by taking investments away from high-risk products to a safer choice as soon as your long term investment strategies are in the edge of maturity.
“Education is the most powerful weapon which you can change the World” - Nelson Mandela
Savings for your child’s education is one of the biggest investments you can make towards their future.
As a parent you need to consider below major steps, while planning for Higher education planning
|Education Cost calculation Planning|
Calculation - Child 1
|Current Age of the Child A|
|Year when the child will start Education B|
|Number of years of Education Planned C|
|Current Annual Cost D|
|Total Cost of the Education C*D= E|
|Inflation rate F|
|Cost including Inflation in the Year of Fee Payment G|
|Total current provisions H|
|SHORTFALL G - H = I|