Today's dynamic world constantly offers different career opportunities for your child and as parent you would like them to pursue their dream career and offer them opportunity to take off in life.
The cost of education is very high and it increases every year and varies depending on the career your child decides to pursue and the institute for studying. Like the cost to study medicine today ranges from ₹ 25 Lacs to ₹ 3 Cr, to become a scientist it cost from ₹ 10 Lacs to ₹ 40 Lacs and to become an Engineer at present it cost ₹ 10 Lacs to ₹ 35 Lacs . Similarly, there are different career opportunities
that your child may like to pursue. Plan how much you need to accumulate for their education and invest in the right options.
Plan your retirement right to enjoy your retired life and maintain your lifestyle without any compromise. On an average retired life is for more than 20 years and you would like to be financially independent during those years as well. During these years you will continue to have regular household expenses along with other expenses like travelling, insurance premium and healthcare which cannot ignored. At present, a retired couple in metro cities may need between ₹ 60,000 to ₹ 85,000 per month to take care of these expenses and for Non-Metro can be around ₹ 45,000 to ₹ 70,000 per month. You also can't neglect inflation while planning for your retirement, as monthly expenses of ₹ 50,000 per month after 20 years will be ₹ 160,000 at 6% inflation. Hence, earlier you start better it is and you get more time to accumulate the required retirement amount.
Get the right plan in place and ensure adequate money for your retirement.
The best way to do justice to all your efforts to earn and save money is by having a right Wealth Creation plan. Let your money also work hard and earn more for you to create wealth over years. Do not leave your savings unattended, in fact assign the purpose of wealth creation. Use this accumulated wealth for different financial goals and keep growing your wealth.