Homework is important. We as parents keep pushing our child to not only study at school but come home and revise their studies. We expect them to do their homework to stay ahead of the competition and progress in their lives. We hope they have a successful career. While we have these expectations from our children, have we as parents done our homework? Are we ready to fulfill our childs aspirations? Do we have a plan for our child’s future? Parents, Do Your Homework !
We gift our child with a piggy bank to inculcate a habit of saving in our children. However, we on the other hand are clueless about the savings required for our child’s education related expenses. Merely keeping our money blocked in our savings account that gives just a 4 % annual return will not help us in fulfilling our child’s future aspirations. We need to diversify our investments and make them grow and overcome the rising inflation in today’s economy.
World is changing at a fast pace. Gone are the days when kids choose conventional career options like teachers, doctors, lawyers etc. Children today have innumerable career choices like astronaut, pilot, model, chef, musician, car racer, product designer and many more unconventional choices unheard off by parents. Whatever they choose to be, we need to be prepared for it.
Inflation is on the rise. An IIM Ahemedabad MBA course used to cost Rs. 3,000/- per year in 1980’s. Now the same education costs over 18 lakhs in 2015. You will notice that in a span of 35 years, the education inflation was over 600 percent. As parents have you accounted for this in your child’s education expenses?
Recently I came across a campaign called #DoYourHomework by Axis Mutual Fund which revealed a survey where the child has so many career options but parents are unaware about it. Compare that with the fact that 83 percent of the parents worry for their child’s education and education related expenses. Ironical, isn’t it?
The Do Your Homework experiment video opened my eyes to the massive difference in perspective from a parent’s future plan for the child and the childs aspiration. Watch it here : https://www.youtube.com/watch?v=PTaHzfWsrcA
The video made me realize that we as parents should be aware of our child aspirations. It also suggests that we parents, need to calculate the future education espense of our children for pursuing these aspirations. As a parent, we need to plan for the future by making sound investment choices.
As a parent, we need to plan our childs future and start investing early and consistently in good investment vehicles. We parents need to plan for their children’s future and be prepared for their decision both emotionally & financially to fulfill their aspirations.
So, parents do your homework! and spread awareness among other parents to do theirs!