| Education Funding Plan |
|
Giving our child the best possible education is always our first priority… and why not? However it would either remain a dream if not planned for or it will most certainly become a huge drain on our financial resources. It will not only eat into all our savings and investments but may also compel us to take loans and thus jeopardize our cashflows. This is because, many a time education demands are erratic in nature and have to be met almost immediately. The worst is the fact that we are totally unprepared and confused as to how to fund such needs. Further, this may also be triggered if the child wishes to change career or undertake some special education. Education funding demands may also ask us to make compromises on our other goals, be it purchase of a house, retirement funding or holidays. We generally tend to delay other requirements, and education needs take precedence over all other planning needs. It can put our entire financial resources out of gear. Education costs have a much higher rate of inflation and they will keep rising with time. It is observed that while most of us tend to buy insurance policies or invest in bonds or some mutual fund schemes to fund child’s education requirements, it is often inadequate. Many of us may get confused or stressed on how to raise resources, and so we tend to break fixed deposits or withdraw from PPF accounts or take loans on against PF accounts or sell other good investments. Such actions may take care of education needs in the short term but in the long term we have, generally speaking, eroded other assets but the impact will be seen only a few years later. This happens because we tend to manage education funding as and when it accrues. We don’t plan for it in advance. A good education funding plan would enable us to fund all education requirements without dipping into our savings which were created with a different objective and for a totally different purpose. Thus a thorough and well crafted Education Funding Plan is the most rational thing to do. Transcend will help you to craft a thorough and rational education fund plan so your child doesn’t compromise on his/her career aspirations. Before you step into the amazing world of PFS, we recommend you to take a tour i.e. to check the following links thoroughly and clear all your doubts, if you have any.
If you have gone through the above links, let us proceed. |
Complementary Assessment  |
Call for help |
|
|
|
Features
|
| Customised Education Funding Plan is meant to take care of the funding requirements coming under the following heads in the life and career span of your child; |
|
|
| Benefits |
|
A structured Education Funding Plan could help us do the following:
Such a structured approach would not only help you to fulfil your dreams but your child’s career aspirations as well. The best way to manage Education Funding Plan is to map out the life & career span of the child and estimate the cost for each year of the child’s life. Thereafter use projections to find out how much will it actually cost in each year going forward and as a result what is the investment deployment to be made now. This investment must be such that nothing is left to fate and the cashflow is available when you want it. The cashflow is also flexible so that you may choose to alter i.e. increase or decrease the amount needed for each year as you move along. The primary task is to ascertain what the child and the parents desire for career aspirations, the time span of the career and what it will cost at various stages of the career life span. In the customised version of Education Fund Planning we will interact with you to understand the following better and then create the education fund planning strategy:
|
|
|