Having a child is a great responsibility. You need to be ready emotionally for it. But have you considered the financial aspects? When you think about financial planning for children, the question that comes to your mind is- how to plan for your child’s education and marriage. But financial planning for children involves much more than that. Just having a savings account or a child plan will not suffice. Being prepared every step of the way is the key to properly planning for your child’s future.
Steps towards your child's investment plan
Step 1: Decide Your Time Horizon
Step 2: Estimate The Cost Of Education
Step 3: Assess Your Existing Assets and Liabilities
Step 4: Know The Amount To Be Saved Now
Step 5: Plan Your Investments Smartly
Step 6: Get Yourself Adequately Insured
Step 7: Prepare Yourself For The Unexpected
Step 8: Get Started Right Away
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