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Today children have many career options to choose from. While the conventional ones include IT, engineering, medical, banking and financial services, entrepreneurship etc., others include sports, acting and allied artist roles etc. Whatever be the child’s aspiration, education forms the fundamental platform to achieve it.
So, as a parent:
- Have you spoken to your little one to know his / her career aspiration and are you on the same page with your child with regards to his / her career choice?
- Have you done your homework on how to support your child, emotionally and financially, to achieve his / her career goal?
‘Do Your Homework’ Campaign
The ‘Do Your Homework’ campaign is an initiative by Axis Mutual Fund to address the above two important questions.
An interesting experiment was carried out in which the children were asked to draw a picture of what they aspire to become and parents were asked to paint what they would like their children to become in future. They were told not to interact with each other during the course of the activity. At the end, when the children and parents revealed their pictures, the views of the two groups were quite divergent. You may view the video here.
So as a parent, talk to your child today to understand what he / she aspires to become when he / she grows up and check if you both are on the same page with regards to your child’s career aspiration.
If your child is not sure of what he / she aspires to become, then here are some fun things for your child. Let your child explore his / her creativity.
Do you know your financial goal?
The campaign also guides parents on the current and future cost of various professional courses and how to plan their investments to build an education fund to meet their child’s aspiration.
Reality check: Did you know that a MBA course that costs Rs. 12.62 lakhs today in India, will cost Rs. 84.90 lakhs (7 times today’s cost!) 20 years down the line, if education costs increase by 10% every year? To accumulate this amount of Rs. 84.90 lakhs, you will have to invest Rs. 8,927 per month for 20 years, if your investments earn a return of 12% per annum.
If you wish to calculate the current and future cost of a particular course for your child and the required monthly investment, then visit the website and click ‘The How’ link. This way you will know your financial goal.
Start acting now!
Now that you are clear about what your child aspires to become and your financial goal, it is time to sit with your financial advisor and chalk out a detailed financial plan and start implementing it. Start today and take one step closer to securing your child’s future.
So have you done your homework? Please share it with us and our readers in the below comments section.