I know this may come as a surprise to a lot of readers but on the basis of simple calculation more than 70 lacs will be required to secure future of a single child. To find out the real reason behind it just check out the below table. Here we have considered 7.5% average rate of inflation for next 21 years and age of the child - 3 years.
Here it is important to note that expected amount for the future can vary for an individual, depending upon many factors. These can be :
1. Age of your child.
2. Type of degree for graduation or post-graduation.
3. College in which your child studies.
4. Average inflation rate.
5. Child's marriage depends upon your future financial status, love or arrange marriage etc.
Considering above factors you can calculate expected future amount for your child.
Read - Common Formulas Used In Investments
To arrive at such a large corpus you must start investing now. Do not worry if your monthly savings are less than the required investment. Invest whatever amount you can. Remember as your income increases your investment can also increase.
Read - What Are The Benefits Of Child ULIP
Here it is important to note that expected amount for the future can vary for an individual, depending upon many factors. These can be :
1. Age of your child.
2. Type of degree for graduation or post-graduation.
3. College in which your child studies.
4. Average inflation rate.
5. Child's marriage depends upon your future financial status, love or arrange marriage etc.
Considering above factors you can calculate expected future amount for your child.
Read - Common Formulas Used In Investments
To arrive at such a large corpus you must start investing now. Do not worry if your monthly savings are less than the required investment. Invest whatever amount you can. Remember as your income increases your investment can also increase.
Read - What Are The Benefits Of Child ULIP
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