Raising a child is no child’s play. It is, however, far more rewarding than anything else on this planet. While we leave no stone unturned when it comes to financial support to their dreams, it takes a little more to turn them into responsible and happy adults.
1. Financial Investment – Child Plans
If you want to support your child’s fledgeling ambitions in the final tier of their journey, you need to start preparing early. Given the inflation and uncertain nature of future education and professional needs, it’s better to be prepared.
Higher education, entrepreneurship, or simply exploration after education, whichever your child seeks, all of this will need your financial support. But investing in just any plan may not be enough. You need only the best policy for the child, which can ensure a little more than just growth on savings. For example:
Canara HSBC OBC Life’s Invest 4G plan is one such plan which can help you avail all these benefits and more. Investments into the plan can continue even after your untimely demise until the maturity as you had originally intended.
You can invest in multiple funds within the plan, including equity funds for the long-term growth of your savings. This plan also offers bonus additions to your corpus if you keep investing regularly for a long period of time.
2. Personal Development & Care
Self-awareness and wellbeing are important traits of the most successful people in the world. As Sun Tzu says in the acclaimed art of war ‘winners know not only their opponent but also themselves’. In a world where your child will end up away from the family for a long time, self-care skills will be handy.
Especially during the years of transformation from a carefree student into a serious professional personal care will keep your child healthy and productive. This would mean investing in the child’s physical and mental development.
Inculcating habits and knowledge of regular physical exercise and personal hygiene will ensure your child can look after herself. This also means, more time for career-oriented activities, while away from the family.
3. Emotional Wellbeing
How children handle the momentary setbacks and even success will ultimately lead them to plan their efforts towards their goals. Children, who take setbacks too seriously and find it difficult to move around, tend to give up easily and gradually lose focus on their goals, which are hard to achieve.
Similarly, those children who may get too attached to initial successes in life, may not want to move forward to bigger goals. Thus, as parents, you need to invest little more time in your child’s emotional well-being.
Emotional health lessons can help a child maintain balance in failure and success and continue to strive for more.
4. Financial Literacy
Regardless of the profession, your child ends up striving for, financial decisions will always play a role in their lives. Thus, financial literacy is one of the basic life-skills, which will ultimately help your child grow independent with money.
While we focus a lot on the skills to earn money, why not give some time to learn how to handle money as well. Financial literacy nowadays will not only include the basic life principles but the information about investment options and risk-return profile of investments too.
Ultimately, your child should know how to handle financial success too.
5. Environmental Awareness
The environment has emerged as one of the biggest modern age concerns. Changing climate has put millions around the world at risk of losing their homes or face food shortage. In such times, it is all the more important for us to practice environmentally friendly habits and educate the next generation about the environment.
Even future innovations and solutions to everyday problems, especially in the energy sector, has to be environment friendly. An environmentally aware thought process will definitely bring the much-needed advantage for your child in the real world.
6. Social Skills
Although social skills may sound quite a trivial subject to you, especially if you are raising a particularly active and social child. Social skills are growing in importance as the digital world spreads and gets deeper. One of the greatest gaps in the digital world is that of emotional social interaction, which the trademark of face to face communication is.
As the child spends an increasing amount of time online, real interaction skills may take back seat, and even be shocking for many. A little training in childhood will go a long way into helping the child survive the real world, while also living in a digital one.
While you prepare to fund your child’s dreams, her self-confidence, values and motivation gained throughout the childhood will still play an important role. These are skills which are irreplaceable and unsurmountable with money. So, make sure you invest some time and effort towards these skills as well as a child plan.
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