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Irrespective of where we come from, what we are now or what we want to be, some aspirations common to all are those for our children’s future: a good education and a marriage performed and celebrated well. Further, in these competitive times, a first-class education is a ticket to a great future. Hence, we as parents are all the more keen that we should have enough funds to provide the best education to our children more than any estate or property.
While there are number of ways to accumulate the corpus required for this, the first requirement is to put down a number today for your child’s marriage. For most of us earning a salaried income, doing a lump sum investment is not possible. So a SIP offers a lot of advantages the main being the ease of investment. Most fund houses have an ECS facility for this investment and therefore these can happen every month smoothly. Further, since these investments happen at a fixed day of the month and for a fixed amount, one gets the benefit of rupee cost averaging. You don’t have to time the market and invest depending on being able to predict the ups and the downs successfully each time. Instead you purchase units of the mutual funds sometimes at a higher price when the markets are rising and sometimes at a lower price when the markets are falling, such that your average cost works out lower.
For the child’s marriage, it would be prudent to buy gold and silver in pure form (biscuits or coins) from time to time when there are serious dips in the prices/systematically starting today in small quantities so that closer to the child’s marriage these can be converted to ornaments and articles required for the marriage.
Also look at an insurance policy. You can take a ULIP so that you get the benefit of equity returns combined with a life cover. Or you can take a term insurance and do most of the investments according to your desired asset allocation.
Lastly, keep evaluating the performance of the various investments to get the best out of them and when the goal is a couple of years away do move most of the assets to cash or near cash form so that any depressions, falls do not erode the gains made so far.
Please contact us for more details. We will be happy to help you.