Best Child Future Planning Advisor In India - Child Investment Plan | Wealth Management

Our focus is also to educate your kids "how to value money"

A small effort to make your young star a brighter one :

Allowance

We believe the value of money is a vital thing to be imbibed in your child, starting from a very young age. Understanding about the same can be taught by giving an allowance in a maintained frequency for household chores which your kids are supposed to do; it gives them financial independence & more importantly financial responsibility & via budgeting the same accountability can also be developed.

A couple of Points from:-

Always tie allowance with purchase responsibility.

Never tie it with grades.

Your kids birthday is an ideal time for their appraisal & even changing a couple of purchase responsibility.

Allowance should not be just handed over to them; proper budgeting of expense needs to be discussed well. Importance of savings for specific big spending in the future needs to be explained.

Daily Chores

We want to list down a bunch of age-appropriate daily chores, which can be a ready reckoner for you.

Savings

The most vital thing to make understand to your kids is how to save money. Being able to save for your future needs is very important for your ultimate financial well-being, security & long term happiness. 

Making your kids explain through hands-on experience for saving is a much better way than just giving lectures to them.

Below are the points to take note:-

Start with small baby steps & then leap:- explain to start saving for toys, chocolates or stationery & then as your child grows, explain to him about big saving for future goals.

Balancing spending & savings are a very crucial thing to understand & execute, to manage your current expenditure & saving for hefty future goals need a fine balance

Give them allowance based on your family structure, family beliefs & do also understand what they are exactly saving for.

Matching their savings for their goals will motivate them to save for their future needs.

Share how you save

Purchase Responsibilities

Two Vital things to learn is valuing money or understanding the real cost behind it & budgeting of expense & managing it, by giving them purchase responsibilities will help them to understand both at a shot. Below is a list of purchase responsibilities you can give to your kids as per their age.

Inexpensive toys & stickers

Chocolates & small snacks

Larger toys...

Wealth Impact

There might be a couple of questions in your mind which may be a concern when your child is growing up:-

• Will my kids be able to maintain the style of living they have today?
• Will they have enough money, without having to wait for an inheritance & bequest?
• Will they earn enough after college to support their anticipated style of life?
• Will I be willing and able to supplement their style of lief until they can?
• Will my Wealth transfer happen in a way it benefits them, or it will create mess & quarrels after me for the inherited wealth?

If any of this question is giving birth to further dubious thoughts, then it is necessary to pause & rethink.

Your Kids are living lifestyle today is a baseline for tomorrow & many of them aspire for an improved one.

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