As your young ones would grow older, they’ll be asked many a times about what they want to be. At young age kids might say that they want to become what their dad, mom or their near or dear ones are. But it’s only when they grow up that they realize their dreams and what they actually want to be. For instance recently I was talking to one of my friend who was worried about his daughter’s higher education who aspires to be an interior designer. Like every parent he supported his daughter’s decision and wanted her daughter to go for the best option. The best option that she chose was a college in Singapore. Unfortunately he had to ask her dear daughter to step down and look for some second best options as he was taken aback by the high education costs. It’s sad to see that he had a reality check about rising education costs only when his daughter was all set to begin the journey of her dreams. Several times in the past we discussed about planning for his kid’s higher education but he overlooked saying I’ll manage when the time would come. What’s important to note here is that it’s not just the rising education costs or vast career options but it’s these two together which can act as major roadblock in your kid’s bright and shining future.
Opportunities are vast
With advancement in the field of education and increased awareness amongst students, the young kids of today don’t just aspire to be a graduate from a reputed B-school, a Chartered Accountant, Doctor, Engineer or astronaut etc. Their aspirations to pursue a career are determined primarily by what they are really good at and their inclination towards a particular fraternity be it an actuary, baker, cinematographer, cricketer, singer, actor, designer etc.
Recently while discussing with a client about his kids’ higher education, he said something which left me thinking that are we planning their future or planning for their future. I presumed X amount as current cost of education for his young kids who were 8 and 10 years old. He refused to accept it saying that this is too high and studying in an IIT college is not that expensive. I immediately asked him what you kid opts to become a corporate lawyer or a chef or something else but not an engineer. He did not have an answer. Remember the choices are immense and your kids may surprise you with their choice of career options which you didn’t thought of. Now it’s you who has to decide whether you want to be surprised or be ready.
It’s different for your kids
Another thing that I often hear from parents of young kids is “I did my MBA for x amount, My kid would need x+1 amount”. But is that so? What people forget is that their education cost mainly comprised of college fees, but today college fees is just one component and brings along with it the costs of daily living, travelling, lodging, gadgets etc. These costs are not luxuries but mere needs for higher education today. I remember that I hardly needed a computer even for my higher education. However today even the school kids need to keep themselves abreast with what’s happening around through internet. What’s important to note here is that what was a luxury in my era is a need for my kid today. So if you assume there’s hardly any difference in your or your kid’s higher education, then possibly you are inviting sleepless nights for you and your kids.
Turning 18 and deciding on a career option, marks the beginning of a new journey in your kid’s life. Higher Education years are the real make or break years. Take the right steps to turn their dreams into reality.
Published by www.slafinancialsolutions.com
