Importance of Education planning
Education planning is important to understand the objectives and aims of the education system, by using all the available resources. Education planning eliminates the trial phase while solving problems.
Education planning helps in distributing the resources equally. It helps society as well as an individual to achieve their goals.
- Be ready to support financially
Education nowadays has become expensive. If parents have a roadmap ready for their child’s education, it would, in turn, help them to be financially prepared.
- Provide the child with a good life
As mentioned above, getting a good education has become extremely expensive. With proper education planning, you can ensure your child doesn’t compromise on his dreams. Education planning will help you get the necessary tools that aid your child’s growth.
- Stay ahead of inflation
Planning and investing in financial instruments will keep you one step ahead even if inflation hits. A good education plan will not hinder your savings, and you can use them to pay for your child’s course-related materials and other apparatus.
- Offer direction to your children
Seeing their parents plan their expenses shows the child the importance of financial planning. It allows them to keep going in the right direction. It provides the child freedom to choose his future instead of choosing a path based on the educational cost.
- Know about different opportunities
Education institutes offer different programs like scholarships. Education planning helps parents obtain information about such programs in advance. They can encourage and help prepare their kids beforehand.
- Get into the best schools and colleges
To get into the elite and recognized universities and colleges, students need to qualify in different aptitude tests like GMAT, SAT, GRE, etc. Preparing for them in advance gives your child a head start.
- Allows you to plan other expenses
With your child’s education planned, you are free to plan other expenses and achieve other goals. It eliminates the chances of financial troubles obstructing your child’s future.
Importance of Retirement planning
Retirement planning is one of the most important investments an individual can make. One might have a different set of goals post-retirement, and to achieve those, planning your retirement is useful.
Having an idea of how you want to spend your retirement helps recognize financial needs. Here is why retirement planning is important.
- Being prepared for emergencies.
Medical and financial emergencies are unpredictable. Medical expenses keep rising, and to receive the best care you might empty all your savings. With the right plan, you can prepare for any such scenarios without worrying about the costs and depending on anyone else.
- Maintain your lifestyle.
To maintain your current lifestyle after retirement is impossible if you are only dependent on your pension. To continue living with ease, you can plan for a monthly income scheme.
- Life expectancy.
With today’s medical wonders, life expectancy has increased exponentially. One might easily live up to their 80’s or 90’s. To cover your expenses for the long run, you will require more funds.
- Being independent
Having to depend on someone after retirement can be a stressful situation, even though it is your children. Retirement planning helps you live life on your terms and with freedom without depending on anyone for your expenses.
Another benefit of early retirement planning is you can decide to take on a voluntary retirement instead of having to work to your retirement age.
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