What is Your Plan for your Genius Child? - Make Money Online

Header AD

What is Your Plan for your Genius Child?

Data Scientist, Cybersecurity Expert, Digital Marketing Analyst, Social Media Strategist, Cloud Professional, how much do you know about these terms? Do they sound alien? These are a few of the future career options for the Gen Y today. However, you must prepare for these or any other career-building education for your child. If your child wants to be a data scientist, what will be it like:
As a data scientist, your child will be taking a business problem and translating it into a data question, creating predictive models to answer the question and storytelling about the findings.

Skills he will need: 

·         Knowledge of statistics, algorithms, mathematics

·         Broad knowledge of programming languages like R and Python

·         Knowledge of structuring a data problem, starting from framing the questions to ask, to communicating the results effectively

That’s a lot of skillsets to learn. Yes, with old education trends fading and new ones emerging, it's really a task to plan for the child's future financial needs.For your genius child, you need to have some plan in place. Here are a few ways to do so:

1.        Start early with the planning

Instead of getting the child to learn everything, try to understand their interest and let them work on it from the beginning.Nurture your child’s abilities or interests from the beginning. This means feeding your child's interests and exposing him or her to new ideas and experiences. For example, if you notice that your child is interested in computers, get one for him or make sure to increase his skillsets in programming languages. 

Along with nurturing your child’s skills, it is also essential to start financially preparing for your child’s future. It’s always better to start investing from the birth of your child.

2.      Invest as per the Time

It is crucial to understand that the returns from investments may vary by the investment tenure. Thisremains true as risk related to long-term investments is unlike the risk taken for short-term investments.

If you are many years away from the said financial goal (say funding your child’s unusual career choice), then higher equity exposure in the investments is the suitable option. 

This is on the grounds that, you have greater flexibility and opportunity to grow your wealth. Any setback your investment endures can be recoveredwith adequate time in hand.

Butwhen the goal is 3-5 yearsaway, investing in equity is not enough; you should balance your portfolio with equity and debt instruments.

Protect the goal against contingencies

You may be clear about the goals of your child and have started saving towards the same as well. However, it is essential that you protect them against contingencies. This is because the demise of the breadwinner (you) of the family could lead to a potential setback to your kid’s future.

The required peace of mind and protection can be achieved by investing in a child insurance plan. This plan offers dual benefits of investment, as well as insurance. And if you wisely start investing in a child insurance plan at an early age, then the corpus gathered at the time of maturity will be adequate to meet the inflated fees of higher education.Moreover, these plans come with periodic payouts that are useful to meet the expenses incurred while enhancing your child's needs(lessons for learning a different programming language or other skillsets).

And the lumpsum received at maturity can be utilised for your child’s education efficiently

Understand that the career path may not be straight

Careers these days aren't actually linear. Most of the time finding a clear direction isn’t so obvious, which means there isn’t a clear-cut ladder in front of you. One thing leads to many, for instance, your child may even become a cybersecurity expert after running for data analytics. 

So, understand that aparticular skill may have nothing in common with another skill, but may be essential for a well-rounded career path of your child. So, be prepared to enhance the career skills of your child and also have a financial plan in place for the same. 

Conclusion:

So, get ready to embrace the career path that your child may choose in the future. The sooner you sow the seeds of investments and buy a child plan; better are the chances of your money growing into a big tree to provide for your geniuschild.
What is Your Plan for your Genius Child? What is Your Plan for your Genius Child? Reviewed by Parvesh Bravo on 11:15 PM Rating: 5