How to Insure Your Child’s Future Against Financial Troubles?


The younger generation is choosing to wade the untrodden path, career-wise. Gone are the days when children set aside their passion and talent to take up mundane jobs that promised a ‘stable income’ and a ‘settled life.’

The youngsters today want to express themselves and want to be recognized for their talent, and not by their jobs or qualifications. And why not; thanks to the digital invasion, people are doing more than good by following their passion!

From human jukebox to standup comedian to travel blogger, it seems that the Gen Y has numerous career possibilities today. So, why shouldn’t one follow their dreams and put their unique talent to use?

However, as a parent of a teenage child, you find yourself constantly worrying about your child’s future financial security. You know that the formal education you have planned for your child may not help if s/he wants to follow their passion. And you don’t have the heart to force your children to prepare themselves for regular jobs, setting aside their dreams and talent.

Much like what Anirudh felt whenever he spared a thought about his darling daughter, Anya’s future financial security. At 15, she is already a talented classical singer; her mother had her trained under reputed Gurus. Anya is a favourite in her school, and she lends her voice in almost all school events. In fact, she won the local ‘Golden Voice’ contest in her city. There is no doubt in anybody’s mind that Anya would become a successful professional singer and her sweet, crooning voice would be heard all across the country.

Still, Anirudh was a little troubled. Though he was very proud of her daughter’s talent and believed in her, he knew that professional singing is a highly competitive field….

Through friends, Anirudh had heard true stories of artists who struggled all their lives for one chance to fame, living in a poor financial situation. Whenever he thought about Anya struggling to make a solid career in the music industry, living on a pittance, his heart would sink.

But everything was to change when Anirudh met his wealthy distant cousin in a family wedding. Paarth, a successful businessman, philanthropist and environmentalist, was highly regarded in the family. Over a couple of drinks, Annirudh told Paarth about his predicament.

After patiently hearing Anirudh’s story, Paarth gently told him that his problem could be solved in a snap. Startled, Annirudh asked him, “How,” rather incredulously.

Paarth told Anirudh that he must take steps to make Anya financially independent, starting from the next day.

A little puzzled, Annirudh asked Paarth how could that be achieved?

To this, Paarth told him, “While you must be making provisions for Anya’s higher studies, and perhaps her wedding, too; you must also start investing something with an aim to support her during the period of her career struggle.”

“But brother, with limited means and a good lifestyle, it is hard for us to invest anything more than what we are doing now,” said Anirudh dejectedly.

“What if I say that by investing only what you or Anya spend on a weekend outing, you can still build a substantial portfolio for her over the period of next ten years?” asked Paarth with a twinkle in his eyes.

“That would be magic!” exclaimed Anirudh. “But magic doesn’t happen in real life,” he added grimly.

“Dear brother, magic does happen in real world. And the name of this magic is compounding,” Paarth said with a chuckle.

Anirudh, who had been investing all his money in fixed deposits and PF, was clueless about mutual funds and the power of compounding they come with. Paarth explained his cousin about how mutual funds work and how the power of compounding can make his portfolio grow at an astonishing rate.

“Regular investments in mutual funds over a long period, say 8 – 10 years, would help you create a substantial portfolio. And the best thing is that you can start investing with as low as INR 500!”

Anirudh was pleasantly surprised to hear this, and he vowed that he would soon start a mutual fund SIP (Systematic Investment Plan) for Anya.

“But that alone would not be sufficient,” warned Paarth, “you must teach Anya to distinguish between needs and wants, to prioritize her expenditures, and above all, instill the habit of regular savings and investments in her.”

Anirudh left for home that day rich with financial wisdom. A clear objective was shaping in his mind as he imagined the picture of a self-sufficient Anya working hard to make a place for herself in her chosen field. And a smile played on his lips.

Financial literacy and financial discipline ensure that our young ones grow into financially independent adults, living a stress-free life and chase all their dreams without falling short of money. This is the vision with which Dr. Celso Fernandes, along with the team of NaveMarg Financial Consultants, reaches out to the youth of the country and mentors them as they realize their financial goals. Dr. Celso Fernandes gladly offers his time, without any fee, to young students and their parents who seek financial advice. One can also attend his various free seminars conducted across Goa and neighbouring states. Find event updates on





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