Every father aspires to give the best to their child, be it education or lifestyle, but all this comes at a cost, and starting early will help them achieve those aspirations comfortably, says Manish Mehta, National Head - Sales, Marketing & Digital Business, Kotak Mahindra Asset Management Company.
In an interview with MintGenie, Mehta said that today, mutual fund investment is helping us beat inflation and build a corpus to help provide all we wish for, for our kids.
Q. How do you correlate a father’s responsibility with his wards’ financial independence?
As Indians, we are all well aware of Piggybank, aka “the Gullak”. Every one of us can relate to this because sometimes, during our childhood, our parents gifted us a piggy bank to inculcate the habit of regular savings, discipline, and the value of money. Over time when the person grows, these principles of saving help in planning for their financial independence.
Q. Fatherhood entails financial responsibility. How do you think a father should plan finances to secure his children’s finances in the long run?
As mentioned earlier, we should start at a very early age. Every father aspires to give the best to their child, be it education or lifestyle. They understand all this comes at a cost, and starting early will help them achieve those aspirations comfortably. It could be achieved through protection by having insurance or wealth creation through savings and investment in mutual funds.
Q. You are a father to your son as much as you are a son to your father. How do you think the definition of money has changed over the period?
Aspirations have remained the same; the approach has changed over time. For our fathers, putting a debt-free roof over our heads and providing us with education meant everything. For us imparting the best education, favourable lifestyle, and memorable holidays for your child could be the motivation. In the past, insurance, fixed deposits, and PPF helped in financial planning. Today, mutual fund investment is helping us beat inflation and build a corpus to help provide all we wish for, for our child.