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Photo by Vasily Koloda on Unsplash
Empty nest? All of us who are in our early 50s or even late 40s would be or are going through this. Children going away for higher education or job. The last few years seen a massive shift in kids getting an education abroad. Indian students going abroad for higher education recorded a six-year high in 2022 at 750,365, according to the education ministry data submitted in Parliament on Monday.
It’s no doubt an emotional period, parents have to come to terms with the fact that their children have grown up and are ready to spread their wings in the world.
Depending on whether the child is going abroad (or even to another city in India) for Graduation or Masters, it can also be a financially impactful period.
Graduation abroad is an expensive affair, so am assuming you have been building the necessary corpus to take care of the expenses. The next 3-4 years will be payout time. So a few basic things have to be looked into (this can be relevant even for those whose kids are going out to another city in India to study)
At the same time, you need to teach your kid to be moneywise. (https://womoneya.com/2017/05/15/money-wise-in-this-digital-world/)
If your child is going abroad for Masters, you may choose to fund the education or take a loan which the child will have to pay for. If it’s the former, then all the above points apply, if it’s the latter, you still need to foot their expenses for a year or two till they settle down with a job and can pay the education loans.
So, whilst you are busy planning for your child’s education, do not lose sight of your financial planning. This is the time to go back to the drawing board and relook at all your finances.
You may have new goals to consider like traveling and hobbies, to keep you busy and active, but these may need finances as well. Start the next phase of life right by working with a financial advisor to develop a financial plan that supports your current needs and future goals.
Watching your children leave the nest should give you a well-earned sense of accomplishment. It’s an exciting time for them and you. Embrace the change and celebrate it.
I have been in the finance and investment field for the last 15 years. I believe that women empowerment is incomplete without knowing how to handle your money. I educate women about money, finance and read more...
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UP Boards Topper Prachi Nigam was trolled on social media for her facial hair; our obsession with appearance is harsh on young minds.
Prachi Nigam’s photo has been doing the rounds on social media for the right reasons. Well, scratch that- I wish the above statement were true. This 15-year-old girl should ideally be revelling in her spectacular achievement of scoring a whopping 98.05% and topping her tenth-grade boards. But oddly enough, along with her marks, it’s something else that garners more attention – her facial hair.
While the trolls are driving themselves giddy by mocking this girl who hasn’t even completed her school yet, the ones who are taking her side are going one step ahead – they are sharing her photoshopped pictures, sans the facial hair, looking nothing less than a celebrity with captions saying – “Prachi Nigam, ten years later”.
Doctors have already diagnosed her with PCOD in their comments, based on photographic evidence. While we have names for people shamed for their weight – body shaming, for their skin colour- racism, for their age- age shaming, for being a female- sexism, this category of shaming where one faces criticism for their appearance has no name. With that, it also has zero shame attached to it.
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