Kiara a 10-year-old daughter of Ravi watched The Lego Movie, and craved the entire set of Legos, as many as it was possible to buy. She knew her parents would not let her indulge in something expensive, as she already had too many toys to play with. But like every other child, she tried asking her parents. And just how every other parent would react – her request was denied.
That is when she decided to take it upon herself to get her dream Lego playsets. She gets Rs. 100 as pocket money every week. She started keeping that aside and after about 6 months (25 weeks), she asked her mom for a playset.
Her mother outright refused. My niece ran into her room, brought out her piggy bank and showed Rs. 2,500 to her mother. She demanded, “Please buy it from my savings!”
Her mother was absolutely stunned! How could a 10-year old have this kind of patience and farsightedness, for pieces of blocks!?
My sister knew that the Lego sets would cost double of her daughter’s savings, but she didn’t want to reveal that to her hopeful daughter. So she matched her savings and finally bought a Lego playset for my niece.
There was a sparkle in my niece’s eyes and pride in her voice as she narrated the story to me.
Where children cannot resist buying a chocolate with the money they receive. Kiara sets an example not for those kids but for you as well as an investor, you may get impatient while watching your money grow or witnessing the market ups and downs can test your patience to its extreme, forcing you to quit investing any further and derail you from achieving your financial goals. If you invest your money in ULIPs and wait for it to grow it will give you huge returns. Not just returns after maturity it will also give you a life cover. And if you want more investment + life cover + tax savings + Additional Allocations + Rising Star Benefit for your child, you may choose Edelweiss Tokio Life – Wealth Plus. It is a Unit Linked Plan that takes care of the financial security of your family and also helps you to accumulate wealth. It does away with Premium Allocation & Policy Administration Charges and also provides Additional allocation on every premium paid and increases every 5 years. If you are 25 years old and decide to invest Rs 5000 for 20 years, after maturity you will receive more than Rs 75 lakh.
Thus be like Kiara, have patience and be mature to let your money grow for 10, 15 or 20 years to enjoy the power of compounding, high star rated fund performance and premium boosters. If Kiara a 10-year-old girl can do it then why can’t you?