Shri M G Warrier, Ex-General Manager, DGBA, RBI, CO, Mumbai (mgwarrier@yahoo.com) was selected Financial Wizard of the week by Economic Times Wealth for the week ended August 21, 2011. He will get gift voucher worth Rs3000/- The prize-winning entry is reproduced below:
The Economic Times Wealth, August 22-28, 2011
Financial Wizards of the week
Last week’s question:
I am a 36-year old doctor, and after my wife passed away, my 8-year old son is living with my parents.I am shifting to the US and want to take my son with me, but I believe it will be more expensive to raise him there, besides the fact that he will find it difficult to settle down. Instead, my father suggests I go to the US leaving my son here and invest money in his name so that he has a safe future. Please advise.
Jayashekhar R Chennai
Warrier’s Solution
If your parents are financially dependent on you or because of the special situation, too attached to your son, and vice versa, you should let your son stay in India for the time being. It will be easier for you to continue your investments here because of the foreign exchange rate advantage. Once you settle down, you will have an idea of how much time and money are needed to be a single parent and, if you can afford it, you can take your son later. Moreover, it will be easier and safer for you to invest in India, especially through the SIP route in mutual funds, as you probably understand the Indian markets better than the US ones.
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