When a child is born, it is the most happy time in a family. Although no one knows what the child will do as an adult, it is a happy occasion. What will it like and dislike? The family’s only concern is to provide the best possible care and education for their child. We cannot afford to leave any stone unturned when it comes higher education. This will determine the career and financial stability for the child. What if your child is interested in a sport rather than classroom education?
While you may be aware about the fame and challenges faced by sportspeople, most people struggle with how to support them.
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Below are some simple steps you can take to help your child develop their sports spirit and personality. Also, prepare to financially support them until they become the professional athletes they were meant to be.
1. Get a Schedule for Your Child
It can be difficult for children to find a balance between sports and academics. It is possible to balance academics and sports. Many athletes have succeeded on both fronts. You, as a parent, must assist your child in planning their schedule.
Calendars for school and sport activities are useful tools to help you do this. Note all deadlines for schoolwork. This includes papers and projects. Also, note all sports and games. This calendar should be reviewed by your child every week. Make any necessary corrections.
2. Plan a growth path
Register your child for classes that will help him improve his skills. Learn from coaches or experts how they can help your child succeed in his career.
You can also encourage your child to engage in activities that will help them build a career path. You can encourage your child to engage in activities that develop broad movement skills such as running, throwing, balance, agility, coordination rhythm, speed, and rhythm.
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3. Look for schools that offer good sports facilities
Sports in schools are more than just a benefit from physical activity. School games and sports are essential for all school-aged children. They can help with self-esteem and mental alertness. It is important to find the right school to educate your child, especially if you want to make him/her a good athlete.
4. In the growing years, take care of your expenses
When your child takes an active interest, you must admit him/her into a reputable coaching academy. Here he/she can learn and play. You will need to have the funds available to cover the costs and fees for your child’s growth years.
The growing years will be costly in terms of travel, coaching, nutrition, equipment, and other expenses. These expenses will increase if your child starts playing outside of your home. He/she must travel with at least one person, either you or your spouse. These expenses will also need to be covered by you.
5. Plan Financially
To support your child’s sport career, you will need a corpus. You can prepare a list of expenses and a training budget to help you determine the future needs. A financial plan that will allow your child to pursue his dream of being a professional athlete would be a great help.
Protecting your child’s sport career is your primary goal, so it is a smart decision to save or invest in an insurance policy. Child insurance plans can help financially protect your child during every stage of his life, including education, coaching, and training. You can also choose a plan that is appropriate for your child’s age and will meet his goals. You should also look into other income streams that could be of benefit at the right moment.
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6. Know the National/International Sports Federations
Learn about the ‘National and International Sports Federations,’ including their requirements and how to get there. Participate in inter-university tournaments. This will make your child eligible for the Sports Talent Scholarship from the Government of India, Department of Youth Affairs and Sports.
7. Purchase/Increase Term insurance Cover
A term plan is essential for everyone. There are many benefits to term plans, including the ability to secure your family’s financial future, low premium costs, high sum assured, and various payout options. A term plan will ensure that your child can fulfill their dream of becoming a professional athlete, even if you are not there.
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It is a smart idea to add term insurance to your existing policy if you are at various stages in your life.