New Delhi, July 11 -- When you welcome a child into your family, it is a unique, life-changing experience. It is an experience that brings immense joy, meaning, and essence in an individual's life. Not only that, but a new child brings several new responsibilities for the family where he or she is born.

Furthermore, it is a given that parents do their best to ensure their children excel in life. This calls for building a clear, objective and solid economic foundation for the child as indispensable to securing their future. As young parents, it is prudent to focus on planning for the child's higher education, travel, health, long-term financial objectives, and short-term targets so that the child can make the most of their life. For a par...