But one Chinese mother has taken that forward planning to a whole new level – by buying a £4.3 million flat for her TWO-YEAR-OLD daughter.
The woman told a New York based real estate agency that she wants the Manhattan flat for when her daughter leaves home for college.
Kevin Brown, a senior vice president at Sotheby's International which specialises in selling the city's prestigious property, said the unnamed woman had snapped up the flat.
"We were running around the city looking at things and I finally said: 'Well why are you buying?'" Mr Brown said to CNN, the Chinese state broadcaster.
"And she said, well, her daughter was going to go to Columbia, or NYU or maybe Harvard and so she needed to be in the centre of the city and that was why she was picking this one particular apartment.
"So I said: 'Oh, how old is your daughter?' and she said: 'Well she's two'. And I was just shocked."
The apartment is in the One57 tower, a 90-floor glass skyscraper overlooking Central Park.
Situated on 157 West 57th street the tower will become the tallest residential building in the city when it is finished next year.
Designed by French architect Christian de Portzamparc, the space will offer luxury amenities like a full service spa, a screening room, private dining room, a full spa and even a pet wash room.
In exchange for the astronomical price the mystery buyer will get a 10,923-square-foot space opposite Carnegie Hall with incredible views over the city.