Educate family about finance handling
No financial education to spouse and kids Most people are not comfortable talking about 'FINANCE' to kids. They don't feel the n...
https://iskablogs.blogspot.com/2010/06/educate-family-about-finance-handling.html
No financial education to spouse and kids
Most people are not comfortable talking about 'FINANCE' to kids. They don't feel the need to tell their children that they have bought life insurance, in case they be hit by a bus tomorrow (the parents, not the kids). Once children reach an age of maturity like 16 or 17; when they can understand things & reason well and can take on responsibilities to some extent, parents can start telling them about money and finances.
Kids should know how much you earn. They should be clear on how you are saving money to fund their education, bike, trips etc. Once they know about all these things, chances are they will be a lot more supportive, would be realistic in their demands & stay well within their limits. Kids don't know sometimes, how much pain you take in earning money. Most of the times, kids know your salary and your designation at company and assume the family to be a "higher middle class" one.
Once you tell them about Home loan EMI, Car Loan, other liabilities, Retirement Savings, Education Expenses, Marriage expenses and the medical emergencies for which you are saving, they will have a better idea about the current situation and they will act responsibly. The same applies to spouses.
courtesy;The economic times
Most people are not comfortable talking about 'FINANCE' to kids. They don't feel the need to tell their children that they have bought life insurance, in case they be hit by a bus tomorrow (the parents, not the kids). Once children reach an age of maturity like 16 or 17; when they can understand things & reason well and can take on responsibilities to some extent, parents can start telling them about money and finances.
Kids should know how much you earn. They should be clear on how you are saving money to fund their education, bike, trips etc. Once they know about all these things, chances are they will be a lot more supportive, would be realistic in their demands & stay well within their limits. Kids don't know sometimes, how much pain you take in earning money. Most of the times, kids know your salary and your designation at company and assume the family to be a "higher middle class" one.
Once you tell them about Home loan EMI, Car Loan, other liabilities, Retirement Savings, Education Expenses, Marriage expenses and the medical emergencies for which you are saving, they will have a better idea about the current situation and they will act responsibly. The same applies to spouses.
courtesy;The economic times
