Let us consider the following cases:
You are a small businessman with 2 daughters. Your younger daughter has come to you saying ‘I want to marry this boy and he is doing business’.
What will you ask her / him? Do you know what to ask that boy financially speaking? If he has a job you can ask him for his Form 16, or estimate on the basis of his qualification.
What happens if he is self employed? Then what will you ask him?
How will you even know whether he is financially responsible?
You are a vendor of stationery to many corporates, you know many people in these places, and your son comes up with a proposal to do an MBA from a big college and he (and your wife) tell you why you should pay the Rs. 900,000 fees.
Over the last 2 years your business has not been doing too well and you have earned only Rs. 500,000 pre tax and you are wondering how will the next year be….
What will you tell him?
Take another case – You have a house worth Rs. 55,00,000 PF of Rs. 900,000, PPF Rs.400,000 and bank fixed deposit worth Rs. 12,00,000. PERIOD. That is your ONLY net worth.
Your son wants to make a career as a football coach…and you have no clue how much he will earn – and he continues to live with you
What will you tell him?
Your daughter is 34 years of age, her husband is 36 and they have – a) no job b) no net worth, c) no house (he just lost it and your daughter had given up the job to look after her kids).
Financial planning is not for the Rich and Famous. In fact they can get along fine without any planning perhaps. It is the people with very tight resources who need to have very good financial communication skills.
Your kids need to know that basic education, food and clothing till they are 21 is theirs by right. (You brought them into the world, so you will do it, simple)….but beyond that THEY HAVE TO STAND on their own feet.
Home loans, educational loans, etc. are available.
A son in law aged 36 is NOT YOUR RESPONSIBILITY – he better be left out of your house, NOW. Or your other children will get a very poor message. Ask them to make their own arrangements for food and shelter. Offer to pay for medical and term insurance premium (could be a disaster if something were to happen), and school fees for the kids. Beyond that they are on their own.
Sounds cruel? welcome to subramoney.com. That is the way it is.
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