Financial Goals involve money which can be an emotional issue for families. It is important that one recognises that whatever he decides has an impact on the lives of his loved ones.
Money is a limited resource for many and deciding how to allocate such monetary resources can cause conflict between spouses, children and even parents. Conflicts can easily arise when two persons of different personality types are involved in a monetary relationship. For example, one spouse may be meticulous with money while the other spouse may be a spendthrift. It is thus important to discuss decisions with those who will be affected by the financial decisions. They will feel that they have been involved in the planning process and are more motivated to see to the success of the plan. Even after initial discussion, it is important to have ongoing discussions with family members in order to have them personally responsible for the success of the plan.
Early involvement of young children in the family with financial planning also helps to inculcate good values where it comes to money matters. This aspect is often neglected by many parents today but is increasingly crucial in a society where 'brand consciousness' is taking precedence over the need to be financially responsible.
Money is a limited resource for many and deciding how to allocate such monetary resources can cause conflict between spouses, children and even parents. Conflicts can easily arise when two persons of different personality types are involved in a monetary relationship. For example, one spouse may be meticulous with money while the other spouse may be a spendthrift. It is thus important to discuss decisions with those who will be affected by the financial decisions. They will feel that they have been involved in the planning process and are more motivated to see to the success of the plan. Even after initial discussion, it is important to have ongoing discussions with family members in order to have them personally responsible for the success of the plan.
Early involvement of young children in the family with financial planning also helps to inculcate good values where it comes to money matters. This aspect is often neglected by many parents today but is increasingly crucial in a society where 'brand consciousness' is taking precedence over the need to be financially responsible.
