When our income increases, everything seems so rosy, hopeful and optimistic, leading us to make long term financial commitments that seem just right! But looking back on the past the same financial decisions may seem terrible, careless and impulsive, sometimes even costing us a fortune, when sadly things might not seem so rosy anymore! 

This week’s podcast with Ashish Modani walks you through a similar incident faced by one of SLA’s clients and how the ongoing pandemic isn’t pain.

As parents, we’ve always wanted our kids to be independent and self-reliant when it comes to managing their own lives. We take pride in their first job, their first salary, their first bonus, and so on. Isn’t it?! But why do we tag them as ‘Kids’ when we talk about managing finances? Why do we manage our grown-up children’s funds on behalf of them? Why do we assume that they won’t understand what financial planning means? 

Learning is a part of earning. Financial planning is a life skill every kid should be familiar with from a very young age. If your child is eligible to earn a regular income, why can’t he/she understand about finances? Listen to the podcast to understand why should you enable your children to become financially independent. 

This important anecdote from a discussion with one of my clients will give you a deeper view of the root cause of why parents end up being dependant on their kids in their old age. 

Please keep in mind, as a parent, Retirement Planning is as important for you as providing for your children and their dreams. In most cases, parents outlive their money in their old age and tend to be dependant on their kids. But do you really want to be dependent on your kids when you have been independent your whole life? To understand why we ask our clients to save funds for themselves first is to primarily secure their future before anyone else’s. Listen to our latest podcast to understand where this thought stems from.