For decades, society has not allowed women to involve in the family finances. She has been told that she cannot understand finances like men does! Admitting to this ideology, many women, even today, tend to view financial matters as boring and tough subject.
On the contrary, this ideology has never proven beneficial, especially when the head (the man) of the family passes away. In most cases, women went clueless about money management upon their husband’s demise. Families literally suffered due to their ignorance. Do not let this happen to your loved ones. It is essential that your wife and grown-up kids are kept updated about all the family finances.
Here are the top 4 reasons for keeping your family posted about finances and investments.
For The Family’s Support In Your Financial Journey: With your family’s support, you can overcome any hurdle. The family that is aware of your investment strategies and other finances can get a good understanding of its current and expected financial status. Each member would extend support and be a part of the journey in his or her own way. You would be amused to see how each one comes up with better suggestions concerning investments, savings, spending choices, etc. Together you are building a better financial future.
For The Family To Learn Money-Management Skills: If you, as the family’s head, are moving with a meticulous plan towards the family’s money goals, involve your members and help them learn ways to manage money as per the requirement. Improve the financial literacy level of all your family members.
To Build The Bonding With Your Family: Team-work always work big time. Every step you take together as a family, would leave ever-lasting impressions upon each other, besides building mutual respect and affection. Involve your family in your finances to increase the sense of belongingness, leadership and responsibility in every member.
For The Family To Withstand Your Absence: Last but not the least, a family that is aware of all the investments and insurance plans, do not shatter financially during the unexpected loss of the head. The money lessons they kept learning would help them move forward in life without confusion. The information on the family’s investment into key channels like insurance, would help sustain the financial loss, though the loss of the crucial member can never be replaced.
In conclusion, a family is an anchor during rough waters. Involve your family in the finances and help them turn financially literate. Particularly, discuss and explain all your money dealing with your spouse. For expert advice of financial planning, approach online fiduciary like ArthaYantra.