We are living in the 21st century but still, there is one thing which we follow of maybe the 20th or 19th century.
Still, the financial decisions of the house are done by the Males of the House, and wives are not even informed which is very sad and this is what we need to change in the 21st Century.
Mentioned are the Biggest 5 reasons that you should make the Lady of the house a part of taking a Big Financial Decision
1) EQUAL PARTNERSHIP
When
it comes to the Financial decisions of the house why is it that 80% of the time only men take the decision and even the opinion of the lady of the house is not considered.
When you get married you both promise to share life with each other.
When you retire even the wife will retire with you. So don't you think she should be given a chance to speak about what kind of life she would want to live after retirement?
Also when it comes to making a decision for Child Education & Marriage do consider her opinion because the children are the children of both parents and not only of one parent.
2) SET THE TREND
Let's set the trend of bringing females of the house together while making financial decisions for the house. Because it will help in the following ways
1) If we start taking part in the financial decisions our kids will also see that and learn that. If you have a girl child it will make sure that she is not fooled at her in-law's place and she will have the confidence to make the financial decisions right. And in
case you have a son then all the more there is a reason because when the daughter-in-law comes and she takes part in the financial decision then your son or you should not feel bad.
2) The expertise of both the partners come together on the table and the final decision would be definitely better than the expertise of just one member and trust me Ladies are very good at budgeting.
3) And lastly TRUST. If you are transparent with each other it will build trust between the both of you and you will have an amicable & harmonious relationship.
3) TAKING OWNERSHIP
We often try to blame the person whose financial decision does not fall in place, or the family faces a loss in investment, or even if the returns are low or financial goals are not met.
Now
we are humans, not god, we will definitely make mistakes in things and then we learn from it. So even in a financial decision, we should take equal ownership.
Be it is loss: then you take collective corrective steps to bring those investments in line with your goal
Be it Profitable: Then you together, celebrate and enjoy the feeling of contentment together
This will prevent misunderstanding & conflicts between the spouses and build a more stronger relationship between the two.
4) FINANCIAL DISTRESS
In continuation of the conversation of keeping wives involved in the financial decision of the house, this is the MOST IMPORTANT POINT. If a wife loses her husband it's a very big emotional loss but let us make the financial loss or stress a little less. So below are the things that she can face in the loss of her husband
2) Funeral Expenses
3) Legal & Administrative Costs
4) Insurance Policies
5) Debt & Liabilities
6) Tax Implications
7) Financial insecurity
8) Child Education & Marriage
9) Emergency Fund
10) Investments & Investment Risks
5) DEVELOP THE LADY'S OWN PORTFOLIO.
So with the lady of the house taking part in the Financial decisions of the house, it's also important to have her own portfolio. Following are the major benefits of helping her make her own portfolio
1)
Financial Freedom: This will give her a little freedom of finance especially when she wants to gift her side of the family or her friends she need not be dependent on you, and you need not shell out from your pocket.
2) No dependency on you: If she has her own money she will not be dependent on you for her own expenses in that way again your pocket will be saved
3) Contribution to Family Goals: When a family's Financial goals are nearing and in case if you feel there is a lack of funds either for child marriage or education she can offer help from her portfolio to meet those financial goals
4) Emergency Fund: In case of emergency you can use her funds as an emergency fund. You can fall back on her.
5) Security for retirement: She will feel secure with regards to her own old age and that will build trust in you will result in a better relationship between a couple
Lastly, as Diwali is nearing I want to remind people that you will be doing the Laxmi Pooja In Hindu we say the Lady of the house is the Laxmi of the house. So let the Laxmi of the house have her own Laxmi.
One VERY IMPORTANT THING I want to highlight here that keep the lady of the house happy because if she is not happy and she is sad and emitting negative emotions, then these negative emotions will fill the house with negativity, and the house will not prosper.
Hope this series of videos was helpful. Type in yes if it was in the comments. Stay tuned for more
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