Hi Friends, Since marriage, we are all tied up focusing on having kids, finding jobs, moving to different places etc.. In a nutshell we hustled around and some are still hustling to so called "Settlement". I was wondering, with all the basic things met like - having kids, having good job and owning a house when is it that you actually start planning for your "Future". By future I mean - Kids education, Family Vacations and Retirement. These were some of the Q's in my mind: 1. When or at what age do you start planning ? 2. Do you make a Family Budget on how much to spend each year and how much to save ? 3. Do you calculate how much your kids might need for education ? How ? 4. How do you calculate how much you would need for retirement ? 5. Do you choose which city to settle in based on these factors ? 6. In America its so hard to survive with one Salary. If you opt out of work to take care of kids and be with them then what other measures do you use to earn that "extra money" to support your family ? What kinds of jobs can be done ? These are just my Q's. Please add in more if you think of any... Lets get talking! Thanks, Emerald.
Interesting and very pertinent thread! My first suggestion based upon my own experience is don't analyse too much. It will lead to paralysis by analysis. It is better to be prudent and plan, but planning should be fun and enriching and NOT scary. Let me do my best answering your questions from my perspective: 1. When or at what age do you start planning ? Right when you are a student, start planning. It does not matter, even if the plan fails. Let your happiness not depend on results of planning. 2. Do you make a Family Budget on how much to spend each year and how much to save ? A good idea, if all the members of family can appreciate and live within budget. I believe in paying myself a certain portion every months into savings/Investment/CDs. Giving a certain portion to charity. Then comes bill payments. I have trained my kids the same way.Once you do that you are affirming to yourself that you can live with the rest of the money and you control money and NOT vice versa. 3. Do you calculate how much your kids might need for education ? How ? No. Above formula works. Teach kids the value of Scholarship/Work-study programs/Earning money/Entrepreneurship. They will help you pay for their College 4. How do you calculate how much you would need for retirement ? Impossible, as we can't calculate Inflation and expenses life events, can bring. Stick to item 2. Invest in your mind/body/spirit to get fit and have knowledge to face reality 5. Do you choose which city to settle in based on these factors ? No 6. In America its so hard to survive with one Salary. If you opt out of work to take care of kids and be with them then what other measures do you use to earn that "extra money" to support your family ? What kinds of jobs can be done ? I have been there, due to company downsizing and in fact I have coached my clients transition to Entrepreneurs. Start Freelancing before you quit your job. Sit with your spouse and children, have clear money conversations, before you make the call. Hope this helps
These ideas are really helpful ... I have a child I will consider these points while making investments
Emeralad and Lalitha, Very nice points. definitely need to look into this before making investment plans. Happy investing.
