Include your Family in your Financial Planning

I have to say that I am very very grateful to my Mom and Dad that they led me into their Finances and talked me through what they had going in their Financial Life and let me say that my Parents Financial Decisions were a freaking wreck apart from the House they built which was freaking Genius. But I will tell that story another time as today I am here to talk about the Importance of Including Your Family in your Financial Planning.

I was included in the Family Finances once I turned 18 thanks to my Dad who wanted to be as transparent as possible with me. Even though I had little to zero knowledge about Finances there was something that rose in me that day as I knew what my Dad was earning and what were our Family Spendings and Investments. The thing that rose in me was ACCOUNTABILITY, Accountability of the fact that now I know what my Dad has in excess cash to spend on surplus things so the next time I go and ask my Dad for some Unrealistic stuff that my Dad can't afford I will know it. It is also a fact that if you are Financially Savvy at that Age you can shed some light on your Parents to better Diversify their Investments and other Stuff.

For me, I learned about Finances around the age of 25, and very quickly I realized how many mistakes my Parents were making with their Money. For starters, they were treating Life Insurances as Investments and parked their Money in Endowment Plans which is a big no-no if you know anything about Finances. But anyway thanks to that I was able to rework a lot of things in my Parents Investments so that they can make a Retirement Corpus worthy of their time.

Now I am at a point in life where I have also made some sizeable Investments and as usual, I do include my Mom in all of the decisions as she is more interested in Finances than my Dad. She even has learned about Crypto by reading Articles how cool is that. Anyways I feel like it is important to include your Family in Your Financial Planning but at the same time, you yourself need to make the decision if you are willing to do that as my Family Situation might not be Similar to everyones. So that choice needs to be made by you Alone.