Independent Wealth Management

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Will you be a burden on your children?

I’m sure we all want to give our children the very best, but my observation is that many parents are storing up problems for the future.  Let me explain:

As caring parents, it’s only natural that we want to give our children nice clothes, regular holidays, a good education, their first car and so on.  So a large part of our income goes into providing for all these nice things.  Obviously we’re all entitled to use our money as we please, but it would be wise to consider the consequences.  A huge problem could be looming.

While parents are plying their children with a lavish lifestyle, they are often neglecting the need to set aside sufficient money for their own future.  The consequences are obvious.  Who’s going to provide for your future if you don’t?  Will you become dependent on your children?  Will you become a burden to the very people that you wanted to give so much to?  How do you know if they will be able to make ends meet, especially if they are trying to continue a lifestyle that you taught them to expect?

By all means provide for your children to the best of your ability.  But make sure you also provide for yourself, otherwise it’s your children who could be picking up the pieces.

The answer of course lies in balance.  Live now, but plan for the future.  Go without a few luxuries now, so that you can afford the essentials tomorrow.  Raising a family well is so much more than how much you spend on them.  Moderating your spending is a good way of introducing your children to the constraints of the real world, where they will one day live unassisted by you.

So please remember.  Plan for your future and don’t become a burden on your children.

 

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When my wife and I were looking for advice on retirement financial planning a few years ago, Barry was recommended to us by another IFA, who no longer provided that type of advice. Over the last few years, Barry has provided us with very good financial planning advice, tailored to our particular needs and attitudes to financial risk. He contacts us regularly to update us with the latest information and to see if our needs have changed but leaves the final decisions to us, i.e. he does not try to push a particular financial product or company. We have been very pleased with his advice to date and look forward to continuing our association with him.

Mr K.T.

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