Maybe We’ve Moved Some Distance From Traditional Prejudice To Male Children in Indian homes. Patriarchal authority is quite alive in many educated urban households too, but thankfully the role of women is getting bigger. what are they personal Finance What aspects should modern parents take note of, so that they are safe from accusations of favoritism?
First, consider the obvious and unfortunate differences between your children and interact with them to help them understand why differential treatment may be justified. a handicapped or handicapped child needs more attention; A child with a disadvantage may need support to pursue growth opportunities; A child who has suffered unfortunate life events may require various treatments and so on. Siblings resent these differences as children but grow up to understand why. Have an open dialogue that helps everyone understand and accept differences, even if it is gradual.
Second, as they grow older, the differences between normal children become even more visible. Relationships as siblings can be strong or weak, but their successes in academic, financial, and life can make up the difference. Make sure you don’t let the merits of their individual situations influence your decisions regarding finances. to spend on the education of one; enabling the business of one over the other; And so on. They should know that they have equal access to parental wealth and support in their upbringing and that their qualifications or lack thereof will not set it apart.
Third, don’t allow your prejudices to modify how you spend or support child. Some parents favor children living out their parents’ dreams. They love compliance and the satisfaction it brings. Others favor the other, justifying the lazy and wayward child on the basis of need. Children recognize what is unfair and unjust. Parents are passionate about their children’s successes and failures and their biases can sometimes be rooted in them. They are unaware of their behavior but others see and understand it.
Fourth, don’t think of expenses as investments. Some parents are to blame for spending on a child they believe will take care of them. The bias toward boys over girls occurs in that context, even though evidence suggests that parents of girls have a better chance of being cared for in old age. Openly endowing the successful child to other average performers; Prejudice towards the child who is more obedient than disobedient, all of the arguments in our discussion were heavily asserted. Treating one’s own finances and well-being as independent of their children’s future financial lives is a welcome modern trend that keeps parents from going overboard.
Fifth, use simple tools like Enrollment Percentage in Investments to divide your investments. Property equally among children. In an anecdote that attracted laughs, one told how a father divided his investments equally between his two sons. After his death he discovered that appreciation in one portfolio differed dramatically from another. They were similar investments, but managed to perform very differently. Like the kids themselves!
Sixth, do not own the property jointly with the children and leave it to the joint owner so as to harm the other child who is not a part owner of the property. resort to a more formal system like a will to indicate that your properties After your time will be divided among the children. If you have multiple fixed assets with different appraisals, don’t treat them equally as it is easy and convenient to do so.
Seventh, make sure you’ve listed your financial assets, including insurance, and provided paperwork for your kids to inspect when you’re gone. Even if you don’t have a will, a nomination will help divide the assets. Financial assets are usually easy to value, access, divide or liquidate as needed.
Eighth, don’t put your partial attention on grandchildren. Grandparents melt in love when it comes to their grandchildren and go overboard in trying to give them attention, love, care and in many cases gifts and monetary benefits. Keep in mind that your responsibility may only be limited to your own children and may create pervasive inequality for the next generation. You will also step in on parental authority over your children and their spouse’s over their children. Let them make decisions for your child; You have already made yours.
Ninth, don’t use gifts as your way of delivering estate to your children. Gifts are irrevocable distributions. They are also unconditional. For example, you may not have expected your child to care for your spouse because you gifted them a home. Divide gifts equally among children and keep within reasonable limits that your money can allow.
Tenth, don’t confirm children’s doubts by saying that you care for each other, even if you do. Also don’t take their word for cordiality at face value. Assume the worst when you divide property, because nothing is lost if they have been truly amicable throughout their lives. Their relationship can be tested in life in ways that you would not have imagined.
The country’s courts are littered with cases of sibling feuds who believe they didn’t get their fair share of parental care, attention, and money. Avoid the hassle for your kids when you raise them, fulfill their dreams and aspirations and leave your possessions for them.
Your kids have a bunch of normal parents. They are different individuals whose paths diverge at every stage of their life. Their education, their job, their spouse, their children are all points of distance and difference in their lives. Add to this their own preferences, choices, decisions and attitudes and they are bound to face different outcomes in life. It is not a parent’s job to struggle to overcome these differences. They won’t go away. Nor can they be made good with money. Being fair, impartial and just is a challenge and prepare yourself for it. May you be successful.
(The author is chairperson of the Center for Investment Education and Learning.)