Your first obligation is to your loved ones

Jul 7, 2009 | | Posted in Finances

In ethics as in financial planning, we must satisfy our needs first than our wants. We are in the shittiest of deepest recession we have ever been in. [This is the consensus of the economists and financial gurus]. No matter how painful a decision you make, it must be for the overall benefit of your family especially your kids. But what happens when you have to decide which needs to fund and which not to fund?

• Sacrificing
  Sacrificing is a necessity, not a punishment. It’s to be expected of everyone, and you can’t feel guilty about not underwriting what you can’t afford.

• Family comes first
  As concerned as you may be about your house-cleaner or your favorite charity, your first obligation is to the loved ones who depend on you.

• Opportunity is priceless
  Sell your jewelry, sell your car – whatever you need to do to be able to invest in your child’s future.

In a Nutshell
Decide what is best for your family. Talk to other families, your relatives and some experts in personal finances and then make a plan and more importantly stick with it.

What do you think?

Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.

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Shafi enjoys writing articles on a variety of subjects, paying off debt - at present he is debt free - giving to charities, likes dark coffee, and helping people succeed in their finances and careers. Please Contact Shafi to write for this blog. He also owns How to create your first website.