Financial planning for family

A letter from a father to his young son who just got married

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Dear Son,
Marriage is one of the most wonderful things that will happen to you. And now that you are married, you will see a lot of changes down the lane, most of which you will cherish forever. Nisha is a wonderful and independent young woman.
Son, marriage is a wonderful trip you take on this road called life. Today, I want to share with you a few things that will make this journey a pleasant and happy one.
Your wife isn’t the perfect person in the world; you shouldn’t expect her to be. She’s just that right person who would complete you and for which you have to play your part with honesty.
Son, there are five pillars of a happy & up lasting marriage. These are loyalty, trust, respect, and the fourth pillar that keeps a marriage going is communication. You have to talk, that’s the secret. Talk about the good things and the bad ones, especially the bad ones. Tell her if you have a problem with something she does. If it’s something that will upset her, still tell her but in the nicest way you can.
One conversation you must have is regarding savings and investments. I’m not saying you should restrain your desires, but keep a check on your expenses, even the smaller ones and try to save more. As Warren Buffet rightly said, “Do not save what is left after spending but spend what is left after saving”.
In fact, don’t just save money, multiply it by investing in the right places. During my young age, we only had limited investment choices. Today youngsters can earn so much more than their salary by simply investing a part of it in options like ULIPs which also come with life cover. And remember son, you will also have to pay taxes. If you invest wisely and correctly, you will automatically save through tax exemption on investments.
Since the two of you are earning fairly well, money management becomes essential to make the most of it- both as a family, as well as for your individual needs. Son, marriage is the first step towards a life of togetherness. Soon you and Nisha will buy a house or a car together and a big amount of both of yzour earnings will go towards EMIs. It’s easy to bear these expenses when she has your support but God forbid, if something unfortunate were to happen to you, a big financial burden will fall on your wife. One way to ensure that Nisha never has to go through the hardship of making ends meet by herself and that you are always there to help her is by taking a term insurance plan. I know you have always thought about others before yourself and when you protect your wife from unforeseen difficulties by buying a term insurance plan, it becomes the most selfless act you can do as a husband. You can go for a term plan which not only covers you but your wife as well. You can opt for Edelweiss Tokio Life – Zindagi Plus.
The last pillar of marriage is love. Son, love is what keeps a marriage going. Love her for who she is, for how she makes you feel and above all love her for being a part of your life.
Son, marriage is like building a house. You lay the foundation by choosing your life partner and then build on it brick by brick. However, there will be a tile getting loose here, a light bulb going off there, but you don’t abandon that house. You need to work towards fixing it and I know that’s what you will do. I know you will give your hundred percent because you have always been that kind of a person.
I am always with you.
With love,
Dad

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