Planning financial freedom with the partner
Financial freedom is something that differs from one person to another. Some people want to define their economic freedom and stick to a value they have in mind, while others start with a value initially and adjust as their needs increase. Especially if we are running a family, it is very common to see the needs getting bigger from year to year. Planning financial freedom with a partner is the best thing to do, where even the partner can contribute, and the goal can be achieved as a team instead of one partner struggling to fulfill many needs in the family.
Multiple earnings for the family
In places like India, there is still a culture where one person in the family becomes the main earning member, and mostly the other members of the family take care of the house and the kids, and other things inside the house. But having multiple earnings from the same family is a good thing. For example, if our partner is also able to earn a decent amount of money, then the quality of life can be improved and ultimately attaining financial freedom sooner will also be possible. Multiple earnings in the family help in achiving the goals sooner with more cash flow for safety.
Allocation of work with the partner
In many houses it is very common to see the allocation of work or splitting of work with the partner. In most of the houses wife takes care of preparing food, and the husband takes care of many other work. In some houses, we will be able to see people taking turns to work on everything. When we plan to do things like that, it is also important to plan the financials together as a family instead of one person taking all the burden.
Freedom of earning and spending
In my cousin's house, my cousin gives his salary to his wife, and his wife takes care of all the investments and expenses. Even if the husband needs any money for his travel or other things, it happens only with the approval of the wife and the visibility of the wife. In a way, it is good to have a check on the income and expenses, but not all couples find it very comfortable. They would like to give freedom to each other when it comes to both earning and spending. Some home makers don't prefer to make any money, but they make sure the house becomes a home. They take care of everything in the house.
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STOPYou've perfectly captured why financial planning has to be a team sport. It's not just about reaching a goal faster, but about sharing the responsibility and reducing the pressure on one person.
That shift from a single-earner mindset to a partnership model is crucial for building a secure future together. Thanks for the great points.
Nice to meet you so many days after
here most of people both work since with 1 wage it's impossible to live... house works are split... i would never give my wage to my wife and let her handle it, i earned that money so i manage mine and she manage hers
The world is changing fast, I think the responsibility would be too much on just one partner it would be better if both partners join hands together
Yes, you are right. Having more people who bring income to the family can really be great. I have learn that when both, me and my works. But since now only my wife who works (getting monthly income) there are several things that need to be adjusted.
!PIZZA
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I totally agree with this, financial planning works best when both partners are involved. I believe that when partners share the responsibilities not only does it speeds things up, it also keeps things fair in the relationship