Today is Valentine’s day. Finish your work fast and rush to meet your beloved….This is all you care about. There’s too much work….yet, you are able to make time to spend with your beloved. You are fortunate to have a good well paying job, whose benefits your beloved enjoys. Unfortunately, not all young couples in love know and understand their responsibilities.
Yes, spending time with your beloved is very important…But, you must also have the money to give your beloved a decent quality of life. I have seen so many young boys and girls bunk classes, to spend time with their so called beloved. Is this true love? I really don’t know. How will these young couples in love feed themselves without a good quality education? Don’t they understand their responsibilities?Money is the pillar…yes, the main support of any good relationship. Simply speaking there is no real relationship without money. After all….you cannot eat love.
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There are 3 types of relationships discussed in this article.
It is your duty and responsibility to take care of your beloved, who is your wife. Yes, the money you earn must go where it is best spent. The health and well being of your wife. You are married and committed to your wife. So spend on her. Now to the big question….How should you spend money on your wife? You are earning well and have a lot of money. You fall in the category, Have and spend. If you fall in this category, then spending money on your wife is not much of a problem. Your wife is a very lucky woman. Just make sure you are spending money on the right things and every rupee is well spent.
What if you are not one of the lucky few? Then…you have no choice, but to borrow and spend on your wife. Availing a home loan to give you and your wife a roof over your head, is worth borrowing for. Home loan is a good loan and you are borrowing for a good cause, not to mention the tax benefits you enjoy.
If your wife is facing a medical emergency and you don’t have the money for hospitalization, you have no option but to avail a loan for this emergency. Try to avail a loan against securities, which is nothing but a loan against your investments. You can avail a loan against your fixed deposits, mutual funds or even stocks. You get this loan at lower interest rates than a personal loan. It would have been wise to avail a family floater health insurance plan (a health insurance plan which provides coverage for the entire family). You pay a premium and the insurer settles your wife’s hospitalization bills. Now it’s too late.
Should you avail a personal loan? This is a strict No, unless you have a real emergency. This loan charges very high interest, but if your wife is in deep distress, you don’t have a choice. Should you beg and spend money on your beloved? This is a strict no. After all you have to protect your and wife’s reputation.
Think of the money you are spending on your beloved, as a long term investment. You have money and spend on your beloved? No problem. This is money well invested. She could be your wife in a few years, (maybe even months). You must spend on her.
Should you borrow and spend on your beloved? This is not advisable. But, if you feel confident of your career and within a few years you will earn well, then availing a loan against fixed deposits or stocks can be considered. Never take a personal loan as this is an emergency loan and this is definitely not an emergency.
Should you beg and spend on your beloved? No, don’t do this. This is an indication that your finances are in the Red. This is definitely a No, even if you run the risk of losing your beloved.
This is called a Hi and Bye relationship. This is not a serious relationship. If you have the money, then spending it on your beloved (can’t call her a beloved) is ok. Strictly speaking, this is a waste of money. Borrowing and spending on him/her is a definite No. You will fall in the debt trap for a person you don’t really care about.
You beg and spend? This is an act of utter foolishness. You will lose your reputation (your friends will say he begs, but doesn’t return the money)…Then they will catch your neck, asking for their money back.
Yes, today is Valentine’s day. Spend your money wisely. Remember, money is the pillar and support of any relationship. Don’t waste it. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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