web analytics
October 1, 2014 / 7 Tishri, 5775
At a Glance
Blogs
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



How Your Children Will Ruin You Financially

What are your biggest dreams for your child’s future? For most parents, it is to see him or her grow into a good person, get a top education, make a decent living, and settle down and get married to a wonderful spouse. All of these are worthwhile expectations, and many of us would say that this is why we work so hard.

Yet as a financial adviser, I have seen many families where, when it comes to marrying off their children, the dream turns into a nightmare. The wedding is a financial free-for-all, with the expensive flowers, a top band, luxury caterer, and the fanciest hall in the city. The young couple dance off into the sunset (possibly to the apartment that Mom and Dad are also paying for) while the parents are left with huge debts. Sometimes, desperate parents take on loans that they know they will never be able to pay off, and they end up borrowing from one loan fund to pay off another until they drown in their accumulated debts. Stories abound of the unfortunate father who dropped dead of a heart attack just after the wedding because he just couldn’t cope with the stress.

But let’s ask an honest question here: What is more important? The wedding itself or the years of marriage that follow? Even if you had the money to pay for a lavish wedding, wouldn’t you rather give it to your newlywed children so that they can start building their own home? Or put some of it aside for the next wedding or for your own retirement, as you don’t know how things will be in a few years’ time?

Part of the problem, of course, is what society expects. We wouldn’t feel any pressure to keep up with the Joneses if the Joneses weren’t so fussy about the name of the hall or the caterer, or whether the bride borrowed her dress or actually bought one.

It’s time to change our expectations when it comes to weddings. What’s more important? A happy bride and groom who had a simple wedding and whose parents are healthy (both physically and fiscally), or the young couple who had the “top” wedding, but whose families cracked under the strain? A marriage is supposed to last forever, not the expenses incurred from the wedding.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “How Your Children Will Ruin You Financially”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Prime Minister Binyamin Netanyahu meets with US President Barack Obama at the White House, Oct. 1, 2014.
Netanyahu, Obama Focus on Different Priorities in White House Talk
Latest Blogs Stories
Netanyahu at UN GA

My good friend Ruthie Blum and I don’t agree about the value of Bibi’s speech; she’s too optimistic.

photo-12

Regardless of your opinion on the hareidi community, the food is delicious and super-duper kosher!

terrorists

Is the global community clear in its response to these extremist groups?

Israeli Prime Minister Binyamin Netanyahu speaks to the UNGA, Sept. 29, 2014.

Bibi speaks resolutely in forums like the UN but we don’t see that strength on the ground here.

Yeah, I know what you’re thinking but no, I haven’t lost my mind and no, I am not kidding.

Abbas again used the UN to attack Israel, distort history, and undermine prospects for peace.

Discover the motivations and the emotions that may affect investing.

This piece partner- no it was not a spelling mistake- they desire piece after piece of our Land.

President Obama showed courageous leadership with his decision to attack “Islamic State” despite the unavoidable ensuing collateral damage.

The solution to the friction with Hareidim on El Al flights is so simple and obvious, it amazes me that it hasn’t been implemented yet.

Global resources flow to young and capable descendants of Arabs who left Palestine over 60 years ago

There was a problem: A different speech, in part, was delivered on September 27

Obama’s speech was the epitome of chutzpah and hypocrisy.

After Israeli-Arab and Zionist Mohammed Zoabi expressed his support for Israel, he was forced to go into hiding for his safety…

Here is your chance to show your appreciation to the IDF!

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Discover the motivations and the emotions that may affect investing.

Doug Goldstein

Grandmaster Michael Adams talks about life as a professional chess player.

Why some countries are more economically successful than others? Tune in for the answer…

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

How do you reach the top of your profession, and are you always aware of your own talents?

How has the sudden growth in modern technology affected world economy and future employment levels?

Learn about Monte Carlo-not the place but simulator forbuilding a financial plan.

This week’s podcast discusses the need for transparency in international business dealings.

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/how-your-children-will-ruin-you-financially/2012/06/21/

Scan this QR code to visit this page online: