web analytics
April 16, 2014 / 16 Nisan, 5774
At a Glance
Blogs
Sponsored Post
Spa 1.2 Combining Modern Living in Traditional Jerusalem

A unique and prestigious residential project in now being built in Mekor Haim Street in Jerusalem.



How Your Children Will Ruin You Financially

Doug Goldstein

Share Button

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.

Share Button

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. 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. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or 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.

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

Comments are closed.

SocialTwist Tell-a-Friend

Douglas Goldstein
Current Top Story
Israeli soldiers closed off the area near where a terror attack occurred  near Hevron on Passover eve, in search of the terrorists.
Netanyahu: PA Incitement Caused Pre-Passover Terror Attack
Latest Blogs Stories
Justin Hayet (second from right) at the State University of New York at Binghamton, supporting Israel against anti-Israel attacks.

Pro-Israel leaders on campus are as important as the troops in the IDF and professional hasbaraniks.

Children re-enacting the Exodus from Egypt, in southern Israel, April 10, 2014.

The seder reminds us of our freedom now that we are home again in the land of the Nation of Israel

IDF Crew Chiefs on Elite Helicopter Mission. Jan. 13, 2014

IDF helicopters are ready to act on a moment’s notice to defend the State of Israel.

The Samson Super Hercules aircraft ensures the IDF can safeguard Israel from far beyond her shores.

Rudoren and the Times are determined to go the extra mile to humanize Barghouti.

Gazans are among the principal victims of the terror-addicted Hamas Islamists.

Factors that you need to take into account when deciding whether to rent or buy a home.

Intelligence organizations seek enemy’s secrets; for the past 35 years, all secrets are on computers.

Guest Blogger Robert proves that one must not eat any Matzah on Pesach based on an article in Vosizneias.

Students most in danger of going OTD are those with damaged egos from teacher inattentiveness.

It is unfair to judge a 52 year old man with the glasses of a person who lives in a different world.

The president of the Cambridge Satchel Company talks about the exponential growth of her company.

The Arabs didn’t miss an opportunity for peace. Their goal has always been something else entirely.

Before Begin’s policy of withdrawing from Land liberated in the 6 Day War, today’s scenario was unthinkable.

Rosh Chodesh Nissan commemorates the very first mitzvah.

More Articles from Doug Goldstein, CFP®
Doug Goldstein, CFP

Factors that you need to take into account when deciding whether to rent or buy a home.

Doug Goldstein, CFP

The president of the Cambridge Satchel Company talks about the exponential growth of her company.

He won the Nobel Prize for chemistry, now Dan Schechtman wants to be president of Israel.

gnite Social Media created social media programs for companies such as Microsoft, Nike and Disney.

Learn how to navigate the new business paradigms so customers can find and purchase your products.

Stable banking systems: by design or by default?

In the first part of this week’s podcast, Diane Coyle, professor of economics at Manchester University and author of GDP: A Brief But Affectionate History and The Economics of Enough, talks about measuring economic progress. What is the GDP (gross domestic product), and is it really an accurate benchmark for understanding economic performance? Find out […]

    Latest Poll

    Now that Kerry's "Peace Talks" are apparently over, are you...?







    View Results

    Loading ... Loading ...

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: