Posted On: 23-08-2024

Costly Investment Mistakes That Parents Make- BLOG

The theory behind the phrase “Money is the source of happiness” is not really overrated as anyone could put it. Even on a personal level if you think about it, you will realize the opposite is also true. As a parent there is that peace of mind that comes at home when you know that you have everything soughted, especially when it comes to our children. 

I remember those days I used to grow up, I could tell myself, I don’t want my children to live the life I have lived. And I am confident that everyone had the same thing in mind. Today, it’s the joy of every parent to know that their children are happy, getting everything they want at the right time, even if it’s the holiday vacations or going out with friends. And most importantly when you know you have set their pension aside just in case anything happens, they are safe.

All this can only be achieved by a parent who understands their money personality. That parent who sees beyond now! Who is ready to take milestones just to secure a better future for the next generation and the generation to come. And the question today is, who is that parent? Take a few seconds and reflect, how much have you achieved so far in your financial journey? Are your children leaving the life you had in mind when you were making yourself that promise? And lastly, what is stopping you from taking that step?

One time I was making a call to a client to invite them to a retirement planning training Zurit Consulting was hosting and the lady told me, “I am not ready for retirement!” This is one of the mistakes we make as parents. The Gen Z and Gen Alpha have no Idea about Black Tax. Leave alone the fact that they should take care of their parents when they grow old. So the training taught me that planning for retirement starts as early as you start earning your salary. Another nice question that popped up during the training is, what will people recognize you as beyond your career life? I think that is food for thought.

The other Mistake we find ourselves making is procrastinating. “I will…., I shall… I am thinking about it….” Once you find yourself into such a category, you should consider reading the book, The 7 Habits of Highly Effective People by Stephen Covey. This book will help you know how to change from “I will….” to taking the actual step of either getting into opening that business Idea you have been having in mind all along or getting into knowing your money personality, save, invest and plan for the future. Yesterday, a client of mine reached out to me with a great testimonial on how his business has started picking up. It all started as an idea and Zurit Consulting helped him implement the idea to reality. Let fear not hold you back!

Lastly, it is advisable that you do your research about everything before you get into it. You want to understand bonds, what are they? You want to get into business, do you really understand it, is it something you are interested in or familiar with? These are some of the questions that should run in your head and the good thing about the current society is, there is knowledge everywhere thanks to technology. Or you can always contact a consultant who will hand hold you through your financial success.

That is why, Zurit Consulting is here to help. With proper guidelines from us, you will be able to navigate and change the story of your financial situation or your business life. Join us on the 31st of August as we look deeper into the Costly Financial Mistakes Parents Make and create your testimony as well!
WRITER: NOEL JENTRIX NABWIRE