A few nights ago, it dawned on me that being the sole handler of our family finance is our biggest liability. That is a huge risk, if something ever happens to me. Even if I take out an insurance policy large enough to support my wife and our son, it will not help if she does not know what to do. Basically, she will be stranded.
Photo by Genista via Flickr
As any good businessperson would do, I created a risk management plan. I discussed this risk with my wife, and we agreed that I should teach her money management; specifically our family finance.
This post will be the first in a series where I share with you the learning journey that my wife and I are taking. Our first lesson revolved around finance and cash flow basics. Here are the points I covered with her:
I first posted about personal financial basics in Wealth building made REAL simple. I told her that the foundation of our finance can be grouped into 4 categories:
Well, this was all I got in before she fell asleep. I will have to work on being a more captivating teacher. How do you think I did for the first lesson? I think my next lesson will be about financial goals.
If your spouse does not know anything about your family finance, I invite you to join me on this learning journey. I also encourage you to leave a comment, or blog about your own lesson.
Give them the gift of education today, so that they have the financial intelligence to survive without you.