RECENTLY, a local man imparted financial advice to parents on social media based on a conversation he overheard in an eatery.
World Of Buzz reported that a Twitter user, Faiz Azmi, posted a tweet regarding parents who have their children pay for their ‘financial mistakes’ as they get old, centering a conversation he overheard between a mother and daughter.
“During breakfast, I overheard a conversation between a mother and her child. Her child had just gotten a job and the mother said to her, ‘Mama has car loan debts and credit card bills, you can now take a personal loan to settle it for me.’
“B40 breeds B40. Her child is only starting to live independently, but now she has to take on her mother’s financial mistakes,” he said.
Faiz, a content creator based in financial education, disagreed with the mother’s request for her child and elaborated on why parents should avoid doing this to their children.
“Those who think of the future will save money for their children’s education, business and to pay for the down payment of a house or a car. But instead, she is giving her debts to her child,” he added.
He then went on to say that children are not necessarily obliged to help their parents financially as they have to take care of their needs first.
“They should help as long as they don’t end up suffering themselves. Cash flow is ruined, personal liability is affected, the future is uncertain. If the mother asks like that, the child would surely give even if they don’t like it.
“Please break the poverty cycle. If you’re part of the B40, do you want your children to be the same as you? Don’t be like that, they should be more successful than their parents and you should help uplift the next generation,” he added.
He also said not to burden your children who are just starting out in life. He then went on to say that he gives his parents a substantial amount of money willingly and not out of force or even asked to do so.
“Charity starts at home after all, at least I believe so,” he concluded.
