Are We Spending Too Much On Our Families?

May 02, 05:53 PM

In this episode of My Money My Lifestyle, host Maya Fisher-French is joined by financial advisor Munya Shumba to address a critical yet often neglected aspect of financial planning: prioritising your own financial future over solely focusing on your family's needs.

They explore the delicate balance between generosity and self-preservation, highlighting the need for parents and young professionals alike to establish firm financial boundaries.

Listeners will gain insights into how to navigate familial financial responsibilities without compromising their future, the power of starting investments early, and the critical role of having a financial plan in place. The conversation also touches on the pitfalls of debt as a means of family support and the psychological benefits of disciplined saving.

Whether you're a parent striving to provide the best for your child or a young graduate grappling with supporting your family while building your own financial foundation, this episode offers practical strategies and a fresh perspective on creating a sustainable financial plan that serves both your and your family's needs.

Tune in to understand how to maintain a healthy balance between supporting loved ones and investing in your own financial resilience, ensuring a stable future for all.