I’ve been reading The Economist every day since the year started. As someone trying to become better at personal finance including becoming conversant with the tools that can accelerate me on the path, what better than to study about it?
This technique is also advocated in two fantastic books on personal Finance for women: Barbara Stanny’s Overcoming Underearning and Nicole Lapins’s Rich Bitch. Hence, my resolution this year to read articles on finance and economics.
With all this material in my brain and my background, it strikes me that personal finance is so very similar to parenting. The following are my ten reasons on how parenting and personal finance are similar:
- The beginning is the hardest. One is uncertain, and overwhelmed.
- We seek advice from a few trusted people. It sounds harder than it is.
- People keep shoving advice down our throats without giving context. Especially those who should not. (like men who are not doctors giving breastfeeding advice- ridiculous but true)
- All the preparation and background does not equip us for the enormity of the responsibility. Like being a teacher does not make parenting easy; relatively easier, yes, just not simple. Similarly having a degree in finance does not make saving and investing a breeze. (Things are always hard when the stakes are high)
- It does get easier with time and experience. Or rather the confidence builds in classic snowball effect.
- Like every kid is different, so is our experience with every instrument. There is always a learning curve.
- There is always something better we can have done. However, given what we know and have, we can only try to do our best.
- Regular check ups and assessments are a must to evaluate if all is well.
- If there are reports of sickness going around, take extra precautions.
- It’s hard and the initial years are tough, but as they start to grow; it’s totally worth it!