Friends, through my blogs and other social media platforms, I always try to spread Financial literacy among you all. Whatever knowledge I have I try to put that in simple words so that a layman can understand the jargon of Personal Finance. Sometimes I give some hypothetical examples to simplify complex financial issues.
Today I am sharing a real story with all of you. Recently I got one case of a Single Mom who is a housewife. 50 years old lady having 2 sons. But the way she suffered from circumstances and betrayed by so-called loved ones is really tragic.
# Her husband left her 15 years back. Did not give divorce. When she asked for the divorce because of his position he made sure that she won’t get a divorce as well as any alimony. She and her parents lost lakhs of rupees in this legal battle till the High court.
# She came back to her parents’ place and till then she is living with them. After her parents’ demise, her 3 brothers were taking care of her and her sons. But in return of this care, they took her 1 cr which she got after selling her flat in the name of setting up their businesses. She sold this flat to take care of her day to day expenses. Now she is not able to get the money back from them and they are just giving some 30/35 k to her p.m as an interest.
# Her son’s are now major. The first one is working now but the second one still studying. For his MBA she has to go for an education loan of 20 L and has to pay 10K interest as simple interest. If the loan is not being paid by her son then that will be an additional liability on her. Moreover, both sons want her to give her 3L/3L for buying a car. She only has 10L FD on her name as an asset.
# Her three brothers want NOC from her stating that she is letting her go her right over her parent’s property. The reason for the same is “They look after her for the last 15 years”
After listening to her story the need for “Financial Independence and Financial Awareness ” among women is how important is underlined. It is really very necessary for all women out there to know their rights as well as have financial assets by their side.
They should give at least equal if not more importance to SELF than a husband, kids, and other family members. Friends, you should have a daring to say NO to your loved ones when you DO NOT want to do what is being instructed.
In this case, more than a Financial Planner I need to play the role of counselor.
After the rounds of discussion, she said she was looking for a friend, a guide in front of whom she can open up, share the mistakes she committed, and looking for real guidance.
I hope I can play some of this role in her case.