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Money Division In A Joint Family
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It may be a challenge, but managing finances in joint families is of utmost importance.
It is said that all that glitters is not gold. On the same lines, it may sound strange but sometimes, wives of second (or subsequent) generation businessmen living in joint families don't have it good, financially speaking.
How's that?
Financial freedom and understanding is a huge thing in marriages. In nuclear families, this is easier accomplished irrespective of whether both or one partner works. Based on their income, a husband and wife must agree on a household, personal and savings budget and set aside these funds appropriately.
But in joint families, as Shalini discovered, a financial arrangement may not be so easily established.
Is a guy wealthy on his own steam?
Shalini's parents were delighted with the match they had made for their only daughter. Her husband Abhijit was the elder son of a much respected businessman. After acquiring an MBA from a reputed university, he had joined the family business.
Abhijit had a younger brother, who was studying medicine abroad as he had no interest in the business. Abhijit's sister Nanda was also married and well-settled.
From the looks of it, Shalini's parents had identified the perfect life partner for their daughter. Abhijit was good looking, rich, from a respectable family, well-educated, a nice person, and Shalini would face no competition from a live-in sister-in-law.
Does your husband have earnings of his own?
But as Shalini found out, much to her dismay after her marriage, there was one problem… Abhijit drew no salary from the family business. To add to that, he received no bonus or share of business profits at the year-end.
Early on in their marriage, she asked him how he managed his personal expenses.
"Credit card" was his simple answer, and he added, "Everything else is on the house." What's more, Shalini was given a personal credit card soon after they returned from their honeymoon.
Far removed from reality
It had been agreed upon before her marriage that Shalini would not work - "she can occupy herself with the company's charity endeavours" had been her father-in-law's words to her parents.
The old man kept his word. Shalini was introduced to the various charitable projects of the family. Soon, she was happily engaged. Abhijit too, was a caring husband. But still, the fact that they had nothing to call their own rankled.
"Don't you think we should have some savings of our own? We might need it some day" she finally asked Abhijit.
He laughed. "Shalini, isn't everything our own, the house, business and family assets? We are a part of this family, right?"
Shalini wanted to point out that the household, chauffer driven cars etcetera were taken care as though on autopilot mode thanks to their trusted retinue, and their credit card bills were taken care of by the accountant. It seemed an unnatural way to live.
Keep your wife in the know
Shalini didn't pursue the matter then, as Abhijit seemed to be in a different frame of mind. But she felt that the subject would come up again sooner or later, and she prayed that it would be sooner.
It did. Abhijit's close friend passed away in a car accident. His young wife Neeta and infant daughter had been living in pretty similar circumstances as they. But now Neeta, found herself in a very sorry situation.
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