BQ Big Decisions: How Should Single Parents Plan Their Financial Future?
BloombergQuint’s Big Decisions podcast gets you the insights you need to make big money decisions with confidence.
It’s rightly said, 90 percent of parenting, at least in the early years, is thinking about when you can lie down and close your eyes for more than a minute at a time. It’s a demanding responsibility—one that gets a lot harder if a parent is raising a child alone.
In such a situation, many times accompanied by a drastic reduction in a family’s monthly income, financial planning can become incredibly challenging. Long and medium-term goals get pushed to the back burner, and the single parent tends to focus more on the here and now.
And while the context is different for each family, in many instances the parent tends to sacrifice his or her own financial well-being to ensure that the child or children have the best possible future.
On this BQ Big Decisions podcast, BloombergQuint spoke to registered investment adviser and financial mentor Mrin Agarwal about the challenges involved in financial planning for a single parent, and how to overcome some of the most basic problems that arise in such a situation.