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Should I Help My Husband Build a House for His Parents?

Kanchan

Kanchan Rai  |463 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 29, 2024

Kanchan Rai has 10 years of experience in therapy, nurturing soft skills and leadership coaching. She is the founder of the Let Us Talk Foundation, which offers mindfulness workshops to help people stay emotionally and mentally healthy.
Rai has a degree in leadership development and customer centricity from Harvard Business School, Boston. She is an internationally certified coach from the International Coaching Federation, a global organisation in professional coaching.... more
Asked by Anonymous - Dec 16, 2024Hindi
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Relationship

My husband and I are government employees and we live in different cities owing to work. He wants to build a house for his parents in his hometown and wants me to help him financially. I'm okay with it but he also has a younger brother who's in the 2nd year of college. But he's good for nothing. His parents and his younger brother are more or less dependent on him financially. I don't want to help him financially because we both won't be living in that house until retirement. And later that house will be occupied by his younger brother and his family. What should I do?

Ans: It's important to have an open and honest conversation with your husband about your feelings. Express your concerns not just about the financial contribution but also about the long-term implications of this decision. Let him know that while you are willing to support him in helping his family, you are also thinking about your future, especially the role that you and your husband will play in the household later in life. It’s crucial to discuss how this decision will affect both of you and your relationship in the long run.

It may also be helpful to have a clear understanding of the financial expectations and responsibilities involved. If your husband feels strongly about supporting his family, it’s essential that both of you are on the same page regarding the amount of support you are comfortable with and the timeline for contributions. You might want to consider alternatives, such as setting a specific budget or finding ways to help without overextending yourselves financially.

Another important aspect is acknowledging the role his younger brother plays in this equation. It sounds like he may not be as responsible as you would like him to be, which is an understandable source of frustration. You might want to express your concerns about his reliance on your husband for financial support, and consider whether there might be ways to encourage his brother to take more responsibility for his own future.

Ultimately, you and your husband need to come to an agreement that respects both your desires and concerns. It’s important that the decision feels like a shared one, and that both of you feel heard and respected in the process. If you continue to feel uneasy about contributing, it’s okay to set boundaries and negotiate a more balanced solution. This is about ensuring that you both maintain a healthy financial and emotional balance in your relationship. By being honest and compassionate with each other, you can find a way forward that works for both of you, without compromising your own well-being.

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Anu

Anu Krishna  |1418 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 18, 2024

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Relationship
Hi, My husband doing business. They are 2 sons to their parents. My husband is older one, both are married. We live in bengaluru n my in-laws live with younger son in native. They help is younger sin financially in all aspects like bought tractor to him n all. But my husband studied on loan n he paid installments. He gave all his pf money to his brother marriage. And after that during covid time give his profit from business(resigned job) to his parents for developing agricultural land. While doing job he took personal loan to construct home on native, n buy all the household things un his salary. Till today he only giving money to majority of things. Now my husband got some financial problems in his business so asked money with his parents, they are not ready to give. So he stopped asking them but asking me to ask my parents, what shall I do? My husband will give money to his family when he have money but keep distance when he don't have money. How to handle my in laws and his younger brother to stop them asking money from my husband. And how to take financial help from them.
Ans: Dear Pushpa,
What can you do? Stop giving money to people who can't appreciate that help. What has gone has probably gone. But from now on, please become prudent and say NO.
There will be a few arguments and your in laws and husband's brother maybe angry but you need to secure your financial position, right? You can't stop them from asking, but your husband can stop giving, yeah?
People will take advantage only when you allow them to do that...so, hopefully your husband can also see what's happening.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Kanchan

Kanchan Rai  |463 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 16, 2024

Asked by Anonymous - Oct 15, 2024Hindi
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Relationship
My boyfriend,aged 34 has an older brother who has 2 daughters and wife .My bf parents are no more. My BF wants to marry me but he has no saving ,no mutual funds and no property. When I ask my BF to start concentrating on his own life instead of helping him financially,he gets irritated. His elder brother is deals in visa business,but he didn't helped my BF for thesame.My BF is very bothered and wanted to contribute for his brother's kid and future,funds and education,but I haven't felt same excitement when discussing future with me. I am very confused,I love him but I want him to focus on himself and his future financially.I can sense something awkward in his family relations but if I get married I don't want all of this message. We have communicated on the same but he gets hurts everytime . What should I do
Ans: You're in a tough spot where your boyfriend's focus on supporting his brother's family is overshadowing his attention to your future together. It seems like he feels responsible for his brother’s kids, especially since their parents are no longer around, but this comes at the expense of his own financial planning and goals with you. While it's admirable that he wants to help, it’s essential for him to also prioritize the future you're trying to build together.

The fact that he gets irritated when you bring this up may suggest guilt or a deeper emotional attachment to his brother's family. However, a successful partnership requires shared goals, including financial stability. If he continues to avoid conversations about your future and gets hurt without making changes, this could point to deeper compatibility issues.

You’ve voiced your concerns, and it’s important to be clear about your needs and expectations. If he’s unwilling to focus on your shared future, you might need to question how committed he is to building a life with you. It’s essential that both of you are on the same page before moving forward, or this dynamic could lead to more tension down the road. Trust your instincts, and don’t hesitate to reconsider the relationship if your needs aren't being met.

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Ramalingam

Ramalingam Kalirajan  |7379 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 02, 2024

Money
Sir I am retired person age is 63 years.I have fd about ,70 lakhs my advice to help him purchase a house but he also earn monthly 3.80lakh . please help me what ican do. Rgds S p singh
Ans: At 63 years old, it's great to see you actively considering your financial future. You currently have Rs 70 lakh in fixed deposits, which provides a safety net. Your monthly income of Rs 3.80 lakh is a strong position. Let's explore how you can best use your resources.

Understanding Fixed Deposits
Safety and Returns
Fixed deposits are safe and provide guaranteed returns. However, they may not keep pace with inflation over the long term.

Liquidity Concerns
While FDs are liquid, withdrawing funds can incur penalties. This may affect your overall returns.

Tax Implications
Interest earned from FDs is taxed as per your income slab. This can reduce your effective income.

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In summary, FDs provide stability but have limitations in returns and tax efficiency.

Monthly Income and Budgeting
Assessing Monthly Income
Your monthly income of Rs 3.80 lakh gives you significant flexibility. This can be allocated towards various needs, including housing, savings, and expenses.

Creating a Budget
Start by listing your monthly expenses. Ensure you allocate funds for necessities, leisure, and future savings. This will help you understand your disposable income.

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A clear budget will help you manage your finances better and achieve your goals.

Considering Home Purchase
Evaluating the Need for a Home
Buying a home can be a significant decision. Consider your current living situation and future plans.

Affordability Assessment
With Rs 70 lakh in FDs and a monthly income of Rs 3.80 lakh, you can afford a comfortable home. Assess how much you want to spend on a house.

Impact on Savings
Purchasing a house may reduce your liquidity. Ensure you maintain enough savings for emergencies and unexpected expenses.

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It’s essential to balance the desire for home ownership with your overall financial security.

Investment Options Beyond Fixed Deposits
Exploring Other Investments
While FDs are safe, consider diversifying your investments. This can enhance your returns and reduce risks.

Investing in Mutual Funds
Actively managed mutual funds can offer better returns than FDs over time. They provide professional management and diversification, which can be beneficial.

Tax Efficiency of Mutual Funds
Long-term capital gains from equity mutual funds are taxed at a lower rate. This can be advantageous compared to FD interest.

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Investing in mutual funds may enhance your portfolio's growth potential.

Evaluating Debt and Equity Balance
Understanding Risk Tolerance
Assess your risk tolerance. As a retiree, you may prefer safer investments. However, some exposure to equity can provide growth.

Creating a Balanced Portfolio
Consider a mix of debt and equity investments. This approach can help balance safety and returns.

Regular Monitoring and Adjustments
Monitor your investments periodically. Adjust your portfolio based on market conditions and your changing needs.

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A balanced portfolio is crucial for financial health in retirement.

Tax Implications on Investments
Taxation of Fixed Deposits
Interest from FDs is taxed as per your income slab. This can reduce your effective returns.

Mutual Fund Taxation
For equity mutual funds, long-term capital gains above Rs 1.25 lakh are taxed at 12.5%. Short-term gains are taxed at 20%. This tax structure can be more favorable than FD interest taxation.

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Understanding tax implications can help you make informed investment decisions.

Planning for Future Expenses
Anticipating Healthcare Costs
As you age, healthcare costs may increase. Ensure you allocate funds for medical expenses. This is crucial for maintaining your health and lifestyle.

Emergency Fund
Maintain a separate emergency fund. This should cover 6-12 months of expenses. It provides a safety net in case of unexpected situations.

Retirement Lifestyle Considerations
Think about your lifestyle in retirement. Allocate funds for hobbies, travel, and family. Ensuring a comfortable lifestyle is essential for your well-being.

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Planning for future expenses can enhance your retirement experience.

Final Insights
Considering your strong monthly income and existing assets, you are in a good position to explore options.

Evaluate the necessity of purchasing a house against your liquidity needs.

Diversify investments beyond FDs for better returns.

Create a balanced portfolio of debt and equity.

Pay attention to tax implications to enhance your income.

Ensure you have adequate provisions for healthcare and emergencies.

Working with a Certified Financial Planner can further help you clarify your goals and manage your investments. This can ensure you are well-prepared for your retirement years.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Latest Questions
Nayagam P

Nayagam P P  |4018 Answers  |Ask -

Career Counsellor - Answered on Jan 01, 2025

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Career
Sir I was absent in all my class 12th boards and practical in the year 2023-24 due to a medical illness, now I'm appearing as a regular candidate in the year 2024-25 boards. Will I be eligible for jee advanced 2025 and 2026 as in jee advanced attempt counts start from first appearance in class 12th, will they consider my board 2024 absent as an attempt? Will I be eligible for jee advanced 2025 and 2026? Specifically 2026
Ans: Heera, The eligibility for JEE Advanced 2025 and 2026 relies on how the test authorities see your situation about your attempts in the Class 12 board exams. Candidates can try JEE Advanced two times in successive years maximum. The first year a candidate shows up for the complete set of tests appears in Class 12. That year is not regarded as an attempt or appearance if you missed all Class 12 board tests for medical reasons and did not receive a result. Your legitimate first look will land around 2024–25. Get in touch with the JEE Advanced officials, show medical credentials, and offer paperwork proving your first honest attempt in Class 12 exams to confirm your eligibility. You will be qualify for JEE Advanced 2025 and 2026 if you re-registered for 2024–25 after missing the tests in 2023–24 for a legitimate medical reason.

Right now, only pay close attention to getting ready for the JEE/Other Engineering Entrance Exam.

Value Addition Suggestion: Instead of depending just on JEE, have Plan B and Plan C, appearing for 5-7 Entrance Exams.

All The BEST for Your Prosperous Future.

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