Hi, i m 45 yrs old female, not married, but have responsibility of 4 children, 2 sons of brother and daughter and son of sister. My sister succumbed to cancer 3 yrs before, her husband, mentally unfit not capable of earning, so my sister children age 17 Yr girl, and 11 yr son stays with me, Brother not supporting any way, his wife left him 6 months ago, All four children are between 10 to 17 yrs, I and my mother look after them, My only source of income is coaching classes, Plz tell how to handle such situation and have extra source of income for children education. Do you have any solution...

Ans: It would really be good to answer you but I am confused as what to tell you because you have not mentioned any of your financial goals as such, I may not be of any help to you for your social obligations

Ans: Dear friend,

Firstly, let me commend you for your selflessness and dedication to supporting your family members. Your sacrifices and contributions have undoubtedly made a significant difference in their lives, and you should take pride in that.

Now, let's address your concerns about your own future and the well-being of your children. It's understandable that you may feel anxious about not having saved enough for their education and future needs. However, it's essential to recognize that it's never too late to start planning and taking steps towards securing their future.

Here are some steps you can consider to put things into perspective and chart a clear way forward:

Assess Your Financial Situation: Begin by conducting a thorough assessment of your current financial status. Take stock of your assets, liabilities, income, and expenses. Understanding where you stand financially will help you make informed decisions about your next steps.

Prioritize Your Goals: Identify your most pressing financial goals, such as funding your children's education, securing your retirement, and starting your own business. Prioritize these goals based on their urgency and importance.

Create a Financial Plan: Develop a comprehensive financial plan that outlines how you intend to achieve your goals. Consider factors such as budgeting, saving, investing, and risk management. A financial plan will serve as a roadmap to guide your actions and ensure you stay on track towards your objectives.

Start Saving and Investing: Begin setting aside a portion of your income towards your children's education fund and your retirement savings. Explore investment options that align with your risk tolerance and investment horizon. Consider consulting with a financial advisor to help you develop an investment strategy tailored to your needs.

Explore Entrepreneurship: If you feel inclined to start your own business, carefully evaluate the feasibility and potential risks involved. Conduct thorough market research, develop a solid business plan, and consider seeking mentorship or guidance from experienced entrepreneurs. Starting a business can be rewarding but requires careful planning and preparation.

Take Care of Yourself: Remember to prioritize your health and well-being amidst your responsibilities and aspirations. Take time to rest, recharge, and engage in activities that bring you joy and fulfillment. Your physical and mental well-being are essential for your ability to pursue your goals effectively.

Communicate with Your Family: Keep an open line of communication with your spouse and children about your aspirations, concerns, and plans for the future. Involve them in the decision-making process and ensure they understand the reasons behind your choices. Family support can be invaluable as you navigate life's challenges and opportunities.

In conclusion, while it's natural to feel overwhelmed by the uncertainties of the future, taking proactive steps towards financial planning and pursuing your aspirations can help alleviate some of that anxiety. Trust in your abilities, seek guidance when needed, and stay focused on your goals. Remember that each step you take today brings you closer to a brighter tomorrow.

Best wishes on your journey ahead.

Ans: Dear Anonymous,
Well your kindness has been overused. Simply state this to your brother-in-law and your wife that you are not willing to do this anymore.
Drawing boundaries right at the beginning can build very healthy relationships wherein each of you realize that kindness cannot become a weak spot for the person showing that trait. Also, your brother-in-law has the perfect and comfortable financial cushion in you and will never try and look for a job that will pay him better.
Your wife might protest when you state your point of view BUT if she understands the financials, I am sure she herself will find a solution to this situation. Let her understand that her brother now needs to grow up and take on his own responsibilities.

All the best!

Ans: Hello Maam

I can understand your situation, please keep the spirit highs.

Here are some options:

- Start as office admin in some company
- Learn Accounting package like Tally and seek job with CA firm
- Take Tutions for kids
- Explore teacher assistant in MBA college as free lancer

Search free lancing job opportunities. All the best.