Thursday, March 30, 2023

“Break the B40 cycle!” M’sian explains why parents should not get their children in debt

Social News"Break the B40 cycle!" M'sian explains why parents should not get their...

Financial literacy is the key to managing wealth and growing it. Unfortunately, those who are in the B40 group are not taught such knowledge at home or school and they continually make the same financial mistakes.

Recently, Twitter user @financialfaiz took it online to share a conversation between a mother and her daughter that he overheard while having breakfast.

In a tweet, he said, “During breakfast, I overheard a conversation between a mother and her child. Her child had just gotten a job and the mum said to her, ‘Mama has car loan debts and credit card bills, you can now take a personal loan to settle it for me.’”

“B40 breeds B40. Her child is only starting to live independently, but now she has to take on her mother’s financial mistakes,” he added.

Faiz then explained that why this is a bad decision and parents should not to this to their children.

“Those who are far-sighted will save money for their children’s education, start a business or even pay for the down payment of a house or a car. But instead, she is giving her debts to her child,” Faiz added.

He then criticised the kind of parents who emotionally threatened their children to make them help their parents no matter what.

“Dude, when you are helping someone, don’t get yourself in trouble. Cashflow is ruined, personal liability is affected, and the future is uncertain. If the mother asks like that, the child would surely give even if they don’t like it.”

“Please break the poverty cycle. If you’re part of the B40, do you want your children to be the same as you? Don’t be like that, they should be more successful than their parents and you should help uplift the next generation,” he said.

Source: Malay Mail

Parents should act responsibly

Faiz then said that if a parent is unable to give their children money or education, then the least they can do is not give their children, who just started to step out into the society, an additional burden.

“Give them a clean slate, don’t do unto your children what your parents did to you,” he said.

“Break the poverty cycle, start now because you are aware.”

Meanwhile, Faiz also stressed that he is not against the idea of children giving money to parents, but the issue is when they are forced to or expected to. “Charity starts at home after all, at least I believe so,” he said.

What do you think about this? Share your thoughts!

Trending now

- Advertisement -

Subscribe to our newsletter!

Recommended for you