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Financial health for everyone

Updated: Mar 11

The Multicultural center in Brno together with the Helping hand for people association provides financial counseling for individuals and families. The head of our center, Viktoria Netikova, shared more about her perspective on this activity.

I recently spoke with my colleague Martina Šimperová from the Golden Gate company, and she told me something quite interesting: "When I started doing business in finance, I gradually got to know my family better". So I began to think about how closely financial responsibility is tied to family happiness, and what exactly one's view on family finances tells us about them as a person.

What makes this particularly interesting? In my opinion, being both financially responsible and nurturing family ties is vital for general well-being and stability. It's about mutual respect, collaboration, and shared responsibility.

Talking openly and making decisions together are crucial for financial stability and family happiness. It can be a powerful motivator, while irresponsible financial behavior can hurt even the strongest relationships. In short, how someone views family finances reflects their overall approach to working with family members.

Here are a few ways money and family are connected:

  • Shared family budget: creating a shared budget enables the family to better manage its finances. Honesty and truth are closely linked to our perception of reality and the ability to be aware of our experiences. Each family member should have an overview of income and expenses and be involved in the decision-making process, especially in times of crisis when money loses its value.

  • Family financial goals: establishing common financial goals can motivate the family to save and manage money efficiently. Goals may include saving for children's education, buying or building a home, and retirement planning.

  • Debt responsibility: the family should collaboratively work on debt management, including an agreement on responsibilities for loan repayments. Joint efforts can improve the overall financial situation of the family and strengthen trust in their relationship.

  • Family security: insurance protection can be a crucial aspect of combining finances and family. Life insurance, income protection, or other forms of insurance can provide financial security for the family in case of unexpected events.

  • Estate planning: older generations may include estate planning in their financial strategies to ensure financial stability for younger family members.

  • Emergency Fund: building an emergency fund together can help the family face unexpected expenses, such as medical care or home repairs, without jeopardizing overall financial stability.

  • Financial Education: it is important to educate all family members, including children, about financial literacy. Basic knowledge of financial management helps in creating healthy financial habits and decisions. Undoubtedly, learning about savings, budgeting, and money management from an early age can prepare young people for a better financial future.

he opinion and attitude towards family finances can reveal much about an individual. How individuals or families manage their money reflects their values, priorities, and financial skills. In a time when investment bubbles are inflated in economies worldwide - in stocks, bonds, and real estate simultaneously - stress within families is also on the rise. Global inflation and the risks of "bubble bursts," causing market and bank collapses, directly impact happiness and family cooperation. We all know how families fell apart due to the pandemic, the largest war conflict in Europe since World War II. Now, shocks in the commodity and energy sectors affect families, not to mention the increase in central bank rates.

Sometimes people say you must choose between love and money, or happiness and wealth. But in my view, it's not about choosing at all. Success comes from finding the right balance in all aspects of life. It doesn't mean seeking personal or material gain in everything; it means being responsible and wanting to secure your family's well-being.

Overall, investing in yourself, your health, and your financial security brings satisfaction and stability. Do you know when your dream will never come true? When you stop dreaming and succumb to procrastination and routine. In our work with Martina, we do something important – helping families set up a stable financial portfolio, teaching them to save, and assisting in achieving dreams and building a "safety net." It's crucial for us to ensure your money works in your favor. Feeling overwhelmed financially and uncertain about the future? We invite you to solve these things as soon as possible - we will take care of insurance, mortgages, financial planning, investments, savings, and asset protection.

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