Mon | Aug 21, 2017

Have a plan! - Young people urged to be serious about their financial future

Published:Monday | July 31, 2017 | 7:00 AMJodi-Ann Gilpin
Gary Peart

An appeal is being made to young people to exercise caution in their decision to have children and to be intent on finding a suitable partner to settle with, if they are to reap financial gains in the future.

That plea was made by Gary Peart, chief executive officer at Mayberry Investments, who indicated that marriage and decisions to have children are often ignored in financial talks.

During his address to supporters at the People's National Party Patriots 2017 National Conference, held at the University of Technology on Saturday, Peart said those are two of the biggest decisions which can hamper or propel financial progress.

"What's the cost of a child relative to the cost of a condom?" He asked.

 

FINANCIAL IMPACT

 

"From birth to 18 years, you are looking at in excess of $20 million. I am not saying to people, don't have children; all I am saying [is that], in this day and age, a decision to have a child is a decision that is taken with everybody's consent, but when you make that decision, understand the financial impact," he said.

"You have a lot of people who don't make the connection. So you end up having more kids than you plan to have and probably for the rest of your life, you are constantly playing catch-up and you are constantly living from hand to mouth. As much as you are trying to take care of the kids, ultimately, they all might not get as much as they should," he continued.

He also said if persons are to make progress, they have to be serious about being focused on one spouse.

"I'm showing a side of financing that the average person don't want to talk about - which is marriage. If it's you alone buying the house and paying the mortgage, it is different than if you had a partner. If it's you alone having to take care of one or two kids, its different than if it is you and your partner. It's one of those two things or two of the biggest decisions that can impact your future financial independence and freedom."

jodi-ann.gilpin@gleanerjm.com