Mothers are arguably families' greatest asset. But should you put a price on them?
On Mother's Day, certified financial planner Paul Roelofse examines why it's necessary to look at the role of the mom in financial terms, especially if she does not have a job outside of the household.
When it comes to the household, one has to quantify it in the sense of what contribution does mom make financially?— Paul Roelofse, Certified financial planner
It's a hard one, especially if mom doesn't work... looking after children and things doesn't really reflect on the income and expense statement every month.— Paul Roelofse, Certified financial planner
But what happens if mom is no longer there? It's only then that the true financial value of the roles she plays come to light and someone might have to be employed to do things like transport children to their extramural activities, cook and generally run the household.
Roelofse says it's important to see a financial advisor about planning for the eventuality of the death of either parent.
Don't rest on hubby to make all those (financial) decisions and then find out the hard way, if something happens to him, what is the financial impact on me as a mother raising my children without him.— Paul Roelofse, Certified financial planner
The converse is what happens if I'm not here? How does hubby make sure that the children are looked after financially through school and onto their own feet.— Paul Roelofse, Certified financial planner
For more advice from Roelofse, take a listen:
This article first appeared on 702 : Mothers are priceless, but how do you quantify their contribution to the family?