Supply-side, Demand-side; Still the same coin

Supply-side, demand-side; Still the same coin.  When reviewing our finances, we should be careful not to trap ourselves in the expense side of the equation. Being on the look out for other income opportunities could be healthier for wallets in the long run.
Do you think parents start off at a disadvantage when it comes to financial decisions?

I've been thinking about this question for several days now. It started when I decided to have a few pictures of my baby daughter printed.

I managed to have 6 wallet-sized pictures printed for 50php. I wasn't able to canvass prices because 1) I was pressed for time and 2) I was going to have it printed, irregardless.

Of course it's more telling that I never bothered to even check or ask prices afterwards.

One picture was close up, with a big smile on her face. I'm pretty sure I'd have paid 50php for a single 3x2 picture of it.

Of course, that's much simpler and cheaper problem facing parents. The much tougher choices are in education, clothes, food, allowance, gifts, gadgets, celebrations and parties.

Having kids entails a lot of expenses, and if we deal strictly with the money aspect, there's isn't a great "return on investment" unless they become millionaires.

But then I realized I was only thinking of the expense side of the equation.

Most of the hardest-working people I know are parents. And that's one of the "intangibles" a child can bring. That drive and hard work usually translates to extra earnings in the long run.

In the end, they might not be at a disadvantage after all. They're just coming from a different angle.

This invariably read as some sort of ode to parenthood, and maybe it is. But the same concept applies to personal finance, even when still single.

Saving money is a great first step. But limiting expenses will work only to a certain degree. At some point it becomes necessary to make more money. It could be through working hard, getting a side-job, or making investments.

When reviewing our finances, we should be careful not to trap ourselves in the expense side of the equation. Being on the look out for other income opportunities could be healthier for our wallets in the long run.


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photo credit: debbietingzon via photopin cc

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