Who shouldn't learn how to manage money?

joyfulguyMarch 11, 2006

Them wot has no money.

Plus.

Never expect to have any.

I haven't had much success in encouraging my son to learn how money works, as he has lived rather hand to mouth and didn't have surplus.

Now ... his mom passed from this dimension of life a couple of years ago.

All of a sudden, he's somewhat more insterested in how to manage money.

How does one move from Grade 4 to college in one fell swoop?

As someone said at our monthly investment meeting a while ago, "The tuition as one learns to manage money and investments effectively usually is substantial".

A while ago someone here said that the spouse involved wasn't much interested in money management.

Would deal with that issue if the capable spouse now managing it was gone.

A lot of the records would be available.

But not the skill of the earlier manager. And the bereft one wouldn't be able to ask questions, as is now possible, while the current manager is available.

I suggested that she suggest to him that, when he sits meditating on commode next time, he imagine that the sheet of paper on the nearby roll is a $50.00 bill.

And the time after that, same procedure.

When he asks how many times he should do that, the answer should be that no one knows - it depends on how much of their asset he wastes making (foolish mistakes)/unwise decisions about current use of money plus investment decisions after the present manager has departed.

Good wishes for learning how not to get burned in managing money - by experience gained by learning from the mistakes of others.

If you don't boss the bucks - they (or the shrewdies who run them in quantity) will boss you.

Witness the fees involved in these payday loans.

ole joyful

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celticmoon

Ah, Joyful, I recognize that advice.

My DH continues to avoid finances - and cooking and a few other things. And as with cooking, he will make his way if he needs to. Most likely he'd continue the healthy fruit and cereal breakfasts he makes now, have regular salad lunch at the health food store and a takeout from their hot case for dinner. No doubt also fanagling meals from all sorts of kind hearted friends and eligible ladies! He feels absolutely no need to DIY if he doesn't want to.

Same with money. Everything in place will stay in place and continue on. Automatic, diversified, low maintenace (index funds, etc). He will never try to understand bonds, stocks, etc himself. And believes he doesn't need to. He may be right. We (I) have been at this a long time and we are clear of debt, with pensions, insurance and savings. He needs only to pick a day to stop working, and to begin spending what he has worked for. Little financial risk ahead for him. Don't worry any more over him. He is extremely smart and resourceful. He'll find a manager if he needs one and basically instruct them to manage and not to bother him.

I'm worried more abut the cooking.

    Bookmark   March 13, 2006 at 12:48AM
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kimba00

This is a typical scenario of many couples who have been married for years. You both settle into a comfortable routine of what is your position, your job, your responsibility in the partnership with faith and trust that the other will continue to do the same indefinitely. This is what makes for a peaceful marriage. Unfortunately I've seen many old widows and widowers who, during the grieving, must learn the other half's responsibilities, and if they married very young, some have no life experience at all to fall back on. Simple things that we take for granted like driving a car, buying groceries, managing a check book, cooking a meal, can be daunting if you hadn't done so in 30, 40, 50 years because your spouse always did it. I guess the issue with your husband celtic, is he doesn't have to learn about investments because he knows you've already taken care of it without him. He probably sees this as your asset to the partnership, your responsibility. Sharing the load, knowing the other is doing their best to further the "cause" is what makes a good partnership in business and a good marriage in life. I think you're right, your Hubby is extremely smart and resourceful in that he has YOU for his partner and doesn't sound like it was by accident ;-)

Don't worry about the cooking.

    Bookmark   March 13, 2006 at 10:29AM
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joyfulguy

Even so ...

... remember the commode.

And the peripheral ...

... with the $50. bills attached.

As with on-time house/car/personal maintenance and repairs ...

... inattention can be costly!

As they told me while extracting my teeth.

Hope you all have a wonderful week.

o j

    Bookmark   March 14, 2006 at 5:36PM
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