Money

Path to Money Maturity

Jun 27, 2018
Tiz / Flickr.com https://tinyurl.com/y9vsgoof

I could summarize a question (often asked in the form of a complaint) that I get over and over again – how do I instill money maturity in my children?

Based on what I’ve seen so far, the only perfect kids are grandkids. And I’m pretty sure no one has come up with a failsafe plan for how to raise those.

But I do believe if you at least know what you want, you know where to focus your efforts. So here’s my two cents on the path to maturity in life. And the ripple effect of this maturity will not only be felt financially, but also in every other area of life.

GotCredit / Flickr.com / https://creativecommons.org/licenses/by/2.0/

Congressman Clay Higgins campaign reports the former law enforcement officer has raised 218-thousand dollars during the first quarter of this year and has 211-thousand dollars on hand. Higgins had just 50-thousand dollars in the bank at the end of 2017. UL Lafayette Political Science Professor Pearson Cross says Higgins finally has his campaign fundraising operation going.

 

Pablo Fernandez / Flickr.com / https://creativecommons.org/licenses/by-nc-nd/2.0/

Topcashback.com surveyed thousands of adults asking their opinion on Valentine’s Day gifts that may have some of you scrambling for the receipts. Chief Communications Officer Natasha Rachel Smith says according to their results, materialistic gifts are out, and quality time is in.

 

Smith says that "the feeling from experiences" shared with loved ones is more important than short-term gifts.

 

Steven Depolo / Flickr.com

I once had someone come to see me about their mother. They described her as “totally obsessed with not spending money.”

Apparently she never went anywhere or spent anything, nor did she throw anything away. Her house smelled pretty bad due to all the old newspapers and magazines she kept.

She was widowed, but her late husband had left her with more than enough money. Her children would swear she never spent a penny of it.

It sounded like a plot from a reality TV show.

Junk Dynasty, maybe?

Tax Credits / Flickr.com / https://creativecommons.org/licenses/by/2.0/

Not everyone is rich. So, does the profession of financial planning have anything to offer to the average or even poor person? What could just plain old regular folks do to live better?

I have met individuals worth multiple millions who had no time, no love and no peace in their lives. I have also met others who could list all their possessions on the back of a napkin whose family, community and lifestyle were a constant source of joy to them.

So let’s begin with the understanding that wealth never made anyone rich and poverty never made anyone…well, poor.

Image courtesy of jk1991 at FreeDigitalPhotos.net

Sometimes the numbers seem to say one thing, but real life screams something else.

That’s the case when I talk to young people with lots and lots of college debt to pay off.

The voices in their head say something like this:

Ken Teegardin / Flickr.com http://tinyurl.com/h862a6a

Twenty-five years ago, Bob Castiglione told me, Money is not math, and math is not money. At the time I just scratched my head (till all my hair fell out), but I finally figured out what he meant.

The advent of personal computers thirty years ago enabled those of us in the fledgling financial planning community to crunch numbers to our hearts content. Thus enabled to calculate the numerical nuances of infinite financial possibilities, financial planners began producing elaborate projections of potential financial futures.