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The author of The Psychology of Money recommended this book, so I thought I would try it. Much of this book's information resonates with the other two finance books I’ve already read, which shows me some common knowledge trends everyone should take as excellent advice.
As the book’s title implies, this book provides real-life stories about horrible financial choices smart people have made. As a newbie in the world of financing, it made me feel better to know others with way more knowledge than me make mistakes. That said, many of the stories weren’t completely relatable because they were about people in far higher tax brackets than I am currently living, but I still understood the lessons learned.
I want to go over some critical lessons from this book that are part of crucial conversations we all need to have.
*Be honest with family and children about finances: Whether you’re buying new stuff or paying for college, everyone needs to be on the same page about what the family can afford to do. Likewise, getting financially educated about how to spend your money wisely and what to invest in (including college) is essential and can save you enormous amounts of debt later.
*Start having conversations about the cost of caring for your aging parents: No one likes to talk about death, but these conversations have to happen preferably ahead of time when your parents are still lucid enough to express their wishes. Not only your parents, but you have to think of your siblings as you decide who will provide the bulk of the care or fund it. There are many topics related to caring for aging parents, and the sooner you start having that awkward conversation, the better it will be in the long run.
*Similarly, get your own life in order regarding your final life wishes and will: These are big financial pieces of our lives that we often avoid because we don’t want to think about death. Don’t leave a mess for your loved ones to figure out. It doesn’t take long to draft a will with a lawyer and get everything in writing to show your loved ones and ensure everyone knows the plan.
As the book’s title implies, this book provides real-life stories about horrible financial choices smart people have made. As a newbie in the world of financing, it made me feel better to know others with way more knowledge than me make mistakes. That said, many of the stories weren’t completely relatable because they were about people in far higher tax brackets than I am currently living, but I still understood the lessons learned.
I want to go over some critical lessons from this book that are part of crucial conversations we all need to have.
*Be honest with family and children about finances: Whether you’re buying new stuff or paying for college, everyone needs to be on the same page about what the family can afford to do. Likewise, getting financially educated about how to spend your money wisely and what to invest in (including college) is essential and can save you enormous amounts of debt later.
*Start having conversations about the cost of caring for your aging parents: No one likes to talk about death, but these conversations have to happen preferably ahead of time when your parents are still lucid enough to express their wishes. Not only your parents, but you have to think of your siblings as you decide who will provide the bulk of the care or fund it. There are many topics related to caring for aging parents, and the sooner you start having that awkward conversation, the better it will be in the long run.
*Similarly, get your own life in order regarding your final life wishes and will: These are big financial pieces of our lives that we often avoid because we don’t want to think about death. Don’t leave a mess for your loved ones to figure out. It doesn’t take long to draft a will with a lawyer and get everything in writing to show your loved ones and ensure everyone knows the plan.