I had my wife (then teenage girlfriend at the time) read Rich Dad, Poor Dad and also asked her to read Millionaire Next Door but I think it was just too boring.
Later in life, I bought White Coat Investor with the hopes that she would also read it. I think I got her to skim a bit but I don’t think it was read cover-to-cover. It was a much easier read than Millionaire but she had passed up a few of the covered topics already in her career, and other things she wasn’t really eager to learn about.
Thanks Johanna, though I am a bit weary of a book with a summary saying “In practice, no one will ever be able to resist the great behavioral traps of equity investing without the calm, consistent, empathetic but tough-loving counsel of a high quality advisor” as if CFA’s possess some innate emotional quality that well-read non-CFA’s do not. I’ll give it a look, but I’m worried it will end up as a CFA infomercial.
The real question… does it really matter if she reads anything? Does she have a spending issue? Or do you just want her to be included in the conversation? The answer to that is what decides if it is a battle worth picking.
The real question… does it really matter if she reads anything? Does she have a spending issue? Or do you just want her to be included in the conversation? The answer to that is what decides if it is a battle worth picking.
The real question… does it really matter if she reads anything? Does she have a spending issue? Or do you just want her to be included in the conversation? The answer to that is what decides if it is a battle worth picking.
It matters because if the OP got hit by a bus tomorrow she’d suddenly HAVE to take charge of the finances – and she’d be too ignorant to safely do so. Basic financial literacy, and a basic understanding of the current state of the household finances, is something EVERYONE needs to have.
I don’t know if it’s appropriate to assume that sort of profound ignorance here. Hopefully Gas Doc has either enough life insurance or enough socked away in retirement etc that she can afford to waste a little and still be OK. Necessity is the best teacher. If she is already a responsible spender, then she’s already more than halfway there. Now if she were in fact some sort of imbecile then perhaps the best path is financial interdiction paired with the appointment of a good trustee, conservator…
Coupled with profound grief at the loss of a spouse, the survivor is all too often prey to the scruples of the first advisor they run into – or even the first family member who takes them under their wing, not always the best result.
Tweet
Comment