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Best Personal Finance Book for Your SO?

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  • #31
    Maybe SO just dont enjoy the reading part of it. My wife seems to tolerate my constant morning diatribes about whats going on, positioning, hot takes and such and tries to understand, asks questions, etc...its more engaging and they like to talk to you as well. I figure if she didnt want to hear about it and discuss things she wouldnt get up so early and sit near me.

    Though yesterday I accidentally starting in on her before she made it to the coffee pot and she was like, "whoa, way too much, i havent even had any coffee dude".

    This at least gives me the enjoyment of discussing some things with someone who at least pretends to get it, which is nice cuz the kids and dog just act dumb.

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    • #32
      Have you tried audio? My wife won't read finance books but I got her hooked on Audible and now she listens to anything I suggest in the car to and from work because it's easy. Then we discuss it. Might give that a try.

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      • #33
        Same with me man. My wife read the White Coat Investor and Asset Protection for Physicians. She found the Asset protection book quite enlightening and depressing. Definitely worth reading both. Other than that she is not really interested in learning more. Hopefully her reading my posts will teach her some more about personal finances.

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        • #34
          Great recommendations so far! I would also recommend The Automatic Millionaire. It's an incredible story and there's something to say about the "set it and forget it" philosophy on automation when it comes to planning and personal finance. Also, you may want to look into audiobooks and podcasts. People get information in different ways. Hope that helps!  

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          • #35







            Having remarried in the last year I worry about this as well.  It appears the posters on this thread can agree the other spouse is never going to read a book and they trust us to run things right now.  But what are people doing if that horrible thing does happen?  Detailed instructions of what to do with each account and each life insurance policy?  Find a trusted person yourself and direct them there? Try to find the best book to get them to read now?
            Click to expand…


            If you don’t have a relationship with a trusted advisor (and maybe if you do), you should have a list of instructions for the survivor as a supplement to your Last Will and Testament. You should also keep an updated list of passwords to all accounts and online sites (unless you really do want to live forever on Facebook). For example, my business partner and I use the online password aggregator Dashlane and we each have the other’s master password because our spouses are the same as most spouses we are talking about here.

            If you’ll go to our website, my partner has put together a Financial Emergency Kit that you can download and complete online. It is a really neat little guide, if I do say so myself. Yes, you’ll have to sign up for our newsletter, but you can just as easily opt out.
            Click to expand...


            And when should someone have their first* will and testament? college? med school? residency? Kids? loans? some age?

            *(I've always thought the first one should be called first, then we can call them last, then last, etc).

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            • #36


              And when should someone have their first* will and testament? college? med school? residency? Kids? loans? some age? *(I’ve always thought the first one should be called first, then we can call them last, then last, etc).
              Click to expand...


              I suppose the reason for the "Last" is that once you achieve room temp, it can't be anything but your last, but to each his own.

              Definitely when you have children, if you haven't a need for one before then (i.e. no assets to speak of). The reason is that the LWT determines who becomes guardian of your children after your death if both spouses die at the same time. Even if you are early in your careers and haven't saved a lot, you may have multi-million dollar life insurance policies, meaning survivors could end up fighting over who gets to take charge of the orphans. In that situation, the court will decide the winner - possibly not who you would have chosen.
              Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #37
                I've found the freakonomics podcast has made an impact - gets the mind thinking. Podcasts help, they have interesting topics, and some more directly related to "physician finance" and others are just informative, while some we can engage in some discussion (always post coffee though, to Zaphod's point).

                 

                Based on some sage advice from a mentor, we learned that in every relationship there is a CEO and a CFO. Who is who doesn't matter, but one shouldn't really do both roles.

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                • #38
                  Because password managers were mentioned I recently switched from KeePass to Lastpass and really enjoy the ease of use. You can set up a trusted family member/friend that can obtain access to the account after a specified amount of time in case of emergency. My spouse and I actually share one account so that either one of us can easily update passwords. You can pay for a family version if you have older kids and you can then limit which accounts they can see, or do things such as allowing them to use a password for Netflix but not allowing them to actually see what it is.

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                  • #39
                    Depends on the SO. First financial book I ever read was a random walk down wall street. Great introduction to passive investing, though it doesn't get into things like saving rates or the cost of daily frappichinos.  Been trying to get my SO to read Life Cycle investing by Ayres and Nalebuff, which strongly argues for the use of leverage early in life to decrease final portfolio value variance. Thus far I have not been successful.

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                    • #40
                      I broached the subject when I was first pregnant (and most likely, for several more years, to widow him that year) and reminded he'd have a lot of money (my life insurance) and should get advice possibly from my brother. He asked "How much money?" I told him, he grinned and said "I could get an airplane!" And then "Maybe I could invest it in race horses." I still don't know if he was pulling my leg or not.

                      He listens to a lot of my commentary on decisions and where we are, but when he repeatedly asks me to get a Swiss bank account or how we can save on taxes because they're dividends not capital gains or vice versa I get worried.

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                      • #41










                        Having remarried in the last year I worry about this as well.  It appears the posters on this thread can agree the other spouse is never going to read a book and they trust us to run things right now.  But what are people doing if that horrible thing does happen?  Detailed instructions of what to do with each account and each life insurance policy?  Find a trusted person yourself and direct them there? Try to find the best book to get them to read now?
                        Click to expand…


                        If you don’t have a relationship with a trusted advisor (and maybe if you do), you should have a list of instructions for the survivor as a supplement to your Last Will and Testament. You should also keep an updated list of passwords to all accounts and online sites (unless you really do want to live forever on Facebook). For example, my business partner and I use the online password aggregator Dashlane and we each have the other’s master password because our spouses are the same as most spouses we are talking about here.

                        If you’ll go to our website, my partner has put together a Financial Emergency Kit that you can download and complete online. It is a really neat little guide, if I do say so myself. Yes, you’ll have to sign up for our newsletter, but you can just as easily opt out.
                        Click to expand…


                        And when should someone have their first* will and testament? college? med school? residency? Kids? loans? some age?

                        *(I’ve always thought the first one should be called first, then we can call them last, then last, etc).
                        Click to expand...


                        It's your last will and testament because it's typically only your last testament that controls the devolution of your estate.  Generally speaking, the last valid will you write revokes previous testaments.  You would never want to label your will your "first will and testament" which could indicate many things, the biggest being that you prepared another will after that, and also that you may have lacked the mental capacity to make that first testament.   

                        Semantically speaking the first cheeseburger you eat is the last one you had until you eat another.  By that logic you would never be able to call something your last ______ with any sort of certainty until you were literally on your deathbed.





                        And when should someone have their first* will and testament? college? med school? residency? Kids? loans? some age? *(I’ve always thought the first one should be called first, then we can call them last, then last, etc). 
                        Click to expand…


                        I suppose the reason for the “Last” is that once you achieve room temp, it can’t be anything but your last, but to each his own.

                        Definitely when you have children, if you haven’t a need for one before then (i.e. no assets to speak of). The reason is that the LWT determines who becomes guardian of your children after your death if both spouses die at the same time. Even if you are early in your careers and haven’t saved a lot, you may have multi-million dollar life insurance policies, meaning survivors could end up fighting over who gets to take charge of the orphans. In that situation, the court will decide the winner – possibly not who you would have chosen.
                        Click to expand...


                        It's only the last one if it's actually last.  Only the will you actually execute last is the true last will and testament, and even then if you muck it up on the formalities then that 2nd-to-last might end up being the last.

                        Comment


                        • #42
                          I am also looking for a personal finance book to read with my wife. I would be most interested in one that is accessible, and has a (Young) family focus. Our main disconnect is that she argues “our kids are only this young once, so lets spend now and save later,” while I take the approach that every dollar we save now is worth way more than one we save later.” This main disagreement has been a major obstacle to joint-financial decision making. I am not trying to convince her to completely adopt my point of view/savings rate (I think there are a lot of times that I need to loosen the purse strings and “live a little”). But this one point seems to create an impasse in many financial discussions we would have. Any thoughts or recs?

                          Comment


                          • #43
                            why did you resurrect 2 old threads?

                            and no, mathematically she is wrong.

                            but for your marriage, she is right.

                            Comment


                            • #44
                              From my experience if someone is not interested in a topic they are definitely not going to read a book on it.  especially if you have little kids!  Who is going to waste their precious free time on something they already think they dislike.

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