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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 6776  
Subject: Re: Teaching personal finance Date: 6/17/2006 12:29 PM
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There was an amazing article that said the wealth of my husband and me should be considered an asset of the whole family. Maybe someday but it's hard for me to see when that day will come other than when we're both dead and gone. It's ours to do with as we wish. Now I seriously doubt my kids would ever read an article like that and come to use with a plan for what to do with the family wealth.


This particular one is one of my pet peeves. It's the notion that anything I earn belongs to anyone else who happens to be related to me. It ignores the fact that perhaps I have a need for the money or that these relatives may have simply squandered everything they've earned or lived well beyond their means, neither of which is my problem. I guess I don't consider me to be my brother's keeper, and as we've had considerable experience with DH's parents and siblings living well beyond their means and then expecting us to bail them out, it's one that I've had enough experience with to know how I feel.

My kids already know that we will provide them with a good education, and it is up to them to provide their own way in life. I expect them to be self-supporting, and I do not expect either of them to be expected to support the other.

Now I seriously doubt there is anyone who would agree with all of the above and I don't think there should be. But neither would I want someone else teaching my kids personal finance. I did make sure they all had excellent math skill and I know they can always calculate the results of their financial choices.


I'm sure that you'll be shocked when I say that I do agree with everything you've said, and I cannot imagine a financial magazine of any sort advising some of the things you've listed. Maybe that's why I don't bother reading many of them anymore, though.
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