In no particular order, here’s a few interesting things I heard and read recently that I wanted to share.
Are Monetary Habits Hereditary? (Paulana Lamonier, Blavity)
I start this week with an article discussing parents’ monetary habits and how it affects their kids. This is particularly relevant to me because this past week, my wife and I welcomed our second daughter (Ella Madison) into the world! I am fortunate to be in a position to teach our children important lessons when it comes to money, and I encourage other parents to do the same. But we should all realize that our relationship with money will most certainly carry over to the kids that we raise. My parents taught me about how to live on a one-income, school teacher salary for 30 years – and I am thankful for that! They certainly taught me the value of a dollar…hopefully other parents are doing the same.
Retirement and the Single Woman (Terry Savage, Chicago Tribune)
Fact: women live longer than men. Most of us knew that. Other lesser known statistics show that women are getting married later (if at all) and unfortunately end in divorce way too frequently. This short read covers some strategies that all women should consider, regardless of age. Bottom line ladies – do some planning (or work with someone who can help you think through some ideas)!
Hospital Worker Takes Home Powerball Jackpot (Cleve R. Wootson Jr., Hamilton Spectator)
One of the bigger news headlines of the past week was this Powerball mania – which paid the largest non-divided payout of $758mil to a lucky winner in Massachusetts. History suggests winners often turn out to be unlucky for a number of reasons, and you really need to think about a plan. If I had to provide advice (besides contact me ASAP!) here’s a couple steps I would suggest.
- Build a small team of TRUSTED advisors (financial advisor, attorney, accountant). They will help guide you.
- Beef up SECURITY! You can’t really hide the fact that you won (lottery makes you go public) but protect yourself like the President! Living in your same house sounds humble but you should seek a more secure surrounding.
- Stay DISCIPLINED. Temptations will jump at you and people will come out of the woodworks asking for money, but keep it under control or you will lose it quicker than you got it.
- Maintain PURPOSE. Keep working, stay active, give back, maintain strong family dynamics. You still have one life to live, make the most of it.