Moms are the best and I love it when they teach life skills in a fun way. Check out how one mom is teaching children about money while making it a fun project.
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To order my book, please click here.
To order my book, please click here.
I just finished reading the book “Empty Mansions” by Bill Dedman and Paul Clark Newell, Junior. The title says it is about “The Mysterious Life of Huguette Clark and the Spending of a Great American Fortune”.
Any book with the words fortune and spending just calls to my financial education mind. It would seem that a book about wealth would be all about what we call “living the good life”. I learned that the title refers to the empty properties Huguette continued to maintain even though she didn’t live in them. Interesting.
This book is about a woman and her story which revolves around extreme wealth, business, family owned businesses, decision-making, relationships, trust and distrust, and how money can be both a blessing and a curse.
Personally, it took me a long time to learn to deal with money in an unemotional manner. The main character, struggled with that for a really long time as she was born in 1906 and died in 2011. She dealt with a lot of emotions and they often guided her decisions. For Huguette, these decisions usually involved large sums of money. The world changed radically during her lifetime and she also outlived her close relatives. Some of the change was more than Huguette wished to deal with, so she created a lifestyle which was strange and unconventional to most ordinary (and even wealthy) people. Her needs for security and safety as a wealthy person played a big part in how she spent money. As an elderly woman it appeared that those who were caring for her may have taken advantage of her financially, even though the medical professionals found her competent.
It is hard to imagine the majestic homes her father created with his wealth and the mind-set of Huguette who was born into such a lifestyle and never knew anything different. Still, I was struck by the similarity between the decisions she had to make about businesses, advisors, and income management, and those made by the rest of as we manage our personal finances or make lifestyle and financial decisions about the senior citizens our lives.
Was Huguette happy living what most would see as “the good life”? It is hard to tell. That is the mystery which remains in her interesting life story.
Until next time.
Debra J. Hadsall
Diminished capacity includes a variety of symptoms or conditions. Often we relate them to aging, but it can be in people of all ages due to physical or mental health conditions. Whatever the cause, when things change in a person’s life as a result of diminished capacity the lives of those around her or him change also. Not all issues are simply medical ones, many have to do with how a family member or friend can assist. To learn more, please just click here
Until next time.
Financial Freedom Party for Women, A Little Book about Money for Women, Workbook Edition is now available at amazon.com. Just click here.
As a financial advisor, I learned that most people are never taught the fundamentals of financial management. Some only learn from television or the Internet, which can be both good and bad. Sometimes applying a broadcast approach to something which needs to be personalized isn’t helpful.
I know I learned basics from my parents, but the advanced topics like creating wealth through investing or really understanding life insurance, health insurance, and legal protection were concepts I learned along the way or through my college education because I majored in business and minored in economics. Really, until I became a registered representative and learned how to teach others about financial management, I didn’t grasp the big picture. When you teach others and market/sell products to them that help them meet their goals, you have to learn a lot first. Of course the number of people in this country who chose to be advisors or brokers is just a small part of the overall population. So who is teaching the rest of the population, particularly young people?
Recently I read a post about how we have lots of room to improve our education of youth about financial management. Please click here to read the article.
Over the years , my friend Emily and I were asked to provide financial education to teens who attended our church. Emily and I are more skilled in working with business leaders and executives, so we reached out to find materials appropriate for youth. The materials we found at the National Endowment for Financial Education were absolutely the best. They start with basics like where does my money go…or why is my first pay check so much smaller than what I expected…to insurance investing, goals, etc. Everything we all need to know and understand, no matter our age. To learn more please click here. Currently I am using selected parts of these materials in a life skills mentoring program in a local high school. Sometimes we need to teach young people in the manner they have been comfortable with in day-to-day living, sound bites. Doing the whole book isn’t an option, but short sessions on topics works great.
The reason I created the Financial Freedom Party for Women and the corresponding book, and co-authored (with my friend Emily), First You Dream, A Financial Management Workbook, was to encourage learning and empower consumers. As an advisor it was much easier to work with a potential client who understood the basics and felt more confident in her or his decisions.
As the saying goes, “you can be part of the problem or part of the solution”. Getting to the solution requires us to acknowledge that it is a shared responsibility when it comes to financial management education for young people.
Until Next Time
When I was working full-time with clients in my financial services business (planning, analysis, insurance, and investments) I made an interesting discovery. The most emotional and misunderstood products were life insurance and long-term care insurance. It is just easier for some folks to deny that we may die at most inconvenient time, and that we may grow old and not be able to care for ourselves. I have heard all kinds of different viewpoints on the subjects!
I talk about the subject of both types of insurance in my book, Financial Freedom Party for Women, A Little Book about Money for Women.
Until you have a chance to order one, please take some time and educate—or re-educate yourself on a few myths and truths about long-term care and long-term care insurance. Just click here.
Until next time.
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