Happy Independence Day!
It’s too bad last weekend wasn’t the holiday weekend – it seemed like there was a lot of news out of the Supreme Court worth celebrating. This week, we don’t seem so independent – as the financial markets wait to see what will happen with Sunday’s Greek referendum – and how that will affect the Eurozone more (or less) than everyone thought. Closer (geographically) to home the news out of Puerto Rico is equally stunning (though not as much of a wild card as Greece). Now may be a good time to begin having regular conversations – with your spouse, your parents, your kids – about money in your life: how you use it, why you use it and learn what you can learn. I recently learned that, for college students, cash is so yesterday – everyone uses the app VenMo for transfers between friends. Looks interesting, but, as someone who is constantly aware of security, reviews of recent breaches were enough to put me off signing up (and, truthfully, none of my friends use it, so…). And I wouldn’t have learned that without asking. Beth Braverman’s recent article on forbes.com “The Conversation that Could Save Your Relationship” might give you a place to start.
OR you could ask a millenial – because apparently “Millenials With 401ks Are Surprisingly Smarter With Money Than Baby Boomers“. (Though I don’t know what is so surprising about it, really: don’t we always do the opposite of what our parents did before us?)
Whatever you do, start having regular conversations. If you need help, find a financial coach or a trusted advisor to work through the judge-y stuff at the beginning and set you on a solid foundation. Go ahead, celebrate your independence by connecting.
Finance Is Personal: Making Your Money Work for You in College and Beyond
"Although some of the most important decisions we make in life are financial, most people rely on their intuition rather than reason. In Finance Is Personal, the authors digest key findings from psychology to help readers leverage their natural style, preferences, and values in order to make more effective and profitable choices. This book will do more to increase young people's financial IQ than any formal course, MBA, or business experience―a must read!"
(Dr. Tomas Chamorro-Premunzic, professor of business psychology at University College London, visiting professor at Columbia University, vice president of research and innovation at Hogan Assessments, and the co-founder of metaprofiling.com.)
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