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Monday, June 15, 2015

Money & Kids & Writers

When we were getting married, friends and family encouraged us to discuss finances as completely as possible. Financial disputes are known predictors of divorce. It is easy to see if religious and political views align, but it is harder to talk about the almost endless aspects of individual and merged finances. How much will each make, save and spend? What are we each willing to give up in order to gain something else? What will we teach a future child about finances?

As I make college and graduate loan payments and list things to buy during future holiday sales, I think about this. There's the obvious beginning: counting and how to determine a per unit cost.

Then there are the more complex financial lessons about preparing for a life, starting with choosing first jobs, college, career and social choices. How much to save for housing, retirement, clothes, technology, and more? Everything can be added and subtracted, but surprises happen. There are clear professional paths with likely incomes and murkier ones, like a writer's life.

It is a privilege to dedicate time to a writer's life rather than spending every minute working for cash and worrying about shelter and food. There are sacrifices that need to be made to find that time while also supporting ourselves. Those "sacrifices" aren't painful because of the delicate balance my husband and I have decided on and work to maintain.

How will we teach our son these lessons that we've learned both organically and sometimes painfully? Here are some interesting and (fairly) recent articles on this large topic. What else would you add?

Most People In the World Have No Idea How to Manage Their Money (Atlantic)

Student Loan Facts They Wish They Had Known (NYT)

The Five Biggest Financial Mistakes Young Parents Make (I'd edit that to read "new" instead of "young"...) Parents 

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