TITLE

Make Room for Others' Experiences

AUTHOR(S)
Levin, Ross
PUB. DATE
July 2004
SOURCE
Journal of Financial Planning;Jul2004, Vol. 17 Issue 7, p26
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents the opinion of the author on the need to consider how people behave when it comes to money. I have a deal with my 11-year-old daughters. They receive an allowance of $11 a week. My wife, Bridget, and I expect that they put some of that into our giving jar to be donated to a charity of their choice. For every dollar they give us to put in the bank to be held for a year, we match. They therefore get 100 percent return on their savings. Anyway, their bank statements came yesterday. One of my daughters, who is sort of a spendthrift, has already accumulated $150 in her savings account, but she's spent all the rest of her money. The other daughter has only $50 in the savings account. The one with the least amount of money in the account, though, has $150 in cash that she has saved to buy an I-pod. So, daughter 1 has saved $75 and daughter 2, $175. It is evident that the I-pod daughter is putting away more money each month, but it is being invested for future consumption, not growth. As I thought about this, I realized what great financial planning lessons I am learning from my girls. Each of them is doing something very different from the other, yet they are both experiencing the most basic core financial planning skills.
ACCESSION #
13700583

 

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