Here I am, high upon my soapbox once again. I must preface this rant with the fact that my Dad was a stickler for good financial practices. It was mandatory in our house that you knew who made money, how to make money, what to do with money and most definitely what NOT to do with money. ( He would always remind me that my husband was good at making money and I was equally good at spending it!) This was not an option.....you listened and hopefully you learned. I know, everybody's going to say, if you don't have any money, there aren't any issues... Wrong.... everybody has money! You've either earned it, inherited it or the rest of those working have given it to you. How you handle it is what's important. Believe me, there is nothing easy about handling money. It's a huge catch 22!! The financial world is hugely complicated. Take for instance, a mortgage. You need a decent credit rating to get a decent interest rate. If you never had a credit card and always paid cash (which you were generally taught was the right way ...you don't have the money, you don't buy it!) you then have no credit history. It's not easy and this generation (20-40) was probably taught less than even we were. Here's today's rant!
There is no written or moral rule that our children are left with an inheritance of any amount. We support them throughout their entire childhood, teens and even through their college years. It is, however, imperative that we have funds to retire. Social Security is a well that is becoming less and less "wet!" Many folks (parents) in my Mom and Dad's generation chose to sign over their homes to their children. They, later in life, ended up in a nursing home or assisted living or even in their children's homes. It became apparent that the empty childhood home should be sold. This home, in all legality, now belongs to the children. The children do not want to pay taxes on the funds they will receive upon the sale. Hello children, you're being given money which is now taxable. What part of that didn't you understand? This is my point. Everybody should be taught how to manage money... my money, your money, our money! I begrudge no one state help if they are trying.... but they need to know how to manage it. I begrudge no one inherited funds (I've received them) if they know how to manage it. I begrudge no one a hearty salary if they know how to manage it.
Now it all comes down to education. I've always said that everyone expects the educational system to teach our children everything from tying their shoes to respect to grammar. It is pathetically transparent that they should teach finance. It doesn't need to be taught in 12 steps (common core) but our economy is tanking and much of the problem is related to ignorance.....not stupidity...I believe they're two entirely different beasts. Our entire society is walking over dollars to pick up dimes. Without financial knowledge, we'll soon have no dimes to pick up!
P.S. I am appalled at the number of people who don't even have a will...WTH....
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