People have told us they're using our sisterly banter to start conversations with others (family, friends, and even in classrooms), so Black created "Conversation Starters".


Red's Head assets.rebelmouse.io

When my husband got fired, I was scared. Not just for me, but for my family. Why? Not only the obvious reasons but having to deal with personal finance for the first time (during a crisis, no less) was overwhelming. Especially because I thought you needed a finance degree to figure it out. I knew that we were in a huge financial mess, not because of the specific details of our situation, but because neither my husband nor I knew where we stood. How could two highly educated people be so clueless about their finances?!

It may be human nature to fear the unknown, but feeling you have to face things alone makes it even worse. I knew my husband wasn't going to be much help, so I turned to my sister, the one with the M.B.A., hoping that she'd tell me what to do. Instead, she insisted that I had to learn to do it myself, not only for my own good but so that I could then "teach" my daughters. Luckily, she guided me step-by-step, although the last thing I ever expected was that she was keeping notes and would turn my crisis into a book! (She thought it would make a great sitcom!)


Black's HeadBlack assets.rebelmouse.io

What are big sisters for? Anyway, fast forward to the first time I remember hearing the term "financial literacy." It was when we were asked to "teach" it at KIPP Houston High School, and although they explained it as understanding money and personal finance in order to make smart financial decisions, I did not like the term. It immediately made me think that the opposite of being financially "literate" is being "illiterate," which has a negative connotation of being uneducated or ignorant when, in reality, it is a function of never having been exposed to the subject matter and/or recognizing its importance.

Red and I are perfect examples. She had been a straight-A student who went to a prestigious college yet managed to avoid learning about money and personal finance until she was almost 40. My situation was even more extreme. I have an undergraduate degree in Economics, and an M.B.A. in International Finance, yet did not apply what I learned about money (on a macro, or big picture, level) and corporate finance to my finances until I was almost bankrupt.

THE CONVERSATION STARTERS

  • Have you or your family been personally affected by financial literacy issues or challenges? If so, how have they impacted your life?
  • Why do financial matters and topics seem so daunting?
  • How is it possible that Red and Black, both highly educated people, could be "so clueless" about their own finances?
  • Obviously, becoming financially literate has a profound effect on the individual. What are potential ripple effects?
P.S. – You might be interested in this animated video on Personal Finance we did as part of a soft skills series for The Greater Houston Partnership's UpSkill Houston initiative.

Shortly after Rich Strike, the surprise 2022 Kentucky Derby champion won (what a Cinderella story), Red made a passing comment to Black about the need to prove that his victory wasn’t a fluke. She should’ve known she’d get a list of Black’s beloved bullet points in return, pointing out what we’ve already learned,

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Summertime can be a double-edged sword (is that expression still used?!) to parents of school-age children. We know having more and longer (yes, I’m talking sunlight, but some days seem like way more than 24 hours) days that your kids are around can be both wonderful and challenging. That’s why a little bit of thought and planning to create a simple (and realistic) list of ideas can make the difference between a summer you’ll never forget and a summer you hope never to repeat. The funny thing is that as I re-read my list, I realized it applies to kids home from college and even empty-nesters.

When I suggested to Black that we have a checklist or menu of items to amuse or, at least, occupy kids over the summer (something that almost every parent with kids home on summer break searches for every year), I thought my work was already done as I'd pull out the list I created years ago for my daughters. Except that I forgot it had been on a computer that no longer exists, and although a copy might be somewhere in a stack of filing, I'd have to start over. Which turned out to be a good thing …

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People have told us they're using our sisterly banter to start conversations with others (family, friends, and even in classrooms), so Black created "Conversation Starters".


red headred head assets.rebelmouse.io

I know that everyone laughs at our “Assets and Liabilities” story and how I freaked out at the mere mention of personal finance, saying you were the MBA and I was the theater major. So, when you first said “financial statements,” I was intimidated. But when you said we’d start with “assets and liabilities,” I completely lost it. I calmed down when you simplified it to “what you own” vs. “what you owe” and knew I could do that, just not assets and liabilities. How was I supposed to know they were the same thing?!

Later on, I realized that it was the terminology, not the concepts, that was causing the problem. That I was creating mental roadblocks and becoming my own worst enemy. I’ll admit that understanding what previously had been intimidating words and phrases did boost my self-confidence. Although what makes it even funnier is that I had been a straight-A student and prided myself on my vocabulary.


Black's HeadBlack assets.rebelmouse.io

Your vocabulary is probably larger than mine, and you do like to use, and sometimes overuse, “50-cent words." (And, I was shocked to learn that you have never played Scrabble.) The words we use reflect our background, interests, and even what we like to read – you have always enjoyed historical and biographical books, whereas I gravitate toward business and car magazines, which may explain why I am more comfortable with terminology and technical information that you. Not to mention, when I first started working in the oil and gas industry and with legal contracts and agreements, I had to learn what felt like a foreign language.

Regardless, you are never too young or too old to increase your vocabulary. And, it is about more than just new words as it also develops your communication skills because it lets you express yourself more clearly and concisely (well, maybe not you), and improves your reading and listening comprehension. And, it even helps your critical thinking and problem-solving skills as it expands your ability to process information.

THE CONVERSATION STARTERS

  • Have you ever felt like Red – frustrated and overwhelmed by terminology (vs. concepts)? If so, what was the situation, and how did you handle it?
  • What do you do if someone uses a word or term you do not understand? What are the advantages and disadvantages of (politely) asking them the meaning?
  • Do you think a large vocabulary is a sign of intelligence or education/experience? Explain your answer.
  • Why is it important to become familiar with terminology and vocabulary used in your area of interest? What is the best way to acquire that knowledge?