Learning For Life

Talking To Myself … About Money?

Over the last month or so, I have been contacted by various people and organizations wondering how I managed to "teach" my 40+ year-old-sister about personal finance. (Yes, you can teach an old dog new tricks, especially if you are an even older dog.) It seems everyone is looking for a step-by-step guide or even lesson plans, but I realize the key to making smart financial decisions is to learn to talk to yourself. And then, if appropriate, expand the conversation to your significant other and/or family.

Upfront disclaimer: I am not a financial expert or a self-help guru. My sister had a crisis, and I did the best I could to help her. (OK, so I also turned it into a book, but that was because I thought it would make a good sitcom.) Which meant, much to her dismay, instead of giving her "answers" … I gave her questions. Lots of questions.


At the time, although Red and I love lists, I did not give her a list of questions, instead asking them when appropriate. However, I recently decided to compile a list of questions – some are ones I have asked my sister, some I have asked myself, while others appear in workbooks and curricula we developed for others. Different questions will resonate with different people, and you may come up with your own. (I did not include the entire list, as even I found it overwhelming.)

I appreciate that you may not want to answer these questions. So, how about a compromise? Just read through them. And, if you decide to answer any of them, you choose whether to talk to yourself, create a Word document to capture your answers (whether or not you ever plan to look back over it), or "journal" it.

The only rule? If you decide to answer a question, answer it honestly. And, if you do not like your answer, think about what you can do to change your behavior so that in the future you have a different (hopefully, better) answer.

QUESTIONS

    1. When Red initially tries to avoid learning about money, she uses the cliché "Ignorance is bliss," and I point out that "Ignorance is ignorance." Do you avoid money topics? If so, what is your reasoning?
    2. Have you ever felt overwhelmed (and frustrated) by a financial topic? Why? Was it the terminology? Did you think you needed a finance degree?
    3. Do you think being able to talk (not argue) about money is important in a relationship? Why is money such a difficult topic to discuss?
    4. Do you think your life would be different if you had a better understanding of personal finance? Why?
    5. Think of three childhood memories that involved money. Do they remind you of any current money behaviors?
    6. Think about the past and come up with five wonderful memories. What, if anything, did they cost?

    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".

    No one likes to feel out of control, unprepared, and scared. But as Red will tell you, life can change in an instant (whether it’s a crisis impacting many or one that seems very personal). She’ll also tell you that when everything seems so negative, it’s difficult to have a positive mindset (or even a non-emotional perspective) …



    Red's HeadRed assets.rebelmouse.io



    In some ways, it seems like decades ago that my husband got fired, in other ways it seems like yesterday. I felt then so many of the same emotions that people are going through today due to the coronavirus. I was so scared. And unprepared. At the time, I thought he'd work for the company where he had been for years until he retired, and by then we'd have a second home and would live happily ever after. I never thought anything would change that plan. Everything was perfect, until my life, literally overnight, became a living nightmare.


    Black's HeadBlack assets.rebelmouse.io





    Yes, and as I told you at the time … you needed to calm down. I said that a lot. Still do. Anyway, I remember telling you to take a deep breath … and that you would get through it. And, you did. Although you constantly questioned whether you had the ability to do so.

    THE CONVERSATION STARTERS
    • Your life can change in an instant. Can you be prepared? How can you plan for the unknown?
    • What are other unplanned life events?

    It’s hot and humid, and we’re all tired and cranky. But if there are kids involved (and even if there aren’t) and you’re looking for something to get you through what’s left of the summer before school starts, check out my list below. (The funny thing is, even though it’s a few years old, it still applies. I guess some things never change.) And who knows, some of them just might have you feeling like a kid again, too.

    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’ll admit that I hate technology and prefer to keep my ostrich head in the sand. But although I’ve slowly gotten better and try not to immediately default into freakout mode, all this talk about Artificial Intelligence (AI) not only confuses me but scares me. It reminds me of the 1968 movie “2001 A Space Odyssey,” the computer named HAL, and the potential of machines to harm vs. help us. (Yes, I’m being a bit dramatic, but then again, maybe not …)

    Black and I have talked about how it can be used to help solve some of the world’s most challenging problems, like cancer, but wherever there’s opportunity for good, there can also be bad actors. And it’s all happening so incredibly fast as it seems like there’s some new development almost daily, and I don’t want to have to understand it, let alone learn how to use it.


    Black's HeadBlack assets.rebelmouse.io

    It is already impacting society, and although many people play with it like a toy, early adopters see its value as a powerful tool – for good and evil. It does not help that the “Godfather of AI”, as well as one of the creators of ChatGPT (a leading AI system where users can pose questions), are warning us of the potential dangers of the technology and the need to slow things down and have guardrails in place.

    It is critical to remember that denial does not change reality.

    AI will become increasingly important for businesses that want to stay competitive and will dramatically impact the labor market by automating some tasks. But, it will mean critical thinking skills will be more important than ever. And, as AI becomes more integrated into our personal lives, it will be essential for us to understand the basics – both what it can and cannot do.

    THE CONVERSATION STARTERS

    • What is Artificial Intelligence (AI)? How does AI “learn” (get its information)?
    • Does AI scare or excite you? Why?
    • What are the benefits of AI? What are the challenges or risks associated with AI?
    • Do you think AI will impact you personally and/or professionally? If so, how do you plan to be prepared?