Shopping, Love and Money
*JS What factors do you think influence children when it comes to how they’ll manage money as adults? Your book is aimed at people in their 20s and 30s, but how would you advise the younger crowd to establish good habits and prevent drifting into financial disaster?*
NT I’ve talked to psychologists about this and they basically said that children can go either way: They can emulate their parents’ financial behavior or they can rebel against it. But I do think more can be done to give children a better financial foundation. I think schools need to do a better job of teaching kids financial literacy. And I think parents do too. They should sit them down and have financial talks with them and get them used to dealing with money early on. Give them an allowance, and make them earn it by giving them chores around the house. Let them get part-time jobs. There are creative ways to teach kids about money.
*JS Finally: love and money… Money remains such an awkward discussion topic in polite conversation, and love rarely makes room for rational decisions. Is there any way to interject common sense into what is often an infatuation zone?*
NT It is very difficult. My ex-fiancé and I were so in love we made the decision to move in with each other without knowing how much debt we were each in. But you have to protect yourself, especially as a woman, because you’re often making less money than your partner. I think women should be taught early on that they have to maintain their financial independence. I know it’s not romantic to have the money talk with your partner, but you have to realize that if you don’t, it could potentially create problems for your relationship later on.
For more on Nancy, see nancytrejos.com.
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on the cover
Railroad!
Proposed lines ‘set rich blood a-tingling’ in early 1900s
Some Other Proposed North Coast Railroads
Choo-choo Fantasies
Exposing this east-west rail nonsense
seven-o-heaven
Undeterred Will
Will chides Andrew for lack of attention to detail and makes plans for his inevitable victory.
Recent savage money
Jan. 20, 2011
Quit Your Whining
In this country, the destitute have never had it so good!
Dec. 23, 2010
Resolved: Solvency
After the Xmas deluge, put your financial house in order this January
Nov. 25, 2010
That Dreadful Time of Year
But if you keep your head about you, Christmas can actually be kinda fun
Today
44th Annual Kinetic Grand Championship Race
STAFF PICK / events, art, outdoors, sports, for kids, free / 9 a.m.-6 p.m. A 3-day, 42-mile kinetic sculpture race over land, sand, mud and water! LeMans start at the Noon Whistle on the Arcata Plaza. Follow the race through Manila, Eureka and into Ferndale on Memorial Day for the Glorious Finish. kineticgrandchampionship.com. 889-3024.
Flow 2012 Fashion Show
STAFF PICK / events / 8 p.m. Arcata Theatre Lounge, 1036 G St. Student designed and produced clothing. Fundraiser for Arcata Arts Institute. $35/$25 students. artsinstitute.net. 822-1220.
Woodside Preschool's Rummage/Bake Sale
events / 8 a.m.-noon. Woodside Preschool, 900 Hodgson St, Eureka. www.woodsidepreschool.com. 445-9132.
Lanphere Dunes Restoration
STAFF PICK / outdoors / 9:30 a.m.-12:30 p.m. Meet at Pacific Union School. Help remove non-native invasives at the Lanphere Dunes Unit of the Humboldt Bay National Wildlife Refuge. Tools and gloves provided, wear work clothes and bring water. Carpool to the protected site. 444-1397.
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TWO Comments
Comment / By Joel Mielke / June 25, 6:16 p.m.
“…they have to get enough insurance to cover them in the case of an emergency.”
If a young person has nothing to lose (business assets, or a home) they might be better of saving and investing that money instead of throwing it at insurance companies.
Comment / By Gina Marie / June 26, 12:26 p.m.
Yeah, Joel, I do agree- it’s so hard when you basically have nothing- but not having emergency health insurance, if you do need expensive hospital care and then can’t pay it out of pocket or from insurance, it goes on your credit rating as a bad debt which can haunt you forever. It’s a risk many take during the most risky time of their lives.