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Family and Life


Accumulating money is not a real goal for anyone’s life. Growing wealth is not the point. People don’t work hard because they want to see their bank balance grow; those of us who track our finances and chart our net worth over time aren’t trying to compete in some financial competition.

I imagine there are individuals who do have an approach to money wherein the increase of the bank balance is the ultimate goal. But this approach misses the point. Perhaps these savers and earners haven’t given enough thought to why they want to grow their wealth, other than believing that society dictates that they do so — or they idolize people in the media who flaunt their wealth.

Money exists to be used in some kind of transaction — that’s all. So there’s no point in accumulating money just for money’s sake.

This is a concept I’ve covered on Consumerism Commentary in the past, but I bring it up again because it’s always relevant, and maybe it’s good to have reminders once in a while.

I don’t write about my own business much on this website. My business is based in the act and process of blogging. Consumerism Commentary has been my business. And while I think it would be fun to write about it more, as any business owner would like to write about his own business, I wanted to avoid that. If my business was a store I had planned with a friend, I would write about that here.

Writing about blogging as a business just didn’t seem right for this website, because I’d be “blogging about blogging.” The only people who may be interested in that are other bloggers, and Consumerism Commentary reaches a much wider audience than “other bloggers.”

Therefore I’ve stayed away from writing about how I earned money from my business, how I built that business, and how I eventually sold that business for an amount of money that would be potentially life-changing. And it’s a shame I’ve avoided the topic, because it’s really interesting, and I think other people, both those who consider themselves bloggers and those who don’t, would like to hear more about it.

I took the opportunity to write about my experiences and what I’ve learned from turning a hobby into a business for the new Plutus Awards website.

(For those of you who don’t know, The Plutus Awards is an award ceremony I founded. The awards highlight the best in financial media and products. It was born from my own enjoyment of running awards ceremonies, something that started in college with my creation of awards with superlative and funny awards for members of my university’s marching band, with the ceremony at an annual banquet.)

This epic article was influenced by questions I get all the time from other bloggers who want to find a way to earn consistent income from their websites. Of course I’m happy to answer any questions privately, but I haven’t had an outlet in which I’ve felt comfortable sharing all the details.

And the massive more-than-4,000-word article just touches the surface — I could write a book about what I experienced over the past twelve years with my unintentional business.

I expected to receive some criticism from the article. I wrote about how I focused primarily on this hobby-turned-business and didn’t seek work/life balance between my work and social life. One reader felt sorry for me, as if I had missed out on something in pursuit of the almighty dollar. I probably took more offense to the reader’s remark than I should have.

There are probably some things that I’ve missed out on in life. I guess I could have spent more time watching movies with friends. I guess I could have tried harder to start a family. But I don’t think my life is any less whole right now.

But for me in the year 2000, earning a tiny salary from a nonprofit and living in one of the most expensive areas of the country, I had to do something about my financial situation. Life wasn’t about the money, but I needed to start paying attention to my finances, and I needed to figure out how to get my life moving in the right direction.

When you have no money and you begin thinking about what the future consequences will be, money starts to plays an important role in your life. The trick is being able to prevent yourself from seeking money above all else. You can prevent that by keeping larger goals in mind, by thinking about what the point of having money is. It’s more than just “freedom.” What would you do with “freedom” if you had it?

For me, it was starting a foundation. In 2000, I knew that if I had enough money, I’d start a foundation that focused on arts education. It might have been a little naive to have that as my plan, but the idea isn’t too far-fetched.

And if you’ve read How I Built a Seven-Figure Blog, you know that I didn’t start a business to reach that goal. I didn’t start a business at all. I focused my blogging, something I had already been doing for years, on a topic I wanted to learn more about — personal finance and money management. All I wanted to do was get better at managing the money I had.

After several years as an adult ignoring my finances, I had to make my life about money, at least a little bit, in order to improve my situation. Having been born into a middle class family in the wealthiest country in the world, I had been failing at maintaining that level. My situation, goals, and needs would have been different had I been born in poverty or to a wealthy family.

Now that I’m in a different financial situation, after seeing that hobby turn into a successful business that I later sold, perhaps it’s easy to say that life isn’t about money. When you have enough in the bank to be secure — you don’t have to rely on income from an employer, for example — it’s easier to focus on the grander goal.

Speaking of which, I’m happy that I’m able to reach some of my bigger goals before the age of forty. Remember that arts foundation I’d dreamed about? Well, I’ve changed my approach, but I’m still in the general vicinity.

I’m establishing a scholarship at my undergraduate university for music interns. Did my music education degree relate to how I’ve built my “career” over the last decade? Not directly, and that’s why it might not make sense to people why I want to give back to my university. But my experiences at my college did shape me and my approach to life.

But more importantly, I was required to take an internship for my minor that got me started with the organization that allowed me to get into a financial mess in the first place. The stipend through my scholarship should help students be able to afford to take the best internship opportunities without having to worry about how they’re going to earn a living while working for little or no money.

This will help level the playing field, so the best internships can go to more than just the wealthiest students who can afford avoiding work for a semester.

In addition, I’m also starting a foundation — but this will be related to financial media, like the Plutus Awards. I’ll be announcing more information about that soon.

So I’ve written quite a bit about the work side of my life, and lest anyone thing I don’t have perfect balance between work and non-work aspects of my time on this planet, there’s been a lot going on. Last month, I mentioned my apartment received storm damage. The landlord is still trying to repair the apartment — this is over a month after the incident — and I decided to exercise a clause in my lease that allows me to leave.

There is a world of choice available to me right now. I could do virtually anything. But, I made a commitment to work with a music group based in Princeton, New Jersey throughout the rest of the summer, so I won’t be leaving. I am signing a seven month lease, moving just over the border to Yardley, Pennsylvania, to an affordable but smaller apartment.

I’m downsizing, getting rid of some furniture and other items I’ve accumulated over the years. The lease will get me through this year’s Plutus Awards, and once that is over, I’ll be ready to think about leaving the area, spending the winter on the west coast with my girlfriend and family, and giving myself the opportunity to travel more.

Of course, I’ll need to “balance” these changes with working on my new projects.

Unless I decide to stop and live off my investments for the rest of my life. I’m just not ready to retire, though.

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I can’t claim to be an expert on raising children. In fact, this is one of many, many topics about which I am not an expert. I do not have children of my own, and my observations of my friends and their children are limited. My experience comes from my memory as a child being raised by my parents.

To be honest, I have no idea how my parents managed my development into a somewhat capable adult or what they were thinking at the time, even though I do have a younger brother and had the chance to do a little more observation.

Ron Lieber’s new book, The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money (Harper, on sale February 3, 2015) will serve as the perfect how-to guide for when I do have children of my own. I will want my offspring to have a well-developed sense of self, including financial issues, long before I did. Maybe I can prevent repetition of some of the mistakes that I lived through, all though sometimes mistakes offer the best opportunities for learning.

Lieber uses his book as an opportunity to encourage parents to start discussions with their children and to guide them in those discussions. In many cases, there are no absolute answers or rules that work for every parent, every child, in every situation. That would be an impossible task, as the financial realities of families wildly, as do children’s developmental processes.

This variety is skillfully woven throughout the book to give readers enough examples and counterexamples to spur reflection and consideration among parents who may not have given money discussions with children much thought. Many of the examples come from Ron Lieber’s community of readers through his column and blog in The New York Times and on Facebook. The author spent a year meeting with many of the families who contacted him to share their experiences, challenges, and decisions.

One anecdote that stuck with me came in a section in which Lieber shared discussions about children who work. I had jobs when I was a teenager, including one retail, but mostly office jobs. These jobs helped me earn a little bit of money, but didn’t really instill much about responsibility. My jobs came during school breaks for the most part, as I believed, as I think my parents did, that education was my priority, and that my “job” was to do well in school.

The author shared a story about a family of nine in Lewiston, Utah, raising 1,800 cows on the family farm. Unlike my life growing up, the children in this family have no time for extracurricular activities.

There is a presumption that [youngest family member Zeb] will work, that his family members will teach him how, and that he will be good at it, quickly. And while none of the boys is a great scholar or a star athlete, their parents operate under the assumption that the ability to perform basic labor is something within every child’s grasp. They know that every boy will grow up to work in the family business, but they’re confident that none of them will be afraid of the effort it takes to succeed someplace else.

The idea of this hard work leads to a discussion elsewhere in the book about the quality of “grit.” Measurements of grit, or how well someone persists, particularly through obstacles, correlates more tightly with direct measures of success than other types of aptitude, like IQ. Allowing children to develop grit through work gives them the ability to handle much more of life as an adult.

An important section of The Opposite of Spoiled focuses on instilling gratitude. Spoiled children show no gratitude for the advantages they have. Lieber offers specific suggestions for dealing with the observations kids have even at an unexpectedly young age. How do you explain socio-economic status to kids who are aware of being rich or being poor through their own observations?

The author points to this research:

[A researcher...] showed 3-year-olds a series of photographs and distinguished between the haves and have-nots. Only half of her subjects thought that the rich and poor people would be friends with each other. Other research has shown that 6-year-olds keep score of which kids have what sorts of possessions and begin to make judgments accordingly. By 11 or so, they’re beginning to assume that social class is related to ambition. Around age 14, they begin to wonder if there is a larger economic system at work that may constrain movement between classes.

It’s safe to say we all know some adults whose attitudes may be stuck at the development level between the ages of 11 and 14. But the book offers great suggestions for addressing issues of class without instilling pity or jealousy.

Lieber also addresses some of the more controversial aspects of child development pertaining to money, allowance and charitable giving.

I don’t read many personal finance books. After a decade of reading some of the best and some of the most laughable, I’ve been kind of burned out by the genre. For the last year, I’ve been selecting my reading carefully. I was initially excited about the opportunity to read Lieber’s latest because I am a fan of his columns in The New York Times, and his articles have often served as inspiration for the topics I’ve covered on Consumerism Commentary.

I’m glad that The Opposite of Spoiled didn’t disappoint. While many readers of Consumerism Commentary have shared their own stories over the years, the concise collection of advice found within The Opposite of Spoiled has offered me new perspectives for raising my future children to be empathetic, understanding, generous, and smart.

Pre-order The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money by Ron Lieber now, in hardcover or Kindle edition.

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The self-help industry continues to produce hundreds of new books every year, explaining how people can live their lives, improve their identities, and build wealth towards financial independence. There’s nothing wrong with this approach, in particular. You never know when you’ll find an author, a blogger, or a friend who will put words in the right order, and the result is a connection that can change your life.

I know this from experience. Over the last decade, readers have contacted me privately to thank them for the information and the stories I’ve provided here, whether it’s a warning about a company you might not want to work with, or sharing my past mistakes in an effort to prevent others from making those same mistakes. When I realized I needed to make changes in my life, it wasn’t a guru, author, or blogger, or friend who opened my eyes. It was my own bad situation — the loss of a job, car, girlfriend, and apartment in a short time span. I had to make changes and then I found the Motley Fool’s “Living Below Your Means” message board.

The messages there, with thoughts from real people, not experts selling books or trying to attract pageviews, helped me come to terms with some changes I needed to make.

I already knew about the self-help industry. My first major job after college was with a company whose executive director lived and breathed life gurus and expensive brainwashing seminars. I never wanted any part of that.

The gurus of today owe a lot to philosophers of the past, Socrates and Plato in particular.

In fact, Socrates might have been considered a guru in his day. At least through the eyes of his student Plato, Socrates was a teacher. He placed a high importance of knowledge over ignorance, and knowledge even over winning an argument. This philosophy would prevent him from succeeding well within the media environment in the United States today, but his teachings have stood the test of time.

Because much of we know about Socrates comes from the writings of his protege Plato, it’s hard to know how much of of what we know about the philosophies of Socrates is filtered through Plato’s own philosophies. Keep that in mind as I continue to look through some specific examples of how Socrates and Plato have paved the way for modern thoughts about life and money.

The examined life.

In Apology, Socrates discusses self-knowledge. Self-knowledge, self-awareness, the examined life — these are all different ways of saying that in order to become a functional human being, you have to know who you are right now and accept who you are today before you can move forward.

This is a good way to sum up the initial purpose of Consumerism Commentary, and how I approached my finances in the two years or so leading up to starting this website, from about the year 2001. One of the first steps to improving your finances is taking an inventory of what you own and owe — your assets and liabilities. That gives you knowledge of your financial self, at least in one snapshot of time.

But beyond the dollars and cents, you also have to know who you are. Identify the habits you have and why you have them. Identify your core beliefs about money and wealth, especially if they are holding you back. Take some time to think about your values and what kind of life is important to you. Think about your history and whether you might have been subject to any biases as you were forming your values.

Only with a full understanding, after examining your life as it is today, will you be able to make the best decisions about where to go, how to behave, and who to be.

Learn from others’ writings.

Again, this represents my core approach to Consumerism Commesntary. It’s such a difficult lesson, though. The best teacher is often experience. Someone could tell you a hundred times not to stick a pair of scissors in an electrical socket. You could know that it’s probably a bad idea. But, you still do it anyway, and the result is you’re thrown across the room. Yes, that is a mistake I made when I was a child. Perhaps it explains much about me. Or perhaps it just shows that sometimes you often can’t comprehend consequences until you face them yourself.

People in the developed world know that being in debt is bad. They know that spending more than one has in income will cause major problems in life after a while. They understand that negative net worth is bad, and they understand the basic arithmetic that quantifies that result. But this knowledge generally doesn’t prevent people from finding themselves in uncontrollable debt due to overspending. The reasons people spend money often outweigh the potential for negative outcomes in the future.

So this is why writers try to warn others about the dangers of debt. They tell their own stories in the hopes that they will connect with someone and prevent them from learning the “hard way.” Socrates wants people to learn from others, just like bloggers do.

Socrates on contentment.

Happiness was an important part of the philosophy of Socrates. And over the last few years, one idea of his started to become popular again, especially as a series of different academic studies set out to prove similar theories. There is a relationship between money and happiness. One survey pinned a happiness plateau on a certain annual salary, and claimed that increases in income above that identified salary did not have a strong effect on happiness. Another survey showed that your happiness with your financial situation has more correlation with how you perceive your situation when compared to your friends and colleagues.

The increase in popularity for a frugal lifestyle, including downsizing living arrangements, adopting the minimalist culture, and spending money on experiences rather than objects, has been partially amplified by the latest major recession and, in many cases, borne out of a need (a lack of financial resources).

Socrates — or perhaps Plato — is likely smiling in his grave. Socrates is quoted: “He is richest who is content with the least, for content is the wealth of nature.” How many writers and bloggers, including myself, have said something similar? If you can be content with less, you will not maintain a constant desire for more.

Socrates also found fault with both wealth and poverty, through Plato’s illumination of his teaching in the latter’s Republic. Both destroy someone’s ability to produce good. As one becomes wealthy and doesn’t need to work for money, he can become lazy in his endeavors and work and other contributions to the world suffer due to a lack of financial motivation; poverty, on the other hand, deprives one from the resources necessary in order to do the best work.

“Wealth, I said, and poverty; the one is the parent of luxury and indolence, and the other of meanness and viciousness, and both of discontent.”

Morality is more important than wealth.

The desire for wealth pulls people away from moral imperatives. I’ve seen this personally. With money on the line, people will often lie, cheat, steal, and extort if they’re in a position to do so. We encourage entrepreneurs and CEOs to be greedy, not just because Wall Street and large institutional investors require it of them, but because today’s society places such a large importance on financial success. The heroes in the media are not those doing the most good (though it is often argued that providing jobs for many is doing good for the world), but a small percentage of athletes, a small percentage of performing artists, and politicians.

You can see that just by looking at your social media feed. How many of your friends mourn the passing of celebrities, or consider it a great tragedy when a “beloved” actor or athlete passes? An unknown solider, a child born in poverty, the many thousands of young women sold into sex slavery — very few mourn these tragedies. But a famous actor dies and it’s the saddest thing in 65.5 million years.

We see greed as a positive attribute, and claim that success is impossible without a strong desire for not just success but its specific symbols, primarily money in the bank.

Most importantly for Socrates, morality leads to happiness. Wealth, and the desire for wealth, leads away from morality. So where does that leave us who want to strive for financial independence? Do we need to put our financial desires aside to be happy? Or can we still aim for financial independence without desiring anything beyond what we need to pursue the moral lives we would like to live without the burden of financial distress?

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The Urban Institute has issued a report stating the Millennial generation will have the lowest rates of marriage by age 40 than any previous generation. The report contemplates a variety of reasons for this shift, including a reduced role of marriage in a family household and the effects of the latest recession. But what does this mean for the financial future of today’s young mostly-singles?

Marriage certainly affects a couple’s finances. In many states in this country, certain effects are unavoidable by law. Nine states have community property laws, and in those states any money earned by either spouse or any property purchased bought by either spouse from money earned, if that money was earned while married, is owned equally by both spouses. But as a whole, this law doesn’t change the financial situation of the couple. If between two people cohabiting, the combined annual income is $150,000, that’s the case whether they’re married or not, whether they combine their bank accounts or not.

There may be some subtle differences. A non-married couple may need to buy separate health insurance, despite the fact that more frequently, employers consider non-married couples “domestic partnerships” and cover a domestic partner, regardless of the sex of the partner. Yet, if a partner is not covered automatically, health insurance for the family could be more expensive.

That, in itself, does not seem a strong enough reason for a researcher to make this argument, as she does in a news article about the Urban Institute’s report:

“The evidence shows that getting married increases wealth and income,” said Pamela Smock, a sociology professor at the University of Michigan.

Why would the act of getting married cause an increase of wealth and income? It may be true that wealthier people and those with higher incomes are more likely to get married in the first place, but that’s not what this researcher is saying. She is saying that marriage, independent of all other variables, not only correlates to higher wealth and income, but is a direct cause. I looked at the researcher’s list of recent publications, and did not see any articles or books focusing on wealth and income, those she has researched cohabitation extensively.

Marriage has a detrimental effect on an individual’s long-term wealth, and here are some of the more obvious reasons.

Couples who get married are more likely to have weddings. Weddings can be, but aren’t always, expensive events. Even otherwise frugal people are driven to spend more money than they could to make a memory for themselves and their families that matches the dreams they’ve had. Even with the best do-it-yourself wedding efforts, couples find weddings to be significant expenses that take resources away from other priorities, and in the worst case, pile onto already unmanageable debt.

A couple that decides not to get married can certainly opt to hold a ceremony to celebrate their togetherness, bringing friends and family together for a joyous occasion, but many do not. And if a lack of financial resources is one of the reasons to indefinitely delay a wedding, it wouldn’t make sense to hold a similar celebration for cohabitation.

I see nothing wrong with weddings, but I’d just like to encourage people to continue to think about their future financial security while planning them.

Couples who get married are more likely to have children. More and more, I’m seeing friends and family and their spouses opt to skip having children, and this reflects a national trend. And it must be related to what I’ve already mentioned in this article — as fewer Millennials get married before age 40, fewer choose to have children, even though there has been an increase of children born to couples who are not married.

Children are wonderful, and that’s what you’ll discover if you have children or if you ask any parent (who’s not dealing with a temper tantrum at that particular moment). But that doesn’t change the fact that children are expensive. The cost to raise a child to the age of eighteen can be $200,000 or more — and for most middle-class Americans, that’s going to be a gross understatement. Add any kind of prevalent developmental disability, like autism, and that total will skyrocket. And double your estimate if you plan to have two children.

Is it our duty to populate the world? Well, according to some beliefs, it is. But the choice to have children has a direct, measurable effect on the financial situation of a couple over the long-term, and it’s not positive. That’s not to say it’s a bad decision to have children; not all decisions in life rely on the financial outcome. In fact, the same people who propose the value of an education should be based solely on the return on investment seem to forget their dedication to that approach when you ask them whether their children have provided them with a good ROI.

Couples who get married are more likely to get divorced. This, and the other points above, should be obvious. No marriage means no possibility for divorce, and divorces are notoriously devastating for a couple’s finances, particularly when a couple has gotten into the habit of having only one adult bringing in an income. Add a child (or two or seven) to the mix, and a divorce can drive individuals to bankruptcy.

Unmarried households may be more transient, less permanent, but that doesn’t hold true for every couple. But overall, without marriage and an intertwining of finances, unraveling a relationship doesn’t have to mean there are any devastating financial consequences. There are fewer arguments over property, because all has always been owned by one partner or the other.

Where is the evidence that marriage increases wealth and income?

One potential reason a marriage might increase wealth and income is because of its status as a rite of passage. Despite changing society, many people feel that marriage is a necessary marker along life’s path, one that indicates a move towards an important stage of adulthood. And marriage, as well as having children, forces people to grow up. Maturing as an adult also means taking a more considered approach towards family finances. The stakes in a marriage are higher. You have more people to take care of, officially, and thus you are inclined to work harder at providing for your family.

And other people see this. It’s reflected in the attitude that one displays, consciously or not. Married men are more likely to get raises, promotions, and job offers, but married women are less likely to be awarded the same. Although society is changing, in married couples, men are more likely to have a job than women. These statistics play out in such a way that being married is good for a family’s economy.

This doesn’t necessarily mean that marriage automatically makes a man be more employable or have a higher earning potential; it could be that some men are both more likely to get married and more likely to be more employable, with some other variable having the biggest influence. But studies have shown that all other things being equal, if a supervisor infers that a man is married, he is more likely to be chosen for a positive career decision than if there is no inference.

In order to claim that getting married increases wealth and income, this employment bias would need to override the financial detriments listed above. Here’s how survivorship bias plays into this study, and will help make it seem like marriage is in fact better for a family’s wealth and income: couples who are divorced and remain so, and are therefore no longer married, disappear from the statistics. In other words, all the financial devastation brought on by divorce is missing from the data. This filter allows an interpretation that could be far from the truth. Even though most people getting divorced do in fact remarry, that marriage might occur after divorce-related financial problems, making that second marriage appear to be a good financial move.

Like any other research pertaining to families and finances, we all want vindication that we’ve made good choices. So it’s somewhat natural for married people to seek out data that validates the idea that marriage is a good financial move. College graduates want to believe that attending college (and attending their specific type of college, whether it’s Ivy League or a community college) was a good idea. We all seek out confirmation that the choices we make are good.

The path not traveled will always remain a hypothetical, though. Let’s all feel good about our choices, because there’s always the possibility that life and finances would have been much worse had the decision been different.

If you are or were married, has your marriage definitely resulted in more wealth and income? Whether or not you’re married, has the prospect for a better financial life influenced your decision?

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What I Learned on Father’s Day

by Luke Landes
Father's Day

I met my dad for dinner on Father’s Day earlier this month, and we had a deep and somewhat difficult discussion.

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Can You Sue Your Parents for College Tuition?

by Luke Landes
Crying baby

This story has all the makings of something viral. It fits right in with our fascination with people doing things that normal Americans wouldn’t even consider doing. We gawk at reality television shows and follow the stories about their stars, like the recent news about the couple from the “Real Housewives of New Jersey” show ... Continue reading this article…

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Choosing to Stay Home With Children

by Luke Landes
Choosing to stay home with children

Since before the recession, an increasing number of mothers say they’d like to work full-time. The Pew Research Center analyzed new data from the U.S. Census Bureau and conducted a survey to discover this and other family financial dynamic trends. In 2007, 20 percent of mothers called full-time employment their ideal situation, while by 2012, that ... Continue reading this article…

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6 Milestones for Entering the Middle Class

by Luke Landes
Child reading

If you’re wondering about the chance your child has to breaking into the middle class by adulthood, a new study by the Brookings Institution provides some clues. The study breaks down the financial development of a person from childhood through adulthood into a number of milestones. With the achievement of each milestone, success for the ... Continue reading this article…

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Pay Your College Tuition By Selling Companionship

by Luke Landes
Love

When I was an undergraduate in college fifteen years ago or so, I convinced my girlfriend at the time to stay enrolled. She was interested in moving back to her home state and pursuing her degree at a less expensive school, but for some reason, I encouraged her to stay at the university with me, ... Continue reading this article…

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Betterment Gifts: A Better Gift Registry

by Luke Landes

I introduced Betterment to readers last year as an alternative method of maintaining a brokerage account. For an annual fee of 0.15 percent to 0.35 percent of your assets invested with Betterment, the company provides a goal-focused way of investing for retirement and saving for future financial goals. The service handles asset allocation automatically based on goals, ... Continue reading this article…

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Moving to Another Town to Find Singles (Rich or Otherwise)

by Luke Landes
Philadelphia Love

There are many reasons to move from one city or town to another. I would expect moving for a job is one of the most popular reasons. If you have a great job working for a company, but they decide, with or without your agreement, that you would benefit the company more working for a ... Continue reading this article…

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It’s More Expensive to Raise Kids Today

by Luke Landes
Teddy Bear

Despite low or stagnant measures of inflation, at least as those numbers are reported by the government, families are faced with expenses that continue to rise. It’s been a while since I last wrote about the Department of Agriculture’s calculation of the cost of raising a child. The last time I wrote about this was ... Continue reading this article…

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Seven Great Gifts for College Graduates

by Luke Landes
Graduation

If there is a college graduate in your life, he or she will likely receive a number of gifts. The first gift will be the realization that it can be difficult to find a job in this economy right now — if the goal is to get a job in the same field of study ... Continue reading this article…

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Men Choosing Fatherhood Over Careers

by Luke Landes
Child and father

Last week, I acknowledged recent survey findings from the Pew Research Center showing that women are beginning to value success in their careers more than men value their own. It’s a historical twist, brought about by the idea that women entering the workforce is no longer related to a necessity, but an innate desire. Women, ... Continue reading this article…

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More Women Than Men Value Career Success

by Luke Landes
Career woman

A new survey by the Pew Research Center shows women have surpassed men in placing value on career advancement. Among 18 to 34-year-olds, 66 percent of women consider being successful in a high-paying career or job is one of the most important things or very important, compared to 59 percent of men. In 1997, 56 ... Continue reading this article…

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Will You Financially Support Your Parents?

by Luke Landes

My recent article on Business Insider points out that more families are living in multi-generational households with the recent shaky economy. While we are technically in a recovery period, the effects of the recession are still present in families. Taking care of elderly individuals is an expensive business, and those who did not save expecting ... Continue reading this article…

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Prenuptial Agreements for Cohabitants

by Luke Landes
Relationships couple

I’ve discussed whether couples should sign a prenuptial agreement before marraige recently. A good prenup can protect both individuals in the couple if a marriage were to result in irreconcilable differences. Signing a legal document of this type could be helpful if the couple owns substantial assets or if there is a wide disparity in ... Continue reading this article…

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The Dangers of Motivating Kids Through an Allowance

by Luke Landes
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Parents who offer their young children an allowance or pocket money are helping to introduce the concept of money at an age when they are susceptible to ideas they will hold for the remainder of their lives. It’s a good idea to allow kids to gain exposure to to concept and application of income and ... Continue reading this article…

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The Role of Money in Choosing a Relationship

by Luke Landes
Relationships couple

Do people have any kind of control over whom they fall in love with? Perhaps Cupid’s arrow strikes randomly, and there is no choice but to obey the heart — or chemicals in the brain — or sexual urges. But once that initial response has subsided, if you and your partner are headed for a ... Continue reading this article…

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The Lonesome, Pet-Free Life

by Luke Landes
Rupert

For almost as long as I’ve been living without a human roommate, I’ve enjoyed the company of my cat, Rupert. I adopted Rupert from my friend who determined his newborn daughter was allergic to cats. He had already owned Rupert for a long time, and I knew I’d be the cat’s new owner for the ... Continue reading this article…

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