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Mother’s Day Reading: Financial Lessons, Saving for Retirement, and Pretending

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To all those who celebrate, have a happy Mother’s Day.

Jim from Bargaineering asks, “What financial lessons has your mother taught you?” Jim’s mom provided negotiation skills and some of his readers learned various lessons for dealing with credit cards, spending smartly, and being compassionate.

Here are five reasons the author of the Well-Heeled Blog saves for retirement. I don’t know what kind of form “retirement” will have in thirty or so years when I reach that age, and I don’t know if I’ll be on a traditional path that involves working for a company and then resigning when I am older.

But I am saving for the future in retirement accounts, so I suppose the future I’m saving for is related to retirement. I’m saving for financial freedom; at some point I imagine I don’t want to have to trade time and effort for money. At least, I want to have the choice to work or not. If, however, I’m doing something that I love and I’m still capable of doing it, I may not see the need to stop.

Financial Samurai suggests you pretend you have arrived so you can become. In short, act like the person you want to be. This is great, but sometimes dangerous, advice. It works in the workplace — dress and act like you already have a higher-level position, spend your time with people “higher up,” — but I’ve seen it go horribly wrong depending on the attitude. If you start treating your peers with a bad attitude or if you outwardly display a superiority complex, you’re doing it wrong.

What the hell happened to the stock market on Thursday? This article is from Weakonomics, winner of the First Annual Plutus Award for Best Economics Blog. The price for a share of Procter and Gamble (PG) tumbled in the middle of the day, taking the indexes (on which I invest) down with it.

The NYSE claims this was due to a typo; a trader executed a sale of 15 billion shares rather than 15 million. Computers apparently processed the trade without any kind of error or reason checking, and unable to find enough matching buyers, the stock price plummeted. In reaction, the NYSE “slowed down” trade of the stock.

Procter and Gamble

While the NYSE’s remarks might have calmed the market, they might not be telling the full story, if it is true at all. The latest news presents claims that the trade can be traced back to a firm in Chicago that allows clients direct access to the NYSE without monitoring or management, inviting erroneous trade entries. Conspiracy theories are already flourishing.

Published or updated May 9, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 1 comment… read it below or add one }

avatar Financial Samurai

Ah yes, please don’t become delusional when you are pretending and get a big head. That’s no good! Always stay humble. Happy Mother’s Day!

Cheers, Sam

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