View Single Post
Old 07-05-2016, 03:56 PM
  # 17 (permalink)  
LexieCat
A work in progress
 
LexieCat's Avatar
 
Join Date: Jul 2010
Location: South Jersey
Posts: 16,633
Right--you need to be self-sufficient regardless of what the future holds for your relationship. Even when relationships are "forever," partners die, get sick, have a financial calamity hit, etc.

The goal should always be to not HAVE to depend on another person's being there. I keep thinking about my stepmom (and you're a LONG way from this, so it isn't a comparison, just a useful lesson). I had to teach her how to use an ATM because "G. always handled that." Well, SHE is the only one who can drive, at this point, and nobody in the household is capable of using a computer, and I seriously doubt she has any clue about how much money they actually have or where any of it is. Thankfully, they have a LOT, and it is now in my capable hands to manage, but holy crap. Nobody should live that way. If my Dad had suddenly dropped dead, she would have REALLY been up a creek--it's taken me a solid month to get a picture of all their bills, expenses, various accounts. In his later years, Dad has been dropping the ball. I found he had a HUGE sum of money (six figures) sitting in a regular savings account. I immediately moved it to an online savings account where it is at least earning one percent interest--ten times what they were getting in the regular bank account. Once the dust from all the expenses involved with the move settles down and we have a plan for drawing down from their investment accounts, I will put some of that money where it will earn more, but at least it's out of the "keeping it in the mattress" status. They have a good financial planner (I'm not sure that's the correct title--it's "wealth manager" or something) at a large brokerage firm, who has taken a personal interest in their well-being. And, incidentally, SHE got into the business after a bad divorce and financial calamity. She got that training in large part for herself, as well as a way to make a living. She never wanted to have to depend on someone else to manage her money.

So whether you go for this career path, or something different, it pays to be able to stand on your own two footsies. And I'm with the others on being "too old"--no such thing. More and more people are changing careers later in life. Life paths aren't carved in stone in one's 20s anymore--thank goodness!
LexieCat is offline