How to spend your legacy?

[tallyho8]

One of my young employees years ago said he was moving in with his girlfriend and asked for advice since he knew I was good at managing money. I told him that you should split the bills evenly and keep the receipts. I never pried into his financial affairs after that.

After a couple of years they were splitting up and taking what they paid for. She took the car, the furniture and appliances and all her clothes and jewelry. He took the receipts for the groceries, the rent, and the utilities.

 

[2manyrocks]

Financial power is a dynamic thing. Entered my marriage with way more assets than the wife, she has more far more than I personally have now, after land titles were joined with, and her earlier retirement investments included. So Wills are an issue, as we have no children. Is it your family that gets stuff, or is it mine?

Could depend on who goes first.

 

[Citydude]

One of my young employees years ago said he was moving in with his girlfriend and asked for advice since he knew I was good at managing money. I told him that you should split the bills evenly and keep the receipts. I never pried into his financial affairs after that.

After a couple of years they were splitting up and taking what they paid for. She took the car, the furniture and appliances and all her clothes and jewelry. He took the receipts for the groceries, the rent, and the utilities.

Good trade. Getting rid of a bad relationship is priceless.

 

[gsganzer]

I read that it's very common for women to consider the husbands income as "Their" money and her income to be "her" money. I think it's true in many cases. It certainly was with my brother and his wife. I see the same thing with one of our caregivers. The Gentlemens income goes to paying the bills, car loans, utilities etc. Her money she uses for them to go out to dinner and other frivolous things that she chooses.

 

[two_bit_score]

We've always combined everything as far as we are both on every account. She is way more frugal than I am but she keeps cash in several places both at home and at the Farm. I keep cash in only one place - my front pocket. I seldom spend any of it but if I find something I need it for I have it.

I stopped keeping money hid when a friend of mine told me about coming home one day and looked in the closet and a certain pair of shoes was missing. His Wife said she took them to a store like Goodwill or something because he had not worn them in years and asked what difference it made. He didn't wait to answer just took off as fast as possible to the store. He found the shoes, checked them and brought them home. He had $5K under the insoles of the shoes.

Don't keep money in the truck anymore after another friend lost $8K when someone broke into his truck.

I never say anything to her about what she buys because she is so frugal anyway. I am more impulsive than she is about spending large sums. She has tempered my desires on real estate a couple times and it has worked out better than my original plans but I've had my 'wins' too. It's all worked out well over time.

 

[WM75Guy]

We have wills. In case anything happens, everything goes to the other spouse. If we go together, it is split between the 2 kids. If I am the last, I plan on spending my money as needed and not be frugile. My hope is my last check bounces.

We have small animals. Often after death it is a pain for the family to decide where the small animals go. We have set up an endowment with part of our money to Texas A&M. They have a program to care for companion animals when the owner can no longer care for them.

Home

PLEASE SEE OUR ANNOUNCEMENT ABOUT LARGE ANIMAL ENROLLMENT! About the Center Expansions Pet Care Enrollment Endowment Residents Memorials Staff Support

vetmed.tamu.edu

 

[goeduck]

Let's get to the real question. Exactly how much closet space do you need???

Me. 1 partially filled in an extra bedroom.
Wife. The other 6 in the house, all crammed full.

Her mother and grandparents were hoarders. Apple does not fall far from the tree.

Hoarding.... should be a separate thread, if not one already.

 

[Hay Dude]

I have to give credit where it’s due, my wife is selfless with her income and considers none of it “hers”, but all of it “ours”. It goes right into our account and nobody cares who makes more than who. It’s just a pile of combined money and we fight the bills from it together.
She has an amazing pension coming at retirement in about 10-15 years.
I am a lucky guy.

Only downside is I got the MIL, but she is confined to basically 1 suite I built for her and is nearly bed ridden with dementia. She drives my wife nuts, but my wife takes care of it. I only had to build the suite in which she lives. None of my wife’s siblings will help her and they are written off from her life and will.

 

[buckeyefarmer]

Kinda interesting how some married folks keep their finances separate. His and hers money.
.

Easy
Her money is her money. What I make is our money.

 

[Tinhack]

He had $5K under the insoles of the shoes.

His wife must have really big feet.

I never had to hide money. I always knew where it was. It was in her purse or the "cookie jar".