Comments on: The Basics of Personal Finance are Not Hard It Doesn’t Matter if you Make $46,000 or $460,000

By: Joel

Joel — Tue, 26 Jan 2010 21:05:13 +0000

My wife and I just had a good laugh about this post – funny stuff!

By: Mike

Mike — Sun, 24 Jan 2010 20:19:27 +0000

Evan. I hope you know that was the most motivating thing anyone has ever said to me about this blog so far. Thanks for keeping me going.

By: Evan

Evan — Sun, 24 Jan 2010 19:12:09 +0000

Mike – I FREAKING LOVE YOUR GRAVATAR and your site. You have been subscribed!

By: Mike

Mike — Sun, 24 Jan 2010 01:31:58 +0000

Haha, that’s hilarious that he listed his wife as an expense.

It’s true that couples need to talk to each other about money but for some people, it’s just too uncomfortable of a topic to talk about. Nonetheless, it has to be done!

By: Don@MoneyReasons

Don@MoneyReasons — Sat, 23 Jan 2010 17:08:09 +0000

That’s ironic! 2 weeks before I found out that my buddy he got engaged to his ex wife, he told me he broke it off with her. It must be a common trend…

And all I could do is watch screaming in my head “Noooooo”… The funny thing is everybody saw it except him. He had one friend try to tell him what type of girl his ex wife was, but my buddy defriended him instead…

By: Evan

Evan — Sat, 23 Jan 2010 16:34:14 +0000

It is hard when you watch a buddy make that kind of decision you KNOW is wrong.

I have a really good friend right now walking into a train wreck of a marriage. All I could do is be supportive when they cut off the engagement the first time. Now its back on.

By: Evan

Evan — Sat, 23 Jan 2010 16:30:05 +0000

Wow that would be a cool post. Look for it next week.

By: Don@MoneyReasons

Don@MoneyReasons — Sat, 23 Jan 2010 04:08:47 +0000

I’ve had a few friends that should have been destine to join the hign net worth club, but because of a spendthrift spouse, today have a much lower net worth than I do. Both are also now divorced.

Picking the right spouse is hard. Both had what many would consider “hot” wives. Both wives were outgoing and fun to be around, albeit a bit bossy. Unfortunately, both started living large, too large.

I’m not saying to live like a freegan your whole life… But build up some assets first, then expand your lifestyle.

By: Investor Junkie

Investor Junkie — Sat, 23 Jan 2010 02:02:26 +0000

It’s been said a few times and a few studies, high income professionals do not equal high net worth. It put it simply, many just piss it away.

@Evan: It would be great if you could write a few blog posts on your observations you’ve had working with high net worth clients. What got them there and with you think is different with them than say the average joe.

By: Evan

Evan — Fri, 22 Jan 2010 18:48:59 +0000

I did’t list the wife as an expense…he did! Much worse lol

I am not sure exactly where the case is going to go just yet…He is a W2 employee, so he can’t do a SEP IRA. He is a high executive so we may be able to get a defined benefit/contribution plan/profit sharing/etc. but we aren’t there just yet.

“Do you have any experience with setting up estates and trust funds? Would that be a good idea for this guy to do for his kids?”

While I draft Wills and Trusts outside of my duties as Director of Financial Planner here, because of ethical concerns I can’t draft for clients of the firm I work for (New York basically says there is too much confusion as loyalty is concerned). That being said we will work with an attorney to have a Will drafted and gifting plan put in place. The Will is likely to include a QTIP trust:

http://www.myjourneytomillions.com/articles/how-can-a-qtip-help-your-estate-plan/

And Trusts for the children.