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A neurotic 20-something with very little free time on my hands. And yet I still manage to find time to complain and do a little 'creative whining' on...
 
 
 
 

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Sometimes personal finance should remain PERSONAL

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There are things that I have become quite adept at avoiding, things other than my bank account thus aimlessly guessing the amount that is in said account (hint: I’m usually wrong). In addition to this folly, I don’t like to look at my pay stub because I fear knowing how much in taxes is being taken out (hint: holy hell). I also avoid unknown places like my closet or underneath my bed or the trunk of my car because I tend to arbitrarily toss things and the result is usually terrifying. Like month old Trader Joe’s bean dip terrifying.

Anyway, I relayed the following story to Susan Wagner while visiting (Susan Wagner and I had many deep conversations ranging from the mommy wars to why Sonic has such excellent tater tots) giving further proof to things I am great at and forever intend to avoid:

In October of 2001 my mother went to Prague. When she went to Prague in October of 2001, I promptly freaked the hell out because it’s Europe and it’s far and someone had just crashed a 747 into a large building three miles away and so maybe she could not go to Prague. I hear Vermont is lovely in the Fall. But she had made the plans and all of her reassurances that she would be fine, it’s Prague, did nothing to abate the fear. A very serious fear that inevitably led to me consuming nothing but Thin Mints and Peach Schnapps for six days and my roommate returning back from class each night to me under the covers and in tears. In my defense, I was only 17 at the time, living in DC and did I mention the part with the planes crashing into buildings? Prior to her departure, my mother, wonderful woman that she is, despite the fact that living with her gives me hives, decided to go even further to quell my fears by telling me where her will was located. Including explicit instructions as to who to call and what to do and where money was and how to gain access to her 401(K) and…I had to excuse myself from the phone as she told me this because the sobbing drowned out her telling me exactly which side of the drawer it was in.

I told this story to Susan because we both have similar feelings as to knowing the whereabouts of our parent’s money and the status of their personal finance in the event that they die. No matter the age of the child with whom this information is being divulged, it’s a sensitive matter because a) the thought of a parent dying is one of those territories that will leave one curled up in a ball in the corner and b) because your parent’s money is their money. It’s a sticky barrier that I’d rather not cross. I like to refer to it as the DMZ, knowing that crossing that line will find me in a rather precarious position.

Being semi-rational for a moment here, it is technically good information to have, but my parent’s finances are their finances. As long as my cell phone bill is being paid and I get a birthday present, I’m cool with it. I even find my mother’s jokes about being broke because of her second mortgage (on a house, on an island, so don’t feel bad for her) to be a little dicey. I just don’t want to go there. With my father it’s a completely different story because he’s not paying my cell phone bill but as far as I know, my brother has yet to be removed from college because of a defaulted payment, so it’s all good in the hood there, too. We tend to run a ‘don’t ask, don’t tell’ policy when it comes to money and the fact that my mother knows exactly how much I make and when my raises come annoys the crap out of me because frankly it’s none of her business (see also, payment of cell phone bill and how long I can keep that up for). Then when you throw in talks of wills and where the one hundred dollar bills are stashed (in a sock, duh) then things are just headed for a place where I’d rather not be. Think Ithaca, in mid-January, that’s how I feel about any knowledge of my parent’s finances.

I’m an ‘adult’ now and I use that word with great care and somewhat incredulously,

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Liz Rizzo 6 pts

But you have an excellent point here about how tons and tons of the people you meet who are doing well had help and continue to have help from their parents. And more power to them, really. If the help is there - be it continued financial support, or a place to live for a while when you need it - count the blessing, and use it to move forward when you can.

Liz Rizzo ( http://www.blogher.com/blog/liz-rizzo )

I blog at Everyday Goddess ( http://everydaygoddess.typepad.com/ ) and On The Lot ( http://community.thelot.com/blogs/lizriz ).

HeatherB 5 pts

...with lots of tears and cookie along the way. Since 2001, we haven't discussed it once but it's there in the back of my mind and I know what to do, etc. It's just some sketchy and frankly terrifying territory that I'd rather not deal with. Thankfully my older cousin is the arbiter so that leaves me to do the crying and someone else to be really responsible.

Anyway, next week I'm talking about happy things or anything BUT what will inevitably happen to my parents.

Heather B.
Personal Blog: No Pasa Nada ( http://nopasanada.org )
BlogHer CE: Business, Career & Personal Finance ( http://www.blogher.com/topic/business-career-perso... )

HeatherB 5 pts

I just know of a few other PF bloggers who say "look at me doing well with my finances" etc. only to read further and find out that their parents pay for literally everything. Like their parents are funding their savings account. Thus my finding something like my cell phone bill to be trivial when I know of a few women who are 'adult's who willingly take their parent's money and then exclaim how well they're doing with saving. If my parents gave me money from the end of college until now I wouldn't have spent two years grinding my teeth in my sleep and finding out the hard way that credit card companies will find you.

And honestly, for awhile there, if they didn't pay the cell phone bill I a) wouldn't have one and b) would never call them. So there that is.

Heather B.
Personal Blog: No Pasa Nada ( http://nopasanada.org )
BlogHer CE: Business, Career & Personal Finance ( http://www.blogher.com/topic/business-career-perso... )

CFO 5 pts

I thought about your question a little more - what it means to be an adult - which is a very good question, by the way. Here's my answer (which may not mean much to you since you don't like me already but I'll offer it for you to ponder anyway): You're an adult when you understand that no one else is responsible for you and your successes, your failures, and ultimately, your happiness and unhappiness. I had my epiphany in my mid to late 20's, but for me it was a process to come to this understanding - it definitely didn't happen all at once.

CFO 5 pts

Hey, I didn't mean to offend and apologize for doing so. As the author of a personal finance blog, I'm all too conscious of adult children who feel entitled to their parents' financial assistance. And I believe an important part of being a true adult is being financially independent of your parents (and managing your money responsibly). That, by itself, doesn't make you an adult, but it's one of the components - in my opinion, anyway. If you're comfortable with your current situation, that's great - I certainly received financial assistance from my parents until I had graduated from law school and learned a lot about personal finance. I just wish I had known then what I know now!

Alotta Errata 5 pts

I have two brothers, one four years older, one seven years younger. I remember being in college and having my parents approach me to say that they would be ammending their will, and wanted to know how I felt about possibly gaining custody of the younger brother. This of course, would be the worst case scenario as there were other people ahead of me for custody and they would only put me or my older brother as secondary/back up options. It's nice to know they have a plan. It's a hard thing to think about. I think for me, I don't need the details. I just need to know that there is a plan in place. That's all.

As for being an adult... I'm married, have a mortgage, a life insurance policy, retirement plan, and high cholesterol and there are times when I still feel like such a child- so unprepared for life. Then there are times when I catch myself becoming that lady that sits in the rocking chairs and yells "hey you kids, get off my lawn".

Alotta Errata : Living life one mistake at a time ( http://www.alottaerrata.wordpress.com/ )

Pam 5 pts

We opted for a somewhat more moderate response when the parents engaged us in conversation about the will. I'd like to pass this on as a possible suggestion. It's a two step process.

1. Acknowledgment.
2. Denial.

No, seriously. They wanted to "discuss" the will with my brother and I. We agreed to sit through a brief explanation, to take our copies and file them somewhere that we'll forget about them, and then, we went to eat lunch. Or something like that. Maybe it was dinner. We absolutely were NOT going to engage the 'rents on the substance and/or meaning of the will. We thanked them, and filed it. And mostly forgot about it. We will surely remember, when the time comes, that there is a will. The deets are totally personal, the big picture, not so much so. A will exists. Fine and well. How it's all allocated? Meh,their decisions.

A workable compromise at our dinner table. Perhaps a good one for yours?

YMMV, etc. amen.

Nerd's Eye View ( http://www.nerdseyeview.com )

Mata H 5 pts

Your parents asking you to be current about the location and depth of their finances provides them with some comfort -- it is one less worry they have to have. Granted we would all like to think that loving parents never die, but the fact remains that they do. And one way we can show our love and appreciation for them is to let them relax, secure in the knowledge that they have taken care of things you will need to know someday.

I think it is lovely that your mother has enough money to stash 100 dollar bills in a sock. My Mom just had her feet in hers. But she did tell me where all the paperwork I would need was located, and it was oddly comforting to know when the time came. You might try to see what your Mom is doing as a way that she loves you, and as a way that you can provide her with something that she needs.

~~ Contributing Editor, Mata H. also blogs at Time's Fool ( http://timesfool.blogspot.com )

HeatherB 5 pts

When can someone call themselves an adult?? Since some people feel to be the authority on such things, I'd really like to know. This is a general question, because the stupid cell phone bill aside (and what a ridiculous thing to nitpick about, given that it's a damn family plan and I ask to pay and we both keep forgetting to go to Verizon, etc.) I feel more adult like now that I did before. Which includes those days that my mother asks what I'd like for dinner.

For the record, and not that I owe anyone this explanation but since you're claiming that I'm not a real adult, both of my parents are overtly helpful people who don't mind doing such things as keeping me on the stupid cell phone plan (though I promise to make note when I'm paying it by myself because it will be thrilling) and letting me live with them for a few months while I'm doing non-stop work and unable to find a new place right away.

Anyway, I'll pass along helpful suggestion of making me pay my own cell phone bill and any other thoughts on how to make me a 'real' adult. Because apparently that whole living in DC for six years thing didn't cut it.

Heather B.
Personal Blog: No Pasa Nada ( http://nopasanada.org )
BlogHer CE: Business, Career & Personal Finance ( http://www.blogher.com/topic/business-career-perso... )

HeatherB 5 pts

So really, I must not be an adult at all...which is good because I like being dependent on my parents. Makes things easier for me.

(Sarcasm aside, it's a stupid family plan that we've had since FOREVER and of course I can pay my own cell phone bill, I was being facetious. But I really do live with her and she also buys the groceries. My life is so freaking hard)

Heather B.
Personal Blog: No Pasa Nada ( http://nopasanada.org )
BlogHer CE: Business, Career & Personal Finance ( http://www.blogher.com/topic/business-career-perso... )

CFO 5 pts

I understand wanting to bury your head in the sand, but you can't really call yourself an adult while your mom is paying for your cell phone!