Do you talk to your friends/family/coworkers about this stuff?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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SoftServeAddict
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Do you talk to your friends/family/coworkers about this stuff?

Post by SoftServeAddict »

I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
Last edited by SoftServeAddict on Sun Aug 23, 2020 1:16 pm, edited 1 time in total.
brad.clarkston
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by brad.clarkston »

Nope, this is my financial social circle.
BoglePablo
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by BoglePablo »

Only if asked / if a conversation naturally leads to sharing my opinion. I don't attempt to evangelicize / preach unless asked.

I talk about financial stuff with my dad because we are alike in terms of our Bogleheadedness but that's the exception.
Normchad
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Normchad »

Talking about money is the last taboo in America. Never discuss this with anybody.....

But you’re right, this leads to,ignorance. And worse than necessary outcomes for people.
livesoft
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by livesoft »

Yep, all the time. Why? Because it is fun and people trust me not to blab about their situations.
Last edited by livesoft on Sun Aug 23, 2020 1:08 pm, edited 1 time in total.
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JoeRetire
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by JoeRetire »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?
I don't like to offer advice unless it is requested.

A few siblings have asked for discussions and I was happy to make some suggestions. That hasn't yet happened among friends in my social circle. None of us like to brag. We do talk about insurance, medicare, etc, but not about finances overall.
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Doctor Rhythm
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Doctor Rhythm »

Too many ways for the conversation to go badly or have my words misconstrued as insulting, arrogance, ignorance of my privilege, or boasting about income/wealth.
retired@50
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by retired@50 »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?
I do talk to family about it, and a few friends. I claim up-front that I'm not responsible for the outcome. I discuss it with them because I see the value of having this information sooner, rather than later. I've been thanked many times over. I think it's been a positive thing for sure, and no one I've advised has complained or blamed me for a dip in the value of their portfolio.

Regards,
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Impatience
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Impatience »

If they bring it up sure but the entirety of my advice is usually me gushing about HSAs. If you get into details you’ll lose them so just try and focus on one easy to remember fact that will greatly improve their outlook.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Fallible »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?
There's a big difference between just talking to people about money/finances and educating them. Sometimes just talking gets tricky, but educating is almost certain to. How do you differentiate between the two?

Also, there are many forum threads on advising friends, family about money. Here's just one:

viewtopic.php?t=123548
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Tdubs »

livesoft wrote: Sun Aug 23, 2020 1:06 pm Yep, all the time. Why? Because it is fun and people trust me not to blab about their situations.
And probably because they know that you are the best advisor they are going to find.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by thatwhichisgood »

Back in the days when I was working I did. I have some bullet points I often repeated
Pay yourself first
Beware of sharks
At least match the 'matching funds (at hiring a good time to start before it hits your budget)
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These were younger folks first decent paying jobs in telephony ... no college needed. Many with no family background to role model investing etc...
Luckily the company I was working for at the time did a very good program each year to compliment my voice.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by livesoft »

Tdubs wrote: Sun Aug 23, 2020 1:16 pmAnd probably because they know that you are the best advisor they are going to find.
Well, not really. I can write that I provide a contrast to what they actually do themselves as well as give them ideas about what they might be missing. It is fun talking to the day trader, the person with a DFA-sanctioned advisor, the person who ditched their sales rep at a bank, the person who actually does all indexing, the person who is fearful of all investing, and so on. However, I am almost certain that I invest the most tax efficiently. I am certainly not the wealthiest of the bunch.
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wander
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by wander »

I started saving money early and actually told my friends about investing/saving. But most or all of my friends thought it was weird that a 21 year old planning for retirement. I then didn't share much with people. I can tell you that invest like a bogleheads is boring, but I like it.
Cycle
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Cycle »

If topic comes up, I just say I invest any extra money regardless of current prices in target funds and use tax advantaged accounts, like 401k, Roth IRA, 529.

What I do is slightly more complicated, but they don't need to hear that.

Nobody ever asks any follow-up questions bc it's so boring.

The topic comes up in our lab at work when coworkers are going to all cash or trading individual stocks in their 401k etc. Nobody cares to just to target date fund
Last edited by Cycle on Sun Aug 23, 2020 1:40 pm, edited 1 time in total.
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stoptothink
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by stoptothink »

I am pretty well known as "the investing guy" at my employer, I've helped 100+ co-workers set-up there 401k and provided tons of related info. I've even gotten several related emails since we went WFH in March. I don't discuss my own situation at all, with anybody but my wife, but I regularly talk to others about how they can improve theirs.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by smitcat »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
"EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?"
The information was limited and hard to access decades ago -- now it is everywhere and available on the internet.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Clever_Username »

Friends: some. One of them even figured out my user name here a few years ago.

Family: yes. I help my sister manage her IRA, but it's mostly mechanical (log in, press this button, etc). I look through her 401(k) options with her when she changes jobs. I talk with my parents about these things, more my mom than my dad. I don't talk to the rest of my family about these things, or much of anything else really.

Co-workers: No. I did a couple of jobs ago, but not since. One of my coworkers at my current job is really up on this material and how it relates to the plans at work, and I talk to him about navigating it (and he's very welcoming with advice, which I appreciate). I guess technically a few people on this board are co-workers, but I don't know their offline identities so it isn't quite like talking to them.
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SoftServeAddict
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by SoftServeAddict »

smitcat wrote: Sun Aug 23, 2020 1:43 pm
SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
"EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?"
The information was limited and hard to access decades ago -- now it is everywhere and available on the internet.
Do you think this means millennials will have overall higher networth and easier retirement futures vs today's boomer generation?
Ependytis
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Ependytis »

I have found that most people either don’t care about finances or are not willing to do anything about it. For me, it’s frustrating to try to give advice to only see it not being used. Therefore, if the subject comes up, I make it a policy to do the following four items 1. indicate the impact this stuff has had on me, 2. suggest they look at the boglehead site, 3. let me know if they have any questions, and ( most importantly) 4. let it go (not my circus not my monkeys). I have yet to have anybody ask any additional questions.

I think it’s part of the human condition. Meaning once a person starts down a path it’s really hard for them to change unless something catastrophic happens. For most people, with retirement being so many years away, it’s out of sight out of mine. It kind of reminds me of the frog in the boiling water. By the time the frog realize it; it’s too late.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by jebmke »

I rarely talk finance with friends and family. It almost never comes up with friends - just seems like there are a lot more interesting things to talk about. Family members will sometimes ask me a tax question because they know I'm involved in TaxAide but that is pretty much it.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by delamer »

The people that I know who are struggling in retirement didn’t save enough, either because they overspent and/or chose careers (or lack thereof) that limited their ability to save.

The Boglehead philosophy regarding using low-cost index funds for investing might have made a difference at the margins, but wouldn’t have made a material difference in their situations.

Most people in our circle of family/friends know that personal finance/investing is one of my interests. If they ask me questions, I give them my advice.

But no one can wave a magic wand and undo the too expensive house purchase or the lack of savings.

And I have never presumed to tell another adult how to spend (or not) their money, because I deeply resent it when someone does that to me.
.
tim1999
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by tim1999 »

No, I don't discuss financial matters with anyone beyond immediate family.

If others are talking about it, I'll listen, but usually don't offer any of my own information or experiences. In recent months I've been overhearing a LOT of < age 40 people talk about their tech stock trading successes.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Gnirk »

No, unless asked the question "what should I do?". Then I tell them I have no idea what they should do, but my investments are in three index funds at Vanguard, and that is what works for me.
Otherwise, no discussion. Except with my daughters, and then I gave them the Bogleheads Guide to Investing, and tell them to max out their 401K's and Roth IRA's, if possible. And to always pay the full credit card balance each month. Not sure they do that, though. :annoyed
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by smitcat »

SoftServeAddict wrote: Sun Aug 23, 2020 1:46 pm
smitcat wrote: Sun Aug 23, 2020 1:43 pm
SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
"EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?"
The information was limited and hard to access decades ago -- now it is everywhere and available on the internet.
Do you think this means millennials will have overall higher networth and easier retirement futures vs today's boomer generation?
I do not know - I know that the information has much more value and is available with almost no real effort. A few decades back what little information was available was just not accurate and you had to get to a library or seminar to get what little there was - and some was just inaccurate.
What has become concerning in recent years is the lack of use of 401K's and other savings plans. There seem to be many folks that do great research on their cell phone but do not want to look into retirement types of plans.
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FIREchief
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by FIREchief »

About as far as I will go is to suggest to somebody paying an AUM FA 1.0% - 1.5% that they might want to check out VG PAS at .3%. If they wander down that path, I might then suggest to them that after a year or so they might decide to just do it themselves. You have to walk before you can run..... 8-)
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by nedsaid »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
I don't share my knowledge of the topic very often because quite frankly, most people are not all that interested. I did share some things with a couple of my siblings recently. If asked, I will share information but I realized a long time ago that other people's finances are really none of my business.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by stoptothink »

nedsaid wrote: Sun Aug 23, 2020 2:47 pm
SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
I don't share my knowledge of the topic very often because quite frankly, most people are not all that interested. I did share some things with a couple of my siblings recently. If asked, I will share information but I realized a long time ago that other people's finances are really none of my business.
I do the taxes for my parents and in-laws, and I've also helped my mom with setting up her retirement savings, but I learned long ago that nothing good can come from discussing your situation unless you are asking for help. A year or two ago my older brother bragged (he likes to to remind every body how much he makes, and that he drives a Porsche) about how much he and his wife had saved for retirement during a family gathering. Considering the wife and I had over 6x what they did at that time, I felt it was probably best to let him have his moment. Have had countless similar situations with other family members and friends.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Ed 2 »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
I tried many times with my friends, sister’s family. Nothing worked, actually opposite. People not going to listen if they not wired to listen and learn to begin with.
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illumination
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by illumination »

Here and there, most people just don't seem to care all that much about investing until there's a problem. It's almost like going over their tax return or something. Or their interest is purely in finding a hot stock, not a long term plan to grow wealth. I usually just "butt out" of discussing it unless I'm really asked for help. It can be hard when someone I know like a family member is really getting taken advantage of not to explain some of these concepts. But my experience is many people would rather take it on the chin financially than find out they're wrong.

I'm continually amazed how many people still buy into the idea that you need a guru financial planner to manage their resources and how many people are "happy" with their's despite never really analyzing or knowing how they are doing against any sort of benchmark. If you ask them something pretty basic like what they charge per year, most have no idea. They also don't seem to realize almost no time is really spent "managing" their money, it's just finding new clients.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by MikeG62 »

I don’t unless asked for the reasons already given by others above.

However, when many family, friends and co-workers found out I was early retiring (at 53 and DW was SAHM for the 23 years prior), I did get a lot of “how were you able to do that” kind of questions. I got the impression that these folks wished they had asked what I was doing in the prior 10 to 20 years that enabled us to get to this point (spoiler alert - we lived well below our means). I’d gladly have shared advice, but did not feel offering advice when an opinion was not being sought was appropriate.
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humblecoder
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by humblecoder »

I only talk about our own family's specific finances with one person: my wife.

My family and close friends have a general idea that I have been pretty successful at managing my money and investments, so I'll occasionally get a question or two asking for general advice, but I rarely will offer it unsolicited. The only time is when I tell new hires to consider contributing to their 401k to get the full company match, That is so basic that I can't help myself! :happy

All that said, there was one circumstance where my cousin and I were talking about credit cards, maximizing rewards, etc. He said that his general strategy was to put everything on his airline card so he could get free trips. That prompted me to start talking about my credit card strategy to optimize the rewards and discounts that I get (which isn't elaborate but it is more elaborate than what the average person does). About 30 seconds in, I realized that I was getting a look from him that indicated that he thought I was either a genius or just completely insane (or both). After that, we haven't talked personal finance again, which is probably just as well! :happy
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Oak&Elm »

Just recently my MIL asked me to look at her brokerage statement it’s with Wadell & Reed. I Asked her how much they are charging her to invest her money..... she told me nothing. She was serious. With some quick math her nest egg of 300k with an average er of .93 comes to $2,790/year. This doesn’t even take into account most of the 20 plus funds in her portfolio are class A and they set her up with a variable annuity for steady income. She’s 82 yo and proud of what she has done. I told my wife I’m not saying a word, she would be super upset if she knew what a ride she was taken on. There’s also some quarterly maintenance fee, not even sure what that is.
So to answer your question I guess it depends. In a recent post someone wrote how can people spend 50,000 hours building wealth and not spend 5 hours learning how to manage it, so true
Last edited by Oak&Elm on Sun Aug 23, 2020 4:05 pm, edited 1 time in total.
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dogagility
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by dogagility »

Family: I convinced my older sister to invest in a Boglehead way 20 years ago. When she changed her job in January, I helped her transfer her 401k to the new provider and select Fidelity index funds. My mom asked for help a few years ago, and she moved her IRA from a local bank CD :oops: to VTINX. Both have been happy with the input.

Friends: I discuss Boglehead ways with my best frieond. We are both in agreement. When I left my last job several years ago, I gave all of my function co-workers a copy of The Bogleheads Guide to Investing. Said nothing else. I gave a close millennial co-worker/friend a copy of How to Think About Money. I figure if the information is given, they can decide for themselves.
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stimulacra
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by stimulacra »

Nope. I tried to explain retirement planning to some relatives. Even the simple notion of saving 25 or 30 times annual expenses is like way too difficult a concept to grasp and too remote a goal.

I just downplay my own situation, I don't flaunt my wealth or status too much, or flaunt any hardships.
StockComps
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by StockComps »

I talk with my parents about it all the time... my mom passed down a lot of her indexing wisdom (i.e. VTSAX) right around the time I was able to start investing. Now I compete against her and my dad to see whose Vanguard account has the higher annual gains... fun times at the start of the month when it updates!
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by k b »

I don't provide 'financial' advice to anyone (mostly because I don't think I am qualified).

But I do remind people of simple planning steps I have learned over the years - make sure you have your nominations updated, make sure you have joint accounts with the spouse and have your signatures updated, avoid opening unnecessary bank or insurance accounts just because of a sales pitch / consolidate where possible, taking care of your health starting in your 40s and 50s is a great way to avoid medical expenses in your 60s and 70s, etc.

Of course, I try not to overdo it. Usually write ONE mail or text and follow that up ONLY if asked to.
Luckywon
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Luckywon »

I've brought up personal finance with a few young colleagues, usually they've been very interested and receptive to Boglehead type advice. At the start of my career a savvy colleague helped me get on track and I've always felt grateful for that.

In general I've found older colleagues are not looking to change anything. Most of them have "a guy" who manages their money and it's a "special" arrangement just for them.
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Johm221122 »

I talk about it when the situation arises. The comments I get are many by family members including some that are extremely jealous. I don't have the same problems as they do because I budget and save
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Sandtrap »

I have a wide circle of aquaintances and sort of friends and a tiny cicle of real friends and family. Most know that I am a retired businessman and fascinated with finance, investing, and wealth accumulation. I generally avoid the topic as most are contentious.
There are a few that share freely with equal interest because they have done well and are not intimidated or are fellow "bogleheads". The rest have no interest, put up a wealthy "front", or finance and wealth has never been there concern in life so struggle on as seniors in debt.

I'm sure there are those that secretly loathe financial discussions so I generally don't bring up anything unless seriously asked.

As far as my specific finances. Nobody except DW.

j :D
Last edited by Sandtrap on Sun Aug 23, 2020 4:27 pm, edited 1 time in total.
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djsander2022
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Joined: Sat Apr 13, 2019 2:26 pm

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by djsander2022 »

The company I worked for took our business unit and combined it with another company to create an MLP. We became employees of the new company and were given a choice for our existing 401ks. Roll to the new company, roll to an IRA or leave with the old company. There was a lot of talk in the break area at the time what to do and a lot of “free” EJ coffee cups showed up in the break area along with advisors contact info. The new 401k as well as HSA is with fidelity and offered low ER Vanguard including their institutional target date funds. A few people asked what I was going to do and I told them I would just move it all to the new 401k with a Vanguard TDF. Some were astonished that I would do such a “stupid” thing as the EJ advisors said they could do better. I said ok and went about my business. I also mapped out how that an HSA that Was $1000 funded added to the difference in costs between the HDHP than the PPO was more money than the $3000/ deductible in the HDHP which made it a no brainer for people with a family. Some said they couldn’t see coming up with all that money out of pocket and were sticking with the PPO. Again I said ok. I realized a lot of people will just do what they do. I don’t offer advice but will give my take on it if it comes up in conversation.
eer_no_evil
Posts: 62
Joined: Thu Jun 29, 2017 1:50 pm

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by eer_no_evil »

If asked , I’ll talk about general principles and learnings- but nothing personal, as I keep my personal finance to myself.

I did gift my sister (bogleheads guide to investing) and her husband (white coat investor) when they finished graduate school and really sparked interest from them and have had healthy discussions with them.
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Doom&Gloom
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Joined: Thu May 08, 2014 3:36 pm

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Doom&Gloom »

No. I have found it to be a frustrating waste of my time. My friends and acquaintances either simply want to brag or they view EJ salespeople as knowledgeable professionals.

I never bring up investment topics, but if asked I will generally try to give short and concise guidance and direct them to a resource that would be helpful if they are truly interested. After that I try my best to change the topic of conversation.
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Will do good
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Will do good »

I only talk about finance with few friends/ex-coworkers (those that saves and invest smartly). Most of my ex-coworker are still working and hustling, it's hard to talk about my early retirement or international travel with them, nobody likes a show off.

For lot of my circle, it is a little late to play catch up or think of a comfortable retirement.
whereskyle
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by whereskyle »

SoftServeAddict wrote: Sun Aug 23, 2020 12:50 pm I really wish someone had educated me about these things a decade ago. However I know talking about money/finances is generally frowned upon socially so most people don't. Do you guys try to educate or talk to your social circle about these things? Why or why not?

EDIT: Additional question for the OLDER Bogleheads here who are enjoying retirement but have friends who are struggling...Is there any animosity or anger that your knowledge wasn't shared with them decades ago?
I do discuss this stuff with people. Amazing what you'll hear. "Index funds are for retirees" was one that caught me off guard. As always, one has to want to learn a thing or two before any of the discussion here would sink in. That's why BH discussion is more robust. People come here because they want to learn and test their ideas.
"I am better off than he is – for he knows nothing and thinks that he knows. I neither know nor think that I know." - Socrates. "Nobody knows nothing." - Jack Bogle
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whr19606
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Joined: Sun Sep 30, 2007 6:50 am

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by whr19606 »

If the subject comes up in conversations with family or friends, I will discuss what funds we are in, and in what percentages. I am also willing to discuss what percentage gains or losses we have experienced, short and long-term. I never discuss actual dollar figures with anyone except DW. While I am happy with how our portfolio is performing in retirement, I always tell people that I am not a financial expert, that I don't know what's best for anyone else, and that I am not qualified to give investment advice to anyone. I also truthfully tell them that all of my investment knowledge is from this Boglehead forum, and, if asked, I give them the forum's web address.

For the record, I have been following this forum since, I think, 1993. That's when I began seriously investing for our retirement. So I would like to express our sincere gratitude and appreciation to the moderators of, and contributors to, this forum. Without this group we would definitely not have the financial resources we currently enjoy. We stand on the shoulders of giants. My thanks to you all.
iamblessed
Posts: 766
Joined: Sat Jun 09, 2018 11:52 am

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by iamblessed »

I found that people do not want to invest and wait 30 years. They just want to ask you for money today.
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Toons
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Location: Hills of Tennessee

Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Toons »

Only when asked.
If they can grasp the concept of "compounding"
I feel I have helped them.
Most don't get it though.


:mrgreen:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Slacker
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by Slacker »

I do with some co-workers and friends depending on what I know of their situation.

I have also with some family members (especially my own children -> I want to make sure they are armed with the knowledge).

My Parents never taught me a single thing about financial responsibility. They just made it seem as if we were poor and couldn't afford anything, EVER (no vacations, going out to eat was a twice a year affair, my parents were very responsible in their vehicle and housing choices). This left me with the impression that I will make sure to earn much more than them and have all the finer things in life that my parents did without because they were too poor to do anything about it. As a result, I spent my 20s and most of my 30s living off of debt, failing to save, and not living below my means. Finally, I educated myself and turned it around. Now in my mid 40s we are doing quite well and I recently learned that my parents have a 7 figure net worth, multiple pensions and 5 paid off rental homes. Not once did they attempt to educate me about money. I feel a little dissatisfied with the position that left me in and of course annoyed with my own choices that resulted in poor money decisions that essentially left me "decades behind" in saving for retirement. If not for a combination of Dave Ramsey, Millionaire Next Door, Mr Money Mustache and the Bogleheads I would never have caught back up and probably would still be keeping up with the Jones' spending all my paychecks and only putting enough into 401Ks to get the company match.

I REALLY wish my parents would have done a better job with the financial education, but they (especially my father) were really hands off and sort of let me learn about many big lessons in life through my own trial and error if I didn't learn from school.
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yangtui
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Re: Do you talk to your friends/family/coworkers about this stuff?

Post by yangtui »

Sure! Why not?
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