by Dr. Boyce Watkins, Syracuse University
You are going to live forever. Death is beneath you. Those who depend on you financially will always be able to rely on your immortality as a guaranteed source of financial security. I hope you don’t think I’m lying, being sarcastic or sounding flat out silly. Perhaps you do.
Ok yes, I was being silly. But the reality is that most of us are equally ridiculous when it comes to our perception of death and how our sudden passing could financially ruin those who care about us. Death doesn’t care how many appointments you have, how many projects you’re working on, or how many plans you have for the future. It just takes you, and it’s always at the least convenient time. That’s the nature of the Grim Reaper, who might not be nearly as malicious as the bill collectors seeking to get their money back after you’re gone.
While comprehensive financial planning is beyond the scope of this article, I can share a few tips on dealing with debt in the event of your death. This information could help you when dealing with a deceased relative, and it should also be shared with your relatives in case you pass on unexpectedly.
by Dr. Boyce Watkins, Syracuse University
Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money. If you raise your kids to be financially responsible, they can be assets to you during retirement. If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt. So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.
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Watch Dr. Boyce Watkins and Christopher Metzler on CNBC - should the rich be taxed more than the poor? Click here to watch
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