Last week, the weather finally cleared and I found myself at my local Thai restaurant. I was enjoying an extra spicy beef pad kee mao when what did I overhear? Personal finance tips being traded between two customers, two tables away. Both men were in their 60s, in gray sweatshirts and fuzzy baseball caps, and chatting about their pension plans and retirement. Through their munching, I overheard bits like “I took a big hit lately but I’m starting to come back” and “[my investment advisor] is a certified financial planner and broker. You name the title, he’s got it.”
While you and I might be a few decades away from retiring, I think we have a lot to learn from these two loud patrons: finding a buddy to trust about personal finance is golden. Yes, it’s true that you can start trying to “keep up with the Joneses” but I think the benefits of sharing your troubles and stories within a close circle outweigh it. First, there’s validation and support from someone else who is confused too. Second, you can cover a lot of topics at once. You’re both sifting through information and asking each other some tough questions, like, “have you drawn a will?” Once you’ve identified those issues, you can chat with your team of experts for help. Lastly, the best part of having a personal finance buddy is the sense of time. You can learn about what a phone call, trade decision or tough conversation will sound like—before it actually happens. Very good to know for the things in life with no “undo” button.
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