She recommends writing down the names of a few people you know or have heard about who don't have a lot of money but seem very free to you, as well as the names of people who do have a lot of money but don't seem to be free at all. We have recommended this and other money myth exercises to parents of teenage children who will soon inherit substantial money. Couples with differing personality types present a unique challenge. Mellan devotes an entire chapter to advice and exercises designed to assist couples in communicating effectively about shared and divergent money attitudes and goals. In our experience, couple cohesivenss is essential to good financial planning.
Money plays such an important role in our society and lives.
So it's important to understand the impact it has on our decision-making process and behavior before we can hope to truly achieve financial independence. Page last updated June 22, 1997. This page copyright 1995-97, The Board of Trustees of the University of South Carolina. For comments, contact J. Stucker .