Guideposts – August 2019

20

al, you need a time-out. That’s totally
normal. But before you step away from
the conversation, commit to a specific
time to reconvene. The Money Talk
may be one of the best conversations
you’ll ever have.

Build your financial literacy. Look up
every financial word you don’t know.
Learning to “speak finance” may be
slowgoing at first, and you might find
yourself looking up the same words
multiple times, but if you stick to it, the
process pays off.
I think of finance as
a triangle—a little like
the Holy Trinity. For a
comfortable retirement,
you need to do all three
things: Save, earn and
invest. It does no good to
earn if you don’t save. And the money
you save you need to invest.
Sign up for reputable investment
newsletters, blogs and podcasts. They
will give you a wide variety of tips and
tricks and introduce you to words and
ideas to help expand your financial lit-
eracy. Or else work with a certified fi-
nancial planner. Many employers offer
this service to employees.

Live below your means. One of my cli-
ents is a cafeteria worker in a private
school making about $30,000 a year.
Her husband works in construction,
and they have two children. She immi-
grated to America as a young woman
and is intimately familiar with the pain
of poverty. She doesn’t want that life

anymore, especially for her children,

so she budgets, saves and invests

carefully. At 35 she already has a solid

six-figure retirement account. On her

current trajectory, she will be in great

shape at 65.

By contrast my CEO father, a high-

income earner, didn’t save much. With

each promotion and pay raise, his life-

style became increasingly lavish. He

started out in an efficiency apartment,

traded up to a stylish ranch home

and then to a three-story mansion on

15 acres. Where is he now? Back in a

small efficiency apartment, living off

Social Security. Watching him suffer

through that transition has been hard.

I joined the community of brothers

for one reason: I felt unconditionally

loved. That was worth sacrificing the

world for. Even though they had to

dig themselves out from under some

poor financial decisions, the broth-

ers always tried to love more. When I

left the monastery to become a money

manager, I wanted to continue doing

that. Because the ultimate goal of han-

dling money well is to be able to give

generously and help make the world a

better, kinder, more loving place.

For more on this story, see FAMILY ROOM

Learn Doug’s most practical financial tips. guideposts.org/dougl

BUDGET WISE

You don’t have to hate money. Just

use it—and love it—properly. It can

help you put your values in action.