Following up on last week’s topics of choosing a guardian and getting your will in order, Gail instructs us to make an estate plan this week.
Power of Attorney
Gail started this week explaining the two types of Power of Attorney (POA): Financial POA and Medical POA.
Marrying a Money Moron
Unfortunately, this is my story. I married a money moron and since it took me years to get out of it, it ruined me financially at the time. Thankfully, I discovered Gail and Till Debt Do Us Part around that same time and she helped me get my life back.
Gail’s advice here is gold. Take it and implement it. I strongly recommend it as they are things I wish I had done sooner.
These next two tweets are lessons I learned the hard way. I found that I owed it to myself and my partner to set boundaries with finances and not bail them out any longer. As Gail mentions, this isn’t for punishment, but actually should push your mate to take care of the problem on their own.
Before I was able to set boundaries, I thought it was helpful to pay off my partner’s credit card. It was a smaller debt and seemed to fit in the narrative of paying off one debt at a time–starting with the small one and working towards the bigger one. Unfortunately, what I didn’t realize was he would just charge the credit card back up again and it was a cycle of behaviour.
There’s a fine line between helping someone out of a tough spot and enabling someone’s harmful behaviour. I landed on the side of enabling and am glad that I was able to finally see the light and get out of that negative situation.
Have you had experience with money morons in your life? What lessons did you learn from those experiences?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
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