March 29, 2024

Bucks Blog: When Money and Emotions Collide

We all have some sort of history that has shaped the way we relate to money, and those feelings can influence many of the financial decisions we make, both both big and small. Human nature plays a big role, too.

So on Tuesday, the Your Money team, in collaboration with American Public Media’s “Marketplace Money” radio program, published a special section with several articles that illustrate where money and emotions collide.

One article discusses how scary markets often cause us to do crazy things — like throwing away our well-designed, rational financial plans and buying or selling at the worst possible moments.

Another article talks about how adhering to your dream — to open a cupcake shop or become an artist, for instance — could end in disaster. And it discusses why human nature makes it so hard to turn our backs on those dashed dreams — even when it’s abundantly clear we should probably walk away.

There’s also an article about how it’s tricky to sort out our emotions from economics when purchasing long-term care insurance, while another article looks at the type of people who choose to give away their big inheritances.

Other articles raise difficult questions: Do I truly believe I will live long enough to spend my retirement money? What am I prepared to spend on a suffering pet, and should I? Will I insult my fiancé if I question him about his savings or his debts? Should I help my adult children — and will I put myself at financial risk if I do?

We hope you will share some of your own experiences related to these articles in the comment section below.

Article source: http://bucks.blogs.nytimes.com/2013/03/26/when-money-and-emotions-collide/?partner=rss&emc=rss

Bucks Blog: Still Seeking College Application Essays About Money

This past weekend, the kind folks at Marketplace Money had me on to talk about the Your Money team’s continuing search for high school seniors who have written college application essays this year about money. You can listen to a clip from the program below.

 

 

If you have written about work, class issues, your family’s wealth (or lack thereof) or anything else that touches on your financial life or the economy, please send it to us at moneyessays@nytimes.com. We’ll pick the best ones with the help of Harry Bauld, the author of “On Writing the College Application Essay,” and publish them here on Bucks sometime in the spring.

Article source: http://bucks.blogs.nytimes.com/2013/01/14/still-seeking-college-application-essays-about-money/?partner=rss&emc=rss