I have talked to people who admit that because they spend so much time on social media, it’s easy to fall into the routine of making purchases there,” said Molly Ward, an advisor with Equitable Advisors. “Social media paints the people we follow in such a fabulous light, it becomes hard not to want to ‘keep up with the Jones’s’ and have it all just like they do — causing people to overspend.”
“Revenue coming into the household would pay for the expenses, regardless of where the revenue generated,” said Molly Ward, an advisor with Equitable Advisors. “This isn’t the reality for all couples. Some will split the bills and those are paid for equally by each one.”
If you take out $20,000 today, assuming a 6% rate of return — that’s a loss of roughly $115,000 in 30 years. That could be a couple years in a long-term care facility. I feel for these parents. Money and life are intertwined, and the last thing people want to talk about is money.