Shared vs separate bank accounts?

[Maia]

In terms of chequing accounts, my parents have a joint account for family expenses (house, vacations, medical costs etc) then they each have an account for their own hobbies. That worked quite well. Should add that both of my parents have incomes.

I guess I would prefer that as well. Then there are accounts outside of the family like business accounts.

 

[frederick]

In terms of chequing accounts, my parents have a joint account for family expenses (house, vacations, medical costs etc) then they each have an account for their own hobbies. That worked quite well. Should add that both of my parents have incomes.

I guess I would prefer that as well. Then there are accounts outside of the family like business accounts.

It sounds like your parents have been wise in their financial set-up, but everyone is a little different in their situations. Some of us live outside the USA and there are many factors that come into play. An important thing to keep in mind is that God gives us a tremendous amount of freedom in how we choose to use what He has given us, however we are to use all those resources wisely and responsibly. There is a Day when we will each give an account to Him for what we have done with what those resources He has given us. It all belongs to Him, and we are to be good stewards in His household.

 

[Maia]

It sounds like your parents have been wise in their financial set-up, but everyone is a little different in their situations. Some of us live outside the USA and there are many factors that come into play. An important thing to keep in mind is that God gives us a tremendous amount of freedom in how we choose to use what He has given us, however we are to use all those resources wisely and responsibly. There is a Day when we will each give an account to Him for what we have done with what those resources He has given us. It all belongs to Him, and we are to be good stewards in His household.

My family is originally from Germany, and even though my main residence is USA now, we kinda live in both countries. It seems that financially Europe (at least some parts) is further ahead. In terms of the banking system it seems that the US is now where Europe with the EC card system was long before I was born, and people there seem to understand that money is something that needs to be saved.

I am perplexed why many Americans are upset that the government is wasting money, when they do not even have their own finances in order. The government is a "perfect" representation of the people in this case......

 

[MemeFan]

I am perplexed why many Americans are upset that the government is wasting money, when they do not even have their own finances in order. The government is a "perfect" representation of the people in this case......

Because your money "wastage" is spend on valuable things for you. And since bureaucrats have way bigger budgets and different values, they can spend way more money on stupidities.

And government "money wastage" means higher taxes which means less money for my things.

 

[Maia]

Because your money "wastage" is spend on valuable things for you. And since bureaucrats have way bigger budgets and different values, they can spend way more money on stupidities.

And government "money wastage" means higher taxes which means less money for my things.

The point being the stupidity of the average Joe is on par with the government, they are hired from the same gen pool after all. If I look at some of the workers at my families companies it is saddening. The biggest head scratchers for me are those $80,000+ pickup trucks. They are generally not bought by the salaried workers (who could afford them, but they seem to be more akin to Audi, Tesla or something) but by blue collared workers. I know what they get paid each month, so I know that they are living pay check to pay check to pay for those toys.

 

[MemeFan]

The point being the stupidity of the average Joe is on par with the government, they are hired from the same gen pool after all. If I look at some of the workers at my families companies it is saddening. The biggest head scratchers for me are those $80,000+ pickup trucks. They are generally not bought by the salaried workers (who could afford them, but they seem to be more akin to Audi, Tesla or something) but by blue collared workers. I know what they get paid each month, so I know that they are living pay check to pay check to pay for those toys.

They can't have same stupidity.

Government stupidity is more special stupidity.

If you put average Joe in government position he will be become more stupidier. It's thanks to incentives.

In private sector, if some stupid rule book blocks customer satisfaction, there is some chance end result is happy customer and rule book in trash.

In government, end result will be....ummm, let's check this special case:

Bureaucratic Lunacy: EU Denies That Water Stops Dehydration

The bureaucrats are relentless in their lunacy.

www.garynorth.com

 

[Maia]

They can't have same stupidity.

Government stupidity is more special stupidity.

If you put average Joe in government position he will be become more stupidier. It's thanks to incentives.

In private sector, if some stupid rule book blocks customer satisfaction, there is some chance end result is happy customer and rule book in trash.

In government, end result will be....ummm, let's check this special case:

Bureaucratic Lunacy: EU Denies That Water Stops Dehydration

The bureaucrats are relentless in their lunacy.

www.garynorth.com

Then again we need governments since most individuals would not be capable of organizing something as fundamental as garbage collection.

Regarding your example with the EU. I did not do any research into it, but I suspect that there is more to that then meets the eye. It might be the difference between a scientific view and layman view. For example, if is about distilled water, then the EU would be correct, giving that to a dehydrated person - without anything else - would be well, deadly.

 

[MemeFan]

Then again we need governments since most individuals would not be capable of organizing something as fundamental as garbage collection.

Are you sure? Best organization for garbage colkection are ones who can demand and get more money for every their "mistake".

Regarding your example with the EU. I did not do any research into it, but I suspect that there is more to that then meets the eye. It might be the difference between a scientific view and layman view. For example, if is about distilled water, then the EU would be correct, giving that to a dehydrated person - without anything else - would be well, deadly.

It was for bottled water buyable in shops. It contains regular, not distilled water.

Only proper response is ridicule till heaven, not any defense.

 

[paterfamilias]

In terms of chequing accounts, my parents have a joint account for family expenses (house, vacations, medical costs etc) then they each have an account for their own hobbies. That worked quite well. Should add that both of my parents have incomes.

I guess I would prefer that as well. Then there are accounts outside of the family like business accounts.

My notion is to start with a family trust. That assets go into a trust as the family and continuity of the family for multiple generations is the biggest priority in my mind.

As things stand now my wife and I have accounts at the same credit union where they are linked. Couole of checking accounts, one savings and one money market. We each handle various aspects.

My notion with respect to a new wife is going to in large part be dependent upon circumstances. Was talking pretty seriously with a woman with a few million in the bank and a monthly passive income as a middle class annual income. Her notion was...and I thought this was amazing...that I should quit the corporate gig and focus on being a father, husband and homesteader. I have also talked to more than one who would have come with a suitcase and no money to their name.. None of those examples worked out for a couple of reasons but the point of telling the story is to point out that things will be different from circumstance to circumstance. Broadly speaking though, if I have a goodly amount of assets, some of them that are in their 7th generation now in a trust, it doesn't seem reasonable to vest a new wife in that trust immediately.
Personally I don't believe in divorce but it is not like I can wave a magic wand and make a hypothetical new wife who decides plyg-life is not for her stay.
I can see how a new wife absolutely needs a safety net however and I have a few notions on how that can work. Again it will be individual circumstances though. Will she be maintaining a career or being a mom and housewife or a little column A little column B with a smattering of school?
Personally I would love to meet a lady with a type A personality who was better at day to day finances so I could off load it.

The most important thing is really talking things out early on and figuring out what makes everyone comfortable.

 

[paterfamilias]

I am perplexed why many Americans are upset that the government is wasting money, when they do not even have their own finances in order. The government is a "perfect" representation of the people in this case......

Oh boy is that a long and circuitous explanation.
Not everyone in the States is like that as I am sure you know. In fact, some of us revel in being penny pinchers.

 

[frederick]

I am perplexed why many Americans are upset that the government is wasting money, when they do not even have their own finances in order. The government is a "perfect" representation of the people in this case......

I couldn't agree with you more! Well said.

 

[paterfamilias]

If I look at some of the workers at my families companies it is saddening. The biggest head scratchers for me are those $80,000+ pickup trucks. They are generally not bought by the salaried workers (who could afford them, but they seem to be more akin to Audi, Tesla or something) but by blue collared workers. I know what they get paid each month, so I know that they are living pay check to pay check to pay for those toys.

Similar experience with respect to being perplexed by the idea of spending that kind of money on whst could have bought on a so so home in rural America a few years ago. My first impression along those lines was as a child when my grandfather would point out the new Cadillacs and new sports cars part in front of older mobile homes. The commentary he had was not whst you would call charitable. I expect I inherited a similar attitude. I have purchased a small number of new cars but none extravagant and I vastly prefer a good quality used vehicle where someone else has taken the depreciation. Function over form and certainly over peacock plumage fitness signal by way of the vehicle.

Lots of notions about why so many Americans are like that but I think they would tens to bore the audience