Who do you (as a member of this community) make financial decisions for?
I’m interested in the motivations that we have as financial decision makers. We talk about financial decisions such as spending, saving, investing for the future, gambling on crypto, etc. But when we actually take these decisions, whose benefit (or risk) are we thinking of?
Many articles & posts about financial education are written for specific decisions … investing FOR YOURSELF, saving FOR CHILDREN, etc. But then most of our decisions are rarely as neat as that, and even if we’re tempted to make certain decisions, we need to take into account the impact on our partners, our families and others.
Or maybe you don’t?
It occurs to me that talking about “risk preferences” (for example) will be different if the risk is something that only affects “my money”, as opposed to those choices I make affecting “the money we are saving for family projects”, such as fixing the roof, or replacing the kitchen.
- myself (my partner or others make their own choices)
- me and my partner (I take most decisions)
- me and my partner (they take most of the decisions)
- me and my partner (we take decisions jointly)
- my family (partner and dependents, including kids)