Member-only story
Technically, every dollar that you or I own is the same.
Whether it is held in your checking account, IRA, child’s college account, PayPal account, trading account, health care savings account or whatever, it is still worth just that, a dollar.
You and I and most of the rest of the world does not see it that way. I most definitely do not. I would not cash a dollar out of my daughter’s savings account for anything besides her education. As far as I am concerned, those dollars are hers and hers alone.
Most of us think of our funds as belonging in different buckets. One may be for living your life and paying the bills while another may serve as your vacation fund or paying off student loan funds. It may be earmarked for your retirement or for saving for a new car.
As I have continued my continual reading of fiction, self-help books, trade publications, the dozen or so magazines that I subscribe to and too many blogs and newsletters to count, I have been reminded of this concept a few times lately.
First off, I went seriously old school and read some of Nobel Prize-winning economist Richard Thaler’s work. No offense to the…
