The Emotional Balance Sheet
I often enjoy the personal finance columns by Carl Richards. In a recent one, he explains how to create an “emotional balance sheet” to quantify (or at least tally) your non-financial assets.
Carl tells the story of how he and his wife Cori made the choice for her to become a full-time mom, despite the fact that the family would lose more than $1 million in earnings over the next twenty years.
He’s quick to point out that the moral of the story isn’t “all mothers should stay home with their children”—which is good, since presumably many readers would make different choices. The lesson is a) to be clear about your intentions, and b) learn to value non-financial assets.Read More