How do we manage our family finances? Let me tell you a story.
The year Gina and I got married, we filed taxes separately. Gina was a relatively sophisticated investor and tax strategist, so she had accountants prepare her return. I didn’t, so she got a front row seat to watch me prepare mine. I did what I always did:
- Purchase TurboTax.
- Close my eyes.
- Click the Next button 50 times in a row.
- Enter my bank account details and let the IRS take their money. I rarely noticed how much it was.
Gina was horrified, and I was never allowed near our finances again. That arrangement has worked out well for everyone involved, including our portfolio.
(The flipside of this is, I approached investing the same way. My strategy over the past 20+ years has been to buy Vanguard funds and then forget about them. All things considered, that’s done pretty damn well.)