You might think I love everything about money as a finance blogger, but I wouldn’t bet the house on it as you’d be wrong :) (Though I do know of a house for sale if you end up losing it!)
Today I thought I’d share some of the areas I hate just to let you know you’re not alone. It doesn’t mean I don’t pay attention to them, but it doesn’t mean I have to be in love with them either.
Let’s start with health insurance. *Vomit*
If there’s one thing I understand the least, it’s health insurance. I don’t know how it’s billed, why we can only use some doctors vs others, what the % of deductibles for emergency room visits are vs co-pays vs all the paperwork you get from both the doctors and the insurance companies, and I damn don’t understand how Obamacare works.
I like how my boy Lance* put it the other day:
I laughed for a quick second until I realized I was “one of his friends.” And then I proceeded to laugh-cry as I signed up for $957 monthly premiums for 2016 (!!!). I’m glad more people are being helped through it, but man does it still sting. That’s a mortgage payment right there! Or a Boat/RV/Benzo payment – combined!
Now thankfully you get something in return for these crazy rates, but what exactly I couldn’t tell you either. I made it my wife’s job to figure it out for our household as I do everything else surrounding our finances. Like the fun stuff :) (Paying bills, saving and investing, tracking net worth – giggity giggity!). All I know is that we now pay $50 more than we did a few months ago, and $500 more than we did two years ago before baby #2 and my wife both came onto my policy. Important stuff to have, but man…
Hate #2: wills / estate planning
While health insurance you can at least see the benefit you’re getting every time you’re sick, with wills you never will until you’re dead ;) Now of course it still means they’re super important, especially if you have wee ones in the mix, but it’s always hard to get excited for something that you pay for but always hope to never use. Not unlike life insurance, which is next on our list.
Easier to understand than the top two items, but still very much a pain in the ass to set up and go over the first time around. Especially when you have all those shady salesmen trying to sell you plans with “investments” in them or that thing they call “whole” life insurance.
Now I’m not versed enough to debate intelligently on this topic, but I do know that I’ve been quite happy with our TERM life insurance, and that most other finance bloggers would agree it’s something to consider. Especially if you’re young. It’s as simple and straight forward as it gets too: you die, your beneficiary gets the amount of the policy. You live – they don’t. And isn’t that what life insurance is supposed to be?
Stock picking / researching
I love making money, but I hate losing at it. And I’ve never been real good at picking the right stocks at the right time and then knowing when to cash out at the exact perfect time too. (Or researching them in general for that matter – I get no excitement out of it at all). So I’ve stopped. If the “experts” who do it for a living can’t even out perform the markets consistently (with emphasis on consistently), why would I expect myself to?
So I thank the heavens above for finally realizing the magic of Vanguard and waking up to the idea of simply matching the market through indexing. It’s not very sexy, but it works. And requires no effort at all on your behalf – a double score!
“Planning for the future”
This one’s going to sound insane because the whole point of managing your money is to give yourself a better future, but truth be told I suck at forecasting ahead like that. I still save and invest like crazy, obviously, but I can barely comprehend what my life will be like within the next month, never the less the next 5 or 10 or – hell – 20 years from now.
So to combat this, I just do my best to stash away as much money as I can, and then make sure to consistently track my net worth each month to keep things in perspective as the years go by. Combine that with running calculators every now and then, and plotting along early retirement spreadsheets, and I can tell fairly quickly whether I’m moving in the right direction or not, haha… I WISH I could see myself in the future, but at least I’m paying attention to my money on a daily basis, eh? If I continue doing that I should be fine in theory!
I almost didn’t put this one on here because I cheat and use an accountant, but I still hate seeing the money leave my account every three months ;) I get that taxes are important for the country to run and all so I’m fine paying them, but man – couldn’t there be an easier way?
I’ve also noticed how much I dislike *business* accounting vs *personal* accounting too – is that weird? I feel like my brain can only handle one side at a time, and it always chooses the personal side of finances, haha… And thus, exactly why I use an accountant!
Anyways, those are the biggest areas in finance that annoy me :) You assign me most anything else with money and I’ll sit there devouring it like crazy, but not with those guys, no siree.
Maybe these are the parts normal people think “finance” is all about? The areas we’re forced to pay attention to vs all the hacking and dreaming and molding our perfect lifestyles when we make money our bitch? If so, I don’t blame them for hating this stuff! You gotta get into the fun parts before tackling the boring!
I’ll start thinking up some new slogans for loving personal finance… In the meantime, you share the parts you hate with money now and we’ll officially make it a Day of Complaining ;)
*If you’re wondering how much Lance is now paying for insurance, the answer is $310.43/mo. So basically one third of what his dear friend is paying, womp womp.
[Facepalming monkey by Duncan Hull]