We are creating with joint checking (all weekly/monthly expenses are paid from here), the short-term cost savings (bigger and less regular bills like auto insurance and vacations come from here). Short-term savings are utilized every few months and limited to very specific reasons. Long-term savings/money market account (this keeps our emergency finance and We utilize this to save for things such as a fresh car or house improvements). Each one of these accounts has computerized deposits.
We do have our own credit cards, which get paid off every month, and our very own investment accounts. This works for us. We do not do “yours and mine” we do “ours”. Having said that, my brother and his wife got married later in life and decided to keep it separate. There is also their own accounts. To each their own.
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His Grandparents farmed there but eventually lost all their land credited to bad business dealings. His own Father committed suicide, so his mother – a formidable woman – worked investing in second mortgages to place her three children through City College. He graduated, got a rule’s degree, and went to work in a Brooklyn company representing what is now Citibank.
He worked well his way up to partner, moved to Westchester, and was elected mayor – probably the first, last, and only Democratic mayor of that populous city. A committed new-dealer, he was involved with creating new bank rules through the great depression also. But they were hardly wealthy by Westchester standards, or indeed, today even.
He had a good four-bedroom house in a suburban neighborhood, but it was barely a mansion. A cleaning was had by them lady, and when he retired, a Cadillac was bought by him, which back then was considered a “nice auto”. They were comfortable but rich hardly. And what wealth he had, he up earned from the bottom, one dollar at a time.
One reason he never became wildly rich was probably the high tax rates back then – and we’ll get back to those later. With marginal rates up to 70%, it was hard to build up dynastic wealth. And with increasing property taxes, owning an elegant “white elephant” house was out of the question for him.