Modern Families and Modern Money Worries

The article "Modern Families and Modern Money Worries" begins by discussing how the families of the rich and poor are constructed in many different ways such as multiracial, single parent, multigenerational etc. But, the financial advice received by these diverse family constructs are all based off "traditional families". However, even though this advice can be somewhat useful, the needs of these different family structures differ.

The article explores Arnold Jenkins who is newly single father who was a former workaholic. He explains how changes in his life such as daycare expenses, diet and more have placed a financial burden on him. He worries if something were to happen to him, if his daughter would be able to be financially stable. The advice John Diel gives single parents is to focus on budgeting and benefits, which is in their control. Another man, Rylan Leese, explains how his mother was fiscally irresponsible, which lead to his financial difficulties, but was able to overcome these difficulties with the assistance of his wife and wife's father.

 Blended families also create issues for people. In blended families, the concern is often what's mine and what's ours. This issue is exacerbated when the will needs to be drawn up, and the family must decide what children receive the lion's share. One woman, Katherine Mitchell, met a her second husband who was a generous man and they were able to come to a mutual agreement on how to support Katherine's autistic son later in life.

Same sex families also create issues. Although the recent supreme court decision has relieved issues such as tax and healthcare, the issue of other family members not supporting the marriage is still present.

Multi generational families also carry financial burdens. One man whom was an avid golfer had to give up his hobby when he was given custody of his grandchild. Many other tax complications arrived from his new responsibility causing him to rethink his finances.