The Hidden Costs of Family Financial Advice A 60 year old widow recently shared her concerns about suspected financial manipulation by her son in law turned financial advisor in a letter to Slate's Pay Dirt column.
Her tale highlights the delicate balance between seeking advice from loved ones and protecting one's own interests.
The writer's situation began with sound advice – max out the 401(k), work until 67, buy used cars – but took a dubious turn when her son in law recommended renewing a $500,000 term life insurance policy.