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As Cognition Slips, Financial Skills Are Often The First To Go

FYI: Studies show that the ability to perform simple math problems, as well as handling financial matters, are typically one of the first set of skills to decline in diseases of the mind, like Alzheimer’s.
Regards,
Ted
http://www.nytimes.com/2015/04/25/your-money/as-cognitivity-slips-financial-skills-are-often-the-first-to-go.html?ref=your-money

Comments

  • A good idea would be to simplify the portfolio as one gets older.
  • It's interesting. I remember being told when I was younger that the first thing you forget when you've been drinking are the things you most recently learned- like driving. At that time, the point was don't drink and drive.

    This says that the first things to be forgotten due to mental disease are things you've known for a very long time, rather than the stuff you just learned, like how to use your new iPhone or the name of your second wife who you've only been married to for 10 years rather than the 70 years you've been able to count backwards from 100 by 7.

    I'm not trying to make any real point other than finding it interesting, but I guess it must mean the parts of the mind affected by alcohol are different than those affected by mental disease.
  • Yes. Its important to develop a complete will (or living trust) early and to keep it updated. It is also important to do some contingency financial planning regarding what happens if you do suffer from significant mental decline. And, it is important to self evaluate your financial mental fitness as time passes (and that, if you are in a long term relationship with someone, that you discuss the importance of honestly reporting to each other about what you observe about that significant other).

    My father lived with dementia for the last 15 years of his life. He had handled most of my parent's financial affairs during their 60 years together. My parents did very little "what if" planning regarding this possible outcome. Fortunately, I was able to make myself available to handle their financial and many of their other personal affairs during those years. This experience clearly showed me that planning for this possible outcome is important.
  • Didn't read the article, but I would think keeping your mind active as you age is just as important as exercise in old age. I can't think of any better mental exercise than following the markets. When I was young I use to sit in the brokerage boardrooms and watch the tape. I was always impressed with the mental vitality of those sitting with me - many in their 80s and even a few in their 90s. I attributed their mental alertness to their years of monitoring the markets and wanted to be just like them when I got old.
  • I'll counter this argument by saying that without proper exercise of our brains and body (all hell will break loose) much sooner.

    Also, we don't give forgetfulness enough credit and I can't remember why.
  • @bee I have never been able to remember much of anything. So, my challenge will be compounded if my memory does start to decline!

    To your listing of exercise of brain and body, I would add good diet, good sleep patterns, faith based activity (whatever that means for you), and other socialization activities. I just finished reading "The Blue Zones Solution: Eating and Living Like the World's Healthiest People". It looks at five demographic/geographic zones around the world where people live measurably "long" lives and which produce large numbers of centenarians. The book intertwined the prospect of long life and the delay of onset of dementia in its discussion and hit all all those factors as being significant.
  • davfor said:

    @bee I just finished reading "The Blue Zones Solution: Eating and Living Like the World's Healthiest People".

    I'm hopeful that there's a glass of red or white in these "blue zones".
  • @bee Yes. Red wine made the list (although not among the Seventh Day Adventist blue group!). Unfortunately, my IPA beers were not on the list. I think the yeast may be a killer. Ah well, some cheating is permitted.....
  • davfor - I read that book. It's most excellent and interesting. Social groups and exercise made the list along with fruits, veggies and nuts. Fish yes, red meat not so much.
  • edited April 2015
    The user and all related content has been deleted.
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