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Growing up in the 70s and 80s, the conversation around money was stressful in our home. I was the third oldest in a family of ten (seven boys, three girls). Yes, we’re Irish and Catholic. As you can imagine, the regular paycheck from my dad’s job came in and went out even quicker. Typically, all the money was spent even before the next paycheck. Despite my mom working intermittent part-time jobs, they had no savings to access. I can’t recall any budget meetings or conversations around how to prevent the money drain each month.
The often-repeated argument would go something like this: “You bounced another check,” my dad would bark at my mom.
“How are we suppose to eat?” she would ask incredulously.
Cue the expletives and you get the scenario. This would be the money theme we would hear as kids with regularity.
It wasn’t all bad as my parents did teach us the value of work at a young age. I can recall having several paper routes around the age of nine or ten and delivering papers early mornings on my bike, usually with my brothers. At about age twelve, I was expected to caddie (yes like the movie Caddie Shack) at the local private golf club during summers. I was following in the footsteps of my older brother. I hated this “job” not for the actual work but for the waiting. We called it the caddie “rot”. You were only paid when you actually caddied on the course for a member. During the summer we would have to get up at the crack of dawn, bike to caddie shack and give our number to the caddie master. Then we would wait, wait and wait some more. You could be waiting all day without caddying. However, if you did get lucky enough to caddie for a member, it was worthwhile. The pay was great for roughly 4-5 hours on the course with lunch included. Another perk was free golf for all caddies on Mondays.
While the folks instilled a good work ethic, not surprisingly, they didn’t provide us any advice around what to do with money earned. Therefore, I usually spent it on normal kid items (baseball mitt, baseball cards, candy, records, etc.). However, I think this ongoing conflict around money in our household likely gave me some motivation to be curious about money. My first introduction was reading business magazines (e.g., Fortune, Business Week, Forbes) at the local pharmacy while trying to see if I have enough money for candy. I couldn’t afford the magazines but it sparked wonder about how money can grow. As I grew older, and the money woes continued in our family, I knew this was not how I wanted to be as an adult/parent. However, I didn’t have any formal financial literacy in school nor sit downs with any wealthy aunts/uncles or members of the golf club.
The next bigger moment came during my college years. I read Wealth Without Risk (1988) by Charles Givens. This was the first book that gave me valuable insights into investments, mutual funds, stock market, insurance and consumer do’s and don’ts. It gave me a general framework for savings, investments and personal finance. The book was timely because I was finishing up school and soon to be entering my first job. It’s important to note that Charles Givens was sued numerous times and settled two cases for defrauding customers. Fortunately, I applied the basic saving and investing lesson from this book by contributing to my employer’s retirement account each paycheck into growth mutual funds. I benefited from compound interest and regular contributions over the long horizon.
Thankfully, my wife and I have avoided the stressful money arguments from my childhood. We have two young adults, enjoy financial independence and are nearing our next chapter. I now look forward to spending time in my retirement to teach financial literacy to the younger generation, helping that kid who’s looking for some guidance.
Kevin, a very good summary that reminds me of my own childhood growing up down to the paper routes AND caddying (hated that caddy master). I’m sure living through such financial stress impacted many of us to change the narrative when we grew up and started our careers.
Dana, attending a state college that my parents could barely afford was a blessing that provided the platform allowing me to pursue a career in accounting, earn a CPA and make a better life for my kids.
Kevin, thanks for the reminder of where we came from now that I’m in that retirement phase of life!
I’m sure not having 10 kids helped!😏
A shout-out here for mentioning the late Charles Givens. I too was introduced to his work “More Wealth Without Risk” sometime in the early ’90’s. In fact, (this will probably offend some of the minimalists out there, sorry) I still have it, and peruse it from time to time, for nostalgia as much as anything. Definitely a throw-back to a by-gone era.
Occasionally, in trying to figure out where I want to go, I find it useful to look back from time to time and see where I’ve been. Thanks for sharing.
We didn’t have ten kids in my family, but my parents were not good with money, and that’s putting it politely. My father had grown up with wealthy parents and couldn’t/wouldn’t give up trying to live large despite a relatively modest single income (my mom stayed home). So there was always debt, always tension, never enough money growing up, and eventually my parents had to file for bankruptcy.
When I went to college, it was to a low-cost state university, and I had a modest monthly allowance from a trust set up by my grandfather. I was very fortunate and graduated debt-free, but I also barely had enough money to eat for four years. I now am a professor at the same university and donate regularly to the student food pantry on campus because I remember what it was like to be food insecure, a term that didn’t exist when I was a student—but that’s what I was.
Nice article. Thanks for sharing.
Kevin, this was an excellent article. I could relate to so much of it. Chris
Your article reminded me of the old saying, “I have been poor. I have been rich. Rich is better.”