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What financial lessons—good or bad—did you learn from your parents?

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Arpe Gio
Arpe Gio
2 months ago

Live within your means and earn your living doing something you enjoy that you are good at.

Debbie Clay
Debbie Clay
2 months ago

My Dad told me to never use credit cards unless I had the cash to pay the balance off every month. I have never had credit card debt and never paid interest or late changes.

Purple Rain
Purple Rain
2 months ago

Simplify. Have a will. After my parents passed away, I spent a decade sorting out the financial messes they left behind with a total of over 50 accounts in between them.

Roboticus Aquarius
Roboticus Aquarius
4 months ago

Invest in your 401k!

This is mostly good advice, but some 401k’s have high fees and high cost fund options. In such cases it can be better to just invest enough to get any matching benefits, and use an IRA instead.

Last edited 4 months ago by Roboticus Aquarius
SCao
SCao
6 months ago

My parents are both savers, which is a great habit I observed and learn. My dad however only saves in cash, with zero understanding or how-to for investment. My mom knows a bit about investment by earning low/simple interest.

Sonja Haggert
Sonja Haggert
6 months ago

Pay off your mortgage as soon as you can so you always have a roof over your head.

elaine thomas
elaine thomas
6 months ago

When I received my first paycheck, my mother told me to pay myself first by putting some of the money into a savings account. Since then I have always done that. I’m grateful for that advice because there will always be a reserve, no matter how large or small, to help cover some of those unanticipated financial surprises.

Mike Zaccardi
Mike Zaccardi
6 months ago

I pretty much did the opposite from my parents. They were big spenders relative to their income, of course they had 5 kids for whom to provide. I have zero. They committed many of the mistakes the typical American did in the mid-2000s, which hurt financially.

Still, my mom was sure to keep a nest egg, and that has grown over the years. Their spending declined as the kids left the house and they were able to refinance their mortgage at a low rate recently. They also thoughtfully delayed Social Security to maximize that freebie annuity.

Now they are in good shape for the most part. As I get older, the more I realize that spending money on loved ones is good when done responsibly.

I used to think all discretionary spending was bad. As always, my folks are looking smarter the more I age!

Anika Hedstrom
Anika Hedstrom
6 months ago

I am extremely fortunate to have the parents I do. They taught me to disregard the Jones’ and to spend according to our own family value system. Growing up, I was often embarrassed to be driving around in old cars that were the least bit sexy, and now understand how it was those types of decisions that allowed our family ski vacations and club soccer. They saved in all areas that didn’t align with our values and priorities so we could spend on the things that did, like fitness and experiences.

Ben Rodriguez
Ben Rodriguez
6 months ago

Neither of my parents were savers. I became a prodigious saver.

Jim Wasserman
Jim Wasserman
6 months ago

My father was a practical man who taught me many things about finance. My first hard lesson was when I found one of my comic books listed in a valuation manual as worth $50. I showed it to my dad and said, “My comic is worth $50!” My dad asked, “Do you know anyone right now who will pay you $50 for it?” I said no, to which he then said, sorry, but it was not then worth $50; it was worth whatever someone would actually pay me for it.

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