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Sometimes, kids need a little inspiration when it comes to picking up money-management skills.
That's why, for a recent column, I asked several financial experts to answer this question: What was the best advice about money your own parents or grandparents ever gave you?
After the column appeared, I heard from a lot of others who wanted to weigh in. Here is some financial wisdom that impressed me.
My mother's sage advice when my husband and I married in 1961. Mom didn't work outside the home and couldn't hold much of a conversation about finances, but she did say (this) to me before we left for our honeymoon.
Mom was right, as usual. I am a retired Lutheran minister and bishop. Over the years, I have seen poor money management plague countless individuals and families.
My dad talked to my siblings and me about making great money choices at an early age. He did it repeatedly and without remorse. ... If you pay yourself first, you are automatically on the road to financial freedom. It is exactly what
Sage advice received from my father when I was 12 or 13. This was advice from the '50s when credit was not so freely granted and "on time" meant something different. My experience as a financial planner has proved to me that one of the biggest impediments to long-term financial security is being in eternal car debt or never-ending lease payments.
It took me a long time to figure out that my parents were well off. And I had no idea how much until they passed away. They lived well below their means. And while I do use a credit card for everything, it is paid off each and every month.
My dad was a product of the Great Depression. There were five children in our house. Granted, this approach is a little heavy-handed. All I know is I have never felt the need to spend or allocate every dollar I have. I just buy the necessities and with an occasional small splurge, sock away the rest.
My father came to the
1) If you can't pay for it, you don't need it - the only exceptions are financing your home or investment property. 2) Don't pay someone else's mortgage. Buy, don't rent. 3) Excessive debt and unrealistic expectations cause more divorces than infidelity, drinking, drugs and in-laws."
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