My oldest just got graduated from college (yeah me and yeah her!)…
Today I came across a posting that made me think.. hmm.. how much of my advice about money was truly useful. Take a look at this article in Money Advice.
Now why did I like this article? Well growing up, only gave me one advice and I think it was the worst advice any father can give to his child. He told me:
“If you don’t save your money, one day you will lose it all“. Can you imagine the impact of that kind of harshness it has on the long term psyche of a maturing teenager? Well because of these wise words, I grew up being always afraid that I would become poor if I spent money and didn’t enjoy life.. I tried to squirrel away as much money as possible. This was good and bad..
I did manage to save money, but it didn’t stop me from getting into debt..
I always wanted to enjoy life, but had to reel myself in.. Instead of encouraging me to be cautious.. he just flat out said “you will lose it, with your desires“. Again a double whammy
So I as grew up and earned more and more money, I became even more afraid of losing all of my financial independence.. It affected all parts of my life.. I was determined to overcome this personality glitch and it took me a long time, but I think through my kids, I’ve turned the tide on this.
My kids were always taught to be in balance with spending and saving.. Yes they do what they want no mattr what Dad says.. but overall they are quite well adjusted when it comes to money..