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Don’t leave it up to the schools or the school of hard knocks (experience)
People fail at money throughout their lifetimes because they never learn how to manage it.
Most people spend more than they earn, live with debt all their lives, are irresponsible credit card users, and lack financial education. On top of all this, too many refuse to educate themselves about money.
What would help mitigate these outcomes?
Financial education and the best time to learn about money is during childhood.
Early Education Sets The Tone
The sooner you can start educating your kids about money, the better.
“But I don’t even know much about money.” you might say.
Not knowing anything about personal finance is not a legitimate reason not to teach your kids about money, and here’s why.
I didn’t come from a wealthy background, and my parents grew up in poverty. Yet my parents taught us about money while learning about it themselves.
How My Parents Taught Me About Money
1. Financial Education: Books And Piggy Banks
My parents had us reading personal finance books at the dinner table.
Reading these books was the most potent thing they did regarding financial education because it sparked my natural curiosity about the subject.
Even after we stopped reading books about money, I continued reading books about money.
They got my siblings and me piggy banks, so we could learn the three ways to use money:
Give it
Spend it
Save (invest) it
2. Investing
A retirement consultant came into our home to set us up with individual retirement accounts.
At the time, I thought having an investment account and saving was cool, but I didn’t realize just how powerful this one thing my parents had us do was.
We were only kids at the time.
But that one thing catapulted me into quickly developing the habit of long-term investing.
3. Entrepreneurship
Our parents encouraged us to monetize our gifts and skills, which is precisely what we did.
My siblings and I were all entrepreneurs at a young age and understood the power and freedom of working for yourself.
I ended up teaching music for ten years, starting from middle school until after college graduation, and this business helped me fund my life for over a decade.
4. Debt
We became conscientious of how painful debt can be.
We had debt like all families. When my parents were introduced to Dave Ramsey, they started paying off their debts aggressively.
I remember how much of a feat it was when they would pay off one debt and move to the next one until, finally, everything was paid off except the house.
At that point, I became familiar with debt and how innate it should be to possess a natural urgency to eradicate it.
You can’t always avoid debt, and sometimes it is useful.
However, personal debt, credit card debt, and even student loans should be avoided at all costs.
5. College
I funded my college education through student loans, scholarships, and working multiple jobs.
If I had to repeat the process, I would apply more aggressively for scholarships to avoid student loans entirely.
But I would still not ask for a dime from my parents for my education.
Paying my way through school gave me a sense of pride and urgency to ensure I completed school at all costs. I was never okay with starting school and not finishing as many friends from my past did; not finishing would completely waste my time and resources.
Hence, throughout my college journey, I would tell myself things such as,
“You’re going to finish school. You can skip a few classes here and there, but you’re going to f*cking finish this out, and while you’re at it, you’re going to acquire multiple degrees and make it tf count.”
That was my natural mentality. I saw it as my duty to be responsible for my educational outcomes. My parents instilled this mentality inside of me.
How did my parents help me with college?
They helped me with college tours, applications, and moving in, and they helped me obtain a parent plus loan (which I paid off and did not allow my parents to pay a single cent of it).
Since I worked on campus during the week and off campus on weekends, they were my sole source of transportation for multiple years in college, which I’m grateful for.
Observation Is The Greatest Teacher
I was a sensitive child and a very keen observer. I always noticed what worked and what didn’t work for my parents.
Store Credit Cards
I remember my parents acquiring store credit cards such as Sears and JCPenney and how much effort they put into destroying the debt on those cards.
Store credit cards never resulted in a positive thing. My grandmother used to be a store credit card fanatic; she had one for every store. But it was a sure way to build a mountain of debt.
For some reason, I’ve never applied for a store credit card and likely never will.
Home Buying
I also learned that buying a home comes with additional costs; if you’re not prepared to manage them, delay the home purchase.
Always set aside 2% of your home value for unexpected maintenance costs, taxes, and fees.
The Gist
My parents didn’t seem to have much to offer based on their background.
Nobody taught them about money, and they had every right to fail as parents, but they didn’t. They taught us invaluable life principles about money and success in life.
While they taught us about money, they were learning about it themselves.
I observed their habits and listened to their words, which helped me thrive financially.
It’s up to each individual to learn how to manage money, but having parents that set the tone through educating their kids creates the opportunity to do significantly better much earlier, eradicating the generational curses surrounding money in many families of color.
Schools Don’t Teach Your Kids About Money, So Whose Gonna Do It?
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.