Whether they’re full-time homemakers or big time movers and shakers, mums just aren’t getting enough credit these days.
When you consider the fact that they must rear a human child and then condition him or her for survival in the crazy world we live in, the fact that some would only estimate their value at $66,000/year is startling.
Women are emerging not only as breadwinners in the home but money managers as well. Nearly 60 per cent of working mothers say they hold the reigns on their household expenses alone and another 30 per cent share the responsibility with their partners.
In light of Mother’s Day, we thought we’d celebrate by asking some bright personal finance minds some of the most important money lessons their mums every taught them.
'My mum's best money advice is to never be financially dependent on anyone, including my husband. She told me time and again to make my own money, have my own career and build my own credit.
And her advice doesn't stem from being financially jilted by a man ---- she's been married to my father for over 40 years and her parents were married for almost 60 years. Instead, she recognised the importance of financial independence (especially for women) and insisted I take the necessary steps to cultivate a stable lifestyle for myself.'
----Kendal Perez, blogger at HassleFreeSavings.com.
'There are far too many people who demonize the financial services environment and cause us to fear banks, fear credit cards and fear debt. That's just silly.
I was always taught by my parents that it's better to understand and leverage the financial services system than it was to be scared of it and avoid it.'
----John Ulzheimer, CEO of SmartCredit.com
'While I was fortunate enough to always have what I needed growing up, any extras were on me. Starting at age 12 or so I worked weekends and summers at my mum's store coupled with other jobs, like babysitting and busing tables.
I saved my little paychecks namely for concerts, vintage clothing shopping excursions and special trips to Newbury Comics in Boston for Duran Duran Japanese 12 imports. All those years saving for those little extras instilled in me a solid work ethic and a penchant for saving my pennies.'
----Trae Bodge, Senior Editor, Retail Me Not
'My parents always taught me to work hard and not worry about the results because practice eventually makes perfect. So from early on, getting started on anything was never a problem for me. Even if I didn't have the perfect plan, I felt like the plan will inch closer to perfection as time goes on as long as I keep honing my skill.
The major beneficiary is my healthy savings, because I never hesitated to start putting money away when I was much younger even when it was only a few dollars here and there. And by having the habit of saving some of all types of income, the few dollars became a few hundred and eventually allowed me to be well on my way to financial independence.'
----David Ning, MoneyNing.com
'The best advice my mum gave me about money was: 'It's just money.'
This cuts both ways. On one hand, my mum hasn't always been the best money manager, so I have learned from her cavalier attitude about finances and that it is critical to take money seriously.
On the other hand, sometimes I can get so hung up on budgeting and investing and saving that I forget that sometimes I need to lighten up, enjoy what I have, and remember that while you can never get back time, you can always earn more money.'
'My mum was a saleswoman at Macy's and later an Upper East Side thrift shop for many years. I repeat her mantra about shopping every time I walk into a store, sign on to Groupon or check out eBay:
You should only purchase something if you need to talk yourself out of buying it, not into buying it.
So much shopping is about convincing ourselves to buy things we don't really need ---- a Groupon coupon for a restaurant that's in a neighbourhood we never visit, for instance. The deal is good so we convince ourselves we'll really go, say, to the Upper East Side. But really? Or we see a great price on a sweater at the Barney's Warehouse sale but it's a colour we never wear. But it's a good deal, so we rationalize the purchase. On the other hand, when something is really, really right for you, or what you need, you know.'
----Helaine Olen, author 'Pound Foolish: Exposing The Dark Side Of The Personal Finance Industry'
'My mum was the couponer. She was the one who spent the money. She was very good at haggling and stretching a dollar. We would watch her as children and she was always negotiating things that shouldn't be negotiated.
As a result of this advice, each year I negotiate credits and discounts from my service providers (cable, insurance, cell phone bill).'
----Tiffany Aliche, The Budgetnista
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