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Those of you with good money habits - How were those taught or learned?
Posted on 8/10/17 at 10:10 am
Posted on 8/10/17 at 10:10 am
I am interested to know if those of you with smart money habits is a result of upbringing or self teaching?
Was there an event that made you become smarter with money?
Was there an event that made you become smarter with money?
Posted on 8/10/17 at 10:16 am to HailToTheChiz
no idea. I feel like I've been tight since birth.
Posted on 8/10/17 at 10:20 am to HailToTheChiz
Self teaching. My family never saved anything, but I was always a saver, even as a child. I made some dumb decisions that ended up costing me a lot, but I always worked harder to make up for that. I never took anything for granted, never carried a balance on a credit card and never bought on impulse.
Also, I don't spend on material possessions much. I prefer to spend on experiences. Research confirms that the happiest people are those who spend on experiences, and I think that's true.
My furniture is outdated, my TV isn't gigantic and I don't drive a fancy car. But I do go to concerts a few times a year, take a few vacations each year and enjoy myself when I'm on vacation.
I think I'm much happier than family members who are making $700 car payments every month. They drive up to the family reunion in a nice ride but I'm the one who has exciting trips or concerts to talk about when people say "what've you been up to?"
Also, I don't spend on material possessions much. I prefer to spend on experiences. Research confirms that the happiest people are those who spend on experiences, and I think that's true.
My furniture is outdated, my TV isn't gigantic and I don't drive a fancy car. But I do go to concerts a few times a year, take a few vacations each year and enjoy myself when I'm on vacation.
I think I'm much happier than family members who are making $700 car payments every month. They drive up to the family reunion in a nice ride but I'm the one who has exciting trips or concerts to talk about when people say "what've you been up to?"
Posted on 8/10/17 at 10:22 am to HailToTheChiz
I have had to learn how to manage money. I like to think observing my mother and her spending habbits growing up taught me everything I needed to know about how NOT to spend money. She'd buy a new car every other year, trading in the old one that was upside down. I think she filed for bankruptcy once or twice...I can't remember. All of this while being a pharmacist and making damn good money. She's going to be working the rest of her life because she didn't plan for retirement.
I just know that whatever happens, I don't want to make the same mistakes she made. Thanks for the life lesson, mom.
I just know that whatever happens, I don't want to make the same mistakes she made. Thanks for the life lesson, mom.
Posted on 8/10/17 at 10:32 am to HailToTheChiz
Cutting grass at the age of 10 and not being given anything than essentials by parents. Had to buy all the items my friends were given. Appreciate money more.
Posted on 8/10/17 at 10:38 am to President
Learning from dumb mistakes.
One of two things happen: Money manages you or you manage money and therein lies the difference.
Not wealthy by any stretch and that is okay. Meeting life's needs and the occasional wants with no second thoughts, is a nice place to be.
One of two things happen: Money manages you or you manage money and therein lies the difference.
Not wealthy by any stretch and that is okay. Meeting life's needs and the occasional wants with no second thoughts, is a nice place to be.
Posted on 8/10/17 at 10:48 am to HailToTheChiz
quote:
self teaching
In all honesty, my wife was the one that really got us on track. I assume growing up as a poor, Air Force kid helped her appreciate the value of money.
Posted on 8/10/17 at 10:52 am to HailToTheChiz
A healthy combination of both. My parents both came from poor families and built their way up by living within their means and investing wisely. Neither believed in allowances, you had to work for your money. That instilled a greater appreciation in me for money and its worth.
The best way for me to motivate myself in saving is to find something very expensive I want. If everything I ever wanted was easily affordable why would I ever need to save, eh? Carrot on a stick and all that jazz.
The best way for me to motivate myself in saving is to find something very expensive I want. If everything I ever wanted was easily affordable why would I ever need to save, eh? Carrot on a stick and all that jazz.
Posted on 8/10/17 at 11:04 am to HailToTheChiz
Watching my parents not save like they should have and got an accounting degree. My parents aren't/weren't poor by any means, buy they didn't save like they should have. That really taught me you don't want to be "cash poor." Granted not all of the stuff was their fault, but when I want something I want to be able to buy it and not worry about it.
Posted on 8/10/17 at 11:05 am to Decisions
My parents taught me by example. They were of modest means and frugal. They were comfortable in retirement.
I learned the difference between a want and a need.
And I was motivated to make money and did so by making smart real estate investments.
I learned the difference between a want and a need.
And I was motivated to make money and did so by making smart real estate investments.
Posted on 8/10/17 at 11:07 am to HailToTheChiz
About 5000 hours of listening to my man Dave Ramsey!
Honestly, I have no idea.
Honestly, I have no idea.
Posted on 8/10/17 at 11:12 am to HailToTheChiz
I never knew I had good money habits, until I got married.
Posted on 8/10/17 at 11:38 am to HailToTheChiz
Wife taught me, I was awful with money until after college.
Posted on 8/10/17 at 2:02 pm to ItNeverRains
I was raised very well but not really taught specifics to managing money. My dad owned his own business that did well at times and struggled at times. I saw how he and my mom adjusted our life to live within our means. He also took me to investing and business seminars as a kid. I was under the age of 13 going to these conventions with my dad and I think it just allowed me to observe business and cash flow. Right out of college I listened to a guy on the radio that talked about budgeting. I started using excel to build a budget. Right before I got married I had my wife start using the same budget and then we combined them. About a year into marriage and about 25 yrs old I read Dave Ramsey's book and she did also. We were lucky. We started managing our money really well at a very young age. We always plan for the year ahead each year.
Posted on 8/10/17 at 2:11 pm to TigerintheNO
quote:
I never knew I had good money habits, until I got married.
Same, kind of.
I watched my mom struggle with poor money management skills, while my dad always lived within his means (divorced when I was young). I decided my dad's life seemed less chaotic and I wanted that. I graduated college with school debt and credit card debt but within my first year out, I started working hard at both. I had a few lucky breaks early on but I also worked really hard at whittling away my debt.
I didn't realize that was a "radical concept" until I got married and we had very different views towards spending, debt, financial planning, etc. It's still a work in progress...
Posted on 8/10/17 at 2:26 pm to HailToTheChiz
Several things...
1. Grandfather gave me stock and would challenge me with investments quizes/games
2. When I was 13 or so, my mother started giving me cash to buy things I needed and I could pick what I bought, but I had to track money. One poorly thought out back to school shopping expedition during puberty helped me figure out how to budget.
1. Grandfather gave me stock and would challenge me with investments quizes/games
2. When I was 13 or so, my mother started giving me cash to buy things I needed and I could pick what I bought, but I had to track money. One poorly thought out back to school shopping expedition during puberty helped me figure out how to budget.
Posted on 8/10/17 at 2:43 pm to Hawkeye95
growing up borderline poor will help you big time. We never went on vacation and lived in a very modest house. My grandparents saved a lot and spent little. They would only buy stuff including cars if they had the cash saved up for it.
My wife and I were both fortunate to graduate debt free. We both lived at home with out parents during college and had part time jobs. It makes me sick to see these college kids with brand new cars and luxury apartments. They will be paying those loans back for years to come.
We both have newer cars but other than the house and cars, we have no debt. I do buy toys from time to time but it is with cash money I have saved up. I've flipped a few vehicles on the side for some play money. my wife stays home for now with the kids until they are older. We survive on one income and we don't have a lot left over but we have fun with our kids. Once she gets a job we will be more comfortable.
Moral of the story is live within your means and earn to make a follow a budget.
My wife and I were both fortunate to graduate debt free. We both lived at home with out parents during college and had part time jobs. It makes me sick to see these college kids with brand new cars and luxury apartments. They will be paying those loans back for years to come.
We both have newer cars but other than the house and cars, we have no debt. I do buy toys from time to time but it is with cash money I have saved up. I've flipped a few vehicles on the side for some play money. my wife stays home for now with the kids until they are older. We survive on one income and we don't have a lot left over but we have fun with our kids. Once she gets a job we will be more comfortable.
Moral of the story is live within your means and earn to make a follow a budget.
Posted on 8/10/17 at 3:28 pm to HailToTheChiz
Upbringing and taught from the very beginning. I was balancing check books (when that was a thing) when I was 10 years old.
I also have a natural interest in personal finance. Tax and investment classes I took in college pushed that knowledge to new heights.
I also have a natural interest in personal finance. Tax and investment classes I took in college pushed that knowledge to new heights.
Posted on 8/10/17 at 4:09 pm to HailToTheChiz
My parents are frugal and never had debt outside of their mortgage that wasn't interest free, they just bought everything cash when they had the money to do so. They taught me to appreciate the money I earn and use it wisely. They never made much, and their frugal habits were out of necessity and common sense more than them proactively trying to be frugal. They lead by example.
Until I started making more money than they ever did. Being frugal by choice instead of out of necessity was a different ball game for them. Same guidelines applied, but my means are bigger than theirs ever were (thanks to them). Once that happened, the price of experience went up. You are welcomed to call it stubborn. I'd agree with you.
Until I started making more money than they ever did. Being frugal by choice instead of out of necessity was a different ball game for them. Same guidelines applied, but my means are bigger than theirs ever were (thanks to them). Once that happened, the price of experience went up. You are welcomed to call it stubborn. I'd agree with you.
This post was edited on 8/10/17 at 4:13 pm
Posted on 8/10/17 at 4:31 pm to HailToTheChiz
1. Parents and family model financial behaviors
2. You can learn these things from books, shows, etc
3. If you are around people who think paying your bills on time, saving and investing are important, you will likely think these things are important. AKA Culture
2. You can learn these things from books, shows, etc
3. If you are around people who think paying your bills on time, saving and investing are important, you will likely think these things are important. AKA Culture
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