Sound Financial Advice: Lessons I Learned From Mom

March 6, 2023

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I think that it’s quite funny to say, “Mom was probably right.”

When it came to money, she was old-school. Born in 1918, she was a survivor of both the Great Depression and the Auschwitz Concentration Camp. You can see why she had developed strong memories that she never wanted her children to experience.

As Spring is approaching in March, here are a few lessons from Mom:

Live below your means.
Do not spend your total income on your lifestyle. Flashy cars, clothes, and even a home can eat up livelihood if you over-extend.
Take care of your family first, you second. Old-school thought has always been that it is your job to financially care for your spouse and children, even though we now live in a two-income world.
Work hard at your job or career. Nothing can replace great work habits, and nothing can lose your wealth faster than procrastination, poor decision-making, or divorce.
Prepare for a rainy day. They always show up when you don’t want them to.
Invest for the future.
Prepare for a long retirement. We may live 30 years now into our retirement.
Prepare for health emergencies. Without good health, all the wealth in the world is meaningless.
Give to others who are in need. We call this charitable giving. Lots of ways to go here. My grandfather, a librarian, still gave 10% of his income weekly to those less fortunate.
Enjoy your life. Do things you love, and it will never feel like work.
Take a break and treat yourself to a vacation or a nice weekend away.
If married, work on your marriage every day. I am fully aware that it takes two to tango.
Never stop being a parent, even if the kids need a little bit of financial help.
Teach your children the way you would like them to teach their children.
Stay positive, even in the face of negative events or those around you.
Have humility. Remember how fortunate we all are to be living with the wealth, health, prosperity, and families that we have.