If so what did they teach you or what did you pick up from them on your own? I don't remember ever being taught anything regarding saving or investing when I was young. What I picked up was that money was not something you had much control over. Unfortunately I'm still living that but feel like i'm moving in the right direction since hanging out here on SaverLife.
I thought it would be interesting to hear others experiences as children and how it's affected you.
I Had to learn myself.
Apart from specific lessons that parents teach their children regarding money and personal finance, I think children pick up and emulate a lot of the behaviors that their parents demonstrate. It's often easy for children to ignore things that their parents say, but it's hard to ignore 18+ years of observation and learned behavior. People often preach to do as they say, not as they do, but when it comes to money and finance, I think parents can generally benefit their children much more by leading by example.
Apart from specific lessons that parents teach their children regarding money and personal finance, I think children pick up and emulate a lot of the behaviors that their parents demonstrate. It's often easy for children to ignore things that their parents say, but it's hard to ignore 18+ years of observation and learned behavior. People often preach to do as they say, not as they do, but when it comes to money and finance, I think parents can generally benefit their children much more by leading by example.
Well said and so true.
I learned about saving havits when I was younger, but for concepts such as compounding interest and investing - I learned on my own.
I learned about saving havits when I was younger, but for concepts such as compounding interest and investing - I learned on my own.
Compound interest calculators or charts should be shown to every kid before they leave high school. Once you see what's possible over time it's so inspiring.
https://www.calculatestuff.com/financial/compound-interest-calculator
I learned that very thing I know by trial and error. Made some HUGE mistakes in college and in relationships, but I am slowly digging myself out. I am not trying to educate my 12 year old daughter on saving, investing, budgeting and the difference between wants and needs.
No they didn't , I'm 43 and finally can manage money now. I'll be making sure we are teaching are daughter though.
I learned that very thing I know by trial and error. Made some HUGE mistakes in college and in relationships, but I am slowly digging myself out. I am not trying to educate my 12 year old daughter on saving, investing, budgeting and the difference between wants and needs.
Love that you and Shannon are breaking the cycle. Good job Moms!
My parents taught me what not to do. I had a step-father that gambled and constantly borrowed money from people that he couldn't pay back. So far, I have rarely put myself in a position where I need to borrow money and when I have, I make sure I pay back in full within a month no later. I had to learn to use and respect credit on my own. I am now re-learning how to be disciplined with credit and relearning to save for emergencies.
My parents taught me what not to do. I had a step-father that gambled and constantly borrowed money from people that he couldn't pay back. So far, I have rarely put myself in a position where I need to borrow money and when I have, I make sure I pay back in full within a month no later. I had to learn to use and respect credit on my own. I am now re-learning how to be disciplined with credit and relearning to save for emergencies.
Way to go, @Renee W., recognizing those lessons for what they were. When it comes to things like religion, politics, and finances, we often try to emulate our parents under the assumption that those beliefs and habits are simply the norm. It takes a great deal of maturity, introspection, and self-discipline to go against the grain.
My parents taught me to save cash to buy things; however, as an adult the pressures of raising kids sometimes caused me to not follow that advice and I used credit cards which can easily get out of control.
Their spending habit is bad thought, I learnt nothing from them about spending money. I totally agree that we have to learn spending and saving ourself
Their spending habit is bad thought, I learnt nothing from them about spending money. I totally agree that we have to learn spending and saving ourself
Teach yourself and then teach your children. We all have the power to break the cycle.
I was spoiled, WAY TOO SPOILED, growing up and it definitely hurt me as I became an adult and had to start doing things own my own! I am grateful for everything, don't get me wrong! I just wish my parents would have taught me a little more about spending, saving and other financial responsibilities!
My mother instilled in me the importance of having a good credit score, which then led me to do research and learn about what I should do.
I was spoiled, WAY TOO SPOILED, growing up and it definitely hurt me as I became an adult and had to start doing things own my own! I am grateful for everything, don't get me wrong! I just wish my parents would have taught me a little more about spending, saving and other financial responsibilities!
@Jessica, thanks for your interesting response. I can relate somewhat, I wasn't spoiled but I was the 5th of 5 kids and had no real structure or discipline as a kid. As a result, I had to learn these skills later in life and it was difficult.
No. I pretty much grew up in debt. I'm fortunate to know better now.
My parents taught me savings accounts and CDs are good. Everything after that was school.
No
My mother didn’t know anything about money, and she might not still know anything, really….so no, I got nothing from my mother. I was never shown to save money. Wasn’t shown how to budget or balance a checking account. What NSF fees were. How to write a check. Nothing.
No. I learned that when the checkbook had a rubberband on it. it meant that it was closed and there wasnt any money available to spend on anything. I've had to teach myself…and I started far too late, honestly. They should teach real life money management in school.
No , I am learning now
Gina B. they would never because it would create too many bosses and not enough workers.
No. I learned that when the checkbook had a rubberband on it. it meant that it was closed and there wasnt any money available to spend on anything. I've had to teach myself…and I started far too late, honestly. They should teach real life money management in school.
They definitely should teach more real life skills in school.
