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Money Legacy
Hi all,
This is my cherry-popping entry so please excuse me for sounding silly.
I want to know what is the best and/or worst money education your parents pass on.
My parents are one of the most generous people i know. In fact, my first and main money principle is the one i get from them:
"if you want to get money, you have to give money away. Be generous to people who need it. Money is a stream and we should be the channel not the pond"
I used to resent this notion as they become an easy target for opportunistic people out there. But then again i also realised that they wouldnt come to their wealth if they had not been so generous. My mum for example is capable of building and managing multi-million dollar property portfolio and jewelry business with only high school diploma. I know that she has strong people and leadership skills, even though sometimes her dominant character transcends business boundary.
On the other hand, they are responsible for inflicting shoppaholic gene into my life (and my siblings'). They love going overseas for shopping. And by shopping i mean being responsible for half of the country retail sales figure that month. They always have trouble at the airport during check-in. There is never a trip without the baggage going overweight. And you should see their storage room is full of luggages. I mean, it's like a sea of luggages. They tried to bring little stuff at the beginning of the journey (and extra empty suitcases) but the suitcases somehow got 'pregnant' and make babies along the journey.
At home, my dad is famous for doing outrageous monthly wholesale groceries shopping. I know there were 7 people living at our house (few years ago), but did we really need 40 bars of soap in a month? It's a tropical country (Indonesia) but how smelly can one really be?
Surely now i live away from them and manage to control the shopping urges most of the time. But there are moments where i had to restrain myself from inflicting harm to my bank account.
Yes, yes, we all have read numerous articles and research about how our parents' money behaviours will be passed on to us whether we like it or now. But this blog will not analyse any of that. I just want you all to share your personal stories.
So, is there any money wisdom or stuff up from your parents that you still live by until now (and most likely forever)?
This is my cherry-popping entry so please excuse me for sounding silly.
I want to know what is the best and/or worst money education your parents pass on.
My parents are one of the most generous people i know. In fact, my first and main money principle is the one i get from them:
"if you want to get money, you have to give money away. Be generous to people who need it. Money is a stream and we should be the channel not the pond"
I used to resent this notion as they become an easy target for opportunistic people out there. But then again i also realised that they wouldnt come to their wealth if they had not been so generous. My mum for example is capable of building and managing multi-million dollar property portfolio and jewelry business with only high school diploma. I know that she has strong people and leadership skills, even though sometimes her dominant character transcends business boundary.
On the other hand, they are responsible for inflicting shoppaholic gene into my life (and my siblings'). They love going overseas for shopping. And by shopping i mean being responsible for half of the country retail sales figure that month. They always have trouble at the airport during check-in. There is never a trip without the baggage going overweight. And you should see their storage room is full of luggages. I mean, it's like a sea of luggages. They tried to bring little stuff at the beginning of the journey (and extra empty suitcases) but the suitcases somehow got 'pregnant' and make babies along the journey.
At home, my dad is famous for doing outrageous monthly wholesale groceries shopping. I know there were 7 people living at our house (few years ago), but did we really need 40 bars of soap in a month? It's a tropical country (Indonesia) but how smelly can one really be?
Surely now i live away from them and manage to control the shopping urges most of the time. But there are moments where i had to restrain myself from inflicting harm to my bank account.
Yes, yes, we all have read numerous articles and research about how our parents' money behaviours will be passed on to us whether we like it or now. But this blog will not analyse any of that. I just want you all to share your personal stories.
So, is there any money wisdom or stuff up from your parents that you still live by until now (and most likely forever)?
Views: 1
Replies to This Discussion
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Permalink Reply by jacquesk on -
Hi Bytta
I had a fairly distant relationship with my parents but through observation I learnt that you can work very hard your entire life and still end up with next to nothing. Work hard if you must but work smart and have a long term strategy including aims and objectives.
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Permalink Reply by LS on -
My parents taught me (well I learnt from watching them) how easy it is to lose a fortune by making a few bad decisions. Actually it can just be one bad decision that has a flow-on effect...
Holding onto your money is as important as making it - it's hard to bring it in, but oh so easy to push it out the door.
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Permalink Reply by Bandwidth on -
My Parent's money mgmt was at best ordinary. I was basically taught to work hard for a living and make ends meet.
In my younger years my mother actively discouraged my entrepeneur activities as she came from a blue collar background and thought they were to risky.
I was always able to make extra money but spent it just as easily
When I was in my mid to late thirties I worked out what I was going to be worth in later life and it scared the hell out of me so I decided to do something about it.
Since then I have had my share of comments from Mum about how much debt I am in but just toke them on board.
I invested in property, shares and investment education and I feel I am now getting there in spite of my parents.
I am glad my parents did not have a lot of money because they would have kept giving to the kids and I would not have learnt to provide for myself
BTW I left home at 19 and joined the forces was married @ 21 and kids @ 22
I have no regrets ot complaints
My advice is to take responsibilty rather than lay blame. Our parents did the best with the knowledge they had.
My Brother and I provide the luxuries in my mother's life
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Permalink Reply by Tony Aloisi on -
The best things that my parents taught me about money were:
1. to not view money as an end in itself, by as a means to achieve your dreams
2. to be generous with your money, without throwing it away
3. that money will not in of itself make you happy, unless you are already happy because of other things (way of life, achievement of goals, partner, family, physical well-being, etc.)
Tony
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