Money Advice From Mother to Daughter (Part 3)

I want to quote a little from this guest blogger Elkinsette. If you have not read her post you should.

“I did a good job hiding my money issues from her. She had what she needed. We had a place to live and food in the fridge. It was the mounting credit card debt she did not know I accumulated to keep up with costs and the Joneses.”

I find that a lot of parents today don’t have the conversation of money with their children. I saved these two categories for last because if you only give them advice on Investing and Spending you can change your family tree.

Invest

“Sit down with the wealth specialist so that they can show you how to make your money work for you so are not chasing it.” – Alisha Lindsey
  • Invest toward retirement as soon as she starts earnings.
  • Read books written by the pros! Save and then use that money to make money.
  • Don’t save Invest
  • Invest in yourself!! You’re well worth it. Name your saving account. If it’s for a car, don’t dip in it to pay a bill. Use it only for the intended purpose. If you need a rainy-day account, open one just for that!!
  • The Rule of 72
  • Learn all you can and follow the clues of successful people. (Not people pretending to be successful or living beyond their means but successful people who know how to invest and have their money make them money.)
  • Compounding Interest is your bestie
  • Invest towards retirement at an early age. You can open an IRA at the age of 18. Even small amounts will make the compounding interest earned over time worth the investment.

Spend

“Avoid the word “sale” – it tricks you into thinking you must buy it now. When in reality there will always be thousands of sales and most the time we don’t need the stuff that is being promoted! Walk away-hoarding is not attractive.” – Lisa McKenzie
  • Everything in your life you want you don’t have to have.
  • Money is a mean, not an end. Money is simply a tool to get to your goals in life
  • Buy what you love and love what you buy.
  • Always make sure you have your own money to cover your expenses even if you’ve been invited or hosted by someone else just in case the agreed upon arrangement don’t workout. If you don’t have the money call your mother.

If you missed Part 1 click here to read it.

If you missed Part 2 click here to read it.

If you missed Elkinsette post read it now.