The WWN team recently hosted a Financial Literacy brunch for 10 dynamic women. Their ages ranged from 35 to 56 years and their occupations were also varied: 3 Business owners, a professional accountant, a web developer, an insurance advisor, Not For Profit Director, 2 stay-at-home moms and health care worker. As with all our workshops, it was both fun and insightful.
The greatest learning came from the women sharing experiences and knowledge gained throughout the years. One of the most touching part of the day was when one of the ladies wistfully whispered that she wished her mom had taken the time to also teach her some good money sense in addition to teaching her how to cook, clean, work hard at school and in life!
This gained traction from everyone in the room and so we decided to ask each of the ladies to state ONE key thing they wished their mothers had taught and ingrained in them about money matters and finances. After our session, I decided to call up some other friends and WWN members to also get their take on this interesting topic.
Below are some of their responses:
- I wish my mom had taught me to save a part of my income for myself and not spend everything on grocery! ~Bridget C.
- I wish she had taught me to NOT do what she did, which was basically that she spent money carelessly, according to her whims and moods. For instance, when my mom became ‘interested’ in sewing, she spent so much money on getting the most expensive machines and equipment and in a few months the phase passed! And then I grew up doing the exact same things, spending money as a form of mood reliever or enhancer (‘shopping therapy’), instead of treating my hard earned money with respect and dealing with all my ‘ emotional stuff’…~Parisa K.
- I wish she taught me about the pure evil of credit cards, especially to check the interests I pay monthly! And I would have loved for her or anyone at bank that you actually have to pay them off each month to avoid the interest fees. (Not just making minimum payments). Also, to diligently put money aside for the rainy days! ~Ezi M.
- I wish she had taught me about delayed gratification and how to make lay-away plans on purchases. I am way over my head in debts; student loans, departmental store cards, car loans, credit cards loans etc. ~Annette D.
- I wish my mom taught me how important it was to get permanent and critical life insurance policies at a very young age to avoid the hefty premiums I’m paying now especially as my grandmother died of cancer. (I’m doing better with my daughters now). ~Margaret J.
- I wish someone sat me down and explained the basics of household budgeting and that loans and credit cards do not actually solve the root problems of an unbalanced budget! ~Mozghan A
- I wish my mom taught me how to invest in Gold and precious stones. In ny part of the world (Iran), almost every woman I know has a sizeable collection worth a fortune. My mom bought cooking equipments instead! Note to self: Invest in only jewelry that appreciates in value over time!!!~Olga P.
- My mother was actually very good with money. She was a banker and worked at a reputable firm, for some reason though she never took the time to educate me about credit cards, loans, investing etc I guess it was just assumed that I would somehow know…..My husband and I filed for bankruptcy in 2008 after we both lost our well paying jobs and realized we had ZERO savings and minimal investments. We’re starting all over again but better. ~Mary G.
- I wish my mom had taught me NOT to lend money to friends and family who never kept their word! Especially, taking money out of my RRSPs to solve other people’s problems without focusing on mine. ~Olivia Z.
- I wish she had taught me the beauty of investing in real estate and to start early as soon as I got my first job, before starting my family. I also wish she’d explained to me that even though prince charming would come along in future, I’ll have get to meet some frogs along the way who’ll take a chunk of my inheritance/savings.. 🙂 Lol ~~Fifi E
So ladies, remember to empower yourselves and most importantly pass it on by teaching your children, especially your daughters. The financial education and decisions you receive and act on today will have an important effect on the trajectory of your future.
Note: A great education, (yes! a university/graduate degree(s) and even a fantastic salary are not shields that can protect you from financial insecurity. It is recommended that women become more proactive about their financial health and well being.
Success in any of life is pretty much about thought, words and actions, which weave into habits and then solidify into our characters. We should always be teachable and trainable in all areas of life because we are never too old to unlearn bad money or financial habits and replace them with healthier ones.
So everyone, now more than ever, make the decision to:
Love, Light & Truth!
Juliet Kego |The Reminderist™
(You may also find me here: http://www.julietkego.com)
Live Passionately; Live Powerfully;Live Purposefully.
You are WOW! (Wonderful One-of-a-kind WoMan)
- Things my Mother taught me (lonehungrytraveller.wordpress.com)
- A Different Way To Get Out of Debt (blogher.com)
- Financial Education – We Can All Play a Role (fpaforfinancialplanning.org)