Things My Mom Taught Me About Money
By Kaytlin Hall
My mom has always been my biggest supporter and taught me so much about life, including money. For Mother’s Day, I want to share some of the best things she taught me about money and financial independence:
Make sure you can take care of yourself:
For as long as I can remember, my mom always told me that she wanted to “see the diplomas on the wall” before I could get married and have children. She wasn’t strict about too many things but education and being able to take care of myself financially was very serious business. Her father, unfortunately, passed away when she was a baby so she knew how important it was to have financial independence. I think in part, I am a Financial Advisor because of her.
Budgeting and Savings:
At the time, I didn’t realize that she was teaching me how to save and budget my money. Every week I was paid an allowance, which was based on the different chores and tasks I had around the house. When I was paid, some money went to a savings account, some money went to my college fund, and the rest was mine to save or spend. She was teaching me at a young age to save for long term and expensive goals. She set the foundation for me at a young age. Today I still allocate a percentage for long term goals like retirement and college savings for my son.
When to Splurge:
Whether it was back to school shopping, vacations, or just everyday life, there was a time to splurge and a time to be money conscious. Unique experience or timeless events were a time to spend the extra money. Today, I pack snacks for road trips, flights, and the movies where food tends to be the most expensive, plus I always know I will like it.
This year, mothers’ day means more to me than any other year as it’s the first year I’m celebrating as a mom. I hope to pass along the things my mom taught me to my son.
Securities offered through LPL Financial, Member FINRA(http://www.finra.org/)/SIPC (https://www.sipc.org/).
Investment advice offered through Gerber Kawasaki Inc, a registered investment advisor. Gerber Kawasaki and Gerber Kawasaki Wealth and Investment Management are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures the success or protects against loss.
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