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« Money and the World Cup | Main | The Seven Pillars of Financial Success, Pillar 5: Invest to Make Your Money Grow »

June 12, 2010


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What they don't tell us is also that life ain't fair and some have to work harder for money than others.

My parents taught me all these things, and I'm grateful!

With the exception of taxes (#5), my parents taught me all those things.

And possibly they tried to teach about taxes but I didn't listen?

My father insisted that I open & contribute the max permitted into an IRA when I started my first full-time job right out of college in 1983. I followed his advice, even though I didn't think about why at the time. Now the paltry amount that I contributed during 1983-85 (before I went to grad school and became too poor) has grown into a very large amount--thanks Dad!

Yes, my dad taught me most of this and a lot I learned from observation. I continually try and teach these principles to my own children although I'm not so sure they're listening.

I'd like to emphasize your instant gratification point. This is something I have been struggling with for many years, even to this day. Instant gratification is something I feel many Americans have trouble dealing with. Credit has allowed us to get What when want, When we want. Plain and simple. A little more discipline will solve this problem, resulting in less debt, and less wasted money in the form of interest payments!:)

Hard come, easy go. Well said and very true with money!

When it comes to letting go of money, some people have butter fingers - the money just slides out of their grip. The other end of the spectrum would be the folks who, when you try to take a penny from their hands, you practically rip their flesh off their hands.

I hope to be neither, but much closer to the latter than the former.

What do you want to do with your life? Early on I read a practical philosopher who emphasized there were only 3 important questions to answer correctly to lead a satisfying life. This was one of them. Parents should talk about this at an early age with their children.
Some people can't wait to wake up in the morning to get at a passionate life's work. Others go to a job they hate. To get in the first group takes a lot of self analysis and looking at what is out there in the work world. There are jobs that offer travel, connections with music or big time athletics, teaching, helping the sick, producing something with our hands etc. etc. Some thinking when young can go a long way towards finding a life's work that is fulfilling.
I also believe that finding one's passion lessens the craving for material objects and the need for instant gratification.

I have to thank my parents since I was taught all of that...doesn't mean that it all sunk in immediately, but at least the lessons were there for the taking.

I'm impressed (though I guess I shouldn't be surprised) that most readers of this blog had parents who taught them these important concepts. My parents taught me these lessons also, but I'd like to take an informal poll of how many kids you see that are not being taught these things. How many children (your own or others) do you see that are not being taught to wield this tool called money? It seems to me that there are far too many parents who address their children's financial desires instead of financial education needs.

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