Learning about money from a previous generation comes with its ups and downs. Maybe you learned a lot, maybe nothing at all. What I learned was less about being taught, but more about influence.
The first positive lesson my parents taught me about money wasn’t necessarily a lesson at all.
More of a core memory-turned-lesson.
One of the most popular ways to define and understand how money fits into your world is to think about your first money memory.
Good, bad, indifferent- it can say a lot about how you treat your money today.
My first money memory was when I opened my first savings account. I was in Elementary school. Our school was opening accounts for kids, and I remember my parents sending me in with my first $20.
And that $20 felt like millions.
I’m lucky to say my first recollection was a positive one. Not everyone experiences money that way.
Opening my first savings account might not have been an intentional lesson, but it made a long-lasting impression.
What’s your first money memory?
The second lesson my parents taught me was when I started my first job.
I worked as a buser/hostess at a local diner.
Once I got the job, my parents said I could keep half of whatever I made, and I was to save the rest.
And save the rest I did. I would put half of what I made in a small envelope in a corner cabinet until my dad took it to the bank.
Back then, I don’t remember disagreeing with keeping half of what I made. I remember thinking how cool it was to have a job.
Like AIM status: Working BBL. 😂
Waiters would pay out a small portion of their tips, and I would make maybe $50-$70 per shift.
That was a good gig for a 15-year-old. Even though I was only “making” $25-$35 a week.
Flash forward to money lesson number three: responsibility.
My career as a bus girl flourished into becoming a waitress lol. And my income grew.
And with my growing career also came growing up.
I started driving. I wanted clothes, makeup, and to do things with my friends.
My parents made me pay for it.
I grew up in a sea of middle and upper-middle-class students. Many had cars – some were shitty, some were BMW’s. Some of my friends paid for gas, but most didn’t.
I paid for gas, insurance, and a slew of other things. If I wanted something, I paid for it. And I’m proud that I did.
Back then, I didn’t realize I was budgeting. But I was. I was driving when gas was over $5 a gallon for 87. I knew how much I needed and worked with whatever I had left.
A lot of my friends didn’t pay for things. I also knew I made way more money than most of them- at least the ones with jobs.
My parents would throw me a bone 🦴 for things like fixing my car or ordering food for me and my friends. But I paid for a lot and did it successfully.
I would go to the mall with my friends and come home starving. My parents would ask why I didn’t get something to eat. But I wasn’t about to spend $10 on crap from the food court. I wanted that $10 to spend at Forever 21. And I knew that $10 mattered more to me in one area than the other.
I still budget this way.
Entering my college-era is lesson number four.
- Not forcing me to attend college
- Encouraging community college
- Living at home
Lesson four is my favorite.
And the lesson I am thankful for every day.
Everyone has different opinions about college. And millennials are certainly no exception.
My mother went back to college when I was in high school.
She went to a local community college and then to a private school to finish her degree.
Paying for college was my responsibility. I always knew that. Every semester, I bought my books, parking passes and even my own computer 💻 .
At 18, I wasn’t entirely set on a career path, I didn’t have my heart set on a specific school, and my grades and SATs were anything but stellar.
Community college allowed me to get my grades up and do it for cheap.
My bachelor’s degree is in Criminal Justice, graduating with about $20,000 in loans. I lived at home, ate my parent’s food, worked as a waitress, and fell in love with fitness.
I was student loan debt-free by 27.
One final lesson in my younger years was allowing me to make big financial decisions on my own.
There was a moment in college when I contemplated moving out. They didn’t say no. And I was going to take student loans out to do it. Thankfully, I never went through with it.
Right before I graduated, I needed a new car. Getting a car on a “waitress salary” was difficult. They weren’t going to co-sign for me. With some patience, I got a vehicle 🚘 with no one’s help.
In my 20’s, I was paying for most things independently.
Living at home until I moved in with my now husband, Michael.
My parents weren’t the let’s sit down and talk about money type. It’s OK if your parents weren’t either.
They made sure we had savings accounts, checks, and debit cards.
My parents also trusted me to be financially responsible as an adult should.
Dad drove me to work when I didn’t have a car. Mom took me to the financial aid office to ensure I always had all my ducks in a row.
If I wanted to shop every Friday for a new “going out shirt” they didn’t ask questions. It was my money. I could spend it on whatever I wanted.
These are the lessons I remember and appreciate.
Although there were no formal money chats, money was in the air even at the age of seven.
Talk Soon,
Coach Sam