Parents – and it’s not particularly close.
Even though friends, siblings and social media may all be on kids’ ears these days, parents are the main source of financial advice for 83% of children aged 8-10, according to a survey by the fund manager T. Rowe Price. Even for those who are too cool for school, from 11 to 14 years old, 70% of them still turn to their parents when it comes to money.
In honor of Mother’s Day, we posed a simple question to a few names in bold: What’s the best financial advice you’ve ever gotten from mom?
Personal Trainer, TV Personality, Creator of The Fitness App
“Both my parents always said never to borrow or lend money. If you want to give someone money, give it, but don’t give anything you can’t afford to lose.
“This advice is the most important because if you lend someone money and things go wrong, it can jeopardize relationships. It’s something you never want to go through.
“I made this mistake in my life and learned the hard way. A friend of mine got into a situation, and I loaned out more than I could afford to lose, and that’s where it all went wrong.
“My mom ended up saying, ‘I told you so,’ in her very pretty way. Money is a very complicated subject. Relationships just aren’t worth risking. As they always say Suze Orman: people first, then money.”
“(Mum) told me there was no free lunch. If I wanted to do whatever my friends were doing, I had to pay for it myself, so go for it.
“As my parents did not give me money, my mother encouraged me to earn money. As a result, I had various activities like mowing lawns and cleaning swimming pools, and this inspired me to become an entrepreneur.
“Once I made some money, she told me first to save it – 10% on top, always. Then put some aside to give away, and then you can enjoy the stay the third thing she told me is whenever you can, to try to own something not rent it so when i was 24 i bought a condo of $55,000 – and after getting that mortgage, that’s when I got the idea for LendingTree.
News Anchor, NY1
“Be organised. She was always organised, which means she never had to pay extra because it was a last minute rush. Being organized also meant she bought just enough food for the week – without buying too much, and having to throw it away when it spoiled.
“I apply his lesson most often to travel. Hotels and plane tickets are rarely cheaper if you delay. Making a plan early has always served me well. I’m not very good at applying his lesson when it comes to groceries, though. I always end up with nothing in the fridge and have to spend on takeout.”
CEO of US Branded Cards, Citi
“My mother’s most powerful financial advice was to bet on myself and double down. Be an independent woman with the resources to take care of me no matter what.
“So when I was eight, she took me to the local bank to open my first savings account, which I grew by depositing money for my birthday, childcare earnings , then money for my work to finance my future – mainly my studies.With these savings (along with scholarships, student loans and several part-time jobs), I enrolled at Dartmouth College, I paid off my college loans and saved enough to go to business school.
“My mother’s advice changed my life. If you don’t bet on yourself, no one else will.”
Chairman and CEO, A-Rod Corp. ; Former baseball star
“Be industrious. There was no one in my life who grew up more industrious than my mother. She worked two jobs – as a secretary during the day and a waitress at night – to support me and my siblings, and allow me to pursue my dreams. .
“She taught me through her actions the value of hard work. There is no replacement. I have carried this wisdom with me throughout my professional life, on the baseball field and in the hall. conference, and I know firsthand that giving your best effort pays off.”
(Editing by Lauren Young; Follow us @ReutersMoney or at http://www.Reuters.com/finance/personal-finance., Editing by Louise Heavens)
By Chris Taylor