Post # 1
Another thread about retirement accounts got me thinking… where did everyone learn about financial planning? What examples/role models do you pattern your spending and saving habits after?
AFM, my parents are financially inept. They never have any money, have no savings, never know if they’ll be able to pay their bills, etc. Most of my siblings have adopted this as well, but I HATED growing up that way. I know how much I have coming in and where it needs to go. I have a plan to pay off debt (car, student loans, mortgage) and a plan for disposable income (savings, retirement, etc)
I wish I had taken a financial planning course in college but if they offered them, I wasn’t aware.
I learned most of my financial management skills from watching other peoples’ mistakes and soaking up every little piece of information I could from people I considered to be “well off” or at least better off than myself.
I feel like a general financial responsibilities class should be offered or even required in middle and/or high school. What do you Bees think?
Post # 3
- Wedding: November 2013 - St. Augustine Beach, FL
Interesting results so far. I learned from my parents who are considered solid middle class. They are savers and budgeters so I learned saving and budgeting from them. I hopefully will pass that knowledge on to my own child.
Post # 4
My parents are both accountants and my FI went to school for accounting…I’m surrounded by financially savvy people. I told FI he’s in charge of investments because I’m just not interested in learning about the stock market. I mostly plan and budget our household stuff though because I’m a bigger saver than he is. We’re both savers, but I’m a money hoarder 🙂 He often asks me before he makes a splurge purchase, he’s always suprised when I tell him to go for it because it’s a rare occurance, usually I ask him if he’s really sure he wants to buy that. For two 23 year olds I think we’re doing remarkably well financially.
Post # 5
I learned from experience and some from my mom. I will share more later.
Post # 6
Most of my financial knowledge feels like common sense, don’t spend more than you make, don’t carry more consumer debt than you have to and pay it off as quickly as possible, stick with a budget, save as much money as you can instead of spending it on frivilous stuff, etc. But I realize that I probably learned most of it from my parents. From when I was born until we moved when I was 7 years old we were pretty poor. But my parents still managed to save money, and provide us with more than just the necessities of life. When I was 7 my Dad got a huge promotion and we moved to a new city. We certainly had a bigger, nicer house there, and we didn’t have to get our clothes from the church (we used to get bags of hand-me-downs from our church family), but my parents remained frugal. We didn’t have a lot of expensive toys, we spent a lot of time using our immaginations when playing. And when we asked our parents why we couldn’t have things like Gameboys, or a Playstation they would say that they were saving the money for the future. My parents never strugled to pay bills, they always had a plan, and savings. My Dad made the budget and they stuck with it. It worked incredibly well for them, because now my Dad is 55 and retired, my Mom is 46 and works part time (about 30 hours a week in the winter, less in the summer). She doesn’t have to work, but she enjoys what she does, and they use most of the money she makes for fun stuff. They don’t touch my Dad’s retirement money at all, they don’t need to. Their house is paid off, they have a 2013 Subaru Forester that’s paid off, and money in the bank.They also paid for my brother and I to go to college/university. They had four years of tuition saved up for each of us. They are shining examples of how hard work pays off. Sticking to the budget wasn’t always easy, but it worked. And that’s where my mindset about money comes from. Sticking to the budget can be tough but if I do it the rewards will be worth it in the end.
Post # 7
I learned what NOT to do from my parental people. I just use common sense mostly now, I had to figure it out on my own. I did some stupid stuff with money in my early years and had to pay those debts so I’m better now.
Post # 8
I voted I like cheese. LOL
My mom is a frugal saver, my dad is more of a live paycheck to paycheck kind of guy. I grew up never wanting for anything. I have ALWAYS been bad at managing money. I always wanted what I wanted wether I could afford it or not. What taught me how to manage my money was destroying my credit in my early 20s and getting in a huge financial hole in which my dad bailed me out of. Even after that I made a lot of stupid mistakes.
Now, I have had to learn from that but I still struggle with not allowing myself to spend what I can’t pay for in cash. Having a husband who’s money I also manage, helps to keep it in check. (I manage the money because he doesn’t need to budget so doesn’t know how). REAL skills were taught by my best friend, who taught me how to budget and know how much bills were compared to income etc, and the internet.
Post # 9
@candy11: Oooh, I’ll add a poll option for learning from experience 🙂 Thanks!
Post # 10
I learned both what to do and what not to do from my parents. My mom was a CPA and would pinch every penny sometimes to the extreme. My dad would spend with no clue how much he was spending. I learned that neither exteme is very heathy and to find a balance somewhere in the middle.
Post # 11
- Wedding: September 2014 - Banff, Alberta
I’ve always been good with money. Shopping smart I guess I learned from my mom when we would go grovery shopping but bills, saving and stuff I just always was responsible.
Post # 12
My family and particularly my parents were How Not to Be 101. Growing up the way I did was…not good times. Plus I’m cautious by nature, so I’ve always been pretty good, although I could use more discipline about buying stuff I don’t need.
I also got more interested in personal finance as I got older, and working for a bank in the investment industry has also influenced me.
Post # 13
My dad was a regional manager for a very large national bank/lending/mortgage company. He worked in finance/lending/banking with the company for 30 years, was really smart with his money, and retired early.
He says he learned a lot of what NOT to do from observing some of his customers when he was in lending.
He’s been a fantastic resource for me. He has some really really great financial advice and DH is forever asking his opinion on what we should do in x, y, and z situation.
Post # 14
I learned my habits from my parents. They are savers and bargain hunters. My parents were immigrants and started with nothing, but managed to make and save enough on one income (my mom is a sahm) to support 6 of us growing up and pay for all our private college education. I owe all my financial freedom to them and learning to save for everyday and for retirement and be smart with spending. My siblings are all the same way too.
My husband has no idea where to attribute his money management skills. When we tried to figure out, it came down to he’s just always been frugal, even as a kid he liked to save money, but he didn’t exactly learn it from his parents.
Post # 15
My parents spend every penny that comes near them a year before it’s in their pocket!
I have two siblings like that, but my younger brother and I are notoriously stingy! We won’t pay for ANYTHING if we don’t have to–In high school, when gas was $4.25/gallon, I walked or biked the 6 miles so I wouldn’t have to pay for gas!
DH does our financial stuff, though. He graduated with a degree in business, so he’s in charge of our stocks/bonds/mutual funds/401(k)!
Post # 16
I learned from my parents. We were always very open about finances in a good and not scary kind of way. If I wanted something but didn’t have money for it, I had to plead my case and make it good. When I started working, I had to give my parents about half of my paycheck (was it 40% or 60%? I can’t recall) and they put that into an account for me. I never really cared since that’s just the way it was going to be. My parents taught me the tricks of using money to my advantage. They explained how to make it work for you. Now as an adult, I must say that I’m a bit fixated on money. I’m not sure if that’s because of the exposure I was given since I was a child or the fact that I really do enjoy money and finance.
I think all children should be exposed to finances and given some real world application of it. It’s what makes the world go round so why not figure it out before the bills start coming in your name?
I’m still working on beefing up a savings account. I’ve got the retirement accounts down pat but why can’t I swell my savings? I think I’m afraid!