As most people who know either me or my Dad or both of us knows, money management has been instilled in me by my Dad since I was very young.
And……,I used to hate it!
While growing up, I had to save up to 25% of any money I received whether it was my allowance, a gift or money that I earned from jobs I had while growing up, (babysitting, retail jobs, etc.). For my entire life, I know that I will forever hear my Dad’s voice in my head saying, “It’s not a matter of IF an unexpected expense will come up, it’s just a matter of WHEN! And when it does, you want to have an emergency fund to ensure that you can take care of it!”
From the tender age of six on up through my teenage years and beyond, he continually drilled that into my head and I really didn’t understand why!
Well, fast forward to adulthood and I have to say, that there have been many, many times when I was glad that he instilled that way of thinking into my head. I’ve had unexpected car troubles, unanticipated, major medical expenses, as well as unemployment, at times, for both my spouse and me. Just recently, we had another unexpected, major expense to deal with. Our roof had to be replaced, which proved to be a huge and very costly endeavor!
It comes as a surprise to most people, but I’ll be the first to admit, that I haven’t always adhered to my Dad’s teachings. I had a bit of an issue with buying shoes and handbags, for a time, but Dad’s words were always in my head! Even though I fell off the wagon, I’ve been back on for quite some time and it has truly served me well!
When my roof had to be replaced, though it was quite unexpected and a huge blow to the family budget, I was able to manage that situation using the tools, strategies and lessons that my Dad has taught me. That is not to say that it was simple or even easy, but I was able to handle this unexpected, major expense, while continuing to manage my household, because of the things my Dad had taught me from childhood.
Another thing that my Dad taught me from childhood is the importance of planning for retirement. Again, this was a subject that I didn’t understand having to think about at such an early age. In fact, I wasn’t even convinced of this importance of planning for retirement even in my twenties!
However, as soon as I got my first job which had a retirement plan, Dad urged me to invest in the program! In fact, as recently as a few years ago, when I started a new job and received my new employee orientation packet I immediately called my Dad and asked for his advice. I followed that up by speaking with a free, financial advisor who was a 401k manager provided to employees. After consulting them and talking things over with my husband, I was able to make choices that will help us to reach future, family goals.
Though I won’t be retirement age for a couple of decades, I feel secure about the decisions that I have made while young to set me up properly for my retirement years.
My Dad hasn’t guided only me in these areas, he has taught my brother, my niece, other family members, friends, customers and others, of various age groups how to start, wherever they are in life, to manage their money in a way that will help them to achieve their short-term and long-term goals. He has helped people who are in their teens – who are just starting to make money – to retirees as well as some in between!
This ‘system’ of how to think about, approach and manage your personal finances, is one that started with my Dad, however, our entire family has utilized it and relied on it for many, many years. It has helped us and others in countless ways, which is what lead Dad and me to start our financial coaching sessions through our business, Jennstalk.
If you would like to receive a free, one-on-one session with my Dad and me, that will help you on the road to creating a personalized plan, establish goals, or create steps for goals that you already have, please sign up for a session with us at https://calendly.com/jennstalk/financial-management!