Posted on 04 May 2020
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This finance lesson is probably different from what many parents tell their children. Most parents will instill the mentality of how money is so important and how we should save up in their children. But for my mom she always tell us "money is just an idea" or " money is just a tool stop being so obsessed over it" and her point in saying those is to let us know that money is an idea of what we think it is : if we think that we have not enough money to get something we want then we will always have not enough money. She believes that instead of thinking to yourself you dont have enough money to afford something you should always ask yourself how you can afford that item. And most peoples' answers to how to afford something is by saving. But once again she will challenge this idea and tell us" what are other ways to get that dream item Instead of saving up "how Long do u want to take to save ? Do you know how long
you need to save to retire?" This is because she believes money is in abundance and not shortage and the idea of money people have is important. By always focusing on saving, one is living in shortage as they have the idea that they can't get more money so they end up saving. Instead focus on the abundance of money in the world, make your money work for money by generating passive income to give you your dream life.
She always stresses how one's idea of money Is so important. She also believes that money is just a tool. Dont focus on working for money, focus on how to make your money work for you . " Stop being so obsessed about money " what I always hear from her. She would always** remind us to be obsessed on working to LEARN and not working to earn**, this is because she believes when we work to learn we will eventually let the money work for us.
Her constant reminders taught me that instead of focusing so much on the whole idea on money, focus on increasing your financial education and learning how to make money work for you. i really appreciate my mom's teachings even though it might be very different from what society thinks and I'm grateful that she has taken so much time to instill in me all these lessons
The best Personal Finance lesson my mum ingrained in me especially having spent more time with parents during the Circuit Breaker is going to be different from most responses here on saving money:
From young, my mother has always ingrained in me the value of money. Her concerns around money has also been what guided my principles around thriftiness, investing early and earning more to provide a financial buffer for the family. This included:
Stashing away 50% of monthly income for savings and investment from the first job I had (when I was 18)
Definitely spending below my means
Earning your own keep and not depending on anyone else for finances
Thinking about the family first, before buying things for my personal wants. Sometimes, money spent on loved ones could be more gratifying than spending money on oneself.
However, as I spend time with my parents during this Circuit Breaker and seeing them age, I am increasingly drawn to the realization that time spent with them is priceless.
Money does not come by easily for most of us, but time is truly the most finite resource. As I think about the sacrifices that my parents have made for my sister and I, I am reminded that in the midst of chasing financial goals, it also makes sense to dedicate some time everyday to appreciate those we love, instead of expressing that gratitude in the unforeseeable future when we have made $x amount of money and now can stop worrying about money.
And there is a financial lesson to this. The earlier we hit financial independence, we earlier we can have peace of mind to spend time on what truly matters. It will be a difficult journey especially in current times when job and pay cuts are rife, but in the long run, if we stick to the fundamentals of thrift and investing early, it could turn out good in the end!
"Little drops of water make an ocean"
Lost track of how many times she had said this to me over the...
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