Christy is one of the most economically productive millionaire next door types whom I have interviewed. She attributes much of her success to her upbringing. Her father was “career army”. . . a sergeant. Her mother was a full time homemaker. Household budgeting and a frugal family lifestyle were part of her earliest socialization process.
We would all sit down the first Sunday afternoon of each month. We didn’t have much money. . . . We would always look at Daddy’s paycheck and then start doing our homework.
Priority was given to charitable pledges, then outstanding bills; then upcoming expenses for the month were estimated. Christy recalled her parents smiling while earmarking a good portion of their household income to the “childrens’ college funds.”
I knew how hard it was for them to save for us to go to college. But each time Daddy wrote a check for the college fund he would smile and say . . . I love writing checks that will pay the tuition bills. You can do this for your kids someday.
One of the reasons for Christy’s success today is the nurturing environment that was provided by her parents. Christy and her siblings were respected as members of the family planning board. They learned early on about budgeting and planning. They had to justify their requests for a new notebook or new shoes. All of these experiences prepared Christy for her present vocation as a business leader.
3 thoughts on “Teach Your Children Well: Case Example”
this is a great article, this is something that many families have lost in America. planning and budgeting should be part of every family!
This article moves me. I started working when I was 9 years old…I’m 33 today. We never had money and I first learned the B Word (BUDGET) when I had to find a way to buy milk for myself. Times are very tough and I wish I had those memories that Christy has to help me through
My mother handled the finances, my father made the money, and neither of them talked to any of their children about budgeting. All of us kids, myself included, have gone through some nasty financial situations and only now are we getting it right (in our 30’s and 40’s). I wish my parents had sat me down a few times when I was a kid to work on a family budget, but they never did.
People, talking about the budget with your children doesn’t make you weak in their eyes and it shouldn’t be taboo. I guarantee the public school system isn’t giving the next generation the financial knowledge they need, so it’s up to the parents and grandparents out there to give them the tools they need to keep their hard earned resources. After all, they have some of the most sophisticated marketers in the history of mankind working to separate them from their money.