• LAUNCH YOUR DREAM
  • BE A MOTIVATIONAL SPEAKER
  • STARTING OVER MIDLIFE
  • HAPPINESS THROUGH ACTIVISM
  • TRAVEL THE WORLD
  • GET HEALTHY & FIT
  • BUILD SELF-CONFIDENCE
  • BRAVE LIVING
  • WRITE WITH US

8WomenDream

Dream Big Stories

  • HOME
  • ABOUT
  • CONNECT
You Are Here Home » WRITE WITH US » Leaving a Legacy of Personal Finance Mastery

in WRITE WITH US

Leaving a Legacy of Personal Finance Mastery

Last updated on February 7th, 2013 at 05:04 pm

Leaving a Legacy of Personal Finance Mastery

O Psychic One turned 13 this week and has developed quite an appreciation for personal finance.

He got money for his birthday, and I gave him the change jar one day when he did something nice for me, and so now he finds himself with $68. His dream is to save enough for the new Wii that is coming out a year from now.

He has asked me if there is any way to smooth and flatten his money so it looks new. I once knew a guy who admitted to ironing his money, but I didn’t reveal that as I don’t really want that practice to spread.

He also asked me if I would let him get animal fries at In n Out as long as he paid for it himself. No.

And he asked me what he could do to earn more money, sparking a lively and hotly disputed discussion about his role in the family that merits no payment, and what extras he might undertake for pay.

I see this as a rite of passage. My baby is making his first explorations into the wild and wacky world of money.

The other day as we were driving, he said to his older brother, “I looked this up on line. If you get a job and you make $5000, and you put all of it in a savings account, then by the time you’re 65 you’ll have about $500,000.”

Sir Empath, who has a vague interest in getting a job, but nothing too strenuous, has also been running numbers in his head. He commented, “But that’s like 50 years from now. It would be more fun to spend it.”

To which O Psychic One replied, “Yeah, but what would you be doing with that $5000 if you just spent it? You’d be getting Taco Bell for your friends, or buying stale red licorice at the dollar store. Is that really worth half a million dollars?”

Excellent point. Retire comfortably, or scarf enough Taco Bell and red licorice to keep you awake at night? Hmmm. Which one is the better choice?

I, in my wisdom, can remember being on either side of this coin, if you’ll pardon the expression.

I clearly recall being 22 and deciding not to scrimp in order to put money away for retirement, because that was 40 years away – a lifetime. In so doing, I actually pushed retirement out another 20 years.

I wonder what Miss 22 would have thought if she’d learned that her retirement age looked more like 82 than 62. Maybe she wouldn’t have bought that extremely expensive silk suit that by now has fallen to dust, just because the saleslady said it made her look like a fashion model.

I also clearly recall ten minutes ago, when I was stressing over losing a client and wishing that I had scrimped to put money away and had a cool half million dollars sitting in savings awaiting my retirement. Which by all rights might have been just a few short years away, if I’d been even marginally foresighted.

O Psychic One is a smart young man.

If I listen closely, I hear him teach me what he needs to be taught –

  1. Saving money is better than buying stale red licorice from the dollar store, and that’s so OBVIOUS we need not even count the reasons why.
  2. Putting away even a little has the power of exponential growth if you can just keep your mitts off it over the long haul.
  3. Knowledge learned by researching one’s own questions has more staying power than a mother’s warnings, stratagems, and lectures.
  4. The time to learn about money is before it becomes too powerful an emotional force to be met head-on, because if you wait until after that point you’re going to be on the short end of the stick.

I did not learn these things or really any other things about money as a child. My parents were too busy arguing about it to stop and figure out what to teach me. I wasn’t able to presage what I needed to know, as O Psychic One is doing. And so here I am, short end of the stick firmly in hand, fighting the good fight.

Too late.

How about you, World of Dreamers? What money lessons did you learn from your parents – or from your children?

Leave a comment in the box below.

Jayne

Jayne Speich is a small business coach/consultant who writes, thinks, and coaches extensively on customer service, business finance, and ways to thrive in the new economy. She has an exciting new business venture with sister dreamer Remy Gervais, called The Gazelle Goal. She is the owner of Onsys21 Dental, a coaching/consulting firm for dental practice owners. Plus, you can find her at theselfreliantentrepreneur.com. Jayne’s post day is Saturday.

Contributor Dream Stories

Enjoy this special 8WomenDream Guest Contributor story submitted by new and experienced big dreamers throughout the world, edited and published to capture a dream perspective from different points-of-view. Do you have a personal dream story to share with 8WomenDream readers? Click here to learn how to submit dream big articles for consideration.

Note: Articles by Guest Post Contributors may contain affiliate links and 8WD will be compensated if you make a purchase after clicking on an affiliate link.

Related Stories:

  • Personal Finance Mastery: Control The Quickstart
    Personal Finance Mastery: Control The Quickstart
  • Personal Finance Mastery the Kaizen Way
    Personal Finance Mastery the Kaizen Way
  • Financial Infidelity: A Sink Hole on the Road to Personal Finance Mastery
    Financial Infidelity: A Sink Hole on the Road to Personal…
  • Money Success Dreams Do Not Have to Be Scary
    Money Success Dreams Do Not Have to Be Scary
Tell your friends!

Filed Under: WRITE WITH US

Some of the posts on 8WD contain affiliate links or links to purchase products or programs from 8WD contributors. This means 8WD or the contributor may make a small commission if you make a purchase. The 8WD affiliate links help offset the cost of hosting this website and the contributor links help support the dreams of the contributor. Please check out the 8WD Legal Page for more details.

Thank you for your continued support!

« Dream Help: Who Else Wants To Consider It Done?
Feeling Stuck? Use Feng Shui to Get Unstuck in 4 Easy Steps »

Check it out

  • LAUNCH YOUR DREAM
  • BE A MOTIVATIONAL SPEAKER
  • STARTING OVER MIDLIFE
  • HAPPINESS THROUGH ACTIVISM
  • TRAVEL THE WORLD
  • GET HEALTHY & FIT
  • BUILD SELF-CONFIDENCE
  • BRAVE LIVING
  • WRITE WITH US


The 8WomenDream Dream Tote Bag

About the 8WomenDream Tote Bag
US – 10oz Cotton
Dimensions (External Dimensions)
• Height – 18″ (45.72cm or 457.2mm)
• Width – 15″ (38.1cm or 381mm)
Handle Dimensions (Internal Dimensions)
• Length – 29″ (73.7cm or 736.6mm)

Recent Dream Stories

  • Winter Solstice Celebrations: What to Do With 1 Minute More?
  • Starting Over as a Single Mom Wasn’t My Big Dream
  • Warning: Big Dream to Be a Motivational Speaker Won’t Always Obey Your Plans
  • Dance to Relieve Stress to Focus on Your Big Dream
  • 6 Tips to Avoid Get Rich Quick Scams as a Public Speaker
  • A Dream to Spread MLK’s Message of Love
  • Best Goal Setting Advice that Actually Works
  • 8 Solstice Traditions for Focusing on Your Big Dream this Year
Catherine Hughes on Dealspotr
Catherine Hughes
@8WomenDream
Let’s collaborate
Powered by Dealspotr

Looking for more?

8 Women Dream Products8WD Founder Catherine HughesActivist Lisa Powell GrahamArtist Iman WoodsArtist Sue Faith LevyAuthor Karen AlanizAuthor Rayne WolfeBig Dream InterviewsDream Big Guest ContributorsFind Your DreamFind Your Passion and PurposeHealth Coach Heather MontgomeryInspirational QuotesMotivational Speaker Kelly SwansonSuccessful Goal SettingWorld Traveler Natasha von GeldernWrite A Book

Inspiration

More About 8WD

WE BELIEVE EVERYONE HAS THE POWER TO ACHIEVE BIG DREAMS.
 
IT IS OUR SINCEREST WISH THROUGH THE SHARING OF PERSONAL STORIES ABOUT WHAT IT’S LIKE TO TRY TO ACHIEVE A BIG DREAM THAT WE WILL INSPIRE YOU GO AFTER A BIG DREAM TOO.
 
YOU CAN FIND OUT MORE ABOUT 8WOMENDREAM, HERE.

Categories

  • BE A MOTIVATIONAL SPEAKER
  • BRAVE LIVING
  • BUILD SELF-CONFIDENCE
  • GET HEALTHY & FIT
  • HAPPINESS THROUGH ACTIVISM
  • LAUNCH YOUR DREAM
  • STARTING OVER MIDLIFE
  • TRAVEL THE WORLD
  • WRITE WITH US

8 WOMEN DREAM | COPYRIGHT All RIGHTS RESERVED © 2022 ·

Welcome to 8WomenDream Where Big Dreams Are Shared
The 8WomenDream website uses cookies to improve your experience. We'll assume you're OK with this, but you can opt-out if you wish. ACCEPT REJECT READ MORE
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
Posting....