Monday, May 12, 2008

Money Management Advice from Mom

My mom was the first person who taught me about managing money. She gave me three butter dishes, and taught me that whenever I received money, I should divide it between those three containers. The first was labeled "God." The second was labeled "Save". The third was labeled "Spend."

On the flip side, last night I met a man who reminded me that most Americans are one paycheck away from being homeless. Why is this? I think it's pretty simple: most people were never taught how to manage money. I am very thankful that my mom made it a priority to teach me while I was young.

Here's a good article from Bankrate on the role that Mom's have played in teaching sound money management principals. Here are a few of the topics:
  • Don't get a tax refund
  • Save and invest your money
  • Live within your means
  • Save some money for a rainy day

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