The best financial lessons that 5 financial advisors have learned from their mothers
Mothers are great examples for their children. In this arduous labor, they sometimes feel helpless regarding the things they should teach their children in terms of their future. For example, those financial aspects that, if overlooked, may bring serious consequences when these cute little ones grow older. 65% of the children who participated in a survey conducted by the Credit Advice Foundation (Fundación de Consejos Crediticios) think that their mother is intimidated by money or has never handled the family funds. Only 35% agreed that their mother was careful with money and enjoyed handling it. In order to know what those things that are sometimes overlooked are, I give you the best financial lessons that several financial advisors throughout the world have learned from their mothers:
1. According to Ian Arrowsmi, Vice President of Investments at Scarborough Capital Management, his mother always was a good administrator in terms of money. She taught him how to enjoy money and helped him make his first major investment at the age of 16. The biggest lesson that he learned from his mother was to invest while looking at the bigger picture, i.e. always considering the vision for the future of said investments.
2. Money was never discussed in the home of Brian Parker, a certified financial planner and director of the EP Wealth Adivisor of Los Angeles. In fact, his concept of money was defined by the things people bought or did. After many years, Brian Parker learned that that wasn’t the case at all, that in fact many millionaires ride their bikes to work and aren’t ostentatious. Thanks to his family, he learned that he was wrong, and that wealth was a matter of safety, not of ostentation.
3. For Sheryl Garrett, a certified financial planner and founder of Garrett Planning Network, the fact that her mother never had a say in the financial matters of their home pushed her to be the way she is. She believes that, for a child, it’s very important that both parents are involved in the household finances.
4. Kent M. Grealish is a certified financial planner and partner of Quacera in San Bruno. His mother told him that he was ruining his future when he decided that he was going to work in the stock exchange. He learned from her that life is about taking risks, “nothing ventured, nothing gained.”
5. Finally, my mom taught me to invest in experiences and to share things with others. Money isn’t just for spending and saving, but to be used to make an impact. As a child, she sent me out to buy things and involved me in the household finances. I grew up learning from her. So, although the examples are not what one would consider “perfect” in some situations, our mothers create a huge impact in our financial life and we end up being great human beings thanks to them. Happy Mother’s day to all the great moms out there! If you want more information about finances, you can follow me on Twitter and Facebook or subscribe to the Family & Money Matters Institute.