With Mother’s Day coming up (got my flowers ordered from the crazy busy florist and the card was sent snail mail a week ago), much has been written about Moms and Money. As MP Dunleavey at MSN Money states about women “Eight out of 13 have followed their mothers' example, even when it wasn't positive or profitable.”
So what if your Mom is terrible at managing money or what if you are a Mom and terrible at managing money or a much bigger or... what if your child is not a financial clone of yourself? Shockers.
Then take a leaf out of the ol’ school book. Ever notice how teachers change from year to year? Ever wonder why the same teacher doesn’t follow kids from grade to grade? Or why college kids graduate with the influence of at least 50 different professors?
Well, that’s because different teachers have different skills (some are qualified to teach the lower grades, some specialize in the higher grades). They also have different teaching methods. Some are show and tell types. Some lecture. Some story tell. And then, there are the students. Every student learns differently. What works for one might not work for another.
So why is it that when it comes to a just as if not more important subject, personal finance, our Moms and Dads are supposed to be the “perfect” teacher for each and every one of us in each and every life stage?
Sounds darn silly, doesn’t it?
What’s the solution? Money mentors. Exposing kids to a variety of different financial role models.
At least, that’s what worked for me.
You see, my Mom is terrible at managing money. She admits it. She doesn’t own a home. She is in credit card debt up to her eyeballs. She spends every cent she has and then some. The best I can hope for at this point is her retiring with a zero net worth. Actually I would be thrilled if that happened.
Yet, as I mentioned in my Single Ma post, I consider her the reason why I’m financially fab. She, knowing full well that she was financially challenged, lined me up with a selection of financial mentors. There were a couple false starts, personality issues (I was not exactly a saintly child) but I hooked up with one couple whose success I could copy (for a while and then I got bumped up to a higher financial level).
Do I credit them with my financial success? Partially but mostly I credit my Mom…for having the guts to admit she wasn’t perfect (which ironically made her more perfect in my eyes).
