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There are a lot of first in our lives.
The one that I am always curious about is the first lesson someone has about money. I call it…

 

My First Money Lesson

I believe that this can be a truly defining moment for a person. It definitely was for me.

When all my friends were getting allowances (note I said getting, not earning), I gathered up the nerve to talk to my dad and ask him for an allowance.

He looked and bluntly said:

“What are you going to do to earn it?”

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So I thought quickly on my feet and gave him a bunch of chores around the house I could do to start earning that coveted allowance that I desperately wanted.

He liked what I told him and we had a deal. There was just one condition.

I always saved half of what I earned from my allowance to buy something bigger.

This was a huge catalyst in my life, though I didn’t know it at the time.

It carried forward into my work life, businesses and side venture I had along the way.

Every two weeks I put half of my allowance away in my “briefcase” (a.k.a empty cassette tape carrier) and counted and saved diligently for what every I wanted next.

Always Save Half of What You Make

My parents had this habit long before I was born. When my sister came along and was diagnosed with severe Autism my mom decided to stay at home with her.

Normally for people this would be a huge change, but because my parents lived off half they could make the switch without blinking an eye.

To this day, I always save a good chunk of each of our paycheques. I must admit I have fallen off the traditional “Save Half” rule but I am determined to get back to it.

Instead of saving we have been paying off our mortgage with the ferocity of a lion on it’s prey. We want it gone, and soon it will be.

In it’s own way I have changed the “Save Half” rule to apply it against our mortgage. Once we say goodbye to our mortgage, I hope to get back to saving half again.

 

One Other Thing… OK it’s a BIG Thing

Saving half of my money taught me to wait, to anticipate and get excited for something. It taught me to look forward and work toward a goal. I have started my kids with this at very early ages, I hope it has the same influence on them as it did on me.

What about you? What is your first lesson about money, how has it changed your life? Leave a comment below.

Do you wonder how to get your kids started with money? This is a great step to teach your kids when they are young. That way they get set up for good money habits. The first money lesson a child should learn | Allowance | Saving Money | Kids and Money |

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Do you wonder how to get your kids started with money? This is a great step to teach your kids when they are young. That way they get set up for good money habits. The first money lesson a child should learn | Allowance | Saving Money | Kids and Money |