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?”
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.
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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.
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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.
Related Post: Dad How Do I… Do Money?
To this day, I always save a good chunk of each of our pay checks. 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 down 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 and apply it against our mortgage. Once we say goodbye to our mortgage, I hope to get back to Saving Half Again.
In its own way, I have changed the Save Half and 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.