What Motherhood Taught Me About Money: 8 Moms Weigh In | Business

Desy Papper

I shouldn’t pave the way for my kids “From the day I became a mother, I realized how hard it is to deny my kids things I can afford. However, as my kids become adults, I’m learning it’s harmful to pave their way even when I’m tempted. It’s important to […]

I shouldn’t pave the way for my kids

“From the day I became a mother, I realized how hard it is to deny my kids things I can afford. However, as my kids become adults, I’m learning it’s harmful to pave their way even when I’m tempted. It’s important to let them experience their own ‘lean years,’ because being young and broke is the best money education you can get.”

— Joni Gonzales, 51, of Hanover, Pennsylvania; her sons are 31, 23 and 20

Financial stability is key

“Once I became a mom, it became very important that we were financially stable and could start saving for the future. I had people who relied on me to provide for them no matter what. It spurred me to learn how to meal-plan, stick to a budget and improve my career so I could continue to support them.”

— Candice McDaniel, 34, of Baton Rouge, Louisiana; her kids are 10, 7 and 3

Start financial education early

“Motherhood taught me that we need to start to educate kids as early as possible to prepare them for becoming financially responsible adults. We actively involve our children in discussions about saving money, paying bills, doing taxes, how much vacations cost and investing in the stock market. My kids have a debit card with special controls for their spending money to teach them about tracking purchases and savings for things they want. Additionally, we provided them the tools to research stocks and let them choose some of the stocks in their college funds. It has made for interesting dinner conversations on whose stock is doing better.”

Next Post

A Dashboard More Important Than A Forecast

Business dashboard showing recent results. getty Some of the most valuable work an economist does in business has little to do with the future, just the current and the past. And these insights don’t require a professional economist, just a dashboard that senior management reviews regularly. A company was emerging […]