Welcome to our Mommy Mogul column where we cover issues of importance for moms who are launching a new business, working a side gig, or managing work life and home life. Is there a topic you’d like us to address? Send your thoughts to tgarcia@madamenoire.com. And, as always, take to the comments with your feedback.
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There’s nothing in life that excites me quite like being a wife and mother. Call it cliché or bland but it really does fill my heart with so much joy. While I’m not the know-it-all expert on life, there are many things I have learned over the years I plan on teaching my children.
In addition to basic home training and manners, there’s a full list of items that deserve our mention. Far too often parents focus on teaching their kids to be a good person and not getting into legal troubles that they miss out on some common advice that will definitely come in handy over time.
The first is the importance of saving for the future. It doesn’t matter how much you’re able to put away (more is always ideal), you need to start today. There’s going to be things you need to save up for along with unexpected expenses that always tend to happen at the worst possible time. Sure I had a little piggy bank growing up for miscellaneous coins I found, but knowing to put away for a rainy day–especially when I started working–would’ve been really nice.
Most of us probably learned earlier on that money doesn’t grow on trees. At the very least, our folks drilled this into our brains whenever we asked for toys and items we didn’t need. While this is very true, I want my sons to understand the why and where regarding money and personal finances. Sure they don’t need to be all up in my bills, but at the very least, my husband and I can teach them about the importance of a budget and why we need one. I used to think they were just for people struggling and made life more about restrictions instead of enjoyment.
Child that couldn’t be further from the truth.
Having a budget is what enables my husband and I to provide for our household. We know the monthly bills coming our way and how much we need to put away for future savings. There are too many folks living in the right now and neglecting the bare basics. You can choose to have everything you want today–and spend the rest of your life paying for it–or enjoy a few luxuries while building up a financial future. Because we have a clear financial picture of where we are and what we’d like to do, it allows us to take annual trips and have a little fun. We use credit cards sparingly and only make purchases if and when we have the money to do so. Debt is very real and cripples so many folks’ pockets.
Speaking of financial future, one of the biggest pieces of advice I want my children to learn is that investing isn’t just for white people. Call it silly or ignorant, I feel it’s an ideal many of us think is exclusive to the privileged or a particular racial group. Sure my family might not be able to build up wealth like the Rockefellers (they had a head start that dates back generations), but that doesn’t mean we don’t take advantage of the opportunities in front of us. In addition to saving for emergencies, I want them to learn about investing and put as much as they can into their 401k. Both of my children have a 529 college savings plan to help with future expenses. They cost as little as $25 to start. It’s okay to research trusts and other outlets that will make your money grow, and more importantly, allow you to leave something for future generations.
Pursuing your dreams is also important because you only have one life to do so. My husband is an engineer and enjoys the 9-to-5 life while I took the self-employed approach. Both come with their own perks and hurdles. So long as you’re realistic about your financial picture and do what’s necessary to cover your monthly expenses (e.g. take a part-time job for additional income), the sky does not have to be your limit.
When you stop and think about it, there’s tons of financial advice parents can give their children. Whether choosing the best banking option when they start a job or how to save for their dream home, I can only hope my husband and I will be there every step of the way to provide guidance.
What’s some advice you would like to teach your children?
