Ask the Readers: Who Taught You The Most About Personal Finance?
Editor's Note: Congratulations to Jane, Guest, and cwaltz for winning this week's contest!
Personal finance is something we all are continually learning about throughout our lives. From the time our parents teach us the value of a dollar using chores to learning about stocks, retirement funds, and credit cards, there are always people teaching us about how to manage our money.
Who taught you the most about personal finance? Your parents? Grandparents? A teacher? Or maybe a particular blog or blogger?
Tell us who taught you the most about personal finance and we'll enter you in a drawing to win a $20 Amazon Gift Card!
Win 1 of 3 $20 Amazon Gift Cards
We're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.
Mandatory Entry:
- Post your answer in the comments below
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- Go to our Facebook page, "Like" us, and leave a comment on this article telling us you did, or
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- Contest ends Monday, March 26th at 11:59 pm Pacific. Winners will be announced after March 26th on the original post. Winners will also be contacted via email.
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I learned a better economic/finance world view from the book Basic Economics by Thomas Sowell
I'm pretty much self taught. I've learned from mistakes and lots of reading.
My dad taught me the value of money. Never spend what you don't have.
I Like you on Facebook as Selene Montgomery
Definitely my dad. He taught me the value of saving when I received my first dollar as a gift and once I was a bit older included me in on the finances. Seeing where the money went each month and experiencing the importance of emergency funds and budgeting was the best thing for him to share with me. I took these lessons to heart and have been very successful with managing my money, even when I had limited income.
It started with my mom but that was a basic foundation of personal finance.
Since then it has been certain friends and blogs/own research online.
I also have wisebread liked on facebook.
No one taught me about personal finance - my mom has always struggled with credit card debt, and my dad never talked about money. I had to get into trouble and learn for myself!
I tweeted! https://twitter.com/#!/junethomemaker/status/182118584011587584
I like WB on FB!
The person who taught me the most about personal finance was the business manager at a non-profit company where I held my first repeat/long term position. Working in the fine arts, with non-profit companies and seasonal or production based positions meant that most financial advice didn't apply to me. I didn't get a regular paycheck, didn't have an employer 401(k), didn't have benefits, etc. The business manager, by his description - old enough to be my father and just as concerned, was willing to answer many questions for me and more importantly helped me think through finances in a way that made sense.
Without a doubt, my husband taught me the value of saving and spending wisely. I thank him every time we have the money to pay a vet bill or some other unexpected bill.
My mom taught me the most about finances. At age 10, I was given a $10 a week allowance that was to pay for everything I wanted. I was given $100 for school clothes at the beginning of the school year, and my parents also bought me one good pair of shoes (usually less than $50). They spent $100 on me at Christmas and $50 on me for my birthday. If I needed anything else, it all came out of my allowance. I also had to tithe 10% of my allowance, too. When she did this with my brother (who is 9 1/2 years younger than me), she included that he had to save 10% of his allowance, too. Really helped me and him learn to budget money.
I think it was watching others not have a budget and worry when the bills came that make me very frugal. I love the security of knowing that I've saved up for something in advance and now can just enjoy it! When the bills come, no worries! We have the money already set aside.
Commented an Facebook and liked the post too! I really do!
I definitely learned the most from my parents about personal finance.
Liked you on Facebook!
https://twitter.com/#!/starkeee/status/182146901448196096 - Twitter post!
My parents have definitely taught me the most about personal finance. They have always been very purposeful in their teaching, too. They told us little lessons all the time and also live by example. They told us to always pay off your credit card in full, don't take more debt than you have to, know the difference between needs and wants, and most importantly: that money is a gift, not a right. You should use it wisely to live well and help others prosper as well.
I have to thank, and shake my head at my mother for teaching me the most about personal finance. Her knee injury a few years back caused a complete change in my household. No longer working, she somehow managed to book vacations, order out every night, and become addicted to tv shopping networks. Her irresponsiblity became my responsibility. Her mistakes were my lessons. I learned grocery shopping on a budget, i got a low balance credit card to build my credit, i had both a checking and a savings account. So i have her and myself to thank for my personal finances. 4 years later and the only downside is now i'm the one who everyone asks to borrow money from!
my parents! and the world wide web.
My parents taught me a lot of frugal lessons they'd learned during the Depression.
My aunt taught me the most, she is a very successful VP and is very smart about her money. Always has enough for herself and to help others
From all of the financial mistakes I've made, like excessive credit card debt, I learned the hard way and taught myself not to do it again! Reading Wise Bread and Savvy Sugar also helped me along the way.
https://twitter.com/#!/missluckybreaks/status/182165812126289920
I'm a big fan of yours on Facebook as well!
Suze Orman
"Your Money or Your Life"
My parents; their examples of exactly what not to do with money showed me that I needed to do some reading and other research to find the proper way to deal with my personal finances. My parents have always fought with money problems from cashing out their retirement to wrestling with credit card debt. I knew there had to be a better way. I read books like the Total Money Makeover, The Cheapskate Next Door, and Your Money or Your Life I also read personal finance blogs like this one. I am now proud to say that I am financially literate! I am debt free and staying that way my car is payed off and I am working on the house situation.
Lots of people have taught me both well and poorly about personal finance, but the one that rocked my world and forever changed my views was Joe Dominguez in "Your Money or Your Life'. Nothing else has ever come close.
My family sucks at personal finance, so I thank Dave Ramsey for showing me a better way to do things!
My grandma. She and my grandpa raised 7 kids on one salary, neither with a high school exucation and ended up with a respectable retirement. I can't begin to explain how I admire them.
My Grandmother paid me to read The Wealthy Barber when I was in high school and I learned alot from her, reading and my mom as well.
Mistress Poverty. She taught me early in life to appreciate what I have, track expenses carefully, save something no matter how tight money is, and keep at it, month by month and year after year. I left her long ago but use what she taught me every single day.
My mom taught me the most about finances.
I liked you on FB.
My parents taught me the most through example. They have always lived frugally and I didn't always understand why, but I do look to them and the choices they made now that I'm a bit more experienced in what I *don't* want to do myself.
I've learned about finances from financial literacy books and doing my own research before making purchases
My finance teacher. He laid the groundwork and had lots of info from his own personal experience, both good and bad. I have also learned from my parents, siblings, friends and from my own experience.
My parents were responsible with their money but never really communicated the "how to" to me. Instead, they made sure I had what I needed and some of what I wanted and never really communicated what they did with their money. When I became I grown up, I realized I had no clue, and numbers made my head spin. I attended a Dave Ramsey conference and finally understood that money was a mystery. He has a way of explaining money management and savings and investing that resonates with the way my brain works. So, hooray for Dave!
my mother, brother, and books. also because i was innately interested i guess.
tweeted https://twitter.com/#!/oshkoshbgosh123/status/182283583510167552
i like wisebread on fb
Everything I know about money and personal finance I learned from reading books on my own. School provided zero information on how to handle money or daily financial decisions. There are plenty of excellent self-help books available on all sorts of financial stuff. That's how I learned.
One of my best friends in college taught me everything she knew, and is to this day the first person I go to when I have financial questions.
Definitely my mom. From my childhood onward she always involved me in my family's finances, and now that I'm out of the house and married, I still bounce ideas off of her. Whether it's about how to be frugal, the importance of savings, or the options for loans (and the pros/cons of those "free money" sources), most of my wisdom was gleaned from my mother. And I've done pretty well with it!
A combination of my parents and Khan Academy have helped me understand personal finances.
I like y'all on facebook.
It was my father for me. It all started off with a piggy bank when I was 7 years old. Money (small change) collected every quarter was deposited into a bank account.
MYSELF! Lol! My parents are still terrible with money, and I'm afraid to say they didn't teach me much in the way of financial responsibility. It's been hard and I'm still learning.
https://twitter.com/#!/linjiunhan/status/182313203580145665
My mother was probably my best teacher -- definitely my first teacher. We learned that it was okay to wear hand-me-downs, to go to yard sales, to save money, and to not be greedy. She also taught my sisters and I the importance of charity.
Of course, I also learned things from my father, teachers, and the online community. Experience is a good teacher, too.
Now, I find that I need to be the good example for my husband and children. It starts when they're young. :)
My Mother-in-law taught me the most about finance. She raised 5 kids on my father-in-laws salary. He was a laborer and did not make "good" money until the kids were already out of the house. In the winter, he was not able to work, so his pay needed to last.
They wanted to move from their mobile home (they had 4 kids at the time). So, instead of adding onto the mobile home, they built a small Cape Cod sytle house to accomodate their 5 kids. They built it themselves in their time off. My husband was just a toddler when they did this and he enjoyed helping his father so much that we built our own home 21 years ago. We saved so much money and would not be able to have the home we have right now. Of course, our home is not huge, like alot of people's, but it fits us just fine.
My mother-in-law is a blackbelt saver. She stockpiled sale items. When there was a limit, she sent all five kids through the register. They grew their own food in the garden. She bought the kids clothes on sale and used handme downs for each child. She still hangs out her laundry and cooks most meals at home from scratch. They do all the landscaping on their home and when they need help, call their sons to help out.
They invested their money in conservative mutual funds and cd's. The result: they have more than enough money to live well in their retirement years. They are in the seventies now and travel when they want. They still do all the things they taught me to do. I am so lucky: not only do I have a wonderful husband (for the past 24 years) but a mother and father in law.
I have taught myself about personal finance. I studied finance at Bryant University. I read every thing related to finance that I can get my hands on. An of course, I have learned from my mistakes. We need to take responsibilty for our own financial futures!
I think the answer to that question is myself. Thankfully, I've learned from my mistakes made when I was younger.
My father taught me how to handle my money and do my taxes. Unfortunately he just passed away. I will always remember what he taught me!
One of my college professors.
I learned personal finance by myself...coming from a family of bankers, all of my uncles and their spouses worked in banks...i was always curious about finance and this laid the foundation for me to gorge on finance related topics...
I've learned myself through trial and error, reading a lot on the subject, watching finance shows on TV, following money blogs, etc.
Like you on FB.
Tweeted answer:
https://twitter.com/#!/KelRo1/status/182558400499032064
No one ever spoke directly about money but the way my grandparents lived had an an impact. Never had good paying jobs but did not have debt besides a house payment and managed to save some. I don't think they had as much fun in life as they should have but to each their own. I work hard on saving but also to budget in some fun. The web has been a great resouce of information and inspiration.
My Dad. He's a frugal, do-it-yourselfer who taught me to put money aside in a 401K with my very first job.
I learned the hard way, from experience.
Experience itself, is who has taught me the most about personal finance. I've made tons of mistakes and spent time having to figure out how to fix them.
Chris
I learned everything from my parents. They're very frugal!
I like WiseBread on Facebook.
Definitely my mother. As a single parent raising 4 kids, with little child support, she showed us how to stretch a dollar and to think before we spend.
My family is not financially stable. When I was an undergrad., I started to read and learn about finance on my own. Surprisingly it became interesting and I enjoyed it very much. There is always so much to learn about finance so the only way to stay on top is to continue educating myself.
I learned the most about economics from Austrian School teachers like Murray Rothbard and others from the Mises Institute, which led me to financial commentators like Peter Schiff and Robert Wenzel. The Austrian School of economics taught me the most about money, how it has been manipulated by the ruling class, how to counter the effects of it, and why having a sound monetary system is so important to civilization.
It is a toss up between my grandma and my dad. My dad gave us an allowance growing up and taught us how to control our spending and that the allowance was how it was. There would be no more after that. He taught us to be frugal and stretch a buck. In fact, to this day when there is a good deal on something, he'll sometimes call me to tell me. In addiion to my dad, my grandma taught me a lot. She has taught me the fine art of stretching a dollar. I have a love for thrift stores and yard sales from her. At a very young age she would take us and taught the art of yard sale hunting.
I learned the most from my grandfather. He was the ultimate money manager! captainliss40(at)gmail(dot)com
Not so much a who, but what - the internet and websites like this one. My parents taught me a little about savings and giving back to charity growing up, but didn't go much beyond either you could afford something or you couldn't.
I like your page on Fb
My mom tried, but in the end I learned the most about personal finance management the hard way - getting deep in debt and then having to dig myself out. Now I've got mad budget skills that my husband hopes I'll pass on to our kids. :)
My mom taught me how to save and to shop for sales. She showed me that if i saved every little bit of money I got from report cards, birthdays, allowances, ect. it eventually would add up to a lot by putting it in a savings.