Comments on: How Parents Financially Influence their Children http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm Building Wealth through Saving and Investing Thu, 18 Mar 2010 15:24:11 -0400 http://wordpress.org/?v=abc hourly 1 By: The First Piece of Financial Advice You Ever Received : Cash Money Life http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm/comment-page-1#comment-69031 The First Piece of Financial Advice You Ever Received : Cash Money Life Wed, 04 Feb 2009 10:44:04 +0000 http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm#comment-69031 [...] Frugal Trader from Million Dollar Journey: You need to save money. Frugal Trader’s parent’s taught him to save money from an early age and he opened his first savings account at age 7. You can read more about how he learned from his parents’ examples. [...]

[...] Frugal Trader from Million Dollar Journey: You need to save money. Frugal Trader’s parent’s taught him to save money from an early age and he opened his first savings account at age 7. You can read more about how he learned from his parents’ examples. [...]

]]> By: FrugalTrader http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm/comment-page-1#comment-620 FrugalTrader Tue, 27 Feb 2007 11:58:43 +0000 http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm#comment-620 Great post from your blog <b>Common Sense</b>. Perhaps you should consider teaching your kids to split their income into 3 categories, spending, saving, and charity. Perhaps having one of those piggy banks that are already split into 3 sections. Just a thought, FT Great post from your blog Common Sense. Perhaps you should consider teaching your kids to split their income into 3 categories, spending, saving, and charity. Perhaps having one of those piggy banks that are already split into 3 sections.

Just a thought,
FT

]]> By: Common Sense http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm/comment-page-1#comment-614 Common Sense Tue, 27 Feb 2007 02:41:32 +0000 http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm#comment-614 I think the key is to teach your children when they are young. The earlier the head start the better off they are. My parents didn't teach me much about finances. The most important thing that influenced me was that I grew up poor, and so I knew the value of money. http://wisdomfrommywife.blogspot.com/2007/02/teaching-your-kids-about-money.html I think the key is to teach your children when they are young. The earlier the head start the better off they are. My parents didn’t teach me much about finances. The most important thing that influenced me was that I grew up poor, and so I knew the value of money.

http://wisdomfrommywife.blogspot.com/2007/02/teaching-your-kids-about-money.html

]]> By: HalOtis http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm/comment-page-1#comment-607 HalOtis Mon, 26 Feb 2007 18:56:54 +0000 http://www.milliondollarjourney.com/how-parents-financially-influence-their-children.htm#comment-607 My parents were very quiet about money, there were several times growing up where they made financial decision that I felt would have been beneficial for me to understand. For example, when buying a car, I knew they were looking at one, but I never saw it, or knew how much they paid for the car until it showed up in the driveway one evening. It would have been nice to know, the price, how the paperwork was handled, and some insight into the buying decision. The only advice I got about investing was that stocks were risky, mutual funds were risky (they got burned by the dot-com bust( and they never told me that until 2 years after the fact)) GICs from the bank were the best option for saving money in their opinion. Recently I told my mother, that I had been reading books about making money voraciously over the past few months. the response I got was "You know money isn't everything.. " I've come to take my parents financial suggestions with a grain of salt. I know that my parents were good savers and that has rubbed off on me. But I'm now working in a portfolio management company, implementing quantitative analysis of stocks software. It's a completely different world from the one my parents live in. My parents were very quiet about money, there were several times growing up where they made financial decision that I felt would have been beneficial for me to understand. For example, when buying a car, I knew they were looking at one, but I never saw it, or knew how much they paid for the car until it showed up in the driveway one evening. It would have been nice to know, the price, how the paperwork was handled, and some insight into the buying decision.

The only advice I got about investing was that stocks were risky, mutual funds were risky (they got burned by the dot-com bust( and they never told me that until 2 years after the fact)) GICs from the bank were the best option for saving money in their opinion.

Recently I told my mother, that I had been reading books about making money voraciously over the past few months. the response I got was “You know money isn’t everything.. ”

I’ve come to take my parents financial suggestions with a grain of salt. I know that my parents were good savers and that has rubbed off on me. But I’m now working in a portfolio management company, implementing quantitative analysis of stocks software. It’s a completely different world from the one my parents live in.

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