I thank them, and all women, as Mother's Day approaches because a good mother builds each person she comes in contact with not just her own children.
Five women (my mom, my wife, and my three sisters) have taught me some powerful financial lessons.
- My mom showed my how to negotiate as we drove from yard-sale to garage-sale to auctions during my childhood summers. She knows a price tag is flexible. Her goal was to make each transaction a good deal for the seller and buyer.
- My wife further helped me understand the value of haggling or negotiating price. On a visit to Canal Street in NYC she found what she wanted and haggled until she obtained a great deal on food and clothes.
2. Buy used:
- All five ladies love to shop at thrift stores to find deals. They buy gifts, clothes, books, furniture, toys, and anything else of worth at thrift stores. They often buy goods at 95-98% off of retail. It's not uncommon for one of them to find an antique item for next to nothing.
- Between the five ladies they have over 20 years of advanced education, have attended 8 colleges/ Universities and are often sought after for their expertise. Some of them attended college while raising a family and usually studied long into the night in order to excel. Most importantly they are raising children who value education too.
4. Self reliance:
- Each woman understands budgets, planning and earning. Each woman is involved in family finances enough to be independent, but still works interdependently with her spouse. If her spouse were to become ill or die each woman could carry on because of their self-reliance.
What can a mother do to help her family financially? Set an example of monetary excellence by passing on financial lessons in words and especially actions. What can others do? Listen to your mother.
(Photo courtesy Ambro)