Author Topic: My Mom gave me some words of wisdom...  (Read 6757 times)

Mr.Macinstache

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My Mom gave me some words of wisdom...
« on: September 05, 2013, 07:50:06 AM »
I mentioned how the van (02 Odyssey) was leaking a little oil and I needed to dive into that to try and fix it.

Her advice: Trade it in. You need something safe for the family. You're never going to get out of debt completely. Life doesn't stand still.

O_o

Jimbo

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Re: My Mom gave me some words of wisdom...
« Reply #1 on: September 05, 2013, 08:07:11 AM »
Wow, powerful stuff... ;-)

My mom also excels in this department. Lately, she expressed her concern that my wife and I were not enjoying life enough. Whereas the only way to enjoy life is to spend money, of course...

Coming from the woman who plans to work until 'at least' 70 because she does not know what she would do, I should not be surprised.

Oh, did I mention her full-time job is Financial Planner, of course?...

mpbaker22

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Re: My Mom gave me some words of wisdom...
« Reply #2 on: September 05, 2013, 08:26:48 AM »
I mentioned how the van (02 Odyssey) was leaking a little oil and I needed to dive into that to try and fix it.

Her advice: Trade it in. You need something safe for the family. You're never going to get out of debt completely. Life doesn't stand still.

O_o

Do you have debt?  I guess I haven't read enough of your posts to know.

My mom reassured my sister that buying a $220,000 condo with $400/month fees was a good idea.  My sister lived there for a few years and sold it for $220,000.  So she Paid .07*220,000/36 + 400 = 827.77/month (36 months living there, sold it by owner after randomly finding someone who wanted it), not counting interest payments on her loan.  She's now renting a place with her new husband for $1000/month that's twice as large and a mile away.

Mr.Macinstache

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Re: My Mom gave me some words of wisdom...
« Reply #3 on: September 05, 2013, 09:46:29 AM »
Wow, powerful stuff... ;-)

My mom also excels in this department. Lately, she expressed her concern that my wife and I were not enjoying life enough. Whereas the only way to enjoy life is to spend money, of course...

Coming from the woman who plans to work until 'at least' 70 because she does not know what she would do, I should not be surprised.

Oh, did I mention her full-time job is Financial Planner, of course?...

God help us all.

Do you have debt?  I guess I haven't read enough of your posts to know.

Yes, I owe $3600 on the van.

She mentioned that comment because I had been talking with them about totally getting out of debt (1000 credit card, 1400 medical bill, 5600 student loan and the 3600 van) That's all I have. (plus a mortgage). But I'm told "I'll never get out of debt".

I disagree and now I will prove it.

MrsPete

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Re: My Mom gave me some words of wisdom...
« Reply #4 on: September 06, 2013, 01:48:47 PM »
Yeah, I love my mom, but I don't ever talk to her about money.

cats

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Re: My Mom gave me some words of wisdom...
« Reply #5 on: September 07, 2013, 10:24:30 AM »
Wow, I thought my mom was annoying about spending, but I guess I'm comparatively lucky.  Mostly she just keeps suggesting I should buy this or that little thing because "it would look nice" or "be so useful".  Then she complains about how hard it is to keep her house clean and how she really has to clean out all the junk.

Fortunately they get the bigger picture things, like they have never once given us grief for living in a tiny little studio when technically we could afford rent on something much larger!

impaire

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Re: My Mom gave me some words of wisdom...
« Reply #6 on: September 07, 2013, 10:52:31 AM »

Her advice: Trade it in. You need something safe for the family. You're never going to get out of debt completely. Life doesn't stand still.

O_o

Aahh, the new Classic of Western Literature: One Hundred Years of (debt) Servitude.

Using the same thought process, the in-laws are now reduced to hoping that they can somehow adapt their standards of living to survive on about a fourth of their current expenses. They have seven years to make the transition. Where is the safety in that?

dragoncar

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Re: My Mom gave me some words of wisdom...
« Reply #7 on: September 07, 2013, 11:55:09 AM »
I mentioned how the van (02 Odyssey) was leaking a little oil and I needed to dive into that to try and fix it.

Her advice: Trade it in. You need something safe for the family. You're never going to get out of debt completely. Life doesn't stand still.

O_o

Do you have debt?  I guess I haven't read enough of your posts to know.

My mom reassured my sister that buying a $220,000 condo with $400/month fees was a good idea.  My sister lived there for a few years and sold it for $220,000.  So she Paid .07*220,000/36 + 400 = 827.77/month (36 months living there, sold it by owner after randomly finding someone who wanted it), not counting interest payments on her loan.  She's now renting a place with her new husband for $1000/month that's twice as large and a mile away.

Not including interest?  What's the .07?  Did she get a tax break?

Sounds like she is now paying more than before.  That's a thing I call lifestyle inflation but mustachianism

MsSindy

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Re: My Mom gave me some words of wisdom...
« Reply #8 on: September 10, 2013, 09:50:35 AM »
Mom words of wisdom:
My mom was an accountant - I remember her explaining to my older brother and me if we would just put $100 into an IRA Plan (they had just come out in the '70s), the compounding interst would be phenomenal.....oh, why didn't my 12 year old self listen to my mother!

The other thing she was fond of saying, "always wear lipstick, you never know who you'll run into it".....this was advice from a single woman. :)

Mr.Macinstache

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Re: My Mom gave me some words of wisdom...
« Reply #9 on: September 10, 2013, 10:00:31 AM »
Mom words of wisdom:
My mom was an accountant - I remember her explaining to my older brother and me if we would just put $100 into an IRA Plan (they had just come out in the '70s), the compounding interst would be phenomenal.....oh, why didn't my 12 year old self listen to my mother!

The other thing she was fond of saying, "always wear lipstick, you never know who you'll run into it".....this was advice from a single woman. :)

Ah, maybe Mum should have confiscated your $100 and put it in an IRA for you? I am drilling savings into my 5 and 6yr old... they are obsessed with stuffing their piggy banks now instead of spending out of them.

The idea of saving was never instilled in me at a young age. *shakes fist at parents*

MountainFlower

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Re: My Mom gave me some words of wisdom...
« Reply #10 on: September 10, 2013, 02:32:20 PM »

Ah, maybe Mum should have confiscated your $100 and put it in an IRA for you? I am drilling savings into my 5 and 6yr old... they are obsessed with stuffing their piggy banks now instead of spending out of them.

The idea of saving was never instilled in me at a young age. *shakes fist at parents*

Tell me more!  Are you giving an allowance?  How are you motivating them.  My parents NEVER taught me to save and it shows.  I desperately want my kids to start learning this concept now (they are 4 and 6).  The irony is that my dad was a fantastic saver.  My mom was a SAHM and then a stay at home wife, never working.  My dad died last spring and he had about $1M in the bank.  We were all a bit surprised!  Why didn't he instill his own values on me?  Tell me your secret Mr. Macinstache.  Perhaps this would be a better topic in mini mustachians.

oldtoyota

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Re: My Mom gave me some words of wisdom...
« Reply #11 on: September 10, 2013, 02:45:38 PM »

Ah, maybe Mum should have confiscated your $100 and put it in an IRA for you? I am drilling savings into my 5 and 6yr old... they are obsessed with stuffing their piggy banks now instead of spending out of them.

The idea of saving was never instilled in me at a young age. *shakes fist at parents*

Tell me more!  Are you giving an allowance?  How are you motivating them.  My parents NEVER taught me to save and it shows.  I desperately want my kids to start learning this concept now (they are 4 and 6).  The irony is that my dad was a fantastic saver.  My mom was a SAHM and then a stay at home wife, never working.  My dad died last spring and he had about $1M in the bank.  We were all a bit surprised!  Why didn't he instill his own values on me?  Tell me your secret Mr. Macinstache.  Perhaps this would be a better topic in mini mustachians.

Read this: Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children.

Mr.Macinstache

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Re: My Mom gave me some words of wisdom...
« Reply #12 on: September 10, 2013, 02:59:18 PM »

Ah, maybe Mum should have confiscated your $100 and put it in an IRA for you? I am drilling savings into my 5 and 6yr old... they are obsessed with stuffing their piggy banks now instead of spending out of them.

The idea of saving was never instilled in me at a young age. *shakes fist at parents*

Tell me more!  Are you giving an allowance?  How are you motivating them.  My parents NEVER taught me to save and it shows.  I desperately want my kids to start learning this concept now (they are 4 and 6).  The irony is that my dad was a fantastic saver.  My mom was a SAHM and then a stay at home wife, never working.  My dad died last spring and he had about $1M in the bank.  We were all a bit surprised!  Why didn't he instill his own values on me?  Tell me your secret Mr. Macinstache.  Perhaps this would be a better topic in mini mustachians.

I had started a topic about it, but I think I put it in the "Ask" section instead of the Mini section where it belonged.

I don't do allowances.. chores are expected to be done as being part of the household. We all chip in around here.

First we really limit TV. All the marketing really takes a toll on them, creating "wants" for all sorts of junk. Next, I got my son excited for saving when I took him to the bank to open his own savings account. The have a kids program, free green piggy bank and incentives that they match his savings. This sort of flipped the switch. His little sister now follows his lead, so I need to open her account and get her on board. Going to the bank is an event for us... free balloons, we put in some money and get to use our they change counting machine too.

I give them money just when I feel like it, for doing good deeds, pitching in without asking, good grades, trying new food, etc. It keeps things interesting. Good luck!