About a week ago, Mrs. Micah wrote What My Parents Did and Didn’t Teach Me About Credit and Money Management and that got me thinking about financial lessons that I learned from my parents. I can definitely say that I didn’t learn anything about investing, budgeting, or building alternative income streams from my parents. They are not the kind of parents that’s real savvy about money and wealth building. However, they did teach me a lot of valuable lessons — stuff that are even more important than practical money management.
The most defining characteristic of my parents, especially my dad, is their love for my sister and I. We didn’t have a lot of money when we grew up, but they didn’t let it affect our family. This is especially true when it comes to education. Despite their hardship, they did whatever it took to ensure that we had good education. This include sending both of us to college. In term of the sacrifices they have made, there’s nothing more you could ask from them.
My parents believe that failure only happens if it stops you from achieving your goals. When you try something and didn’t succeed the first time (or the first few times), they are called setbacks – not failure. Just because a toddler couldn’t walk the first time he tried, doesn’t mean he can’t walk — he just has to keep trying until he could.
My parents definitely faced many setbacks during their lifetime, but they didn’t let that stop them from achieving their goals.
My parents are very honest folks with great integrity. They never cheat, lie, or do anything illegal to get ahead. This is almost to the point of being detrimental, since there are some real predators out there. However, this is a quality that I really admire about them. And like them, I always strive to do the right thing; especially when it comes to earning money honestly and with integrity.
My dad often said to me that you could never go broke if you don’t gamble. Of course, this was before the age of easy credit and overwhelming amount of financial distractions. In any case, it was a great advice that will stay with me for the rest of my life.
My dad is the real entrepreneur in our family. In his youth, he tried his hands in many different businesses. Some were successful, and some were not. Unfortunately, he had no luck with any business that involves a partnership. Even worse, these were his friends that cheated him out of his fortune. As a result, I am quite set on not starting a business if I can’t do it on my own.
I really think this is a great subject to talk about, so I would like to encourage you to share your own story about lessons you learned from your parents below. If you are a blogger, why not write an article about it.