The Value of Family

Family can be a great source of wisdom when it comes to financial matters. I’ve been very fortunate that my family (for the most part) has provided me with excellent advice and models of behavior when it comes to money. Not all families are perfect; I have a friend whose family provides some great models of what not to do. Even there, being mindful of the implications of those choices helps us to shape our own financial choices and future.

My mom had two businesses (a craft store and flower shop) while I was growing up. As a result I got the opportunity to see just how much hard work and dedication it takes to run a business. I saw firsthand how incredibly difficult and stressful it can be (one of the reasons I don’t buy flowers for Valentines Day or Mother’s Day is I pity the poor flower store workers).

My father served in the Navy and after retiring has worked in the business side of higher eduction. He’s given me great insights into management and leadership. This year he’s started sharing some of that knowledge with his own blog.

Between the two of them they are a font of financial knowledge. And they both have somewhat different, but complimentary views on financial matters. So often I will ask them both for their opinion and advice. Neither of them is offended if they take the other’s advice, nor are they upset when I decide to do something completely different. I’m very lucky to have them as resources.

Now my friend’s family I mentioned earlier? My friend’s brother buys a new car at least once a year, has nothing in savings and has has had cars repossessed, mortgages foreclosed and leases terminated. Every time he tells us his latest scheme I can be pretty confident that if I do exactly the opposite in my own life I’ll be making the right choice financially.

When you’re making financial choices, don’t forget to ask your family for input or suggestions. There’s no requirement that you take their advice, but you just may find that your parents who didn’t know anything when you were 14 have managed to get pretty darn smart by the time you’re 34.