We had a Sammyriffic Childhood Money Memory podcast and discussion recently with Lionel Shipman financial literacy educator and champion.
Watch the video above or listen to the audio of the interview below!
Plus, below discover more about Lionel and a list of 16 Sammy Rabbit “Gold Karat” takeaways from the podcast!
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Lionel is a seasoned financial leader with over 20 years of experience in banking and financial services and financial literacy empowerment.
He is the author of 2 books, “Money Responsibly” and “Sacred Vows: The Knot or Not.” Lionel hosted the CWR Talk Radio show “The Lionel Shipman $hape Your Finances Show” and is the host of the show on Spondulics, a financial education/entertainment streaming channel on Roku TV, Amazon Fire, and Apple TV.
Lionel is an active champion of youth financial literacy participating in an online teaching platform called “OutSchool” as well as gives presentations on personal finance and financial literacy with colleges and high schools in the US and organizations in Africa and India.
Lionel is married and has two grown children.
16 Sammy Rabbit Gold Karat Takeaways from Lionel Shipman Financial Literacy Champion!
(1) Lionel remembers being the type of child who always asked for things. He was very direct. He figured if he asked for something and the answer was no, he had not lost anything.
(Love a kid who “figures” — another word for “thinks!”)
So, one day Lionel asks his mom for money to go to the game room at a local store to play some of his favorite video games. Lionel’s mom responds, you know son, I have something for you. Why don’t you come to work with me?
Lionel’s mom worked at a nearby “Piggly Wiggly” grocery store. She was the head cashier. She advised Lionel, if you want to get some money, then I am going to put you to work. You are going to have to earn it!
(Love a mom who instills a work and earning ethic in her kids!)
(2) Lionel’s mom spoke to the manager. He agreed they could find some work for Lionel to do.
This just happened to take place on the day goods were shipped into the store. So, store employees were stocking the shelves all day. They allowed Lionel to follow the personnel stocking the shelves and collect the empty boxes the items were shipped in. He collected, loaded and took the boxes to the back of the store. He placed them in front of a compressor like machine where they would get compacted.
Two things Lionel recalls they would not let him do: (1) price items and (2) operate the compressor machine – LOL!
(3) That was one of Lionel’s first money memories and working experiences.
Lionel’s mom always use to share with him, “money doesn’t grow on trees.”
He really did not understand the message, until that first work day at Piggly Wiggly. That experience made it crystal clear, you need to work for money.
Today, Lionel really appreciates his parents instilling in him a strong earning ethic. It was an important attitude and skill to learn.
(4) Lionel carried that work and earn ethic to college. He got himself a job at Piggly Wiggly. It helped him to pay for the cost of his education.
Lionel shares that in addition to learning to have a great work ethic, his parents encouraged him to “spend responsibly!” That was a fantastic bonus lesson.
(5) Lionel’s father added to his mom’s money wisdom by sharing sayings like, “don’t live a champagne life on a beer budget.”
His mom would follow up with, you can not spend more money than you earn.
Big kudos to Lionel’s mom and dad on teaching him some great money lessons when he was young. It is Sammyriffic to discover those lessons stuck and guided Lionel throughout his life.
(6) Lionel does not remember having either a piggy bank or savings jar growing up as a kid.
He laughingly recalls keeping money in his pocket.
Lionel kidded he did not have a whole in his pocket like some people. “Money never got that deep into my pants.”
Actually, Lionel shared the rule in his house growing up was to spend your money carefully and do not spend it all in one place.
(7) As an adult, Lionel saves change. He shares right on top of his dresser drawers he has a metal pan. He places and deposits change their daily.
Every few weeks his wife will take the change and drop into this “handy dandy” coin separator.
Lionel advises that on an annual basis he and his wife probably save two to three hundred dollars in change.
He notes it comes in very handy during the holiday season.
(8) Lionel has two kids. Both are girls. One is 19 and the other 21.
As a result of having a career in banking and finance, Lionel shared that knowledge with his children. He and his wife began the financial education process early, while their kids were young. They initiated the teaching process somewhere around the ages of 5 or 6.
He and his wife were on the same page when it came to the managing of their finances and wanting their kids to have the knowledge to be capable and effective stewards of money.
They both wanted their kids to understand the “value” and “principles” of managing money.
They used an ATM piggy bank to get the learning going! Lionel shares it was probably one of the best teaching tools they have ever had. It was particularly effective in helping their kids understand how to budget their money.
And what Lionel and his wife stressed was to allocate money for spending, giving and saving.
This established a great foundation to build additional personal finance lesson upon.
(9) The Shipman’s went on to stress the importance of being responsible and making sure they planned and had enough money to take care of household expenses.
(10) Lionel shared with the kids that if they learned these lessons while they were young, the lessons – thinking and attitudes – would become a part of them and help them throughout their lifetimes.
(11) When his kids were in high school, Lionel had his children create their own written budgets. He and his wife would review these with their kids on a monthly basis.
(12) If Lionel could only teach a child one money habit, he would share that regardless of the amount of money you make, always, always give to others who are in need.
Lionel notes that being a giver has always paid off for he and his wife!
Give dollars. Give time. Have a heart to give. Make it a priority. You will be glad you did.
Lionel is delighted to share his daughter who is in college has started a nonprofit organization named “The Hands That Give.” It has been existence for about three years. She leads the organization and has had the support of several peers who also support the endeavor.
(13) Lionel absolutely – absolutely believes personal finance should be a mandatory class and requirement in high school.
He further thinks financial education should start in elementary school.
Teach personal finance in schools. Reinforce and build upon that knowledge at home.
Lionel reports Florida has recently passed legislation requiring high school students to take a personal finance class before graduating.
(14) It is important to teach kids money schools. They will be using them the rest of their lives!
(15) Lionel’s parting guidance to parents, “be consistent” with your kids financial education. It pays off!
(16) Lionel’s parting guidance to teenagers, if you want to do something impressive and useful for your parents, start budgeting!!!
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