Five Money Experts Talk One Great Money Habit
We asked five money experts and community leaders from varying backgrounds if they could only teach a child one money habit, what would it be.
This is a question I like to ask everyone I interview since Sammy Rabbit and I believe:
(1) Money habits are the key to financial success - having more financial wellness, security, stability and freedom;
(2) Developing one right money habit like saving money can lead to developing more great money habits which can lead to transforming lives;
(3) Developing the right money habits gives everyone a better and brighter future;
(4) Developing the right money habits can begin with saving pennies; setting goals; writing down plans and making good choices related to saving, earning, spending, investing, and giving;
(5) Developing the right money habits can and should begin at early ages like three, four, or five before bad money habits are established.
Here are what these five experts and community leaders had to share.
Louis Barajas: Save Money
Louis Barajas is a CFP®, Wealth and Business Manager. He began his financial and small business career in his teens by helping his father and mother with their wrought iron business. He would interpret for them and do their taxes among many other job responsibilities. One of Louis childhood money memories is of his family saving change in a five-gallon water bottle. It left a permanent impression on him. Louis believes, “all wealth begins with saving money!”
The one money habit Louis would teach kids is to save money.
Ginny Gilder: Live Within Your Means
Ginny Gilder is co-owner of the WNBA Seattle Storm. She grew up with a money savvy father, Richard Gilder, Jr. The older Gilder founded the brokerage firm Gilder, Gagnon, Howe & Co. Ginny’s raised three children of her own. She knows a lot about personal finance from a variety of perspectives. Interestingly, her mother hammered home her most memorable money lesson.
The one money habit Rebecca would teach kids is to live within their means.
Winnie Sun: Save Half of Everything You Earn
Winnie Sun is a CNBC Financial Advisor, Forbes Contributor and Founder of Sun Group Wealth Partners. She grew up the daughter of immigrant parents and credits them as being great financial role models who worked multiple jobs and made saving and education priorities. Winnie began learning lessons on her own about money as a seven-year-old entrepreneur selling avocados to neighbors.
The one money habit Winnie would teach kids is to save half of everything you earn.
Jeffrey Hayzlett: Learn the Value of Hard Work
Jeffrey Hayzlett is Chairman of the C-Suite Network and the former Chief Marketing Officer at Eastman Kodak. He grew up as part of an Air Force Family who moved frequently and whose finances were very limited. Jeffrey recalls having a knack for sales as a child and working selling subscriptions, baseball tickets, or whatever he could to earn money to acquire a few items he really wanted his parents were unable to provide.
The one money habit Jeffrey would teach kids is to learn the value of hard work.
Gerri Walsh. Pay Yourself First
Gerri Walsh is the President of FINRA Investor Education Foundation. She was raised the daughter of Irish immigrants.
The one money habit Gerri would teach kids is to pay yourself first!
Teaching kids good financial habits can begin when children are around 5 years old. Source, Guide for Parents published by the National Endowment for Financial Education (NEFE), a nonprofit focused on financial literacy.
Who is your favorite personal finance expert?
Who is your favorite personal finance expert? Are they new school? Or, are they old school? Or, is it someone we have not listed?
Let us know who it is and why. We may feature and share your thinking in a blog!
New School
David Bach. The Automatic Millionaire
Jean Chatzky. The Ten Commandments of Financial Happiness
T. Harv Eker. Secrets of the Millionaire Mind
Chris Hogan. Retired Inspired
Clark Howard. Get Clark Smart
Robert Kiyosaki. Rich Dad Poor Dad
Suze Orman. The 9 Steps to Financial Freedom
Dave Ramsay. The Total Money Makeover
Anthony Tony Robbins. Money Master the Game
Vicki Robin and Joe Dominguez. Your Money Or Your Life
Ramit Sethi. I'll Teach You To Be Rich
Michelle Singletary. Spend Well Live Rich
Kyle Taylor. The Penny Hoarder (Blog)
Ali Velshi. How to Speak Money
Larry Winget. You're Broke Because You Want to Be
Old School
Ginger Applegarth. The Money Diet
David Chilton. The Wealth Barber
David and Tom Gardner. The Motley Fool Investment Guide
George Clason. The Richest Man in Babylon
Napoleon Hill. Think and Grow Rich
Benjamin Franklin. The Way to Wealth
J. Paul Getty. How to Be Rich
Andrew Tobias. The Only Investment Guide You'll Ever Need
Eric Tyson. Personal Finance for Dummies
Wallace D. Wattles. The Science of Getting Rich
Are You a Reader?
Sammy is a reader. Sammy believes readers are leaders. Reading is one of the primary sources for education.
Sammy gathers information, principles and sayings from books on personal finance, money management, great money habits and more.
Three of Sammy Rabbit's favorite education related sayings are:
- Always be learning!
- Learn more and earn more!
- Reading is a great and life transforming habit!
If you want improve your knowledge on personal finance, one of the smartest and surest ways to do it is read. Read books. Read blogs. Read personal finance magazines and newspapers.
One of the first books on money my father had me read as a young teen was George Clason's "The Richest Man in Babylon." Since then I have been hooked.
If you are not a reader, no problem. You still have lots of options to increase and compound your money knowledge. You can watch videos, listen to podcasts, take classes or join a meetup group!
Resources on personal finance and money management are plentiful. They are super easy to access. Anyone can do it. And, you have lots of choices and voices to choose from.
Check out Sammy's vision for 2020 and HOP on board!
Leaders who want to discuss financial literacy and/or bring more financial literacy education resources and experiences to kids, families, and communities contact Sammy today!
CLICK to use our website contact form or email us at: contact@SammyRabbit.com
