What was your first or favorite childhood money memory?
Did it stick? Did it become a habit? Did it become the cornerstone of a foundation that led to the development of other great money habits?
How has your first or favorite money memory and experience informed your money mindset and relationship with money over time?
This is Part 4 in an ongoing series. The purpose of this series is to share and talk about these experiences with one another with the objectives of building a community of advocates who expand each other’s knowledge and inspire ourselves and others to teach and talk to children about money while they are young, around ages 2, 3, 4, 5, 6 and 7.
Making it easy to talk to and teach children great money habits while they are young is a key component to Sammy Rabbit’s mission and strategy to create systemic change, giving current and future generations of children and families the knowledge, experiences and skills they need to build more financial stability, security and freedom in their lives and communities.
Today, we are pleased to share five more fascinating first and favorite money memories including one that centers on a yard sale and mom's advice; one on baseball and matching savings; one on found money and ten minutes of bliss; one on a trip to the library; and one on an imaginary shoe box!
We hope you find these stories entertaining, educating, and inspiring. We find them to be an excellent way to champion early age, youth and family financial literacy. We welcome you to join in the purpose filled fun. We invite you to share your story with us. Have a Sammyriffic read!
Kathleen Lawson | Executive Director, Economics Arkansas
My first money memory was asking my mom if we could set up a yard sale in the front yard. It was in the middle of the week, middle of the day - certainly not peak time for customers, and on a dead end street at that. But it was summer, and she said yes. I really can't recall if we sold anything, but I still remember my mom offering suggestions on product pricing, specifically how I had priced a puzzle at $.35 and at yard sales, things sell best by the quarter.
Be sure to check out our Sammy Rabbit Spotlight feature on Kathleen Lawson!
Nic Nielsen | CFP®, Charlotte, North Carolina
I remember negotiating a “matching” savings program with my parents. I grew up and learned to earn money early. I would umpire games at local baseball fields. I would also prepare the fields before the games. I would rake the diamonds, chalk them, etc. So, if I saved some of my earnings, my parents would also make a matching contribution to my savings.
I was an “all star” saver. About the only thing I would spend money on was baseball and basketball cards. Other than the bank, that was where my savings went.
Be sure to check out our Sammy Rabbit Childhood Money Memories interview with Nic Nielsen!
Deidre M. Fernald | CFP®, Clearwater, Florida
My first money memory certainly helps explain the struggles I’ve had with being impulsive with my money. I remember walking home from school and finding $9 on the sidewalk. It was the highlight of my month! For all of 10 minutes, I thought about all the great things I could do with that money. $9 could get you a lot in the late 80s! I met up with my friends who I shared my excitement with. They suggested I buy everyone sweets at the local bakery store and I didn’t flinch before I said yes! We spent all $9 and consumed all the goodies that day. I went home with a stomach ache and regret. I’ve struggled with my impulsive behavior most of my life. Delayed gratification is something I’ve really had to work on to manage our money well since it’s a learned habit from my parents and hardwired. It’s a habit I can easily identify in my clients and is tough to manage especially since it’s so easy to spend nowadays! Every purchase is led by an internal conversation is this a need or a want? Is this a need right now or something that can wait? I’ve been able to work with it by making a list of things I want every month and if I’m under budget in one category, I spend 20% of that on what I want. Gives me an incentive to spend less!
Diana Frick | Financial Coach, Houston, Texas
Our local library had a summer program that for every specific number of books you read you would get a prize. So, my mom took us to the library frequently.
On one trip, I think I was about 10 years old, I remember accidentally coming across a book title that just grabbed my attention. It was all about making money for kids. It mesmerized me. So, I checked it out. It had ideas like starting your own lemonade stand, recycling cans, and mowing lawns. I thought it was great that even as a kid you can start making money.
My parents always wanted my sisters and me to not have to worry about money. They wanted us to just focus on our studies. So I did not get a job in my teen years. However, I always wondered what it would be like to earn my own money. It is probably why I graduated from college a semester early. I was ready to start my first job and begin earning my own money. I was excited about what my money could do for me. I could decide myself how to spend it, invest it, and save it.
Daphne Jordan | CFP®, Austin, Texas; NAPFA Board of Directors
An early money memory for me was when I would go to the bank with my dad. Since direct deposit didn’t exist yet, he would go to our local bank branch to deposit his paycheck and get any needed cash for a period of time. In my young mind, I imagined a shoe box somewhere in a bank closet with dad’s name on it. In my then schema, my dad’s cash was kept safe at the bank in that shoe box. I thought when he wanted to deposit money, the banker would place his cash in his box. When my dad needed money, the banker would go to his box to pull the cash.
Be sure to check out our Sammy Rabbit Childhood Money Memories interview with Daphne Jordan!
Sammy Rabbit loves championing and raising awareness on the importance of early age, youth and family financial literacy education.
One of his favorite methods to raise awareness is to share the stories of people and enterprises who want to make a difference in the lives of others!
IF you would like to be featured in this series, a Sammy Rabbit blog, his Childhood Money Memories Interview series, a Sammy Spotlight, be a Sammy Guest Blogger, contact us.
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