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?
Today, we are pleased to share five more fascinating first and favorite money memories including one that centers on grandma hiding money; pennies and Pokemon; special "alone time" with dad; a "golden" stock; and a "boot sale" (not what you may think!)
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!
Mark Sanborn | Author, CSP, CPAE, Leadership Strategist Keynoter | Lone Tree, Colorado
One of my early money memories is my grandmother hiding small bills in various places: her car, in her house or the pockets of coats.
Why did she do this? She taught me that sometimes you forgot your purse or your wallet, or you needed a little money quickly, and by having these money hiding places, the problem was solved.
Even in the age of credit cards, having a few small bills hidden and available can help in a pickle, like when you need to tip an unexpected delivery person or make a quick donation on the spot.
Asia Martin | Reporter, WealthManagement.com | New York, New York
When Sam asked me to share a money memory, I didn't hesitate to say yes. I was sure I had a few good stories. One day, I sat on my couch with my fingers ready to type up my answer, and I couldn't remember a single isolated story. I could only remember compilations of habitual money habits like tithing on Sundays, dropping change into my penny-shaped piggy bank, and spending my allowance on Pokemon cards and a bag of chips at the convenience store across the street from my summer camp building.
As I got older, those habits still remained except the teenage version of me transitioned to a checking and savings account, and she spent her wages at the beauty salon, on gas money or the movies with her friends.
My earnings always had three goals. One was to help me enjoy life. Two, was money for my future self. And, three was to pay tithes and offerings.
Things have gotten more complex now that I'm older, but I'm certain my early money habits of tithing, saving and basic budgeting have helped prepare me for money management in adulthood.
Marlaine Cover | Founder, Parenting 2.0
I am the second of five girls, born within a six-year span to young parents of modest means. It was rare to spend time with a parent without a sibling present. But I remember when I was age six my father taking me alone to the bank to open a savings account for my weekly allowance. I felt very honored to be receiving personal attention and to also have my allowance treated with such respect. Opening my own savings account provided real-time education in the financial literacy skill of savings and initiated ongoing dialogue between me and my father about money and savings.
I remember feeling VERY grown up!!
Ignacio Aguirre | Founder, Snowball Financial Education | Lima Peru
I got $50 from my grandparents for my 12 year old birthday. When I asked my father what to do with the money, he told me to “get that money working for me”. So instead of buying a new videogame, I purchased stocks in a company called Atacocha, a mining company in Peru. It went from $ 0.50 to $5 in 6 months. I thought investing was easy; funny thought.
Will Rainey | Founder, Blue Tree Savings | United Kingdom
My first money memory was when I got pocket money (allowance) at about 8 years old. I remember it not being much, but I knew I wanted to make it go as far as I could. I loved computer games at the time. Instead of buying brand new games, I would cycle with my best friend to the local boot sale (flea market) to buy second hand computer games. After a few weeks I would then re-sell the games back to the same person at the boot sale to get a discount on my next game.
From a young age I focused on the value for money and making it go a far as possible. I still have this habit today which I means I spend a lot less than others for similar items. I then make sure to save all money due to discounts I find. Sadly I didn’t learn to save until I was much older. I now very much encourage my kids not to spend all the money they receive.
SHARE your first or favorite childhood money memory.
The purpose of this series is to share and talk about early money 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.
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