Parents as Role Models on Money


Parenting, Kids, Money, Education, InvestingI’ve written my share of posts on my personal life. Shared a lot of intimate secrets and sometimes even asked for advice. Here is another, not so intimate part about my life and it has to do with my parents. I think my parents (particularly my mother) served as above average role models when it came to money. They’ve thought me a lot of the things I know today about finances, hence why as I get older and wiser, am running my finances more like my parents did.

I am proud of my parents and some of the basic financial aspects they’ve implemented on me in my younger days, not to say that I’m still not young now, which I am, so HA! Either way, as I get older, I am beginning to see more and more of those little financial lessons they taught me. Yet, I consider my self fortunate to have such great role models when it comes to money.

In an article I read today, supposedly today’s average parent is a bad role model on money;

“Most parents are poor role models when it comes to money. Eighty six percent feel they are, more so than educators,  or others, yet feel that they should have primary responsibilities for teaching their kids the basics of personal finance” Read Article Here

One thing I should clear up right now, is that I don’t blame my parents for me sinking into debt. This was my choice due to the poor choices I made with my personal finances. That being said, everything came into perspective and started to make total sense when I moved out.

Almost at 2 year of being on my own, I’ve become better manager at personal finances, than I was my whole life. Finally all those things I was “harped at” (or so how I felt) during my pre-teen and teen years, are totally making sense. I am finally using all the tools that my parents taught me over the years.

1. I am proud to say, I  finally have an emergency savings account.

2. Spend less eating out (totally cut out lunches at work) and putting away the saved money.

3. I quit smoking (saving even more )

4. I’m a way better negotiator (only because now I make a full effort to negotiate)

5. I am working even harder (full time job, side business, Finance Fox blog)

6. Taking a simple approach (I don’t buy things, unless I need them)

Even though it took me sometime to come to my financial senses, I am glad I finally did. I feel like a whole new person. Less debt, more savings, armed with new arsenal of personal finance education and working harder than ever, yet feeling great about it. Feeling a sense of accomplishment. Feeling a sense of worth. These feelings money can’t buy.

I’m also proud and fortunate to have had (and still do) such great role models on personal finance; My Parents. These two extraordinary human beings, always found a way to make something happen from nothing. Heck ,when they bought their first home in mid 90s, they did it with a combined annual income of $35,000. In fact they bought their next two homes, with a combined income of less than what I make alone today. Yeah I understand the cost of living was cheaper in the mid 90s, but the interest rates were hovering around 7-8%.

They made all of this happen with a couple of simple rules they lived by and have passed those rules down onto my self and my brother too;

1. Always pay with cash.

2. If you got to put it on credit, make sure it’s a need, not a want.

3. Save more than you spend, you never know when the next rainy day is

4. Hard work always pays off, the harder you work, the easier your goals are to reach.




  1. I go back and forth on whether my parents were/are good role models with money. On one hand I never went without anything, and they paid for my undergrad…but on the other they are VERY okay with taking on debt

    • Going without anything, means your parents cared and they provided you with what you needed. Taking on debt (like your parents) is fine, as long as they know how to manage it and pay it off. Those who let their debt sit, that’s where the issue comes in.