3 Money Lessons My Parents Taught Me Growing Up

We’ve heard a lot of money lessons from the personal finance scholarship essays. Readers have shared some great money habits and ways to teach your kids financial responsibility.

One of the best money lessons you can learn is that you don’t need to be perfect. You can be imperfect with money and still reach financial freedom.

Learning the Important Money Lessons from My Parents

They taught me three important lessons about personal finance: always save your money in a reserve account; always live below your means; and never get too deep in debt.

I have seen good times and I have seen some hard times.  Saving has been so important, especially when I have been forced to live off tuna and pasta.

Financial Rewards Start with Saving

Wealth isn’t How Much You Make but How You Spend It

Living below my means is sometimes a challenge, but it is related to the first lesson because one must save and be ready for the hard times that are sure to come.

Third, my parents taught me that debt is the DEVIL!  They were right.  I have student debt. I have credit card debt.

Watch Out for Debt and Financial Burdens

I feel an incredible amount of stress and pressure to remove this debt and sometimes I try not to think about the math. The long-term goal for my wife and I is to get debt free and to invest in real estate, beginning with a duplex.  

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