Happy Mother’s Day! Yes, I know we have celebrated one such day already. Here’s wishing all (biological, spiritual, adoptive etc) mothers and men who play the role of mothers a fantastic Mother’s Day. May we reap the rewards of our labour and may they all make us proud.
In celebration of this day, today’s article will be looking at some of the money lessons I have learnt from my mother. Although I can’t say I appreciated them all then, maturity and time has proven her right.
- Save at all times: One of the first money lessons I learnt from my mom was that no one was too young to open a bank account. If I recall correctly, I was 8 years old when she took my younger brothers and I to a bank to open savings accounts.
She made us comfortable with going to the bank to save money no matter how small to the extent that the three of us used these accounts till we graduated from the university.
This was a tradition I willingly passed on to my own children as I have always encouraged them to go to the bank on their own.
- Spend far less than you earn: Mrs A (as I call her) never believed in being broke. If she says she does not have money, be rest assured that she still has a tidy sum stashed somewhere. I am still perfecting that skill through the use of emergency funds and long-term investments.
- Always bargain: My mom is the queen of bargaining. Nothing was/is too inconsequential from food stuff to extracurricular lessons; she could negotiate it all.
Even though she is in her 70s, my mom still believes in bargain shopping and still visits Mile 12 and Oyingbo markets. However, that is one thing I will rather outsource willingly.
- Wealth is nothing if God is not involved: Those who know my mom can readily attest to her faith and her passionate prayers. She believes strongly in praying over everything even how you spend your funds. I must admit this was an area I struggled with for a while till I knew better, and I can boldly say – praying over your funds, investments and expenses sure works.
- You can never go wrong with investments: Over the years, I have seen my mom invest in various asset classes and have seen the value of many appreciate significantly. Even as a retiree, many of those investments are still yielding returns.
These are things are learned from my mom and as we appreciate mothers (again) today, I hope they will prove useful in your investment journey. I will appreciate reading your contributions on lessons learnt from your mothers.
Please remember to continue to maintain safety and social distancing protocols. Here’s wishing you all a fulfilling week ahead.