fbpx

What I Wish My Mum Told Me About Money…

Yesterday, women in the United Kingdom & Anglican Communion celebrated Mothers’ Day. Here is sending belated Mothers’ Day greetings to mothers and all who play the role of mothers.

In honour of yesterday’s celebrations as well as a wrap up of this year’s “women’s month” celebrations; we would be looking at the role mothers play in teaching about wealth creation.

Sometime last year, I watched a programme on CNN that featured some Nigerian businesswomen. One of the women interviewed explained that she started her food production business as a graduation present from her mom. In fact, that was the 3rd of such ventures she and her mother had collaborated on. That information was very inspiring as I admired her mother’s foresight and business acumen.

That for me reinforced the fact that the creation of generational wealth is the responsibility of both sets of parents and not just fathers. This is because many times in this part of the world, wealth inheritance tend to be passed down mainly by men.

Given the fact that creating generational wealth is not a one-sided affair – it requires intentional actions by both parent and child; we will be looking at some things a cross-section of women wished that their mothers had taught them about wealth creation. (As adapted from Whole Woman Network).

  • “I wish my mom had taught me to save a part of my income for myself and not spend everything on groceries!”
  • “I wish she had taught me about delayed gratification and how to make layaway plans for purchases” Layaway is described by the dictionary as a system of paying a deposit to secure an article for later purchase.
  • “I wish she had taught me about the pure evil of credit cards especially to check the interests I pay monthly! Also to diligently put money aside for the rainy days!”
  • “I wish she had taught me not to do what she did, which was basically that she spent money carelessly according to her whims and moods”
  • “I wish my mom taught me how to invest in gold and precious stones. In my part of the world (Iran), almost every woman I know has a sizeable collection worth a fortune. My mom bought cooking equipment instead, Note to self: Invest in only jewellery that appreciates in value over time.”
  • “I wish someone sat me down and explained the basics of household budgeting and that loans and credits do not actually solve the root problems of an unbalanced budget.”
  • “My mother was actually very good with money. She was a banker and worked at a reputable firm but for some reason, though she never took the time to educate me about credit cards, loans, investing etc. I guess it was just assumed that I would somehow know.”
  • “I wish my mom had taught me not to lend money to friends and family who never kept their word”
  • “I wish she had taught me the beauty of investing in real estate and to start as early as soon as I got my first job, before starting my family.”

 

In conclusion, it is advisable that women not only ensure that they empower themselves financially but also remember to teach their children both male and female to do likewise.

 

Here’s wishing you all an amazing April and profitable Q2 in advance. See you in April 2022!

 

Toyin Oguntuyi