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Financial Lessons I’ve Learned from My Mom

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Financial Lessons I’ve Learned from My Mom

By: Mary A Durra, CFP®
Vice President and Senior Financial Advisor

We have gained so much wisdom from our mothers, in so many aspects of life. When it comes to financial wisdom, there are a few prevailing themes. Those whose moms lived during the depression have been told to “save for a rainy day” and to “use what you have – no need to buy new!” This is a lesson that needs to be taught to every generation. But unfortunately, because they had to learn to live with so little, those moms are sometimes paralyzed from spending money at all. It saddens me when I think about the women who scrimped every penny, only to have their heirs fritter away their inheritances. I hope that we can learn from their examples to spend wisely and save and invest appropriately.

Thinking back, I am so amazed when I realize the wisdom my mother had when it came to how to treat others. I think the most common phrase I ever heard her utter was, “If you can’t say something nice, don’t say anything at all!” I strive to live by that advice to this day. (Sometimes it’s hard!)

She also set a great example financially, always willing to give to those less fortunate than herself and telling us to appreciate what we have. More advice that I strive to live by!

I want my children to learn from my mom’s example as well, but I also want to impart to them the importance of finding the right balance. Give – and give generously – but make sure you save enough that you will be able to support yourself throughout your golden years. Also, be sure to seek help from your advisor when you need it so you can make educated decisions and find that perfect balance.

Mary A Durra, CFP®
Vice President and Senior Financial Advisor
Featured in the CJN: 5.14.2021

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