Raise your hand if you grew up being told that money doesn't grow on trees or that a penny saved is a penny earned. I bet there are a lot of hands going up! Here is some of the best financial advice we’ve received from our mothers over the years.
“Best financial advice I received from my mother was to never borrow money to take a vacation or buy toys. I remember in my mid-twenties, my wife and I taking that to heart and opened up a savings account (yes, 5% interest) that we called our ‘Vacation Fund.’ We would put $100 a month in it at the beginning of the month and wouldn’t take a vacation until we had enough to pay for it.”
Kevin H. Myeroff, CPA, CFP®, Chief Executive Officer and President
"My mother, Mary Verner, passed away unexpectedly when I was 12 years old. My father was then the sole provider for me and my sister, and her life insurance proceeds were important in keeping our family’s financial plan on track, including college funding and my father’s eventual retirement. Her passing has instilled the importance of planning for the unexpected and why life insurance is important if your family is relying on your income."
Elizabeth Scheiderer, CFP®, Senior Financial Advisor
"Thinking back, I am so amazed when I realize the wisdom my mom had when it came to how to treat others. I think the most common phrase I 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!)"
Mary Durra, CFP® Vice President and Senior Financial Advisor
“My mom always bought her own flowers - roses are her favorite. They don’t live long, so she hung them upside-down from a rubber band on the kitchen cabinet handle where they would dry out and their colors would deepen - and then she wouldn’t have to throw them out. I do it too. I think it’s important to keep things you value, and keep them as long as you can.”
Taryn Kocher, Paraplanner
"When I was a child, my mom (who is great in every way) did not teach me anything about money EXCEPT how to count it! She taught me the discipline needed to be responsible for all my decisions, but she focused on non-financial. My dad, on the other hand, was not forward with getting into my personal business but, when it came to finances, he was all about teaching me lessons! Today, as a widow, my mom is in a great financial position and follows all my financial advice!"
Jasmina Tadic CFP®, CDFA®, Senior Financial Advisor
“My mom has taught me many things over the years (and still does to this day). Among them, she taught me important financial lessons starting at a very early age. She bought me my first piggy bank and encouraged me to save for things I wanted. She was also the one who encouraged my family members to get me EE savings bonds for me for my first communion. Twenty-five plus years later, a 4% fixed rate looks pretty good.
Bob Casarona, CFP®, Financial Advisor
"Growing up I would sit with my mom at the kitchen table with a handful of white envelopes and a pile of money. The envelopes were labeled with different expense items like gas, groceries, and doctor bills. The pile grew smaller as she put cash into each envelope. She explained the importance of putting money from the paycheck towards necessary items-not things we wanted, but things we needed. Otherwise, there was a chance we would spend the money before we made it to the grocery store. The concept was simple but important. To this day, I work off a budget so that I keep my spending on track and ensure I’m paying for necessities first, like child care, the mortgage payment, and (of course!) a Mother’s Day gift for my mom!"
Laurie Jackson, Client Services, Marketing Manager
“The summer before I entered college, my mom sat me down and taught me about credit cards, and how to use them responsibly.
To this day, whenever I use my credit card, I clearly hear my mom saying, ‘Don’t charge it if you don’t have the cash to pay for it.’ More often than not, this same statement is one I hear myself telling my own kids-even though they still believe credit cards are magic!
Melanie Ross, CFP®, AAMS®, CLTC* Senior Financial Advisor
"My mom kept an old coffee can on top of the dryer. Any change or bills she found while doing laundry went into the coffee can, forever lost to the original owner. That way, if the machines ever broke down or needed to be replaced, she would have a cash fund to help with the expense. I don’t have a coffee tin in my laundry, but, I do make sure I have funds earmarked for those ‘just in case’ expenses I can’t necessarily plan for."
Kelley West, Financial Planning Assistant
“My mother has raised me to be the person I am today, and I am extremely lucky to have her still in my life. One ‘financial tip’ she taught me while I was growing up had to do with shopping! Before we went into any store we would discuss what we planned on purchasing in order to avoid throwing unnecessary items into the cart. Sometimes this did not always work, but it taught me to realize the difference between a need and a want.”
Ashley Bayer, Paraplanner
"My mom taught me that saving from a young age is imperative. The sooner you start, the quicker you’ll get into the habit. If you don’t do it young, you’ll regret it later in life!"
Marcy Bahr, Compliance Analyst
“My mom taught me a number of important financial lessons, several of which came when I would go shopping with her as a kid. She’d start off, before going to the store, by making a list of things we needed to help avoid impulse purchases, which helped me understand the difference between needs and wants. Although she’d always try to shop around to find the best price, my mom would explain to me that even if something is on sale for a really good price, it doesn’t mean that it’s a good decision to buy it, especially if it’s not something that we need. Lastly, she taught me the importance of making sure to always have adequate savings in place and only use a credit card if you already have the money available to pay for it.”
Connor Fife, Registered Assistant, Paraplanner
“As the oldest of four children, my mom had high expectations of me. To be honest, I wasn’t the best kid in the world. I am most thankful for my mom’s persistence in teaching me the value of discipline. Discipline has influenced how I think about investments, manage my personal budget, and set expectations when interacting with others.”
Mitchell Kotheimer, Registered Assistant, Paraplanner
“When I think of my mom and the life she had growing up, I get very emotional. Even now I ask myself how she managed to take care of seven kids, a husband, have a full time job, put food on the table, made sure we had clean clothes, and keep a house organize. (Did she ever sleep??) My mom taught me a lot, but one thing she always use to say to us “Always choose quality over quantity."
Marija Udovicic, Financial Planning Assistant