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Mother's Day - what I've learned financially
07 May 2019
This mother’s day we give some thought to the sage advice of our mothers… and grandmothers.
Age brings a lot of things: grey hair, wrinkles and self-awareness, hopefully, life lessons and along with that money smarts. Many women remark on the fact that they do not feel financially confident when it comes to investing or bigger picture money matters and yet they run family budgets, businesses and provide mentoring for their children and others around finances.
Ruby has a long history in gathering together tools and resources that can help you grow your financial confidence from the foundations up. You can access our webinars here, and more here.
But, before you do, have a look at what some of our members have to say about growing up and learning about money from their mums and grandmums.
Sarah Riley (above right) grew up in a small business family. One of her earliest memories was watching her parents enjoy a rare glass of champagne and her mum explaining to her that they had just finished paying off the mortgage on the family home. The lesson for her is live sensibly, work hard and you can achieve anything.
Kalpana Gee (above left) says, “My mother taught me about money, creativity and well-being through food (possibly because she originally thought she was bringing up good Indian housewives – just like my grandmother before her). My mother cooked for an army. She taught me through her attitude to food that you can spend wisely and look after your family, your community and yourself.”
“In the Willsallen household,” says Sarah Willsallen (above left), “there was no instant gratification. If we wanted something we had to work hard and save up for it, and never make the fatal mistake of attributing how much you love something with how much it cost to buy.”
The most profound money lesson Kate Holloway (above left) learnt from her mum, Alison, was enjoy your life as you live it: “My mum diligently saved and saved for her retirement but my mum died at the age of 53 and never did get to fulfil her retirement dreams. Don’t get me wrong, we had fun, but the lesson for me is to have some ‘fun’ money that you spend every year and invest in your bucket list adventures – even if that is as simple as a kayak day-tour on Sydney Harbour.”
Control of your money and financial independence were important to Natarsha Logan’s mum and grandmother. Both women worked hard and saved their money through the lens of measured risk, says Natarsha (centre circa 1980): “My grandma also taught me the lesson of gratitude. She worked in the local opportunity shop in her later years. It really put the value of money into perspective.”
Sue-Ann Wilson’s (above right) mother and grandmother expressed a somewhat similar philosophy to Natarsha's. Says, Sue-Ann, “My mother and grandmother prided themselves on being financially independent through the courage of ‘having a go’ and taking a leap of faith. Whilst money definitely isn’t the be all and end all in life, they taught me that money can facilitate access to options. They never prescribed what I had to do to build financial security but encouraged me to carefully consider, ‘have a go’ and learn through experiences.”
Sondra Cortis (above with her mum and sister) remembers her mum looked for value, which might mean saving more to get something that would be worth more or be better value: “Mum grew up in a time when women were not allowed to get a mortgage. When I was 19 and mum was 49 - and times and attitudes towards lending to women had changed – we bought an investment property together. It was the first property of any kind for each of us and we were both so proud of what we had achieved together.”