Today I’m interviewing my social media director and assistant, Hayley Rodriguez on the topic of “Top 5 financial lessons your parents taught you”. She is a University of Texas at Austin 2016 graduate. She has been working for me for a little over a year. Starting this month, Hayley will continue to work for me, while simultaneously earning her masters in advertising. Hayley is a very focused young lady. As a millennial, she now makes up the nation’s largest living generation, surpassing Baby Boomers 75 to 74 million. Today, I wanted to visit with Hayley about her personal view of money, learn how she makes financial decisions and discuss the “Top 5 financial lessons your parents taught you”.
Why the Top 5 Financial Lessons Your Parents Taught You are Important
ES: What would you say are the top 5 things your parents taught you about money?
HR: 1) Know The Difference Between Wanting And Needing
In our materialistic society, more is often seen as better. I’m guilty of being caught in that mind snare more often than not. However, my parents always reinforced the importance of knowing the difference between want and need. Being in the world of advertising has not spared me from being susceptible to ads. Every time I see influencers raving about a new product, a signal goes off in my brain and I think it’s time for a Target run. But being on my own financially, I have now created a budget using your budget planner. I know I only have a certain amount of money allotted towards beauty. I won’t have any money to spend on things I actually need, if I spend my money on repetitive wants.
ES: That is very wise, my friend. I’m so excited that you have learned this lesson already. What else did your parents teach you?
HR: 2) Buy Quality
I recently went to Hawaii with my family and forgot a pair of flips flops; I know, I don’t know how. Anyways, I went to a shop close to the hotel that was having a spring blow out sale and scored a pair for $6. I thought I got a good deal and I saved money that I could spend elsewhere. Well, not even 30 minutes after walking around in them, I started to develop really bad blisters. I ended up having to go into a different store and buy a sturdier and more expensive pair. When you buy something that will last, you’re saving money from having to replace the item over and over again. This was a good financial lesson!
ES: It’s funny that you mention this. I often tell people to buy good quality shoes and a good quality mattress. You spend most of your life wearing shoes or sleeping. These are two items you don’t want to buy “cheap.”
HR: 3) My parents really stressed the following: Tithe 10%, Save 10%
A good habit my dad instilled in me right when I started receiving a paycheck was to immediately tithe 10%, and then save 10% of each paycheck. The money I earn is not mine, but God’s, so I want to be a good steward of what He’s given me. Doing this early on has helped me create a palms open position with God. It has also helped me trust in Him to provide everything I need.
ES: Your dad is exactly right! This is a perfect example of parents leading by example and passing their values on to the next generation. We need parents to lead their children and teach them well how to manage money God’s way before they leave the nest. Did you learn any lessons specifically from your mom about money?
HR: 4) Keep Cash on Hand
A good tip my mom taught me was to keep my extra spending money in cash. Instead of using my debit card to pay for the fun things I’ve budgeted, using cash is a tangible way to see how much money I’m spending on something. So when I’m thinking about going to Starbucks for that $5 latte and have only $60 to spend for the week, I pause and then question if that’s the best use of my money. More often than not, I quickly decide to save my cash for something else. Another a good financial lesson!
ES: I think your mom and I are kindred spirits. I know you’ve heard me say this a thousand times. You probably hear me say this in your dreams. Lol! “Cash is Queen Hayley! Everything in life is a little easier if you have some cash on hand.”
HR: 5) Finally, I have also learned to Comparison Shop
Whether it’s shoes, appliances, or home goods, chances are there is another retailer out there selling the same exact item for a lower price. The internet has made is so easy for consumers to become savvy shoppers. We can now price check things online and retailers know that. Retailers are all competing with one another to offer consumers the lowest price in order to earn a sale. Double-checking what other retailers are selling an item for can save you a couple bucks, or even a couple hundred bucks. It never hurts to check.
ES: I love to comparison shop online too. I often look for a coupon code when I buy something online. Occasionally, I can save a little more money just by taking a few minutes to search for a current coupon before I make the purchase. Did you know that you can do this when you are in a retail store too? I look for a coupon online whenever I’m waiting in line to purchase my goods. For example, I was buying a wedding present last weekend for a young couple at one of the big box retail stores. I found a coupon by searching online on my phone for an extra 20% off while I was waiting in line. The less I spend on the exact same items or goods, the more money I keep in my pocket!
Are the lessons your parents teaching you proving to be true or not, helpful or not?
HR: I think everything they have taught me has been very helpful and I’m so thankful I have great parents who are good with money. They have helped me make the adjustment into the adult world.
ES: Yay! Your parents have launched you instead of coddled you. We need more parents like yours in our world today!
Also, is there anything they did not teach you that you wish they had?
HR: I wish I had learned more about investing, what a 401k is, saving for retirement, etc. These are all big subjects that were briefly touched on, but it’s something I still don’t understand.
ES: Well, I happen to know a little about 401k plans, saving for retirement, and investing so I can help you with those questions.
Hayley, you’re a great example of a young lady that is pursuing her education, learning to live within her means, while still saving and tithing, and trusting God through it all. Thank you for being a part of my company. I have really enjoyed spending some time today at the farm-house talking about your views on money.
HR: My pleasure! Any time.
Do you have a financial question, or need encouragement or guidance in a certain area? I would be honored to hear from you. Please complete our online contact form, and I will be in touch shortly. Remember: you’re not alone in your finances!