Greetings,
Mother is the FIRST Teacher.
Mothers do want the BEST for their child but that does
not necessarily mean the latest toys or the latest fashionable clothes.
Mothers know what is best for the child and make sure the
child gets it.
When it comes to money matters, people assume it’s the duty
and responsibility of the father to teach money habits to a child.
No… it's not. Mother is equally responsible, and she is doing it for centuries.
The only thing is…not many have noticed it.
Not many have expressed it.
Do not believe me?
Let me share what MY MOTHER taught me, and you will have to agree that mothers
do teach money habits.
1. FIRST HOMEWORK, THEY PLAY
Till the Homework was completed, we were not allowed to
play.
“First complete the Homework, then you can play” Mother
used to tell us
Mother always told us First get the Basic things in
place and then go for Assets.
She wants us to first complete the basics of getting LIFE Insurance, Health
Insurance, setting up an emergency fund, and then go for Direct stocks!
The logic behind this FIRST HOMEWORK, THEN PLAY is that completing tasks and responsibilities first helps increase productivity, reduces stress, and creates a sense of accomplishment.
HAVE A BACKUP
Mother never used to let any container in Kitchen become
empty. She made sure that replacement was bought before it reached even 90%
Yes...it was always the mother who would be ready with
money when an emergency struck the family.
Their attitude of "Just in Case"
has saved lakhs of families from going hungry and this came up more prominently
when the Lockdown 2020 happened.
Mother's idea of ITS BETTER TO BE PREPARED
has worked wonders.
Keeping money in the Sugar Box, and Salt Box were all lessons for us to keep money spread across for times of Emergency. Unexpected events can happen at any time and having a BACKUP plan helps us be prepared and minimize the cost of the impact of these events
Mother actually telling us also to be PREPARED for JUST IN CASE circumstances and have an EMERGENCY CORPUS to tide us over difficult times.
NO... YOU CANT BUY THAT!
Mother would be firm and say a big NO when I used to ask for a Toy.
Mother was actually instilling the habit of making us understand the difference between NEED & WANT
When she put her foot down. She was telling us that NEEDs is the priority and not WANTs
Prioritizing needs such as Food, Shelter, and Healthcare before spending money on Wants such as TV, Travel helps us manage our finances better and avoid falling into an unnecessary debt trap
Mother was showing us that our Finances would be better when we fulfill our NEEDs first
DONT PLAY WITH SHARP OBJECTS WHEN I AM NOT AROUND
Mother used to get wild whenever any of us took a knife/scissors
to play with.
She would take it back and say “You could hurt yourself. First, learn to handle
it”
Mother preparing us NOT TO TRADE DIRECTLY without learning
how to handle volatility and understanding how markets work.
Mother was actually making us aware of the risks associated with different investments, understanding them and then going ahead with allocating investment into those.
Stock Markets are equated with a casino/gambling den but with good proper guidance from an experienced, qualified person backed by a good investment strategy, huge wealth can be created.
BACK TO ITS PLACE!
Anything was taken out.be it a glass or a plate from the kitchen was to be kept BACK IN ITS PLACE otherwise, Mother would get angry and make sure that we kept it back to its rightful place
Mother was telling us to BE ORGANISED. Her lesson for us was to create a BUDGET and make sure each segment of the money goes to exactly what is it intended for.
Never use your Emergency Fund for Vacation or to purchase assets!
Being mindful of where our money is allocated and using only that portion for that particular expense helps us in improving efficiency, managing resources, and reaching financial goals with the least stress.
CROSSING ROAD...LOOK BOTH WAYS
Crossing roads are dangerous more so in cities and Mother
used to warn us to look both ways before crossing the road and not bolt across
like a chicken
Mother actually preparing us to look at whether it’s a BULL
or a BEAR market and then decide the right course of action.
Mother was telling us to listen to both sides of interested
persons so that we understand better helping us in taking the right decision and maximizing
profit. Mother was helping us understand that it's good to make an INFORMED decision before allocating our hard-earned money to any asset class.
DONT LISTEN TO STRANGERS
Mother used to always warn us “Don’t listen to Strangers.
Always ask someone you know”
Well, this was actually Mother telling us to avoid
CNBC, ET NOW!
Yes...Tips from the so-called experts who come daily for
years together and still they themselves did not make any wealth is a definite
AVOID.
It's important to seek advice from TRUSTED SOURCES and be cautious of scams or misleading information.
Mother was telling us to listen to YOUR PEOPLE .. i.e....... your Advisor, your Expert, and not to Strangers. This helps us not to fall into Financial Pitfalls and get into the highway of Financial Freedom
PYGMY IS A MUST!
Jack Ma used to get a coin
of 5 from his mother for helping her with housework and she would tell him "Keep
it in Pygmy so that you can buy your favorite Remote-Control Car"
Mother used to mandatorily put her savings in the Pygmy Collection of our local Bank.
Even if the amount were small, she would religiously keep
it week after week.
And once a year. She would break it. The Amount would
have grown to a good tidy sum along with the accompanying interest in helping
mother to buy a Big Kitchen Utensil for the House or in a rare case, a Saree
for herself
Mother was showing us that by Saving Money and Delaying Gratification, we can achieve our Financial Goals and build wealth over time.
Mother was teaching us the lesson of Dong a MONTHLY SIP INVESTMENT to achieve our financial goals and accumulate our Crores
ENOUGH NOW...TAKE REST
When we used to play for too long or study for a lengthy
time, Mother would come and say TAKE A BREAK NOW and would give us a cup of milk
with biscuits
Mother was actually telling us to NOT TAKE TOO MUCH
STRESS AND RELAX EVERY NOW AND THEN.
This ensures that you get time to recharge yourself and
take the World Head on with greater vigor
Mother showed us that it is important to avoid Burnout and prioritize Self-care. Mother also showed us that we need to DELEGATE and not do everything ourselves.
Mother helped us understand the importance of WORK-LIFE Balance!
BARGAIN HARD
Mother is so good at bargaining that if she is allowed, she
would even convince the Queen of England to hand over the Kohinoor
Diamond for a good bargain!
I used to wonder why Mother used to bargain so hard with
the Vegetable Vendor, the Sari Wala, or the Steel Utility shop owner., well,
Mother actually told us to INVEST PRUDENTLY and not overpay.
Don’t overpay.
Negotiate, and wait for your
time...you will get your desired price
For example, when purchasing consumer goods, it is important to compare prices across different retailers and brands to find the best deal. When investing, it is important to consider the fees and expenses associated with different investment products and to choose the ones that offer the best value for money. When managing debt, it is important to compare interest rates and terms across different lenders to find the most affordable and favorable options.
DON'T BE LATE!
The favorite line of all mothers!
She would make sure that we come back from our school,
tuition, and playground on time. She would remind us twice DON'T BE LATE!
Mother was telling us to PAY OUR BILLS ON TIME.
Be it your Electricity Bill, Water Bill, Rent, Credit
Card Bill... PAY ON TIME was her advise
Because Mother knows if we delay., not only our stress
increase but will result in fines and penalties.
Late payments can lead to additional fees, penalties, and interest charges, which can add up over time and negatively impact your credit score.
Her motto is - Finish on time and DON'T BE LATE!
These are just a few I have listed.
Do you have any that your mother helped you learn?
Do share with us. We are eager to know more about it.
Yes.....
Mother's effort and hard work is priceless and just 1 day of the year is not enough to appreciate it.
Even 365 days isn't enough.
Thank you Mother for making our lives beautiful.
Can you bend a GROWN UP BIG TREE?
No…right?
similarly, you need to INSTILL WEALTHY HABITS in your child when they are still
young.
My mother instilled this in me.
What about you?
Regards,
Srikanth Matrubai
Dedicated to my mother RADHABAI
Srikanth Matrubai
https://t.me/joinchat/AAAAAELl4KUnaJzi-JJlDg/
Each and every concepts are very well explained.very useful for growing children.
ReplyDeleteInsightful.
ReplyDeletePerfect correlation. Truly apt.
ReplyDeleteVery i sightful and we'll summarised
ReplyDelete