Did your family talk about money growing up?

[Anonymous]

Did your family talk about money? How? What did they say?

[Anonymous]

Never enough money, ever. Belief that there would always be more later and eventually my parents would be rich. Eventually that transferred to it being my responsibility to "restore the family." It was all really messed up and I have a lot of anxiety around money even today. I've taught myself everything I know about money (other than how to worry about a lack of it).

[Anonymous]

Never. Learned everything I know about money on my own, despite parents being UMC and very financially responsible. Have never understood why they didn't teach us anything.

[Anonymous]

My dad did, my mom not so much. Once my mother died (two yrs ago) my dad was much more blunt about what he had.

My mom was secretive and my dad wasn't instinctively but was secretive bc that's what my mother wanted.

Also, my mother wouldn't lend money. She insisted on a written, signed contract that include late fees, interest higher than what the bank charged, penalties, etc. My dad was like "Sure, here's $250, and as you said, you'll pay me back by the end of the summer? Okay."

[Anonymous]

Yes. My dad insisted that we invest from the moment we first got paid for babysitting, and also put all cash gifts we would receive into investment accounts. We grew up constantly reminded of the compound interest mantra.

[Anonymous]

Yes, basically horrendous mistakes. My parents were UMC if not some of the wealthiest in our small town at the time.

1) Owned multiple properties - did one 1035 exchange but then got smacked with a huge capital gains tax bill from selling their primary hone and not buying one of equal value.
2) Rental home was a crazy money pit and drama and they don't think they ever made money on it
3) They always carried 5 figure credit card debt
4) Dad cashed out his retirement, forged my Moms signature to play in the stock market and lost 6 figures
5) Business partnership went south and he walked away with no money
6) Wasn't particularly successful in business

Every single thing on this list I've avoided or done better based on their mistakes.

[Anonymous]

Not much. They said you never discuss your income. They talked about how they prioritized quality food which was expensive. In the extremely rare occasion that we got something we didn’t need, like our first stereo, they reminded us it was a luxury and we could only afford it because my mom went back to work after we all hit school age. We were praised for saving our allowance instead of wasting it on things we didn’t need. There were just periodic reminders that we were poor.

[Anonymous]

Not about family income. My father worked and my mother stayed home. My father paid the bills and we did the normal things that families do. My father was super conservative (not in politics or social issues) and he thought the man should provide for his family.

He died very young but left my mother a house, pension, life insurance, medical insurance paid for until she dies. She never had to worry. Because they were so young he had to leave everything to her. She’s been on her own for 40 years.

[Anonymous]

Anonymous wrote:Yes. My dad insisted that we invest from the moment we first got paid for babysitting, and also put all cash gifts we would receive into investment accounts. We grew up constantly reminded of the compound interest mantra.

We talked about money and estate planning a ton, but unfortunately my parents skipped the basics and went to topics over my head as a kid. Trying to do better with age appropriate information for my children.

[Anonymous]

Yes, literally every single time I see my mom she seems to brag about “we never had any money”. It’s tiresome.

[Anonymous]

Lots of DCUM moms like to talk to their kids about having money because they’re so insecure and it makes them feel like big shots.

[Anonymous]

Yes. The parents told us, the kids, to always live within our means and save for a rainy day. If you can't put aside anything, you are not living within your means.

Served us well.

[Anonymous]

Yes. We talked about saving at least 10% from every paycheck and how my mother's savings allowed them to buy their first house. She came from poverty and got educated and a job. We talked about investing and doing so early.

I teach my daughter to save and invest. I make sure she knows we have a budget and a plan for our money.

[Anonymous]

Not in depth because there wasn’t much to talk about. My single mom was very insistent on “a man is not a plan” and that’s something I live by. My son is more frugal than I am. He works in the summers FT and likes earning his own money. He is running out of spending money and is planning on getting a PT job this semester at college so he can start saving for a car.

[Anonymous]

My mother always said we were poor. Which wasn't true at all--they were just horrible with money, which is only something I figured out when I was older and saw them make bizarre decisions. I am talking to my kids about money. I do hear about the money talk in my kids school (even at the young ages). The kids come home and tell me about other kids bragging about money. It is really obnoxious. But it does spark good conversation. My daughter knows the difference between income and wealth now.