Most of us do well. Sometimes THE WORST financial advice is what sticks the most.
Some adults can be incredibly childish about money! Like stingy uncle Steve. He uses people and loves money, when it should be the other way around. Healthy people use things and love people, not the other way around.
Lucinda says “The worst financial advice I ever got was from my favorite Uncle Steve.’Never get married. It’s NOT cheaper to keep her!'”
Melinda regrets this. “I took him a little too seriously and never knew my worth. I turned away some really good guys who wanted to marry, because I thought I would become a burden. IT was THE WORST advice ever.”
I asked my friend ‘Popsicle’ what was THE WORST financial advice he ever received as a child.
[By the way Popsicle is a Grandpa who inherited that moniker when his grand’s nursery schoolmate thought that ‘pops’ was short for ‘popsicle’ when they were introduced. The name stuck. I like it.]
He said that THE WORST financial advice that he received as a child was “Buy savings bonds.” His Mother bought them him as a child. “When my grandparents would buy us gifts, they would buy savings bonds.”
Later in life, Popsicle became an investment professional and realizes in retrospect, “The return on investment was too low, given the time period for the bond to mature.”
“Don’t take any wooden nickels!” is what Amy’s Mom told her. This was THE WORST advice because I didn’t even know what that meant. I had heard of a wooden nickel, but had never seen one. If I had taken one I’d be rich – its a valuable collector’s item!”
If you’d like to teach money management to the young people in your life, I hope you’ll pick up a copy of “Can I Have Some Money?” “Max Gets It!” “Nacho Money” by Candi Sparks http://www.sparksfly.org