As the parent of three young Millennials, ages 25, 23 and 19 years old, I pondered this question.
I did a fair bit of reflecting this past week as I visited with my parents in New York. I thought long and hard about the financial lessons that had been imparted to me while growing up and as a young adult just starting out and the impact my family had on my financial health.
I wondered, did I pass along similar lessons to my children, and were they prepared to be successful in their own financial lives?
I have to skip out a generation and thank my grandmother for giving my four brothers and me our start in the stock market. For each birthday and Christmas, she would give us one share of stock. She did this for years until my dad told her it was ridiculous how much she was paying in fees. There were no discount brokerage firms back then. From that point on, she would give my dad a lump sum of money, and he would buy the shares and transfer them on our birthdays and Christmas.
My dad was always in the stock market and encouraged us kids to buy more stocks with our summer earnings. He would help us follow their progress, and track our gains and losses. The stocks were listed in the newspaper–no computers back then for the ordinary household.
By the time I left college, I had grown my portfolio to about $15,000 and thought I was rich. Thank you, Grandma, for the Westinghouse stock. And thanks, Dad and Mom, for encouraging us to put our savings to work.
As all three of my children are coming home for a visit this weekend, I wonder if I can command an audience to impart a few more pearls of wisdom that they may have missed, forgotten, or ignored along the way.
Here are my top 10 pearls in no particular order:
I know this is a short list, and there are so many valuable lessons we learn in life that could be added. No matter how young or old you are, make it a goal and priority to keep learning. And please, share your wisdom with your children and your parents.
Author: Sherry Kendrick, CFP® | Financial Planning Manager | Allegheny Financial Group | July 2016
Allegheny Financial Group is a Registered Investment Advisor. Securities offered through Allegheny Investments, LTD, a registered broker/dealer. Member FINRA/SIPC. The above comments are provided for discussion purposes only and are not meant to be an offer of any specific investment or tax advice.