On this Mother’s Day I thought I’d honor my mom with a discussion of what she taught me about money. Although my mom lives in Heaven, if she’s able to look down on me typing up this article, I’m sure she will appreciate the acknowledgement regardless.
I was not raised in a wealthy family, but I still learned numerous lessons about money from my mom, mostly not from things she said to me out loud but things she taught me by example. Here are several that impacted me the most:
One good idea can change your life
Although we ourselves were not wealthy, I did grow up in an area with numerous wealthy people, and my mom would tell me stories about how various friends had become wealthy enough that they no longer needed to work. Generally what they had in common was they thought of an innovative way to do something, and by coming up with something just a little bit better than what was already in existence, they were able to make millions. One developed a more aesthetically pleasing medicine cabinet and another invented a web app for businesses to display their location on their website.
Do it yourself instead of spending a lot of money
Once there was time my mom saw a jeans jacket she liked in an upscale store, but it was for sale for far more than she was willing to spend. Remember, I grew up in the 80s and 90s so the fashion here reflects the time I grew up. This jacket was embroidered with bridal lace and clear sequins. My mom, who knew how to sew, determined that this jacket could be recreated by simply buying a regular jeans jacket, some of the same type of lace and some sequins. She recreated the jacket and it looked great and just like the expensive one.
[I’m not including this link to sell you a jeans jacket but if you want to see a picture of a similar jacket to what my mom made, this is what I’m talking about.]
Be entrepreneurial
My mom’s own father owned a carpet store in Iron Mountain, Michigan with his two brothers and later started a carpet cleaning business of his own in California. Although my mom was first and foremost a homemaker, she did carry on the same entrepreneurial tradition that she was raised with by starting a business making dolls and teddy bears and selling them at craft shows. This wasn’t an easy way to make money, but she enjoyed it and it was educational for me watching her go through the processes involved like buying fabric, sewing outfits for her dolls, and selling her creations to potential customers.
Embrace frugality
Although no doubt my mom wouldn’t have turned down a bunch of money, she could have easily gotten a full time job instead of being a homemaker. Two income families are now the norm, but for my mom it was more important to stay home so that she could make sure I wasn’t doing drugs or committing crimes. At the end of the day, living your life in accordance with your values and in a way that makes you happy is more important than having fancy stuff. If you don’t have a lot of money, you can still make things work by embracing the simple maxim: “Use it up, wear it out, make it do, or do without.”
Eric Eisenhammer
Eric is an Asset Protection Specialist. He is co-founder of Legacy Defender Insurance Solutions and holds licenses in Life and Property & Casualty insurance. Eric earned a bachelor's in Finance from California State University, Northridge and a Master's in Public Policy and Administration from Sacramento State.
