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Never Too Old…

I just came across a pleasantly earnest essay in Forbes by Michael Kay in which he outlines the top ten lessons parents can, and should, teach their children about money.

I don’t see any reason why this list should apply just to parents and kids.  We can all do with a refresher from time to time, so thank you, Mr. Kay – and here goes!

  1. Money comes with responsibility
  2. Never spend more than you can afford
  3. Work from a budget that outlines your income, fixed and discretionary expenses
  4. Actively save each pay period (pay yourself first!)
  5. Establish and build an emergency fund of liquid assets
  6. Never charge more than you can pay off with ease
  7. Use your wealth to help others, too
  8. The idea that “he who dies with the most toys wins” is simply not true
  9. Money is a tool and not an end
  10. Think about what’s really important to you, and create a plan to get there. 

I guess we could call this ‘mindful spending’ or ‘mindful earning’ rather like the ‘mindful eating’ thing.  So maybe I’ll tack the list to the fridge!

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