When I was a child, I used to love going to the library with my grandfather (thanks for teaching me how to read Papa!!!). As I reminisce, there are two stories that stick out in my mind, The Tortoise and the Hare and Goldilocks and the Three Bears.
Here are three valuable lessons from these stories that can be applied to finances:
• Just do it, there’s no better time than the present – Tortoise was apprehensive about racing Hare, but with a bit of encouragement from his friends, he did it anyway. Oftentimes, we make excuses for not tracking our spending, creating a budget, building an emergency fund, getting adequate insurance… Let me encourage you my friends, now is the time to take action. You don’t have to do everything at once, instead commit to taking small steps until you complete your goal.
• Slow and steady wins the race – Tortoise is what you would consider to be a slow poke. Hare, on the other hand, was more of a speed racer and he wasn’t known for being very patient. While Hare may have been faster, Tortoise’s careful and consistent way of doing things led him to victory in the race. Handling finances is like a marathon, not a sprint. You don’t just set up a quick budget (or spending plan, whichever term you prefer) one time and forget about it. Proper money management involves monitoring and modifications as needed over time.
• There’s not a one size fits all approach for personal financial planning – Just like each of the Three Bears had a bowl, chair, and bed suitable for their individual needs, the best method to handle your finances depends on your unique situation. So, when you hear about someone paying off a large amount of debt in a short period of time, while you’re struggling to pay an additional $50, don’t be discouraged. Remember, we all have different circumstances and your hard work and perseverance will pay off in the end….stick with your plan!
Reflecting to that time in my life reiterates the fact that it’s never too early to teach children about proper money management.
What valuable financial lessons do you recall from your childhood?
“Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.” – Louis L’Amour
