Catch of the Day

“Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.” - Chinese Proverb

There is a lot of information about how to teach your children the basics of money. Suze Orman writes, “The single most important step in raising a money-wise child is simply for parents to be money-wise adults themselves. And that’s where so many well-intentioned moms and dads seriously drop the ball.”

Unfortunately, these tips and others were not in publication during my formative years. By the time my parents were my age, they had four teenagers to clothe and feed and a stack of bills from a failed business. They finally were able to buy a house again when I was in the sixth grade but a few short years after this the college years kicked in and my parents never quite recovered.

What I learned from my parents is that you can’t run from your obligations. They probably could have filed for bankruptcy but didn’t and I know they take pride in this choice. I also saw them make tremendous sacrifices so that we could go to college. I worked and contributed to the expenses, but I lived at home and went to a commuter school. I cannot say it was the best experience but I got a degree, which was important in the big scheme of things.

I also learned lessons indirectly. I saw the stress of living paycheck-to-paycheck and the burden of credit card debt. Again, this is not a criticism of my parents. They were in survival mode. What I find interesting about my childhood is that they ended up raising four children that today are self-sufficient (nobody is a deadbeat – I thought every family had one) and considered wealthy (or certainly comfortable) by American standards.

All three of my siblings own numerous rental properties. I was the last one to take this step and I did it out of fear of being the poor one in old age. Fear can be a huge motivator. But I did it and I am on my way to financial independence.

We are never too old to start learning. My parents watched their adult children thrive and now it seems that they are learning from us. After reading Rich Dad Poor Dad, I sent my parents a copy of the book. My mother has since read 5 or 6 of Robert Kiyosaki's other books. I haven’t even taken the time to do this. And they have been looking to buy their first investment property. They are in their mid-sixties... we can learn to fish at any age.