16 Of The Best Pieces Of Money Advice People Got From Their Parents (2024)

FAQs

What is the best advice you ever received from your parents? ›

“Always clean up after yourself. Always leave a good impression on people. Always be grateful and respectful when someone loans you something. If we treat people well and over-deliver they will usually do the same for us and may even be able to help us out in the future when we least expect it.”

Automate your savings

The only way to be successful with saving is to make it a habit," Cox said. She continued to say that when you automate deposits into your savings account, you can set it and forget it. "It's even better if you have it automatically deducted from your paycheck so that way you don't even miss it."

Don't be afraid to make mistakes – you'll learn more from your failures than your successes. It's how you cope with them that matters. Fill your life with the things you enjoy, and don't rely on other people to make you happy – it needs to come from you. Be nice to your parents!

3 pieces of advice that served me well: - Act, don't talk. - Show, don't tell. - Prove, don't promise.

Famous financial advisors became household names for a variety of reasons. Benjamin Graham and Warren Buffet are among the most common traditional financial advisors that relied heavily on value investing. Several financial advisors such as Dave Ramsey and Robert Kiyosaki are most known for their print publications.

A financial adviser can help you set financial goals so you feel confident that your future plans are achievable. If you're not on track to achieving your goals, an adviser can help you put the right strategies in place, or set more realistic goals.

How do you teach rich kids about money? ›

Use allowances to teach children how to handle wealth. Have them divide their allowance into three equal parts. One-third goes toward their own pleasure, one-third into savings and one-third to charity. This method helps them learn about other uses of money, beyond buying them things.

Adult children who ask parents for money should plan for the meeting as if they were going to the bank for a loan, financial planners say. Don't just say you need money. Spell out exactly what it's for. Show that you have a well-reasoned plan for how to spend it.

One good way is to leave the inheritance in a trust. The trust can be set up with some provisions, such as making distributions over time. A trust can also remove the issue of probate, allowing the inheritance to pass without issue.

My mom's most frequent advice was, “You can do anything you want. And to whom much is given, much is required.” She said that all the time. Actually that was the only advice she ever gave me, with one exception: the last thing she said as she left me at college was, “Don't tell anyone you are poor.”

Accept help.

Don't try to be super-mom or super-dad. Neighbors, relatives, friends, and/ or co-workers are often delighted to help, if you let them know what you need. Just having an hour to sleep, shower, or take a walk while someone you trust cares for your infant can give you a much-needed lift.

The most important thing for a parent is often considered to be ensuring the health, safety, and well-being of their child. This includes providing the child with basic needs like food, shelter, and clothing, as well as emotional support and guidance as they grow and develop.