Another one from my archives that I do like, as it goes back to the things I like to write about: My Family and Money.
Michael James posted yesterday an interesting article about inheritances and how money can disappear or dissipate at least from generation to generation. I commented on it and then spoke to Michael James about it (while watching a Little League baseball game).
I see problems with what a lot of people view what money is to them and without a good understanding of what money’s value is, and what it actually means to you it is very easy to spend it without thinking about it.
The Value of Money
My eldest daughter and I have been having talks (OK monologues mostly from me) about her spending habits now that she has a part time job. I have tried to get her to understand that just because you earn money, does not mean you have to increase your spending to compensate for this (yes, I know sometimes parents should listen to their own advice too). She doesn’t seem to understand this point, or forgets it a lot, but I think I made a good point with her a couple of days back.
I still have access to her bank account, so I can see where she is spending her money (she doesn’t usually carry cash, she uses her debit card, and that is another problem, but also for another post). I saw that she had spent $6.95 at Pizza Pizza (presumably for lunch), I remembered she had worked a very long shift at her job the previous night and when I drove her home, she complained about how her feet and back hurt, so I tried to use this to explain the value of money to her.
I pointed out that, the lunch she bought and snarfed down without thinking about it, was almost an hour on her feet, scanning food in the express line at Loblaws (where her job is). Did she really think her lunch was worth the hour of standing, scanning products and listening to customers either complain or ask questions about what she was doing? I hope this helps her understand the value of money, I am not sure, but if it causes her to think, before she spends, that is all I can hope for.
I remember when I was younger, and I had a paper route, I got paid 4 cents a paper, for a paper route of 35 papers, for 6 days a week (I got paid more for Saturday paper), but at the end of it, I made about $8.40 a week and then maybe some tips from my customers. I could have easily gone to a movie every week, but luckily I was socially inept, and really cheap, because I knew how hard I worked to make that money, so I didn’t want to just blow it on the first thing I saw.
Wonder when I lost that?
How do you value money? Do you see the work that went into buying that iPOD? All comments appreciated.