10 things my parents taught me about money

It is safe to say that a child is molded by the way he/she was brought up.  I am fortunate to have great parents.  Below are 10 things they taught me about money:

1. It is a lot easier to spend the money than to earn it.
2. Keep track where your money goes – Most people do not track their spending and therefore do not know where their hard earned is going.
3. No amount is too small – You might think a dollar here and there does not mean anything but when you add that up and it can turn into thousands of dollars.
4. Only spend money on things you need, not want.
5. Save 80% of your money and enjoy the rest of the 20%
6. It is not about the amount but rather the spending patterns. Once you slip into a bad habit, you can blow a lot of money and if you use your credit card, you can go into credit card debt.
7. Money isn’t everything. It is important to have in life but enjoy your life. Do not just work all day. Enjoy your time on this planet. You never know how long you have.
8. Hard work = Success . Hard work never goes to waste. If you put 100% into anything, you will be rewarded. Most of the time, it is related to a better job or a promotion at work.
9. Never compare yourself to others. If you do, this can result in wanting to buy the latest gadget or clothing, resulting in wasting money
10. Always ask for others’ opinions when buying a big purchase item. e.g. car, house, etc. You do not have to use their opinion but getting a different perspective can be extremely helpful.

BONUS: Picking the right life partner can determine how you are going to live when you retire.

What’s the most important thing your parents taught you?

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