Money lessons I wish I knew when I was younger

I have been doing some spring-cleaning. I had a perfect excuse to declutter. We were preparing to host my son, Josh’s matric farewell pre-drinks at home. Spring-cleaning is a wonderful cleansing exercise, and it doesn’t stop with throwing out the old and tidying up what’s messy. It’s about sifting through the chaos and making space for what matters most in your life.

I was recently invited by Yvette Johnson on Classic FM to share my insight on money advice for every stage of life. As we spoke about money lessons I taught my children, I reflected on the money messages I heard while growing up. Although I am grateful for the money lessons I learnt in my life – and am still learning – it has been a difficult journey. The journey to heal my relationship with money took almost twenty years. I have decided to make a list of what I wish I knew about money earlier in my life. Here’s my top four:

  1. I wish I worried less, and knew what I was worrying about. Today I know it wasn’t really about money; it was about my relationship with money; what I thought money could give me and what money said about me.
  2. I wish I didn’t rescue family members in debt, then expect them to change their money habits, and be grateful for the help. Today I realise that you can only make a money mindshift when you are ready – when you want to change. I now prefer to gift money, with no expectations.
  3. I wish I knew that money has no power to control. I tried so hard to accumulate my own money so that no-one would have power over me. Today I know that it’s not really about money; it’s self-development work that I needed to do – and am still doing.
  4. I wish I didn’t overcompensate for what I lacked in my childhood by buying my eldest son everything I never had as a child. I only realised much later that he didn’t really want what I thought he needed. I have matured, and with the help of my husband, our middle and youngest children are raised with a more balanced view of the value of money.

But life is balanced. Some money lessons have served me well. Here are two money lessons that I am grateful for having learnt early in my life:

  • I have always had an abundance money mindset. Positive, entitled and plentiful thoughts attract money into your life.
  • I have constantly paid myself first, putting away savings, investments and rainy-day funds before spending the rest on living.

We would love to hear about the money lessons you wish you’d known earlier. Remember also to share the money lessons you are most grateful for.

Comments (2)

  • I feel that as long as you have a budget, and understanding of your income and monthly expenditure, it eliminates that constant worry about “will I have enough”. One can then concentrate on using the surplus towards fun and relaxation times with ones spouse/partner or family and friends, with complete peace of mind..

  • Very wisely selected priorities for your list Kim.
    Regrettably too many people realise too late in life, that irrespective of their financial status, they should have started earlier to develop financial wisdom in order provide for the golden years.
    Recent stats show that less than 7% of SA adults were ready to retire financially capable!

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