"Wealth consists not in having great possessions, but in having fewer wants."
I paraphrased this one a bit, since the original is talking about a monastic life and a vow of poverty. However given the current economic situation out there, it might be good for all of us to cut back. And to teach our daughters the difference between needs and wants. A snow boot may be a need, Uggs are a want. It’s hard for us to differentiate between the two when everyone at school seems to be wearing Uggs.
And perhaps all those girls saved their pennies and paid for them with their own money.Or their parents bought them for them, with cash (and didn’t put something else on the credit card). But one should be willing to bet that all those Uggs (or Coach bags) or whatever, are stilling be paid for.
True wealth consists of being able to live within our mean, having money for a rainy day, and knowing that while you could buy the Uggs, you don’t and decide the money looks a lot better on your Savings account than it does on you. ;So remember girls, nothing looks as good as the confidence that comes from knowing your financially secure.
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Continue reading “Quote of the day – Wealth”
Free Food for Millionaires – see the WSJ article
Free Food for Millionaires is a book about an Asian American working class girl who gets herself into Princeton, graduates and finds herself caught up in a lifestyle she can’t afford in Manhattan. No matter that a Princeton grad should be able to find a good job, it seems that Casey can’t afford to live within her means. Part of the problem is her associates, free spending investment banking types with trust funds to boot. Simple, she should get new friends…
The book is interesting because it highlights the dilemma many of our daughters have. They’re well educated, achievement oriented. But the cost of living is so high, and so many entry level jobs fail to pay what seems to be a livable wage. In some cases, encouraging our daughters to go for a higher paying career – banker, lawyer, doctor, may seem to be the case. But even then, for some many girls with expensive tastes and student loan debt, there seems to be a disconnect between what they could afford when supplemented by the Bank of Parents and what they can really afford when they are on there own.
Far better to equip girls with the skills for economic defense and the attitude that life is a happy marathon and not a frenetic sprint, and that luxuries are luxuries – pleasures meant to be enjoyed occasionally as opposed to always.
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Here’s another tip for raising money savvy kids. This came via a WSJ column. Offer your kids a dollar ($1.00) if they drink water (tap) instead of ordering a soda at a restaurant. You’ll save a few cents and they’ll probably start drinking a whole lot more water. And it will be healthier all around.
Have more tips you want to share? Send them here – firstname.lastname@example.org
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