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Best financial advice from mom

Saturday, May 7, 2022

By Chris Taylor

NEW YORK (Reuters) - Can you guess who kids turn to first for money advice?

Parents – and it is not particularly close.

Even though friends, siblings and social media may all be in kids’ ears these days, parents are the top source of financial advice for 83% of children from ages 8-10, according to a survey from money managers T. Rowe Price. Even for those who are too cool for school, from ages 11-14, 70% of them still turn to parents with their money questions.

In honor of Mother’s Day, we asked a few boldface names a simple query: What is the best financial advice you ever received from mom?

Jillian Michaels

Personal trainer, TV personality, creator of The Fitness App

“Both my parents always said, never borrow or lend money. If you want to give someone money, then give it, but don’t give away anything you can’t afford to lose.

“This advice is the most significant, because if you lend someone money and things get screwed up, that can compromise relationships. That is something you never want to go through.

“I have made this mistake in my life, and learned the hard way. One of my friends got into a situation, and I lent more than I could afford to lose, and that’s where everything went sideways.

“My mom did end up telling me, ‘I told you so,’ in her very lovely way. Money is a very complicated subject. It’s just not worth risking relationships over. Like Suze Orman always says: People first, then money.”

Doug Lebda

CEO, LendingTree

“(Mom) told me there was no free lunch. If I wanted to do all the things my friends were doing, I needed to pay for it myself – so go figure it out.

“Since my parents weren’t giving me any money, my mom encouraged me to earn it. As a result I had various activities like mowing lawns and cleaning pools, and that inspired me to become an entrepreneur.

“Once I did earn some money, she told me first to save it – 10% off the top, always. Then set some aside for giving, and then you can enjoy spending the rest. The third thing she told me was that anytime you can, to try to own something and not rent it. So when I was 24, I bought a $55,000 condo – and after getting that mortgage, was when I got the idea for LendingTree.”

Pat Kiernan

News Anchor, NY1

“Be organized. She was always organized, which meant that she never got boxed in to paying extra for something because it was a last-minute rush. Being organized also meant that she bought just enough food for the week – without buying too much, and having to throw it out when it spoiled.

“I apply her lesson most often on travel. Hotels and plane tickets rarely get cheaper if you delay. Making a plan early has always served me well. I’m not very good at applying her lesson when it comes to groceries, though. I always end up with nothing in the fridge and having to spend on take-out.”

Pam Habner

CEO of U.S. Branded Cards, Citi

“My mom’s most powerful financial advice was to bet on myself and double down. Be an independent woman with the resources to take care of myself – no matter what.

“So, when I was eight years old, she took me to the local bank to open my first savings account, which I grew by depositing birthday money, babysitting earnings, and then job money to fund my future – primarily my education. Through these savings (as well as scholarship money, student loans and several part-time jobs), I put myself through Dartmouth College, paid back my college loans, and saved enough to go to business school.

"My mom’s advice was life-changing. If you’re not betting on yourself, no one else will.”

Alex Rodriguez

Chairman and CEO, A-Rod Corp.; Former baseball star

“Be industrious. There was no one in my life growing up more industrious than my mom. She worked two jobs – as a secretary during the day, and a waitress at night – to support me and my siblings and allow me to pursue my dreams.

“She taught me through her actions the value of hard work. There is no replacement. I have carried this wisdom with me throughout my professional life, on the baseball diamond and in the boardroom, and know firsthand that giving it your best effort pays off.”

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22-05-2022 11:02:36 (UTC+7)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2489

+0.0029 (+0.23%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (5)

USD/JPY

127.86

+0.07 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.7039

-0.0008 (-0.11%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2839

+0.0014 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/JPY

135.05

-0.24 (-0.18%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (2)

EUR/CHF

1.0296

-0.0005 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Gold Futures

1,845.10

+3.90 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

21.765

-0.143 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.3042

+0.0212 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.35

+0.46 (+0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

112.91

+0.87 (+0.78%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

8.058

-0.250 (-3.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,717.24

+596.56 (+2.96%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
 Natural Gas8.058↑ Sell
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(6,875/ 6,975) # 1,795
SJC HCM6,895/ 6,985
(0/ 0) # 1,800
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,802
SJC Danang6,895/ 6,987
(0/ 0) # 1,802
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,802
SJC Cantho6,895/ 6,987
(0/ 0) # 1,802
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