Economics

[VicUser]

When I was growing up my parents taught me basic rules.

1) You should not spend more than ¼ you monthly income on rent or house payment.

2) If you couldn’t afford to pay for something, with the exception of a house (see previous rule) that you didn’t need it.

3) Save 10% even if it is in a simple saving account for rainy days.

We lived by those simple rules and they have had a big effect on my views towards money and things

What were you tuaght and how has it affected your life ?

[allaboutmary]

LMAO.............my children have the same mother.  omg too funny

[toxictome]

mary and magi...you 2 crack me up......lol

i am pretty much a saver...I usually spend wisely.

Obviously...my children have the same mother and are being taught the same values.....but I have one kid who is a saver (like me) ...and the other spends the whole wad as soon as it touches his hands (like his dad).  Go figure...

[starfish1963]

I was always taught it doesn't matter how much you make it's how much you save.
I've been blessed with an abundance of things but my best Blessings have been free.
It doesn't matter what you have as long as you can be content in any it, than it's all good :)

[allaboutmary]

Magi, I guess mother does love me best ! lol  She has nagged me about saving and buying things I can't afford all my life. Don't you remember the story she has told us 200 million times about....her and daddy having to share a pillow until they could save up to buy another one.  I just recently stopped listening to her, I think you stopped when you were 4. LMAO

[justclean]

Dad is a vic addict for about 20 years, sister in and out of rehad 4 or 5 times, lost her kids and most recently was caught with my 4 year old nephew in the back seat of her car when she crashed into a parked car. But they have no problems...LMAO I think I was taught denial!

[flmagi]

Mary, Our mother taught you those things? Thought we had the same mother. Mine never taught me any of that. I don't recall her ever teaching us anything about money and how to handle it.  Only since she's retired has she nagged us about saving. Of course you have to have money to have savings. lol  What she did teach us by example is good, hard work ethics........and pie.

[allaboutmary]

I was taught pretty much the same.  Then stuff happens.  Your mortgage goes from 1,000. to 1400 in one year because of insurance and taxes. (I have a fixed 30 yr) .  Your business drops off about 60%. You have to start dipping into savings to make ends meet. Your so crippled with pain and can't even afford a doctor. I've had health insurance all my life, but can't afford it now.      Not to mention the blueberry pie for Thanksgiving went from 3.49 to 8.29 in one year.  ...and you know how I love pie and Thanksgiving ! lol