Keys to Personal Finance

Keys to Personal Finance

My parents and I talked about their finances when they were younger. They gave me advice and information of what to do and what they did to save money. Also they told me key ways to invest money as well as starting and maintaining a 401k.

I asked my dad several question about his financial career. For instance, I asked "What were your finances like when you were growing up?" His response was, "My first job was selling snow cones.....we saved half our earnings for the business and spent the rest on cool things that kids wanted in the 70's.....minibike...trips....sports." My dad as a young boy took pride in his money management so he could keep his snow cone business afloat. The second question I asked him was "How do my generations finances compare to yours when you were growing up?" Response-"Everything is electronic....and more expensive relatively speaking." By our generations finances being more accessible it makes it easier for us to better understand how to do them. The third question I asked was, "What do you do, or wish you would have done, to manage your current finances?" His response-"We do OK....but I always need professional advice to help me make good decisions with money matters." Using a professional advisor is a key to keeping your saving and investments where they need to be. I asked my dad, "How have your perspectives on money changed over time?" His response- "I used to spend it with very little planning or discipline.....now I do my best to save it so it works for my families security and future needs." Save you money wisely and don't spend it frivolously on random non needed goods. I also asked my dad, "What savings plans or investments do you currently have set in place for the future?" He said, "Pension, with Pfizer, 401K Rollover that I independently manage and a 401K plan with my current employer that is managed through my selection of offered mutual funds." To start of early with investments and saving is a great way of making sure you have money emergencies and retirement funds. I also asked, "What plans do you wish you could have started earlier?" He answered, "Maybe some additional whole life insurance policies on me or family members and college educational funds." They plans that you start earlier are the ones that benefit you the most in the long run by saving you the most money. I ask him, "What financial recommendations do you have for me after I'm done with high school?" He told me, "I would want you to take courses in finance whether you major in business or not in college." By taking college courses in finance it gives you a better understanding of what to do with your money and how to invest it. I asked, "Has money management gotten easier with age of harder?" His response-