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AUTHOR: R Quinn on 9/13/2024

I can’t take credit for the headline here. Actually Jonathan Clements wrote it for my section in the book My Money Journey.  I like it so much I use it on my blog too.

It articulates one word to me – responsibility, in this case financial and related matters.

We talk a lot about financial literacy and the lack thereof, but I don’t see even that as preventing basic prudent decisions about, saving, spending.

My grandson came home from high school yesterday and told his father the teacher in his financial management class told them to always spend on themselves first. At first my son was shocked until he realized my grandson was being funny.

The real message from the teacher was always save first before you spend your money. It’s a good habit I have followed all my life even when the saving part was only the change in my pocket at the end of the day.

I maintain that all but the truly poor at the economic bottom can follow this strategy relative to their income. The idea is to get into the habit and grow it as income grows. When I was working and received a raise I increased savings a bit each time. It may have been in the 401k or the amount for savings bonds or stock purchase plan by $5.00 a pay day, but always something.

Many mutual funds don’t require a minimum purchase so there is plenty of opportunity.

There are many things we can’t control, but if we are prudent with the things we can, life today and tomorrow will be better.