By Heather Deichler, senior vice president, MoneyGuard Product Management
Mother’s Day falls on May 9 this year. You haven’t forgotten, have you?
While you’re thinking about how best to thank the mother figures in your life this year, consider some ways she helped marshal the family’s resources and taught you to save and spend money.
In honor of Mother’s Day, I wanted to share some invaluable advice from women in my family: “always be prepared.”
That is the greatest money lesson I learned from my grandmother. At the young age of 35, my grandfather passed away in his sleep, leaving my grandmother, Muriel, a single mother of two small children in the 1950s! As if that experience wasn’t traumatic enough, she had to go out, find a job and figure out a way to stay afloat. That’s where her money motto “always be prepared” was born.
To always be prepared, Muriel shared the importance of these three things:
1. Build your savings. Always pay yourself first! My grandmother stressed the importance of always putting aside some of your paycheck to build a safety net.
2. Protect yourself and your family. From health to homeowners to life and long-term care insurance – no matter what type of insurance it is, when you need it, you’ll always be thankful you made the investment.
3. Invest in education. Educational experience enables you to be prepared with marketable skills. Whether it be college, trade school, apprenticeships — you are setting yourself up to succeed.
“Always be prepared” is a money lesson, but it’s also a lesson of resilience, and is a common thread I see in every successful woman I meet.
Now, I pass these learnings onto my 18-year-old daughter and 15-year-old son, so they too can always be prepared — because you just never know what the future holds.