Tina, 34, University Student Advisor
What is the most significant thing you learned about money as a child? The most significant thing I learned about money as a child was to save. My parents opened a bank account for me when I was six years old, and I never wanted to spend any of it because I knew that once it was spent, it was gone forever. I remember finally buying a camera with money I had saved, but I wanted to quickly save up again.
In retrospect, what are 3 things you wish you had learned? I wished I had learned about budgeting, how to use credit cards wisely, and the importance of being generous with money.
What gaps in financial literacy are you still missing? I still feel I am missing knowledge about investing, saving for retirement, and mortgages.
Do you believe that financial literacy will solve your financial problems? Why or why not?
Yes, I believe knowledge will empower me to make the right choices. However, discipline and sacrifice are just as necessary in order to carry out these plans.
What is your strongest, most frequent emotion related to money?
In the past, guilt was probably my strongest emotion related to money over poor decisions, and lack of knowledge and planning. However, since learning how to budget and actually following it, I feel virtually no guilt since I know I have made a plan and am sticking to it!
What have you learned about money as an adult that has been most valuable? And where did you find this information?
The most valuable thing I have learned about money is that it does not ultimately belong to me, but to God. I am just a manager of what He has entrusted to me. This is valuable because it makes me want to be more responsible with it and use it to build a good life for my family and to bless others. This is not a totally new concept to me since I have heard it in church and read it in the Bible, but it was covered in much more depth in the Financial Peace course I'm taking. I have learned a lot of practical things in the course which have been incredibly helpful, however I believe that in order to really change your habits, you have to change your perspective and root beliefs first.
Robert, 41, Unemployed
What
is the most significant thing you learned about money as a
child? You need to work to earn money.
In retrospect, what are 3 things you wish you had learned? Do
not buy things to gain love from others. Do not trust others with your
money. Money can destroy relationships.
What gaps in financial literacy are you still missing? Not
much, I always been interested to learn about finance.
Do you believe that financial literacy will solve your financial problems? Why or why not? My
financial problems are mostly been caused by the fact that I am
currently not working and bad decisions made in the past, which I'm learning
from. :)
What is your
strongest, most frequent emotion related to money? For me, money is a
tool. Having more money will mean that I could give more money to causes that I love.
What have you
learned about money as an adult that has been most valuable? And where
did you find this information? Invest in an house. My dad gave me that
information... and I am really happy to have followed his lead.
Simon, 32, Security Financial Advisor
What is the most significant thing you learned about money as a child? You need to work for it.
In retrospect, what are 3 things you wish you had learned? Cars are a bad investment.
What gaps in financial literacy are you still missing? None that I know of.
Do you believe that financial literacy will solve your financial problems? Why or why not? No, behavior is the biggest issue in solving financial problems, not knowledge.
What is your strongest, most frequent emotion related to money? Happiness.
What have you learned about money as an adult that has been most valuable? And where did you find this information? We
need to make a plan for it or it will find a plan of its own that will
not be in our best interest. Reading books like Total Money Makeover by
Dave Ramsey.
What are three things you wish you had learned when you were young(er)? I wish I had learned to save money. And to invest my money while I was younger. Also to keep good credit.
What gaps in financial information and knowledge are you still missing? I pretty much know what information is important so I do not feel as if I am missing anything. The problem for me is execution. It would be good to know if certain financial decisions are more wise than others. For example is it better to lease or buy a car?
Do you believe that financial literacy will solve your financial problems? Why or why not?
I don't believe that financial literacy alone will solve my financial problems. I know that execution is the most important and going on a financial diet which really depends on a decision that has to be made me and my spouse. Most of the times, we know what we need to do but don't know how to actually do it. So when we try to please ourselves for the time being we miss the goals for the long run. Also if we don't set goals and stick to them, we end up with the same habits.
What is your strongest, most frequent emotion related to money?
I almost always feel as if I don't have enough. I feel that if I had more money and a good job that I would be happier and more responsible. That I would be more generous. That I would help other people. Even though it says in the bible that it is with the little things that we have that show what we will do when we have more. So right now while we aren't as well off, if we are not giving, we will not give even when we have a lot. I indeed have met people who are extremely generous with little and those who are really stingy when they have a lot. So I know this is a problem I have. That I feel that I never have enough and definitely not enough to give. It makes me anxious.
What have you learned about money as an adult that has been most valuable? And where did you find this information?
I learned a lot about money in business school. I learned a lot about debt vs equity and other valuable money knowledge. I am not sure what has been the most valuable. I am starting my own business so I know that this is really the only way to make real money and to actually have financial freedom is to have your own business and be your own boss. So that is probably the most valuable lesson that I learned in business school.