We Are Prepared, Are Your Kids?
For many of us who either are a Contributing Editor, or a reader of our Digital Retirement Collective™, we had the foresight to financially prepare ourselves for retirement. As a baby boomer, and a product of parents who grew up during the Great Depression, we learned that money was tight and sometimes scarce. My parents saved for basic essentials, not vacations or extravagant toys. We ate dinner at home every night. There was a lot of pasta, meat loaf, grilled cheese sandwiches, stew or other inexpensive meals my Italian mother would whip together on a tight budget. We received a modest allowance, if one at all, so we learned the value of a dollar at a young age. We contributed to the family budget if we had a job. These were lifelong experiences that brought us to our financial stability today.
As baby boomers started having kids and then grandchildren, the offspring’s financial mindset was different from ours. Many of these kids wanted everything, and had their hands-out expecting money they thought fell from trees. A lot of times they got what they wanted, which didn't teach them the value of money. A good financial mentor would limit that funding, or tie it to a chore, grades, or something tangible in exchange. We all needed to pass-on our financial experiences, so that our children and grandchildren could survive in the real world once they left home. It was a hard balance not to give in, and teach a learning lesson.
During the 15 years I taught JROTC in high school, my cadets expected to have things served to them on a silver platter. Although they're wants were not monetary, their wants were moving up in rank or being selected to go on a trip. They all had to earn that right. My cadets learned I treated them all equally, whether they were at the top, or the bottom of my class. They knew that everyone had a chance.
I still have my parents financial values, but we have been able to help our family, and donate to charities. We've helped our son during his struggles getting his college degree, earning his pilot certifications, and the intricacies of home ownership. But, this goes back to my childhood and the lessons my parents taught me to work hard, save, and be ready for any curve ball life may throw at us.
