Friday, April 22, 2011

Changing the family tree

My daughter called last night to report that her car was temporarily kaput. This morning she arranged for a tow and was resigned to the weekend without wheels. When I said after her description of the symptoms, that this might be an expensive fix, she sighed and said "I guess I won't go get that pair of shoes I wanted today." I said I thought it was going to cost way more than a pair of shoes and she said "I know, I have enough money. I just wouldn't feel right about the shoes."

My daughter is 22 and in her first year out of college. She has an apartment by herself, a 7-year-old car, a first job that doesn't pay a fortune and no debt. She has managed to save an impressive amount in her first few months in the working world and has an incredibly healthy attitude toward money. She has never applied for a credit card.

As I sit here squeezing every penny for the next week, and knowing we don't have enough cash to help her out with her car even if we wanted to, I realize that she has done it. She has done as we said and not as we did. She is starting out knowing a zillion times more about money than we did and her choices are proof of that.

I am forever thankful that I woke up to this mess in time to share my newfound wisdom with my children. They will be so much better off financially than their parents. What a wonderful realization.

Sarah

9 comments:

  1. That is wonderful! You should be proud of her :) You did a great job raising her!

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  2. Good for her! My parents have filed bankruptcy twice and Im trying to dig myself out of my (mainly) student loan debt so I dont follow in their foot steps.

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  3. That is fantastic! Really! You must be so proud of her. My 20 yr. old already has a credit card. Do I worry - YES!! Perhaps she has to learn the hard way. And I've ALWAYS been frugal!

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  4. WOW she deserves a high five!!! I am very jealous of her!!! She is clearly on the right track!!!

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  5. Great job Sarah's daughter!!! So proud of you!

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  6. We have always struggled with debt. But my children are so different. I think they saw our problems and just never wanted to repeat them. Now they do have significant school loans, but they also have significant educations and jobs. They are very credit conscience. I hope it stays that way. My parents had bad money management skills and mine are worse, but I am learning.

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  7. You should be so proud! I enjoy your blog and I'm sure someday you will be able to help when/if she needs it!
    PS. Thanks for the timers on the side to track your savings. I've finally figured out how to put them on my blog too!
    Check out my blog if you want...its about my attempt to change my bad money habits too!
    http://waytobedebtfree.blogspot.com/

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  8. I figured out the ticker issue!!! It's not that there is any mistake. Your credit card icon is just overlapping the amount of initial debt you started with. As you pay it down it will show the number more.

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  9. Thanks, everybody! I am proud of her. And I'm dreaming of the day when we can help our kids out whenever the mood strikes.

    Hey, Suna, we're following you now! Look forward to watching your journey and encouraging each other. One note - my comments always end up in spam folders, so check yours occasionally to see if I've been there.

    Little Lamb, you're a GENIUS!! I see exactly what you mean with the ticker! And I guess it's going to be a loooong time before it looks right, since the starting number was so big :) Thanks!

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