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Grandparents and old people in general are a vast of information.
If you watch them closely and listen to what they have to say you will learn a thing or two. Financially speaking the older generation could teach the younger marketable, must haves a much needed lesson in money.
The older generation has lived through it.
The older generation has lived through the hard times, they have brought up children, worked to bring home the money, taken care of the home and much more. Most of them have lived through debt, mortgages, job loss and saving money for a rainy day. They have the experience and this is why we should listen.
10 Financial lessons I learned from my Grandparents:
1. Your number one priority is your family
Your family, your spouse, your children are your number one priority. Celebrate then, learn on them in hard times. Enjoy your time together. Plan family dinners, games nights and holidays. Fellowship is important.
2. Use it, mend it, re-purpose it and then throw it out
Once you have an item that you have used up, try and mend it. Sew a hole, duct tape a corner, mend it till you can’t mend it anymore. Then re-purpose it such as old clothes being used for cleaning rags. Once you have used up every bit of an item then you can throw it out or recycle it.
3. Grow your own food
Growing your own food is a good skill to learn and one that could get you through the hard times. Even if it is just a patio garden. Produce can get expensive, save yourself some money and grow and preserve your bounty so you have food all year.
4. Cook your own food from scratch
Most older people don’t go out to eat as much as the younger generation. They also don’t eat a lot of processed foods. Learn to cook from scratch. Food is always better when it is home made and it is cheaper and will save you money.
5. Help your neighbors
Borrowing a cup of sugar from your neighbor or having your neighbor watch your children was common place with the older generation. It was common place when I grew up. In today’s world most people in the city couldn’t tell you their neighbors names. Build a support system, it takes a village to raise a child, it also takes a village to build a family. Community is important.
6. Pay with cash
If you watch closely the older generation will pay with cash or have good knowledge of their checking account. They are aware of the cost of goods and where their money goes.
7. Work hard and work smart
The older generation wasn’t afraid of hard work. They also worked smart. Today it is more about the smarter versus harder. Hard work never hurt nobody.
8. Shop the thrift store and vintage
You will always see older people shopping in thrift stores or shopping sales or cutting coupons. Why? Because they want to get the most for their dollar. They are working smart. Try going thrift store or vintage shopping with your Grandparents I am sure they know all the great money saving places to shop.
9. Save for a rainy day
The old generation knows that a rainy day or an economic storm will come and you need to save for it. Whether you are stuffing money in the mattress or loading up your emergency fund it is important.
10. Invest wisely
Invest wisely, do your research. Don’t invest in what so and so said to invest in. Invest with knowledge and save for your future. Your future is economically dependent on you and only you.
Your Grandparents are smart.
When you get a chance sit down and have a money conversation with your Grandparents or and old person you admire. I am sure you will learn a thing or two.
My Grandparents taught us all to garden and grow our own food. This is a skill that will be passed on for years. My Grandmother showed me the love of cooking and our heritage and the value in a family sit down meal. I love thrift stores and the money you save in shopping sales and vintage because of what my Grandparents taught me. The older generation is wise.
Have a great day.