Smart Money Secrets: How a Millionaire Mom Educated Her Kids Early!

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• Meet Sandy, a vibrant 63-year-old retired mother who prioritized financial literacy for her two sons from a young age.
• She empowered them with knowledge about stocks and savings bonds, instilling a sense of self-sufficiency.
• Both boys learned budgeting skills by managing their allowances and tackling extra chores for additional cash.

In her early parenting days, Sandy embraced the role of a “yes mom.” By the time her sons hit the ages of 5 or 6, she was all about letting them explore their world—within the boundaries of responsibility.

“We had a little crew of neighborhood boys, and they’d come over to bake cookies,” Sandy recalls. “The kitchen would be a complete disaster, but I made sure they cleaned it up afterward.”

She applied this hands-on philosophy to their financial education, encouraging them to be independent and face real-life financial scenarios head-on.

Fast forward a few years, and one of her sons became a millionaire at just 35! He credits Sandy as “the single biggest financial influencer” in his life.

Here are five invaluable money lessons that Sandy instilled in her boys from an early age:

1. The Art of Mindful Spending

At around 10 or 11, Sandy began giving her sons a monthly allowance of $200. Initially, they were overjoyed—until they realized they were accountable for their own expenses, from toothpaste to hockey fees (she and her husband covered the essentials).

“You have the freedom to spend, but if you blow it all, there won’t be any left for those extras you crave. Choose wisely,” she advised. “I allowed them to make mistakes; that’s the best way to learn.”

She also introduced them to her frugal ways, even guiding them in sewing their own clothes at home!

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2. How to Boost Your Income

Alongside their monthly allowance, Sandy encouraged her sons to earn extra cash by taking on household chores.

“We always had a list on the fridge with tasks and their associated pay,” she explained. “If they wanted something enough, they learned to hustle for it.”

With their parents running a graphic arts biz, they inherited that entrepreneurial spirit, too. The boys would create flyers for their own ventures like raking leaves or gardening to earn some cash.

3. Understanding the Stock Market

For special occasions, Sandy and her husband gifted their sons small stocks in companies they loved, like Hershey’s. They learned to follow their investments’ performance through the newspaper.

“It sparked their interest and taught them about market fluctuations,” Sandy said. “Seeing it on a smaller scale made it less intimidating.” They were also empowered to decide when to buy or sell.

4. Embracing Delayed Gratification

Another popular gift in Sandy’s household was savings bonds. They bought these in small denominations and used them to teach lessons about patience and waiting for rewards.

“They learned to hold onto those until they matured and cashed them in later in life,” she said with a grin, reflecting on the higher interest rates of yesteryears. “It showed them the beauty of compounding over time.”

5. Cultivating Self-Reliance

Sandy’s mission as a parent was clear: she aimed for her sons to be financially independent by age 18.

“I would joke, ‘If I’m in an ambulance on the way to the hospital and I only have a dime left, I’m stopping to buy a candy bar. This is my money! You guys can earn your own,’” she shared, half-smiling.

While she didn’t mean every word, she wanted them to grasp the importance of self-sufficiency and not lean on her as a fallback.

“Some might think I’m too tough, but I believe it’s best for kids to learn how to fend for themselves,” Sandy concluded.

This article was originally published in May 2021.