A Tribute to Moms | The Modest Millions Show

Let’s take a quick departure from our regularly scheduled personal finance programming to talk about moms, specifically about the two most important moms in my life, Mama Modest and Mrs. Modest. It’s because of the money management principles that my mom (tried) to instill in me early on in life that set the foundation for my interest in personal finance and money management. So, today’s episode is a quick tribute you, Mom.

 

TRANSCRIPT

Thank You, Mom

On today’s episode we’re keeping it pretty high level and taking a quick departure from our regularly scheduled programming. I wanted to talk about the role that our moms, or more specifically, my mom played in setting the foundations of personal finance

Early on, she instilled (or tried to instill) personal finance habits like budgeting and self-discipline around money. Like any teenager, I was stubborn-headed and a pain in the butt. What advice could my mom give that I would want to listen to? None. Or so I thought. I was by no means perfect with my money, and there were dozens of instances where I made some completely idiotic spending and money management decisions. But, it did (mostly) sink in eventually.

An example of this was when Mrs. Modest and I were dating through college at a distance. We were both moving back to universities in our hometown so we could be closer together, and the school I was going to was within walking distance of my parents’ house. I thought it was a great idea for me to move into the basement so I could save on living expenses (sounds like great money management to me, right?!). It was a slam-dunk proposition. Mom and Dad were having none of it and told me I couldn’t move home. What?! I was downright furious, and stayed that way for a long time. It forced me to find a small (and I mean small) studio apartment for $300 close to campus, with a communal kitchen across the hall that always stunk of burnt Indian food and a bathroom shared with my neighbor. But, it forced me to figure out a lot of things on my own, and it didn’t take long for me to realize that was a key turning point in my personal finance journey. So, in hindsight, thank you, Mom!

Also, we can’t talk about moms without calling out Mrs. Modest. She and I are a well-oiled machine, especially when it comes to personal finances. But more importantly, she really is the one that keeps our household humming. She’s is an incredibly supportive and encouraging wife and a super-loving mom to our kids. She is without a doubt my better half, and for her love and support, I say thank you.

So, to all the moms (and dads too!) out there who are working to promote good personal finance habits to your kids, keep it up. Even if they’re stubborn like I was, you’ve got to keep it up, because it’s your support, education and discipline that will help create the next generation of savers, budgeteers, and investors.

Here’s to the moms.

Join me next week when we talk about value versus price.

Until then, remember to keep squirreling away now to earn millions later!

Thanks for listening; we’ll catch you next time!

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