What's your earliest influence?

[calmloki]

Not a proud moment, but at six or so I swapped my little sister 5 shiny pennies for one little dime. Mom gave me hell as I tried to explain that sis was really happy with the trade. sigh. Around thirteen the folks borrowed $130 from me when we all went to a multi-day Hudspeth Land & Livestock auction so they could buy the start of a registered Hereford herd. Think they gave me 1/2 a $200 go-kart and a new Guernsey/Hereford cross calf later in return.

Can recall my Dad pawning his firearms before Christmas - never made the connection in my brain. Always felt secure - if Dad quit a job it was cause for celebration - he was a great machinist so often he was working several jobs at once - 24 hours in a day after all. Three kids and trying to build a ranch from zero couldn't have been easy though - recall taking calls from gents with Household Finance looking for loan repayment.

 

[athena53]

Two important lessons. First, I remember Dad starting to buy stocks in the late 1960s, when you had to go to Merrill Lynch. I used to go through his little books of charts in fascination, trying to figure out where each stock was headed. Dad was a great example.

Second-parents were definitely LBYM types. Some stuff (any vacation involving air travel for a family of 7 or a hotel stay) was just not in the budget. I learned that if I wanted to see the world or buy real jewelry I better find a way to get it myself. And I did!

 

[mystang52]

I loved my father, but he was a negative influence which made me better. He never made a lot of money, but he was a horrid manager of the money he did make.
True story: I was no more than 11 years old when I suggested the basics of a budget, using the old money-in-different-envelopes system. My parents actually tried it AND IT WORKED. Alas, my father abandoned it at some point and we went back to feast and famine times between his regular paychecks.
Things got a bit better when Mom when to work, but with that extra cashflow somehow things didn't improve all that much.
I remembered those days when I left home and was always LBYM and a budgeter because of that. Incidentally, I asked my older brother if he thought Dad had a girlfriend on the side, and maybe that was the reason we were broke. But my brother (who likely would have known) was positive that was not the case. So I guess he was just a poor money manager.

I should clarify: My Dad was a "negative influence" only as it related to finances. He was a loving and good father.

 

[braumeister]

I was born during the 100th anniversary month of a local savings bank. To celebrate, they gave every baby born that month in the city a savings deposit account with a small sum of money in it. Since my expenses at that time were zero, I have been LBYM since I was born.

That is a seriously cool story!

I think my earliest influence was seeing my grandparents retire and move to Florida when my grandfather turned 65. His father died a couple of months before he was born, he had maybe five years of school total, and a very difficult youth. He always talked about trying to get a job and being stymied by the signs on the door saying "No Irish Need Apply."

But he went on to make a success of himself anyway, and whatever good things I had in my youth were due to his generosity.

Oh, and I should add we couldn't even afford one Yorkshireman. All we had was someone who had once passed through Cumbria.

 

[jollystomper]

Definitely my parents. When I used to see how they got the most out of the little income they (primarily my Dad) had. With 7 kids it was not easy. One key thing - I NEVER heard my parents complain about what others had. When we would say something about what others had, they would just reply "well, they are not us". They made a strong impression about getting a job - but then seeing what you could learn on that first job to look beyond and get a better job.

I also remember a discussion between my parents and one of my older brothers. He was visiting from college and I was just in my early teens. The gist of the conversation was "too many people of our background, when they come into a little money, spend it all. They make $30,000 and spend all of that $30,000 and then some. But I'm seeing that people who get ahead are the ones who make $30,000, spend $15,000, and save and invest the rest". That has really stuck with me all these years.

 

[Markola]

My grandfather giving me a few old family coins, and me wanting to deposit them in my new savings account. Him explaining how maybe that wasn't the best idea.

 

[Sue J]

I have early memories of counting up loose coins with my mother and putting them in the paper tubes. Then she let me go to the bank with her. I loved that! Later, when I had money of my own I had those cardboard folders to save coins in. I remember the quarter folders and the dime ones, each coin snuggly pressed into it's own little seat.

That's where I learned that saving even small amounts adds up to something bigger.

I am one of those people who was born with a very strong gene for saving. As a child this was reinforced by sharing a room with my sister who is 3 years older. Even though she had a larger allowance than me she was always broke. Many times she borrowed from me or sold me her things because she couldn't manage to keep money in her pocket.

She is still like that but now she is married to a husband with really enormous pockets!

 

[Gumby]

We were broke-dad was always between jobs. My earliest memory, guess I was 4 or 5 and down for a nap but caught my dad in my room stealing loose change out of MY piggy bank.

He said it was for "parking meter" but even then I knew better. It was for day-old loaves of bread to go with the free cheese and tomato soup that mom would make.

We used to eat cheese sandwiches dunked in tomato soup .... a lot.

Many aspects of that memory have influenced my life ...

Dad passed away a couple years ago. Funny enough, today he would have been 80.

RIP Dad. And thanks because you did the very best that you were capable of doing. I'm probably a better person because I had to learn to work on my own.

Sounds familiar. I watched my parents struggle with money from my earliest conscious days (you would be surprised what kids can observe). They were young and uneducated and poor and, to be honest, not really in a position to be responsible for young children. Their struggles motivated me. As I was growing up, I always thought to myself - "When I'm a grownup, I'll make sure I'm not poor like we are now." And now I'm not.

 

[Meadbh]

I was born during the 100th anniversary month of a local savings bank. To celebrate, they gave every baby born that month in the city a savings deposit account with a small sum of money in it. Since my expenses at that time were zero, I have been LBYM since I was born. Birthday and Christmas cash gifts were deposited into the account. By the time I was four, my parents took me to the bank to find out how much my savings had grown. That's when I learned about the magic of compound interest. Many years later, I withdrew from that same account to put a down payment on my first house.

Now does anyone have any financial stories from inside the uterus?

Here is an ad from that time period. They were pushing annuities!

Cork Savings Bank, 1861 > Cork: Merchant Princes > Cork City & County Archives

 

[NW-Bound]

So, you were born in 1961. A youngster!

 

[bbbamI]

My earliest influence....hmmm.

I suppose it was sitting in my car (at the ripe old age of 17), a beer on the console and a doobie being passed among my friends, watching the cars go by on the 'loop' in my tiny hometown. I realized I wanted a better future.

Over four decades later, I reached my financial goal.

Then again, from time to time, I think about those daze...and I wonder...

 

[Marita40]

I'll take a different tack. We were "house rich and cash poor" when I grew up. Nice house in lovely suburb but no money at all for extras or luxuries. I was mostly influenced by books such as Laura Ingalls Wilder Little House series or (later) Thoreau's Walden. Living simply and frugally always seemed to me part of an honest and good life. I guess I should be lucky that I've never felt much desire for wealth as an adult (except for security, a need which is considerable). I must say that I still find myself scandalized at all the "stuff" many young people have or crave, and I'm thankful I grew up in a time when choices were few and luxuries rare.

 

[NW-Bound]

OK, thinking back, I probably was impressionable at the age of about 11 by someone highly influential.

Here's his picture.

It was of course a lofty goal, but try I did.

 

[Mr. Tightwad]

When I was 7, 8, maybe 9, I'm not sure how old, but I was frequently asked to loan small amounts of $ to parents/siblings. I used to keep a running tally on my Mickey Mouse chalkboard. I always did get paid back. Zero interest. I remember the most names/amounts on the chalkboard at one time was 3. It kind of set the financial mindset for me. Been good with a dollar ever since.

 

[Meadbh]

So, you were born in 1961. A youngster!

No, 1957. The bank was founded in 1857 but this ad is from 1861.

 

[Notmuchlonger]

My distant uncle. I got to know him a bit in early out of the house adulthood. He ran a successful pawnshop and explained quite a few things to me.

To this day I have the itch and capital to run a pawnshop.

But I can't bring myself to do it. You need to have that personality to do it.

 

[r2021t]

My parents lived through the depression. They never talked about money. It was generational (at least that's how I've always felt about it). They were also older when they had me and my brother (I'm a twin - the better looking twin). That probably played into it, too. I know now, not really understanding it at the time, that they were very frugal. Lived well below their means. We were never hungry or cold but when it came to things like the latest fashion trends, we just got "clothes". Whatever was on sale. Probably two sizes too big so they would last. I didn't even have to be in the store to try them on. They knew my sizes generally and just bought bigger. Hand-me-downs were a given. They did, at times, show real anger when we asked for something we actually needed, like shoes or new glasses. It's just the way they were raised. They were poor kids and if they did have it, they used it up and wore it out. To a degree, they expected their kids to do the same.

No question it influenced me. I wear clothes way, way past their due date. I have to be careful sometimes when I'm out. If I take my hat off to wipe my brow there's a good chance somebody will throw a dollar bill in it.

My first external influences of any merit, where I actually began learning things, were Bruce Williams from the old Talknet radio program and Ken and Daria Dolan. Remember them?

Ron

 

[athena53]

We were never hungry or cold but when it came to things like the latest fashion trends, we just got "clothes". Whatever was on sale. Probably two sizes too big so they would last. I didn't even have to be in the store to try them on. They knew my sizes generally and just bought bigger. Hand-me-downs were a given

Boy, does that bring back memories although my parents weren't quite that bad. I had one winter coat for 3 years. It was a very good one but too big the first year, OK the second, too small the last. Back then, kids' clothes weren't all made by slave labor out of flimsy materials and they lasted longer.

Funny thing is- my dress winter coat is a classic camel one I bought at Brooks Bros. 33 years ago and I still love it.

 

[target2019]

Earliest financial influence was first job at a car wash, just before entering high school. It was really hard work jumping into the back seat in order to clean the inside of the back window.

I am not sure if I heard this other influence earlier or later than first job. My mother told me that as a child she walked the train tracks along the waterfront looking for coal that had fallen from trains. This was taken home to be used in the coal furnace.

 

[skibum]

My parents were frugal and LBYM. I remember watching Wall $treet Week with Lois Rukeyser weekly on PBS as a child with my parents.

First paper route I had was a giveaway, and I was sent out to collect $.40 per month "donation". Many paid graciously, but several were not at all inclined to do so. Can't really blame them, but a fairly tough lesson for an adolescent.

First real job was at a car wash. Target is right, inside rear windows was the first and worst job at the car wash. Moved on to better positions at the car wash, felt sorry for the bitter mgr, realized the valued of education, and grateful for the opportunity.

 

[old woman]

I was 7 when my dad was injured at work. Mom and us kids took jobs picking green beans. We were paid by the pound and I made about 50 cents a day. Mom taught us how to work explained we had to pick every bean in our row or the owner lost money so we did them over until we did them right, since she was supervising 3 kids aged 6-7-8 she didn't make much either and dad didn't get much from workman's comp. That was the first time I remember thinking about money and how hard it was to earn it. My teacher asked us to ask our parents for dimes for march of dimes, I told her we didn't have money to give away. It taught me to pinch pennies my brothers would waste money buying stuff from the snack wagon but I didn't. We working picking green beans every year until I was 16, as a teen I made about 3.60 a day. I had $50 saved when I left home. Making 1.25 an hour and supporting myself I had a saving account still not wasting money.

 

[racy]

Ma paid us kids 1 cent for every sand burr we'd pick out of our crappy back yard. I've had a fondness for piece work ever since!

 

[donheff]

I remember saving up my allowances to buy a Dynamite Deringer.

 

[scrabbler1]

I have a few.


One is being given one share of Ford Motor Co. by my uncle when I was very young and looking up its price in the Sunday NY Times. Every 3 months I got a small dividend check (under $1) in the mail, giving me my first taste of earning money without doing anything. My next taste of earning money without doing anything was seeing the interest earned in my passbook savings account. My mom would take me to the bank to deposit a check, sometimes the aforementioned Ford check, and if I hadn't been to the bank in a while, I'd see two entries in the passbook - one for the Ford check and one for the savings account's earned interest. I thought that was so cool!


My mom collected pennies. She had one of these cardboard booklets with slots to insert a penny for each year going back to the early 20th century and she had most of them filled going back to at least the 1940s. Her source for finding these pennies were little glass jars she kept them in before she and I converted them into rolls of 50 and brought them to the bank.

 

[rodi]

We were given allowance and chores related to age. As the youngest I had the smallest allowance. No allowance till all chores were complete for the weekend. As my siblings went off to college, I had all the chores previously split among 3 kids - and the same allowance they'd gotten for their smaller chore set. I had to renegotiate to an hourly wage. Dad agreed to 1/2 minimum wage. Had to do it again when my brother came home from college (I was also in college, but lived local and still came over on weekends to do chores - part of the deal for getting my tuition paid). Dad was paying bro $10/hour to put in a fence. I was getting paid $6/hr for equally hard work (I'd dug the holes for the posts of the new shed, I'd chopped into chunks and hauled away a removed tree, etc.) I insisted on being paid as much or more than the "new hire". Dad ceded right away and later told me he was proud.

When I was younger and mom was a SAHM she had an "allowance" to run the household, feed us, etc. It was a tight allowance. But she got to "keep" any extra. She was excellent at feeding our 5 person family on a very small amount.

As a teenager I wanted fancier/trendier clothes rather than hand me downs that were a bit worn and out of style. Dad suggested it was a "need" rather than a "want". I used to save my babysitting money for the occasional purchase of Ditto or Jordache jeans.

Friends were given cars and had new/fancy clothes. Dad would point out their parents were on the edge of bankruptcy and weren't saving. That message didn't sink in till later... but he was right.