Money Talks

My grandmother always said, “There are two ways to be rich — lots of money or very few needs.”
Marilyn Lloyd
Phoenix, Arizona

My father, the youngest of seven, grew up during the Depression. He was so poor that he never had his own bed, but he always said, “If money is your only problem, it is not a problem, just an inconvenience.” It helps me remember what’s important in life.
Helene Polonsky
New York, New York

My husband and I decided to get a financial planner, who said, “People fail because they trade what they want the most for what they want right now.” For example, $200 for a purse, or $200 for the savings account? It just resonated with me. That was more than 25 years ago, and every time I see something I’d like to buy, I think, Do I want this the most, or do I just want it right now?
Frances DeBray
Franklin, Tennessee

Several years ago, when we were trying to figure out whether we should sell some stock to pay off our mortgage for good, our CPA said to us, “It all depends on what your comfort level is. Are you more comfortable holding on to stock or knowing that you no longer have a mortgage payment?” It was the first time someone had framed a large financial decision for us in terms that took into account the emotional impact of the decision instead of looking only at the financial impact.
Catherine S. Vodrey
East Liverpool, Ohio

My father told me to save, save, save. My mother told me that you only live once, so you might as well have a good time. I have found a good combination of the two.
Cara Furness
Greensboro, North Carolina

I asked my friend, a trader at the Chicago Board of Trade, for his best financial tip. He looked at me with a straight face and said, “Put your money under the floorboards.”
Lauren Yeandel
Collierville, Tennessee

My grandfather’s advice — and I will clean this up for a national publication — was: “Always have some kiss-my-butt money in the bank.” His theory was if someone was giving you loads of trouble, this money allowed you to tell that person to do just that.
Jeanne Gregory
Richmond, Texas

Grandma always told me, “Have a stash of ‘mad money.’” She said it should be funds that I could use to take care of myself with, like money to call a ride if my date was a jerk or money to spend on something to make me feel pretty on a ratty-hair day. I once asked her, “Is it for when I get mad, or is it to go mad with?” And to that she replied, “Both!”
Jennifer Urbanic
Westerville, Ohio

Please Enjoy

Someone once told me to spend extra money on making memories, not on material things. That’s probably one of the reasons I love to travel with my family — those memories are the most priceless.
Alison Pauli
Washington, Illinois

“You can’t take it with you. Spend it.” This statement uncharacteristically came from the lips of my frugal, savings-conscious mother. And she’s right. As long as the bills are paid, there’s food on the table, and there’s a nest egg in the bank, if I really want a pair of cute shoes, I get them. I can’t take them with me, either, but I sure can enjoy them while I’m here.
Angela Caragan
Vallejo, California

Have fun when you’re young! Don’t go into debt, but enjoy the freedom that comes from not having to pay for diapers, multiple cars, and a mortgage. Go on vacations, experience life, and give to those who need money more than you do — even when you think you’re poor yourself.
Ann Swindell
Wheaton, Illinois

Plan B

Marry rich.
Beth Portice
Stevensville, Michigan

Your Turn

Share your own story: What is the most surprising financial advice you've received??