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AP
Washington Hispanic:
Hey, internet: Do you remember the millennials? Many of us have graduated from our latte and leisurely brunches to become parents with jobs, car loans, and maybe even a mortgage.
On our way to adulthood, we have experienced two global crises: a recession and a pandemic. Many of us also still carry mountains of student debt. These years have shaped our perspective on money, and now we are teaching our children what we know.
Here are the money lessons that five millennial parents across the country want their kids to learn (responses have been edited for length and clarity):
‘NEVER THINK YOUR CHILD IS TOO SMALL TO LEARN’
LAURYNN VAUGHN, 37, OF KISSIMMEE, FLORIDA, IS A SINGLE MOTHER OF TWO DAUGHTERS, AGES 5 AND 4. HE RUNS A DAYCARE THAT CLOSED DURING THE PANDEMIC, BUT SINCE THEN HAS REOPENED. SHE IS ALSO AN ACTIVE VOLUNTEER.
“I don’t want to convey the fact that they didn’t teach me about money. I think the sooner you teach your children, the better. I already teach you that there are more or less three principles with money. The No. 1 thing is to give. The second thing is to save. And the third thing is that what you have left is what you can enjoy. My principles are a bit different, there are actually four: I pay bills, then I give, I save and I have money left over to enjoy. Teaching them at their level is better than not teaching them because you are waiting for them to reach a level.
‘IT IS BETTER TO BE A WORKING STUDENT AND LEAVE COLLEGE WITH MUCH LESS DEBT’
MAE WAUGH BARRIOS, 34, OF HOLLISTON, MASSACHUSETTS, IS THE MOTHER OF THREE CHILDREN, 10, 4 AND 2 YEARS OLD. SHE IS A HIGH SCHOOL INSTRUCTIONAL COACH AND IS ON AN UNPAID LEAVE TO CARE FOR HER CHILDREN DURING THE PANDEMIC. HER HUSBAND, FRANCISCO, RUNS A LANDSCAPE BUSINESS. SHE HAS $ 20,000 IN PAYABLE STUDENT LOANS.
“That was the biggest mistake I made in my entire life. Everyone said go to the university you want, just take the loans. No one told me the true consequences of student loans. My husband did not go to college. Our plan is to open a college savings account for (our children) when I return to work. It’s (also) better to be a working student and leave college with a lot less debt. My husband and I have made sure that we don’t get so bogged down in debt that we can’t survive. We talk a lot at the dinner table about being rich and being poor. If you are rich, your money works for you. If you are poor, you work for money.
“A GREATER EMPHASIS ON EXPERIENCES”
STEFFA MANTILLA, 36, FROM HOUSTON, HAS A 4-YEAR-OLD SON. SHE IS A CERTIFIED FINANCIAL EDUCATION INSTRUCTOR, A FORMER ZOO CAREGIVER AND FOUNDER OF THE MONEY TAMER PERSONAL FINANCE WEBSITE.
“In our home, we are placing a greater emphasis on ‘experiences’ rather than ‘things’. (For my son’s birthday), instead of buying tons of gifts, we will buy a gift and then tickets to the local children’s museum or zoo. We encourage family members to give gifts of experience, too, that they can do together. This puts the focus on family and friends, while teaching you to live with less things around.
‘DO NOT BE AFRAID TO INVEST’
ALAN LAFRANCE, 37, FROM AUSTIN, TEXAS, HAS A 5-YEAR-OLD SON. HE WORKS IN DIGITAL MARKETING AND HIS WIFE, MELADEE, IS A RESPIRATORY THERAPIST.
“You could pay for a car in cash, but you could (get) a loan for that car and take that capital and invest it. If you can earn more with that money, you are in a much better situation overall. At some point you can’t just squirrel it all away, you have to start letting the money work for you. As parents, we want our children to save, but in reality, you can do that too much and really miss a lot of opportunities.
‘BUILD ANOTHER SOURCE OF INCOME’
JERNESSA JONES, 39, FROM FLORENCE, ALABAMA, IS A SINGLE MOTHER OF A 6-YEAR-OLD SON AND IS AN ACCREDITED FINANCIAL COUNSELOR WITH OPERATION HOPE, A NON-PROFIT FINANCIAL EDUCATION ORGANIZATION. HE GRADUATED FROM AN MBA PROGRAM DURING THE PANDEMIC, BUY A HOUSE AND STARTED A FASHION ACCESSORIES BUSINESS.
“My mom and dad didn’t own a business and they weren’t homeowners either. I’ve been looking for homes last year because homeownership is the first step in building generational wealth. I realized that I could pay the mortgages on some of the houses I was looking at, but I would probably be poor at home. I decided to take a step back and see what I could do to build another source of income. Entrepreneurship was another thing I could teach my son about. From start to finish, even when I opened my business bank account, he was there.
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