2 Money Lessons From A Deli Cashier

I was in a local deli recently. 

What did I have with me?  On my tray was a book covering financial concepts and savings to read as I ate.

As I paid for my lunch, the cashier (in his early 20’s) noticed the book and asked “why are you reading that?”

It's an easy answer for me, “the more I learn, the more I can share, and hopefully help other parents with less time that have “almost flown” kids along the way.”

My new-found cashier-friend replied “can I tell you my story?”  By now I am thinking, gosh, I’ll never get to eat my lunch and read my book but I am the friendly type and said “I’d love to hear.” 

His story?
(very abbreviated version) 
“I started saving in my teens.  I’ve got money in CD’s, the 401K with this deli company, I work two jobs and…and… and… and...”

(Remember, he is behind the cash register and in his early 20’s).

By now I am positively thrilled to talk to him.  Maybe I could adopt him? 

I’ll leave more of his  details to another day, but if you are like me, you are wondering two things.

Yes, I asked him both. 

TWO MONEY CONCEPTS:

"Who taught him this money management lifestyle?"
His parents taught him the value of saving and planning for the worst. I’ll explain “planning for the worst” down below, but you get his overall mindset with this statement.
"Why are you doing it?"
He wants to travel when he is older and eventually not have to “work” in the traditional sense.  Plus, he wants a wife and kids some day and knows that expenses add up quickly.  [Wow]
 
There’s More:
He was as excited to tell me about his money management system as I was to listen.  So much so that after I paid for my lunch (customers behind me in line were beginning to give me smirks!) he approached my table to talk further when he had a break.   His parting comment to me? 

“Every little bit I save and invest adds up.”

I hate to leave his story sitting here (there’s more), but in the interest of time let me introduce two wisdom thoughts you will want to share with your “nearly flown”:

#1 “Multiple Income Streams - No Matter Your Income"
In many ways you can actually think of these 3 words as “don’t put all your eggs in one basket”.   We don’t want our kids to think that their future life-time job paycheck is the end game.  It doesn’t have to be.  There are so many money opportunities that are available to us that can expand our financial bottom line.  

Teaching our kids to not settle for that “bottom line” can allow them to look outward for other money-making vehicles.  Encourage them to not think “I don’t make enough money to save and invest.”   I can assure you the deli where my early 20’s young man works can’t pay big bucks.  Did that stop this young man? No.  Show your “nearly flown” that saving just a few dollars a month right now is a habit that can grow into a wonderful lifetime habit with bigger payoffs later.  

#2 “Planning for the Worst”
Businesses fail at a much higher rate than we’d like to acknowledge.  The challenges for businesses, both big and small, are huge.  Whether our “nearly flown” are the entrepreneur type, or choose to work with already established business, building alternative avenues of incomes are a must.  If  (or when) “the worst” happens, our “nearly flown” kids need to know that they have fall back savings/investment streams to keep them above water until the next primary source pops up. 

Today’s Parent Money Challenge

It is amazing how both “multiple income streams” and “planning for the worst” phrases overlap one another?

From 401K to REITS, to a simple savings or money market account, our mini-you’s need to grasp the concept of moving their money around and not letting it “sit”.   Odds are high, of course, that most young adults have enough money to make a Bill Gates move, but that’s where we parents come in:

  • You could be their “savings account banker.” Pay them a bit of interest for each dollar they save.  
  • You could explore websites together that discuss basic alternative income streams.
  • You could buy a stock together. You put up most of the capital (it doesn’t take all that much, and get them to kick in a small amount of money).  Get a kick out of watching the stock from day to day – together.
  • Have them recognize the multiple income streams they currently have. Perhaps it’s their allowance, Christmas money, birthday money, part-time job money just to name a few. 
Parents Helping Parents/Jelly Generation Request
Do you have an idea of how to explore “multiple income streams” with your teen – give us a shout by reply email or on FB.  We’d love to feature your idea and give you credit for a great idea that’s worthy of sharing with other parents.

But remember, every time we parents level up even one notch on lessons, we’ve achieved something for our kids. 

Is there another parent that might enjoy this blog today? 
Please forward it to them.  Parents helping parents.
 
FYI:  If you want help on what to teach your "nearly flown"?  Here's an 8-STEP Parent Guide chock full of 8 teaching points with links and tips - created by and for parents previously in your shoes.  Just tell us where to send it.

Have a great week.  Go out and make it a wonderful day with your kids.   I will do the same!

And until later . . . .

YOU CAN Have Success in the Middle of it ALL.

Pam Hardison, JellyGeneration 

Show Notes/Links:
Who Is JellyGeneration?

Pam Hardison, MBA, BBA in Finance and Business Education, has created and co-owned a national mail order catalog which at one point was the 21st fastest growing customerbase in the nation.  As a mom of two college-post college daughters, considers it a privilege and to meet other students and parents along the same road.   After teaching high school and college students for years, her commitment to helping them with topics most schools can't cover is the light that drives her.  

Holly Powers, Attorney-At-Law (Jameson & Powers, P.C.) has been actively practicing law since 1985 and is a shareholder with the law firm of Jameson & Powers, P.C.  The firm specializes in transactional law, health care law, and general business law.  Holly has taught students precepts concerning the legal world for over 10 years.  With 4 children, she understands what teens need to know and has a passion to help others faced with teens and aging parents.

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