I followed their bad example until I had my first child. Since then we have eliminated all non-mortgage debt and saved and invested with decent success.

My kids learned that the most important rules are #1 Always save 20%, #2 Don’t lie, especially to yourself and #3 personal responsibility builds good character.

However,one thing is for sure and has not changed. You cannot become long term finacially viable if your expenses exceed your income.

Start learning the skill of saving from as early as possible, but don’t worry if you are a late starter. Always put your savings away first and spend the rest. This is called paying yourself first and the principle has never changed. Some popular books have been written on this principle alone. The amount you pay youself may vary from person to person but 10% of your earnings is a good figure to start with.

Next, learn to invest your savings so that your money is actually working for you. A good place to start is a bank term deposit, although it does not produce a high interest rate it is normally a safe first step.

Moving on to equities or property can come later.

My parents never really taught me much about money, savins or investment. They always told me to work hard.

I will teach my kids that you may be better off to work smarter rather than harder but you must have a plan and remain disciplined to achieve this.

Bad Credit Finance

I have a bachelor’s degree in finance, and I am constantly reading and researching and trying to expand my knowledge without actually going back to school. Every time I learn something knew that I think my parents could benefit from, I call my dad only to find out that he’s already doing it. So, as financially savvy as I consider myself to be, they still win. Never underestimate the value of experience; it counts for more than that degree and all the reading you care to do.