11-money-lessons-for-the-next-generation| SunTrust Resource Center

Psychology of Saving

11 Money Lessons for the Next Generation

11-money-lessons-for-the-next-generation
 

We don’t all have natural instincts toward money management—what to spend, how much to save, whether or not to invest ... Learning how to manage your finances well is an art, not a science, and passing along that knowledge to children or other young people in your life is even harder. To help inspire you and get you started, here are some of the most enduring money lessons, from 11 of the world’s most influential people.

  1. “People earning a million dollars a year can have no money. People earning $35,000 a year can be quite well off. It’s not what you earn, it’s what you spend.”—Paul Clitheroe, Australian television presenter, financial advisor and author
  2. “By definition, saving—for anything—requires us not to get things now so that we can get bigger ones later.”—Jean Chatzky, financial editor for NBC’s Today show
  3. “If you have trouble imagining a 20 percent loss in the stock market, you shouldn’t be in stocks.”—John Bogle, founder and former CEO  of The Vanguard Group
  4. “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”—Dave Ramsey, businessman, radio host of The Dave Ramsey Show and television personality
  5. “Save now or pay later. Far too many people wake up in their sixties and realize they don’t have enough money. I say, let go of the mentality of spending money for immediate gratification to protect yourself in the long-term.”—Jeannette Bajalia, founder and president of Woman’s Worth
  6. “Stop buying things you don’t need to impress people you don’t even like.”—Suze Orman, author and host of The Suze Orman Show
  7. “The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought and so broadens the mind.”—T.T. Munger, research scientist
  8. “Don’t tell me what you value, show me your budget and I’ll tell you what you value.”—Joe Biden, 47th vice president of the United States
  9. “Beware of little expenses; a small leak will sink a great ship.”—Benjamin Franklin, author, inventor and Founding Father
  10. “Never spend your money before you have it.”— Thomas Jefferson, 3rd president of the United States
  11. Buying what you can’t afford, regardless of how well you take care of it, is flat-out disrespectful of yourself.”—Oprah Winfrey, talk show host, actress and producer

Ready to take the next step?

Learn more about teaching money skills to your kids.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.