Financial independence is essential. “My mum has always said that when a woman is financially independent, she has the ability to live her life on her own terms,” Carmen Rosario recalls on a Mother ‘s Day event, mother.
Meanwhile, Alexis Jiménez tells the money he learned from his mother that he should “save bread for the month of May”, that is, not to waste money on discovery and not to spend time in crisis or emergencies. But like Rosario and Jiménez, there are many young people who remember mom’s typical tips for maintaining their financial health.
While their times were different and today’s circumstances are different, when it comes to finding a balance between enjoying life and making the most of every penny in the house, the differences are pearly, because “la doña” has to get it separately. dish “as” administrators “according to wisdom.
Of them, without understanding it, you learned your first lessons in economics with phrases like: “cover yourself as long as the sheet gives you”, “the one who pays what he owes, knows what he has “,” from grain to corn, the hen fills the top “,” money has no friends “. classics par excellence.
Is it a chance?
Perhaps you are one of those who said: What would be my finances without mom’s advice? It is no accident that mothers give wise financial advice.
In the Dominican Republic, women show a greater tendency to save, have increased their level of access to formal credit and seek products that guarantee security and profitability, although some barriers remain to be achieved to achieve better access to finance, by according to the Association. Multiple Banks of the Country (ABA).
Other lessons from mom and their economic importance:
1- The phrase “Save bread for May”, extrapolated to the economic sphere, calls for the creation of an “emergency fund” to deal with emergencies such as illness or job loss.
2- “From grain to grain, the hen fills the top.” As little as possible, save every month, at least 10% of your income.
3- “Clear beads and thick chocolate”. To manage your finances well, you need to have a budget that shows where your income comes from and where it should go.
4- “All that wisdom is not gold.” Be wary of pyramid investment schemes that promise high returns with low capital or the notorious “low” 20% interest on informal loans.
5- “Money doesn’t grow on trees”. Your mum didn’t always buy everything you wanted or wanted because she knew when she could wear it and what it was. She had financial priorities.
6- “Dress as long as the sheet gives you”. Make sure your expenses do not exceed your income and that you live a life that is consistent with your salary and not the salary of your friends.
7- “Do not put all your eggs in the same basket.” When investing, do not do it in one product, but diversify your investment according to your purpose and level of risk.
8- “In the house there is food”. Do not ask your young children what they want to eat, but tell them: “Come and eat”, so that they become accustomed to goodwill and do not want to go out to restaurants every day.
9- “Friends don’t have money.” Prickly matter. Sometimes it is better to lend thinking that they are not going to give it back, preserve the friendship or simply not to lend money, even if you are upset.
10- “Save, children, I will not live for you.” Nothing wiser. Saving is the first step to overcoming economic difficulties and realizing a dream …
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