I have a 6-figure job and my husband stays home with the kids - here are the 10 best pieces of advice I can give you about money
- Liz Gendreau, the Chief Mom Officer, is a 38-year-old MBA who works as an IT program manager at a large company making a six-figure salary. Her husband, Todd, stays at home with their three boys, ages 14, 10, and 3.
- She's been the primary breadwinner since shortly after they were married, over 16 years ago.
- Personal finance has been one of her hobbies since she was a teenager.
- She says everyone should know how to track their net worth, invest their savings, and align their financial goals with their dreams.
When I was 16, I picked up a book from the library called "The Wealthy Barber" by David Chilton.
That book changed the course of my financial life.Like most teenagers, I thought only the famous or uber-successful were wealthy. Ordinary people couldn't become rich, right?!? The title of the book that drew me in, like it did millions of others. How on earth could a barber, of all people, become wealthy?
The book was fun and engaging, not dry and dull. It was told as the story of several friends who learn important money lessons from a wealthy barber (and the people hanging out at his shop) over the course of a year. I learned all the important foundational lessons about money that you don't usually learn as a teen.
It covered real estate, mortgages, taxes, retirement, investing, college savings, and so much more. That book inspired my lifelong passion for personal finance. Because of that book, I opened an IRA as a teenager, invested in a 401(k) the minute I had a job that offered one, bought a condo at 20, started investing for my boys to go to college when they were born - and a whole lot more.
The financial lessons continued to pay off even into my 30s. Having personal finance as a passion kept my family from bankruptcy. When I was 32 my husband almost died of septic shock - an event that rocked our world and continues to impact our financial life. Without the solid financial foundation I'd built, starting with this book, our lives would be totally different today.
Over the past 20 years, I've read hundreds of books, blogs, magazines, and articles about managing money. Here are the top 10 things I've learned.