Parents and we might have a different view on certain apsects of money. However, not everything they believe is wrong. Some ideas and insghts are classical and stand the test of time.
Rediff Archives has a note named What Mom Thought About Money which discusses the above fact. It says:
1. More Money Is Not Solution – Managing money is. Setting priorities for expenses and planning it means better money management.
2. The 80:20 Principle – Eighty percent of the things we buy, we use 20% of the time. And 20% of the things we buy, we use 80% of the time. (See my previous post Less Is More!)
3. Always Tie Loose Ends – Do not postpone credit card debt. What needs to be done, must be done.
4. Budget for emergencies!
5. Bargain – Will be amazed to see how much it actually works!