Best Money Lesson My Mom Taught Me

The Exchange

My mom was so proud.

About 40 years ago, she dragged me to Circuit City to buy a new TV.

“It was only $19 a month!” she bragged.

At the time, I didn’t think much of it. 

But later I did the math:

$19/month for 5 years = $1,140.

The TV probably cost around $700.

That lesson stuck.

Because today, everywhere you look, the financial system whispers the same promises:

 "buy now pay later"

 “0% interest.”

 “Pay in 4 easy installments.”

 “The water’s warmer over here…”

It sounds tempting—like the sirens of Greek mythology calling you in.

But here’s the truth I’ve learned after 25 years in finance:

Most of these “innovations” aren’t designed to help you win.

They’re designed to keep you asleep.

Last week, I listened to a fascinating podcast with Harvard economist John Campbell and Imperial College London’s Tarun Ramadorai about their new book Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone.

Their message was clear:

The financial system rewards the savvy and penalizes the sleepy.

Many products exploit our craving for instant gratification.

True innovation isn’t shinier credit—it’s smarter people.

Because the real way to build wealth hasn’t changed:

- delayed gratification, 

- saving, 

- investing, 

- compounding.

It’s not sexy. It’s not easy. But it works.

That TV my mom was so proud of? It taught me the best money lesson of all:

Always ask

- how is the other side making money? 

- how might they be ripping me off? 

- what the other side of the trade? 

The day you start thinking that way is the day you wake up and take control.

So here’s my takeaway for anyone just starting out (or starting over):

 👉 Don’t get seduced by the sirens.

 👉 Financial freedom comes from learning the system, not sleeping through it.

That’s the kind of “innovation” I want to create: not new financial products, but new, empowered investors.

I enjoyed speaking yesterday at Savvy Senior: Empower Your Financial Wellness Journey. Sponsored by Secretary of State Brad Raffensperger!

If you feel anxiety about money, please reach out!!

Tiffany Kent

Your Friendly Wealth Engagement Guide

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This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.