I think my mom doesn’t know what to give me money advice on anymore.
I took out a loan for part of the cost of my car to boost my credit score. I set it up to pay automatically out of my savings account only over 12 months, so my “payment” was almost $900. After I was done paying the loan off, my mom suggested that I take the car payment amount and pay that into a savings account, so I reminded her that my payment had been almost $900/month and she changed her suggestion to “maybe $300/month”. As you saw, I did that for awhile, but I’ve eliminated that for now to pay off the mortgage faster.
Before I closed on the condo, I was sitting around one evening watching something on TV with my parents at their house. My mom suggested that I should pay an extra $100 or $500 each month on my mortgage to pay it off faster. I responded with “How about an extra $2,000 per month?” She kind of just said “Oh” and Dad was sitting there laughing, maybe because of how easily the suggestion of an extra $2,000 per month rolled out of my mouth?
I was talking to her last night and commented that my first regular payment had gone through on the 1st. I told her that I’d made almost $15,000 in extra payments in July and just how easy it was and that that had shaved almost 3 years off of the loan! Her response? Laughing, she said “Well of course it will with that big of a chunk!” She then tried to tell me that I should keep some money aside in case the appliances break and I reminded her that I have $24,000 in easily accessible cash for when things go wrong. I think she finds me amusing sometimes :)
I know where my spending goes, I pay off my credit cards every month, I pay my bills, I save money easily, I have a plan to pay off my mortgage in 5 years, and I have ample reserves. I think my mom is having troubles coming up with ways to keep parenting me and providing me with money advice!
Readers, what kind of money advice have you gotten from your mom (or dad) lately?