Family money done right

WEALTH: WHAT ONE COUPLE'S UPBRINGINGS, MISTAKES, DISCIPLINE TAUGHT THEM

- Jaco Fouché

WORKING TOGETHER. From first consultation to retirement, Peter and Elenor's financial journey shows the power of planning, discipline and making every rand work harder.

(Picture: AdobeStock)

Over the past few months, I have written a series of 21 articles about generational wealth and now I have asked a few clients to share their personal journeys with money - how they grew up, what they learned, the mistakes they made, and the values they tried to pass on to their children. The story below is one of these examples: From simplicity to security: the story of *Peter and *Elenor

Elenor grew up in a home where both parents earned fixed salaries. Her father earned a salary and her mother also brought in a regular income. Their household was managed in a simple way: first save, then buy.

Debt was only used for real necessities and was paid off as quickly as possible.

Holidays were planned in advance and paid in cash, and there was never the idea that something should be bought on credit because you “deserve” it.

Her mother managed the money and was not afraid to say “no” when the budget required it.

For Elenor and her three siblings, nothing important was missing, but the routine was disciplined.