Financial Advice from my Mom




Image by Younique

This blog is a tribute to my mom who taught me a lot of things. I want to highlight the personal finance side. In a society where Mom knows how to take care of finances compare to Dad our mom is the “go to girl”. My mom never even entered college but she really is a smart woman. As a young housewife, she worked in different industries. She’s a jack of all trades and a voracious learner, although she’s not perfect but she gave me a very good introduction about finance.

1.       Learn to give back. I am a witness of my Mom’s generosity. It really speaks volumes even we are poor materially, her actions always remind me that being wealthy is not just acquiring material things. Until now, she keeps on supporting charities, non profit organizations and mission trips. At a very young age she became a full time mom to simply take care of my brother but she never stop giving financially. My mother’s influence towards finance resonates today,  example I was able to support friends who have gone on mission trips outside the country. By God’s grace and the wisdom of my Mom, I am still supporting people who fully committed their life to do the great commission (Matthew 28). This is the best investment my Mom gave to me.

As you increase your salary you also need to increase the level of your giving.

2.       Do the budget. On a technical side my Mother never forgets to budget and to make things work till the next payroll. She did not graduate with a bachelor degree, nor does she have a financial background but she wants to make sure that the balance sheets were all good or else she won’t sleep. She’s the chief financial officer of the house. Today, her legacy is absolutely programmed to her eldest son (me). I find it so fascinating whenever I do my personal budget. It shows my values a lot. I spend 50% of my money on business, leadership, parenting books. Another 25-30 I invest it in mutual funds, for emergency funds and give it back thru tithing. I recommend everyone to do budgeting if you keep on asking why your salary is not enough till the next pay day. I t will take time before you get your momentum on this but will surely help you. 

Making money is a skill but keeping your money means you need to be extra special.

3.       Keep in my mind that we need to work. This is the “not funny side” of the equation. As a young kid back then I really did not understand why my Mom kept pushing me to get a job.. “Hey you need to work to get money or else you won’t eat”. Indeed, she was preparing me to find a decent job and work with excellence. Work is a blessing and it was designed primarily to prevent boredom. This is how you add value to the company you’re in or that’s how you give back to your community. Be at your best and the money will follow. Those are the 1, 2 combo punch of my mom then do it again.

The best preparation for good work tomorrow is to do good work today. Ed Hubbard

4.       Learn how to save. This is the game changer. Every billionaire knows about this basic principle. If you don’t know this then you won’t be a successful investor unless you master the art of saving. My mom always told me to start save money at a very young age. I am so grateful that I am so thrifty and not cheap. Smart and not insecure about what I got. I am learning to be good at it by following a system. That constant reminder from my mom “Save money whenever you got it” will eternally reflect on my actions. Thank God I have a Mom that keeps pushing me you to make the right call.

My mom is my first financial coach- David Angway

5.       Acknowledge that I am just a manager. Do you know that “Money” is mentioned about 2,000 times in the bible.  Jesus spoke about money more than any other subject. In the New Testament, money is mentioned more times than heaven and hell combined. There’s a passage in the bible about being a servant and a manager. We normally get so attach with the money that we earn because for us that’s our property. The LOVE of money is the root of all evil not the money itself (1 Timothy 6:9-11). You cannot serve money and God (Matthew 6:24). When you are a fund manager you need to learn how to make it grow and diversify it to different asset class (Equity, balance or bond) The good thing about my mom is emphasizing the eternal part because if I choose money over God then you end up eternally poor or simply perish but when you choose God you end up having eternal life knowing that he owns everything.

When you acknowledge that money is a tool to make the world a better place you start using it differently

Your mom is such an amazing person so show them how much you appreciate them not only today but everyday

David Isaiah Angway is a Financial Evangelist