Fathers Confess: Don't Make the Same Money Mistakes I Did

Posted in Dinar Recaps Archives on 6/16/2019

US News By Hal Bundrick

In life, there are occasions when we wish we could get a "do-over." Just as in the movie "Groundhog Day" or Tom Cruise's latest sci-fi thriller "Edge of Tomorrow," we would love the opportunity to keep doing something over and over until we get it right. In honor of Father's Day, we're going to give a few dads a mulligan on their money mistakes.

Lesson Learned

Mike Robbins, a motivational speaker and author of "Nothing Changes Until You Do," admits to making his share of financial mistakes and fully intends to pass on what he's learned to his two daughters, ages 5 and 8. Robbins' earliest memory of how financial pressures can affect a family goes back to when he was 8 years old.

"I grew up with a single mom, raised in Oakland, California, and we didn't have a lot of money," Robbins says. He recalls the night of a particularly violent rainstorm. The ceiling began to leak from the heavy rain so his mother ran to the kitchen to grab some pots and pans to catch the water. Robbins and his little sister were having a ball -- it all seemed like an exciting game.

"I thought it was fun. I was running around with my sister putting pots on the floor," Robbins recalls. "Then my mom just breaks down and starts crying in the middle of the living room, looks at us and says, 'I don't know what we're going to do.'"

With no money to fix the roof, he says his mom was scared and overwhelmed -- and so was he. "My dad wasn't paying child support, and my mom was trying to run her own business as a sales rep," he says. "It was scary. Things were really tight."

But that fear of financial failure didn't last. Years later, Robbins and his wife Michelle found themselves $105,000 in debt and $300,000 underwater on a mortgage.

"We'd never been taught the real basics about finances -- how to make and stick to a budget -- and we consistently spent just a little more than we made for many, many years," Robbins admits. "And we bought a house we really couldn't afford. When the economy tanked, we were in a world of hurt."

Ultimately, the Robbins liquidated their house in a short sale, paid off all the debt and started renting again. It was humbling, but necessary.

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http://news.yahoo.com/fathers-confess-dont-same-money-mistakes-did-132700232.html