Timeless Financial Lessons from My Grandma, with Michelle Singletary

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 21 September 2020

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

#277: Michelle Singletary writes The Color of Money, for The Washington Post and is a winner of the prestigious Gerald Loeb Award. Her column is syndicated in more than 100 newspapers nationwide. She’s the author of three finance books and holds an MBA from Johns Hopkins University. But her strongest financial education came from her grandmother. Her grandmother raised five grandchildren while working full-time as a Nursing Assistant at a hospital. She earned $13,000 per year, but never took welfare, was never late on a bill, and “handled her money like a pro.” In this podcast episode, Michelle shares timeless financial lessons she learned from her grandmother, including: Save from every penny or dollar you receive Live below your means Hate debt like it’s the devil Save for the future Don’t buy more than you can afford Don’t care about what other people think about what you wear or drive Michelle’s grandmother taught her resourcefulness, humility and the value of a strong work ethic. Michelle joins us to chat about the financial independence retire early (FIRE) movement, emotional spending, how her experience growing up poor gives her a unique perspective in financial media, and the falsehood behind the phrase “it’s not what you earn, it’s what you save.” You’ll enjoy this episode if… You’re new to the world of personal finance or FIRE and want to learn more about the basics. (#lessonsfromgrandma) You can’t relate to some of the discussion around FIRE because it seems unachievable to you. You love down-to-earth guests who tell it like it is. For more, visit https://affordanything.com/episode277 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:10.3	Every choice that you make is a trade-off against something else and that doesn't just apply
0:13.3	to your money, that applies to your time, your focus, your energy, your attention, any
0:17.9	limited resource that you need to manage.
0:20.1	And that opens up two questions.
0:21.6	Number one, what matters most to you?
0:24.0	And number two, how do you align your decision making, your daily or weekly, your big picture
0:29.6	life decisions?
0:30.6	How do you align everything in accordance to that which you prioritize?
0:35.4	Answering those two questions is a lifetime practice and that is what this podcast is here
0:38.8	to explore.
0:40.3	My name is Paula Pant, I am the host of the Afford Anything Podcast and today Michelle
0:44.7	Singotary from The Washington Post joins us to talk about timeless financial lessons she
0:49.4	learned from her grandmother.
0:51.4	Michelle Singotary writes, a Pulitzer-nominated personal finance column called The Color of
0:55.4	Money for The Washington Post.
0:57.4	This column is syndicated to more than 100 newspapers nationwide.
1:00.8	She's also the author of three finance books and holds an MBA from Johns Hopkins University,
1:05.5	but she says that her best financial education came from her grandmother.
1:10.5	In the interview that you're about to hear, Michelle shares many of the lessons that she
1:14.3	learned from her grandma, including saving from every penny or from every dollar that
1:19.4	you receive, living below your means, not buying more than you can afford, not caring about
	...

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