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I was five years old when we immigrated from Russia to America. My parents were working multiple jobs in Russia and were enamored by the “American Dream” so they packed up all of their belongings, left their families and friends, and flew across the world to a state where they knew no one.
My mom worked multiple jobs, attended a chemistry PhD program 1.5 hours away, while my dad spent countless hours working and pursuing his dream of becoming a professor. They did all of this while supporting my sister and I and encouraging us to pursue extracurriculars like gymnastics and piano.
Fast forward twenty-one years and they have paid off their house and cars, have no debt, work their dream jobs and travel the world.
I grew up watching them battle through obstacles to completely turn their lives around. Their hard work, discipline, and financial literacy helped them get to where they are today.
They’ve taught me so much, but let’s focus on the five things they taught me about money.
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5 Things My Immigrant Parents Taught Me About Money
A job isn’t just a job
My parents do not subscribe to the philosophy that you work to live. Instead, they work because they love it. They love teaching and helping others, and they find enormous satisfaction knowing that they are changing the lives of young students. A job isn’t just a job for them. They fought hard to enter high-paying and rewarding careers. This is why I can’t subscribe to the mentality that many in the F.I.R.E movement share. I am not working so I can earn enough to retire early. I want to love my job and leave a mark on this world.
Debt is Bad
My parents have always been very debt averse. It’s why they rushed to pay off their car loans and mortgage in just a few years. They taught me that you should only buy things that you can afford, and get rid of all of your debt as soon as you can. This is the reason I pay off my credit card in full every month and am going to drive my car until it breaks.
Don’t Be Wasteful
My parents find a second use for everything. Have a ripped sock? Use it as a rag when you’re cleaning. Have some takeout containers? They’re the perfect alternative to Tupperware! Their frugality has turned them into sustainable consumers.
They taught me to never throw out food and always find a way to upcycle and recycle items I no longer need. I wear my shoes until they are torn up, I finish my skincare products before I buy new ones, and I try to shop second hand often.
Live Below Your Means
Growing up, it never occurred to me that people lived above their means. My parents opted to work multiple jobs rather than go into debt and that’s how I have always been. If I can’t afford something, I will not buy it. It’s the most important lesson to learn on your journey to wealth.
Help Those In Need
I remember telling my mom about strolling through the Scholastic book fair (remember those?) and a classmate was dying to buy Holes by Louis Sachar. My mom immediately asked me why I didn’t help him buy it and sent me back with money to purchase the book for him. We didn’t have much money at the time but my mom has always put others first and encouraged us to do the same.
I am so grateful for the life lessons my parents have taught me over the years.
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