Page 5 - MidWeek - Feb 8, 2023

“Success is the sum of small efforts, repeated day in and day out.” — Robert Collier
Following through on financial goals is difficult if you haven’t been taught how or were not brought up with that mindset. Unlike my parents, I married later in life, started working at the age of 15, and held several jobs so I wouldn’t be a financial burden on them. My upbringing taught me early on the importance of hard work and the value of money.
My son was only 6 when I first made him pay for a toy he wanted. I remember the dubious cashier muttering “yeah, right” under her breath. But, sure enough, my boy opened his wallet, took out the cash and paid with the correct change. It took him a little while to count it, but he did it all by himself. The cashier was floored.
As my boy grew, whenever he asked if he could get something
while we were out shopping, I would always tell him sure, as long as he paid for it. In the beginning of this “training,” he would always agree right away after my normal response. But as he matured a little, he decided to pass on things he may have wanted in the moment to wait for something better. He was learning the difference between what one needs and what one wants. And, recently, when I offered to buy him something, he declined because it was too expensive. Of course, this was music to my ears, as my son was learning the true value of money.
When he was 12, he wanted an expensive electronic device, but mom wouldn’t buy it. His desire was so intense that he went on a strict budget with his spending. Each time he got money from birthdays, holidays or grandma’s visits, he would count and document his new total. It was tough when he
February 8, 2023 MIDWEEK 5
PAULETTE ITO
SVP Marketing
Hawaiian Financial Federal Credit Union
Sum of
Small Efforts Paulette Ito
wanted to spend money to hang out with friends or buy a new tchotchke, and sometimes I honestly felt bad because I knew making those tough decisions stressed him out.
Yet, I also knew this was an opportunity for growth — much better learned at age 12 than age 35. He eventually accomplished his goal and was over the moon with his new electronic doodad. Through that experience, he learned financial patience as he waited for his reward. He didn’t really miss out on having fun with his friends; he just learned to spend less while doing it.
Being curious about how young people are managing their finances, I did a little online research. In 2022, TheZebra.com surveyed 1,000- plus U.S. young adults ages 18-
26 about their finances. Around 36% said their parents were the biggest influence on how they manage their money. However, it seems that many parents are not completely comfortable talking with their kids about money. In fact, 40% said they don’t always know the best way to talk to their children about financial topics, and 53% expect their kids to bring up the topic of money if they have questions or want to learn. But, whether parents are talking to their kids or not, research clearly shows young adults still mainly learn from their parents’ behaviors. I’ve also noticed that many parents feel their kids are not mature or responsible enough to handle money well.
Acquiring the skills required to develop financial security is
vitally important, and passing them to your children and others is invaluable. When you financially mentor someone, you not only help that person, but you also help their family and the entire community.
“Get Your House In Order” is a community outreach campaign designed to help Hawai‘i’s ‘ohana prepare for life’s challenges and achieve their fullest potential. Becoming financially literate enables you to better handle your family’s financial matters while protecting the future of each member.
Remember to record and compile all your important finances in your Ho‘okele guidebook. The guidebook helps you document your legacy and informs you on items you
may need to “get your house in order.” The initiative is designed to enhance your financial, physical, spiritual and mental well-being.
Parts 1.1 and 1.2 of the Ho‘okele guidebook are now available at hificu.com/GYHO. Ho‘okele is free to download and only available online. Look out for Ho‘okele 1.3 and 1.4 in the coming quarters to complete the series.
For more information about the “Get Your House In Order” campaign, email us at GYHO@ hificu.com. Also, tune in to KITV at 7 p.m. every Saturday to watch the Get Your House In Order TV show. Join Hawai‘i journalist Yunji de Nies as she dives deeper into why we should, and how we can all, “get our houses in order.”
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