{"id":25305,"date":"2020-11-02T04:15:04","date_gmt":"2020-11-02T12:15:04","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=25305"},"modified":"2023-01-01T11:23:54","modified_gmt":"2023-01-01T19:23:54","slug":"money-freedom-and-a-lesson-on-the-importance-of-saving-2","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id25305-money-freedom-and-a-lesson-on-the-importance-of-saving-2.html","title":{"rendered":"Money, Freedom, and a Lesson on the Importance of Saving"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/05\/freedom2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-25314\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/05\/freedom2.jpg\" alt=\"freedom2\" width=\"396\" height=\"265\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/05\/freedom2.jpg 500w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/05\/freedom2-300x200.jpg 300w\" sizes=\"auto, (max-width: 396px) 100vw, 396px\" \/><\/a>One of money&#8217;s best characteristics is its ability to bestow freedom upon those who possess it. Unfortunately, the amount of freedom that <a href=\"https:\/\/lenpenzo.com\/blog\/id660-18-astounding-things-you-didnt-know-about-money-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">money<\/a> provides is directly proportional to the amount of cash available &#8212; not only in our wallet, but in our checking, savings and retirement accounts as well.<\/p>\n<p>After all, more money means more choices &#8212; for everything from the food we eat and the clothes we wear, to the cars we drive and the homes we live in.<\/p>\n<p>Of course, there&#8217;s the flip side too: Less money provides fewer choices. My fantastic <a href=\"https:\/\/lenpenzo.com\/blog\/id641-kids-and-money-our-decision-to-let-our-impulsive-spender-fail.html\" target=\"_blank\" rel=\"noopener noreferrer\">free-spending<\/a> teenage son, Matthew, discovered that for himself last week; and it all started with an innocent question &#8230;<\/p>\n<p>&#8220;Hey, Dad! Can I go to Disneyland with Brandon and his parents tonight?&#8221;<\/p>\n<p>&#8220;Tickets to Disneyland are very expensive, son. Do you have enough money?&#8221;<\/p>\n<p>&#8220;No. I was wondering if you could buy my ticket and I&#8217;ll do a few projects around the house to pay you back later.&#8221;<\/p>\n<p>&#8220;You&#8217;re asking for a lot of cash, Matthew. Did you know Disneyland tickets are more than $100 now? And that doesn&#8217;t include food or anything else.&#8221;<\/p>\n<p>&#8220;Wow.&#8221;<\/p>\n<p>&#8220;&#8216;Wow&#8217; is right. So now you know why we&#8217;re always nagging you to set aside at least some of your money for <a href=\"https:\/\/lenpenzo.com\/blog\/id4583-100-words-on-rainy-day-funds-and-emergency-savings-2.html\">a rainy day<\/a>. How much do you have saved up right now?&#8221;<\/p>\n<p>&#8220;Zero.&#8221;<\/p>\n<p>&#8220;<strong><em>Nothing?<\/em><\/strong> Didn&#8217;t you get almost $100 for your birthday a few weeks ago?&#8221;<\/p>\n<p>&#8220;Yeah, but I spent it already.&#8221;<\/p>\n<p>&#8220;Well, I&#8217;m sorry to hear that. But I&#8217;m not going to just <strong><em>give<\/em><\/strong> you $100 today.&#8221;<\/p>\n<p>&#8220;Really?&#8221;<\/p>\n<p>&#8220;Yes, really. I&#8217;m sorry, son.&#8221;<\/p>\n<p>&#8220;But what if I put that fence screen up for you? How much money would I earn for that?&#8221;<\/p>\n<p>&#8220;$20.&#8221;<\/p>\n<p>&#8220;Okay. What if I <a href=\"https:\/\/lenpenzo.com\/blog\/id19085-i-finally-broke-down-and-bought-a-new-car-yes-new.html\" target=\"_blank\" rel=\"noopener noreferrer\">wash your car<\/a> too?&#8221;<\/p>\n<p>&#8220;Ten bucks. Unfortunately, son, there&#8217;s just not enough time left today to earn the money you&#8217;ll need for tonight. The trick is to have the cash <strong><em>before<\/em><\/strong> you need it.&#8221;<\/p>\n<p>&#8220;But I didn&#8217;t know that Brandon was going to ask me to go to Disneyland until today!&#8221;<\/p>\n<p>&#8220;<strong><em>Exactly.<\/em><\/strong> Thanks for making my point on the importance of saving.&#8221;<\/p>\n<p>&#8220;But that&#8217;s not fair at all, Dad!&#8221;<\/p>\n<p>&#8220;Boo hoo. Look &#8230; If you had $30 or $40 in savings, coupled with money earned for the fence screen and car wash, then I could have helped you out with a small loan from <a href=\"https:\/\/lenpenzo.com\/blog\/id498-my-kids-loan-interview-with-the-bank-of-dad.html\">the Bank of Dad<\/a> &#8212; but you don&#8217;t.&#8221;<\/p>\n<p>That was no comfort to my son. &#8220;Whatever, Dad.&#8221;<\/p>\n<p>&#8220;Look at the bright side,&#8221; I said.<\/p>\n<p>&#8220;What&#8217;s that?&#8221;<\/p>\n<p>&#8220;Since you&#8217;re not going to Disneyland, that means you get to join the family when we go out to dinner tonight.&#8221;<\/p>\n<p>&#8220;How is that better than going to Disneyland?&#8221;<\/p>\n<p>&#8220;Because,&#8221; I said with a smile, &#8220;It&#8217;s my treat!&#8221;<\/p>\n<p>My son didn&#8217;t find that quip to be very amusing. But hopefully, he&#8217;s learning that, just as accruing excessive debt makes us indentured servants to our lenders by severely limiting our future financial flexibility, failing to save money &#8212; or being <a href=\"https:\/\/lenpenzo.com\/blog\/id15845-dear-friend-here-are-41-reasons-why-im-not-lending-you-the-money-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">dependent on friends<\/a> and family for income &#8212; severely limits our choices in life too.<\/p>\n<p>***<\/p>\n<p><em>(Note: This is an encore version of an article that was originally published on May 26th, 2014.)<\/em><\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: smaller;\">Photo Credit: pasotraspaso<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of money&#8217;s best characteristics is its ability to bestow freedom upon those who possess it. Unfortunately, the amount of freedom that money provides is directly proportional to the amount of cash available &#8212; not only in our wallet, but in our checking, savings and retirement accounts as well. After all, more money means more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[459,466],"tags":[],"class_list":{"0":"post-25305","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-family","8":"category-saving","9":"pmpro-has-access","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Money, Freedom, and a Lesson on the Importance of Saving<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lenpenzo.com\/blog\/id25305-money-freedom-and-a-lesson-on-the-importance-of-saving-2.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money, Freedom, and a Lesson on the Importance of Saving\" \/>\n<meta property=\"og:description\" content=\"One of money&#8217;s best characteristics is its ability to bestow freedom upon those who possess it. 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