Words of Wisdom

Originally Written Between 2017-2020                                      

 

When Norm and I were engaged – way back 52 years ago – we decided to go over our finances in order to incorporate each of our savings and checking accounts into one for ourselves.  Yes – contrary to how engaged couples are now where each have their own savings and checking accounts – and even their own names - we combined our financial resources because we were going to be one couple – and I took the name “McGraw.”

 

So, you can imagine my surprise when Norm got so upset when he found out that I owed $400 to the Donaldson’s department store!  Well, to defend myself – I was working at 3M, living in my own apartment in St. Paul, and paying off my credit card bill every month ($10 a month).  What was wrong with that?, I thought.  Norm tried to explain to me that at $10 a month, I would only pay off $120 in one year and that’s not even counting interest or if I didn’t charge anything else! Well, when you put it that way…… I guess he was right to wonder what he was getting in to.  Was I an “over-spender?”  

 

He then asked me if I had any savings.  Well, of course, I had savings!  I wasn’t dumb! I was responsible!  I had over $1,000 in savings.  Not bad for only making $2.10 an hour – right?  He then told me the following “words of wisdom:”  “You should pay off your credit card every month and leave a $0 balance.”  He felt so strong with this “policy” that he said he wouldn’t marry me unless I paid off that credit card with my savings.  Well, I paid it off with my savings.  We got married.  And, we have paid off our credit cards every month since.  As a side note, I googled “$400 in 1965 is worth how much today?”  The answer is:  $3,095.28!  And a thousand dollars would be worth $7,619.27!  

 

My second example of “words of wisdom” also has to deal with money.  Actually with what one buys with money.  “Buy Low and Sell High” has been stated numerous times by stock brokers, financial planners, and Norm.  Now, you have probably figured out by now that if the finances were left up to me, the words of wisdom would probably read:  “Buy Low and Sell High or….. do the opposite of what Mary does and you will make money.”

 

I have my mom to thank for this third and last bit of wisdom:  As I was getting to the retirement age, my mom told me:  When you retire, don’t get rid of your car!  I will have to explain a little here.

 

As most young couples married during World War II, my mom and dad had one car.  My dad was 6’4”.  My mom was 5’5”.  And dad was the head of the household AND the car.  So, the car seat was naturally set for dad’s height and that was that!  Mom had to learn to drive with her big fat toe on the gas pedal because dad did not want to always have to adjust the seat after mom had driven it.  I have no idea how she handled the brake and the clutch.  But, she did.  Dad was in charge of the car most of the time and I suspect she only drove the car to go to the grocery store.  So, she made do.

 

Years and years went by and finally they had two cars.  One was designated dad’s and the other was mom’s.  BUT – just like when they only had one car, both driver’s seats were set for dad.  So, mom continued driving with her big toe.

 

When dad retired, he decided that they didn’t need two cars anymore.  It sounded like a good idea.  However……. Mom soon found out that dad was using the car whenever she wanted to go to the store or her daily visit to care for my grandparents who lived a few blocks away.  He never asked her if she needed the car.  If he had some place to go, he just got in the car and who knows when he would be back!

 

About four years before he died, my dad gave up driving.  Mom was now in charge.  After 50-some years, she finally could drive with her entire foot on the pedal! 

 

I took her advice when I retired and we still have two cars.  I believe Mom knows best!