Stephanie Mearse is a vice president at Desert Capital Management Group and a mother of two. She says she was homeless as a child but became a millionaire thanks to the budget. She doesn’t want to give everything to her 15-year-old and 8-year-old children.
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This told essay is based on a conversation with Stephanie Miers. Edited for length and clarity.
When I was 7 years old, I was homeless. My five-year-old sister and I were living on the street with our parents, and I wanted a Christmas-like movie life, or at least a warm, dry place to sleep at night. One day, I called my grandmother and she came to pick up my sister and me. My uncle and aunt adopted us and provided us with a foundation for a safer life.
I had a house and I wanted money. I thought that would solve many problems. That motivation stayed with me throughout my teenage years and into my adult life. I wanted to be able to travel, buy a house, drive a nice car, and do whatever I wanted without being tied down by money.
Being financially secure motivated my career path.
At first I wanted to be a lawyer because I knew they were making a lot of money. But I realized it wasn’t appropriate because I didn’t like arguing.
Instead, I decided to pursue a career in finance. I knew I could make a lot of money in that field, help others, and save for retirement at the same time. Those were my three big goals. I worked hard for them and became a millionaire at the age of 35. I literally came from nothing and built my financial security.
I started thinking about what I wanted to do for my children.
My husband Joseph and I married young and have been together for almost 20 years. Because we both have fertility challenges, we took a no-try, no-holds-barred approach to growing our family.
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About five years later, I became pregnant with my son, Vincent, who is now 15 years old. From then on, I started thinking seriously about the kind of life I wanted my children to have. Until then, I wasn’t sure if I could have children. Well, it was true.
I realized that I wanted to show my children the leadership and quality of life that I had always desired for myself. I not only want to help them live life to the fullest, but I also want to teach them how to reach new levels of financial success themselves. I would like to raise them in a way that motivates them, rather than pampering them.
The most important lesson is to budget
Budgeting has helped me with my financial stability and I still do. That’s part of the reason my husband was able to retire last year at just 43 years old.
It doesn’t matter how much money you have. Creating a budget is the key to success. This will not only help you stay disciplined, but also help you keep your saving, spending, and investing habits balanced.
I show the kids the budget and help Vincent create his own model budget. I’m talking with his 8-year-old sister Tiffany about what budgeting is and why it’s important. Before they turn 18, they will know how to pay rent and balance a bank account – simple but important life skills. You can also learn about financial skills like stocks, bonds, and investing that many adults don’t fully understand.
My kids save up for what they want.
Both my children earn money by doing housework. If you want a big-ticket item, such as the $1,500 gaming computer Vincent recently purchased, you need to budget and save.
Granted, my husband and I could afford to spend $1,500 on his computer. Still, I had Vincent earn half of the cost, matching what he could spend. Since he contributed to computers, he takes great care of it.
When I was in high school, I saw kids who were given luxury cars. They broke them and hoped their parents would buy them replacements. I would never want my children to behave like that. I want them to realize the value of what they have.
I want my children to be motivated, not entitled.
There are many things I can give to my children that my parents could not give me. Vincent is on my credit card, so by the time he’s 18, he’ll have an 800 credit score. We will pay for his college tuition, but we hope he will apply for scholarships as well.
I’m excited to be able to give my kids a life they’ve only seen on TV. But I know that the greatest gift I can give them is not entitlement, but a sense of motivation and drive.
