Oh Susannah!

Tomorrow my family will not only celebrate Thanksgiving, but my mother’s birthday too (talk about giving thanks!). A few years ago, a British tour guide called Mom “Susannah” (her real name is Susan), a nickname that has stuck. On her birthday, I like to re-run an article that I wrote a few years ago to honor her. I have edited parts, but the essence remains the same—today, it’s all about Susannah!

People often assume that because my father was a Wall Street trader and his father was the CEO of a publicly-traded company that my financial influences came through the Schlesinger side of the family. While that is true, it is also interesting to note that my mother’s clear, straight-forward world view about money significantly shaped my approach to finances and continues to imbue me with common sense wisdom. On the eve of her special day, it’s time to share with you some of her gems. You may recognize some of them from your own mothers!

Rich or poor, it’s nice to have money: My mother grew up in a middle class family that started to earn more money as she reached high school. In her formative years, her mother, a child significantly affected by the Depression, instilled in my mother the notion that while having money did not make you better than anyone else, it could provide security.

Money does not make you happy, but it can make your unhappiness more comfortable: This add-on to the previous mantra dovetails on Mom’s belief that money and planning can make many other problems, like health issues, easier to stand. This became clear as I watched my parents take care of their parents, three of whom lived into their nineties.

Money buys convenience and access—these things are inconsequential: Full disclosure here—my mother likes nice things, but she has always maintained that having a solid financial foundation provides opportunity and choice, both of which are far more important than jewelry, cars or fancy dinners.

Sound finances allow you not to worry about money: My mother watched many of her friends struggle with money issues throughout their lives and conversely, she also knew many people who had money and wasted their time trying to figure out how to get more. She has always believed that as long as she had what she needed, she could focus on other, more important parts of her life.

Never buy more house than you need: Mom is a realtor, famous for her line, “A house is like a man, there is more than one for you in the world.” A romantic she’s not, nor is she a fan of the idea that you should buy as big house as you can afford. I once heard her tell a client, “Don’t forget--you have to heat, air condition and take care of that big house too!”

I’d rather wear it than drive it: In the world of depreciating assets, Mom leans towards the kind that you can wear, not the kind you drive. She likes comfortable cars, but beyond that, she is not a fan of sinking lots of money into transportation. Clothes, now that’s another story…

Forget retirement---find something you love to do and do it as long as you possibly can: My mother’s father worked until he was 88 and that work ethic trickled down to her. The notion of retirement is foreign to Mom, so I suspect she will continue to work in some way, for many years to come. To her, retirement planning is really about finding the job that you want to keep doing for as long as possible.