Family finance lessons: Demetria Lucas listens to her mother … eventually
Share Now on:
The most important lessons we learn about money don’t come from our accountants or our radios. They come from our family.
Each week, we invite someone to tell us about the money tips they inherited from the people they grew up with.
Demetria grew up in in a middle-class town near Washington D.C. that she says had lot of African-American professionals.
“Sort of like a ‘Leave It To Beaver’ black version,” says Lucas.
Discussions about money happened early in Lucas’ household.
“My mother always taught me to put 10 percent away,” says Lucas. “My dad would always talk about my grandmother. She was from Mississippi and she lived on a farm. When she passed away she had saved some ungodly sum of money and no one knew where it came from.”
But when Lucas reached adulthood it took some time for her mother’s lessons to take hold.
“[After] my very first paycheck, she reminded me of that 10 percent lesson. You know, I heard her and it went in one ear and out the other,” says Lucas.
After about a year, though, Lucas got wise. She started cooking more, turning down invitations for nights out, and started setting aside as much as 20 or 30 percent of some paychecks.
Over time, she saved up enough to make a big jump.
“I decided I needed to leave my job to really pursue my blog and my [second] book to the best of my ability, and because I had a nice savings I was able to do that,” says Lucas.
Though, she admits, the money from her first book helped a little bit, too.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.