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A recent Carrick on Money newsletter on teaching kids about money prompted a reader to share her experience with her own children, complete with photographic documentation.

Years ago, the Globe ran a financial literacy series in the paper that included a tip about living below your means. “I clipped this simple message from the Globe and Mail and taped it to the back of the bathroom door,” Jennifer Hicks said by e-mail. “My kids (and their friends), all then teens, couldn’t help but see it over and over and over and over again. Here’s hoping the message sticks.”

Jennifer Hicks taped a tip from a Globe financial literacy series to the back of her bathroom door.

Jennifer Hicks/Handout

I was the one who picked the idea of living below your means for the Number One rule of personal finance. My reasoning: spending less than you make is the discipline from which all other good habits flow, including saving and investing.

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How does Ms. Hicks assess the effectiveness of her efforts to teach her kids? “I’d say they really have all internalized the idea that you don’t spend more than you have.”

Success, in other words.


Subscribe to Carrick on Money

Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.


Rob’s personal finance reading list

How you’re being programmed to bust out when the pandemic ends

A chewing gum commercial shows the way marketers are tapping into the Roaring Twenties narrative of epic partying and spending when the pandemic fades. As I said in a recent column, the biggest risk to our finances going forward is spending surges that undo all the good work done in the past year by those of us fortunate enough to have kept their jobs and income through the fight against COVID-19.

Do you really need to bid over asking when buying a house?

Here’s a data-intensive analysis that will be helpful to home buyers wondering whether they need to bid way over the ask price to get a house. It’s based on Toronto data and concludes with some insights on how to set a bid price. Humour alert: a New Yorker cartoonist has some fun with the things people are doing to win bidding wars for homes.

What’s in Robb Engen’s wallet?

A look at the credit, debit and rewards cards carried by Mr. Engen, a long-time personal finance blogger and financial planner.

For those looking to the east for cheaper houses

A Reddit thread about what life is like in New Brunswick for people moving from Ontario in search of cheaper houses. Health care, daycare, daily living costs and more are covered.

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Ask Rob

Q: I have two different registered education savings plans for my son. He doesn’t want to go to college or university.

A: Here’s some information on your options, including closing the plan. But I wouldn’t rush to make a decision. RESPs can stay open for up to 36 years. Also, the list of RESP-eligible educational institutions includes many noncollege or university schools that focus on areas like the arts, esthetics, trucking, technology and more.

Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.


Today’s financial tool

Four tips for avoiding investments based strictly on the fear of missing out on big gains. “FOMO can cause individuals to make irrational decisions that harm their investment plans.”


The money-free zone

More fun with lists: Top 100 sitcoms. Lots to fill in any gaps in your TV watching.


Tweet of the week

Economist David Rosenberg looks at the housing market in North Bay, Ont., and sees similarities to the dot-com stock market boom in 1999.

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In case you missed these Globe and Mail personal finance-related stories


More Rob Carrick and money coverage

Subscribe to Stress Test on Apple podcasts or Spotify. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.

Even more coverage from Rob Carrick:

Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.

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If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

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