I’m good with money. As a child, I was interested in both saving and investing. By the time I was twelve, I realized that I could get a silver dollar from the bank for just one dollar and then sell it to a silversmith for one-and-a-half dollars or two dollars. I also knew the value of waiting for a better price.

In my teen years, rather than pay full price for a new ski jacket at the beginning of the season, I’d wait for the after-Christmas sale.

As an adult, I taught my children these skills. In 2011, when my boys were working on their personal management merit badge for the Boy Scouts, we chose saving for a new TV as our family finance exercise. In February, we came up with a savings plan. In March and April, we combed through Consumer Reports to choose the best TV for our lifestyle. Once we made the selection, we waited before purchasing it. The wait was not so much to accumulate savings as it was for the price to come down. Nothing would compel me to buy our new TV before Black Friday. Continue reading →