by Kate Willoughby Hall, Richmondmom.com Founder, mom-of-three and ever-seeking answers to questions like this one. 
Every once in a while, I read something or hear someone speak on a topic that keeps me pondering for weeks.
Last week, Michelle Singletary’s presentation at the Greater Richmond Chamber’s Extraordinary Women’s Exchange was one of these times.
Michelle, a nationally-recognized finance writer, mom-of-three and money-minded guru, in her quest to share her financial knowledge with us, asked questions like “What are you doing with your money?” and answering: “Therein lies what you feel is important.”
No, I thought. We have to spend money on certain things that really aren’t important to us, it’s just a way of life. We have to buy movies for the kids, Wii games, toys. Surely I need these new shoes, and of course we’ll attend that event, even though it’s a bit outside our budget.
Michelle really got me thinking.
She asked us, “what would you give up for what’s important to you?” and shared that financial freedom is really about living in a truly free way. That if we are in debt to others, even to our mortgage, we owe someone something, and we really aren’t free to do what we may wish to do. She even went so far as to say, “Who in this room has a mortgage?” Hands were raised in unison. “Sorry to break the news, but you really aren’t home-owners.” We are in the debt to the bank. This hit home with me, as in the last year we sold a home we loved to downsize our mortgage in order to pursue my dream of building Richmondmom.com and writing more books like Richmond Rocks.
In the last year, we’ve given up the financial security that my corporate paycheck assured us, but had gained so much more: flexibility to spend precious moments with my three kids, creative outlet in a way that I’d never imagined, family time we often lacked walking in the door at 6:30pm at night. But were there still things that I could give up, to have more emotional and financial security?
After wrangling with the options–dining out, date nights, occasional overnight trips with the family–there was little we are willing to give up. I fee; guilty about this result, or lack thereof. Surely there is something we could live without in order to build more savings and build a future that’s more financially sound?
What do you think? What are you giving up to ensure your kids’ futures? We’d love to hear about it.
