Money Talk: 100 Years of Financial Wisdom

Money Talk: 100 Years of Financial Wisdom

Every great financial plan starts with a sound budget.  This week I had the opportunity to interview. Mrs. Corine Cannon who has nearly 100 years of living a frugal lifestyle.  Mrs. Cannon had a lot of knowledge to share with me as it related to budgeting and setting goals. Mrs. Cannon also shared relationship advice and ways to avoid student loans.  I would consider Mrs. Cannon very knowledgeable in this field having been married for 63 years and put 7 children through college with little to no student loan debts. 

Mrs. Cannon feels that you have to plan for anything that you want to do that would be worthwhile. If you want to succeed, you need to set goals. Without goals, you lack focus and direction which you in terms would be bound to fail.  She then elaborates that the couple should have an understanding and agree on the goals set. “A man shouldn’t plan to build a house or do anything unless he thinks about the cost. If you don’t plan and then fail your friends and everyone will make fun of you”.  Mrs. Cannon further explains that when you plan it is wise to stay “within your income” that we would never try to live outside of our income. That we should plan even at those times that we are going out with our friends to socialize.

Read More: How to Get Started with Your Budget

Mrs. Cannon made it very clear when asked about her views on using credit cards.  She states that retail companies are very anxious to get people into debt by using selling credit and by using credit cards results into many people overspending.  Setting goals not only allows you to take control of your life’s direction; it also provides you a benchmark for determining whether you are actually succeeding. Mrs. Cannon states that when setting goals that you are not accountable to your friends, you are only accountable to yourself and God.  “You can’t cheat and steal from your neighbors and think that you are going to go up if you want to go up you have to go up right”, Mrs. Cannon states. A budget is your road map to your destination, without a budget you are a ship without a sail going her and fro with no direction.

"You can't do right unless right is in your mind".

Mrs. Cannon holds strong to her faith as when making her plans and budgets.  She explains that when making your plans ensure that God is in the plan, God is in the middle of the plan.  And there is direct coordination succeeding financially when living according to the Word and being generous, compassionate, sympathetic, and empathetic.

Most of the divorces and differences that people have are a result of not planning and debt related issues.  Married in 1938, Mrs. Cannon explains that never try to get even with your partner that you must work as a team on budgeting and setting financial goals.  That couples must stick to your plan! There is no need for creating a plan if you are not going to follow it. Make sure that it’s possible to achieve the goals you set. If you set a goal that you have no hope of achieving, you will only demoralize yourself and erode your confidence.

Mrs. Cannon’s seven children finished high school and went to college with little to no student loan debt.  With two children earning their doctorates while the rest all earning Master Degrees on a limited income. Mrs. Cannon explains the importance of attending local colleges over Ivy League Universities because for the most part you are really just playing for university branding.  It’s okay to attend the “big name” universities if you can afford it. It’s best to explore scholarships, be mindful that colleges, states, and the federal government gives out grants, which don’t need to be repaid as well.

Mrs. Cannon was asked the difference between being frugal and being cheap.  “When you are being cheap you are only cheating yourself” Mrs. Cannon states.  Being frugal goes hand in hand with generosity. Creating a sound budget and plan should be a way of life.

Mrs. Cannon wanted to leave our viewers with these words of encouragement.  “Live within your means, driving afford, live on the street of afford avenue.  Don’t ever get to where you can’t afford. May people lives have been messed up, divorces and separation from too much debt”.  Mrs. Cannon goes on to say “it’s hard to love a person when you’re in debt and you’re not doing anything about it because you go to bed with that on your mind at night and wake up in the morning with that same thing.  How can you be kind with one another know that you owe everybody? Afraid to open the front door when the doorbell rings because you think that it’s a collector. It makes you untruthful when you owe everybody because if you owe everybody and have no money before you know it you will be cheating”.  Mrs. Cannon went on to say a saying that I grew up with “if you lie then you will cheat if you cheat then will steal and if you steal you will kill”. People find themselves in a lot of trouble being in drowning in debt.

Having started your budget?  It’s not too late. Print this FREE monthly budget template to help your family get a better grasp on your finances. You will be able to easily track your income and expenses each month to see where you can cut back to increase your savings. It is much easier to see everything once it is written down.

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