They couldn’t care less about which knobs they get. The people have more important things to worry about, like having enough for food and buying clothes for their kids. At that funky place in Brooklyn, they don’t have to match. But to get the knobs to match could be $500 if you buy the whole fixture. I thought about Mommy and how she surprised me with that new Elvis Presley LP. They’ll determine how much cash you have left at the end of the month.” But repairs and maintenance can go haywire. Rents usually go up gradually and so do most expenses, like utilities, insurance and taxes. “Stevie, holding down expenses is almost more important than raising rents. Keep your eye on the ball, and that’s expenses.” “Later, Stevie, please, there’s more to learn. “Dad, there’s a Howard Johnson’s 28 flavors. Sometimes, the kind of people they are is more important than how much they make.” And pay attention to how rental prospects come across. Raising rents to the ceiling is insensitive, and you don’t want to lose good tenants. He’s afraid that, left to my own devices, I’ll fritter away my inheritance. He’ll always cut you a piece of the action.” “Sometimes, I think you’d be better off working for someone and letting Richie do the real estate. I win the freshman prize for my essay on what happens to real estate values as neighborhoods change and my father doesn’t even come to hear me talk. He won’t paint the apartment for a tenant who’s always late or if he’s one of those types who keeps asking for more.”Īlways it’s Richie, Richie, Richie. “Dad, I’m not going to be taken advantage of.” Then they take her the long way around and charge her double.” Mommy doesn’t drive so she takes taxis everywhere. The world is a rough place and I don’t want you to be taken advantage of. I wish he would have taken Richie with him, like he usually did.
It was like being in school on the weekend. We never owned a house, so I didn’t even know what a mortgage was.” Remember, Stevie, I started with nothing. You’re 14 now and you need to get serious about life. “Stevie, there’s a time for baseball and there’s a time for business. WHEN WE’RE YOUNG, WE simplistically view our family’s money journey as one long road with clear signs that tell us to “speed up,” “change lanes” or “get off.” It’s only later, as we gain wisdom, that we can discern how messy the journey is-and how each of us ended up turning onto a different street to pursue financial freedom in our own unique way.īy exploring the money stories of three family members, I have come to better understand my own financial journey.īusiness lessons.
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