WASHINGTON — Michelle Singletary, "The Color of Money" personal finance columnist for The Washington Post, used her life experiences to illustrate for credit unions that financial education should be personal.
She noted that former Treasury Secretary Paul O'Neill had said that financial education starts in the schools and though she agrees that more needs to be done at school, Singletary said it really needs to begin at home. She read from one of her books, Spend Well, Live Rich, a passage about Big Mama, her grandmother, who taught her about saving and the differences between needs and wants.
Singletary read about how she and her four brothers and sisters would go out with Big Mama, who raised them, on Friday nights to hunt down her alcoholic grandfather before he spent his entire week's pay. She explained how her grandmother always "paid herself" by depositing money in her credit union savings before paying anything else. According to Big Mama, "The reason you need a rainy day fund is because it always rains," she said.
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