If there is one thing that COVID certainly forced upon us all, it was how exposed our financial security could be. Especially if you were forced to close your business, lay off team members and ponder how you all would survive.
As many of you know, I have a passion for gardening and when our girls were very young, I taught them a simple ‘gardening’ analogy for managing their pocket money which has now translated into their adult lives. They would have three bank accounts set up:
- Sow – a bank account that they would regularly deposit a small percentage of their pocket, casual job or birthday money for a special occasion. e.g., buy birthday presents, holiday spending money etc
- Mow – a bank account that they would regularly deposit a small percentage of their pocket, casual job or birthday money that they could access for lollies, movies, special treats with friends etc.
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