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Episode 1149: Pt1, The Wilhites: The Same but Totally Different

Buying with credit vs. buying with cash with Dave and Sherry Wilhite

SHOW NOTES

Today, we’re joined by Dave and Sherry Wilhite, a couple who came from almost identical backgrounds but with completely different views on how to manage their money.

 

In this episode we find out how their financial education as kids differed and how this affected their spending habits growing up…

Today, we’re joined by Dave and Sherry Wilhite, to discuss the financial education they had when growing up and how this affected their spending habits later on in life.

 

Dave and Sherry had very similar upbringings but were taught very differently on how to manage finances and money as children.

 

Dave was taught that everything can be bought on credit, while Sherry learned that everything can be bought with cash.

They explain how much of their money management skills were learned from their parents and how this affected them as they started their own lives.

 

Next time we’ll be learning what happens when they get married and have to confront the underlying truth of their different money management skills….

 

“My parents taught the value of working hard but the flipside of that was there was definitely the conversation in the house that we didn’t have extra money”Dave Wilhite

 

“That was the culture we knew growing up. When it was time to get a new car you would finance it, if you wanted a boat you’d fill out the credit application and see what your monthly payment would be.”Dave Wilhite


“How do you make money so, not only your children but also your grandchildren have some sort of advantage”Dave Wilhite

Time Stamps:

01:28 – Eating squid ink pasta and how I met Dave.

03:31 – Where Dave grew up and what his upbringing was like.

06:02 – The benefits you get on top of your salary as a pastor.

07:40 – The lack of financial education Dave had as a child.

12:06 – The similar upbringing Sherry had as the daughter of a pastor.

15:58 – How Sherry’s parents dealt with finances differently to Dave’s.

18:11 – How Sherry’s grandparents helped to finance her education.

22:05 – The college debt Dave graduated with and his lack of understanding of the impact this would have.

23:33 – The way our understanding around money is passed down the generations.

25:44 – How Dave and Sherry met and got together.

27:21 – When Dave and Sherry realized they managed money very differently.

 

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