Chris Taylor

NEW YORK, (Reuters) – Can you name the first person kids go to for advice on money?

Parents – and it is not particularly close.

Even though friends, siblings and social media may all be in kids’ ears these days, parents are the top source of financial advice for 83% of children from ages 8-10, according to a survey from money managers T. Rowe Price. 70% of children, even those who may not be as cool as school, still seek out parents for financial advice from the ages of 11-14.

In honor of Mother’s Day, we asked a few boldface names a simple query: What is the best financial advice you ever received from mom?

Jillian Michaels

The Fitness App was created by The Fitness App, a personal trainer who is also a television personality

“Both my parents always said, never borrow or lend money. If you want to give someone money, then give it, but don’t give away anything you can’t afford to lose.

“This advice is the most significant, because if you lend someone money and things get screwed up, that can compromise relationships. This is not something you want to do.

“I have made this mistake in my life, and learned the hard way. One of my friends got into a situation, and I lent more than I could afford to lose, and that’s where everything went sideways.

“My mom did end up telling me, ‘I told you so,’ in her very lovely way. Money can be a complicated topic. It’s just not worth risking relationships over. Like Suze Orman always says: People first, then money.”

Doug Lebda

CEO, LendingTree

“(Mom) told me there was no free lunch. If I wanted to do all the things my friends were doing, I needed to pay for it myself – so go figure it out.

“Since my parents weren’t giving me any money, my mom encouraged me to earn it. My mom encouraged me to start my own business.

“Once I did earn some money, she told me first to save it – 10% off the top, always. You can then spend the remainder and give some away. She also advised me that you should try to buy something if possible and not rent it. So when I was 24, I bought a $55,000 condo – and after getting that mortgage, was when I got the idea for LendingTree.”

Pat Kiernan

News Anchor NY1

“Be organized. Because she was organized all the time, it meant that she didn’t have to worry about having to spend more on something just because of last-minute urgency. Being organized also meant that she bought just enough food for the week – without buying too much, and having to throw it out when it spoiled.

“I apply her lesson most often on travel. If you wait, hotels and flights are rarely cheaper. It has been a blessing to plan ahead. I’m not very good at applying her lesson when it comes to groceries, though. I always end up with nothing in the fridge and having to spend on take-out.”

Pam Habner

U.S. CEO Citibranded Cards

“My mom’s most powerful financial advice was to bet on myself and double down. Be an independent woman with the resources to take care of myself – no matter what.

“So, when I was eight years old, she took me to the local bank to open my first savings account, which I grew by depositing birthday money, babysitting earnings, and then job money to fund my future – primarily my education. This savings along with scholarships money, student loan repayments, and a few part-time job helped me get through Dartmouth College. 

“My mom’s advice was life-changing. If you’re not betting on yourself, no one else will.”

Alex Rodriguez

A-Rod Corp.’s Chairman and Chief Executive Officer; A former baseball star

“Be industrious. My mom was the most industrious person in my family. She worked two jobs – as a secretary during the day, and a waitress at night – to support me and my siblings and allow me to pursue my dreams.

“She taught me through her actions the value of hard work. It is impossible to replace it. I have carried this wisdom with me throughout my professional life, on the baseball diamond and in the boardroom, and know firsthand that giving it your best effort pays off.”