Alex Bowman – driver of the #48 Ally racecar – loves to work. His strong work ethic was instilled in him at a young age when he was employed at his father’s auto shop.
That is just one of the values shaping Bowman’s relationship with money.
Like Bowman, we all have a money story – the experiences that bring us to our financial present. I walked Bowman through his Money story and learned how his early memories of money shape his current finances.
Read more: Learn about our buckets and boosters, smart resources to help you save
What is your first memory of money?
Growing up, my family was split, so I would spend one week with my mom and then one week with my dad. While my dad did well financially, my mom was a little bit on the other side of the spectrum. She worked really hard, but dad lived in the country club. I saw both sides, which looking back is pretty interesting - to have experienced both aspects of money.
Thinking about separate time with Mom and Dad – what emotions come up when you think about the two different experiences?
My dad had a big house and some cool cars, but other than that you would've never known a difference. My mom's house was in a small neighborhood, but there were a bunch of kids around to play with – Christmas at my mom's was always the good one! They probably had to approach things differently, but from my perspective it was very similar overall.
Other than your parents, who else would you say were influential in your early years?
My grandmother on my dad's side would be one for sure. She opened a checking account for me and got me my first debit card. I can't remember how old I was – it didn't have hardly any money in it – but just having that was cool. Also, if there was ever something that I wanted and I couldn't convince my dad or my mom to get, I would turn to my grandma.
What messages from your mom, dad and grandma do you carry through adulthood?
I would say – on my dad's side – it’s work hard. He will work so hard to save money.
I think my whole family talked a lot about ways to make money or how to save money in the process. My dad had some cool cars here and there, but it was always to turnaround and sell them quickly to make a profit. He was never buying a car to enjoy it. Growing up I never had a big allowance or an emergency credit card. If I didn't have money, I didn't have money. ... That instilled a saving mentality in me and to just to make sure I had a rainy day fund.
How has the work ethic that your dad gave you created your own money beliefs?
I feel like I try to do my best to save a smart amount. Obviously, I'm in a situation where I'm able to do that now, but you can't drive racecars forever. I know there's a little bit of an expiration date on my income there. So, I just try to be smart about that and save where I can.
What do you do now – regarding money and spending/saving - that is different from that early money story?
Being able to take my friends on a vacation or buy things that I have always really wanted – that is definitely really cool. I never would've thought that I'd be able to do things like that. I am still trying to save where I can and make smart investments – so those experiences are possible for longer. It’s really all about balance.
Learn more: Discover your own money story through Ally’s Money Roots.
