“A person’s relationship with money is daily and lifelong,
therefore it is crucial to life success, security and freedom to master it.”
- Sam X Renick, educator
How do we think about money? Most of us formed our feelings around money when we were children through our life experiences and the messages we received living with our families. Understanding personal finance is not based on math or economics, but it is rather psychology. It is our emotional response to money that will dictate how we choose to spend, save, or invest.
Emotions are so powerful around money that they affect our rational judgment. When you were a child, you might remember conversations where values around money were shared. Some families have experienced hard times when money was scarce. Parents or grandparents that grew up during the Great Depression shared their values with the generations that followed. Many told stories of their lives. Helen Oliver, age 83, wrote, “I believe working hard, sticking together, and watching our pennies helped us through those difficult times. ‘Waste not, want not' – important even today. Keep a positive attitude. Remember ‘Above the clouds the sun still shines.' "
The Great Depression came on the heels of the roaring twenties, just 100 years ago. People were partying it up with little thought of tomorrow. They borrowed money when just three decades before borrowing was considered shameful. They behaved as if borrowing “easy” money was considered the key to prosperity. In the days of the Great Depression, words like “instant gratification” and “me” were replaced with “we’ll have to wait” and “us”.
What are the lessons we are teaching our kids today? You have the power to start the conversation with your families to help develop awareness of the financial world. They can learn how to channel their emotions regarding money into positive behaviors and avoid destructive patterns. Learning to understand money and its mission in life is one of the most important skills to putting your kids on a path to success.
We are sharing a book by Sara Allison, MBA & Jonathan Knapp, MBA, CFP®, Raising Financially Aware Kids. Free for the asking while they last.
Below is a fun picture of Sarah Berry’s sweet daughter, Bella. Bella is certain to become an entrepreneur with her merchandising success this past weekend.
As this summer is coming quickly to an end, we appreciate our clients and hope you are doing well. Your team is always here for you. Let us know if you’d like to visit.
DID YOU KNOW?
What do kids think it takes to become a millionaire?
32% Having a savings account
24% Becoming famous
21% Investing in stocks and bonds
18% Winning the lottery
5% Inheriting from parents!
Judith McGee, L.H.D., CFP®, ChFC®
Executive Vice President and Senior Lead Advisor
The housing sector is slowing somewhat. June saw the number of issued building permits lag from May's total, although housing starts increased. On the other hand, industrial production has risen fairly steadily since February and is expected to continue to rising accommodate increasing demand.
Source: Broadridge Investor Communication Solutions, Inc.
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