When we were children, our money habits were influenced primarily by our parents or other family members. They told us to go to school, get a good education, get a good job, retire, and live off our government or company retirement pension check. How many of you grew up with that directive? How many of you tell that to your children today?
As we grew older, our beliefs and ideas about money were further influenced by numerous other factors: culture, school, society, and friends. Unfortunately for our children, history is repeating itself.
They are also being influenced by these same factors today. And due to social media, the influences of wealthy celebrities, retailers, creditors…have a more profound impact on our children than we as parents.
Their need and desire to keep up with their peers and favourite celebrity causes them to have a distorted view of how money works. Also, our desire to give our children the things we did not have growing up only compounds the problem and has led many of us parents over the debt cliff.
- Love your mum style
- Richard Morgan: “What makes us happy?”