Money is often seen as a taboo topic that many people avoid discussing. However, our relationship with money is something that has a significant impact on our lives. We often inherit our parents’ characteristics when it comes to our personalities around money, and this can have a significant impact on our financial wellbeing. In this blog post, we’ll explore how we tend to follow our parents’ example and how money coaching can help us identify these habits and work on the challenging parts.
From a young age, we learn from our parents about the importance of money, how to manage it, and what role it plays in our lives. We observe their spending habits, how they save money, and how they talk about money. As we grow up, these observations become deeply ingrained in our minds and become part of our own financial behaviour. Our parents’ money habits can influence us in both positive and negative ways. If our parents were financially responsible, we’re more likely to learn from them and adopt healthy financial habits. On the other hand, if our parents had poor financial habits, we might adopt these habits without even realizing it.
That’s where money coaching comes in. A money coach can help us identify our money habits and understand where they come from. By examining our relationship with money, we can understand how our upbringing has shaped our financial behaviour. We can then work on changing any negative habits and reinforcing positive ones. This is particularly important for those who have inherited poor financial habits from their parents.
Money coaching helps us to gain insight into our behaviour and beliefs around money. We can then use this knowledge to develop new habits and behaviours that will help us achieve our financial goals. For example, if we tend to overspend, a money coach can help us identify the emotional triggers that cause us to spend impulsively. We can then work on developing strategies to manage these triggers and control our spending.
It’s important to note that not everyone follows their parents’ example when it comes to money. Some people rebel against their parents’ beliefs and develop their own financial habits. This can be positive, but it can also be negative. Money coaching can help us understand whether our financial habits are serving us or hindering us. It can also help us understand why we rebelled against our parents’ beliefs and how this has influenced our financial behaviour.
In conclusion, our relationship with money is deeply influenced by our upbringing. Money coaching can help us identify our money habits and work on any negative behaviour we may have inherited from our parents. By understanding our relationship with money, we can develop healthy financial habits that will serve us well in the long run. It’s never too late to start examining your relationship with money and developing healthy habits that will lead to financial success.