While it seems obvious that our childhood experiences play a significant role in shaping our behaviors as adults, the profound impact on our financial decisions and how we think about money is certainly something I underestimated.
Growing up, my parents views on money were starkly different. My mother enjoyed the hunt for a good deal and believed in saving for the rainy days. On the other hand, my father believed in the value of a reputable brand and prioritized quality over quantity. Growing up with consumer models that were complete opposites was certainly confusing, but it imparted valuable lessons on the importance of both saving and investing, as well as the power of choice.
The concept of choice has become a recurring theme in my financial journey. I am not a financial expert by any means I am, however, constantly trying to improve all aspects of myself and seek to identify where I might improve all aspects of myself and seek to identify where I might remove roadblocks to achieve greater success. Pondering this triggered a deep dive into my psychology with money.
Years ago, I asked myself:
- Do I have a plentiful [abundant) or scarcity (frugal) mindset when it comes to saving/spending/investing/donating?
- What childhood experiences, memories and stories have influenced these mindsets?
- Looking back, how have my finances been positively or negatively impacted by these deeply ingrained mindsets?
- Where do I need to let go of the past and shift my personal narrative to cultivate a more robust financial future?
By unraveling the threads connecting childhood and financial decisions, I gained valuable insights that will empower me to make intentional choices, ultimately shaping a more secure and prosperous financial future.
This exercise required both self-reflection and examination of past experiences. It was truly transformative for me, and I hope it will be for you too.
Michel Ouellette JMD, ll.l., ll.m.
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J. Michael Dennis, ll.l., ll.m.
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