Your Weekly Dose of Financial Wisdom 10/08/24

Your Weekly Dose of Financial Wisdom 10/08/24

Humans have always evolved by passing stories down through generations, shaping how we view the world. But what happens when those stories stop serving us and instead keep us stuck? This idea came to me while attending a seminar this morning titled "A Tale of Two Families," which focused on estate planning. As I listened, my mind began to wander, and I created my own version of two families—a story loosely based on real events.

Family One has a grandfather who grew up during the Great Depression. Through hard times, he learned not just to budget, but also to save and invest wisely. He passed these skills down to his son, who is now married with three children. This son continued the tradition, teaching his family how to live within their means, save for the future, and make smart financial decisions. One of the most important lessons the grandfather instilled in his family was to never shy away from conversations about money. Money wasn’t something to fear but a tool to be used thoughtfully, with careful consideration of all options.

Family Two also has a grandfather who grew up during the Great Depression, but his experience left him deeply afraid of money running out. He passed this fear onto his son, who now holds a government job with a pension, is married, and has two children. Conversations about money are limited to ensuring the bills are paid, with the occasional treat of going out to dinner. In this family, money is seen as something to be feared and scarce. The idea of financial abundance never takes root, and the fear of "not enough" is passed down, unspoken but ever-present.

Which of these stories resonates with you? How do you think these patterns play out over time, affecting not just one generation, but those that follow?

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