{"id":51122,"date":"2021-09-23T09:22:59","date_gmt":"2021-09-23T13:22:59","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=51122"},"modified":"2023-07-21T12:53:37","modified_gmt":"2023-07-21T16:53:37","slug":"all-in-the-family-fiscal-habits","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/","title":{"rendered":"All in the Family: Learning (and Unlearning) Fiscal Habits"},"content":{"rendered":"

Whether we like it, love it, hate it, or go to therapy to understand it, our families generally pass down their habits, beliefs, and that seemingly endless supply of gym bags from the 90s (if you\u2019re my parents).<\/p>\n

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\"A<\/p>\n

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Unlike your height or the color of your hair, those habits, beliefs, and attitudes that our parents pass down to us \u2014 whether beneficial or detrimental \u2014 can be changed. Sometimes, it just takes a bit of (wait for it!) investment.<\/p>\n

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Accounting for your parents — and yourself<\/h2>\n

If your parents never spoke encouragingly of investing and saving, or had frivolous and irresponsible spending habits, you may have unconsciously absorbed their approach to money and finances. However, you aren\u2019t resigned to the credit card debt or financial strain that you may have witnessed \u2014 you can set the stage for the financial future you want, with some work.<\/p>\n

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Children naturally absorb the world presented to them, and have no reason not to believe what their parents show or tell them to be true \u2014 they look up to their parents and are taught by them how the world works<\/a>, even if they have to progressively unlearn it as they age.<\/p>\n

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Sometimes, you\u2019re directly told something to believe, like \u201csaving is good.\u201d Sometimes, it\u2019s indirect, like seeing your parents or guardians make exorbitant purchases. One parent may unhealthily depend on the other for financial security. Or sometimes your parents\u2019 financial decisions are completely avoided and kept from you, and the subject is never verbally addressed.<\/p>\n

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This isn\u2019t a blog to show parents how to guide their children toward healthy fiscal attitudes and confident, well-informed decision-making (that could be a lengthy series of blogs). Instead, my purpose is to show young adults that their parents\u2019 relationship with money doesn\u2019t have to be theirs. Those harmful belief systems, financial coping mechanisms, and habits can be avoided. Children don\u2019t have a choice, but you do<\/a>.<\/p>\n

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\"Achieving<\/p>\n

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Most problems, financial or otherwise, all have root causes that are more complicated and require more introspection than a simple blog can provide. Breaking down and understanding your unconscious habits can be shameful, frustrating, and painful, but talking through it \u2014 whether with a professional therapist, a financial advisor, your family or friends, or a healthy combination of all \u2014 is one of the best ways to connect those unspoken thoughts and actions to what you were taught and shown as a kid, and where you want to make changes.<\/p>\n

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Check (and save) yourself<\/h2>\n

Look at your bank and credit card statements: What are you spending, when are you spending it, and why? Do you have a budget? What is the goal of your budget? Do you save? What are you saving for? Why?<\/p>\n

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Making yourself be thoughtful, intentional, and goal-oriented with your finances brings a level of understanding, compassion, efficacy, and effectiveness to what you do with your money.\u00a0Before learning your own healthy fiscal habits, you may even want to tip the scales in your favor and reverse your parents\u2019 habits that you may have picked up.<\/p>\n

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If you\u2019re able, ask your parents about their financial attitudes. That can sound really intimidating, and may even spark a disagreement or argument. But remember, they had parents, too. The experiences you had as a kid and the habits you picked up were, in one way or another, shaped by your parents\u2019 parents, and their parents, and their parents. Generational fiscal attitudes, like any generational trauma, may have never been addressed, until now.<\/p>\n

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Your parents were kids as well, and bringing some level of that understanding and compassion could open the door for an enlightening conversation that could shape the generations going forward and guide them on a financially healthy path. If you work in the financial services industry<\/a>, consider developing programming for both parents and kids to learn about better financial health and you’ll see rich returns all around.<\/p>\n","protected":false},"excerpt":{"rendered":"

Whether we like it, love it, hate it, or go to therapy to understand it, our families generally pass down their habits, beliefs, and that seemingly endless supply of gym bags from the 90s (if you\u2019re my parents). Unlike your height or the color of your hair, those habits, beliefs, and attitudes that our parents pass down to us \u2014 whether beneficial or detrimental \u2014 can be changed. Sometimes, it just takes a bit of (wait for it!) investment. Accounting for your parents — and yourself If your parents never spoke encouragingly of investing and saving, or had frivolous and irresponsible spending habits, you may have unconsciously absorbed their approach to money and finances. However, you aren\u2019t resigned to the credit card debt or financial strain that you may have witnessed \u2014 you can set the stage for the financial future you want, with some work. Children naturally absorb the world presented to them, and have no reason not to believe what their parents show or tell them to be true \u2014 they look up to their parents and are taught by them how the world works, even if they have to progressively unlearn it as they age. Sometimes, you\u2019re directly told something to believe, like \u201csaving is good.\u201d Sometimes, it\u2019s indirect, like seeing your parents or guardians make exorbitant purchases. One parent may unhealthily depend on the other for financial security. Or sometimes your parents\u2019 financial decisions are completely avoided and kept from you, and the subject is never […]<\/p>\n","protected":false},"author":63,"featured_media":5078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175,75],"tags":[685,686,585],"yoast_head":"\nAll in the Family: Learning (and Unlearning) Fiscal Habits - Sogolytics Blog<\/title>\n<meta name=\"description\" content=\"Unlike your height or the color of your hair, fiscal habits, beliefs, and attitudes that our parents pass down to us (good or bad) can be changed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All in the Family: Learning (and Unlearning) Fiscal Habits - Sogolytics Blog\" \/>\n<meta property=\"og:description\" content=\"Unlike your height or the color of your hair, fiscal habits, beliefs, and attitudes that our parents pass down to us (good or bad) can be changed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/\" \/>\n<meta property=\"og:site_name\" content=\"Sogolytics Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-23T13:22:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T16:53:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2018\/03\/financial-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"487\" \/>\n\t<meta property=\"og:image:height\" content=\"714\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marie Oliverio\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/\",\"name\":\"All in the Family: Learning (and Unlearning) Fiscal Habits - Sogolytics Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#website\"},\"datePublished\":\"2021-09-23T13:22:59+00:00\",\"dateModified\":\"2023-07-21T16:53:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#\/schema\/person\/7daa901cad7b1b5c819590b250edebf9\"},\"description\":\"Unlike your height or the color of your hair, fiscal habits, beliefs, and attitudes that our parents pass down to us (good or bad) can be changed.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/all-in-the-family-fiscal-habits\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"All in the Family: Learning (and Unlearning) Fiscal Habits\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#website\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/\",\"name\":\"Sogolytics Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.sogolytics.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#\/schema\/person\/7daa901cad7b1b5c819590b250edebf9\",\"name\":\"Marie Oliverio\",\"description\":\"You can find Marie binging reality TV, along with her favorite comedians' podcasts, or searching out the best eats in Baltimore. 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