The Iniquity of the fathers going down to the third and fourth generation.
It’s true. Spending habits are passed down from one generation to another. Spending habits determine if a person will gain, and/or maintain wealth or if they won’t accumulate anything. Many individuals make a lot of money, but die broke, due to their spending habits.
Spending habits are the outcome of subconscious beliefs about money. For example, I have heard this saying, “If you take care of the pennies, the nickels will take care of themselves.” I have also heard people say, “It’s just a penny, it doesn’t really matter.” Two different beliefs about pennies. Think about those beliefs. How will individuals live as a result of their beliefs? What will be the outcome of those beliefs? What about teens living under each belief system? What will they learn?
Teens don’t usually receive formal training about money, but by the time they reach adulthood they have established a pattern of spending, or rather spending habits. Unless they have a financial crisis their financial well being and future will be at the whim of unchallenged, unknown, subconscious beliefs about money. Can it be true, that many adults have never tested, or even thought about what they believe about money? Generation after generation, live out a meager existence because of subconscious beliefs that have never been challenged?
It’s time to discuss with teens what their beliefs are, about money. First you examine your own beliefs. Be honest with yourself, and your teen. If you have destructive financial habits, impulsive spending, in debt, gambling, drinking, drugging… the list goes on, come clean and admit it, if not to anyone else at least to yourself. Then start the hard process of change: start doing something different with your money.
Be determined to stop the poverty mentality in your family.