Be Responsible for the Growth in Yourself
You cannot control where you were born and what family you were born into. Some of us are more fortunate than others. However, this is your life. It is up to you to make the most of it.
What you accomplish and what you become depends on your efforts to find good mentors and evaluate what you read and listen to.
I have made this introduction to remind you that as you try to build a better mindset for money you must qualify the advice you are given and seek out and pass on.
Facets to Consider
The recent passing of a beloved family member, at 96 years old, reminded me of other family members who have passed on and the influence they had on us and the things and family they left behind.
This may be your life, but it will have an end someday. I hope you will be well-spoken of at your funeral.
On the brighter side, I want you to make the best use of your time. You must be a good steward over your blessings and always be thankful for the good that comes your way.
If you are fortunate to become a parent, please take that responsibility seriously. Your love should be more evident than birthday and Christmas gifts.
We experience transitions in life. Things change. Be sure to recognize those and assist others when they do not understand the changes. School helps us get ready to be on our own. However, you may have to help teach the money management aspect left out of their education.
Marriage means learning to share your schedule, living space, and your stewardship. The key is to learn to share responsibilities. That can be a trying transition.
The addition of children adds another facet to our lives. How will you raise them to prepare them to be on their own? What values will you teach them? Are you a believer? Will you teach them to be? Will you set a good example in your home life, managing money, or good health habits?
When your children leave home and you get more focused on your work life and potential retirement, you enter a phase of life where you may have to care for your parents or help them get the care they need. That is a transition for them where your help will benefit their well-being. Will you be prepared? You will if you stay aware of the transition.
Passing the Baton
If you are a close family, holidays usually mean a gathering at the grandparents’ home. Your parents will be in that position with your children. However, eventually, they will no longer be capable of hosting. That will be when the baton is passed to you.
This will be a point at which I hope to influence you to be prepared to be a good host to the family. By learning to build a better mindset for money, you will learn to save not only for your emergencies or your retirement, but also for being able to make many memories with family and friends in comfort and without stress, except for getting dinner ready on time!
My hope is that you consider your future before you get caught up trying to do more than you can afford to do now. That can be difficult to do when others seem to be able to do more than you. We are all at different stages and have different influences on how our money is spent.
I do hope you and yours can be in control of what you earn and can keep enough money for your future needs.
You Can Influence
If you have children or not, you can be a good influencer for money perspective in the habits you develop and display. Be a good student. Read. Observe. Study. Verify what works and why. Then, you will know and sharing that knowledge becomes easier over time. You can pass that baton.
The Perspective of Thrift
Most of those who lived through the Great Depression of the 1930s have passed on the stories of those hard times to their children.
However, those stories are not effective on our children until they experience hard times. They would live through those times with a better mindset if they listened to the lessons that were passed on.
If you work to avoid debt and try to build your savings account, you will have a positive influence on those around you, especially your children.
Your children may ignore you, but life will teach them about the wisdom of saving and avoiding debt. Maybe a smile and a hug will let you know they finally listened to you.
Buying used instead of new can influence your ability to save. That is a sign of being thrifty. It is not flashy, but, eventually, with savings being invested, being thrifty could lead to wealth.
The best description of this perspective I have heard was from Jim Rohn, who noted, “The philosophy of the poor is to spend and invest what is left. The philosophy of the rich is to invest and live on what is left.” That is a hard pill to swallow for most. However, their financial health would be much better if they did!
We Age for Wisdom
Life teaches us a lot of lessons. Be observant and you can find an easier way to learn them, especially watching others and learning from their mistakes.
Only go as fast as your vision of the road in front of you will allow you to see what to do and where to steer your activities.
Build good habits. You will be observed. Make good choices. You will be observed.
Be kind. Be generous with your time and resources. Remember, what goes out will come back to you in greater capacity.
There is wisdom gained as we age.
You Will Be Loved as You Love
“We love because He first loved us.” – I John 4:19. The following verse talks about the fact that you cannot love God if you cannot love your brother or sister. That adds a lot to the importance of loving others in your life. You must love others even though their actions cause you difficulties.
Dave Ramsey talks about his “Love Drawer” where he keeps everything his wife will need to know at his passing. That will be a relief to her, knowing where things are and what to do. That is passing the baton.
Will you take control of your financial affairs and be loving in the way you pass the baton of control of what you leave behind when you go?
That is a sobering thought, I know. However, those of us who have experienced the good way and the bad way this was done can testify the good way is much better.
Be loving in your approach to prepare for this transition in your life. The passing of your baton.