Wednesday, May 7, 2014

Don't Shoot The Messenger


Making good financial decisions can be hard work. Most of us arrive in the adult world never having taken one class on personal finance. Sure, you saw your mom use her credit card at the department store and your dad go off to work every day. But what did you really learn about how to effectively manage personal finances?

Family life can be very demanding, and the basics of living often don't get covered in daily conversations. Heck, many of our parents never learned how to manage their personal finances, so can we fault them for not teaching us how to do the same?

Our families are the messengers of life lessons. We grow up watching our parents’ every move. We are students of what they do and don't do. We notice the small things, like when Mom says she’s a saver, but never seems to have money for the really big things. Or when dad gruffly reflects, "Another day, another dollar.” These messages  teach us to view money in a certain way. The family language of money often has to be decoded, and we must examine the money messages our parents give us. Unless we tackle our financial uncertainties, we can be left feeling stuck, frustrated and scared about managing the financial resources we have.

Yet, in rare cases, there are those who feel financially secure. Yep, I said it: there are people out there who feel totally, unconditionally, 100% financially secure… but they are not who you think they are. They are not always the richest people in town - they are the people who have a good sense for what money can and cannot do for them in their life. 

How did these people get to a place of financial security? It was not magic, I can assure you. They took the time to look at what they learned from their family, determined what was helpful, then intentionally integrated that into their way of living. They also determined what negative views of money they had and let go of them. The financially secure identified the gaps in their knowledge of how to manage money, and then took time (and continue) to learn how to better manage the resources they have. Common learning experiences include reading books, attending classes and finding trustworthy advisors to help teach them how to manage money and expectations well. 

IMPORTANT LESSON: While learning to save, budget, and invest is important, the number one tip to financial security is to learn how to manage your expectations. It is the gap between where we are and where we expect we should be at any stage in life that is most likely to make us feel financially insecure. 

Don't get upset with your parents because you did not teach you everything you need to know about money. Don't have an attitude with your wife because you are not on the same page about money. Chances are your spouse didn't get all the right money messages, either. There is a significant possibility that you and your wife share some financial views. Likewise, there is a strong possibility that you will also think differently on certain topics.

To address the similarities and differences in money management approaches in your marriage, take time with your spouse to list out where you are on the same page and where you are different. When you identify those differences, realize that neither of you may be right, and that there may be other options for managing that situation then what you have considered. This is where learning about personal finance together can introduce new ideas to your family. If you don't take the time to study personal finance, then all you will have to base your decisions on are the lessons from your own family, which won’t always serve you well.


Feel free to give me a call to talk more at 980-275-1627.

Ed Coambs


Edited by Reena Arora of Arora Media, connect on Facebook
For all your communication needs, she is all you need.


Grow your marriage by getting all the latest blog posts.
* indicates required
 /  ( mm / dd )
Email Format


No comments:

Post a Comment