A Family Guide Towards Developing a Money Philosophy

Feb 26, 2014

Starting at a young age, it is important to develop the fundamental financial principles that you can rely on throughout your life. If you can introduce your family to 2 distinct financial ways of thinking, a sense of perspective, balance and positivity will follow, no matter your family’s financial situation.

Give Five

Teaching your children and/or young adults the simple act of sharing can develop life-long characteristics of generosity and perspective. After your child graduates from college and gets their first full-time job, teach them to Give Five.

  • Suggest they give 5 percent of their monthly take-home pay to a charitable organization who shares similar values and moral beliefs. By allowing them to have a better understanding of the important role charitable organizations play in our community, in supporting the less fortunate, they will gain a sense of appreciation for his own personal financial situation.
  • Suggest they give 5 hours of her personal time each month to a charitable organization of interest. If they choose to give their personal time to the same organization as their money, a benefit of seeing their contribution put to good use will give balance and perspective to future financial decisions.

Give Thanks

Many of us dread paying monthly bills. Often, we write a check to our cable, cell phone or electric company then ask ourselves, “What am I getting for the price I am paying?” Usually, these are bills we have very little control over. This example of an irritable approach to paying bills can sometimes unintentionally influence our perception of other more important personal financial bills, leading to questions such as “Why pay my life insurance premium this year?” Instead, if we take a moment to give thanks and be grateful for things like technology and central heating, our perception of these bills may change. This may sound a little silly, but our neurological brain functions have a significant impact on our stress levels and decision-making with daily activities. By giving thanks and being grateful for things we typically take for granted, our positive energy can be contagious in other aspects of our financial life. I am not a doctor, nor did I stay in a Holiday Inn Express last night, but I have always been told that less financial stress can lead to a healthier lifestyle.

When you develop a philosophy of money with your family, your values become clearer and you find appreciation for your unique financial situation. If you can be grateful for what you have and share your time and money with the less fortunate in your community, you will find a new perspective and positive energy towards personal finances, leading to a healthier financial life.

Remember, it is about developing a unique money philosophy that enables you to incorporate basic money management principles in your everyday life. Whatever principles you choose to adopt for your family, think of it as a positive affirmation toward your desired financial health. I hope I didn’t get too deep with this one! Thanks for listening.

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