.jpg)
Introduction
Have you ever thought about why some persons appear to have an ability to handle their money without recourse to credit despite being in the same income level with other persons? The answer may only be found in fundamental aspects of their money personality which includes the money beliefs, attitudes and behaviors which have been formed during their childhood years. Our attitudes towards money are all formed by our parents, guarder and the environment we have grown up in. But what happened in childhood can determine the type of adult financial behavior, and what changes can be made to change the situation for the better.
Recently, the importance of parents and caregivers for children has become the focus of much work and discussion.
Therefore it is important to keep in mind that the best sources influencing money beliefs and attitudes are parents or any other close caregivers. The way they manage them, talk about money, and act with regards to one’s money shapes the perception and behavior of a child on issues to do with money. Here are some common childhood money experiences and their potential impact on adult financial behaviors:
1. Finances are a taboo topic
Parents also have some misconceptions about discussing money with young children; for instance, some are of the opinion that is bad manners to ever mention money in front of children or that it will turn children in to little money grabbing monsters. Hence while kids raised in homes that do not discuss financial matters feel repelled or uncomfortable with the issue. For example, as adults they will be challenged when seeking to develop a budget, negotiate for salary increases, or explaining financial matters to spouses or financial advisors.
2. Finances are openly discussed
While, on the other hand, parents who are clear describing their children about finance can shape the positive aspects of finance including financial literacy, responsibility and confidence. They let their children ask questions, appreciate the concept of saving and how to create a budget, and make the correct decisions in their financial lives.
3. Money is a cause of worry or concern
For example children who grew up seeing their parents constantly wrangle over money or see that money causes discomfort to their parents will associate money as bad. Adults who grow up in such families can develop stress when handling their cash, have fear to spend or avoid talking about monies.
4. Money is a tool for good
When parents teach their children to share what they have, they understand that money means being able to help others. This mindset instills on the adults greater generosity, donating, and supporting charitable organizations and invest in the society.
5. Money, as most of you well know, is made, not growing on trees.
Children tend to emulate certain behaviors of their parents hence if parents instill good working ethic and personal responsibility with regards to financial matters then children will be more hard working, disciplined when it comes to issues to do with money. Children that went thru this have generally better employment opportunities and better earnings, and consequently more prosperous finances.
Early Childhood Experiences
It is important to note that other people who the child engages with as he or she grows up can affect the child’s money attitude. These experiences include:
1. Gender roles and money
Children are social and may observe our society and this may then affect their attitudes toward money. For example, boys may be taught to develop a working or profesional orientation, while girls may be given a nurturing orientation. This can cause what might be referred to as the division of labor in as much as it pertains to finances and potential earnings.
2. Relationships people have with money – worries, fears, anxieties, joys, happiness, love, hatred, passion, depression, and more.
Emotional experiences of the early childhood are related to money. For example, the child who once got a toy for washing utensils will have a perception that money earned is also as a result of a job well done. This can make a difference for a better outlook of money as individuals grow into adults.
3. Forming an identity
Realizing that children often emulate what they see their parents or other role models do, it should be easy to understand why children copy their parents. Money attitudes might be also adopted from the parents because money schemas are part of egocentric identity. This may not be easy to change later in life since the amount of experience that is being earned by the brain is fundamentally attached to routine.
An Important Task of Cultivating a Healthy Money Attitude
Our discussion clearly reveals that early experience does fit in with an economics in the future. Though, there is absolutely no reason why one cannot bother to adjust their money perception today and try to realize much improved money management. Here are some steps you can take:
1. Learn about your money mindset tendencies
The first thing we need to do is an assessment of something that has to do with money; thoughts, feelings or behavior. Are you a saver or a spender? Are financial discussions the ones that you don’t like having or tend to avoid? Identifying such patterns is the start of altering the way you start to perceive money.
2. Eliminate unfavorable thought and replace with favorable thoughts
Disregard the thoughts which are impeding your financial prosperity. If you think, for instance, that money is evil, this is not completely correct because money are neutral things which can cause beneficial as well as detrimental effects.
3. Learn from your experiences
Engage your reflections about childhood and childhood experiences in the formation of money attitudes. Seek to pattern yourself wherever possible and take stock of the fit in those contexts. If not, think about how you could transform all of that.
4. Educate yourself about money
As it all boils down to money – money matters; the more the knowledge, the better it is. Make sure to go out of your way and read about money, how to make it, and how to handle it or even more diverse topics like investing, budgeting etc. They focus more on your asset side and this may help you in feeling more land more in charge of your financial future.
5. Seek support
To implement a psychological perspective, the candidate is provided advise to seek the services of a financial coach, therapist or counselor.
6. Practice gratitude
Using the abundance technique of concentrating on what you have as opposed to what you need establishes a better attitude toward the use of money. In expressing thankfulness on a regular basis you are also to think of what one is grateful for – are there any resources missing from your list?
Conclusion
Money blueprint actually develops in childhood, but it is never too late to change its pattern for better and wealthy financial life. This would involve dispelling beliefs that are unhealthy when it comes to financial matters, learning about personal finance and getting the help that would enable establish a healthy relationship with money that can help us achieve financial successc and feel financially secure. Realize that your beliefs around money are not permanent and with practice and determination; you can change your feelings about money and achieve your goals with regard to your finances.
