We hear a lot of the same things….
I just wish my parents would have taught me this stuff when I was younger.
When am I going to stop living in a scarcity mindset?
My financial stress levels are really high because I just don’t know where to start.
I picked up some bad money habits from watching how my parents handled their money.
We get it, and you’re not alone. Below are some hurdles you might face as a (future) first-generation millionaire.
Finding where to get your education
Congratulations – you’ve won the lottery if you’ve participated in our program! Just kidding… but also, not really. Most people get their first money advice or money product from someone with a vested interest; meaning they’re usually being sold something that isn’t necessarily in their best interest. One of the hardest obstacles any money-smart person will face is finding where to source their information and ensure that it is both accurate, and backed up by data.
Reframing how you view money
It turns out, research shows that money habits are set by age 7 (PBS). You can argue then that the way you view money is also largely shaped by that time, too. This is why it’s so crucial to challenge problematic money thinking when you become an adult. If you grew up in a family where you were taught that only greedy people had wealth, or that you were always one unlucky choice away from being poor – you can see how these ways of thinking could be problematic. Working to overcome a scarcity mindset is one of the best things you can do for yourself (and your finances). It’s important to know that, while money is limited, there is also a lot of it out in the world, and many ways to attain more of it. If you can learn how to play your cards right, you’ll see the potential that money has to work in your favor as a tool.
Depending on how your family views people with money, or how taboo it is to talk about – you may find yourself feeling shame about your own progress. There are many examples of 3rd Decaders whose parents & grandparents have nothing saved for retirement. This can feel awkward, and makes it feel like money and finances are things to keep private (which, honestly, can be a pretty big bummer for someone who just wants to share the progress they’re making with mom and dad). I don’t have any great advice for navigating this, because it really is such a sensitive topic, however you can choose to reframe how this looks for your family moving forward. Having open conversations about money with friends, family, and future children, is a great way to spread sound financial knowledge and take back the power that money-shame has in keeping people quiet (which disproportionately affects people with less money).
Becoming a millionaire is not as impossible as it may seem. Just remember… wealth is the aggregation of marginal gains.