10 Financial Beliefs That Shouldn’t be Passed on to the Younger Generation

Parents are the most important people in any child’s life, as well as their first role models. Although, becoming adults, children sooner or later begin to make their own decisions, sometimes the phrases occasionally thrown by fathers and mothers remain engraved in the memory of the offspring forever. Beliefs inherited from parents are considered by children as their own, and the example of parents can significantly affect the child’s life in the future.

O incredible.club analyzed the family lessons about finance that we have inherited from past generations. Although these concepts have already played an important role in our development, it’s time to let go of some archaic beliefs.

Many of us believe that wealthy individuals are only those who succeed in extremely dishonest acts. Fortunately, this opinion can be considered outdated. Strong proof of this is, for example, IT professionals, civil aviation representatives, traders, biotechnology developersamong others: some categories have an average income that allows deservedly classifying those who work in them among the wealthiest of the population.

The wrong financial picture of the world, formed in the minds of some adults, is often creates the same erroneous worldview in their children🇧🇷 So that the child can opt for a well-paid and useful profession in the future, it is worth familiarizing him with the various alternatives available, and then helping him discover his inclinations, qualities and natural aptitudes.

A complete lack of motivation and vital interests in the future will threaten us, and our children too, if the attitude “We were never rich—nor will we be now” suddenly become a motto for our actions. Or rather, for our lack of action.

Guided by this advice, we found a good excuse for not wanting to change anything in our behavior and financial education. This attitude is unlikely to bring any positive results.

It was a long time ago, during a famous TV show. A country woman won a round and thus the right to choose between a prize or money. The program conductor offered her a large amount, but she still insisted: “Prize!” Then the presenter was surprised: “Well, I’m offering you a lot of money and you still prefer the prize?!” To which the woman replied: “When my husband brought me here to participate in the program, I asked him: ‘If I win the round, which should I choose: the prize or the money?’ He replied, ‘Take the prize. We were never rich—nor will we be now.’ The next day, that phrase was repeated across the country. © Evgeniy Kondrashov / Yandex.Q

As you know, we can’t earn all the money in the world. However, there are people whose main goal is to earn money non-stop, even if they have already achieved enough. But here’s the paradox: the more time people spend making money, the less they end up having🇧🇷

The point is that the more we earn, the more we want to consume. On the way there are more and more desires, we want to buy more expensive clothes, a better car. We no longer cook at home, we prefer to dine in fancy restaurants. With spending comes the fear of losing the “most important thing in life”—money.

In truly successful families, money is just a resource. which is far from being the most important thing for self-realization. Love and attention to children, ability to recognize and develop their natural abilities — this is what plays a key role when our children begin to look for their vocation. For example, the son of the famous billionaire Warren Buffett is now engaged in agriculture, and the daughter of Bill Gates plans to become a doctor.

My parents completed 65 springs. About five years ago, they moved into the house where they intend to spend the rest of their lives. They were able to pay it off in full, but my brother, sister, and I recently found out that they also took out a loan of almost $100,000, not to pay their medical bills, but to maintain their high standard of living. © tossgarbageaway329 / Reddit

The family belief that children are incapable of surpassing their parents is not always true. History is littered with examples of men and women who came from poor backgrounds and unexpectedly, for all, not only became rich, but became world-class innovators and entrepreneurs. From this we can conclude: it’s not so important that moms and dads sometimes can’t buy their kids the latest model cell phone or the latest video game🇧🇷 To develop a healthy personality in children, parental attention and dedication are often more important than the amount of money in the family bank account.

In the past, physical and heavy work was the main activity of our ancestors. Although those difficult times are behind us, we are still afraid to hear the call of the soul and go our own way🇧🇷

Our children also absorb this sad attitude from us. Obeying a family creed, they work at a job they don’t like, forget their hobbies and slopes. Fortunately, today, this sad tradition is gradually disappearing, and more and more people are working out of “passion” for what they do.

Last year I had to leave for the freelancers🇧🇷 The business is doing well and I manage to generate a certain amount of income every month. However, the problem is that I still live with my parents and they don’t agree with my lifestyle. For my relatives, a freelancer is someone who sits in front of a computer all day doing nothing. © No-Smoke-8873 / Reddit

It doesn’t matter how you earn your money, the important thing is that you earned it. —that is the meaning of the well-known phrase of the Roman Emperor Vespasian. What does this have to do with our children’s education?

Sometimes, parents begin to pay too much attention to all the wishes of their child and, in their quest to fulfill them, end up spoiling the little one so much that he becomes a king for the family.

feeling it, the little one very soon becomes a manipulator who knows the fastest ways to obtain the desired benefits. This tendency to reach the goal by any means can turn this child into an unscrupulous adult when it comes to “making money”.

Perhaps one of the most limiting convictions for the development of a child’s financial education are the phrases “We can’t afford this” and “We don’t have the money to buy this”🇧🇷 These concepts create a passive worldview in which our children lose motivation and interest in achievement. Children literally unlearn to want anything🇧🇷 This behavior applies not only to shopping, but also to other activities: this is often why teenagers refuse to spend energy on new things. hobbiessports and other creative activities.

To help your child develop a motivating thought, it’s worth replacing the phrase “We can’t afford this” with something more positive. In that sense, the expression “We will be able to buy that when we earn enough money” it can work much more.

The well-known expression “Cash in hand is a whirlwind” serves as an excuse for many people. Of course, with it you can relieve yourself of responsibility for spontaneous purchases and unwillingness to control your income and expenses. Today, this behavior is undesirable, as the existence of at least a basic sock can help protect the family in times of crisis. Think of the future: budget planning done by parents will certainly positively affect their children’s financial education🇧🇷

Recently, my mother asked me to take out a loan to help my parents get a loan from the bank. The reason why they cannot get the credit is because they are already in debt and the bank, seeing that they already have that debt, will not grant a new loan. I’m worried that at some point I will be involved in this situation, as most of the time, my parents simply don’t have money. © throwra-nata / Reddit

In my opinion, one of the rules that most people ignore concerns creating passive income streams. The advantage of this income is that you receive it even when you are not working. This serves as a security in the present and a guarantee of financial well-being in the future. The basic concept is the following: you buy, or create some kind of asset that will later make a profit. © Anastasia Smirnova / Yandex.Q

The well-known incentive formula “Once you do that, we’ll buy it for you” it can bring unpleasant consequences in the future. As the child grows up, the conviction is created that money is the only worthy form of motivation capable of bringing satisfaction to anyone.

Nobody argues that money is an important part of our lives, however, the obsession with consumerism and material wealth often makes it practically the only condition for being happy. This can be dangerous for a child’s psychological development.: the money that solves all the family’s problems and buys everything we want, also deprives us of willpower and solidity of character.

For some, the money is a super value. However, in fact, it is nothing more than a tool. If a person is content with money, like a plumber with a good spanner that will get him a quality job, then that joy is beneficial. © Natalia Pashkova / Yandex.Q

What old-fashioned attitude toward money did you experience as a child? Do you agree that financial education is essential knowledge to be taught to children from an early age?