I was listening to the The Beige Phillip Show this morning on my walk.
It’s brain candy for me… but sometimes a nugget of wisdom slips by.
And, it inspired me to write you today to ask you: who do you take financial advice from?
A lot of our financial habits were learned when we were young.
We learned them from our parents or maybe our friends.
If you went to church growing up, you learned a lot about money from the pulpit (albeit covertly).
We MIGHT learn some tricks from books we read, but that’s rare.
Here’s what I mean:
When I was just an anklebiter, money wasn’t even on my radar.
But that doesn’t mean mom and pop weren’t influencing me. They were. In every purchase they made.
As I got older, I was able to SEE this with my own (little) eyes.
And when I got older, it inflenced my ideas about money.
Dad controlled the checkbook. Mom basically didn’t have much of a say in anything.
This is what I LEARNED was correct.
Did we save money as a family?
I’m sure we did, but we didn’t talk a lot about it… unless we were spending it… and then the discussion was usually how to stop spending or that mom was spending too much… or that dad was complaining about how much such and such a thing cost.
And so I let these ideas seep deep into my subconscious… where they stayed for a long, long time.
Until… one day…
It hit me.
My 18 year-old self was thrust into adulthood… forced to be a responsible adult… and yet I had no idea (not really) how to adult.
I spent money foolishly. I never saved. I was always out partying with friends and buying stuff I didn’t need.
In short… I was TERRIBLE at managing money.
This is where a lot of people stop.
They (essentially) live every day like they did when they were younger… in their teens or maybe early 20s.
Sure, SOME things are different. I’m not saying people try to relive all aspects of their 20s… but habits formed then tend to stick in some way, shape, or form.
Including saving and spending habits.
Which means…
They are (ultimately) taking financial advice from their 18-year old, know-nothing, self.
Now… if you think about it… that’s absolutely, positively, crazy.
No one takes major life advice from an 18 year old for (what should be) obvious reasons.
So… what to do?
Well, there are really only 2 things you can do.
A person in that position either keeps on keeping on…
Or…
They change.
That’s it.
Those are the choices.
People who keep taking advice from their younger self… well… best of luck to them. They’re going to need it.
People who change… they seek out professional advice.
Now, I’m clearly not the only professional out there.
But I am one of them.
More (unusual) info here: