Have you heard the saying that you are the average of the 5 people that you spend the most time with? Well, have you then heard that the reason you chose those five persons to spend time with is because they make you feel good because they remind you of your family? And so your current family structure was probably influenced by the decisions of your grandparents. Now if you are coming from a wealthy family, great. That means the 5 people you spend time with probably also have exposure to wealth. If not, then are you ready to be the first generation of wealth? Are you ready to hang out with people who have created wealth? Does that prospect make you excited or uncomfortable? Is it that you may have money or access to money but still hang out with the same friends and family that don’t have money? Is it possible that you could have more money, better ideas, more access to wealth if you included financially smart people in the group you hang out with?
Dragos Roua, personal development coach noted research from www.Wilson Quarterly.com
that stated, “From the moment a child is born into a wealthy family, their parents’ spending habits determine if they, too, will be in a high income bracket as an adult. It stems from how wealthy parents spend money compared to their low-income counterparts: where low-income families focus on immediate needs, such as food and transportation, rich families invest more on future-oriented purchases that will ensure their wellbeing.”
Roua goes on to state, “Because when you’re poor (or even in an average family) your focus on immediate needs simply blocks the habit of creating and maintaining long term investments.”
So what does that have to do with the people you hang out with? Well, according to Roau, we have a mental block to overcome your initial, family bound, wealth level. Every attempt to go beyond that level will eventually end with an even bigger swing back, sometimes throwing the subject into poverty, as a form of “punishment” for going overboard.
Hmmmm….does that sound like you or not? If you have made it financially, do you feel guilty? And if you have a few extra dollars in your possession do you feel compelled to rescue a family member or friend in need? Or are you the family member or friend that everyone comes to for a loan? Does that impact how you invest and save (or don’t invest or save)?
So let’s say you are ready for a change. What can you do? How do you improve the quality of finanical conversations that you have on a regular basis? According to Roua, what follows is a list of actionable approaches, that, combined, can lessen the tension of that inner conflicts generated by early childhood conditioning.
In a very short list, here they are:
- Meditate on abundance
- Build the saving habit
- Build your own assets
- Start and keep investing
- Stop judging people by the amount of money they make
- Forgive your parents or grandparents, it’s not their fault
Let me also add that attending conferences such as the Fabulous Life Conference in May or the many workshops put on by the Jamaica Stock Exchange or your favourite financial institution may also open the doors for your to hang out with like minded people who want to improve their standard of living.
It’s always good to reach out and build the right team to take you where you need to go.