Our earliest relationships with money can spark questions about how we plan for our lives and our futures. They often influence our long-term financial behaviors across a wide spectrum. For instance, based on our first few real-life experiences with budgets and financial planning, we may view money as a private and taboo subject not open to discussion. Conversely, we may feel that money is meant to be spent freely without paying much attention to a long-term “bigger picture.”
Reflecting on the kinds of conversations you currently have with yourself, your partner and your family about money can help reveal clues about how your money and financial planning patterns developed. Do you remember the first time you learned how much your parents earned? How they spent their money? Their savings patterns? How did the adults in your life talk with you about money? How have your own earning, spending and saving patterns evolved through the years?
The answers to such questions will help you discover the financial behaviors you embrace – and realize there may be some patterns you don’t wish to follow. Regardless, whatever lessons you’ve learned so far about money can be expanded upon or adjusted. For instance, if you’ve felt the stress that overspending and under-planning can cause an individual or couple, we can advise you on the steps you can take to shore up your financial health. Maybe you grew up in a household where financial discussions did not include the children; if you have children and want them to learn a sound approach toward money but are uncertain how to do this, we’ll help you find ways to open avenues of age-appropriate conversation with them that increases their financial understanding, helps them limit unforeseen spending and guides them toward establishing healthy spending patterns.
Above all remember this: your past financial experience may impact your current state but it doesn’t have to dictate your future. At The Humphreys Group, our advisors work to help you assess your financial goals and better understand the hows and whys of your money decisions. Together we explore ways you can develop the best approach for you and your family – one that makes the most sense for your unique lives and one that puts you on a healthy path toward a longer-term plan and fiscal legacy.
