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Comparing myself financially to others

May 7th, 2012 at 10:02 pm

When I first started blogging I wondered if financial habits were "hereditary." My mom has never been the best picture of financial fitness. But as the year has passed I have started to look at not only my mom, but other relatives and even friends. My father's family has always lived within their means and had money to show for it. They all owned properties or companies and had healthy savings. My mother, like I've said before, has no savings or home and is a spender. Her brothers, are the same way only worse. And recently I watched a friend take money out of retirement to pay bills and buy a car. So now her retirement is less, plus they will have to pay taxes, and I'm not if it solved the problem. Basically I am just trying to take pieces from all of these examples and realize that I can be like my father's family if I try. And I don't honestly feel like I have really been trying. Just going through the motions.

2 Responses to “Comparing myself financially to others”

  1. baselle Says:
    1336455179

    There is a classic study of children where the researcher told the child they could have two marshmallows in x minutes if they didn't eat the marshmallow in front of them. The researcher then left the room and then filmed what the child did.

    Not a surprise, but children who managed to wait for the two marshmallows had better impulse control and mostly had saved money; children who ate the marshmallow in front of them didn't.

    Sounds like you have some family members who could manage not to huff the marshmallow in front of them, other members who would huff it in an instant.

  2. Jerry Says:
    1336926310

    It can lead to a lot of frustration watching people (especially people we care about) make disastrous financial decisions, but there is never any insurance that we can force people to do the right thing! On the other hand, at least you can be a good example.
    Jerry

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