My client Tom Forde talks to me about the conversations he has with his family about money during the first episode of The Invested Life.
The question that comes up is, "Is it a good thing to take a look at your parents experiences for your own financial guidance?"
Well that depends. I had a 22 year old stop me in the hallway of our office building saying, "I need your help! I don't want to end up like my parents!" He obviously did not have parents like Tom.
Utilize your parent's situation as a starting point, but understand you may also have a much different path, passion in your life. With that being said, good financial principles - like budgeting, saving and investing...and giving - are always good principles regardless of time or place.
Because our economy has changed so much, financial strategies that may have worked just 10 to 15 years ago may not be relevant any longer in a modern world.
A saying goes, "It is wise to learn from your mistakes, but wiser to learn from the mistakes and successes of others!" Working together with a financial coach or trusted advisor can help you identify the positives from your parent's situation.
Whether your parents are good or bad with money, don't stop there. Tom Forde, sure didn't...and that is why he has greater confidence and clarity with his money, today.
You know what I want to know? What is your experience? Please drop your comment below or connect with me on Facebook...I'd love to hear what you have to say!
Until the next video, this is your Money Smart Guy from Chicago...to YOUR SUCCESS!