In our ongoing research to better understand financial behaviors, we came across an article published in 2015 on the Pacific Standard website (GROWING UP POOR HAS EFFECTS ON YOUR CHILDREN EVEN IF YOU ESCAPE POVERTY) that speaks to the social ramifications of growing up poor and how it can effect generations by keeping them in a circle of established poverty. Their discussion leaned toward the environment that was lived in by parent and child effecting both the longer they stayed there because a lack of education put them in that position and the everyday struggles of that life kept them there. This, however, is surface level considering that there are many of us who lived this and emerged on the other end. However, are there still financial scars that linger from a rough upbringing?
We at DNA Financial Services have repeatedly tied financial behaviors to the root of how many people handle their finances either positively or negatively. Being raised in an environment where the income coming in doesn’t add up to what is owed or spent can cause you to either work like crazy to not let that stay your life or resign yourself to that just being the way it is. Nobody in their right mind wants their children to constantly see abandoned, blighted homes and buildings, yet for some, that’s their normal.
How many of us have worried about where money for bills and groceries would come from? If you lose a job, do you worry about losing your car, your house, or who can help you though all this? Do you think about what you want to buy, but can’t right now? What about saying no to your children about something they want and having to explain why, would that weigh on you and wouldn’t you want to make it right as soon as you could? These factors and more can tie into why some of us spend money the way that we do and why short term decisions are made to relieve short term pain rather than planning for long term gain.
This deep dive is to just think of where you have been and to not let that drive where you are going. Too often, we treat ourselves to make up for things we feel we deserve for how hard we have worked in this life, but there is something to be said for patience. Unless you are born into wealth, you cannot have the good life all at once, it is a gradual process. The more you make as you progress in this life, you must learn to set yourself up for success and by planning for everything you do with your money and trusting that process early, your latter years can be enjoyed and serve as the happy ending of coming up on the rough side of life.
Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of its’ clients now and for generations to come. The company offers a number of financial services designed to bridge the gap in wealth building education while aiding and advocating for the financial literacy of people from all walks of life.