289: Your Money History is Driving Your Money Habits

Be Wealthy & Smart personal finance podcastLearn why what has happened to you in the past is important to your present self.

I’m traveling and visiting with friends who have mentioned money stories from their past, without any consciousness about how it is connected to their present.

One mentioned money was so important to her Mom that she wouldn’t give her garage sale items. She had to buy them from Mom. She ended up buying back a gift she gave to her dad and her brother wanted it so she gave it to him. She paid for it twice and didn’t get what she wanted. Although she is affluent, she sees herself as “poor” and without discretionary income, though her closets and house are jammed with things. She mentions she “wishes” she could retire, but resists being responsible with money due to her underlying pain.

Another owns 3 homes and carries no cash, so she always is “broke”. Her father had his own business and it was very up and down, so he put tight reigns on the money.

They are real estate rich but cash poor due to 2 kids in college and lots of expenses from the homes, traveling, and a horse. I talked with her about the fact her net worth is over $4 million, but she compares herself to Bill Gates and says she’s poor.

Another mentioned her dad lost himself in stocks. All conversations had to lead to stocks. She and her sister felt ignored and resentful. They don’t like talking about stocks today.

What is going on here? Why are these well off women choosing to feel poor? Why is their self-talk about being poor?

Do you realize the majority of the world exists on $2 a day?

They can’t see the underlying money blocks.

For clues to your money blocks, think about your upbringing.

– What do you remember your parents saying or acting like with money?

Pretend you won the lottery. What is your next thought after Yay?

-Is it what do I do now?, How do I not lose it?, It feels like a burden?

Your history with money effects your present money.

Spend some time with this and find where your money pain is.

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