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I have on occasion criticized politicians and/or people of wealth for not remembering where they came from. Other times I have read articles enumerating retirement account balances by age, and commented negatively about young people’s failure to prepare for their future.
There is validity to feeling that way to a certain extent, still, in doing so we may be denying our own past. While I’m proud to have achieved a two comma net worth, that didn’t happen until sometime in our 7th decade of life, and for Chris and me it’s a family achievement, not an individual one.
A homeowner at 20, married at 21, two kids before 30, and a partner that didn’t share my philosophy on money, I didn’t save a cent. Although I tried, I couldn’t even build an emergency fund. Chrissy and I got together in our late 40s, but our financial purchase didn’t fully take hold until several years after that.
I need to remind myself to take a look in the mirror every so often, and remember where I came from.
Agreed Dan. My perspective on this usually relates to the good fortune that I have had. Born into a stable, middle class family in Australia, and then provided the opportunity for a university education. Yeah, I worked pretty hard and perhaps made a few good decisions along the way, but my initial good luck can’t be ignored, particularly if I feel inclined to judge others.
Dan, I agree 100% and I know exactly the point you are trying to make. When I look in the mirror, I see that I had good parents especially an excellent mom who taught me so much. So I was lucky I had a good foundation. I also see that I built on that foundation and was able to fulfill my financial goals and live well in retirement.
Or, as in my case, I’ve pretty much tried to do the opposite of what my parents did as to money…
I know that one way or another, we learn from our parents, so I find it interesting that some siblings get opposite lessons. I’m a saver, my brother not so much.
Good point, Dan. My sister is in a very different place than I am yet with same home environment, same basic education. But with no clue about prudently handling money and no investments of any kind. They struggle to pay monthly bills and yet they have SS, a military pension and a corporate pension, no mortgage.