Family and Relationships

Rich Mom, Poor Mom

By Candace Bahr, CEA, CDFA and Ginita Wall, CPA, CFP

We inherit many things from our mothers. Mom our first source of nourishment, love, and security, and she’s also a role model for many of the values and beliefs that shape our lives.

Knowingly or not, Moms influence their children’s feelings about money, abundance, and prosperity—their sense of whether the glass of life is half-empty or half-full. What can a mother to do to give her kids a healthy, happy relationship with money?

First, it helps to get back in touch with your own early memories of how you learned about money yourself. What money issues did you experience growing up? If you spent any time shopping with Mom, you probably know whether she was a hoarder, an avoider, or a splurger. Mom the hoarder was always worried about money and felt certain that there would never be enough to keep the wolves from the door.

Whenever you asked for something, Mom couldn’t afford it—period. Mom the avoider didn’t want to think about money or talk about money matters. Maybe she felt it was beneath her or maybe she was just plain afraid of the whole subject. What about Mom the splurger?

You might have enjoyed her willingness to buy anything and everything—until Dad got home and took a look at the bills!

Once you understand the money feelings that affected your childhood, you can make a fresh start in helping your own kids develop confident and comfortable money sense.

It’s often said that a mother is her child’s best teacher. And the best teachers learn along with their students. Helping your kids learn to use money wisely can be educational and empowering for you, too. Here are some ideas:

1. Give kids a sense of well-being and a hopeful outlook. There’s plenty for everyone. Don’t worry, be happy. Be a grateful Mom who teaches appreciation for life’s abundant blessings.
   
   
2. Talk openly and honestly with your kids about money. Financial matters are part of the business of life that everyone can learn about and practice with confidence. There’s nothing to be afraid of or embarrassed about.
   
   
3. Show kids that managing money is about making plans and making choices. To get what you really want and value, you often have to wait and save before you can spend.

Every Mom can be a Rich Mom when it comes to giving her kids a money legacy to grow and thrive on. Prosperity, after all, begins at home!

At WIFE we welcome your comments. Please feel free to contact us.

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