Money Quote - Money Attitudes
September 17, 2007 · Print This Article
When I have money, I get rid of it quickly, lest it find a way into my heart. ~John Wesley
I got a chuckle out of this quote. But I also realized how true this is for many people.
As a financial planner, I see people at all levels of income and assets. It always surprises me when the people who make the most money seem to have the least amount of assets. Why is this?
Part of it is the person’s money habits. The people who earned a low or modest income but who amassed a large amount of wealth were good savers and frugal spenders. On the other hand, the people who earned a high income but who had small portfolios at retirement spent more and saved less.
But part of it could be their attitudes towards money as well. Someone who grew up poor may have the feeling that there will never be enough. Even if they earn a good income, they may continually sabotage themselves so that they are forced to spend their income instead of saving it.
What do you think? Does your attitude towards money affect how wealthy you are? I’d love to hear your comments…
It definitely affects me. I grew up very poor, and now we make a huge salary. Yet we always seem to be running out of money at the end of the month. I think never having money as a child has made me really want things…and be likely to just go out and buy them rather than deprive myself. We’re on a strict budget of saving and debt reduction now (within reason…I’m still allowed to be happy!), and hopefully I’ll feel more in control and rich now!