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Speaker reflects on family financial conversations

Speaker reflects on family financial conversations

From Yo Quiero Dinero

34m ago
personal financefamily dynamicswealth buildingfinancial advicegenerational wealth
Transcript
Starting college. He just started this year. Yeah. I'm curious if you guys have had conversations about, like, what's the plan for mom and dad in the future? To be honest, we have not talked about that. I am the oldest and they are, like, just starting their adult lives. Yeah. And so I feel like part of what I am giving to them is just the ability to not have to worry about that yet. And a little bit later, maybe, like, when I can tell that they're a little bit more on their own two feet, then it's time to sit down and have the conversation. For now, I just, like, give them advice about savings, investments, things to get them set up as individuals. Yeah. That's also a really important resource that I think is underappreciated is just having someone in the family who has that knowledge, who can then pass it on and continue to help the next generations break that cycle. Right. So that's an incredibly generous gift that you're giving them. Just knowing that they have you as their financial advisor and cheerleader in the family. We love that for them. Okay, let's talk about how we can let ourselves enjoy what we've built without feeling guilty or waiting for the other shoe to drop. This is a topic that I've struggled with many people that listen to this podcast with. I think it's the question, quintessential experience of the first gen person who made it out, who got the good job, is making the money. Maybe you bought the nice house in the nice neighborhood. You're living a life that feels so far removed from what you saw and experienced growing up. How do we actually start to enjoy this instead of just always having this underlying anxiety of like, oh, my God, everything that I've worked so hard for is just always, you know, at the point of almost disappearing. I start the book by talking about scarcity Mindset, actually. I'm sure you've heard of it. I was writing the book, I looked into it, and it's actually like a real researched phenomenon where when you experience poverty or limited resources, even temporarily at some point in your life, it rewires your brain to think differently about money. So it rewires your brain to only think about the short term, basically about how to get through the present and.
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