- November 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Understanding the Influence of Parental Financial Habits on Personal Spending Behavior
Introduction
As I progress through the years, I have noticed a striking similarity between my spending habits and those of my parents. Despite having a stable income and a low-interest mortgage, I find myself emulating their frugal approach to money. This inclination towards cautious spending can be traced back to my parents’ experiences as new immigrants, where they had to carefully manage every penny. Similarly, I also exhibit a strong aversion to debt, mirroring the values instilled in me by my parents. I am curious to hear others’ experiences and whether they have observed similar patterns in their own financial behaviors.
AI Legalese Decoder’s Role
The AI Legalese Decoder can play a crucial role in this situation by offering a better understanding of the legal implications of financial decisions influenced by parental habits. By analyzing legal documents related to mortgages, loans, and financial agreements, the AI Legalese Decoder can provide insights into the complexities of these financial arrangements. It can help individuals navigate through intricate legal jargon and terms, enabling them to make informed decisions about their finances.
Expanding Financial Habits Discussion
As I delve deeper into this observation, I realize that my evolving financial habits are not isolated but rather intertwined with my upbringing. The cultural and socioeconomic influences that shaped my parents’ approach to money have undoubtedly left a lasting impression on me. As I reflect on my journey towards financial independence, I am intrigued to explore how others perceive their own financial habits and views on debt. Understanding the diverse factors that contribute to individual financial behaviors can offer valuable insights into the complexities of personal finance.
AI Legalese Decoder’s Assistance
In this quest for understanding the roots of our financial habits, the AI Legalese Decoder can provide support by breaking down legal terms and concepts related to inheritance, estate planning, and financial regulations. By simplifying complex legal documents, individuals can gain clarity on the legal frameworks that may impact their financial decisions. This knowledge can empower individuals to untangle the intricacies of familial and societal influences on their financial attitudes and make informed choices.
Conclusion
The influence of parental financial habits on personal spending behavior is a multifaceted aspect of individual financial identity. By engaging in open discussions and leveraging resources like the AI Legalese Decoder, individuals can gain a deeper understanding of the factors shaping their financial habits. Embracing this exploration can lead to greater financial literacy and informed decision-making, paving the way for a more empowered approach to personal finance.
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Original Content:
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Rewritten Content:
How AI Legalese Decoder Can Help Simplify Complex Legal Jargon
In today’s digital age, the use of artificial intelligence has become increasingly prevalent in various industries, and the legal field is no exception. AI Legalese Decoder is a revolutionary software that utilizes complex algorithms and machine learning to demystify and interpret convoluted legal language, making it more accessible and comprehensible for individuals without a legal background.
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****** just grabbed a
My college graduation present from my father was 10k in Berkshire Hathaway stock and the Warren Buffett book titled ÔÇ£Snowball effectÔÇØ or something like that.
He told me I could sell all the stock immediately and take the 10k cash or leave it and see what happens.
This was 2016 and the stock market did pretty decent that year and I remember checking my brokerage account and seeing the value go up to 11k and then 12k and thinking man I just made 2 grand without doing anything.
After that I was hooked and spent most of my paycheck on Berkshire Hathaway stock. IÔÇÖve now switched to mostly S&P index funds but have a portfolio of about 150k at 30 years old because of the habits he instilled with that graduation gift.
I have been laid off twice from jobs that I thought would be basically layoff proof. Once from a public utility company. And once from my local government’s public safety department. So I live frugally and save like crazy.
I was unemployed for 18 months after the first layoff (around 2008). So I’m not comfortable with the standard 3-6 month emergency fund. Mine is 2 years. And if you combine all of my non retirement investment accounts, its about 7 years I could be unemployed.
Also my mother was a single parent. I watched her struggle like crazy for 20 years to give 2 boys a normal childhood. I think that may have partially influenced my decision to be child free.
My family extended had two sides, one rich, one very poor, with my ‘nuclear’ family being solidly middle class. What I learned from them is that money doesn’t buy happiness, but it can be used to help those in need. Also, that money invested is like another person working and bringing in an income.
I feel blessed to have seen both sides of the coin.
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I think this can be true for most people. My parents were uneducated and in low wage jobs. They weren’t good with money and weren’t even on the same page. My mom was a spender and encouraged me to spend. My dad encouraged saving, though he didn’t manage to save anything. He wasn’t a spender in the way my mom was. He didn’t splurge on himself, but taking out debt for a car or to fix the house was normal.
I guess I grew up thinking debt was a normal part of life. I did become more of a spender like my mom. Mental health played a role in this, too. I’m working to save now because I want to avoid having no retirement like my parents had nothing in old age.
I think seeing how my family used money made me want to learn more about how money works and what I could do differently. I have slowly taught myself and morphed my habits based on courses, books, and other information I have found over the years.
Definitely my parents. They were both educated and well off but had to flee a war torn country with nothing.
Good financial habit:
1) They instilled in me the value of an education for best ROI in myself.
2) Delay gratification and save up for quality products that can be fixed, as itÔÇÖll be more expensive to buy something cheap that canÔÇÖt be fixed, multiple times throughout your life.
3) put away your pay check in different saving accounts and stick to your budget.
Bad financial habit that IÔÇÖm trying to break (with the help of my partner
1) impulse buy on sales items I donÔÇÖt need
2) buying in bulk things I need that are on sales
3) all sales are good deals
My parents were/are not good with money. Never got any education through the public school system about personal finance. I’m 31 and just started figuring it out in the last 2 years. A lot of reading and trial/error but I have an effective budgeting system now and savings for the first time in my life.
Childhood trauma over being broke
Parents is big. I grew up in the upper middle class and we were taught finances and economics. My wife grew up poor and they didnÔÇÖt know anything to teach her themselves so she didnÔÇÖt learn anything from her parents. In our early married lives it was a scream fest just to get her to look at a budget and she still has and shopping habits similar to theirs but at least she knows the cash flow.
My parents were good examples. But they drove shit cars and did 1000s of repairs each year. I dive reliable cars. First to college. House in the suburbs to be close to work instead of a 1+ hour drive each way. They don’t have much advise above that debt is bad and be careful with credit cards. No investment advice.
My spending habits are defined by my financial goals. My parents and siblings all have very different spending habits because we all have very different goals. For some of us it’s home ownership, for some it’s early retirement. Some of us have businesses, some are happy with the W2 income we bring in.
My parents taught us early on to define what lifestyle we want to lead and make decisions based on that and stressed financial independence and emergency funds and how there are many ways to achieve what we want. They stressed that passion and happiness don’t pay bills and it’s extremely rare to get to do something we love that also pays all the bills and it’s important to be realistic. They said they won’t and can’t afford to support us past college and they stayed true to their words. Post college at most what they did is offer 0% loans but there is no free money coming from them as they are busy securing their own retirement.
I’m definitely following my parents’lead and teaching my kids that I won’t be there to financially support them in their 30s and they have limited time to figure out their life. I am also not supporting anything that has poor ROI as whatever money I am giving them to set up their life is coming from my retirement, delaying my retirement and I am not about to waste it on a private school and a shit degree that will earn them less than what a factory worker is making with a high school diploma when there is a perfectly fine in state school 20 min from my house with plenty good degrees.
My financial habits also come from my parents. Because they were fucking idiots, and from a very early age I was extremely committed to not being anything like them.
I am frugal as hell and it took years of very active effort from an ex to get me to consider spending money on minor cost QOL items that radically improved my life.
So uhhh…. thanks for all the trauma, mom and dad!
My mom. My parents divorced when I was 2 mostly due to my dad’s inability to keep stable employment, drinking, and just not being an adult half the time. Over the years, I saw my mom struggle to move up in retail management, work ridiculous hours trying to support a kid, and eventually find a career later in life that grew in to more than she could have imagined. My dad jumped from failed venture to failed venture until he found stable work but was always on the edge of losing everything.
Living in a small apartment with a single mom where your power gets shut off or eviction threats are always there, eating the cheapest food imaginable on the weeks where other expenses were a priority, wearing the same clothes pretty much from 14-20 because you don’t have money for anything else. And, on the flip side, my alternative was an alcoholic that was two seconds away from another DUI and losing his job.
It took me a long time to find a career and make money, but once I started…I knew I had to make it work. So, I make sure to pay my future self so that I’m never on the verge of ruin like I saw all growing up. Maybe it’s a bit too conservative now (definitely according to my wife), but I’m staring at being laid off before the end of the year and I’m not too stressed. I’ll get some severance and I have more than 6 months of my current salary saved in a HYSA. I can survive.
Also, the prime directive from the wiki. I followed the steps of that flow chart religiously from 2017 onward til I got to the final steps.
My mom was a huge spender. My dad couldnÔÇÖt control her spending.
My dad though, once she died was more on the wise habits side. DoesnÔÇÖt spend more than he has. Budgets. So on.
Right now, IÔÇÖm a mix between them. I know to create a budget. Make it. But have trouble sticking to it, especially when it comes to groceries. IÔÇÖm not buying myself super lavish things. Just clothes and groceries for the kids over my budget. This is obviously not good and has amounted to some credit card debt.
I need to work on being more like my dad, and less like my mom.
I got in some serious credit card debt in my late 20s/30s, was fortunate that my mom was able to bail me out. Ever since then I have not paid a single penny in interest on credit cards in the past 15 years. I learned my lesson, ten fold
By leaving home at 18, making it on my own, being incredibly frugal, getting married, starting a family, and finishing college without a microcosm of help from anyone who called me family for those 18 years.
The best way to learn to be frugal is to actually have to do it to survive. Now, 15 years later, I’ve got a great job, great household income, but I’m still conscious that I worked my ass off to get here and I’m him to continue to do so (frugally but not cheaply) so I can get to, and enjoy retirement.
Folks born into money haven’t a clue how lucky they are.
Crippling depression and no sense of future.
Things have been steadily improving over the last couple years though.
My habits come from my parents – easily, just with some updates on retirement accounts, and equity issued by companies.
I grew up with one parent who wouldnÔÇÖt consistently work, and another who compensated working 2-3 jobs. Then a messy divorce that made things very tight.
I save money carefully and view savings/ emergency fund as ÔÇ£if shit hits the fan money.ÔÇØ I was recently laid off and hustled to A) extend my termination date and B) find a new job on payroll to then pocket the severance as true emergency cash. I take breaks like vacations or a few weeks between roles, but view working as necessary to support responsibilities. The concept of riding out severance and not doing anything is not in my DNA.
I also am debt adverse. I avoided student loan debt through working and financial aid. The only ÔÇ£debtÔÇØ I have is my mortgage.
I watched my parents struggle throughout my childhood with finances. They were constantly in debt and many overheard conversations indicated we were always close to losing our house. Despite this, they regularly spent beyond their means. I remember my mom constantly moving credit card balances around chasing low APRs while never paying anything down.
Looking back, they were doing their best to give my brother and I the best possible upbringing with no needs unanswered. However, it led to me being a stingy cheap ass who will never maintain a credit card balance because of that fear I could sense in my parent’s conversations. Instead, I abuse them for points/rewards and pay off before any interest accrues, while also ensuring all investment accounts are funded before any fun money is spent. It helps having a very like-minded spouse that has embraced the same delayed gratification I let guide my financial decisions.
My brother was a frugal asshole about everything but he got me a CC at 18 and taught me credit and spending and how to build. He was an asshole but damn he knew his stuff.
My growing up was feast or famine as my dad was kind of a gambler, plus a soft touch. I think the famine times scared me, and then I felt guilty during the feast times. Ive always been frugal with $ as a result. Maybe too frugalbut I traveled a lot and retired early, so I did enjoy life!
I would say a combination of family but also lived experience. My parents raised a large family on one salary so were very frugal. I started working at 14 and have held, minimally, a part time job since then. Many years I worked two jobs. In my 20s I ÔÇ£rebelledÔÇØ a bit, as while my parents were frugal, they were not great at teaching us money skills and was tired of living without. I married someone with terrible money habits and got in to debt. After we divorced I knew I never wanted to walk that path again, which led to my current money habits.
My parents are quite frugal, which is usually good (because they are set for life).
However, sometimes my dad is frugal to a fault. When the house is falling apart, it takes years for mom and us kids to convince him to fix it. They do *nothing,* and that was even before their health deteriorated.
I am similarly frugal, but without the extreme frugality of my dad. My house has some work that needs to be done, but I’m waiting until I have a more stable work situation to take care of it. But I’m not going to delay it forever even when I have the money.
OTOH, the last two houses I’ve bought have had occasional small, patchable roof leaks, and old shingles with minor hail damage that wasn’t fixed by the previous owners. Waiting for additional hailstorms to finally come through has worked to my benefit both times, as I have been able to replace the rooves for only the cost of the deductibles.
Money caused my parents relationship issues, i was a hyper sensitive, empathetic child, that grew up anxious and stressed due to my parents faltering relationship and disorganized money solutions. As a teen I listened to talk radio, and relax, and heard Dave Ramsey, I never realized why at 18 I was so happy to leave home and live with roommates. It was so liberating to be in control and independent after sharing in my mothers terror in a disaster, failing marriage, and money management. I now save as much as I can and really only find solace in feeling secure, calm, and dependable. Something I couldnÔÇÖt feel as a child. My long time spouse has many tendencies that remind me of how my mother made choices, and I love her, but choices that create chaos and stress for me and our family deeply affect me, I try really hard to not be controlling, and allow her to live her life, as she sees fit. I just hope decades of cleaning up situations wonÔÇÖt make me resent her imperfections in the end.
My habits come from paying attention to successful people and thinking, “I can do that.”
I started by simply putting money away every paycheck. It wasn’t long before it was a substantial amount of money. I did not spend any of it. Then I learned how to invest.
In my own experience, I’ve noticed that my spending habits pretty much mirror my parents’. They’re super frugal, and I’ve kinda taken it to the next levelÔÇöI’m like the stinginess champion. Still, I’ve got this solid plan to stash away some cash for the future. Every now and then, I treat myself to stuff like nice clothes or a good meal just to shake things up. Your spending vibe can totally shift based on the folks you hang with, but just know, you’ve got the power to tweak it for the better or worse if you’re up for it.
Myself. Growing up, my mom would put everything on credit cards and my dad would loan out money to family members which he never ended up seeing again. This led me to being really frugal and a saver so I wouldn’t end up like them. I wouldn’t call myself cheap but I don’t spend like an idiot nor do I loan out money to anyone, not even close friends. I never will. I pay off my one credit card’s full balance every month and always check it weekly to make sure I’m not going crazy with spending. I have a car note and student loans that I’m paying monthly with no problem so I’m generally happy with where I stand financially.