In this episode, Robert talks to Erin Lowry about how our parents have such a big impact on our money behaviors.
Robert Leonard:
So let’s talk about some of the mental challenges that people face when trying to get their personal finances order. What are some of the most common ones you see? And how can people overcome them?
Erin Lowry:
I really think almost everything we do with money is emotional, very little of it is rational. And a big part of that is identifying your own personal relationship to money. And I hate to say it, but that’s almost guaranteed to have come from your parents or whomever raised you. And this is not trying to finger point at people’s parents. But really, we are starting to code our relationship with money at a very young age. Different studies say different things, but it’s generally accepted between about 7 and 12 is when you’re really starting to pick up messages about money, how people around you are reacting to money, and that’s going start sending you signals and going to really start to dictate how you behave as you age. It can go multiple ways, but I like to think of it in kind of three fundamental groups that I made up in the book, and it’s riffing on a study that was done by the company Magnify Money and Professor Philip Zimbardo. He did the Stanford Prison Experiment for anybody who studied psych, but he also came up with this idea of time paradox. And that our relationship to time will dictate a lot about other things in our lives…
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