I Almost Let My Parents’ Stories About Money Influence My Spending

A tale of generational spending instead of wealth

I love my parents to death, I swear I do.

But with that said, I grew up in a house where we struggled a lot. However, I constantly heard stories from my parents about how amazing their lives were before they had kids.

Both of my parents drove luxury vehicles like BMWs and Audis.

Both of my parents bought high-end fashion items and expensive jewelry.

Neither of my parents still own those cars or items.

So what happened?

If you ask my parents, they’ll tell you they had kids and had to sacrifice all of their high-end goods. It’s most likely the truth. Kids are expensive and my parents had three of us.

Thinking back to those younger days when my parents told stories about the glitz and the glam of DINK (double income, no kids), it made a younger me want what they had.

It made me want to drive a luxury car in my mid-20s and early-30s.

It made me want to wear fancy, expensive designer clothes and buy high-end jewelry.

It made me want to spend every cent on seeing the world and traveling.

What it didn’t make me want to do was save money, invest or think about what would happen later down the road.

As I matured, I learned I wasn’t alone. Many of my friends’ parents told them similar stories of the glitz-and-glam life they had before their children. I found out just how common it was to explain the joys of spending money on nice things.

Looking back, I wish my parents wouldn’t have painted these stories in my head. I wish they would’ve taught me the value of investing or saving money and living below one’s means.

By telling me these stories about their lives, it influenced how I spent my money when I first started getting paid “real money” in my early-20s.

The 20s and early-30s are the age when many young people should start investing and securing assets for their futures. But instead, we get caught up in outside influences (like our parents' stories, peer pressure, etc.) and make poor financial decisions.

Don’t get caught up.

If possible, spend ages 20–35 investing, saving, paying off debts and increasing your income.

You can still have fun, but make sure you create a budget for it and ensure it fits your financial plan for your future.

That watch or pair of shoes you want so badly will be there later. Make your money work for you now so you can reap the benefits of it later.

Becoming wealthy is hard work. Sacrifices must be made, no one said it would be easy.

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