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For a variety of reasons, second (or third) marriages are becoming the norm. With them come blended families with ex-spouses, stepkids, half siblings and a whole new financial picture.
Congratulations to Lauren Black, CERTIFIED FINANCIAL PLANNER™ for being ranked among Mississippi Business Journal’s Top 50 Under 40 Business Leaders.* This list recognizes the state’s top 50 up-and-coming business leaders under the age of 40, and is produced by the statewide weekly business newspaper (located in Jackson, MS). The Mississippi Business Journal (MBJ) covers the state’s business world, with opinion pieces and editorials on a variety of topics, from economic development to banking and law.
Understanding family attitudes towards money may improve financial decisions and reduce financial stress.
People inherit more from their parents and grandparents than big feet, eye color, self-discipline, a passion for sports, or an artistic bent. Most also assume their families’ ideas and attitudes toward money. Money beliefs are often passed down from generation to generation, along with great grandma’s quilts, ancestral photos, and family culture.1
Researchers call these inherited money mindsets ‘money scripts.’ These are categories of belief associated with problematic financial decisions that create chronic stress.1, 2 The authors of Wired for Wealth explained:3
“There’s no place like home.”1
Conjuring an image of ‘home’ was a lot easier for Dorothy than it is for people who are on the cusp of retirement. After all, isn’t retirement supposed to be a new start? Aren’t retirees supposed to wave goodbye to friends and family as they head for new adventures in warmer climates? Shouldn’t the latter decades of life be spent traveling in golf carts down palm-lined streets and tipping umbrella-studded cocktails?