My tape is that too much money is not good to have. The way i grew up my parents had a lot of money and I was embarrassed. So therefore I've led a life just having as much as I need, and spending the rest. I would like to break away from this tape as I age, because I want to start saving a lot more! Any tips on how to get rid of this money tape?
C.
Gary's response: I'd suggest that C. think back to their childhood and try to understand why they were embarrassed. What C. finds could help overcome the reluctance to saving.
For instance, it could be that C's parents were very proud of their wealth. And, weren't afraid to display it. Naturally that might make it hard for C. to make friends with kids from less prosperous families.
But, thinking about it, does accumulating wealth mean that you have to display it for the world to see? Does anyone need to know how much C. has in the bank or a 401k account? Just because C. can afford fancy clothes or a fancy car doesn't mean C. has to buy them. So, if that was the concern C. probably can put the fear away and begin to save for the future.
Or maybe C. was embarrassed having things growing up that friends didn't have. Again, that's understandable. Growing up we all want to be like our friends. But is there any reason that the size of C's savings account should force C. to give up current friends (even if they're penniless)? C. appears to be a very down-to-earth person. Accumulating some savings doesn't need to change that. And, in fact, there's no reason that it should.
Examining the Money Tape could help C. understand the underlying feelings. And, once C. understands them they won't hold the same importance. Chances are they aren't relevant to C's life today. Once C. recognizes that the Tapes won't have any power. My guess is that C. can find a way to avoid any problems and still start saving.
This post originally appeared in "Financial Independence" - a free daily look at what it takes to take control of your money. To subscribe click here. Do you have an interesting Money Tape playing in your head? You're not alone. We all learn by sharing our experiences. Please send your Money Tape by email and we'll include as many as we can in future issues.
