Do you have different money habits than your parents?

[Anonymous]

I know that I've seen this topic before but I'm curious if some people have realized that they have very different money habits than their parents. Unfortunately, I learned very little about money from my parents. Both my parents (father now deceased) lived for today and had very little to nothing in savings during their later years. As a result, I've learned to be much more frugal and have an intense focus on saving so that I can enjoy life more and have greater financial flexibility.

[Anonymous]

Same here. My parents are terrible with money and I have no idea how they will afford retirement.

[Anonymous]

My parents cannot tolerate financial risk and as a result waited decades before owning a home because they didn't want to have a mortgage, did not invest in stocks and let large sums of money sleep in their bank accounts, etc...

It's their personalities and they have manifested the same cautiousness in other aspects of their lives.

While this has provided them a worry-free existence, it's not really a way to live your life fully and stretch one's money to its potential.

[Anonymous]

My parents saved tons but never enjoyed life. Never upgraded or maintained wardrobe, home etc.
we make about the same but don't regard things like haircuts as luxuries, we travel etc

[Anonymous]

My parents and in-laws are both terrible with money . My parents never saved anything for retirement . My in-laws saved but also spend like crazy, 2nd mortgage on their home to help get out of debt, no budget, etc

My husband and I have stocks, a considerable savings (for a home down payment when we find the right one), and no debt besides student loans

[Anonymous]

Yes, they were children of the depression. Except for house, they were pay as you go and save as much as you can. DH's parents were similar. We are frugal and save- as a result have a very nice stability and QOL. We were also privileged with parents who figured out a way for all of the children to graduate without college loans and we felt this was a pay it forward kind of loan. We are privileged to do the same with our children. We are also privileged in having decent minds and abilities to earn a good living and make prudent financial decisions. We were privileged to come from families who valued education. We were privileged to have excellent public school educations which I work to do for all children as we think quality education is the best way to ensure a future for our country and world.

[Anonymous]

Dead opposite. I bought my first home st age 22. My father has never owned a home anf my mother bought her first home whrn i was 33 and only after i harrassed her about it. She's happy now. Her home is a condo and its now a rental in Tysons. Her mortgage, plus utilities is $1,100/mo which at the time was high, now is a bargain ,since she rents it out for $2,000/mo.

[Anonymous]

Anonymous wrote:My parents saved tons but never enjoyed life. Never upgraded or maintained wardrobe, home etc.
we make about the same but don't regard things like haircuts as luxuries, we travel etc

My parents were depression era kids and were exactly the same. Id say they were comfortable in terms of money but didn't enjoy it. I am definitely cheap - it's a running family joke. We do travel and live a nice life. But I am known for booking hotels with the bathroom down the hall or tent camping to save money while we travel.

[Anonymous]

My parents were terrible with money and never saved. I worried about what would happen to them in their old age, but they both died relatively young. So I'm glad they spent it and enjoyed their money. I try to strike a middle ground.

[Anonymous]

No. My now-retired father was a banker and very smart with money. He drilled the importance of starting to save early and compound interest into our heads as soon as we could understand words. He has been a huge influence on us siblings being financially comfortable.

[Anonymous]

Like one of the PPs, my parents were very risk averse, to the point that they saved and scripted and bought their home in cash.

Because of this, even though they are smart and capable people, and talked about opening their own business, they never did and tried to discourage me from doing the same.

They cannot understand why anyone would pay me so much money - to which I remind them that not *I* am the one paying me. They shake their heads and say it's a strange world.