Day 46- Financial Inheritance

Day 46- Financial Inheritance

Usually, when we talk about financial inheritance, its a good thing. Maybe a distant uncle has bequeathed you millions. Or your beloved grandmother left you her favorite broach. But what I am talking about today has much more to do with emotional inheritances surrounding your interactions with money.

The other day, Friend Travis noted that filing his taxes made him realize that living on his own took him out of the middle class lifestyle he grew up in and squarely in the working class bracket.

We all grew up with different expectations surrounding money. Most of them have come from our parents or grandparents. And thus, out on our own, we now find the lessons taught at an early age now come around and bite us causing us to make many of the same mistakes they did.

My parents both grew up in households where money was tight. My mom was the eldest of a whole mess of kids. And my dad practically grew up in a single parent household. But they never wanted me and my brother to have to worry about the same things they worried about. So, even when money was tight there were many things we could "afford" even when should have.

There was always money for books. Even though we practically *lived* at the public library and got most of our reading done there, there always seemed to be money for books.

There was always money for special occasion meals. We did not always eat out. But we did frequently, especially when time was tight. And on special occasions, we would go some where fancy.

There was always money for cable TV. I seriously cannot remember a time when we didn't have cable TV in the house. And when we moved into our new apartment in Richmond, my folks even offered to pay for our cable for us.

There was always money for trips. Whenever I wanted to go somewhere, there always seemed to be money for it. Even though I knew it was expensive. Sometimes, I had to work for scholarships. But I never paid for it completely that way.

So, now, that money is tight and I am trying to borrow less and less money from my folks and other outside sources, there are four sticking points. Yup: books, meals, TV/Movies, trips.

Cutting out these things have become so difficult for me, it has become a spiritual practice for me. I have completely given up eating out for Lent (except for last night- Valentine's Day). I give myself no more than 10 minutes in a bookstore and I never come in with a list. We just had to cancel our Ded Prez day trip to Boston because we realized we couldn't afford it. And the only reason I can justify having cable is due to a combination of Presidential Elections and the fact that I am splitting it with 7 other people!

Breaking my Financial Inheritances is hard. But it is worth it. The fact that I have nearly paid back all the money I owe my family is due to in large part that I am sticking to my spending plan and paying back bills with my snowflakes. I am also finding good compromises on how to stay away from my weaknesses.

I have been reading from my private and public libraries instead of going to Borders. I pack myself a delicious and hearty meal every day for work. I have been cutting back my TV time so that I can be more serious about getting rid of cable next year. And I go on "vacation" in my own city by going to free events and outings.

What sort of financial inheritances have you received (both good and bad) and how do you work with them?

Competence Moment of the Day: Even though I fell of the TheDailyPlate.com wagon, I got right back on and started noting my meals and exercise again.