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I spoke to a couple who were fighting about renovating the bathroom. She wanted it, he didn't
They made $150,000/year
When I asked what they wanted with their money, he said, "I don't know." I pushed. "Maybe travel...buy a house...send kids to college"
What do you notice?
They made $150,000/year
When I asked what they wanted with their money, he said, "I don't know." I pushed. "Maybe travel...buy a house...send kids to college"
What do you notice?
Most of us have never thought deeply about what we actually want to do with our money
When asked, we resort to cliches: Travel...house...send kids to college.
This couple doesn't even have kids!
In his vision, he literally skipped over 20 years to "send kids to college"
When asked, we resort to cliches: Travel...house...send kids to college.
This couple doesn't even have kids!
In his vision, he literally skipped over 20 years to "send kids to college"
When I probed, they both revealed they grew up with middle-class families whose invisible script with money was simple:
SAVE
That's it. That was the total extent of "what you do with money."
Back then, you could save, buy a house on 1 income, and live a nice life. But today...
SAVE
That's it. That was the total extent of "what you do with money."
Back then, you could save, buy a house on 1 income, and live a nice life. But today...
1. It's difficult to live on 1 income and buy a house in their area
2. They make way, way more than their parents did in their early 30s
3. Following the same scripts their parents did -- for a different time, income level, and world -- would be a mistake
2. They make way, way more than their parents did in their early 30s
3. Following the same scripts their parents did -- for a different time, income level, and world -- would be a mistake
When I talk to people about money, I almost always find they think they have a math problem -- but it's untrue
This is hard to accept. It's easy to dream of a simple solution if it involves cell C2 in your spreadsheet
Much harder to change your entire psychological worldview
This is hard to accept. It's easy to dream of a simple solution if it involves cell C2 in your spreadsheet
Much harder to change your entire psychological worldview
I pointed out they could live a much richer life than they'd ever imagined...if they want to
But their middle-class upbringing has surrounded them with a script of "save...that's what we do"
I hope they change, because I consider it a tragedy to live smaller than you have to
But their middle-class upbringing has surrounded them with a script of "save...that's what we do"
I hope they change, because I consider it a tragedy to live smaller than you have to
