Best Financial Advisors in Fort Worth, TX

Understanding Your Money Beliefs: Knowledge is Power 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) Understanding your money beliefs—your inherited family attitudes towards money—can be the first step in improving your financial decisions and reducing financial stress in your life. Researchers call these inherited money mindsets “money scripts.” These are categories of beliefs associated with problematic financial decisions that create chronic stress. (1,2) The authors of Wired for Wealth explained: (3) “A money script is not necessarily wrong, but neither is it necessarily right. Our scripts are often skewed, exaggerated, or one dimensional, consisting of incomplete or partial truths. They are usually highly contextual, true in one circumstance but false in many others. Since our money scripts are mostly unconscious, we don’t question their accuracy or examine the degree to which they are true and work for us, yet we continue to act on them as if they were entirely true.” Understanding the scripts that underlie your financial choices may help improve decision making and reduce financial stress.