Our personal experiences and relationships in life develop who we are as a person and how we view the world. The same goes for how you view finances. External factors will impact your financial decisions, and our influencers have profound implications on our mindset.
Lev Vygotsky was a Soviet psychologist who used the phrase "More Knowledgeable Other" to explain how family, society, and culture play a role in developing one's psychology. Almost all of us can remember someone we look up to discussing finances and solutions to issues they faced. We perceived their authority for one reason or another as good, bad or indifferent, their impact might still be with us.
I have several More Knowledge Others (MKO) that helped shape my thoughts on money. My earliest memories discussing finances occurred with my great-grandparents. Having grown up during the Great Depression, they were frugal, repaired things vs. buying something new, and always saved. They helped me appreciate the connection between wealth and hard work. Although they didn't grow up with any money to speak of, they finished life very well off. There is also something to be said about the fact that they rarely traveled and might have owned only five cars in their lifetime, so remember you should balance things a bit too! Think about five people who helped develop your perspective of finances and write down what you learned from each of them either positively or negatively.
Make sure that the people you receive guidance from share the same lifestyle goals and values and that they can manage their finances. After all, you wouldn’t take career advice from someone who gets fired from their job every couple of months, right? If you can't name five people, who are positive MKO's, seek out new ones who can help you reach your financial goals! I found some of the common characteristics of my positive MKO’s were a focus on providing for their families and loved ones, common sense, fairness, a slight competitiveness, and most importantly, discipline and a rigid code of ethics.
Make your money count for you and learn from those that can make it count even more!
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As always, Buffalo, I am here for you. Everyone deserves a thoughtful plan!