"Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough." Oprah Winfrey
There was a broadcast shortly after the death of Whitney Houston that came as a surprise, but not unexpectedly, my surprise was short lived. The news broadcast stated, "Per the instructions of Whitney Houston's attorneys all videos of her funeral are no longer allowed to be viewed over the internet. All videos are to be packaged and sold and all proceeds of the video sales are to be placed in a trust for the benefit of Bobby Christina, Whitney Houston and Bobby Brown's daughter." Now, I don't know if that was a true news report or some kind of joke but it made me wonder...
I can remember watching the reality television show Being Bobby Brown and there were a few episodes where they [Whitney, Bobby and Bobby Christina] would go on wild shopping sprees and spend thousands of dollars without a second thought. Certainly, Whitney possessed the "Voice" and its golden tones and richness will never be duplicated and she was richly rewarded for having this obvious gift from God. And as a result Whitney had a lot of money and as a celebrity she was entitled to live well and experience a lifestyle that the average American could only dream of; however did she take it for granted that she would always be around to take care of all the financial needs of her daughter?
Unfortunately many children are raised in households where money matters aren't discussed. And couple financial illiteracy with parents who exhibit extravagance and excess then you're surely doomed to fail financially. What money attitudes and behaviors do you remember from your childhood? Did your parents try to buy a lifestyle that they really couldn't afford? How much did your parents rely on credit? Was it important to "look" like you had money when in fact, there was none? Or did you see your parents go to work everyday and work their fingers to the bone only to complain at the end of the week because they didn't have enough money to buy groceries AND pay bills so they had to choose between food and lights? The sad fact of the matter is that most Americans are financially illiterate and a direct consequence of financial illiteracy is that it's passed from generation to generation.
Some may believe that if there were more fathers in the home that Americans wouldn't experience so much desperation. They may think that men know more than women about money matters so if there were just more men in our American households then our children would be fine. Regrettably, that's not true. According to a study titled, "The Financial Literacy of Young American Adults" presented by the Jumpstart Coalition in 2008, females were found to be equally to slightly more financially literate when compared to their male counterparts. So according to the study, men are not naturally smarter than women in money matters.
In order to break the obvious "generational curse" of financial illiteracy, families should start talking. Stop hiding behind deception and pretense. Opening the doors of communication can change your family's financial legacy. Let your children know the true cost of living. Don't be afraid to let them know that you really can't afford to buy them the newest, latest and greatest. Explain to them the difference between wants and needs and how your family can save a substantial sum of money if you start saving your money instead of spending it on "wants". If you let your child know that you are preparing for a financially successful future, yours as well as theirs, they will begin to understand the importance of making intelligent, financially responsible decisions. Remember -- Give a child a fish and he'll eat for a day, but teach a child to fish and he'll eat for a lifetime.
