A Young Couples Journey Out Of Debt, And Down A Path To Financial Independence.

Tuesday, November 20, 2007

My Sister and Money

How can two siblings raised in the same house by the same mother be so different when it comes to finances and money. My sister and I are polar opposites when it comes to money, I mean it is not even close. I am very much the saver and she is not. I understand that we are different people, I just find it interesting that two children raised under the same roof, being taught the same money lessons (both positive and negative) could be so different. I see my financial awareness as a way to freedom, I save and am frugal so that I can enjoy more time with my wife and my friends. I am saving and paying down debt, so I can keep my money and have it work for me. My parents and my sister see it a little differently. My parents spend and spend, my dad believes he can always make more money. If he wants it, he buys it and figures out a way to make more money to pay for it. My sister, however, spends and spends without the means to pay it back.

When we were young we had almost everything we wanted. My mother was single and putting herself through college. At the time we didn't understand any of this, she bought us "stuff" on credit and figured out how to pay for it later. I know she payed a price for this, but we wanted new clothes, cool shoes, and all the "stuff" the other kids in the neighbourhood had. My mother always kept her head above water but I know it was tough for her. I think back to that now and realize how hard I made her work for such trivial things. I think I understand the value of money, and the power it can have to work for you, or against you. I know my sister has not figured it out yet.

She spends, and spends and relies on my parents to bail her out. She works hard, but her income cannot support her lifestyle. She is still that little girl who needs all of the stuff to feel good about herself, and my mother is still paying for it all. My mother still believes she is helping my sister, but she is really doing her more harm than good. My parents have worked hard and become very successful in business, I am very proud of them. I see that same drive in my sister, but I believe my parents need to stop bailing her out every time she spends her money on new seven jeans, a new blackberry or handbag instead of on debt repayment and on her future.

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