There are so many people who have a story to tell about how they grew up living on the 'breadline', but what is it that we can actually do about it?
In my latest podcast I talked about Generational Poverty, let's dive a little deeper.
So what is 'Generational Poverty'? That's a great question, and it comes in many forms, but to narrow it down to 3 types of people that fall into this category, 1. those on benefits, 2. working class, living month to month, 3. working class, living like a middle class.
I will delve deeper into these below, but for now, I wanted to let you know something very important 'It's NOT YOUR FAULT!'
The worst thing we can ever do is blame ourselves, we always do the best that we can with the resources that we have available to us at the time. We aren't in control of things that we don't know! We are in the don't know what you don't know zone!
Let's dive in shall we...
#1 - Those on benefits and their Money Mindset
There is nothing wrong with being on benefits, the benefit system is there for a reason, to support us in our time of need.
However, this becomes an issue when you have been bought up surrounded by it, you are either unaware of another way, or you want to do something about it but you don't feel like you can.
#2 - Working Class and their Money Mindset
This is where you are working and just about making ends meet, living month to month.
What I have found is that people within this area usually lack a lot of self-worth and self-value.
They stick in jobs that give them just enough, and when they do get an increase in income they live into it rather than taking it and allowing it to grow through investments or savings.
This is exactly where I had been most of my life, and it can get very depressing and feel like a struggle almost every single day.
#3 - Working Class, living as a Middle Class and their Money Mindset
This is your quintessential 'keeping up with the Joneses' type. They will usually have a lot of credit card debt, they will be spending more than they have, maxing out credit cards then swopping them to another when the interest-free period runs out.
Potentially getting a loan to clear the credit cards when it all gets too much, but then with the reduced payment, end up spending on the credit cards again.
None of these are bad!
I'm not saying that any of these scenarios are bad, they are how we as a society are, the only time that these scenarios become 'bad' is when we are looking to break free from it and we aren't sure how.
What can you do?
When it comes to breaking free from generational cycles it is all about pattern disruption, there is a famous quote by Albert Einstein
Insanity is going the same thing, over and over again, but expecting different results
Unless you are willing to change your behaviour then nothing is going to change!
Before I leave you...
If you would like to understand a little more about Money Mindset, and how your current behaviour is impacting you then please feel free to reach out.
I offer free no obligation connection calls, and I would be more than happy to talk through things with you.