Are you a product of your family tree, or did you plant a new one?

[parafly]

I planted a new family tree.

I am a first generation American, and I hope to be the first person in my family to be able to pass down wealth to my descendants.

Neither of my parents are savers. They will both be scraping by on Social Security in retirement.

[Nutria]

My parents were not spendthrifts, but bought what they wanted when they wanted it. Solidly upper middle class small business owners with minimal debt.

Thus, I knew that debt was a trap, but grew up expecting to be able to buy (within reason) what I wanted when I wanted it. Even though my income wasn't as high as my parents.

That... expectation led to serious debt, since I never budgeted (even though I knew that they had budgeted when they were young).

[Thrif-t]

Product of my family tree. My parents were raised during the depression so they worked hard and saved harder. They passed that trait down to their children.

I hope that I too am passing it down to my 3. Sometimes I wonder, teenagers but then I noticing them doing something or saying something I would say. So I think they will turn out ok.

[msomnipotent]

I guess I was "grafted" to their root stock. I was taught to save, not use credit cards, pay cash, etc. We still differ a lot. They were pretty much poor and had the attitude that they will always be poor. I was the first in the family to contribute to a 401K, I made plans, I switched jobs to get pay raises, I took risks. It drove them nuts.