Money Mindset Makeover: Breaking Generational Barriers Around Wealth
“Just as it is possible to have a scarcity mindset amidst plenty, it is also possible to have a plenty mindset amidst scarcity.” — Anna Lembke
For many first-generation professionals, money isn’t only about income — it’s tied to identity, legacy, and unspoken expectations. As first generation teens and students with money-conscious parents, we have often been told that ‘money doesn’t grow on trees,’ meaning ‘don’t waste it on frivolous things.' Now, as first generation professionals, we may be hyper-focused on the value and spread of our dollar. While we should always strive for good financial habits, let’s unpack how to retain the good sense of our past with the opportunities available to us in the future. A mindful money mindset begins when we understand that growing wealth isn’t a reflection on our first influences — it’s cultivating choices for our own orchard (and for the next generations’).
Redefining Wealth:
Wealth doesn’t only mean having more. For first-generation professionals, it can mean having options — choosing rest without guilt, saying no to underpaid work, or helping your family without draining your own resources. When you redefine wealth as stability and flexibility, your whole approach can shift (allowing you to breathe a little easier knowing you are set up for success).
Instead of “Can I afford this purchase?”, consider asking “Does this purchase align with my goals and values?” (1). First and foremost, wealth is more than your savings. How are you utilizing your income to meet your future goals? Does your company offer ways to set up for retirement? Can you allocate a set amount to support your family (and do you have the confidence not to exceed that amount or does that amount include special occasion spending, like birthdays or holidays?). Do you want to start donating to non-profits? Do you want to travel more? Do you want to learn more about this space generally, before making any decisions at all? Knowing your priorities is a normal part of your personal wealth conversation: give yourself permission to dream big.
Practical Shifts:
For first generation professionals, rethinking our relationship to money may start with a LOT of research. What options or products are out there? What are other people doing to meet their goals? A simple internet search of “building wealth” or “planning for retirement” can begin your process. Be sure to check if these search results are “sponsored” by financial services companies - remember that they have an financial interest in your money growing, either on a fee basis or commission. Further, your company may have financial services companies with whom they already have a relationship. This is a great question for your HR or Finance departments.
Mindset change works best when paired with small, consistent actions. Send an inquiry to a wealth management company or your bank to see if they offer financial consulting. To that end, be sure to have your list of questions for this meeting (also a great internet search). Create a simple budget that reflects your priorities, not someone else’s. Schedule time to independently learn about investing, building credit, or understanding retirement (even 30 minutes a day can help). Practice stating your worth when it comes time for your performance reviews or annual salary merit increases: rehearse the salary you deserve aloud or practice that conversation with a friend. Each of these choices rewires your money story and builds your financial confidence.
Emotional Healing
It’s okay to outgrow fear, especially when we work hard enough to earn the calm that money-in-the-bank allows. Many first-gen professionals carry guilt if they earn more than their parents or when they begin putting their own well-being first. Healing a tumultuous relationship with money or a scarcity mindset means realizing that abundance deepens our gratitude for the things we have. When we care for ourselves, we create capacity to care for others in a sustainable way.
Breaking generational money barriers is about building on the sound financial advice of the past, with the forward-thinking tactics and practices of today. Each financial decision made with clarity is a quiet act of advancement, but not all decisions are easy to make. Be sure to surround yourself with experienced advisors, mentors, and similarly-situated peers. Ask specific questions and do not be afraid to make changes based on your long-term goals. You are allowed to build wealth, enjoy comfort, and imagine abundance: a foundation for freedom, generosity, and purpose.
Try this: This week, choose one small financial action that aligns with your values — whether it’s saving a fixed amount, starting a short learning session, or asking for your fair worth. Each step becomes a chapter in your new story of worth.
FGPM is not a financial services company and is not qualified to encourage any financial decisions. This Article is meant to inspire you to seek qualified advice and broaden your understanding of what financial options are available to you. Please make all financial decisions under the guidance of qualified professionals and thoroughly understand the long-term impact of your decisions.
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