When to Quit Taking Other People's Money
We’ve all been in a bad financial position. No matter what our station is in life, someone has helped us get somewhere financially. This could be in the form of a loan, a gift, or even a $20 bill. Often times, this loan or gift turns into more loans or gifts. The cycle we have started may feel good at first but can be difficult to break out of. When is it time to quit taking other people’s money?
A recent study showed that young adults who are expected by their parents to develop good financial habits do so. Parents who believe their children are “suffering” financially also seem to stay in that bad financial place. This is a self-fulfilling prophecy. What you believe about yourself financially, you become. The people you take money from also influence you greatly. This does not just have to be parents but anyone you believe to be in a financial authority position who has either loaned or given you money.
So, why do we stay here? Is it because it feels good? It comes down to responsibility. Why take responsibility for your financial path when someone else is around the corner waiting to pick you back up? What we often don’t realize is that this financial gain often comes with strings we didn’t realize were attached. Strings that may be pulled at any time because you aren’t in control of them.
The recommended age to stop relying on any handouts from any individual is 25. Some of you are thinking that may be crazy and some of you may think that is way too late. However, I urge you to really think about all of the items you have accepted from others. What about when you graduated school? First became parents? When you had hard financial times and others sacrificed for you and your family?
If you want true financial freedom, it is okay to not be at your ideal financial level…yet. It takes time and patience to develop YOUR own nest egg. But when you develop it, it will be worth it because it was based on your hard work and savings. Your self-esteem, self-worth, and financial savvy will improve if you stop taking other people’s money and start relying on YOU.