Blog Post

Discovering Your Family Money Tree

Where do your money beliefs and behaviors come from? How have other members of your family influenced your attitudes about earning, saving, investing, giving, and spending? Year-end provides a great time to evaluate where you have been and where you may be going.

Like most women I know, I have worn many hats. I am a daughter, a mother, a wife, a kindergarten teacher, an estate-planning lawyer, an investment advisor, a consultant, and developer of leaders! Along the way, I have conducted women’s wealth workshops where women consider whether their money beliefs and behaviors are aligned with their values. This involves having an awareness of these beliefs and behaviors—and where they come from.

One of the most popular and enlightening workshop exercises involves drawing a simple family “money” tree. Using a family tree template, draw paternal grandparents, maternal grandparents, and parents. If siblings, spouse, children, and grandchildren are important to your thinking, make a bigger tree.

Make notes about the money beliefs and behaviors of your family. What are the earning, saving, investing, giving, and spending habits of the people on your tree? If you have one parent that spends and gives lavishly while another is frugal and cautious, how has that influenced you? What about your siblings? Your children? How have they influenced your own beliefs and behaviors?

Another fun thing to add to your tree is a “money saying” that you attribute to a particular person, i.e., “We make a living by what we get, but we make a life by what we give. The best things in life are free. A penny saved is a penny earned.” What patterns can you see that have influenced your own thinking?

In Thursday’s post, we’ll take a look at money beliefs, behaviors, and values and where they intersect with your purpose

Donna Schumell

About Author

Donna Schumell

Donna Schumell’s greatest joy comes from helping women to reach their highest potential and to experience abundance in work and life. As the CMO of Redefining Wealth for Women, she has elevated the wealth and leadership capabilities of women and men in industries within the corporate world, small businesses, and entrepreneurial enterprises. Donna’s approach is tactical, practical and heart-focused. Her style is direct, humorous, and results-focused. She and her husband Bill live in the booming metropolis of North Lake, Wisconsin. They have one cherished son, Josh. Donna’s purpose statement is “inspiring hope.”

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