Who Was Your First Financial Advisor?

When we think of financial advisors, we often think of people in suits with charts and financial plans. But our first “financial advisor” is usually someone closer to home—a parent or friend who influenced our money mindsets. While they didn’t provide professional financial advice, they may have shaped your feelings towards saving, spending, and other money matters.

Family: The First Financial Guides

For many, the initial lessons about money management come from family. Maybe your mother frequently reminded you to “save for a rainy day,” or your father emphasized living within your means.

Growing up in a financially cautious household might make you naturally more conservative. Or maybe it makes you more of a free-spender, yearning for what you felt you lacked? We’re not psychologists here, but it’s safe to say your family had an impact.

You might also look at your general wealth level and its impact on your psyche. Growing up poor shapes you in different ways than growing up with generational wealth.

Friends and Peers: Financial Lessons Through Observation

As we move into adolescence and adulthood, friends and peers begin to play a more significant role. Observing a friend save for a big purchase or invest wisely can inspire similar habits. Witnessing poor financial choices—like racking up credit card debt or reckless spending—can serve as a cautionary tale. Recognizing these influences is key to understanding your financial decision-making.

Learning Through Absence: The School of Hard Knocks

Not everyone has a financial role model growing up. Some people learn through the absence of advice, which often means trial and error. This path can be challenging, but it also fosters resilience and adaptability. By learning from your mistakes, you develop a more nuanced understanding of money management over time.

Empowering Others

As you age, whether you’re aware of it or not, your financial decisions, habits, and attitudes can serve as a guide for those around you—be it your children, friends, or colleagues. Just as you once learned by observing the financial behaviors of your parents or peers, others are now watching you.

By consciously embracing this role, you have the opportunity to model healthy financial habits. Your approach to managing money—whether it’s about budgeting, investing, or making smart spending choices—can inspire those who look up to you. Even small actions, like discussing your savings goals or explaining the reasoning behind a financial decision, can have a meaningful impact.

Ultimately, the influence you wield can empower others to make better financial choices, avoid common pitfalls, and perhaps even change their financial trajectory. Your journey doesn’t just end with understanding your own financial influences; it extends into becoming a positive influence for others, helping them build their financial confidence and security.

This information was provided in part by Oechsli. Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James.

Every investor’s situation is unique, and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Aristata Financial and not necessarily those of Raymond James.