Generally speaking, your money mindset is like an apple that hasn’t fallen far from the tree. That’s an analogy that often refers to a parent-child relationship. Your money mindset is generally similar to your parents’ as they have a large impact on your thoughts and feelings about money.

Here’s how:

• How they managed their money affected your quality of life as a child
• How they spoke about money affected your thoughts about money
• Your parents’ reactions to financial setbacks made an impression on you whether you know it or not

Here’s why:

How your parents managed money affected your quality of life: Whether you wore hand-me-downs, or your clothes came from the finest stores, this was a direct result of your parents’ thoughts about money. The types of foods you ate and whether or not you ever vacationed as a child was due to your parents’ decisions about their budget. If you lived hand-to-mouth or affluent,...