“Just as with any behavior, a destructive or harmful financial behavior can be best characterized as when you consistently make choices that are unhealthy,†says Timmons. “What’s unhealthy? Overspending; not addressing debt realistically and strategically; not making goals and actively working to achieve them; following investment fads instead of investing with a purpose. And believe it or not, under-earning can also be viewed as destructive.â€
The Former Financial Hoarder
As a little girl growing up in Robbins, Illinois, Jennifer Wilson lived a great middle-class life. Her dad was an electrician and her mom an assembly line worker. She met the ice cream truck three times a day, wore the most fashionable clothes, and was the only girl on her block riding around in a red remote-controlled toy sports car. Then at the age of 12, it all came to an end when her parents moved back to rural Mississippi. For some time, her Dad could not find work and when he did, he suffered an accident. She learned immediately what it was like to be poor.
“I experienced firsthand what not having money looked and felt like. I didn’t like that feeling. As a result, I was afraid to spend money,†says Wilson. Despite being middle class and having a solid financial plan in place, Wilson was trapped by her fear and refused to spend any more than the bare minimum. “I didn’t take vacations or buy nice furniture. When I bought cars, they were low-end used cars.†She placed all of the money not spent on bills in a savings account, Edward Jones Investment fund, and a college tuition fund for her children. When her husband, Tony, a church grief and bereavement minister, encouraged her to just live a little, she declined. He trusted her instincts with finances and gave in.
But in 1994, Wilson and her husband, inspired by her sister who traveled often, really began to live life. They now regularly take vacations to tropical locales such as Jamaica, the Cayman Islands, and the Bahamas. And she finally purchased contemporary furniture. But her priorities haven’t changed: She still buys inexpensive cars, opting instead to send her children to an elite private school. Wilson learned that she could let go of the anxiety and loosen the purse strings a little and still be a great steward of her money.
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