Money messages

Veterans Day, Wartime, and Money Messages

Veterans Day, Wartime and Money Messages

On Veterans Day, we honor veterans of all wartime eras. The oldest living veterans are members of the “Greatest Generation” – famous for many distinctive character traits. When it comes to money, it’s often been about their famous frugality. Where did that frugality come from?

“Money messages” are beliefs and attitudes about money. They form during our early years and times of hardship, like war. Those messages lead to regular money habits.

For example, to Baby Boomers and Gen X, it could be hard to understand why Mom or Dad cleaned and re-used Ziploc bags or hoarded empty shoeboxes. It might have been frustrating that they would not buy themselves something nice. However, an explanation arises if we examine their wartime money messages.

Indeed, many recognize that frugality habits evolved during a time before WWII of true scarcity – the Great Depression. (Interesting side note: Depressions are often followed by wars.) When the U.S. entered the war, this frugality was reinforced by the government, as demonstrated by rationing. Below is a historic relic: a war ration coupon book, issued in 1943. It belonged to my late mother-in-law, Betty Bates Donaldson, born in 1925.

What Are Ration Books?

What are ration books? Because so many of the U.S.’s resources were diverted to producing military hardware, shortages arose in everyday food and household goods. The government issued ration coupon books to fairly distribute food and goods.

Actually, you might wonder, “Americans accepted being told by the government how much food they could buy?” Remember that at the time, government programs had brought tens of millions out of starvation. We had been attacked by Japan. German U-boats were off our coastlines. More Americans felt they were “in this together,” and the government, whether trusted or not, was the only option to coordinate the national response.

To a Depression-battered generation, a wartime message of scarcity and frugality must have seemed not only logical, but patriotic.

Government and Scarcity

Indeed, on the ration book, the language and tone is striking. If you had been an 18-year-old like Betty, holding this ration book, what money messages might you have received?

“Rationing is a vital part of your country’s war effort. Any attempt to violate the rules is an effort to deny someone his share and will create hardship and help the enemy.”

(Money Message: Scarcity. There is only so much to go around. Taking more than your fair share is selfish and downright dangerous.)

“This book is your Government’s assurance of your right to buy your fair share of certain goods made scarce by war. Price ceilings have been established for your protection. Dealers must post these prices conspicuously. Don’t pay more.”

(Money Message: Watch out. Businesspeople can be greedy. Be vigilant about prices.)

“Be guided by the rule: ‘If you don’t need it, DON’T BUY IT.’ ”

(Money Message: Only buy what you need. Your wants and wishes must be suppressed right now.)

The word “ration” is used nine times on the outside of the book, plus on every stamp in the book. Other scarcity messages pervade:

“This book is valuable. Do not lose it.”

“Without the stamps you will be unable to purchase those goods.”

“Do not throw this book away…You may be required to present it…”

“Persons who violate rationing regulations are subject to $10,000 fine, (in 1943?!?), imprisonment, or both.

Contrasting Messages to Spend

In contrast, compare the ration book messages to ones heard today:

“Go shopping.”

“We need consumers to spend.”

Pile on rampant consumer advertising and social media “influencers”, and we’re hardly lacking messages telling us to want more and spend more.

Handling Our Money Messages

As we grow, we adapt the best money habits we can, based on a foundation of money messages reflecting beliefs and values. It’s important to continue to ask ourselves, as times change, are these money habits still serving us well? Do they help us lead a happy, fulfilling life in the midst of strife? Are they keeping us safe? Do they enhance relationships? Or do they keep us trapped by unhealthy attachments to money, possessions, or to fear itself?

What Messages Will Today’s Youngest Absorb?

Money messages make the most impact at two times: in our formative years, and in times of fear. They sink in from authority figures: government leaders, parents, teachers, coaches, or spiritual leaders.

The Greatest Generation saw their parents and authority figures succeed through the roaring 1920s only to be humbled in 1929 and struggle through the 1930s. Might we see generational money messages come full circle? Given today’s tumultuous times and their disdain for Baby Boomers, might Gen Z turn out to be the most frugal, least materialistic, best savers to come along in 90 years? Or will TikTok-raised kids hang on to money messages glorifying consumption and spending?

Share your thoughts below.

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What Are Your Generation’s Money Messages?

Members of the Greatest Generation are famous for their frugal habits, sometimes to the frustration of their Baby Boomer kids.   It can be hard to understand why Mom or Dad refuse to part with Ziploc bags and empty shoeboxes, or why they will not buy something nice for themselves. Many of us recognize that these habits probably evolved after being raised in a time of true scarcity – the Great Depression.  What I didn’t know until recently was how this money mentality was reinforced by our government throughout World War II. A baby boomer friend recently showed me a historic relic I had only read about but never seen: a war ration coupon book, issued in 1943. It belonged to his mother, born in 1928.

1943 War Ration Book with frugal messages
1943 War Ration Book – front
1943 war ration book - back with frugal messages
1943 War Ration Book – back

The language and tone on the ration book is striking. Authoritarian, even threatening. If you had been a young person holding this ration book, what money messages might you have received? My own thoughts, if it were me at that time, are below.

“Rationing is a vital part of your country’s war effort. Any attempt to violate the rules is an effort to deny someone his share and will create hardship and help the enemy.” (Yikes! Both of those sound pretty bad. I’ll comply.)

“This book is your Government’s assurance of your right to buy your fair share of certain goods made scarce by war. Price ceilings have been established for your protection. Dealers must post these prices conspicuously. Don’t pay more.” (Those evil dealers/merchants. They’re always trying to get us to pay more than what’s fair.)

“Be guided by the rule: ‘If you don’t need it, DON’T BUY IT.’ ” (Right! I got through the last ten years with one pair of shoes; the next pair can last that long, too.)

Contrasting Messages 60 Years Later

Compare the last message to the one to “go shopping” following the 9/11 attacks.  The word “ration” itself is used 9 times on the outside of the book, plus on every stamp in the book. Other scarcity terms pervade: “This book is valuable. Do not lose it.” “Without the stamps you will be unable to purchase those goods.” “Do not throw this book away…You may be required to present it…”

You may ask what self-respecting Americans would have put up with this rationing garbage. Yet, at the time, the government had been given credit for bringing us out of the Depression. We had been attacked by Japan, and German U-boats were off our coastlines. Who else would you turn to for protection? If you wanted “rationed goods,” (many of them household staples), the government was the provider, unless you wanted to risk a $10,000 fine (a lot of money now, and in 1943?), imprisonment, or both. Stiff penalties awaited noncompliant rule-breakers. From this place of fear, a message of scarcity to a Depression-battered generation must have seemed natural, even patriotic.

Whose Money Messages Stick?

Money messages from authority make the most impact in our formative years, and in times of fear. It depends on who we view at the time as authority: parents, teachers, coaches, pulpits, and government. In response, we adapt the best habits we can in the interest of self-preservation. The trick is to continue to ask ourselves, as times change, are these habits still serving us well? Are they helping us lead a happy, fulfilling life, enhancing relationships with those around us? Or are they keeping us trapped by unhealthy attachment to money, possessions, or fear itself?

Need help identifying your money messages? Try books by Rick Kahler, CFP, Brad Klontz, Ph.D., and Ted Klontz, Ph.D., and read Chapter 2 of The Mindful Money Mentality: How to Find Balance in Your Financial Future.

Continue ReadingWhat Are Your Generation’s Money Messages?

What Were Your Generation’s Money Messages?

Members of the Greatest Generation are famous for their frugal habits, sometimes to the frustration of their Baby Boomer kids.   It can be hard to understand why Mom or Dad refuse to part with Ziploc bags and empty shoeboxes, or why they will not buy something nice for themselves. Many of us recognize that these habits probably evolved after being raised in a time of true scarcity – the Great Depression.  What I didn’t know until recently was how this money mentality was reinforced by our government throughout World War II. A baby boomer friend recently showed me a historic relic I had only read about but never seen: a war ration coupon book, issued in 1943. It belonged to his mother, born in 1928.

1943 War Ration Book with frugal messages
1943 War Ration Book – front

1943 war ration book - back with frugal messages
1943 War Ration Book – back

The language and tone on the ration book is striking. Authoritarian, even threatening. If you had been a young person holding this ration book, what money messages might you have received? My own thoughts, if it were me at that time, are below.

“Rationing is a vital part of your country’s war effort. Any attempt to violate the rules is an effort to deny someone his share and will create hardship and help the enemy.” (Yikes! Both of those sound pretty bad. I’ll comply.)

“This book is your Government’s assurance of your right to buy your fair share of certain goods made scarce by war. Price ceilings have been established for your protection. Dealers must post these prices conspicuously. Don’t pay more.” (Those evil dealers/merchants. They’re always trying to get us to pay more than what’s fair.)

“Be guided by the rule: ‘If you don’t need it, DON’T BUY IT.’ ” (Right! I got through the last ten years with one pair of shoes; the next pair can last that long, too.)

Contrast the last message to the one to “go shopping” following the 9/11 attacks.  The word “ration” itself is used 9 times on the outside of the book, plus on every stamp in the book. Other scarcity terms pervade: “This book is valuable. Do not lose it.” “Without the stamps you will be unable to purchase those goods.” “Do not throw this book away…You may be required to present it…”

You may ask what self-respecting Americans would have put up with this rationing garbage. Yet, at the time, the government had been given credit for bringing us out of the Depression. We had been attacked by Japan, and German U-boats were off our coastlines. Who else would you turn to for protection? If you wanted “rationed goods,” (many of them household staples), the government was the provider, unless you wanted to risk a $10,000 fine (a lot of money now, and in 1943?), imprisonment, or both. Stiff penalties awaited noncompliant rule-breakers. From this place of fear, a message of scarcity to a Depression-battered generation must have seemed natural, even patriotic.

Money messages from authority make the most impact in our formative years, and in times of fear. It depends on who we view at the time as authority: parents, teachers, coaches, pulpits, and government. In response, we adapt the best habits we can in the interest of self-preservation. The trick is to continue to ask ourselves, as times change, are these habits still serving us well? Are they helping us lead a happy, fulfilling life, enhancing relationships with those around us? Or are they keeping us trapped by unhealthy attachment to money, possessions, or fear itself?

Need help identifying your money messages? Try books by Rick Kahler, CFP, Brad Klontz, Ph.D., and Ted Klontz, Ph.D., and read Chapter 2 of The Mindful Money Mentality: How to Find Balance in Your Financial Future.

 

Continue ReadingWhat Were Your Generation’s Money Messages?

Are old money messages piloting your kayak?

One of my findings from some recent workshop participants was that many of us grow up with the same “money messages.” Money messages can be either implied or direct. They can range from “Money doesn’t grow on trees,” to “You can’t take it with you!” I find during workshops that if I cover the walls with these money messages, as participants read them, the messages often elicit memories of specific people in their early lives. Often these people are authority figures like a parent, minister, or teacher. Therefore, messages get conveyed to us at a very early age.

It is important to recognize how ingrained our money messages are, because they often go unquestioned. When we turn our money decisions over to long held money beliefs, we allow our choices to go on autopilot. We may think we have sufficiently analyzed a decision, when in fact we have done so only after unconsciously putting the facts through our belief filter. While this helps us become more efficient at decisionmaking, it can sometimes lead to decisions we regret.

One of my own examples hangs in my garage. It’s a kayak. One of my money messages is, “You don’t always get what you pay for.” My autopilot reaction to this message is to buy the cheapest thing that I think will get the job done. When I went to buy my kayak, I wasn’t setting out to race. Further, I was going to use it in Florida, land of lazy alligators and sultry, swamp-fed rivers. So I bought the cheapest model, what my serious (like, Olympics-team-serious) kayaker friend calls, “a floating bathtub.”

One recent Saturday morning, on an unusually low Suwannee River, my floating bathtub and I were presented with, of all things, rapids. Clumsily navigating the limestone rocks and water, I attempted to skirt an oncoming wave. With no keel to follow my paddle’s direction, instead I watched the wave devour my bow and jump in my lap like a spoiled dog. Thank goodness the sun was out. Maybe if I had anted up for a kayak with a real keel, I might have enjoyed a drier outing. Now I appreciate what a little more money might have bought.

The better we know ourselves and our money messages, the more likely we are to make better informed, more balanced, and rational decisions when it comes to spending, saving, investing, and sharing money. Walking away from the workshop, several participants said they felt a lot more prepared to face their financial futures. What money messages might you be operating with? And what can you do about it next time? Post your comments here to share or email me privately. I look forward to hearing from you.

Continue ReadingAre old money messages piloting your kayak?