Your money story consists of various experiences in your past that have programmed certain beliefs into your mind. These beliefs can be around money, yourself, or the world and they continue to play out into your adult life.
Your money story seeps into different areas of life like your relationships, career, and health because at the end of the day, money is involved in just about everything.
Your money story is at play in your subconscious whenever you make decisions both big and small: which college to choose, what to study, what job to take, what to do with your money, who to marry, where to live, and the list goes on.
When I delved into my personal money story, I realized all my money challenges had been inevitable. I grew up in a low-income household, daughter of immigrant parents, my mom didn’t have a voice in financial decisions, never learned about investing because my dad was too scared to lose the little he had, and I saw my dad work so hard to make money so I believed working hard was the only way to build wealth.
This money story was the perfect recipe for a disastrous money mindset. It was only a matter of time before my subconscious belief system caught up with me. It’s no surprise that I went from being a poor Latina Jersey girl to a broke single mom.
Given my subconscious belief systems, it was inevitable that I’d make bad financial decisions like buying a home at the peak of the market, choosing a partner that was financially unstable, and staying stuck within an income ceiling.
Every step of the way was designed and created by my subconscious belief system because being broke was familiar to me. My mind was creating everything I subconsciously expected from myself, money and the world; the same way your mind is creating everything you subconsciously expect!
Delving into and understanding your money story gives you a chance to heal any old wounds from your past. It also gives you the opportunity to change the money story for your children, giving them a healthier relationship with money, themselves and the world.
How Your Money Story Directly Impacts Your Finances:
When contemplating a major purchase, such as a car, your money story comes into play. It might dictate whether you opt for a budget-friendly vehicle or succumb to buying a high-priced, status-symbol automobile.
Consider a scenario where childhood trauma results from your parents’ disagreements around money. In response, you may strive for absolute control over finances in your adult relationships or avoid dealing with money altogether to avoid the stress.
Even with increased income, it may feel like there’s never enough. This could mean as your income rises, somehow so do your bills!! OR it can mean that no matter the amount of money you accumulate, you’ll always feel like it’s not enough because there is a deep-rooted fear stemming from childhood.
Uncover Your Money Story: Easy Reflections
- Think back to your childhood. How did your family handle money? Were they open talks, direct, stressful, carefree, avoidant or secretive?
- What is your first memory of money? What was happening? Who was involved? What did it make you feel?
- What’s your definition of success? Why do you define it this way?
- What feelings does money bring you? What feelings does it bring you when you think of involving a partner with money?
- Do you feel financial freedom is attainable? Why or why not?
- How do you see yourself when it comes to money? Do you feel like you deserve money? Does it come easily or do you need to work hard for it?
Change Your Money Story: Make it Work for You
Once you answer those questions, notice any negative habits or beliefs that keep popping up. Those are the ones to tackle. Now, I’m gonna keep it real with you…consciously, you might not notice anything but if I were to sit with you, I could tell in a matter of minutes.
Why? Because I’m a neutral party. (But also cuz I’ve helped hundreds of clients with their money mindset so the training is real!). So, if you get stuck, find a close friend that can be neutral and give you honest feedback.
Ask yourself what new behaviors are going to help you create a new money story. What cycles end with you? What will you teach your children or yourself?
If you stop dwelling in your past, you can start focusing on your future. Implementation is hard, and you’re not in this alone. I’m not just a money mindset pro but also a financial advisor, so if you’re in need of help: don’t hesitate to contact me!
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* * The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Investing includes risks, including fluctuating prices and loss of principal. No strategy assures success or protects against loss.
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