How our Upbringing Shapes our Money Mindset with Kylie & Whitney
This episode of Financially Naked: Stories from The Financial Gym is hosted by Whitney, our new Marketing Coordinator, and Kylie, a Certified Financial Trainer. Today, they have a deeply personal conversation about how our upbringing shapes our relationship and mindset with money. Whitney opens up about her journey through bankruptcy and debt, reflecting on how her experiences growing up had an impact on her financial journey in adulthood. Together, they explore the emotional and behavioral patterns tied to money, the tension between our financial goals and actions, and the importance of breaking generational patterns.
Podcast Notes
How Family Shapes our Money Habits
Getting financially healthy is about your numbers and your money mindset. Our upbringing directly impacts how we feel about and manage our money. Without addressing your money mindset and beliefs, you will struggle to put a plan into meaningful action.
Whitney's parents' contradicting habits and beliefs created a confusing environment for her. Her mom's were rooted in growing up post Great Depression, and her dad was a gambler. These two extremes led to Whiteny's approach in adulthood, balancing hoarding and gambling.
Whitney thought she had avoided her dad's gambling tendencies but later realized that overspending on business coaching and other programs mimicked that gambling behavior. Even though she wasn't in casinos, she constantly gambled with her business.
The turning point came for Whitney during her debt journey when she opened up to her mom about what she was going through. Her mom offered to pay off her debt, but Whitney did not want to go down that road and filed for bankruptcy instead. She had to take full ownership of the situation.
Breaking Generational Patterns
Having open conversations with her mom was valuable for Whitney. Even though her mom had tried to teach her about money in the past, it never stuck with Whitney; she had to learn by doing it herself, and her mom allowed her to do that.
Even the most well-intentioned parents can pass on harmful money beliefs, patterns, and habits. By examining your money beliefs and confronting these patterns, you can build a healthier relationship with money.
Even though Whitney did not have an example of a healthy money relationship growing up, she has learned so much through her personal experiences and being open and honest about her money struggles. Breaking through generational patterns takes time but is worth the work.
Whitney's relationship with money is not perfect now, but she is more financially healthy and stable than ever. She still struggles with overspending at times, but the goal is not perfection. It is to make progress each day.
Tips for Reshaping Your Money Mindset
Reflect on Your Money Stories: Identify the narratives you tell yourself about money and where they come from. Understanding where your money mindset comes from is the first step in changing it.
Observe Family Money Dynamics: Pay attention to how your family talks about and interacts with money. This is not to judge them but to understand how these beliefs may have shaped your views about money. Remember to consider the societal and generational context.
Practice Self-Compassion: Give yourself permission to be where you are right now. Do not judge or shame yourself, rather focus on the steps you can take to start moving forward.
Find Support: You do not have to go through this alone. A therapist, Financial Trainer, or trusted accountability partner can provide a nonjudgemental space to explore and improve your relationship with money.
Talk about Money: Having conversations about money is powerful. The more you avoid talking about money or keep secrets, the deeper the shame will become. Having conversations can be an empowering way to change your money mindset.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.