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This is a new thread; On trauma & how it affects your money story as written today by @ElyssaJK on the @PlutusFound website.
Your financial background, history, & choices define your current relationship and experience with money.
#plutus2020 #moneystory #childhoodtrauma 1/12
Your financial background, history, & choices define your current relationship and experience with money.
#plutus2020 #moneystory #childhoodtrauma 1/12
Central to your financial past is the socioeconomic status you’ve held throughout life. Experiencing poverty of any kind leaves you vulnerable to financial risks, and makes it tricky to get money and build stability. 2/12
When it comes to changing your financial situation... find a friend who’s good with money to act as your money mentor Here are many potential mentors to subscribe to:
@richandregular
@PopcornFinance
@JourneyToLaunch
@financialintent
@ourrichjourney
@iamsandysmith2
@TheBudgetnista
@richandregular
@PopcornFinance
@JourneyToLaunch
@financialintent
@ourrichjourney
@iamsandysmith2
@TheBudgetnista
Growing up in poverty blocks opportunities and resources; young people from low-wealth families are less likely to complete college or upwardly mobilize. 3/12
Parents’ class and earnings positively correlate to their children’s’ employment and earnings in adulthood. Adults who grew up in poverty are less likely to be employed, and when employed earn lower incomes compared to peers from middle-class backgrounds. 4/12
1 in 10 children spend at least half their childhood and adolescence in poverty 2 in 5 children will be poor for at least a year from ages 0 to 17 1 in 5 young adults ages 18 to 24 lived below the poverty line in the past decade, 5/12
Outgrowing a financially disadvantaged background isn’t always simple or easy, of course, but it’s possible. Financial literacy helps you identify your options, make progress, and build financial security. 6/12
The way your family and culture of origin talked about money (or didn’t) is formative to your relationship with your finances. 7/12
Perhaps your parents struggled financially, lacked financial know-how to pass on, or modeled unhealthy money behaviors. Even if your parents were financially responsible, they might not have talked openly about money to provide you an adequate financial education. 8/12
The combination of money skills, beliefs, & knowledge passed onto us often gets carried forward into adulthood. They combine into “money scripts,” a concept developed by @DrBradKlontz, which are the often-unconscious beliefs that drive financial behaviors. 9/12
