What’s your first – or most memorable – experience that taught you about money? This question was posed to me years after I began working in the investment world. I was at a women’s investment retreat, surrounded by about a dozen women. For once, I felt comfortable – not ashamed or worried – about what others might think.
If I had been in a typical room full of financial advisors, where women made up maybe 15% and the remaining 85% were primarily overconfident men, I probably would have tried to share a “legitimate-sounding” story, but one that wasn’t quite as genuine. Something like how my mom opened a Christmas savings account for me and my sisters, or how I loved watching her in her home office balancing the family bills. (And trust me – raising eight kids on one income wasn’t easy, even with my dad’s career as a podiatrist!).
But the truth? My earliest and most powerful memory of money came from learning to use credit.
I’ll never forget riding my bike to the local drugstore – our small-town version of Walgreens – and my mom telling me, “Just charge it to our account.” What?! At 10-, 12-, and 14-years old, that felt amazing! A “magic card” before I even understood what it meant.
To be fair, my parents instilled responsibility in other ways. I wasn’t lazy. I mowed the lawn in the summer, shoveled snow in the winter, and delivered papers to earn money. Later, I worked as a grocery store clerk, bus girl, and waitress. I’ve always been a hard worker.
But, like the saying goes: “work hard, play hard.” I loved spending the money I earned – and I still do. For years, though, that meant carrying credit card debt. I’d get motivated to pay it down, then rebuild it, but it took a long time to actually change my habits and mindset.
Eventually, I realized the belief I’d picked up as a child – that spending on credit was okay – wasn’t serving me. I had to reframe money in a way that worked: If I prioritize the things I love most today, while also making sure I’m investing for the future, I can have both. Balance now AND later.
I actually consider this early money lesson – mistakes and all – one of my superpowers as a financial planner, because I’ve been there. I know what it feels like to overspend, to struggle with debt, to feel shame. That’s why I will never shame my clients.
Too often, advisors treat people with true respect only after they’ve reached a certain high-net-worth threshold. I believe respect should be the starting point – for everyone.
At WHealthy Empowerment Network (WHEN), our advisors and planners work alongside you to create a personal financial plan that gives you peace of mind. A plan that helps you feel good about your financial future – without giving up the things that matter most today.
If you’re ready to take responsibility for your financial future, we’re here to help. Click here to complete your Values Worksheet and begin building a plan that reflects who you are and what you value most.