Hug 164 Stress Awareness Month Part III: Money!

In today's episode, we'll explore the intricate relationship between women, at https://www.tamiwest.com/post/stress-awareness-month-part-iii-money.

Personal Reflections on Money

Growing up with financial instability can leave a lasting impact. Here are some reflections on how a poor understanding of money can affect decisions and stress levels:

- My childhood in poverty taught me that money was something to be spent immediately.

- I witnessed a cycle of poverty when $50,000 was received and quickly dissipated on fast food, small trips, and material things.

Understanding Poverty

We'll delve into Dr. Ruby Payne's book, "A Framework for Understanding Poverty," which provides invaluable insights into the mindset shaped by economic struggles.

Stress and Finances: A Gendered Issue

- We revisit the "Stress in America Report" to discuss how, while finances are a top stressor, they often remain an undiscussed topic.

- Only 52% of adults are comfortable discussing money, and 45% feel embarrassed by it.

- Women, in particular, feel more consumed by financial worries than men, with a significant number stressing over essentials and unexpected expenses.

My Financial Journey

I'll share my personal financial highs and lows, hoping to offer both cautionary tales and strategies for success.

 Successes:

- Employment from the age of 16.

- Purchased a car independently at 17.

- Initiated a money market and IRA in my first marriage.

- Paid off debt using the envelope method as a single mom.

- Utilized government assistance during a transitional phase.

Mistakes:

- Financed unnecessary items in my first marriage.

- Financial crises

- Halted IRA contributions post-divorce.

- Did not save for my children's education.

- Allowed worry to prevent action.

Practical Tips to Minimize Financial Stress (From Women are Stressed About Money)

To conclude, we'll discuss three crucial steps you can take to reduce financial stress:

1. Save for emergencies to cushion against unforeseen expenses.

2. Save for retirement to secure your future.

3. Plan and think ahead, especially for significant life events.

Understanding and managing money is crucial, especially for women who may experience greater financial stress. Let's reflect on our relationship with money and take proactive steps to secure our financial well-being.

I hope this has been helpful today, and thank you for joining! As I've always asked in the past, please pass the show link along to your friends and subscribe, download, and review wherever you are listening. If you’re a woman and you haven’t joined our private FB group A Place for Women, please do that now! It’ll be your source of encouragement. I'd love for you to follow my Tami West Seminars Facebook page as well. And until next time, Consider Yourself Hugged