Mending my Money Mindset
From the early days, I can remember that money talk was taboo. Or better said, money was at the center of a weird good vs. evil tug of war… which my family was generally losing. So any conversation about money was usually negative: Money doesn’t grow on trees. We can’t afford it. This or that, Rowan. You can’t have both.
As I’ve upskilled and gotten promotions and better jobs, I am in a weird place: I can afford stuff now. I’m not rolling in it by any means, but I have definitely experienced a bit of lifestyle creep as I’m now able to handle an Amazon Prime subscription and the occasional just-for-fun splurges.
Money Illiterate: My Origin Story
Not too long ago, even a basic 401K was out of the question since it was a toss-up between groceries or a sick visit to the doctor in the same month. Now with more freedom in my bank account, I can start thinking about the future. But that presented a whole new challenge… I didn’t know anything about finances.
I realized that I had some warring feelings that I needed to sort out. On one hand, I’d grown up in a house that valued learning. My parents even bought legendary salesman Zig Ziglar’s seminars on CD to listen to on car rides to church. But then when church started, money was the root of all evil and corrupts absolutely. Here’s the donations plate.
I’m not sure how I justified the two opposing viewpoints, but it wasn’t a problem until I wanted to heal my ideas about growing wealth and becoming financially independent.
De-tabooing Money
I started small, maybe a few articles and videos here or there about savings accounts, fintech, or investing. It wasn’t long until fixation set in and soon I was gobbling up content daily. I remember always feeling a sense of guilt or something when I scrolled Forbes or followed a financial advisor on YouTube.
I remember the instinct to hide what I was watching from my husband in case he got judgey or rolled his eyes. He grew up in a similar environment and had even more negativity around money than I did.
I felt like I was doing something slightly illegal learning about crypto or gold bullion or holding bank accounts in different countries. I’m not saying I subscribed to everything I consumed, nor should you. But gathering as much information as possible is always the best way to figure out what will work for yourself.
Make a (Money) Move
401k | Savings | Robo-investors
After soaking up information over several months, I decided it was time to do some big-girl things… like set up a retirement account and investments. I know starting at 33 is a little late, but we hadn’t been making enough money to even entertain the idea of allocating funds like that. Not when we couldn’t afford more than ramen noodles and eggs.
Better late than never, but I still felt unsure of what to do. I wanted to save but I didn’t necessarily want to open a traditional savings account. For me, I wanted something more flexible that would help me achieve my big-picture goals.
That’s when I stumbled onto Robo-investors. There are several of them on the market but I was attracted to the one founded by women and designed for the way women operate, dream, and spend. I felt freaked out but calm. More dueling emotions.
I was wading into uncharted waters that felt wonderful, but I couldn’t see what was under the surface.
When I realized that I was scared because my mind was trying to keep me in the safe-known, I took the plunge. I signed up for my first robo-investment. It seemed easy enough for beginners. I know I’ll continue to deepen my knowledge and someday I’ll even handle trades on my own. But for now, to start, I am leaning on tech that is smarter than me.
Financial Hope for Millennials
Millennials are still nursing the emotional and fiscal wounds from when “following the rules” blew up in our faces (looking at you, “go to college, get a good job so you can afford a house”).
Although we sometimes have a grim outlook on possibilities, I think it’s still important to visualize a dream. We can feel buried under a mountain of broken promises. But as some of us find a way out we can yank the rope away from the tug of war game, throw it over the edge, and help the next person out of the pit.