Now this is a story all about how my life got flipped turned upside down, and I’d like to take a minute just stick right here, and I’ll tell you all about how I almost drown in debt.
I am 99.99% sure that the majority of you heard the Fresh Prince theme song and sang the lyrics until you came to the portion about the debt.
Why did I just quote the iconic Will Smith? Outside of the fact that he is amazing and a gift to Hollywood and social media, this man is wise and has been dropping straight life gems on his platforms. One of my favorites gems so far is his thoughts on fault versus responsibility, and it’s the perfect way to capture the financial state of the majority of young professional and overall Americans today.
All of this to say that your money problems are not your fault it is, however, it is your responsibility.
Your money, credit problems, and overall financial illiteracy isn’t your fault and here is why:
- ⅔ of American citizens can’t pass a basic financial literacy test and don’t have a detailed written or computerized household budget.
- 70% of Americans regardless of how much money they make are living paycheck to paycheck.
- 54% of Americans don’t have a rainy day fund, and only 1/3 of Americans would be able to come up with $1,000 in an emergency comfortably.
Money talks aren’t happening around the dinner table, in fact, nearly 70% of young adults will enter the workforce have never been given the tools to manage their money.
That was my truth and the reality in my home. Conversations about money didn’t occur around my dinner table for multiple reasons, one being that my parents were usually working to keep it the roof over our family heads, so they weren’t always home. My parents understood what it met to work for money and they weren’t afraid of doing it.
Maybe your parents were like mine and assumed that it was the school system responsibility to teach this skill, but honestly, I think the biggest reason why your money problems aren’t your fault is you can’t learn what hasn’t been taught and you can’t apply what you don’t know. Financial awareness begins with first understanding that your money past isn’t your fault.
But your money PRESENT and future financial life IS your responsibility.
What does this mean?
- You don’t have to carry shame and guilt towards your financial past anymore. Even though I am here saying that your money past isn’t your fault, I am saying that it staying a problem is your CHOICE.
- You don’t have to avoid your finances. Not checking your bank balances won’t improve the state of your finances. You have to know the problem in order to fix it.
- You are ultimately in control. You have to believe this first to make your money your servant instead of your master.
Do you struggle with money guilt?
What’s your biggest struggle with getting over your money guilt? I’d love to hear all about it. Please leave a comment below and feel free to share this post on your social media platforms. Let me know if I’ve missed anything!