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NerdWallet's Smart Money Podcast

Navigating Generational Financial Trauma in a Digital World

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2665 Ratings

🗓️ 14 September 2023

⏱️ 27 minutes

🧾️ Download transcript

Summary

Explore the impact of generational financial trauma on millennials, how social media amplifies it and ideas for healing. Personal Finance Nerd Tiffany Curtis delves into the complex topic of generational financial trauma, particularly its impact on millennials, with two special guests: Aja Evans and Rahkim Sabree. Aja Evans is a licensed mental health counselor and financial therapist, and Rahkim Sabree is a certified financial education instructor and author. Together, they explore how past financial landscapes can shape our current financial behaviors, the double-edged sword of social media in shaping financial perspectives, and the importance of understanding these impacts, especially for marginalized groups. The episode also delves into the Black community's discussions around self-reliance and reparations. The speakers challenge the notion that achieving financial success is an antidote to generational trauma and expose how these misconceptions can breed competition among marginalized communities. Wrapping up the episode, the hosts stress the importance of financial literacy while discussing its limitations in closing racial and gender wealth gaps.  In this conversation, you’ll learn about: generational financial trauma, millennials, social media echo chambers, marginalized groups, how people define financial success, racial and gender wealth gaps, mental health counseling, financial therapists, financial education instructors, reparations, trauma healing, financial strain, and distorted financial perceptions. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:30.3

So many factors go into how we manage our finances.

0:34.3

There's education.

0:35.8

There's how we utilize technology. There's our comfort with risk.

0:40.3

And then there's what we grew up with. The financial environment we experienced as children can have a

0:46.1

huge impact on what we end up doing with our money as adults. For many people, including

0:50.9

millennials, the past becomes prologue.

0:57.9

When we start talking about financial trauma and generally think that there is a conversation that assumes people were coming from a place of poverty.

1:01.5

And yes, that is very, very true for a lot of people.

1:04.2

But there are also people who were raised in middle class, upper middle class, wealthy families

1:10.3

who are dealing with generational

1:12.8

traumas of their own quick money.

1:32.8

Welcome to Nerd Wallet's Smart Money podcast. I'm Sean Piles.

...

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