Recognizing Scarcity And Uncertainty | Leisa Peterson

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.8 • 5.2K Ratings

🗓️ 26 October 2020

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

You might think money problems stem from poor decisions — but Lisa Peterson's research points to a different culprit: what happened to you as a child. Lisa Peterson, author of The Mindful Millionaire, reveals how the CDC Kaiser ACEs study connected adverse childhood experiences to adult financial struggles in ways most people never consider. Introduction to Financial Trauma [00:00:00] Awareness and Healing [00:04:28] Self-awareness reduces vulnerability to repeating financial mistakes. Understanding your personal history helps prevent future pitfalls. Impact of Childhood Experiences [00:10:49] The CDC Kaiser ACEs study examined 17,000 people and found that adverse childhood experiences lead to financial challenges in adulthood, just as they correlate with obesity and substance abuse. These connections have been under-discussed in personal finance circles. Communication in Relationships [00:15:27] Partners often experience communication disconnects around money because they bring different childhood experiences to the table. Recognizing these differences is essential for productive financial discussions. Practical Strategies for Discussion [00:20:14] Journaling about money experiences helps uncover patterns and insights. Sharing these reflections with partners creates understanding and builds trust. Key Insights: "Awareness about ourselves reduces vulnerability to financial pitfalls." [00:04:28] "Money reflects user intentions, not mere wealth." [00:16:31] "Understanding both ourselves and our partners is crucial in financial discussions." [00:16:00] Scarcity mindset drives excessive purchasing behavior during times of stress. [00:17:01] Resources: The Mindful Millionaire by Lisa Peterson - mindfulmillionairebook.com Episode 246: Overcoming Financial Abuse [00:02:53] Next Steps: Journal about your earliest money memories and current financial patterns Share your money story with a trusted partner or friend Discuss childhood money experiences with loved ones to deepen mutual understanding Notice and reframe negative language you use around money

Transcript

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0:00.0	Something that was just coming through even in the past 24 hours as I was thinking about this
0:04.3	conversation, I also listened to your conversation about the boyfriend who kind of took over the
0:09.2	accounts and that sort of stuff that was really helpful because I feel like that's sort of the
0:13.2	tone is this inner journey or what's happening for someone and they might not understand what's
0:18.6	going on with their money situation. So what came through as I was listening to that was a lot of
0:24.0	my work is very trauma informed and so what I found from my own life story and working with people
0:30.7	and their money for 30 years and there's data and we can talk about it the CDC Kaiser ACES study.
0:37.6	It's a study that was done with 17,000 people over 1995 to 1997 and what they came away realizing
0:45.6	was when you have adverse childhood experiences. There are all these things that happen later in
0:52.8	life and the one that has been least discussed which has really motivated my work because I knew
0:58.2	there was a problem but I couldn't find research about it is that financial problems come just like
1:05.2	obesity, just like drug abuse, just like other problems in people's lives. These adverse childhood
1:11.5	experiences lead to health challenges, money challenges, adult health and risk behaviors and so
1:18.0	I came out it from the CFP working with people and their money versus the psychology but I knew
1:24.3	there was a problem and I wanted to get to the bottom of it. So there may be something there because
1:28.6	a lot of people we know the finance side of it and people blame themselves like I must be doing
1:34.8	something wrong but in reality this data says it is not your fault. There is a good chance that
1:40.4	some things happen later in earlier in life are actually contributing to some of the challenges
1:45.6	you faced and so it's a forgiveness, it's a self forgiveness. I want the audience to walk away
1:50.0	thinking I'm okay even though it's been a rough road and I might not be FI yet that if I can just
1:56.1	understand this better and understand myself better then I can actually catch myself and we can
2:01.8	talk about that like be less reactive, make less stupid decisions, that's what I'm saying.
	...

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