Cents and Sensibility of Money
The United States is known to be one of the most innovative and wealthy countries on the planet. America prides itself on education. Despite the system’s shortcomings, The United States spends more on education in comparison to other countries.
I am someone with a master’s degree in Clinical Psychology. I was fortunate enough from a small age to be apart of good school districts. However, like many others, I found myself ill-prepared to navigate the complexities of personal finance as an adult. High-yield savings accounts, credit scores, loans, budgeting, insurance, and taxes were foreign concepts that I had to learn on my own, sometimes through difficult experiences. Something most Americans share across socioeconomic status and ethnicity is that we are not taught financial literacy. We did not learn these things in school!
I came from a relatively privileged background and even was confused about money when I turned into an adult. No one ever told me about high-yield savings accounts, credit scores, loans, budgeting, navigating insurance, taxes, etc. It was something I had to learn on my own and sometimes the hard way.
Here are some statistics about Americans and their money:
60% of Americans live paycheck to paycheck (Lending Club 2023)
30% of Americans have 1,000-5,000 in credit card debt, 15% have 5001 or more, and 6% have more than 10,000. 6% is 14 million Americans.
About 2/3rds of Americans, 66% can’t pass a basic financial literacy test.
Women of color experience the most profound wealth gap because they face both gender and racial disparities. For every $1 a nonhispanic white male makes, non hispanic black women make 9 cents. (National Womens Law Center).
I live in a large metropolitan city and I am surprised how many people are afraid of money. Many people I know are afraid of credit cards. As someone who loves traveling credit cards are my best friend! I know people in their mid to late 20s just starting a savings account or thinking about saving for retirement. They all say they were never taught anything about it.
Money is a sensitive topic for many across the nation. Especially in a capitalistic society where self-worth can become entangled with one's financial status. One of my missions is to change the story around money. What kind of relationship do you want with money? My mission is to change the narrative surrounding money and empower individuals to build a healthy relationship with their finances. Instead of being controlled by money, we should learn to make money work for us. Part of my goal is to share frugal hacks that can make a difference, especially for those who benefit from penny-pinching. While I am not a financial advisor, I have gained valuable insights through personal experiences, and I want to share that knowledge to help others.
