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What is your money personality?
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So much of how we handle our money is tied up with our past experiences and our emotional responses to them. It makes one think of the old rock-and-roll song, “Money Changes Everything.”
It can be helpful to examine your money habits and from where they came. For instance, do you feel obliged to pick up the check when you’re out with friends even if you can’t afford it? Are you always lending money to friends even those who you know will never pay you back? Do you shop too much and spend your money on things you can’t afford? Why do we often handle money in ways that go against our best interest?
The answer often lies in our past experiences according to Pegi Burdick, a former mortgage broker, who founded The Financial Whisperer concept specifically to help women understand and better manage their finances.
Pegi, how did you make the switch from mortgage broker to Financial Whisperer?
My life, at the time felt as if it was unraveling. I hired a career coach because I saw the tides shifting in the mortgage industry, and believed I needed to find something that really gave my life purpose. In talking to the coach, I found that what truly made me happy about doing mortgages was helping women overcome the hurdle of understanding their finances and admitting they had shame surrounding money.
Why did you decide to focus on women’s money issues?
I knew I could help empower them because it was my journey too. I understood them. I understood their pain and isolation. I had seen a friend’s business go under because of cash management issues that could have been avoided and I had seen women who had gone through divorce trying to raise their children and keep their home from foreclosure while grappling with their inability to stand up for themselves when it came to their finances.
What is the most important concept that women need to know and understand about managing their money?
Managing anything is about power and choice. Our financial problems come from the choices we make. Our historical poor choices are a statement of inner childhood pains. Identifying those pain points will help someone understand themselves better and have more self-compassion. I have found that going through this process in a group setting can be invaluable on the journey of healing.
How can women learn more about managing their money?
I suggest that you work on becoming aware of your self-destructive patterns before you sit with a financial professional. Because it’s not really about the money, it’s about your self-image and your relationships with the things and the people in your world. Women especially need to learn to overcome any shame and lack of confidence that they feel about themselves. My workshops are specifically designed to address these issues. As you become more confident, you will be in a better position to work with a financial advisor. For instance, you can ask questions with out feeling shame. And if you feel overwhelmed by all the information then you will have the confidence to ask for clarification.
For more information:
The Financial Whisperer
Women’s Institute for a Secure Retirement
The Women’s Institute for Financial Education
MoneyWise Women
Why is financial literacy a woman's issue?
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