132. Identity-Based Personal Finance with Ellyce Fulmore
Jan 9, 2024
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Financial educator and author Ellyce Fulmore joins host Tori Dunlap to discuss how trauma and various aspects of identity influence financial decisions. They explore topics such as the connection between trauma and finances, the impact of ADHD and autism on money management, the importance of insurance in personal finance, and the need for government support for basic necessities. They also touch on finding affordable high-quality items, financial literacy, and the book announcement of 'Keeping Finance Personal'.
Understanding your identity and how it shapes your money story can greatly impact your financial management.
Creating safe spaces for discussing money is crucial.
Managing finances based on one's identity involves understanding how various aspects of identity impact financial decisions.
Deep dives
Understanding the Impact of Identity on Finances
Understanding your identity and how it shapes your money story can greatly impact your financial management. Your identity influences how you choose to spend money and the areas of your life that require additional financial resources. For example, personal expenses, such as medications or accommodations, can differ among individuals based on their identities and lived experiences. It is important to consider your identity and how it influences your financial decisions and needs.
Creating Safe Spaces for Money Discussions
Creating safe spaces for discussing money is crucial. A safe space allows individuals to feel seen, heard, and understood, without fear of judgment. It is a space where money-related questions can be asked, and open conversations about personal financial situations can take place. Safe spaces foster a sense of comfort and encourage individuals to openly discuss their financial experiences, leading to greater financial knowledge and empowerment.
Managing Finances Based on Identity
Managing finances based on one's identity involves understanding how various aspects of identity impact financial decisions. For example, individuals with specific identities, such as being trans, disabled, or polyamorous, may have unique financial considerations. These may include the cost of gender-affirming surgeries, accommodations for daily living, or navigating financial dynamics within non-traditional relationship structures. Identifying and addressing these considerations allows individuals to manage their finances in a way that aligns with their identities and values.
Recognizing the Influence of Trauma on Finances
Traumatic experiences, whether directly tied to finances or not, can significantly impact an individual's financial well-being. Financial trauma can manifest in behaviors such as avoidance, overspending, underspending, or codependency. Trauma can trigger a fight-or-flight response, impairing rational decision-making and leading to impulsive financial choices. Recognizing the connection between trauma and finances can help individuals develop strategies to manage their money in a healthier and more empowering way.
Embracing Identity-Based Financial Education and Management
Identity-based financial education and management emphasize the importance of understanding the impact of identity on financial choices. This approach involves considering one's unique identity, needs, and experiences when making financial decisions. It entails seeking out resources and tools that support and align with one's identity, as well as surrounding oneself with individuals and communities that provide a safe and supportive space for financial discussions. This approach allows individuals to create a financial relationship that honors and embraces their identities, fostering financial stability and empowerment.
Have you ever wondered how trauma shapes your decision-making when it comes to money?
In this episode of Financial Feminist, host Tori Dunlap is joined by Ellyce Fulmore, financial educator and author of "Keeping Finance Personal," where they discuss the realm of personal finance through the lens of identity. This enlightening conversation unfolds to explore the connection between trauma and finances and how various aspects of identity, from gender and sexuality to neurodivergence, can significantly influence financial decisions and shape our relationship with money.
