Natarsha Bamblett, a Money Diarist and advocate for financial literacy, shares her inspiring journey of overcoming financial struggles while managing ADHD. She discusses the importance of teaching kids about money and highlights different attitudes children can have towards spending. Natarsha emphasizes that childhood financial narratives influence adult habits and offers insights into family financial planning. Listeners are encouraged to reflect on their financial paths and explore strategies for effective money management.
The podcast emphasizes the importance of breaking free from inherited financial burdens by establishing a mindset focused on saving and investing for the future.
It also highlights how understanding neurodiversity, such as ADHD, can reshape financial behaviors and encourage better money management strategies.
Deep dives
Overcoming Financial Trauma
The individual discusses their challenging childhood experience, noting that their family lived a lifestyle beyond their means, funded largely by their earnings as a child model. Realizing later that their hard-earned money was not saved for their future but was instead used to support their family's budget left a lasting impact. This sparked a determination to break free from the financial turmoil inherited from their parents, particularly after assuming the role of the sole provider due to their husband's health issues. This journey underscores the importance of self-awareness and seeking to create a new generational wealth mindset that prioritizes saving and investing.
Navigating ADHD and Its Impact on Finances
The individual shares insights into how their ADHD diagnosis at age 35 provided clarity about their financial behaviors and struggles. They elaborate on the impulsivity that often leads to spontaneous purchases, contrasting this with their budgeting skills and the need for a cooling-off period before making purchases. Recognizing ADHD as both a challenge and a potential gift, they seek strategies to manage their spending urges while embracing their neurodiverse identity in the context of financial planning. This journey reflects a broader conversation about how ADHD affects money management, especially with an emphasis on self-trust and informed decision-making.
Setting Financial Goals for the Future
The focus shifts to the importance of setting tangible and achievable financial goals, both for themselves and for their children. The money diarist expresses a strong desire to provide their children with enriching experiences rather than material possessions, sharing unique ways they are teaching their kids about the value of money. This includes conversations around spending choices, emphasizing saving for desired items, and fostering an understanding of financial literacy from a young age. The aspiration is to ensure that their children do not repeat the family's past financial mistakes, aiming for a future where they are better equipped to handle financial responsibilities.
Developing Positive Money Habits
Positive money habits are a key focus, with the individual detailing their journey towards reducing debt and increasing savings. They reflect on their commitment to never paying full price for purchases and the role of negotiation in their buying behavior. The diarist aims to eliminate unsecured debt while planning to boost financial stability through investments and emergency savings. By leveraging the guidance of a knowledgeable financial advisor, they are working diligently to establish a solid financial foundation, illustrating the power of informed financial choices and the potential benefits of professional advice.
Today’s Money Diarist has been through a lot in her 36 years—from battling ADHD and confronting the financial burdens handed down by her parents, to stepping up as the sole breadwinner when her husband’s health declined. She’s here to share her journey and the valuable lessons she’s learned, with a focus on teaching kids about money and the importance of smart financial planning, even on a middle-income. Make sure you don't miss this one.
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