Understanding the Money Stigma and 3 Ways to Build Your Money Confidence

Let’s Acknowledge the Elephant in the Room: Money  

Let’s face it, there’s a social taboo around money. We tend to dance around the topic even though it's a giant elephant sitting in the middle of the room. Friends, partners, acquaintances, whoever – we avoid talking about something that unavoidably affects us all. It can be considered rude, nosey, or even arrogant to discuss income or debt as it relates to yourself or another person. In reality, the reason it is so uncomfortable to talk about money is that it requires dun, dun, dun… vulnerability. It’s vulnerable to discuss what you can and cannot afford, or what debt you are currently facing, or how much you make relative to your industry’s market. However, don’t you think we all need to walk up to that elephant, say hello, and have an honest conversation about it so we can have a deeper sense of connection… with a huge elephant.

The next 3 tips are methods of how you can start talking about money, with confidence, amongst friends, partners, family, and coworkers so that we aren’t alone on this journey. 

Tip #1: Enhance Your Money Mindset    

Your outlook on money is foundational in order to reach your personal finance goals. But just telling ourselves to be positive, visualize our higher incomes, and always be optimistic isn’t going to get us very far. We wish it was that simple. It takes getting uncomfortable, practicing discipline, and, you guessed it, changing how you think and talk about money. 

It’s a good reminder that money is a tool used universally for humans to experience life in a way that most aligns with us. That’s empowering. In the event that you are saving up for a new car or working your way out of debt, your perspective on money is important. While we don’t want you to consider it as this freely available thing that grows on trees, we definitely don’t want you to think that it’s something out of your control and completely unattainable. It’s time to determine your financial goals and what’s most important to YOU. Start from a place of positivity; ask yourself, “how has money been valuable to me in the past? How has money supported those around me?” Once you can answer those questions and see the ways in which money is the hero, not the enemy, you can start to rebuild your budgets, spending, and financial investments that align with your very own values and aspirations.

Tip #2: Lean into the Conversation

Establishing a positive association with money via your mindset prepares you to talk about money differently as well. It can create a foundation of confidence in your present financial reality (no matter where we stand) to engage with those around you in an open, honest conversation about money and break that social taboo we talked about. For example, it can be really nerve wracking to think about, let alone talk about, how to get out of debt. It can also be really intimidating to find out that your friend makes double what you make or embarrassing that you aren’t investing as much as you thought you could into your retirement accounts. However, if we can start to have real, honest conversations around our financial health and ask the questions burning inside of us, then we start to gain confidence about where we’re at financially and more willingness to share that with others without judgment. Oh, and of course some newfound tips, insights, and resources from those we got real with. 

And let’s face it. The only way out of debt is through learning. And the only way to financial success is, well, learning. And the only way to maintain your financial success is again, learning. See a pattern here? Therefore, start honest conversations and dive into financial resources. At Arro, we truly believe that your mind is the most powerful currency in existence, so you should invest in it for a lifetime of returns.

Tip #3: Invest in Yourself First 

Let’s loop back around to the point about aligning your money with things that matter to you most. We need to remember just one, itty bitty word: No. Don’t be afraid to say “no” to products or activities that don’t support you or your financial goals. It can be scary, but it’s a universal reality and we will show you how it’s done: 

•  “No, I can’t go to that concert. I’m focused on saving money, but could meet up before the concert.” 

• “I appreciate you asking, but I do not have the financial bandwidth to go out to dinner this week. How about we do potluck-style at my house instead?”

See, not so bad right? Making good financial decisions doesn’t mean missing out, but it does mean investing in yourself and your financial goals first. Want to save that martini money for a mini investment into your Roth IRA - go you! There is no shame in expressing what’s affordable or what’s relevant to your goals. Talk about self love. And maybe you’ll even inspire a friend or family member to do the same! 

You're Not Alone in Building Money Confidence

The stigma on money has been lingering around for far too long. It has held us back from connecting with one another, keeping our financial fears or successes hidden from those closest to us even when they become a giant elephant sitting in the middle of the room. Arro brings humanness into financial wellness. We realize that humans reach glory, make mistakes, acquire debt, pay off loans, and all the other things that money touches. Join our waitlist today and find out how you can start to get real with your finances.