Sarah Newcomb, PhD

@Experian A8: Financial education is vital, but it needs to reach across the barriers that poverty, systemic racism, and classism create. Financial education isn’t about compound interest, it’s about learning how to turn whatever resources we have into assets. #CreditChat

@BusEdCrev @AmandaMGoetz Glad you're loving it! There's a new one in the works :)

@AmandaMGoetz Loaded by Sarah Newcomb (@finance_therapy) is one of the better Personal Finance books I've read w/ a unique & very useful lens. IMO, a must read for anyone who's teaching / helping others in this space.

Yesterday in our monthly Office Hours live we touched on how our upbringing and relationship with money can greatly affect your ability to succeed. I’ve done a lot of 1:1 work with a coach on this as growing up without a lot of resources gave me two limiting beliefs: 1) fear I won’t break the cycle 2) guilt if I do What resources are good for learning more about fear or abundance mindset with money? Want to aggregate them for my members.

Hell, yeah!

@creditscoop Automatic payments are a godsend.

A10: Check your credit reports often, set up automatic payments with reminders a week later to confirm funds taken out of bank, budget to lower your debt, build an emergency fund. #CreditChat

@Experian A10c: Remember resilience requires financial, psychological, and social resources. Make a list of all the public resources you have available (WIC, food stamps, TAMP, career coaching, etc.), make sure to feed your self-esteem, and build a strong support system. #CreditChat

Q10. What steps can individuals take to establish healthy financial habits and behaviors that promote resilience? #CreditChat

@Experian A10b: Find a financial role model or mentor! Having someone you look up to financially can help boost motivation and serve as a guide.Who do you know who is a great saver? Who do you know that is content in their financial lives? If nobody, then go hunting for one! #CreditChat

@Experian A10a: Self-awareness. Healthy financial habits start in our heads, not our wallets. We need to catch and correct unhealthy, self-sabotaging financial attitudes and beliefs. #CreditChat

@Experian A9: Slowly. It’s unfortunate, but true. Credit scores - like wounds - take time to recover. It took me a few years to recover from my lowest credit score but I made it, and maintained it, and it feels great, so GET STARTED NOW so you can cross the finish line sooner. #CreditChat

Q9. How can someone rebuild their credit and financial standing after experiencing setbacks from financial trauma? #CreditChat

@Experian A8: Financial education is vital, but it needs to reach across the barriers that poverty, systemic racism, and classism create. Financial education isn’t about compound interest, it’s about learning how to turn whatever resources we have into assets. #CreditChat

Q8. What role does financial education play in preventing or overcoming the impact of financial trauma? #CreditChat

@Experian A8: I believe that real, life-changing financial education is not based in math but in psychology. Empowerment-based, and trauma-informed financial education can help people who have already counted themselves out of the race get back in the game and learn to thrive. #CreditChat

@Experian A7e: Personally, I don’t catch my triggers easily. I catch the URGE to overspend or buy impulsively. When I feel an urge to splurge, that’s when I stop and reflect. That urge is nearly never from a healthy place. If the urge is there, I need some TLC immediately. #CreditChat

Q7. How can someone avoid repeating negative financial patterns caused by past traumatic experiences? #CreditChat

@Experian A7d: Once I learned to pause, I could find a new way to boost my self-esteem in the moment without spending money. Call a friend, sing really loud, recall recent achievements, go for a jog, etc. #CreditChat

@Experian A7b: My triggers tend to be emotional and interpersonal - If I feel “less than” my brain knows I can shop that pain away. BUT…it degrades my self-respect in the long run. So, I needed to learn how to catch myself and find a healthier coping strategy. #CreditChat

@Experian A7c: For example, I used to shop for new clothes when I felt insecure about my socioeconomic status. I learned to stop myself when I felt the urge to shop and ask, “What am I feeling insecure about right now?” #CreditChat

@Experian A7: “Until we make the unconscious conscious, it will rule our lives and we will call it Fate.” - Carl Jung. The first step to change is AWARENESS. Admit that your experiences have been traumatic, and commit to the path of healing. #CreditChat

@navicorePR They are great.

A6a: Consumer Financial Protection Bureau can also help you work through your financial trauma. This government agency gives you access to tools and resources that can help improve your financial literacy and make informed financial decisions. #CreditChat

@Experian Other links to resources: legacy-institute.org #CreditChat foc-network.org #CreditChat mycommunityloanfund.org/events/financi… #CreditChat

@Experian A 6: Public financial resources include Unemployment, WIC, TAMP, and scores of other programs. Less visible are the resources for social and psychological support to help heal the mental and emotional effects. #CreditChat

Q6. What resources or tools are available for people working through the impact of financial trauma? #CreditChat

@MoneyTalkWithT @RahkimSabree @KnowMoneySteve Big love for this.

A6. A few of us out here provide trauma-informed financial education and counseling services. Check out my material (moneytalkwitht.com) along with: @RahkimSabree @KnowMoneySteve Also, consider financial therapy and support groups! #experian #creditchat

@Experian A3: Getting organized and setting up automatic payments for bills that are linked to your credit score (phone, cc's, medical, etc.) was an absolute game changer for me. Not having to remember due dates improved my credit so much! #CreditChat

Q3. What steps can someone take to heal from past financial trauma and start building financial resilience? #CreditChat