Money is energy.
Your childhood experiences with it can dictate your financial decisions as an adult.
How your parents talked about finances and the traumatic events that occurred due to a lack of money, can color your relationship with it.
“If you were consistently hearing that ‘oh, we don’t have no money, and we can’t afford this or we can’t afford that,’ you may develop a scarcity mindset around money,” said Steven M. Hughes, a financial therapist and professional speaker.
“There’s just never enough,” he added.
Ultimately, your relationship with money also parallels your physical, mental and emotional health.
Hughes shared all that and more in a virtual discussion about Black men and financial wellness with Black Men’s Health. He spoke about his personal journey, emerging from his own “financial rock bottom” to educating clients about money for a living.
One of the primary things Hughes touched on was the importance of understanding your “money story,” the narrative that shapes your relationship with money. Gaining that clarity around your money story allows you to achieve financial wellness and improve your life, he said.
He even offers some advice about navigating these uncertain times marked by inflation and economic instability.
“When you are in that state where you are scared of money or you feel guilty about money or shameful about money, money doesn’t want to be around,” Hughes said.
“Just like nature and just like God intended, we want to be in abundance. And so, His energy needs to align with that, including on the money side.”
Tap into our valuable and wide-ranging discussion with Steven M. Hughes below.
Growing Up and Early Lessons About Money
1:49 – For our ice breaker question, Steven M. Hughes talks about the best Jamaican dish he’s ever had.
4:39 – What life was like for him growing up in Columbia, South Carolina and early lessons about money.
6:51 – Hughes on his experiences in college, which led him to want to learn more about money.
9:19 – What hitting his “financial rock bottom” was like and what it taught him.
How Our Finances Are Connected to Our Spiritual Health and Childhood Experiences
12:13 – He explains how our spiritual and physical fitness influence our approach to finances.
13:18 – Hughes on helping clients see the connections between their finances, spiritual energy and feelings about money.
16:04 – What financial trauma from our childhood looks like and how it impacts us.
19:49 – Hughes and BMH’s Jon D. Brown on how credit cards and rewards points work.
The Trap of a Scarcity Mindset and How it Can Impact Your Life
23:15 – How you can develop a scarcity mindset around money and the dangers associated with it.
26:50 – How a scarcity mindset can impact your career, family and beyond.
29:21 – Why making more money isn’t necessarily a cure-all for your money troubles, especially if you have a scarcity mindset.
Things You Can Do to Develop a Healthy Money Mindset in Challenging Times
31:52 – How to maximize the income earned from a full-time job.
34:39 – Steps you can take to address and overcome financial trauma.
42:36 – Advice for achieving financial wholeness while dealing with the issues of our time, like inflation and economic instability.
45:39 – Hughes on the importance of building community and savings partnerships in these times.
48:56 – Financial advice for the younger generation and how youth can make money right now.
53:38 – Available resources to learn more about money, investments and financial wellness.
Steven M. Hughes is a Financial Therapist, Reiki Master Teacher, and professional speaker who guides his clients to heal their relationship with money. Through 1-on-1 sessions with his private clients and group talks for corporate teams, he helps people achieve lasting financial wellness. For more information on his financial therapy services and resources, visit Steven’s website.