Episode 60 with Jacent Wamala
Have you ever had any of these money issues?
- Not managing your finances well
- Feeling discomfort with having money
- Wondering where your money went
- Not having money saved for emergencies
- Always or often questioning yourself and going back and forth with decisions concerning your budget and expenses
Many of us have had difficult and stressful experiences with money. Oftentimes, these financial problems are passed down to us by our families which then compound over time and build into financial traumas.
This week, the Dreamer joining us is Jacent Wamala, a Licensed Marriage and Family Therapist who’s now a Money Mindset Coach and Founder of the Wealth & Wellness University. She shared some tips and advice on how to get over our financial traumas, pay off debt, just as she did when she erased $90,000 of debt in three years, and build wealth.
In this episode, Jacent Wamala:
- Financial traumas that people of color and first-gen immigrants deal with
- What it takes to build long-term wealth
- Three common financial traumas
- How stress and money become correlated – but shouldn’t be
- Steps to start healing your relationship with money
- Why creating boundaries with your money is essential
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Dreamer’s Wealth of Wisdom:
- A lot of people have had very difficult distressing experiences with money, specifically people of color. — Jacent Wamala
- If spending money is giving you stress, then that’s an indicator of something that needs to be investigated and looked at. — Jacent Wamala
- Create boundaries with your money. — Jacent Wamala
- Earning more is possible and it’s typically pertinent to making it happen when we start looking at the numbers. — Jacent Wamala
- Your net worth is your assets minus your liabilities. — Jacent Wamala
- If you owe more than you own, you have a negative net worth. — Jacent Wamala
- It takes time to build the muscle, the habit, and the skill of managing your money. — Jacent Wamala
- It’s only your mind that holds you back from making progress. — Jacent Wamala
- It’s really helpful, efficient, and strategic, to ask for help. — Jacent Wamala
Other Resources Mentioned:
- Business Insider – Jacent Wamala Article on Overcoming Your Financial Traumas
- The Smart Money Woman: An African girl’s journey to financial freedom
About the Guest:
Jacent Wamala is a Licensed Marriage and Family Therapist turned Money Mindset Coach and Wealth & Wellness University founder. She works helping millennial women manage and make more money.
In three years, she paid off over $90,000 in credit card and student loan debt and saw the link between financial stress and mental health issues for her clients. She desires to help her community become aware of the limiting beliefs and fears getting in the way of their financial freedom and empower them to create a plan to reach their goals.