What’s your money story?
If you’ve never heard of the concept, it’s relatively simple: a money story is the conglomeration of your core beliefs and experiences with money, from childhood to the present day. But diving into that story and sharing it with others can help you meet financial goals, increase intimacy in your relationships and align your values with your actions.
Host Anita Rao talks with two guests about money stories and starting awkward money conversations. Steven M. Hughes is a financial therapist and money reiki practitioner. And Morgan Curtis is an organizer and money coach who helps people with inherited wealth reckon with and redistribute their money.
Then Anita shares a conversation from the podcast This is Uncomfortable from Marketplace where a couple's money fight turned out to be about much more.
Thank you to Erika Vijh, Annika Findlay, Zuoyi Phang and Erin Scannell for their contributions to this episode!
How to Tell Your Money Story
What is a money story?
According to financial therapist Steven M. Hughes, a money story encompasses all your experiences around money, from things you heard and observed about money growing up, to your parents’ and grandparents’ relationship with money.
Set the table
When talking to someone about money and your money story, it’s good to ask for consent, says money coach Morgan Curtis.
“That's been relevant in my own family, like: Hey, Dad, are you open to talking about money stuff right now? And sometimes it's a no, because there was really a chapter in my life where I wasn't asking for that consent.”
Share positives AND negatives
“Money is a big taboo topic, just like sex is,” says Hughes. “And we don't speak in specifics about these things. … so one of the first things we can do is to set the stage for truth-telling.”
Don’t forget to listen
If someone shares their own money story back with you, don’t judge or offer help right away.
“Give them [your listening] so that they can know: Okay, I can fill this role for you. Instead of jumping in to say like: I'm going to help you or I'm going to save you from this financial position,” says Hughes.
