Hi there, Mrs. 1500 today. (Boy, it’s been a while.)
I interviewed Chelsea Brennan on my podcast a few weeks ago, and the show airs today. (Check it out at www.biggerpockets.com/moneyshow145 or download Episode 145 of The BiggerPockets Money Podcast on your favorite podcast app.)
In the episode, we talk about Chelsea’s money story. (The premise of the show in general is that interactions with money in your early years shape your relationship with money as an adult.) Near the end of the show, she disussed Your Money Moment – your earliest memory of the concept of money that cemented your mindset about it.
My Money Moment
This really got me thinking, and my earliest memory of money interactions came at a garage sale. I wanted a giant pencil, and it had a price tag of $.25. I only had a quarter with me, and my dad tried to talk me out of that pencil, because I had to buy a gift for my mom after that garage sale.
The seller ended up giving me the pencil for free (I REALLY wanted this thing) and when we later went to buy the gift for my mom, I ended up having the exact amount of money I needed – which I would not have had if I had paid for the pencil.
The moral of this story is that I have huge guilt when I spend money, and more specifically, spend money on myself. I can buy food and clothes and things for the family all day long, but feel compelled to check in with Mr. 1500 before spending a dime on me. (Not that HE expects me to check in with him, this isn’t a he-controls-the-money-thing.)
I’m a real estate agent, and have been CRANKING out deals lately. I found a purse online that I really loved, but cost $290. (I know, I know!) I checked in with him, he did not care, but it was still really hard to click the purchase link.
It has since arrived, and I love it! Plus, the company is run by and employs military spouses, so I’m supporting something that is doing good. But even knowing all this, I still felt guilty.
I’m Not Alone
In Chelsea’s experience, asking women to think about their money moment generates a LOT of interesting responses, and can be fairly eye opening. One woman who has a similar-but-different outlook as I do grew up in a home where her father made all the money decisions for the family, and despite having a feminist approach to life, still checks in with the men in her life before spending money.
Once she thought about her money moment, she realized how her past experiences with money shaped her current relationship with it. She was able to address it and is now moving on with a different outlook about money.
Hearing Chelsea say this was pretty powerful. I’ve spoken several times about that stupid pencil, but never heard of this Money Moment idea, and did not equate that interaction with my own views of money. I just always thought I was being frugal.
This got me thinking. How many others haven’t heard of this concept yet? Have you ever considered your Money Moment?
Chelsea is hosting a FREE online summit this week, called Mamas Talk Money. This 5-day virtual event has over 30 speakers on topics across family finance, investing, retirement and estate planning, career, business, and raising financially savvy kids.
Not only am I super excited about this event, but I’m also a speaker.
I hope to see you there!
Join the 10s who have signed up already!
Subscribing will improve your life in incredible ways*.
*Only if your life is pretty bad to begin with.