Signs You Have Money Trauma and Three Key Ways to Beat It
Money trauma is any extreme emotional, mental or physical distress caused by financial situations and studies show 9 out of ten women in the US experience it. This distress can cause all sorts of anxiety and insecurities that can last years if not addressed. Underpaid professionals burn out faster, so if you’re looking for work life balance, the first place to look might be your wallet.
What does money trauma look like in the work place?
Money trauma can look different for everyone but you should dig deeper if you experience any of the below:
Feeling like you’re not worthy of more money, a raise or a promotion, even when you desperately need it
Discomfort when it comes to salary negotiation, maybe choosing to opt out completely once you have a job offer
Staying in undervalued roles
Overcompensating by overworking, feeling like you have to exhaust yourself for the money you deserve
Limiting your career growth due a mindset of scarcity.
Only 30% of women negotiate their salary which is striking when the gender wage gap is added in. By not asking to be paid what we’re worth we risk intense emotional distress such as feelings of unworthiness or
So Why Aren’t Women Asking For More Money?
There are numerous reasons women might not negotiate salary. It could be the pressure of social norms insisting we stay accommodating and easygoing, and negotiating requires some aggression and grit. It could be a general lack of knowledge on how to do it, or confidence issues such as imposter syndrome. Women can face many unique challenges in our professional lives that make us shy away from advocating for ourselves.
I Have Money Trauma, Now What?
There are three key steps to begin the journey of overcoming money trauma.
1 - Tackle the Origin
Does your trauma stem from childhood poverty or a string of unemployment in your adult years? Understanding the root cause of your work trauma unlocks opportunities for change. You can work with a therapist or you can work alone but at any rate you have to start at the beginning.
2 - Educate Yourself
Some of my favorite books are “The Black Girl’s Guide to Financial Freedom” by Paris Woods and “We Should All be Millionaires” by Rachel Rodgers. I find both books informative and inspiring and you should find books that propel you into a positive mindset about your financial future. You should identify your financial weaknesses and learn how to overcome them. The more proactive you are the better the chance of lessening your anxiety.
3 - Ask for Help
You shouldn’t face any trauma alone. You’ll need support. Whether it comes in the form of a therapist, a coach, or a community of peers with similar experiences — support is key to success. Discuss salary with peers you trust, and ask mentors to review your business case when you ask for raises, hire a coach for accountability and expertise. Asking for help is nothing to be ashamed of, in fact, consider it a way to fast-track your success.
If you’re tired of being held back at work by fear and anxiety around money, I want to talk with you. Join a conversation on money trauma and leave with actionable advice for your career. Not ready yet? Get free advice on my email list.
Signs You’ve Healed Your Money Trauma
Once you’ve done the rewarding work to heal from your fears and insecurities you’ll experience amazing things like
Confidently and successfully asking for raises with ease
Better discernment on whether a job is right for you
Confidently asking for promotions
Confidence in applying for high-value roles
You can have the career of your dreams without burning out worrying about being fairly compensated. You can ask for the raise, the grant, or the promotion you deserve. You can finally shed your insecurities, and your fear and step into the life you truly deserve. It just takes a little strategy.