What an event! Laughter, good vibes, learning, unlearning…the conversation was mind-blowing! Hosted at the D&AD headquarters in London, on the 18th of October, 2022, the event was opened by OPENSPACE’s UK representative - Papa Wilson who introduced the organization’s transformative mindset mission. Katie the D&AD’s representative took over by setting OPENSPACE’S house rules and welcoming the audience and after that handed over to the moderators.
Our moderators: From the right; David, Ebun, Frederick and Zaynab
Our exceptionally talented and knowledgeable moderator's line-up was made up of Ebun - the founder of Mentality, David - co-founder of wealth8, Frederick - Founder of Ministry of Enjoyment and Zaynab - Associate Manager at Foundervine who collaboratively ensured the conversation was captivating and engaging and the flow was seamless! *BAD WITH MONEY* was an open, brutally honest conversation that sought to explore our unconscious/unintentional toxic money habits/mindset whilst equipping ourselves with tips to navigate our relationship with money better. In case you missed out or would like to re-live the moment, here we go!
I'd like to assume that we've all had a love-hate relationship with money, right? If you were ‘dating’ money, what kind of relationship would you have? soulmates, In-and -out, a one-night stand, long-distance, abusive, etc? Our visual perception has been proven to be a significant determinant of our interaction with different aspects of life! From the conversation, it became apparent that our relationship with money is based on our parent's interactions with it. Some parents especially single mums who independently provided for their families bred financially independent adults. On the flip side though, some people picked up workaholic habits since that is how financial freedom was presented to them. 'To live a better life, you must work 'very hard'...', an attendee's parent once stated.
Surprising as it may sound, 'faith' also came across as a deterrent to financial independence! Yeah, you heard me right..! The ‘Let me spend it now coz God will provide later’ or "let me give it all out coz God will hand it over to me later" mentality! I know a majority of us can relate to this ‘saying’. How about friends? How have they influenced your relationship with money? Were money talks a taboo in your household growing up? How then did you learn about money?
Participants at the 'Bad With Money' event
Some attendees also cited some observations they made growing up that have notably influenced their relationship with money. If you had money or were ‘blessed’, especially in the African context you were expected to share it with the less fortunate in the family commonly referred to as the ‘black tax’. The perception that having a credit card was a terrible idea simply because of other people’s experiences diluted its positives - the importance to build one's credit score. These have been among the few phenomena that most of us have had to unlearn. What other toxic money habits do you possess? Who/what influenced your current relationship with money? Let's reflect on that!
A few tips to better your relationship with money:
Given the unpredictable state of the economy, we need to intentionally purpose to improve our money habits.
‘ Birds of the same feather flock together’
Surround yourself with individuals with good money habits
Read up/enrol in financial literacy courses
Everything is available online!
Learn to budget your money
This will help you save money. Stick to your budget.
From saving to investing
Don't just lock up your money in your account, invest it to generate more wealth.
Empower them and set boundaries
If you're the 'blessed' one in the family, empower the rest rather than giving hand-outs. Also, ensure that you set clear-cut boundaries. This will save you a lot of headaches!
Lastly, identify your ‘money personality’.
In what category do you fall under; Money avoidance - money is bad and I don’t want to talk about it, money worship - I get money to solve my problems, money status - I am defined by money and Money vigilant - I am cautious and constantly checking on my money. Then proceed to make informed decisions so as to learn and unlearn your toxic money habits.
And just like that.. you’ve made the first steps towards improving your relationship with money!
See you next time!
Written by Margaret Mathenge