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Back to Financial Education

Break Free from Financial Blocks: Learn how to conquer generational, cultural, and personal barriers.

At Aventa, we recognize that the journey toward financial success is frequently met with various challenges. Whether they stem from generational, cultural, or personal factors, each individual's financial narrative is unique. While overcoming these hurdles may pose challenges, the ultimate reward is invaluable. Let's discuss some of the ways you can overcome these obstacles. 

Generational Challenges

Many individuals face financial challenges passed down through their families over decades and generations. This could include families born into poverty. Often, in these households, children drop out of school during their teenage years to get a job and help support the family. This creates a generational cycle that is hard to break. Although dropping out of school to pursue a job now seems like a quick and easy fix, You must actively consider your decisions and change these beliefs to overcome these challenges.

Start by trying to talk openly with older family members to learn from their experiences and get insights into their financial journeys. This way, you can break free from old money beliefs and shape a better financial future for yourself.

After speaking with your family, consider seeking a financial advisor, a financial mentor or conducting online research to find a way to overcome generational challenges. There is a larger community of individuals who support each other and provide guidance on how to overcome financial adversity.

Cultural Influences

Cultural beliefs play a significant role in how people handle money. Some cultures emphasize saving their money, while others promote taking risks, or starting businesses. In some cultures, talking openly about money might not be acceptable. 

When facing money challenges related to your culture, respecting your cultural values while adapting to economic changes is essential. If discussing finances with your family is difficult, consider contacting a financial adviser. Many financial institutions offer free advice to help you start your financial journey.

Familial Dynamics

Family dynamics strongly influence how a person manages money. The family's expectations, pressures, and financial habits can either aid or impede financial success. For instance, if you witness your parents facing financial difficulties, you might feel the need to assist them. However, this could put you in a tough spot if you need the means to help.

Overcoming familial financial blocks involves setting clear boundaries, communicating financial goals, and making informed decisions that align with personal values. It may also require breaking free from the fear of disappointing your family's expectations.

Personal Limitations

Many times, the biggest obstacles to financial success come from within. Negative self-talk, fear of failure, and thinking there's not enough can hold us back. Sometimes, we also try too hard to keep up with others, wanting what they have—fancy trips, luxury cars, or designer brands.

Take a moment to reflect and remind yourself that you're already enough. Success isn't just about having more money and belongings. Challenge negative thoughts, set achievable goals, and celebrate small wins. If needed, consider seeking professional advice like financial counseling or coaching for valuable insights into overcoming personal financial hurdles.

To conquer financial obstacles:

    These steps create a path to financial well-being, overcoming barriers and empowering you to reach your financial goals. Keep in mind that the journey to financial freedom is different for everyone. Recognizing and addressing these varied challenges set the stage for a better financial future.

    Rebecca Bayless, a representative of LPL Financial, has over 20 years of experience in the financial and investment industry. She is a partner of Aventa Credit Union and helps credit union members manage their finances for a better future. To learn more, click here.