Overcoming Anxiety Around Money, With Otegha Uwagba
💪 Otegha Uwagba is a writer, speaker, and consultant. Her debut book, Little Black Book, made The Sunday Times bestseller list, and she’s just published her third book, We Need To Talk About Money — a personal and candid memoir exploring her relationship with money.
💸 We Need To Talk About Money was born out of a lack of cultural transparency around finances. It follows Otegha’s process in uncovering her deep-rooted beliefs and patterns around money and discusses how she has overcome financial anxiety.
💥 Today on The Wallet:
1️⃣ Otegha shares her early experiences with money, what money means to her, and explains how we can all begin a journey of introspection to better understand our own attitudes towards money.
2️⃣ We discuss the role privilege plays in the workplace, and how the culture of ‘don’t ask, don’t tell’ is detrimental to everyone, but especially affects women, people of colour and minorities when negotiating salaries and fees.
3️⃣ We look at how Otegha’s relationship with money has evolved over time, and how you can learn to enjoy what you earn when you’re prone to worrying about money.
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begin your financial introspection
“I do think there is a double standard where power, money, credibility and ambition — we’re conditioned to see those things as the domain of men. When women display those things, it’s somehow coded as inappropriate or unfeminine.”
You can be technically good with money (eg. diligent with saving, not falling into debt, great at keeping within your budget) but still experience anxiety around money.
Identifying your money mindset is one of the most important things that can help you really understand what drives your feelings about money, your spending decisions, fears and limitations.
Everyone has different things that led them to where they are in their present-day relationship with money. Whether that’s coming from a family that struggled with money or surviving a financially disastrous divorce, our money stories are all different and shape us in different ways.
Be mindful of how social media influences your spending. It can creep up on you in subconscious ways — but you need to remember that essentially, most of what you see on Instagram is essentially sophisticated advertising.
2. acknowledge The role of privilege in society
Privilege is any kind of unearned advantage that people have as a result of an identity or family background, eg. class, race, gender or education.
Some people who are privileged are reluctant to admit that it played a role in their life outcomes because they see it as something that diminishes their achievements. There is a lot of pride and shame surrounding the subject of privilege, which makes it difficult for people to be transparent about it.
If you’re open and honest about privilege, you help other people set realistic expectations about what they can and can’t achieve.
A lot of workplaces are geared more towards middle-class behavioural codes, so if you come from a middle-class background, you’re more likely to fit in and not feel out of place at your job.
Companies need to practice pay transparency because a lot of people don’t know when they’re underpaid. With pay transparency, it’s a lot harder to get away with underpaying certain people.
Talk to your peers, colleagues, or people you know doing similar jobs, and ask them what their going rate is. This will help you ask for what you deserve.
The prejudices Black women face in the workplace are particularly disturbing. Black women are often seen as being aggressive or hostile for displaying the same behaviours that other white women display. It’s important to understand that this is a societal, structural issue, and not down to the individual to change.
Always remember that there is no such thing as being too ambitious.
3. don’t let the pressure of girlboss culture get to you
While Otegha is grateful that the ascendancy of the ‘Girlboss’ era inspired her to become self-employed and armed her with some valuable tools, she is aware that it has its negatives, too.
The idea that you have to be a female founder, rake in huge amounts of money and hustle and grind your way through life can be appealing to some, but not to others — so if it’s not your thing, and you’d rather stick to your 9-5…stick to your 9-5!
You don’t have to be a martyr for your cause — you can also do what you personally find fulfilling. Follow your gut and do what’s right for you.
* Please note that we are not certified financial advisers! The articles and information made available on Vestpod and this podcast are provided for information and educational purposes only and do not constitute financial advice. You are advised to consult with an independent financial advisor for advice on your specific circumstances. Also, if you’re investing money, make sure it’s for the long term and you understand what you're investing in.*
RESOURCES:
You can connect with Otegha at:
Books: We Need to Talk About Money, Whites On Race and Other Falsehoods, Little Black Book: A Toolkit For Working Women
Twitter: @OteghaUwagba
Instagram: @oteghauwagba
Podcast: In Good Company
Women Who: www.womenwho.co
We shared some resources in this episode, the links are below: