GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
These can be tricky questions, even for people whose backgrounds are full of advantages.
People in these circumstances are challenged to play catch-up and learn thesepivotal lessons as they enter adulthood.
How To Make Larger Purchases
Today,Rene Denfeldis a licensed investigator and an acclaimed novelist.
Life was always a day-to-day struggle, and the mindset was one of survival, she said.
Even today, with the information online, it can be very complex and confusing to navigate money.
Those of us raised in poverty learned how to stretch a meal.
We didnt learn to ask the right questions when signing a loan or buying a house or car.
I got fleeced on the regular, she said.
Its not people being foolish.
It is them never having been taught, she said.
We dont teach this stuff in our schools, which is really a travesty.
But how would we?
People … are financially literate because they have money to practice with.
Its very difficult to teach people skills without the tools they need to practice.
Its like teaching someone to fish in a pond where you know there are no fish.
Money was tight, and concepts like budgeting, saving, investing and retirement werent discussed.
The family prioritized emergency care, such as going to a free clinic to get a rotten tooth pulled.
Even as an adult, Trent had to unlearn this mindset around money.
She said she had such low expectations and little knowledge around money that evensetting up a bank accountwas intimidating.
Knowing that she was on her own financially, she feared running out of money.
Shes also started to prioritizesavings, investments and retirement literally teaching herself the ins and outs through online searches.
More From GOBankingRates
Share This Article:
