Financial Trauma: The Impact, Common Forms, and Solutions for Recovery with Majel Hein
In this episode of the Finding Your Fierce podcast, Majel Hein, the director of Financial Education for the Marine Credit Union Foundation, delves into the topic of taking control of your finances and putting yourself in a position to buy a home. She emphasizes the importance of having an empathetic and nonjudgmental approach when discussing finances, recognizing that everyone's financial journey is unique.
Hein explains that there are four types of financial trauma: past trauma, present trauma, inherited trauma, and systemic trauma. She notes that understanding these types of trauma and how they impact an individual's financial well-being is crucial to helping them move forward.
Hein also shares his own personal experience with addiction and financial struggles, and how it has informed her approach to helping others navigate their own financial journey. She emphasizes the importance of access and education when it comes to finances, as well as having a support system and accountability partner.
Finally, she encourages financial institutions to be more creative with their processes in order to provide more access for those who need it, recognizing that traditional lending practices may not work for everyone. By taking a more inclusive approach, financial institutions can help more people achieve their goals of buying a home and achieving financial stability.
In the Episode, You'll Learn:
00:00:00 - Join Majel Hein as she explores the world of personal finance and shares tips for learning and growing financially
00:01:55 - Discover the power of sharing our journeys and learning together
00:04:10 - Learn about the benefits of having someone to talk to about finances
00:07:50 - Join Majel on her journey to homeownership and learn about the path to finding the perfect home
00:11:14 - Navigating financial institutions during limited hours and breaking down financial barriers to increase accessibility
00:13:31 - Understanding the impact of financial trauma on the body and common forms of financial trauma, such as redlining and financial shaming
00:18:14 - Strategies for providing education for homeownership on a limited income
00:27:59 - Creating a roadmap for your life and aligning your dreams with reality
00:31:40 - The importance of having a support system and accountability partner for motivation
00:33:35 - Tips for mortgage refinancing to make payments more affordable
00:37:37 - Power Trip Denied: Refusal To Explain Reasons
00:39:40 - Graduating Finding Home Program and taking control of homeownership
00:40:58 - Preparing for the future and taking control of your own homeownership journey
Links and Resources:
Majel Hein LinkedIn
Marine Credit Union Foundation
Email - Majel.Hein@marinecu.com
