First Generation Wealth Building with Aja Evans
This month begins a three month long effort for me and The Financial Gym team to connect again in person with our community. In partnership with Community Spirit Vodka, we’ll be touring 9 cities and bringing our community together for the first time in almost three years. It’s an exciting time for us and I wanted to spend this month on the podcast talking about community and its importance of it. Kicking off the month with me is Aja Evans a Financial Therapist who works with clients on a number of challenges, one of which is being a first time generational wealth builder. Building wealth takes community. It’s about surrounding yourself with like minded individuals and being supported through the challenging decisions you face as you sacrifice the spending of today to build for the wealth of tomorrow. Aja joins me to share her thoughts on best practices and tools for people looking to achieve this important goal.
What are we drinking?
Aja - Water
Shannon - Black Cherry Schweppes
Podcast Notes
Aja’s journey into personal finance all started when a relative had a conversation about money with her. She spent most of her 20s living in New York City, having the best time, but being frivolous with her money. That relative told her that there was a lot she could learn about money, and encouraged her to take it seriously.
After that, she wanted to learn everything and dove into all of the books and podcasts.
People don’t realize how intertwined money and emotions truly are. No matter your financial situation, there is always an emotional tie to it.
In her therapy sessions with clients, when they would bring up money, she started giving them space to get into what was going on with their money. This led her to seek out special training and certificates in this area.
First-generation wealth builders are responsible for taking care of all three generations: the previous, current, and the next generation. It can be a lot of pressure trying to navigate all of those areas.
For a lot of folks, it can be the expectation to give or take care of family members, even if you’re not able to afford it. This is not sustainable, and it’s important to set expectations with your family.
It’s important to put on your oxygen mask first, before taking care of those around you.
These conversations can be really challenging, and the key is to approach it gently.
Being unable to provide for the others in your life does not make you a bad person. You are valuable, successful, and worthy, no matter how much money you make.
If taking care of your family is important to you, create a financial plan that supports that. It’s about managing your life while taking care of your family in a way that supports you and your goals.
When you become serious about a financial journey, friends and family may not understand. Everyone needs a role model and community on this type of journey, and it might not be your family. It’s important to connect with folks who can support and uplift you.
For Shannon, it was the financial blogging space. She found her people who thought being frugal was cool and made connections there. Without community, it’s easier to fall back into old patterns.
Maintaining and continuing to grow wealth is an important part of creating generational wealth. While the goal is for the legacy to continue, for the wealth to be lost after it’s passed through the first couple of generations.
Money is a taboo topic for families across all income levels, but financial literacy has to start in the home. This will help what is built continue and not be lost.
Money is one of the ultimate taboos, and the best way to break through it is to bravely talk about it without fear or shame.
Takeaway: My biggest takeaway is that building generational wealth is not an overnight process and there are many difficult decisions to make along the way. Surrounding yourself with a community of people with the same goal, though, will not only get you there faster, but will give you the support and guidance you need along the way.
Random Three Questions
If you were not a financial therapist, what would you be doing?
What is something you’ve been binging lately?
If this was your last meal on earth, what would it be?
Connect with Aja
Instagram: @ajaetherapy
Website: Aja Evans Counseling
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
My biggest goal for The Financial Gym right now is to grow our Certified Financial Trainer Licensing Program. This program is built off of over 10 years of working with tens of thousands of people getting them financially healthy. My goal is that every financial advisor, planner or coach has our certification. Our approach to financial wellness is revolutionary and it’s important for me and my team that anyone who plans to work with people around their finances understands the important lessons we’ve learned along the way. I always say the problems are the same, the zeros are different. If you’re a personal finance nerd with a passion for helping others, this is the course for you. If you’re a financial professional helping others, this is the course for you. If you’re working with a financial professional, you should insist that they get this designation so that they can become more holistic in their financial planning. So head over or send friends to financialgym.com and under our services, you’ll find more on the certification program.