Updated: Nov 14
Guest Blog Post by Estelle Gibson
From Financial Dependency to Freedom, Stability and Power
Are you in a relationship, job, or circumstance, and you feel trapped because of your money situation? Maybe you earn a good amount of money, but you can’t seem to get ahead. Or, maybe you’re living paycheck to paycheck, struggling to pay off accumulated debt, or worried about not having enough money and being able to provide for your family.
Managing your money is more than just a necessary skill for financial success- it’s also a power source. You can become financially dependent or powerless by choice or by your circumstances.
Dependent by Choice
Some people become financially dependent by handing over their power and participating in making money decisions.
In Relationships - where one partner doesn't want to be involved. This can be a personal or business relationship. They hand over their power and responsibility to a spouse, partner, or professional - bookkeeper, accountant, or lawyer. This also happens with celebrities and professional athletes.
Adult children who live with their parents either move home or don't leave home because they don't want to go out on their own and have no money management skills or financial responsibilities.
Elderly parents that move in with their children or relatives. They may feel they are getting older and want to be closer to loved ones. They sometimes let someone else manage their money and bank accounts, sign over power of attorney, or put their money and assets in someone else's name in case something happens to them.
Dependent by Circumstances
In these situations, the person feels trapped because of their financial situation.
In relationships - when someone is in a relationship, and another person has power over them because they don’t have access to money, information, resources, or a way out.
In a job or career, they are unhappy with or are being harassed. Still, they can't leave because of their financial situation - whether it's due to credit card, college debt, medical bills, or expenses from caring for their family or elderly parents.
Adult children move home with their parents because they've had an illness or have gone through a tragedy - divorce, loss of home due to weather-related events, or loss of a job.
Elderly parents - may be incapacitated or can't take care of themselves either physically or emotionally, and they have to move in with relatives.
In my situation, I was dependent on choice. My story starts many years ago on a rainy fall morning when my husband of 5 years walked into the kitchen and yelled, “I WANT A DIVORCE!” And just like that, my life changed forever.
Eight weeks later, my husband moved out, and I moved on, but I was financially burdened. I was left with a house I couldn’t afford and bills I couldn’t pay. You might wonder how this happens to someone skilled and experienced in managing other people's money.
By this time, I was already many years into my career as a CPA, and I spent all day long managing other people’s money, so I was relieved that my husband was good at and interested in working with our money. I did what I advised all of my clients not to do - I handed over my financial power without staying involved or knowing what was going on. And now I had to get it back. After my divorce, I was left to rebuild my life financially AND emotionally.
Poor By Choice?
Whether dependent on others or skilled in managing your money, you can begin to shape your financial future with conscious and informed decisions by becoming informed and implementing the changes needed to create financial freedom, stability, and power.
After my TED talk in 2019, I realized many others have experienced Financial Dependency. I was overwhelmed by the number of people who approached me after watching my talk to share their story or thank me for telling their story.
Because so many people are experiencing Financial Dependency but not talking about it, and after over 2.3 million views on my TED talk, I decided to expand on it and share my personal story and financial expertise in a book.
In Poor by Choice? I take you on the journey to discover:
The truth about Financial Dependency and its impact on You and Those Around You
Simple yet effective ways to manage your money so you can take charge of your financial destiny
The steps you can take to Achieve Your Goals and Dreams
Using a Holistic Approach
As a CPA, TED Speaker, Author, and Holistic Financial and Business Coach, I Empower Women Who Are Ready For a New Experience With Money to Realize Financial Peace.
What makes me different from other Financial Coaches and Financial Professionals is that I use a holistic approach.
Holistic Coaching is based on a Model of working with the Body, Mind and Spirit.
On the BODY, or physical level, it means working with what is going on in the client's physical world-what is actually happening with their money and how it affects all the areas of their life.
On the MIND or mental level:
I use coaching tools and processes to help my clients and students gain an awareness and understanding of their beliefs so that they can choose to shift them. They can create new thoughts, beliefs, and actions aligned with their goals and desires.
On the SPIRIT or spiritual level:
I work with the client to realize that we live in a co-creative universe with Spirit, God, and a Higher Power and assist them in making a connection with that Higher Power and developing a spiritual practice that works for them within their religion or faith to transform their existing conditions and life experiences.
I look forward to supporting You on Your Journey!
Estelle Gibson - CPA, ACCTED Speaker, Author, Coach
Facebook Group: facebook.com/groups/managemoney
Linked in: https://www.linkedin.com/in/journey2freedom/
JOIN US on the BEACON of LIGHT PODCAST on Tuesday, November 14, 2023, at 6:30 pm MST