Mastering Borrowing with Ease: Untangling debt apprehensions and unlearning debt evasion techniques
Rita-Soledad Fernández Paulino, a money and self-care coach, is on a mission to help ambitious first-generation wealth builders achieve financial security. Specializing in guiding BIPoC, women, and LGBTQ+ individuals, she employs a holistic approach that combines personal finance education with self-care.
Paulino's approach aims to help first-generation wealth builders overcome the fear and shame associated with debt, often stemming from cultural, emotional, and traumatic experiences. By encouraging them to untangle and unlearn these associations, she guides them towards financial neutrality, where debt is viewed as a neutral tool rather than a source of shame.
Key elements of Paulino's approach include acknowledging the inherited survival strategy around debt avoidance, helping individuals recognize the roots of their beliefs about debt, promoting a shift in the emotional response to debt, and providing practical advice on borrowing confidently.
First-generation wealth builders who adopt this approach gain clarity and confidence to make debt a strategic financial tool. They learn to use debt to invest in their future or make purposeful expenditures, rather than viewing it as a threat to their financial security.
To start unlearning debt avoidance, individuals are encouraged to explore their own money story, questioning messages heard growing up, associations with debt, and opportunities avoided due to borrowing. Practicing financial neutrality, viewing debt as just data, not a moral failure, and regularly reviewing one's credit report from Annualcreditreport.com, are also key steps.
Weekly money rituals, such as a 15-30 minute check-in, can help build self-trust around leveraging debt. Unlearning debt avoidance takes time, tools, and compassion, but it leads to the self-trust needed to borrow with intention and build wealth on one's terms.
Understanding what impacts credit scores, the difference between revolving and installment credit, and using online debt calculators to explore the cost of borrowing are essential parts of Paulino's approach. Debt can be a tool, and with the right knowledge and planning, it can be controlled and used strategically.
Debt avoidance is often a survival strategy passed down through generations. By unlearning this habit, first-generation wealth builders can break free from the chains of fear and shame, paving the way towards financial independence and a brighter future.
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