Financial Trauma: The Impact, Common Forms, and Solutions for Recovery with Majel Hein

Finding Your Fierce

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 - [e-mail]