I Have Made Race-Based Mistakes as a Coach
I have made race-based mistakes as a Couples Financial Coach.
I would like to share a few and how/what I've learned from them.
My hope is to inspire other coaches/people to be vulnerable, reflective, and open to growth.
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(1) If I’m not intentional, my network will end up looking like me.
I want my business to promote equity, and that kind of network will not effectively do so.
Therefore, I intentionally seek out women, people of color, and LGBTQ+ people in finance/coaching to follow, connect with, and learn from. (Thanks to Constanza Eliana for teaching me this.)
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(2): For some clients, looking at their “Money Story” can be deeply traumatizing.
Given the US’s history of economic discrimination, this is especially likely to be true for Black, Indigenous, and other people of color clients.
With one client, I overdid these conversations and was not ready to hold space for them.
This spurred me to work with an anti-racism educator and to be willing to refer out when I’m not the best person for the job.
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(3) My content didn’t acknowledge the different experiences people have had with financial institutions, yet my solutions always utilized them.
For me, these institutions were always my friend.
Not so for people whose families have experienced redlining, who are unbanked or under-banked, or who have been exploited by financial institutions (i.e. payday loans).
So, I added a question to my “Your Money & Relationships Story” handout about experiences with financial institutions.
I also keep it in mind whenever I speak about finance.
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What race-based mistakes have you made, and how have you grown (or are you now committing to grow)?
Please comment below.
Thank you to Ask Alexis, anti-racism educator, for the inspiration for this post.
Want to level up your game around money in your relationship? My free quiz will help you learn your Couple’s Money Personality Type AND how you can grow from there!
Adam Kol is The Couples Financial Coach. He helps couples go from financial overwhelm or fighting to clarity, teamwork, and peace of mind.
Adam is a Certified Financial Therapist™, Certified Mediator, and Tax Attorney with a Duke Law degree and a Master's in Tax Law from NYU. He is a husband, dad, and musician, as well.
Adam's wisdom has been shared with The Wall Street Journal, the Baltimore Ravens, CNBC, NewsNation, and more.
