💸 The Boundaries Recap 💸

🔍 In this Issue

• This Week's Money News

• The Boundaries Recap

• My Final Two Cents

• Introducing Something New

Need to catch up? Read our latest issues here.

This Week’s Money News

👛 Wallet Watch

• 🟤 We’re now on Facebook! Stop by the page this week and check out what we’ve got going on. Be sure to share with your friends!

• 🟤 401(k) contribution limits are increasing for 2025! Read more here.

• 🟤 Speaking of 401(k) savings, check out Vanguard’s annual How America Saves report here.

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Fiscal Focus

💸 Boundaries Recap

Back in September, Ed. Opal hosted the magnificent Montina Myers-Galloway for our very first speaker session on Boundaries. As we head into the holidays, that conversation feels even more relevant. While the holidays can be a beautiful and joyous time for many, they can also create a ripe environment for us to over-give, over-extend, and operate outside of our healthy boundaries. Here were some of my favorite questions and answers from that conversation. Some questions and answers have been edited for brevity and clarity.

🤎EO: What are boundaries?

🩷Montina: They’re not a wall, and they’re not intended to keep people out. They’re intended to make relationships healthier, not end them. They’re a way to let people know where you end, and where they begin and vice versa.

🤎EO: How does one start to conceptualize what a boundary is when your family didn’t practice boundaries or when you’re experiencing boundary confusion?

🩷Montina: You’ll recognize you need to set a boundary when you start to feel resentful or when you’re doing things out of obligation. If you’re saying ‘yes’ at your own expense and noticing yourself getting irritable in your relationships, that’s something that needs to be paid attention to and may signal the need for a boundary.

🤎EO: As Black women, we’ve often been trained to care for everyone else. We’re also a very communal people, and we want to show up for our communities. How do we know when we’ve crossed the line between showing up in a healthy way and doing too much

🩷Montina: You’ll start to notice that when everyone immediately starts coming to you for everything. When you’re the default, that’s a sign. When people come to you before they’ve even thought of how to solve the problem on their own, that’s when you’ve likely over-given.

🤎EO: As it pertains to money in particular, what are some signs that there may be opportunities to set healthier boundaries?

🩷Montina: A key indication is when your own personal career and financial goals are off track and not even considered. If you haven’t considered whether or not, and for how long, giving will you back financially, that’s a problem. Take some time and really reflect on the ask, and your capacity before you say ‘yes.’

🤎EO: Let’s say you’ve recognized an area where a new boundary does need to be set. How do you go about having these difficult conversations when it’s time to set new boundaries?

🩷Montina: When and if you’re at the point where you’re ready to have this conversation, remember that just because you’re in therapy or have grown, that doesn’t mean everyone else has and that your perspective may not always be well received. If it’s unsafe to be vulnerable and have that conversation, I don’t recommend my clients have the conversation until they have the tools and support they need to have that conversation successfully. For those who are ready, I always recommend loosely scripting the conversation out to help you feel more confident and prepared before you walk into the actual discussion.

This conversation was so enriching. Thanks again to those who joined. If you missed this one, don’t worry! We’ll be holding more speaker sessions with some amazing experts starting again at the top of 2025. Stay tuned for exact dates and topics! Until then, as Montina coached - breathe, take inventory of your needs and feelings, and don’t be afraid to evaluate how you’d like your money and other relationships to evolve so they can be healthier and more supportive for you and your loved ones.

Vocab, Mindfulness, and Quick Facts

💰 My Final Two Cents

💬 Money Vocabulary:
Defined Contribution Plan: A defined contribution (DC) plan is a retirement plan that's typically tax-deferred, like a 401(k) or a 403(b), in which employees contribute a fixed amount or a percentage of their paychecks to an account that is intended to fund their retirements. Read more here.

🧘🏾‍♀️ Mindful Money Prompt:
Over the next two months, define your 2025 money affirmations. Choose affirmations that align with your larger value system and how you want your relationship with money to evolve in the coming year.

📠 Money Quick Fact: As Vice President Harris’s campaign for office ends, I can’t help but think about all of the Black women who came before her and paved the way for this moment. Of the many, Shirley Chisholm comes to mind. Shirley Chisholm made history by running for and winning office seats and using her title to fight for a more financially equitable country. Regarding her legacy, Shirley Chisholm said, “I want to be remembered as a woman … who dared to be a catalyst of change.” Me too, Mrs. Chisholm. Thank you for laying the groundwork for me to do that through Ed. Opal. Read more about Shirley Chisholm’s legacy here. If you’re in the New York area, stop by the Museum of the City of New York through July 2025 for a special exhibit honoring Shirley Chisholm’s contributions to progress and democracy.

Celebration Syndicate

🎉 Introducing a New Way to Celebrate You

Did you get a higher-paying job, pay off a credit card, or meet a savings goal? No matter what your money accomplishment is, we want to celebrate you! Share your money wins here for a chance to have them featured in future newsletters and on Ed. Opal socials!