Why one reporter says 'living in the moment' can hurt your wallet
Engaging with money on a regular basis can be tricky, even for those who are well-versed in the nuances of personal finance, let alone for folks who have the added struggle of growing up in poverty. For NBC News and MSNBC correspondent Steven Romo, the money trauma that came from climbing out of childhood poverty stayed with him in life, he explained to Living Not So Fabulously hosts David & John Auten-Schneider. "[My parents] did not hide their money problems from my siblings and me; that we had two homes foreclosed on. We got kicked out of rental homes. And we were always very aware of what was happening like that we couldn't afford this. We couldn't pay for this. So that's one of the reasons why it's been hard for me to engage with money and learn about money," he said. As Romo climbed out of poverty, he developed new money skills—with immense help from his husband, he added—and he held on to a green rule of thumb, per se. "Sometimes life is short, but sometimes it's not," he said, which means you have to prioritize financial decisions. Otherwise, "you're gonna look back at your 28-year-old self and be pretty upset about the decisions you made." For queer people especially, he added, the community struggles with over-consumerism as a way to feel secure. "So many of us have to suppress who we are, and we don't get to fully live these lives where we're our authentic selves. So once we really do come out and start having friend groups, we go maybe a little too far... Maybe we're putting trips on credit cards and not really fully planning it out." For full episodes of Living Not So Fabulously, watch on our website or listen on your favorite podcast platform. Yahoo Finance's Living Not So Fabulously is created and produced by Rachael Lewis-Krisky.
