Breaking Money Myths: Practical Financial Wellness for Individuals, Couples, and Communities

Hello everyone, Jim Grace here, host of Modern Financial Wellness. I’m excited to share the latest episode, which dives deep into the real story behind financial wellness, the power of education, and how changing your money mindset can truly transform lives and workplaces.

In this episode, we go beyond the nuts and bolts of budgeting and saving. Today’s conversation centers on financial literacy as the critical foundation for achieving true financial well-being from breaking out of generational cycles and learning practical strategies, to transforming workplace cultures and empowering underserved communities. The heart of our discussion: how understanding our relationship with money and empowering others to do the same can change trajectories for individuals, families, and businesses alike.

Joining me is Irma Neal, an incredible leader and changemaker. Irma is the founder of Onyx Rising, a change management and financial literacy firm specializing in DEI and leadership development. As a former deputy mayor of Indianapolis and director of human services, plus a certified financial coach and author of “Chaos Insights to Lead through the Storm,” Irma brings decades of wisdom and personal experience to the table. Her own journey from growing up in poverty to becoming a financial educator and advocate truly inspires.

5 Key Takeaways

1. Your Money Mindset Starts Early but It Can Change.

Irma’s childhood experiences living in poverty and watching her parents’ approach to credit set early patterns, but her determination and curiosity led her to seek a different path. She began saving her lunch money as a teen and carried those habits throughout her life.

2. Money Conversations Are Relationship Conversations.

Irma and her late husband navigated the classic saver/spender dynamic, highlighting how important it is to talk openly and honestly about money with your partner ideally before tying the knot. Communication, compromise, and transparency are crucial.

3. Employer-Sponsored Financial Education is Life-Changing.

A company-paid session with a certified financial advisor at IBM was a game changer for Irma. That experience built loyalty and gave her the tools to grow true wealth over time, not just save. Employers have a pivotal role here combining benefits with real education can transform lives and improve retention.

4. Mindset Before Mechanics: Changing Financial Trajectories.

Onyx Rising’s programs start by helping participants envision the life they want and break down money myths, especially those reinforced by culture and social media. Tailoring education to where a person is in their journey, rather than a “one size fits all” approach, is critical for real, lasting change.

5. Financial Well-being Equals Freedom and Security.

To Irma, true financial well-being is about freedom to travel, to experience life, and to weather unexpected challenges (like the car that literally crashed into her house!). Preparation allows us not just to survive, but to thrive even through the storms life throws our way.

If you’re an employee, check out the resources your company might already offer and be proactive about using them. Employers, consider integrating financial wellness programming to benefit both your people and your business.

For more from Irma and Onyx Rising, including mindset quizzes and employer guides, head to onyx2rise.com. If you enjoyed our conversation, don’t forget to subscribe, leave a review, and share this episode with someone on their financial wellness journey. Thanks for tuning in. I look forward to seeing you next time!