Episode 38: Breaking the Cycle of Poverty

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In Season 5 of The All Gifts Podcast we’re talking about being cycle breakers. A cycle breaker is someone who sees destructive, negative patterns in their family and intentionally decides to break them.

For a cycle breaker, every step forward can feel like it takes herculean effort. I’m learning to accept that and to take it easier on myself when I get frustrated.

One of the areas where this has been most difficult is breaking the cycle of poverty and creating a wealth building legacy for my family.

As I shared in Episode 31 What is a Cycle Breaker, I began to break the cycle of poverty in my life by getting an education. My dad didn’t finish high school. He got his GED and spent his teen years in juvenile hall before getting drafted to serve in Vietnam.

My mom graduated from high school, but she didn’t feel confident in her ability to learn. When she and my dad divorced, she had no work history and no hope of getting an education.

We went on welfare.

There was never enough food, money for bills, or transportation. Getting new clothes was rare. But by far, the hardest part about growing up on welfare was the shame. We were treated scornfully by caseworkers, doctors, and teachers. I was teased by my peers for not having the right clothes, holes in my shoes, and the house with the overgrown lawn.

It was this shame that drove me to break the cycle of poverty and go to college.

And even after facing all the giants associated with getting into Oberlin—SATs, financial aid forms, the college application—then surviving and graduating with honors in four years, it wasn’t enough to break the cycle of poverty.

After graduation I had to get a job that made more than day care, that would allow me to pay my student loans, and the bill for the credit card that was freely given to me on the college quad one fateful afternoon. As I shared in Episode 32 How to Choose a Career, I spent years balancing my disillusionment with building a career in corporate America with my hopes and dreams of “making it.”

Fifteen years into my career, I didn’t have a savings account. I lived paycheck to paycheck, sometimes even going into overdraft.

I was ashamed that for all my hard work, it still wasn’t enough to break the cycle of poverty.

I read money management books, but I didn’t know how to apply what they taught. I was overwhelmed, working, and raising two sons as a single mom. When my boys were nineteen and thirteen, I got married. Unfortunately, our lack of money management skills became a source of marital angst.

Peggy Buck, Financial and Wealth Advisor

Two years into the marriage, almost ten years ago, I met Peggy Buck, a financial and wealth advisor. Peggy offered to sit down and teach me, Joe, and the boys, the basics of money management. She said it wasn’t enough to teach me, the entire family needed to be on the same page.

I was skeptical.

I didn’t think the boys would want to do it but I was desperate. I was still paying off my student loan and every month when I wrote a check to my apartment complex, I burned inside knowing that money wasn’t doing anything to build wealth for myself and my family.

Surprisingly, Peggy’s down to earth, practical style won our family over. She taught us fundamentals that helped me pay off my undergrad debt, put myself through an MBA program, and purchase a house. But perhaps the best sign of finally breaking the cycle of poverty was seeing my children become good stewards of their finances.

When my son purchased his first house, I could no longer say that I was the only one in my family to own a home. That felt amazing.

Listen to Episode 38 of The All Gifts Podcast where Peggy joins as my special guest. Hear how she broke the cycle of poverty in her life and how she helps others do the same.

If you enjoy this episode and want more, join me for The Blueprint: Money Management and Goal Setting Workshop. 

In this powerful session, Peggy and I will help you create your blueprint for financial success. 

It’s free! Sign up at the link below:

https://content.pandoravillasenor.com/money-management

Additional Resources:

Peggy Buck is a Financial and Wealth Advisor, Entrepreneur, and Sales Executive in Corporate America. She is the creator of the Prosperity 101: Financial Workshop Series. She holds an MBA from Texas A&M University and has worked with thousands worldwide to help them build out a plan to achieve financial freedom.