Let's not sugar coat it: To find a straight path financial growth can be challenging for any entrepreneur, but for Latinos, Latinos, blacks, and other minority entrepreneurs, the bumpy road often runs deeper than just numbers to run or a math equation to solve.

For many people, the way they feel every day causes them to sit back or put themselves in situations they don't want to be in with money and financial decisions. This kind of feeling originates in what is called financial trauma, sometimes referred to as “Financial PTSD” and goes beyond a direct negative financial experience or possible money struggles you've seen within your family or community. It also comes from those generational patterns passed down from our ancestors, in addition to the many systemic barriers that have placed us in addition to quickly creating of a path that leads to financial success.

Just keep in mind that women in the US gained full economic participation rights in the early 20th century, and the 1960s marked the era when women could open bank accounts without a male co-signer. Economic freedom for many minorities came even later, around the 1970s and 1980s, when financial institutions were pushed to offer more comprehensive services after Equal Credit Opportunity Act of 1974 it was passed.

However, even to this day, some narratives persist, forming what we refer to as a systemic and generative financial trauma:

1. Fear of not having enough
2. Fear of not having someone to provide for
3. Fear of the unknown

If you find yourself stuck in your financial growth, it's time to explore the path less traveled that yields the most financial results and consider how financial trauma may be holding you back. I'll describe three ways financial trauma can affect your progress and provide practical steps to overcome these obstacles.

Related: Are your subconscious money habits killing your business growth? Here's how to fix them now

Limited perception of possibilities

In other words, your ability to play the entrepreneurial game of creating and finding opportunities to grow every day just isn't there. You cannot see beyond your current situation no matter what.

Financial trauma can narrow one's perspective, making it difficult to look for possible solutions or opportunities that could lead to the next step.

How it may appear in your growth:

You may unconsciously believe that certain opportunities “aren't for people like me,” or you may be too focused on managing immediate financial stress to recognize new opportunities; after all, this is the first effect of trauma that keeps you in a fight or flight response.

You may also hesitate to pursue new business ventures, fearing failure before you even get started. Or maybe you're undervaluing your products or services, convinced that higher prices will drive customers away. When was the last time you opened your bank account and tracked your spending?

How to overcomeme that:

Acknowledge the emotions you feel when you realize you are stuck at any point in your financial growth. If fear or anxiety is holding you back, give it a try sharing the emotion from the situation. Visualize the scenario as if it were happening to someone else and remove the power that fear has over your decisions. This can help you see opportunities more clearly and take steps toward growth.

Related: Can entrepreneurship be a response to trauma? 5 ways our emotional past manifests in leadership

Anxiety and stress are driving your financial decisions

When financial trauma is present, anxiety and stress can take over, leading to decisions based on fear rather than strategy and vision.

This is especially damaging to you as a Latino or Latina entrepreneur, so much so that I treat it as the first part of my financial growth framework by bringing and underscoring the importance of a big vision and having control over your north. For us, clearly connecting our big vision, not clouded by anxiety or stress, to our financial growth will help us overcome the cultural, family, and social dynamics that keep us anchored in seeking only money to get by. . And isn't that the whole point?

How it can appear:

You can often second-guess yourself, making decisions based on short-term security rather than what's best for your business and what aligns with where you want to take your business and your life with it in the coming years. You may also be constantly stressed about cash flowpreventing you from making strategic moves that could benefit your business.

How to overcome it:

It is essential to seek support to overcome these emotions in a context where support understands their connection to your financial journey.

When you feel overwhelmed, stop and take a step back. A financial plan with detailed scenarios of how you would like to act out of emotions is also helpful.

Related: How to overcome organizational trauma – 4 strategies for resilience and growth after a crisis

Avoiding the conversation because of money

Avoiding talking about or about money often happens when imposter syndrome begins, especially when related to financial trauma. While many people experience imposter syndrome when running a business—seeing opportunity but doubting whether you're worthy—it's a different story when finances are involved.

For Latino or Latina entrepreneurs, there is often a subtle or not-so-subtle clash between how we want to appear in the world and the financial identity often linked to our heritage, which has also created a subconscious expectation that is later partially transformed. of our financial identity. This creates the perfect storm for impostor syndrome to take over, making it more challenging to align with your vision and drive your financial growth.

How to overcome it:

Building on what I have already shared, this additional layer of impostor syndrome related to financial trauma can be revealed by recognizing how your identity, heritage, and culture are part of why you are on this journey and have this vision. Instead of seeing these aspects as they are portrayed to us, it is time to embrace them as strengths in your business and turn them into your driving force.

If you can answer this question today: How do you have them heritage and identity has contributed to the success you have had so far? This answer is what will begin to break down the barriers in your path.