Mind Over Money, LLC is a social enterprise that promotes financial literacy and planning as a means for building community wealth. Founder Tremaine Wills built the firm with a mission to close the wealth gap, one educated client at a time. Their target customer base are millennials who have the desire to take control of their finances. Mind Over Money, LLC operates under 3 core services:
- Balancing Budgets
- Debt Elimination
- Portfolio Tailoring
Contributor Kyshira Moffett sat down with Tremaine, check out their conversation below!
Kyshira Moffet: What sparked your interest in personal finance and why did you decide to start your business?
Tremaine Wills: I became interested in personal finance as a teenager. I had a small business braiding hair and quickly learned how managing my money properly can open doors for me that I never thought would be possible. I decided to start my own business after spending some time working with investments in Corporate America. Initially I believed that I was building relationships and working to change lives but soon realized that I was actually meeting a widget goal masked as helping people. The client base I was serving did not need or want the service I was passionate to offer it. I became immeasurably unsatisfied and knew that it was time to start my own venture helping clients who were overlooked by mainstream investment and financial planning companies.
KM: What’s the biggest money mistakes millennial women make?
TW: The biggest money mistake millennial women make is waiting until tomorrow. We wait until tomorrow far more often than we should. We wait to pay off credit cards, to consolidate debt, to save for retirement. Many of us are go-getters and are on our grind when it comes to our careers. We even rack in lots of coins from those lucrative careers, but we are not to quick to move when it is financially necessary of us to do so.
KM: How can Empirelista’s budget effectively and save money using their 9-5 salary?
TW: An Empirelista can budget effectively and save money from her 9-5 salary by paying herself in the beginning of the month. Saving has to be in your budget. Budgeting is only effective if we are disciplined and real about what we spend. A good budget is one that considers all aspects of our lives. We can’t just pay our bills and then do whatever with the rest. You have to tell yourself what to do with the rest. Save some! Save a lot if you can, but if you aren’t there yet save something. Something is better then nothing!
KM: Many Empirelista’s are interested in starting a business, what are some tips for getting capital for your business?
TW: For Empirelistas interested in starting a business, do not use a credit card! I highly suggest investing in your business yourself first. Once you have some coins in on your business, you become more accountable for your success. You stop treating it like a hobby. Do this by opening a separate account and putting money in there. Once you get to a point where you feel you’ve reached your max in what you can invest yourself without going into debt, apply for grants and SBA loans. The SBA (Small Business Administration) is a great place to find resources on how to grow your business properly. Additionally, get involved in your community! There are a plethora of micro lending organizations that love small business owners. Many favor hometown businesses and you just may get bonus coins for being a minority!
KM: How do you balance your career, your business and your life?
Tremaine: How do I balance? Seriously, balancing has been my greatest area of weakness. What I find is that in some seasons, I spend more time on my business and my social life suffers, and then the next season during slow business, I suddenly have a huge spike in being social. I moderate my balancing based on joy and burnout. If I am not excited to do something business related, burnout is setting in and it is time to go hang out with friends and rekindle my passion. Which is why my circle has been so critical. Great friends don’t let you give up when you are off balance, they help you get back to where you need to be!
KM: Where do you envision Mind Over Money going in the future?
TW: In the future, I envision Mind Over Money expanding to a full service financial planning firm, making significant strides in closing the wealth gap. I see a company that is socially responsible in a way that the investment world has never witnessed before. I see a company that makes saving money and being financially literate attractive!
KM: What’s the best piece of financial advice you would give an Empirelista who’s financial situation is less than ideal?
TW: The best piece of advice that I can give is to determine your WHY. And I’m talking about that deep down soulful why. Whose life could change if you get your money right? What impact does your poor financial management have on the generations of your future family? Knowing your why carries you when your will isn’t strong enough.