I think we can all agree that your 20’s are a pretty weird time in your life. Beautiful, exhilarating, eye-opening…but…weird.
To make things even more complicated, we’re asked to take adulting to the next level by having to actually manage our money. For the majority of our lives, all money matters were handled for us…and sometimes…that’s not a good thing.
Believe it or not, generational curses can be passed down through many different avenues, one of them being our finances.
As a child, your first role models (most likely) are your parents. Their ways are your ways and their thoughts are your thoughts. Parents and legal guardians have a responsibility of teaching us how to do many things…how to properly manage finances doesn’t always make the cut, though.
I can’t recall a time where saving, budgeting, investing or the importance of great credit was ever talked about in my household. Not because my parents didn’t want to talk about it…but because they simply did not know.
You see, it’s pretty hard to teach what you don’t know. Thus, the Smart Women Finish Rich Seminar was born.
According to Wells Fargo, only 50% of millennial women have started saving for retirement versus 61% of millennial men. Also, only 18% of millennial women feel satisfied with their savings level, compared with 58% of millennial men. We can do better, ladies!
In collaboration with my financial adviser and my credit repair specialist, we teamed up to help break the generational curse of finances within the millennial community. If simple conversations about saving and budgeting were never talked about in my household, I could only imagine that other women my age were never taught these basic fundamentals as well.
So, on September 17th, I made it my mission to enlighten and empower a few women on what it takes to be a #GIRLBOSS living the financial life of her dreams.
Mary Hayes (Investment Specialist and my Financial Adviser) kicked off the seminar by outlining the seven steps to living and (most importantly) finishing rich.
One of those steps is to “learn to earn.” When is the last time you took a class? Attended a seminar? Or read a new book on something that you were totally clueless about? By implementing these things into your daily routine, you’re essentially setting yourself up for more mula! The more you learn = the more you EARN.
Another step is to figure out where you stand financially. Let’s get real…do you REALLY know where your money is? Where are you spending your money the most? If you don’t know the answers to these questions, it’s definitely time to sit down and do a financial inventory!
Now to what we’ve all been waiting for (drumroll please) SAVING & INVESTING! Any amount of money saved a month is awesome, but you should be saving at least 15% of your income every month. While we’re on the subject of saving, if you begin saving at least $4 a day at the age of $20, by the time you’re 65, you would have saved one million dollars! No worries if you haven’t started saving for that million dollar nest egg it’s never too late to begin.
To conclude Mary’s presentation, she closed with the importance of saving for retirement. If you don’t have the option of investing in a 401k through your employer, you have an option of investing in a SEP IRA (for all of my entrepreneurs out there) or a tax deductible IRA or Roth IRA.
Credit, credit and more credit. If you’re not familiar with your credit score, you should be! Tierra Jae of New Beginnings Credit Consulting & Restoration educated attendees on repairing credit, key steps to build their credit, how secure credit cards can significantly help a low credit score and free credit check sites like Credit Karma, Credit.com and Credit Sesame just to name a few.
Whether you’re a pro with your finances or in the beginning stages, it’s never too late to educate yourself on the importance of having your financial house in order to break the generational curse of bad finances and create a legacy through building wealth. With all of the resources out here, there’s no excuse for repeating past mistakes.
Now, let’s get this money #GIRLBOSS!
Be on the look out for the Smart Women Finish Rich seminar coming to a city near you!
Guest Contributor: Danielle Hughes
Danielle D. Hughes is a social entrepreneur, journalist and youth advocate. When she’s not writing or covering news, you’ll find her at church, spending time with loved ones or enjoying a great read! Keep up with her: @danielledhughes or firstname.lastname@example.org.