It is the second week of Financial Literacy Month 2019 as the content released continues to be abundant, I hope that the lessons, tips, and tricks provided will (hopefully) be impactful. One of the goals I hope that readers take away from this month is that goal-setting is a key step in becoming monetarily savvy this year. Thus, when creating financial goals, it may help to have a balance of lofty, long-term goals and small, short-term goals.
Moreover, when looking to implement financial goal-setting practices into your routine, one place to start is by identifying where you currently are financially. As such, identifying your current fiscal circumstance can include the following: admitting that your literacy about budgeting, investing, and retirement is low, assessing how much is spent monthly, and thoroughly reviewing current money habits in place. Thus, in exploring current money habits further, let us revisit last Wednesday’s Financial Fitness Twitter Chat hosted by Winnie Sun. An informative chat, each question centered on analyzing childhood fiscal practices that may have been carried into adulthood as well as understanding the root cause(s) of one’s inability to save. In the end, the process was cathartic, and the answers delivered were insightful. View my responses below and feel free to contribute to the conversation: Q1: Let’s Meet! Who are you, what do you do, what was the last thing you spent money on and was it planned or an impulse purchase? WW: An hour to the late to the party, but I am ready to have fun nonetheless! To start, I am Whitney from the Empire State (New York City), and the last thing I spent money on was @MeekMill's Motivation Tour tickets. A last-minute impulsive buy, but oh so worth it! #WinnieSun Q2: Define this: What does financial freedom mean to you? WW: Financial freedom equals having multiple options at your disposal. Moreover, it means comfortably weighing decisions and knowing that once purchases have been made, there is no worry about potential damaging long-term effects. #WinnieSun Q3: The hard truth about money. Why do you think so many people are ill-prepared for financial emergencies, and important needs such as retirement, and paying for college? WW: A large percentage of people lack access and resources to financial education. Far too often in my work, adults lack financial preparedness, which hinders a myriad of things. However, by starting the conversation and education early, we can improve financial literacy. #WinnieSun Q4: Have you ever had a financial wakeup call? What was it and how did you take action? WW: My wakeup call was recent: I had become too prone to call a cab versus taking public transportation, which resulted in my account dwindling. I put myself on a financial diet and have been slowly cutting cabs from my routine. #WinnieSun Q5: Talking about money is so taboo. Why do you think there is such a stigma about money and what can we do to rectify it? Who do you talk to about your finances? (professionally or casually). WW: Often income and money is tied to class and classism, and we are all too aware of how stigmatizing socioeconomic status is. For individuals whose money is scarce, it is hard to articulate that and to have the proper conversations to identify the root(s) of the problem. #WinnieSun Q6: Your money education. Who taught you your best financial habit? Did you learn from communication, an experience, @YouTube, a class? WW: My father. My father was a mathematics major in college, so my love for numbers is inherited from him. Additionally, he is a wiz at budgeting, investing, and more, so I am fortunate to have one of the best to educate me. #WinnieSun Q7: Show me the money! What role does money play in your life and how has your relationship with money evolved? WW: Money plays an ever-present role in my life for it is tied to my daily interactions. Whether it is paying student loan debt, or making purchases, having to utilize money exists! Moreover, I am proud to say that our relationship (money and myself) has matured for the better! #WinnieSun Q8: Agree or disagree and why: health is wealth? WW: Agree! There is a strong correlation between economics and healthcare, and there is an equally strong correlation between a lack of access to adequate healthcare and poor health. Additionally, we have all witnessed, in some capacity, stories of exorbitant health bills and the struggles to pay them off. #WinnieSun Q9: The fear of the unknown. If you were feeling insecure about your finances what steps should you take to help you feel more in control? WW: If I tried to fix my finances to no avail, I would seek help. Specifically, I would research articles and additional materials that could help me regain control of my financial life. #WinnieSun Q10: Is enough, enough? Is the goalpost always moving? Is there an amount of money that would make you feel like you had “enough money”? How has this changed over the years? WW: While I have no definitive amount, I know what “enough” feels like, and it feels like comfort. It feels like making extravagant purchases without the fear of how I would survive the upcoming months. #WinnieSun Q11: Does the perfect money tool exist? If you could create the perfect app or tool to help you with your money, what would it look like and what would it do? WW: My perfect app would incorporate Excel spreadsheets and a digital workbook. #WinnieSun Q12: What financial blogs, podcasts, or content creators do you enjoy? Tag them. WW: Outside of my own work, I enjoy anything from Broke Millennial, The Consumer Finance Protection Bureau, Council for Economic Education, Dr. Barbara O’Neill , and more! #WinnieSun Q13: What’s your worth? How do you quantify your financial value as it pertains to your employer, your company, and other businesses or clients you work with? WW: I am still learning how to quantify my worth. While I can assess the quality of my work, I often struggle with defining the dollar amount. #WinnieSun Q14: It takes a village. How do you think your environment affects your attitude towards money? How do your financial decisions now align with your values and life goals for the future? WW: My village is comprised of fellow financial literacy educators and those learning how to improve their financial lives. It is a healthy balance of sharing ideas and holding each other accountable. #WinnieSun Q15: How important would you say investing is for the future to stay ahead of taxes and inflation? How informed do you feel you are about the different options and saving vehicles out there? WW: Investing is very important to my future, even though I have not allotted serious time to it. Although my time has been scarce, I feel as if I have a solid understanding of the various investment options available to me. #WinnieSun
0 Comments
Leave a Reply. |
WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
September 2020
Categories |