Have you ever stared at your bank account and wondered, “how in the world am I supposed to save for the future living from one check to another”? Adulting is difficult, but adulting without knowing how to properly manage your finances adds an extra layer of stress. We live in a culture that is used to expecting a reward for our hard work. With technology at our finger tips, we have more access to feed into a consumer market. Online purchases, credit and debit cards, and an inadequate budgeting system can cause us to mismanage our finances and unknowingly mess up our commas as easily as Future.
Finesse your funds; don’t let your funds finesse you!
Baes and Bombshells had the honor of hosting over 20 millennial attendees at the Bombshells in the City: Finessing Finance Panel. The attendees gained the opportunity to have an open and candid conversation with some of Dallas’s most influential finance gurus catering to the millennial population. The panel consisted of Jalesa Ann, the wealth strategist and financial educator at My Money Mogul, Eric Patrick, Founder and Chief Investment Educator at Black Market Exchange and Mbato Nkwocha, a financial planner at Spectrum Financial Group. The panel was also supported by Kendra James, a business finance and strategy consultant at, The Finance Femme. Each panelist had their own unique experience with money which enhanced the discussion. They shared stories ranging from watching their young parents struggling with staying afloat to personally being one pay check away from homelessness. Their real testimonies clearly served to propel them to the platform that they now hold.
Catch a cute coin by saving in unconventional ways.
As the future financial finessers entered the event, they were instantly engaged with various financial truths and myths to decipher amongst themselves while they were getting to know the people at their table. All of the audience members were given the opportunity to hear the statements and vote on whether they were true or false, including a rationale on why the answer was such. This ice breaker served to test the knowledge in the room as well as spark financial inquiries of their own.
The panelists were able to offer their insight regarding the best methods of saving for various circumstances . Jalesa dished out tips to alleviate emotional spending. She urges us to deal with the underlying emotion behind the spending. When you check your emotions, the need to fulfill a temporary satisfaction will dissipate. Mbato encouraged us to take a survey of our spending habits for 2 weeks to a month in order to examine what areas you can cut back on. Audience members were introduced to to 50/30/20 rule. Fifty percent of expenses should be lived off of. Thirty percent of the net income should be dedicated to reducing debit. The final twenty percent should be allocated to creating a healthy savings fund.Train your brain to consider saving as the best currency instead of spending it on perishable items. Eric doused the audience with practical investment advice. He reminded us to invest in what we know, take a survey of the company’s stock history , and think of the company’s future including the role of possible competition.
Don’t Spend a check, hoping to get it right back. Instead, save a check, so that your savings may stack!
The purpose was not to only discuss tactics, but give attendees hands on experience mastering budgeting and saving. Information is not valuable unless you know how to apply it to your own life. Mbato lead the financial finessers in an engaging presentation regarding how to begin budgeting properly. Audience members were able to put these principles into action by first practicing budgeting with a finance case study. They were sent their own Financial Finesser Budget and the Finesse Your Finances Savings Goal map to personalize to their own expenses and financial goals. Event goers were able to come with questions and expectations but leave competent and knowledgeable regarding how to finesse their own finances.
To read more about the Bombshells in the City: Finessing Finance Panel and get your own personalized “Financial Finesser” Budget Template, “Finesse Your Savings” Goal Map and more be sure to visit BaesNBomsbhells.com.