
Today at the SOKO MRKT stage, Danielle OโBannon, the Vice President of Goldman Sachs, spoke with moderator Ensa Huger, who is an accountant, speaker, consultant, and author. Both women have extensive expertise in financial matters, ranging from budgeting to wealth management. In their conversation, OโBannon discussed the necessary steps to secure your financial future for yourself and your family, also known as generational wealth.
She emphasized the significance of creating a will, keeping track of all your assets, and more. Itโs crucial to openly discuss financial matters, especially within the Black community where these conversations are often considered uncomfortable or not given enough importance. While the saying goes โmore money, more problems,โ OโBannon believes that the real problem lies in not properly assessing your assets. Keep reading to find out more about this informative panel below.
Measure To Manage
Being 100 percent honest with your accountant is an important step in the right direction. โTracking your spending and earnings closely and reporting them honestly to your accountant and wealth managers will help you in the long run, from taxes to building savings accounts. OโBannon said on stage, โIf you canโt measure it, you canโt manage it.โ Not tracking your money habits is a common occurrence that is just from the Black community. Still, since this community is already oppressed, itโs imperative to get ahead as much as possible.
โItโs impossible to get help if you donโt ask and if youโre not being honest, either with yourself or with others, about your situation. I think that that oneโs a really hard one because it requires a level of trust. It does, and I also think thereโs a lot of fear, or potentially fear of judgment, that comes with being transparent,โ OโBannon said.
Assess Your Assets/Make A Will
โTake inventory of what you have and have transparent conversations with those around you, even if itโs difficult. Something Iโve observed is that oftentimes we may find it hard to trust other people with our own personal wealth information,โ OโBannon explained. From your house, car, savings accounts, pieces of art, or any investments, she recommends taking note of all of your assets and finding out what they are worth to ensure youโre starting a plan. Another important piece of advice OโBannon left with the audience was to make a will after assessing those assets. While death is a heavy subject, making sure those assets get to your family members and loved ones easily after your passing is something that the Black community has trouble with. In addition, she encourages uncomfortable conversations about money, assets, and a will, so that your loved ones arenโt trapped in any sticky situations.
Seek A Wealth Manager
One of the most important points emphasized by both OโBannon and Huger is the need to work with a financial advisor or wealth manager to help you manage your finances. From budgeting and spending tracking to making investments, a financial advisor can help you stay on track on your path to financial freedom and building generational wealth. Being open and honest with your advisor from the beginning will be immensely beneficial.