Think of everything you’re taught about money in your adolescent years? Young adult? Even as an adult remembering money habits that were passed down to you? Have they really helped you achieve financial freedom thus far? Are you where you need to be? In order to start the financial freedom process, one must step into their financial power – but what is financial power?
“Stepping into my financial power means to own all my financial choices –those categorized as good, and those categorized as not so good. It means learning how to take responsibility without shame and using the tools that are available to me like Credit Karma,” said Tiffany Aliche to ESSENCE. The financial expert, also known as “The Budgenista,” is best known for her work as a financial educator with a passion for making financial education accessible to women worldwide.
As a Black woman on a mission to educate other women during their journey to financial freedom, Aliche continued to explain how finances are directly linked to confidence issues amongst us. “Right now, so many Black women are afraid of navigating their finances because they think they aren’t capable, when really it’s a confidence issue, not a capability one,” she said. “To build financial confidence, focus on small wins, like checking your credit for free with apps, starting to budget, and automating your savings. Small wins help to build up your confidence so you can start to attack bigger challenges and go for the bigger wins.”
Ahead, check out The Budgenista’s tips and tricks for unlearning pesky money habits in order to have financial success. See below!
Debt Freedom is the same as wealth. This is false. Debt-free does not equal wealth. The end goal shouldn’t be debt freedom, the end goal should be building wealth.
You have to have a lot of money in order to invest. You actually don’t. You can start investing with as little as a few dollars a month. Every little bit makes a difference.
Budgeting is deprivation. Actually, the opposite is true. Your budget is your “Say Yes” plan. It is there to “say yes” but with parameters.
Raising your credit score is hard. It is probably one of the easiest financial goals you can achieve because there are tips, tricks, and rules. Once you know the rules, you can play the game fairly easily.
You don’t need to estate plan. Anyone with a bank account or a retirement account has an estate. Your plan is for what happens to your stuff when you’re no longer here, and that includes your bank account.