![]() ![]() "These resources can get you started with things like creating a budget or starting your investing journey." "You can go to the library and start by reading books like 'Financial Feminist' by Tori Dunlap or 'I Will Teach You to Be Rich' by Ramit Sethi,'" Higgins says. The first step is to find people and resources you trust, whether it's a partner, close friend, or book that can help you start learning about financial wellness. Learn about your finances so you can communicate your goals ![]() Financial advisors and money coaches can both play a role in that. People of color often want to work with someone who supports them holistically - someone who understands not only their individual goals but also the ways they want to support their families and help them work through the money trauma or scarcity mindset around money they may have grown up with. It's worth asking yourself how much you want to invest in hiring help for your own financial wellness journey, what value it can bring to your life, and what model makes the most sense for your needs. Others are paid through commission when you sign up for certain products like insurance policies or accounts. Some financial advisors and coaches like Higgins are paid a flat fee, while others are paid a percentage of the asset they manage. "It takes work to see themselves as someone who deserves security and savings."Īnother consideration is how financial advisors or money coaches are paid. "Some clients think that having money means that they'd have to give back," Higgins says. As a financial coach, Higgins says that some of her clients who are people of color have never talked openly about money and don't know their credit card or 401(k) balance. It's also common to feel ashamed talking about money at all. "Instead, they're there to support you in setting goals and work through challenges you may have." "A money coach may not have an incentive to encourage you to use one institution over another," Higgins says. Thankfully, my older brother is a financial advisor who's held me accountable to invest from a young age, build up an emergency fund, and take advantage of my employer's 401(k) match from the very beginning of my career. Still, I knew that I wanted to earn enough to be financially independent as soon as possible so I didn't have to rely on others and could achieve my own goals of owning a home where I felt safe and welcomed, traveling the world, and running my business full time. Growing up, I was taught to be grateful for having food on the table and having a job at all, and any mention of negotiating salary or rates was met with comments about sounding greedy or focusing too much on money. It can be challenging to have open and honest conversations about money, especially for people of color, who may be deterred from talking about money or building wealth. ![]() By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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