Event Space Curated a Financial Workshop to Encourage Women to Gain Financial Literacy
Working women gives insight to event goers on budgeting on executing financial goals. (Picture by Lara Harrison)
Create & Cultivate – a curated content space for career-inspired women to help them grow in their careers corporately, financially, and mentally – designed an event curated for women to gain financial literacy and confidence. The Women & Wealth 2021 event was held in Dallas, Texas, on November 13, 2021.
The event consisted of workshops, seminars, and discussions around money, financial literacy, and freedom. The program’s purpose was to help career women and entrepreneurs prioritize their financial well-being and put their money to work.
One of the seminars was focused on financial wellness. Entrepreneurs Liz Hernadez and Piersten Gaines and the executive director of Audit Methodology & Ops at Ally LaShauna Lowry talked about the disparities between men and women’s finances. Hernandez encouraged women to find a financial therapist to help them build their economic confidence and find a job that aligns with their purpose.
“When you feel out of alignment, you walk away to find inner peace,” she said.
Gaines, a silk blowout bar owner, discussed her entrepreneurial journey and how she prepared to start a company. She talked about the lessons she learned along the way, including putting away six months of salary to have financial freedom.
“Wealth is more than money, it’s a success,” Gaines said. “You have to plan and prepare for what comes in the future.”
Lowry emphasized the importance of having financial freedom.
“I worked this hard and succeeded in my career so I wouldn’t live check-to-check,” said Lowry.
Hernandez inspired the women at the event to gain financial literacy to help them in the long run.
“Don’t live beyond your means,” Hernandez said. “Instant gratification is good, but living out your dreams is bigger.”
The women also said that society needs to rethink money and not have in mind that it is evil. The career women said that we should normalize talking about it more. Money should be thought of not as value but how much energy someone puts in to make a certain amount of it.
The next workshop discussed cultivating financial confidence with the Managing Director of AAdvantage Global Cobrand Partnerships with American Airlines Lori Sinn. The managing director instructed women to understand the importance of money.
“Max out your IRA,” she said. “Do not get a car with your first big paycheck. Also, learn about financial planning. This includes mutual funds, the stock market, and compound interest. And above all else, save, save save!”
Sinn advised the women to know what they’re passionate about and go for it.
Managing Director of American Airlines, Lori Sinn, sits down with the correspondent to talk about her career journey. (Picture by Lara Harrison)
“Whatever you’re doing, make sure you’re happy,” Sinn said. “If you want to make a career change, go for it. However, be smart. Don’t move so fast in your career. Try to picture you’re in the job you want. But once you’re not challenged in your career, it’s time to leave.”
Next, the financial counselor and CEO of the financial planner Worth Winning Lauryn Williams delivered takeaways for the event-goers to use when planning out their financial freedom.
She provided the five mistakes people usually make with money:
People don’t have a budget. They don’t take advantage of budgeting and don’t take the time to do it.
They don’t have an emergency fund. Many of these people have credit card debt. People should save up to three times their take-home pay in their emergency fund.
They’re not saving enough for retirement. Some people only do what their employers match in their retirement fund. But is 3% enough to retire?
Some aren’t adequately insured. Some people do not think about life insurance, disability, car, or health insurance.
People don’t understand estate planning. Many people leave a lot behind when they die because they don’t think of saving their belongings for their families.
Williams then provided ways for women to “win” in financial planning:
Self-care. Williams encouraged women to take care of themselves before paying for bills.
Know your worth. Women should know their worth and their value. Williams said for entrepreneurs to understand their worth, they need to know what to offer to their clients. Likewise, she told the corporate women to know their worth at their jobs to ask for their deserved raises.
Ditch the blame and shame. Williams said that responsibility holds us back. “Set aside the shame so that we can move forward,” she said.
Ditch the debt. Williams said a lot of her clients approach her to help eliminate student loans. However, these same people believe that the debt holds them back from accomplishing their dreams. She said the best practice to help eliminate debt is to do short-term side hustles to pay it off. “Try doing things that are your hobbies,” Williams said. “Things like mystery shopping and Airbnb can help you eliminate debt.”
Join the movement. Put money in a $401K. Putting something away, even if it’s something small, goes a long way.
The final workshop of the event talked about women leaving a legacy for future generations. The women on the panel included entrepreneurs Julissa Prado and Mirtha Michelle, and Lowry rejoined the stage. The founder of Create & Cultivate, Jaclyn Johnson, also spoke in the panel discussion.
The women told the event goers to allow their creativity to bridge the generational wealth gap. “Make sure you’re building a financial strategy to help you succeed,” Prado said. “Get assets that appreciate.”
Johnson echoed her sentiments. “Start thinking of your equity business,” Johnson said. “Think of a financial plan to bring to investors and advisors. Know about your financial worth.”
Lowry emphasized the importance of setting the foundation for others that come behind the career of women.
“Don’t forget the legacy you’re leaving behind,” Lowry said. “Your name means everything in this business.”
Michelle inspired the women to find resources that are available to them.
“You can’t train passion. You have to use what you have and utilize it,” Michelle said. “Stop thinking of how much something costs. Instead, think about how much of your time you’re using doing these things.”
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