If you are a millennial and you struggle with your finances like many millennials do, then award-winning personal finance expert Dominique Broadway has the perfect advice. Broadway is currently touring the U.S. with Chevy and Rainbow Push and collectively, they are conducting free financial workshops. These one-day financial workshops, geared at youth and young adults between the ages of 18-35, are designed to inform and empower one to claim their financial success. Workshop topics include money management, investing 101, budgeting basics, college financing, entrepreneurship and the basics of credit. Broadway is joined by nationally known expert speakers that aims to provide attendees with a greater sense of empowerment and financial freedom that they can tap into as they seek to accelerate their financial futures.
Broadway, the self-proclaimed “Money Therapist” was recently on the Detroit leg of the tour when she stopped at Wayne County Community College in downtown Detroit to educate participants on the basics of money management. Rolling out was on the scene and caught up with Broadway to capture some of those free tips she was gave out. Check out the exclusive interview below to read Broadway’s expert advice. For more advice from Broadway, or to join her free community of Millennial Wealth Builders visit her website at www.dominiquebroadway.com . To view the remaining tour schedule, visit http://www.rainbowpush.org/index.php/moneymatters.
What three key financial strategies would you suggest to millennials?
I would say having your two “magic numbers,” because I feel like what people don’t know is how much money they’re bringing in, and they don’t know how much money they’re spending every month. And it’s so basic, but I realize no one hardly ever knows. So, I would say that’s the first thing. The second thing I would say is to make sure you’re using some of the free tools that are out here to manage your money. There are so many free tools, like Mint.com and things of that nature. I would say the last thing is having a real strategy to start saving. A lot of millennials are not saving at all. I think if you can just start saving $10 a week or $25 a week, or something, it’s much better than nothing. So, that’s what I think are the three biggest things I would hope millennials would start doing.
What age would you recommend that millennials start saving?
If you can start saving in college, then start. That’s when I started. I started saving in college. I was in college full time and living on campus, but I was still working. So, I would say, as soon as you can start, start. Don’t wait until you’re 30. Everyone always gets “brand new” at 30, but I always say start early. So, start as soon as you can. If you can start in college, do so. If you can’t start in college, start as soon as you get that first job, and just save something.
One last piece of advice to millennials out there, what do they need to know?
Take the time to actually get a financial plan made. If that means that you sit down and figure out what you want your life to look like, don’t wait. I feel like I meet people all the time, especially older people, like in their sixties, and they’re just like “I wish I had started early,”. That’s the one thing I always hear people say. And I think that with all of the free resources that are out here, even with this event, there are free opportunities for you to come and figure out what you need to do so you don’t have to wait until you’re sixty-five and you realize now it’s time to retire and you only have $15 dollars saved. So, I would just say start as soon as possible.