The “Own Your Financial Future” summit sponsored by rolling out and Northwestern Mutual began on Oct. 23 at Harlem School of the Arts in New York.
President and founder of Discover Your Best Self LLC, Professor at Stillman School of Business at Seton Hall University, author and serial entrepreneur Christine Fowler-Phillips moderated two panels, the first of which featured Northwestern Mutual Wealth Management Advisor Anthony Williams, CFP, and UNCF New York Area Director Christian Hill. The second panel featured rolling out founder Munson Steed and Northwestern Mutual Financial Advisor Everton Simmonds.
One of the gems shared during the summit was that a poor man will find any excuse to spend mone while a rich man will find any reason to invest it. The panelists also stressed the importance of both maximizing savings and earnings and using a 50/25/25 plan where a person uses 50 percent of their income for fixed expenses, 25 percent for other costs and saving the rest.
Steed shared ideas on how to keep the bag once it is secured and the importance of having a financial advisor as part of one’s mastermind group. He closed out the Harlem Lunch and Learn event by saying most people don’t see the manifestation of money.
“A person without a financial advisor is not going to manifest very much,” he said. “In order to manifest success and money in this country, you really have to make sure that you understand what it is to manifest and then understand the opportunity. Who can define the opportunity better than a financial planner?”
“But for most of us, we also struggle at the end,” Steed continued. “How do you negotiate the discipline? How do you negotiate the trust? You have to be honest with somebody and say, I don’t know how to save $200 a week. That’s a trust issue. Negotiating our situation as it relates to our money is an issue inside our community. We don’t necessarily know how to negotiate ourselves into that path where we trust that we deserve the confidence in somebody else about the money.”
The “Own Your Financial Future” summit continues in Chicago at The DuSable Black History Museum and Education Center. Panelists include Northwestern Mutual Managing Director Dundee Gouin, Love Cork Screw Owner and Founder Chrishon Lampley, Solomon Group LLC Managing Partner Robert Johnson and Northwestern Mutual Financial Advisor Aaron Sims. The panels will be moderated by Ten35 Managing Partner and COO Sherman Wright.
