The Ladybug Speaker LLC
Now that I have a few business classes under my belt, I feel more comfortable with leading my company. Although I won't start to make tremendous leaps and bounds until after I graduate, I'm gaining the knowledge necessary to move forward with my business. Also, by having a minor in Marketing which is essentially a branch of business, I'll continue to learn more about how to develop a successful brand.
I've taken Economics, Management, Entrepreneurship, Marketing and Business. All have been paramount in extending my understanding of running a business. At the age of 29, I'm focused enough to take it all in and use in my everyday life. There's also a Personal Finance class that I'll be trying to enroll in before graduation. Baldwin Wallace has a host of programs for aspiring entrepreneurs, including Blackstone/LaunchPad, LaunchNET, and the Center for Innovation and Growth. There are numerous resources available to students and alumni seeking to start a new business venture.
I'm learning valuable information by the boat load that is vital to a business owner. College is exposing me to new things everyday. I just wish more young minorities could experience this too. It's almost unfair. College is much more than walking across a stage after 4 years and earning a degree. It's an experience. It doesn't matter how old or young you are, there is so much to learn. But if you are unaware of these opportunities 1.) You're oblivious to what you're missing out on, and 2.) You may not feel that college is beneficial to you.
I grew up in a low income neighborhood. My mother was a hard working woman, so while we were skating between the poverty line and lower middle class, most of my contemporaries were living in poverty. Some of my friends growing up didn't have the luxuries that my mom was able to provide. We always had lights, water, gas, food, a car, cable, new clothes/shoes, beds, toys, bikes, and even separate rooms. Many of my friends growing up barely had enough to eat, while my sister and I were headed to the hairdresser every two weeks to get out hair braided and beaded. We were far from rich, but not devastatingly poor either.
Growing up and meeting new people outside of my neighborhood as a young adult, showed me the real meaning of a socioeconomic status. That's when I learned that while I wasn't an impoverished child, I wasn't a privileged one either. I met young adults who had brand new cars, designer clothes, new cell phones, credit cards, and took vacations annually. I met 20 year olds who resided in the suburbs, with boats and jet skis in their driveway. I once saw a bank receipt of one of my privileged peers that read $100 withdrawal from Checking, Available Balance $20,000.00. That floored me! While my mom was an excellent provider, she didn't have a wealth of knowledge about finances.
I had a bank account and a job at age 16, do you think I saved a penny from my paychecks as a teenager? Both my sister and I went to college right out of high school. Do you think my parents had thousands of dollars in a savings account to off set sky high tuition for two kids? Personal Finance 101: Always save for a rainy day. Financial Advisors suggest that families should have enough money saved all times to cover 6 months of expenses. Those expenses include: mortgage/rent, insurance, utilities, food, and transportation costs. For me, that means that right now I should have at least $900 in my savings account; and I don't have rent, utilities, or a vehicle...
Once I had my son, I knew things had to change in regards to my personal finances. However, old habits are hard to break. When you're used to blowing through money like it's nothing, it's hard to not do it. I've spent so much money on nothing. But, you live and you learn. Now that I'm in a position where I have no major bills, I'm taking advantage of this opportunity to save. I've started little by little, but every penny adds up. I take a little bit of money from each of my work.study checks and put it in a savings account. $5 here, $10 there. I'm trying to form the habit of "paying myself first." Now that it's income tax season, each letter in my mailbox gives me an ominous feeling. This year, I'm not looking forward to receiving my W2's.
Why? Because I can't do it like I've done it for the past three years. Blowing through thousands of dollars in a matter of month's is pitiful. Sure, one year I gave my god parents $1000. I still blew off about $1500. Yes, one year I did buy a car. Where is it now? Last year I used my tax return to move out of my ex-husbands home and get my own place. Yet and still, I have not one red cent saved up from the $6000 + in CASH that I had access to.
NOT THIS YEAR BUDDY! NO SIREE BOB!
For one thing, I'm not getting a car. Why do I need a car? I live on campus and my son gets shuttled to and from daycare. I can walk to the grocery store and take the train everywhere else. I'm fine for now. Second, I will not be setting foot inside of a mall. I have plenty of clothes and shoes, I don't need anymore at the moment. I may buy my son a few things, but he doesn't NEED anything. This year I'm saving about 80% and spending the other 20% on paying down debt. I may buy some books from my publishing company, that's about it. No more splurging on dinner at restaurants. I'm not spending three and four hundred dollars on shoes and clothes. I'm going to act like this money doesn't even exist.
I'm becoming more business minded and I have to change in order to successfully grow.
Today, we were learning about what happens to a business owners assets when they die. My professor began to talk about the "estate." In my mind, an estate is a big house where a rich person lives. I wasn't sure so i asked her to define it. She explained that the "estate" is the amount of assets be it money, property etc, that is leftover after the deceased persons' bills are paid for. She started to speak generally and talked about how our parents will identify an executor to take charge of the estate. She said that of course when your mom or dad dies the spouse gets the assets. But when both parents die the executor helps the family determine the distribution of the assets.
What my professor didn't know is that when you grow up surrounded by poverty, there are usually no assets. Who's ever heard of an executor? Many of our parents aren't married, and they don't own property. We're lucky if our parents have life insurance. So while the norms of her environment include financial security in life and after death, I'm still paying on my dad's funeral expenses...
Which brings me back to my main focus of this blog, which is education. I can only imagine the number of my friends and family members who have little to no financial knowledge. Hell, I was in that category just a few months ago. But knowledge IS power. I know better now, so I'm doing better. It breaks my heart to know that there are hundreds of thousands of young black boys and girls who will never have access to this type of information. It's painful to think about the people close to me who don't care to learn more about it.
What I can't do is save the world. I can't force people to want to learn. I can't force these universities and institutions of higher education to educate poor people at low or no cost.
What I can do is share the bits and pieces of information that I've gained with those willing to listen.
What I will do is over-educate my son about handling his business, his finances, and show him how to network and take advantage of available resources.
What will you do?
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