March 11th 2024.
Are you having a tough time navigating the job market or struggling with overwhelming debt? It may feel impossible to achieve financial freedom in today's economy, but there is still hope. Shavon Roman, a personal finance expert, has dedicated her career to helping women of color break free from these financial burdens. In an interview with BLACK ENTERPRISE, she shared her "Heal. Plan. Invest." approach that has helped numerous women overcome their spending habits and pay off their debts.
Roman takes a unique approach to financial planning by focusing on healing one's relationship with money before creating personalized debt solutions. She understands that debt can be overwhelming and offers step-by-step guidance to make the process more manageable. But for Roman, financial stability is just the first step. She believes that with discipline and dedication to serious economic goals, women can achieve the life they have always envisioned for themselves.
Here are five ways that women can take control of their financial situations, become more aware of their spending habits, and become debt-free.
1. Addressing Your Unhealed Feelings About Money
After 14 years of working in financial planning, Roman has learned that money is not just a mathematical equation. It is also an emotional journey, especially for Black women. The weight of societal expectations and financial choices can make it challenging to feel optimistic about one's financial future. Roman believes that addressing the root cause of poor spending habits, such as the need for luxury purchases or lack of investments, is crucial for building wealth.
2. Combat Income Inequality By Going Where Your Worth Is And Trusting In Community
It is a known fact that Black women, on average, earn less than other demographics. While it may not be possible to change your employer's pay structure, Roman encourages women to take steps to improve their own situation. This could mean revamping your resume and exploring new job opportunities. There are also low-cost programs available that offer training certifications, which can open doors to higher-paying jobs. Additionally, Roman emphasizes the importance of supporting and empowering our local communities to create financial stability for ourselves.
3. Standing On Business
Roman often sees that Black and Brown women prioritize others' financial well-being over their own. They may have goals for their children or parents but rarely mention their own aspirations. For those who are the go-to source for their families' financial needs, setting boundaries and learning to say no can help prevent self-depletion. Roman suggests setting aside a specific amount for giving to loved ones and having a plan in place to avoid overextending oneself.
4. Build Clear Strategies For After The Life-Changing Purchase
According to Roman, overwhelming debt is the biggest financial challenge facing Black women. Many believe that consumer spending is the primary cause of this debt, often due to life-changing purchases such as student loans or homeownership. However, Roman believes that having a clear strategy after making these big purchases, such as a plan to pay off loans or build equity in a home, can help alleviate the burden of debt.
5. Stabilize, Then Visualize
Roman stresses the importance of stability before envisioning one's ideal life. She believes that once you are financially stable and out of the paycheck-to-paycheck cycle, you can start planning for the future. But this stability should not be the end goal – it is just the beginning. Roman encourages women to design the life they dream of, putting their money towards their goals and aspirations.
Don't let debt spiral out of control. With these tips from Shavon Roman, you can take charge of your financial situation, overcome your spending habits, and achieve the life you have always wanted. Start by addressing your relationship with money, taking steps to increase your income, setting boundaries, and having a clear plan for the future. Remember, stability is just the first step – the sky's the limit when it comes to achieving your financial goals.
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