Wealth Wednesdays Co-Host, Angela Yee, Shares The Importance of Knowing Your Worth

By: Stacey Tisdale

Angela Yee is a force to be reckoned with, a powerful success in radio, in business and in life. Yee has come a long way from her roots in East Flatbush, Brooklyn. She attributes her rise and ability to thrive in an industry run and populated almost exclusively by men to hard work and knowing her self-worth. One of the co-hosts of the popular morning radio show, The Breakfast Club, on NYC’s highly rated Power 105.1, Yee never imagined she’d be such a success, and have the things she has today, like a house.

“As far as I can remember, starting in kindergarten, I wanted to be a writer. I went to Wesleyan University and majored in English,” Yee says, “but I also grew up as a music lover and I would listen to the radio with headphones on for hours at a time. I even got turntables and DJ’ed for a couple of years when I got out of college.”

Perseverance Pays Off

A summer internship at Wu-Tang Management led to a full-time position for Yee.  She became the assistant to the CEO.  And just like that, Yee’s chosen career path changed completely.  At 21, Yee oversaw payroll, attended meetings at other record companies with her boss, and put together benefits, like a free fair that offered health information, rides and a concert. Yee’s mother, who often worked seven days a week, was her inspiration for working so hard.

“I was always the first one in and the last one to leave. Every time my boss called, I was there. He told me when I’m not in the office, you’re me. I loved the job and networked non-stop. It’s so important to go to events, meet the people you’re talking to on the phone. Show support, don’t just hang with your friends put yourself out there” Yee says.

The hard work – and the networking — paid off. When Yee learned Eminem would have his own channel on Sirius radio, Yee called Eminem’s manager to see if she could get an “introduction” from him with Sirius – for a job in marketing maybe. Yee had met Eminem’s manager when she helped launch the Shady Limited Clothing Line. To her surprise, he mentioned an opening for an on- air talent in one of the new shows and suggested Yee audition for the job. Yee had found her calling.

Taking it To the Next Level

After six successful years with Sirius, and two of her own shows on the air, Yee walked away, for a job at Power 105.1, a local NYC radio station. Yee felt under-appreciated by the men, and only men, in leadership at Sirius. They weren’t treating her fairly or respecting hip hop.

“They thought they made me, but it was my hard work that made things happen. I had offers over the years so I knew I’d be ok, but leaving Sirius was scary nonetheless. All I can say is, if you feel like it’s not working out for you, then you have to be really great at what you do, know your self-worth, and have great relationships so at the end of the day, if you have to walk away you can” says Yee.

Things weren’t always as easy as it might seem for Yee. She got into serious debt in college when she maxed out several credit cards and stopped paying any of the bills. Yee spent years paying off the debt and rebuilding her credit only to run into trouble again when she was managing a new rapper and maxed her credit card again. That was the last time. Today, Yee checks her bank account every day, she pays off her credit cards in full every month and she invests. She owns a home and a juice bar/hang out spot in Brooklyn and three houses in Detroit.“

Yee, newly inducted into the Radio Hall of Fame with co-hosts DJ Envy and Charlamagne tha God, also is the host of “Established with Angela Yee,” a new celebrity interview series streaming on Fox Soul. Yee previously worked with Fox Soul, hosting the four-part limited series “Motown Countdown with iHeartRadio’s Angela Yee.” Her new focuses on pivotal career moments and milestones of the interviewee.

Yee says, “So much of being successful is about building relationships, true relationships. Treat everybody equally, know people’s names, show them you care. I’m a good person, I want to do well, but I want others to do well too. I like to make money, but I like to use it to help people. I believe If you put out great vibes, you will get back great vibes.”

Low on Confidence? Start Saving & Investing Money

Study Finds That Saving & Investing Builds Confidence

By Stacey Tisdale

A study by TIAA finds that Americans are having a bit of a crisis of confidence when it comes to their financial security, with fear of events like an unexpected expense, financially supporting loved ones, or even cuts to Social Security and Medicare impacting their peace of mind.

“A major lesson of this survey is that

effectively addressing uncertainties is key to feeling financially secure.”

– Lori Dickerson Fouché, CEO, TIAA Financial Solutions

The Cost of Financial Stress

While many people can relate to the issues TIAA found to be factors in causing financial stress, few understand the impact that stress has on overall well-being.

• People with financial stress are more than twice as likely to experience mental health problems, including depression and anxiety.

• 29% of people with high financial stress report severe anxiety.

• High financial stress levels increase blood pressure, heart disease, and increase the risk of stroke by nearly 20%.

(Source: University of Nottingham & Northwestern University)

The report found that ‘fear that they won’t have enough money to last a lifetime’ is the number one concern among all demographics with almost two thirds of Americans “not confident” in their retirement and lifetime income plans, and only 27 percent confident they’ll have enough money to get them to the end of life.

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Demographic Divide

Confidence in a financially secure retirement seems to grow with age. 53% of Baby Boomers believe they can maintain “a good standard of living” in retirement, while just 22% of Gen Xers and 28% of Millennials shared that sentiment.

“For Millennials, it’s not surprising they aren’t confident since they’re many years away from retirement and are likely thinking more about their immediate financial needs,” says Dan Keady, TIAA’s Chief Financial Planning Strategist,

Meanwhile, A  study by David C. John - deputy director of the Retirement Project and a senior fellow at the Brookings Institution - found women at-large, women of color, and minorities experience lower rates of retirement readiness than their white male counterparts.

In addition to systemic factors like discrimination, John writes financial education is a critical part to the overall financial wellness of these groups.

“Attitudes about saving are likely formed from an early age,” John writes. “Habits learned from when one is young tend to carry into adulthood. If children are encouraged at a young age to start saving and notions of budgeting are integrated into their daily lives, it may instill a positive attitude towards saving over their adult years.”

Financial Habits That Build Confidence & Reduce Stress

Keady and other financial experts agree that retirement planning should start as soon as possible, with as much money as possible.

That means if you only have a little to spare, then do it. Just starting on your retirement journey is statistically shown, according to the TIAA study, to boost confidence.

“Even just starting to think about it and putting a plan in place will greatly benefit people as they continue through their working years,” Keady said. “When individuals have no plan at all, they can feel even more overwhelmed and lack confidence.”

“People should closely evaluate their plan options and should

even ask their employer about adding lifetime income options to their plan.”

- Dan Keady, TIAA’s Chief Financial Planning Strategist

Technology has made it easier than ever to track and develop retirement savings. Apps like Acorns, Stash, and others are innovators in making investing mobile, and companies like TIAA have mobile applications to help keep retirement top-of-mind.

[Click Here To Learn About Investing In Cannabis Stocks]

Battling Uncertainty with Advice

“Two great ways of reducing uncertain outcomes are by using financial products that guarantee lifetime income and getting the advice and building the skills needed to deal with adverse events,” Fouché said. 

Financial advice is best given by professionals with credentials. Certified Financial Planners (CFPs) are duty-bound by their certifications to act in their clients’ best interests, which means you can hire someone to truly have your back.

Whenever you decide that a CFP is the right choice for you, do your homework. Make sure they are certified, and can provide references to current or past clients. Not all financial planners are created equal, so it’s crucial to get the right person in your court.

When faced with uncertainty, remember that there is always a way out. Perhaps more to the point, always remember that net-worth has nothing to do with self-worth. Financial challenges do not define us - what we do about them, however, is another story.

[Financial literacy month] 5 questions you must ask yourself about your parent’s ‘money’ role modeling

The road to a healthy money mindset

By Stacey Tisdale

Click Here to Listen To Stacey's Conversation With Students At Rutgers

I once interviewed a woman who was experiencing a lot of stress in her marriage about money.  She and her husband were having a hard time talking about money and integrating their money – they even filed separate tax returns--but their finances had taken a turn for the worst. She realized their inability to communicate about their financial life was taking a toll on the marriage, and wanted help.

Things really came to a head when the couple was asked to disclose their assets and financial statements to a financial planner. The couple both knew that the wife had higher income – she was a lawyer, he was an artist, but her reluctance, and near refusal to share her finances were clearly being driven by something deeper.

[Starz Power Actress, Naturi Naughton, Talks Love & Money. Click Here For More!]

First impressions

The planner, who also had training in psychology and therapy, was savvy enough to start asking questions about how the couple saw their parents behave with money.

It turns out that the woman’s father would always yell at the mother, sometimes threatening violence about her spending. In order to avoid these brutal confrontations, her mother would buy things and not tell the father, hide new purchases in the car, for example, often enlisting her daughter’s help.

The child fell into the ‘hide money’ mode as an adult, and it felt perfectly natural to her.  Once she became aware of this pattern, however, it no longer ran the show. She could call herself out when the feelings and tendencies surfaced. Now that she and her husband knew what was really happening, he could provide compassion and support when she needed it, and she could redirect her energy towards her true goal, which was creating the financial foundation she and her husband needed to achieve their goals.

“We simply filter information through the mechanisms we developed as a child,” says financial advisor Susan Galvan. “Those deep imprints influence every decision we make, and we use them as a reference point.  If we don’t go back and look at those operating systems, we will fail.  We will remain at that level of understanding if it is not revisited,” she adds.

[Click Here To Take The Wealth Wednesdays Pledge & Get Free Financial Coaching!] Lifting Each Other Up

Don’t Blame Mom & Dad

Chances are, your parents or primary caregivers didn’t realize that their unspoken words and unexamined actions were speaking volumes. And you certainly didn’t have the presence of mind to tell them, “your behavior and patterns are literally programming my brain in ways that will hurt me financially as an adult.” I definitely want to hear from you if you did!

Most important, remember that the people who raised you were dealing with their own conditioning about money from the people who raised them and the environments they were raised in. Think about that for a moment.

“This conversation is not about blaming mom and dad. It’s really about discovering the messages that you got, some recognizable and some unspoken, that have formed you now,” says Marty Carter, a family counselor specializing in financial behavior and licensed clinical social worker.

“If they’re good, you want to keep them. If not, instead of blaming mom and dad, see what you can do differently.”

A Look Inside

The point where you are bound is also the point where you will be set free. Think about the following 5 questions and see where you may need to rewrite your early scripting about money.

· What was your family’s attitude about the following: saving, spending, debt, and investing?  Are their beliefs having an impact on your choices today?

· Did you see healthy discussions about money, or was there stress around money in your household when you were growing up?

· What do you admire most about your primary caregiver’s financial behavior?  Why?

 · What do you consider your primary caregiver’s greatest limitation when it comes to money?  How do you think this has affected them?

· Imagine yourself achieving your goals.  Which of your childhood money scripts would need to be re-written? What would the new messages be?

Freeing yourself

As you examine the role your childhood conditioning is playing out in your finances today, come up with 3 things you can do to step away from those early scripts and act in ways that are consistent with your goals. 

For example, if you see that your early scripting has not helped you become a good saver, set up automatic deductions: have an amount that is within your budget taken out of your paycheck and automatically deposited into a savings account each month.  Pick a date to start the process.

While conditioning, like those imprints we take from our role models, is powerful, it is no match for your superpowers. Instinct, intuition, the ability to change your mind, for example, are skills you were born with – skills that will light the way on your road to abundance.

[Wealth Wednesdays] Actress Naturi Naughton of Starz ‘Power’ Talks Love and Money With Angela Yee & Stacey Tisdale

How Money Can Help Couples Build Stronger Relationships

By: Stacey Tisdale

Courtesy: Mind Money Media Inc.

More than 40% of couples in the United States commit financial infidelity – lying to their partners about money by doing things like hiding existing debt, excessive spending, or the amount of money they actually have.

Recently engaged, Naturi Naughton, who plays the sassy Tasha St. Patrick in Starz drama Power, recently shared with teamwealthwednesdays.com that she and her fiancé, whose name she has yet to reveal, were having none of that.

“We talk about everything, that’s one of the reasons I’m excited to marry him,” the beaming bride to be told Tisdale and Yee.

“He brought financial awareness into my life,” she adds.

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Financial Fidelity From The Start

Naughton says she and her fiancé talked about money from the very beginning – something she says all couples should do.

“I would tell you ladies and men to say early on ‘How is your credit score? What is your financial situation.’ You need to ask these questions up front,” says Naughton.

The Power star says she and her future husband, who were introduced by her series  co-star, Omari Hardwick, were not only transparent in the early days of their relationship, but they continue to teach each other a lot when it comes to financial wellness.

“I remember when we first started dating, he was very transparent,” says Naughton.

“He comes from a family that has taught him a lot about entrepreneurship, and he taught me a lot about the importance of building your own brand, doing your own thing, and being managerial,” she adds.

Lifting Each Other Up

Naughton says one of the most important things she’s learned from her fiancé is that there’s more to financial health than earning money.

“it's funny because even though I'm in the business, I was just a workaholic. You know, we think ‘if I work and I make money and I get a check, I'm good.’ But I never really went deep into those other layers of financial wellness,” says Naughton.

“There’s no one way to get money and to be successful. I think that’s important for all of us to know. We have that conversation all the time,” she adds.

What Financial Secrecy Does To Relationships

Money is a leading cause of breakups and divorce, and like most relationship problems, the culprits are usually rooted in a lack of communication and trust.

Financial infidelity is a big deal. If someone is hiding money or debt from their partner, it makes it almost impossible to make an accurate budget. In addition, if you’re keeping a financial secret, it’s only natural for your partner to wonder what other secrets you might be hiding. That’s how relationships end up in big trouble.

Despite how common it is, over a quarter of adults (27%) agree that financial infidelity is worse than physical infidelity, according to a study commissioned by creditcards.com.

The study also found that while more than a third of those who commit financial infidelity say they do it ‘for privacy and a desire to control their finances,’ almost as many say they keep money secrets because they are ‘embarrassed’ about the way they handle money.

[Blog: Click here for 5 quick tips that will help you get out of student loan debt!]

Conversation Starters

No one can deny that talking about money, particularly with someone whose opinion matters deeply to you, can feel difficult, if not impossible.

Here are some tips that will help you get these challenging conversations started:

· Communicate: Ask your prospective partner if they think it’s important for couples to be on the same page about money, and why.

· Share: Be open about your financial challenges and how they’ve impacted you financially, psychologically, and emotionally. Ask them to do the same.

· Lose the notion of right and wrong: There are no right and wrong beliefs about money, just different ones, and they all come from our individual experiences. To tell someone they’re wrong is telling them that your experiences are more valuable than theirs.

There’s a lot more to money than dollars and cents. Our sense of self, values, and belief systems all play a role in our financial behavior. While the ‘money talk’ is not easy, open communication in spite of those hard feelings will strengthen your relationship and make your bond with your partner even stronger.