I was thrilled to speak at the YWCA Berkeley “Young Women and Money” conference in Oakland, CA. This was during the same trip where I filmed my Creative Live course “Personal Finance for Artists and Freelancers.”   Valerie Coleman Morris was the other keynote speaker. Many of our talking points were similar which affirms the importance of our message to these amazing young women. Most of the attendees were college and high school girls from the Bay Area in California. I didn’t know what to expect and my main takeaway was the full engagement and level of interest from the participants. There were more than 100 high school and college women that were so eager to speak with me about their money and how they could make a difference going forward. Below are some more of my takeaways from the conference. Show your nieces your savviness by passing on these words of wisdom.

Money Has No Color
I was thrilled to see the racial and religious diversity at the conference. Conversations were honest, authentic and realistic. Cultural habits of money play a big role in how we develop our money habits.

Should You Cohabitate With Your Money?
A couple getting married asked if they should combine their money. While most college students are not getting married this young, it was a great opportunity to have this conversation. Valerie felt strongly that no matter what you do, be sure to keep an account in your name that you manage alone. It is important to maintain some financial independence. I agree wholeheartedly.  

What is Your First Money Memory?
This caused quite a discussion as we all shared the impact of our parents attitudes and lessons (or lack thereof) on our money habits. When going through your money journey, this can be a great place to start.

It’s not too early to start a budget or spending plan while in college. Even if your nieces and nephews’ expenses are few a budget makes it easier to create weekly plans, saving a small amount and creating conscious spending habits.

Loaning Money to People
I was surprised at how often this question arose. The overwhelming response was DON’T! By loaning money to others, you are NOT taking care of yourself.

Money Has No Conscience
It depends on yours. Leave your nieces and nephews with the reminder that if graduation is around the corner and they are starting a job, sign up for the 401k or 403b at their new job to get started immediately on retirement planning.

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Published: April 30, 2014