This story is based on the story of Marissa Kazim Potts, an anti -financial advocate based in Bay Area and professionals of financial literacy. This piece has been edited for length and explanation.
Image Credit: Courtesy Intext. Marissa Kazim Pots.
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Growing up, I experienced the losses of my parents who do not think how to manage the money.
My father is a second -generation American Filipino, and my mother is half -black and half white and has enslaved the personal breed. They both wanted to make money and create a better life for themselves, but they did not know how to save their money or even save their money. We have spent a lot and will be in danger. There will be a year where I couldn’t get new shoes for school because my parents did not manage their money well, but thankfully we always had a house and all the things we needed.
I wanted to be a generation that stops the cycle of being financially irresponsible.
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I knew I had to go to college. My mother finished college. My grandmother received a master’s degree in education. I felt that I would at least have my undergraduate degree, which is coming from the inheritance of women who consider education as a way to financial freedom. My parents said they could help me rent me during college, but it was about it. I got a part -time job in Nordstrom and in fact made a lot of money to do so.
But when it comes to tuition, there was no sports plan. My parents left me at the financial office of Santa Barbara, California. The office told me that I could borrow and they would not have to return until I was graduated. I just wanted to make sure I got my education. So I signed the documents. I had a series of different loans, but I didn’t read the correct print. I didn’t understand the concept of interest, and I let the debts sit.
I graduated on my head with this loan in 2010 and had no plans to pay it. After graduating, the first thing in my mind was getting a good job, making sure he paid well and wondering what I wanted to career. I always fond of writing, talking and speaking, so I got an internship in e! News. It was free, but it was a great opportunity.
Related: I am a thousand -year -old who quit his job last year so I like. That is, so far I have earned more than 300,000.
When I worked this free internship, I had to make money on the side. So I started the side histories. I worked as a reception at the dance studio. I sold my old clothes. I was increasing income, but then I was spending it on gas, food, something good. At that time, I was not thinking about paying students’ loans or saving money.
I was in Los Angeles for a while, then gradually returned home to Bay Area’s home for a career in technology. In the back of my mind, though, I always wanted to do something for myself.
“I needed to construct, save, savings and investment of 401 (K).”
Finally, I worked in the anatomy and introduced financial education. There were tools like Turbotics, and at the moment, mint, credit Karma. I realized that I needed to get my financial matters in order. I needed to start savings and investments while building 401 (K).
Then I got a job in LinkedIn and had a daughter, and I didn’t really want $ 40,000 loan, which is on my back in the year. I learned a lot in my professional communication career – and I realized that I could rotate this skill from someone else, which could help support coaches and executive women. So I started this executive coaching business. I took some customers in the morning or weekend.
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The side histl kept me busy, and I had to sacrifice time with my young daughter and husband, so I made it a little spider and reminded myself of my ultimate goal by presenting this money in an account called “Marisa’s Freedom Fund”. At any time when I checked the executive coaching job or another side gig, it went straight to this account, and anything left, whether $ 10 or $ 100, went into an emergency fund.
I started paying my six loans in 2022 and ended their payment in 2023. I received this email from my debt processor Navit at this time, “Congratulations, your loans have been paid,” and I felt very free.
“Financial fit means using the tools you are available.”
It is important to treat financial fitness as self -care. The first step is looking at your loans and your accounts: I didn’t want to see my students’ loan or credit card loan, but I had to look at a big picture and find out where to start. Financial fit means using the tools available for you, tapping into your network and following consistency – this is the most difficult part. You are the worst enemy of your own. When you are working towards a financial purpose, you have to make sure you are staying normal.
This may be scary, especially if you grow up in a house where you didn’t talk about money, but you should start your financial welfare journey as soon as possible. I try to talk openly about financial matters with my daughter so that she can understand the power of a dollar. You can start smaller: $ 10 a month can increase $ 100 a month, then $ 500 a month. Create savings and investment accounts. Also, be a conscious user – if you are sorry for the purchase, return it.
Related: ‘It was forbidden’: Parents form relationships with their children’s money. Here, instead of struggling, long -term success is how Kids have a way to set up children.
If you have a debt, do not feel defeated. You have an agency to set up a series of various income and attack it. I still have a business drive today. I add them to my role as a financial lawyer in the anatomy, where I empower General Z (such as my younger sister) and General Alpha with financial education and confidence, and as an intraperinar, I continue to advance plans and impacts in my daily tasks.
It is very important for younger generations to see that you can make time to work in a traditional corporate role, to create skills, enhance network and test business ideas. A recent anti – Survey Found that 26 % General Z There is already a side stir, and 37 % want to start stirring.
Related: General Z is turning to the side hustles to buy ‘ordinary things’ in the suburban middle class USA
Using your agency and taking advantage of free tools Inituations for education And other resources, you can prepare a business to start a full-time-and when this route feels right for you.
*Potus is Not a government financial adviser. Its indications “are usually for informational purposes and should not be considered financial advice. This is not an alternative to professional guidance.”