March 30, 2022 • 13 mins
Anthony returns to give us a deep dive into ways to shift your mindset on building wealth. He talks about ways to start building liquid assets such as cash for savings, Roth ira, and investments. Additionally, he shares his opinion on social media's impact and how it causes individuals to fear making investments.
Host IG:@itstanyatime
Guest IG: @financiallituation
Youtube: $harestv
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Hey money Movers, Welcome
back to the Money Moves podcast powered by Greenwood. You
(00:22):
are right on time for a Deep Dive with Anthony Copeman. Today.
Deep Dive is brought to us by our partners at MasterCard,
bridging the Wealth Gap with Greenwood. Anthony, thank you so
much for sticking around. Thank you, Thank you. All Right,
So your career has focused around really educating young people
and people of color about their finances. What are some
(00:43):
of the most common misconceptions and mistakes you see people
making today? I think the most common UM misconception on
more mistake that many make today UM lies in uh UM.
You know, building assets versus building credit right UM. I
(01:05):
strongly believe that you should focus primarily when you're on
this financial journey, to focus on building UM liquid assets
as much as possible, right liquid. So give our audience
an example. What's like some of the top liquid assets.
So we're talking cash in the bank, so cash UM
investments UM, whether it be in your brokerage account, UM,
(01:28):
your UM roth ira UM and things of that nature. UM,
you know, cash for savings, cash for your goals, UM,
and in actually investments for your goals as well. UM,
those are the assets you should be focused on before
you begin to focus on building UM credit. I see.
And so this is really good advice because oftentimes I
(01:50):
think young people aren't thinking about their rath i i
ras at all. So at what age do you recommend people,
you know start to open and put money in to
a roth ira. Yes, so you can actually open and
put money into a rough ira at any age as
long as you have earned income. Right, so, if you
(02:11):
are UM eighteen or older, you can open your own
on roth ira and UM put money aside UM into
that roth ira up to six thousand dollars a year UM.
If you are below the age of fifty UM, and
if you're fifty or above, you can put you know,
a thousand dollars more UM. So as long as you
(02:33):
have earned income, you can definitely definitely start on the
journey of investing through a roth ira. Save save, save,
save save at any any age. Okay, any other mistakes
that you see young people making that we could talk about, UM,
I think the comparison on social media, right, UM causes
(02:54):
us not to start on the journey or think we
need a lot of money to actually be in right,
And so I like to tell everyone to start small, right.
And when you start small, you can end up having
a large amount of money, right, but you have to
zero in on your immediate needs and your goals instead
(03:15):
of comparing um yourself to what other people are doing. Yeah,
this comparison game and social media, it's it's a tough one.
And I you know, I love having sensible voices out
there that can just remind us all it's not about
keeping up with the Joneses, you know, It's about building
your own wealth portfolio for yourself and your family. And
that is the long game, and not likes on an
(03:38):
Instagram post. Absolutely, So tell us a bit more about
your professional trajectory from your college graduation until now. So
my college graduation, UM, I graduated in and UM with
the degree and accounting, and I immediately, you know, struggle
(03:59):
throughout college when it came to my major, accounting was
very very difficult. So I didn't get that internship UM
immediately after UM college or that job meeting at the college,
and so UM, I started to you know, I've always
been entrepreneur minded, right, and always been focused on you know,
problem solving, right, And so that's where my inspiration came in.
(04:23):
To create UM you know, nonprofits and also create for
profit businesses to inspire UM my own community, to build
wealth and to UM see the need within that community.
And I love that because you shared with us. You know, listen,
school was hard. I didn't get the internship that I wanted. Like,
(04:44):
things didn't play out exactly how they should have, but
you didn't let that derail you. You just used it
to sort of pivot and go in a different direction.
Because oftentimes people think success is perfectly linear. So when
we get the opportunity to share, like, look, things didn't
go as planned and you built your own future out
of that. So talk about financial literation. What does it
(05:05):
look like? And tell me some of the key messages
that you use that platform to share with people. Yes,
so Financial Situation was started in UM to help young
people reinvent their finances and reimagine their freedom. Right. So
the reinvention reinventing of your finances has to really deal
with shifting your relationship as it pertains some money, right,
(05:27):
not just spending money but also using ways money and
ways to build wealth right because many times in our community, right,
we know the um the effects of spending money, right,
we know what spending money can provide us, right, But
this it's like money and money out exactly yes, And
(05:48):
so we don't have too much experience with actually you know,
saving money for our goals right and doesn't have to
be as it relates to you know, emergencies. It could
be related relating to our goals right, and as as
it relates to travel, um, you know, just you know
having a you know, buying a car, buying a house,
you know, having a you know short to mid term
(06:09):
you know goal um, and also UM to invest right.
And so we don't have that knowledge within the community.
So that's why I started UM Financial Literation to share
those ideals UM and also to reimagine your freedom because
so many people think that freedom is like two elderly
couples walking hand in hand on the beach, you know,
(06:31):
at the age of sixty seven years old. But freedom
can actually start today, um, once we take our finances
seriously and shift our mindset and perspective as it relates
to just simply being a consumer to also being an
owner when it when it comes to our money. I
love that, you know, because it is true. I think
our parents generation, you know, they worked one job, they
(06:54):
did the same thing every day. They you know, hopefully
work theirselves up the career ladder to retire at seventy.
And the idea was that you would just sort of
sit on the porch and do that. And I think,
you know, this reimagining of what our lives and future
should look like should start at such a younger age
because you know, you could retire at thirty, but who
(07:15):
wants to sit around? You can you know, optimize and
monetize you know, different jobs and things. So I love,
I love this reframing of it. And I think, you know,
young people in particular millennials are really pushing other generations
to think like that as well. Because my my belief
as a released to retirement, right, I don't think there's
any such thing as retirement is just transition. So you
(07:38):
can retire from a line of work, but you would
never retire from doing what you were called to do
and actually actualizing your dreams and you know potential, right,
so even when you you know, leave one place of
work and into another place, you're still actually working, but
you're doing something that you actually love to do. You
know what, I think the beauty of that is if
(07:59):
you are can find something that you're truly passionate about
and spending your life doing. Like if you think about
Basket or these artists, no one ever says when are
you going to stop painting? Because he's clearly doing something
he's passionate about. So if you can pour yourself into
your passions, you never have to retire. They just evolve
into different things and hopefully the money follows that. Absolutely. So, Anthony,
(08:22):
talk to me like, I'm a young Collian. Can you
give me a brief play by play of how I
should be thinking about creating and organizing my finances for
the optimal financial situation? Yes? So, um at a young age. Um,
the first thing you need to do is shift your
mindset as it relates to money, right, instead of thinking
(08:45):
of money as a tool to simply spend, think of
money as a tool to build on wealth and also
you know, reach your short term and long term goals. Right,
that's the focus. Um. So I would say, you know
again not to compare yourself to what other people are doing. Um,
that's how you actually begin to save money, right, because
(09:09):
when you do so, you'll be spending money based on
someone else's lifestyle and not your own and your own goals. Yeah,
I agree with that and being able to you know,
I think the younger you are to really hone in
on what your goals are and to set goals because oftentimes,
like with youth, you think, oh, I've got plenty of time,
and time really does go fast. But to set goals
(09:30):
for one year, three years, five years, and fine, you
might not have to hone in on your twenty year goal,
but to have those um actionable goals um as metrics
are really really important. Absolutely, So Anthony, talk to me again,
like I'm sitting in front of you, I've come for
financial mentoring services. What should I expect to bring with
(09:52):
me and tell me about some of the conversations that
we'll have. That's definitely so. The first thing you need
to bring, UM obviously is UM your bank statements UM
the shifting you know, the potentially shifting of your perspective
and mindset as it relates to money. UM. But the
first place I would start is definitely honing in on
(10:14):
your immediate needs right and understanding um, the reality of
actually cutting back or adding on depending on where you
are on your journey right, and to focus on your
goals right, whether it be family goals, individual goals, UM
long term, short term. Those are the things that I
would talk about as it relates to UM coaching. Okay, wow,
(10:37):
that's great. Okay, So I look forward to that, and
I can imagine it's a really tough thing for people
to you know, be vulnerable with their finances the state
of their finances and open up to you like that.
But I think these are the conversations that help us
to really grow and secure financial freedom. Absolutely, Anthony, thank
you so much for this. Any parting words are words
(11:00):
of advice that you would like to share for us
in our audience. Yes, UM, so I would like to
say that, you know, when it comes to the personal
finance journey, you know, focus on your journey right instead
of comparing your journey to to what others are actually doing.
UM hone in like I said earlier, on your immediate
(11:20):
needs and you know, be in tune with your habits right,
because some things can be UM continuously continuously done, but
until you actually sit down and recognize UM the habits
and those triggers that sparked those habits, then you can
build a better relationship with money. Oh that is great
(11:42):
advice and I hope that you all take it to
heart and your bank accounts. Um. I think that so
often when it comes to finances, it is our mindset
that most often hinders us. And so Anthony, thank you
so much with presenting not just us, but our younger
generations and older generations as well, with an entirely new
lens through which we can look at our financial futures
(12:03):
and bank accounts as we make money moves to grow
and secure generational wealth. Anthony, thank you so much for
being here. We appreciate you, and please come back again
and talk to us soon. Thank you so much for
having And before we wrap up, Anthony, please tell us
again where our viewers can find you on social and
the world wide web. Yes, you can find us at
(12:25):
Financial Lituation and shares TV on Instagram and at finances
lickd on Twitter and our YouTube channel is Shares TV.
That's all for now, Money Movers, but stick with us
because we'll be back in a moment and you won't
want to miss what we've got coming up next on
the money Moves podcast powered by Greenwood. Thank you so
(12:46):
much for tuning in Money Moves audience. If you want
more or a recap of this episode, please go to
the bank Greenwood dot com and check out the Money
Moves podcast blog. Money Moves as an I Heart Radio
podcast powered by Greenwood Executive produced by Sunwise Media, Inc.
For more podcasts on I heart Radio, visit the i
(13:08):
heart Radio app, Apple Podcasts, or wherever you get your
podcasts from.
Hey money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Hey money Movers, Welcome
back to the Money Moves podcast powered by Greenwood. You
(00:22):
are right on time for a Deep Dive with Anthony Copeman. Today.
Deep Dive is brought to us by our partners at MasterCard,
bridging the Wealth Gap with Greenwood. Anthony, thank you so
much for sticking around. Thank you, Thank you. All Right,
So your career has focused around really educating young people
and people of color about their finances. What are some
(00:43):
of the most common misconceptions and mistakes you see people
making today? I think the most common UM misconception on
more mistake that many make today UM lies in uh UM.
You know, building assets versus building credit right UM. I
(01:05):
strongly believe that you should focus primarily when you're on
this financial journey, to focus on building UM liquid assets
as much as possible, right liquid. So give our audience
an example. What's like some of the top liquid assets.
So we're talking cash in the bank, so cash UM
investments UM, whether it be in your brokerage account, UM,
(01:28):
your UM roth ira UM and things of that nature. UM,
you know, cash for savings, cash for your goals, UM,
and in actually investments for your goals as well. UM,
those are the assets you should be focused on before
you begin to focus on building UM credit. I see.
And so this is really good advice because oftentimes I
(01:50):
think young people aren't thinking about their rath i i
ras at all. So at what age do you recommend people,
you know start to open and put money in to
a roth ira. Yes, so you can actually open and
put money into a rough ira at any age as
long as you have earned income. Right, so, if you
(02:11):
are UM eighteen or older, you can open your own
on roth ira and UM put money aside UM into
that roth ira up to six thousand dollars a year UM.
If you are below the age of fifty UM, and
if you're fifty or above, you can put you know,
a thousand dollars more UM. So as long as you
(02:33):
have earned income, you can definitely definitely start on the
journey of investing through a roth ira. Save save, save,
save save at any any age. Okay, any other mistakes
that you see young people making that we could talk about, UM,
I think the comparison on social media, right, UM causes
(02:54):
us not to start on the journey or think we
need a lot of money to actually be in right,
And so I like to tell everyone to start small, right.
And when you start small, you can end up having
a large amount of money, right, but you have to
zero in on your immediate needs and your goals instead
(03:15):
of comparing um yourself to what other people are doing. Yeah,
this comparison game and social media, it's it's a tough one.
And I you know, I love having sensible voices out
there that can just remind us all it's not about
keeping up with the Joneses, you know, It's about building
your own wealth portfolio for yourself and your family. And
that is the long game, and not likes on an
(03:38):
Instagram post. Absolutely, So tell us a bit more about
your professional trajectory from your college graduation until now. So
my college graduation, UM, I graduated in and UM with
the degree and accounting, and I immediately, you know, struggle
(03:59):
throughout college when it came to my major, accounting was
very very difficult. So I didn't get that internship UM
immediately after UM college or that job meeting at the college,
and so UM, I started to you know, I've always
been entrepreneur minded, right, and always been focused on you know,
problem solving, right, And so that's where my inspiration came in.
(04:23):
To create UM you know, nonprofits and also create for
profit businesses to inspire UM my own community, to build
wealth and to UM see the need within that community.
And I love that because you shared with us. You know, listen,
school was hard. I didn't get the internship that I wanted. Like,
(04:44):
things didn't play out exactly how they should have, but
you didn't let that derail you. You just used it
to sort of pivot and go in a different direction.
Because oftentimes people think success is perfectly linear. So when
we get the opportunity to share, like, look, things didn't
go as planned and you built your own future out
of that. So talk about financial literation. What does it
(05:05):
look like? And tell me some of the key messages
that you use that platform to share with people. Yes,
so Financial Situation was started in UM to help young
people reinvent their finances and reimagine their freedom. Right. So
the reinvention reinventing of your finances has to really deal
with shifting your relationship as it pertains some money, right,
(05:27):
not just spending money but also using ways money and
ways to build wealth right because many times in our community, right,
we know the um the effects of spending money, right,
we know what spending money can provide us, right, But
this it's like money and money out exactly yes, And
(05:48):
so we don't have too much experience with actually you know,
saving money for our goals right and doesn't have to
be as it relates to you know, emergencies. It could
be related relating to our goals right, and as as
it relates to travel, um, you know, just you know
having a you know, buying a car, buying a house,
you know, having a you know short to mid term
(06:09):
you know goal um, and also UM to invest right.
And so we don't have that knowledge within the community.
So that's why I started UM Financial Literation to share
those ideals UM and also to reimagine your freedom because
so many people think that freedom is like two elderly
couples walking hand in hand on the beach, you know,
(06:31):
at the age of sixty seven years old. But freedom
can actually start today, um, once we take our finances
seriously and shift our mindset and perspective as it relates
to just simply being a consumer to also being an
owner when it when it comes to our money. I
love that, you know, because it is true. I think
our parents generation, you know, they worked one job, they
(06:54):
did the same thing every day. They you know, hopefully
work theirselves up the career ladder to retire at seventy.
And the idea was that you would just sort of
sit on the porch and do that. And I think,
you know, this reimagining of what our lives and future
should look like should start at such a younger age
because you know, you could retire at thirty, but who
(07:15):
wants to sit around? You can you know, optimize and
monetize you know, different jobs and things. So I love,
I love this reframing of it. And I think, you know,
young people in particular millennials are really pushing other generations
to think like that as well. Because my my belief
as a released to retirement, right, I don't think there's
any such thing as retirement is just transition. So you
(07:38):
can retire from a line of work, but you would
never retire from doing what you were called to do
and actually actualizing your dreams and you know potential, right,
so even when you you know, leave one place of
work and into another place, you're still actually working, but
you're doing something that you actually love to do. You
know what, I think the beauty of that is if
(07:59):
you are can find something that you're truly passionate about
and spending your life doing. Like if you think about
Basket or these artists, no one ever says when are
you going to stop painting? Because he's clearly doing something
he's passionate about. So if you can pour yourself into
your passions, you never have to retire. They just evolve
into different things and hopefully the money follows that. Absolutely. So, Anthony,
(08:22):
talk to me like, I'm a young Collian. Can you
give me a brief play by play of how I
should be thinking about creating and organizing my finances for
the optimal financial situation? Yes? So, um at a young age. Um,
the first thing you need to do is shift your
mindset as it relates to money, right, instead of thinking
(08:45):
of money as a tool to simply spend, think of
money as a tool to build on wealth and also
you know, reach your short term and long term goals. Right,
that's the focus. Um. So I would say, you know
again not to compare yourself to what other people are doing. Um,
that's how you actually begin to save money, right, because
(09:09):
when you do so, you'll be spending money based on
someone else's lifestyle and not your own and your own goals. Yeah,
I agree with that and being able to you know,
I think the younger you are to really hone in
on what your goals are and to set goals because oftentimes,
like with youth, you think, oh, I've got plenty of time,
and time really does go fast. But to set goals
(09:30):
for one year, three years, five years, and fine, you
might not have to hone in on your twenty year goal,
but to have those um actionable goals um as metrics
are really really important. Absolutely, So Anthony, talk to me again,
like I'm sitting in front of you, I've come for
financial mentoring services. What should I expect to bring with
(09:52):
me and tell me about some of the conversations that
we'll have. That's definitely so. The first thing you need
to bring, UM obviously is UM your bank statements UM
the shifting you know, the potentially shifting of your perspective
and mindset as it relates to money. UM. But the
first place I would start is definitely honing in on
(10:14):
your immediate needs right and understanding um, the reality of
actually cutting back or adding on depending on where you
are on your journey right, and to focus on your
goals right, whether it be family goals, individual goals, UM
long term, short term. Those are the things that I
would talk about as it relates to UM coaching. Okay, wow,
(10:37):
that's great. Okay, So I look forward to that, and
I can imagine it's a really tough thing for people
to you know, be vulnerable with their finances the state
of their finances and open up to you like that.
But I think these are the conversations that help us
to really grow and secure financial freedom. Absolutely, Anthony, thank
you so much for this. Any parting words are words
(11:00):
of advice that you would like to share for us
in our audience. Yes, UM, so I would like to
say that, you know, when it comes to the personal
finance journey, you know, focus on your journey right instead
of comparing your journey to to what others are actually doing.
UM hone in like I said earlier, on your immediate
(11:20):
needs and you know, be in tune with your habits right,
because some things can be UM continuously continuously done, but
until you actually sit down and recognize UM the habits
and those triggers that sparked those habits, then you can
build a better relationship with money. Oh that is great
(11:42):
advice and I hope that you all take it to
heart and your bank accounts. Um. I think that so
often when it comes to finances, it is our mindset
that most often hinders us. And so Anthony, thank you
so much with presenting not just us, but our younger
generations and older generations as well, with an entirely new
lens through which we can look at our financial futures
(12:03):
and bank accounts as we make money moves to grow
and secure generational wealth. Anthony, thank you so much for
being here. We appreciate you, and please come back again
and talk to us soon. Thank you so much for
having And before we wrap up, Anthony, please tell us
again where our viewers can find you on social and
the world wide web. Yes, you can find us at
(12:25):
Financial Lituation and shares TV on Instagram and at finances
lickd on Twitter and our YouTube channel is Shares TV.
That's all for now, Money Movers, but stick with us
because we'll be back in a moment and you won't
want to miss what we've got coming up next on
the money Moves podcast powered by Greenwood. Thank you so
(12:46):
much for tuning in Money Moves audience. If you want
more or a recap of this episode, please go to
the bank Greenwood dot com and check out the Money
Moves podcast blog. Money Moves as an I Heart Radio
podcast powered by Greenwood Executive produced by Sunwise Media, Inc.
For more podcasts on I heart Radio, visit the i
(13:08):
heart Radio app, Apple Podcasts, or wherever you get your
podcasts from.
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