Financial literacy and empowerment by Paula Anderson Managing money is a skill that everyone has to master to achieve financial goals. As a new entrepreneur, Sarita Price, is focusing on helping clients move to the next level through financial literacy and empowerment. Price said, “ My father laid my financial foundation when I was a teenager. I grew up in Whiteville, Tennessee and my father was an entrepreneur. He owned a plumbing business.” “He told me to keep at least six house payments in the bank and to save money for a “rainy day”. When I became an adult I remembered that advice and when I filed my tax returns each year, I would pay bills and save the money.”
Sarita Price
As a result of the guidance, Price saved approximately $6,000 dollars when she was laid off from her job. She did not lose her home while applying for mortgage assistance because she had the resources to sustain her during difficult period.
Over the years, she has become a wise shopper. She sticks to a budget and uses coupons to help save on spending. She has done her own hair and nails to reduce expenses and says shopping at “The Goodwill” for clothing allows her to save also. As Christians, we are taught to tithe, which means to give 10 percent of your increase and allow God to help you manage the 90 percent. “I continued to pay my tithes,” said Price. Since leaving corporate America, she has made adjustments to her lifestyle to pursue entrepreneurship. She is the co-author of the book - Tying the Knot Between Ministry and The Marketplace, Vol. 2 Price started learning about personal finance through a local church community. She said, “My development started under the direction of an Economic Empowerment Ministry.” Roselle Gause, former faciliator of EEM, said, “When I started teaching others about financial matters, it forced me to do right in my own life.” Her former pastor encouraged her to start the ministry to help the church to increase awareness about financial literacy. Price has decided to use what she learned from others to help African-Americans learn about budgeting, saving and preparing for major financial decisions. “Our community lacks discipline and education when it comes to spending dollars.” According to an article in Blackentrepreneur.com, the spending power for African-Americans reached 1.7 trillion in 2017. In addition to her family upbringing, she received financial education from other ethnic groups about buying a car and saving money for college. Price provides financial coaching sessions designed for individuals who may need guidance with saving, budgeting and planning for the future.
Memphis Small Business Quarterly Summer Edition - Spring 2018
