4 minute read
Know Money, No Problem
BY CHLOÉ ADAMS
Let’s get one thing straight. Money is NOT the root of all evil. At least, that’s what Steven Hughes believes! “If you think that money is evil, are you going to want to keep it around? Are you going to make a lot of it or put a lot of ‘evil’ in your house or in your pocket or in your bank account? What I truly believe is that the lack of money is the route of all evil. When you don’t have money, you’ll be willing to do things out of character to get it. Money is energy. It does whatever you ask it to do.”
Advertisement
Let’s be honest. Money isn’t always a fun conversation unless you’re making it. But Steven Hughes, a millennial money expert from Columbia, SC has developed his own money methods that tell us otherwise.
As a first-generation Jamaican American, Steven knew he had to do something about his financial situation. Growing up with eight (sometimes ten) people sleeping in the same bed, Steven didn’t always know what the best practices were in terms of handling his funds. In fact, in college, he found himself in a money mess with repossessions, evictions, maxed-out credit cards, and overdraft fees to the point where the bank closed his account and did not want him to bank with them anymore. But, that didn’t stop him.
Steven decided that he wanted to turn his financial life around and started by reading books and taking necessary actions to change the things about him. He realized that there were people around him making the same mistakes he was making and were either trying to fix them or avoid the mistakes at all costs. That’s when it hit him – It was time for a change.
Steven is the founder of Know Money ® , a nonprofit organization that teaches college students how to think, talk and interact with money more positively. With live workshops and video content, college students can learn the dos and don’ts of money management in a relevant and creative way.
That’s the truth. College can be the start of a long journey down a financial hole. For most, it’s almost impossible to get out of due to the lack of resources available to assist individuals with their finances. “I didn’t go to school for finances or anything like that. I actually went for human resources and dropped out,” said Steven. “But when I started Know Money ® , I didn’t have any formal training. I just wanted more people to understand money that wasn’t too stuffy.”
The story wasn’t over for Steven after he dropped out. His story was actually just beginning. He is currently in a certificate program studying financial psychology and behavioral finance. He even became a certified financial education instructor. “I tell these stories because people can relate to what I’ve been through in the past,” Steven said. “I didn’t go to school for money, but with all the mistakes I’ve made and the things I’ve learned, for me to have the opportunity to apply these mistakes in a way that I can educate more people, it just feels like this is what I’m supposed to be doing.”
A lot of times, especially in the African American community, there aren’t many spaces or resources for individuals to learn more about money and finance. As a black man, Steven is changing that narrative.
“I feel like people can connect the dots and be more accepting because I look like them, I sound like them and I’m talking about things that are happening in their households. I want us to understand money.”
Our generation needs to understand the power money actually has. There is more opportunity with money now than any other generation before us. “Just thinking about the slow start we had to build our economic freedom in this country, even though we built this country on our backs, it’s imperative that we can understand how to provide economic justice for ourselves and give people the tools in our community to build their own wealth.”
Understanding money is really about understanding perspective. It’s not necessarily about the steps you’re taking, but switching your thought process to reflect what you ultimately want to do. “I wanted to be a business owner as a kid, but I never thought that I could make a billion dollars like I think now. If I never thought it, then I could never do it. I want to make sure that we know this is possible.”
We have a long journey, as a community, when it comes to issues like economic development. And Steven Hughes is an example of someone who has taken his life’s journey and turned it into lessons that inspire, grow and motivate individuals on their own life paths. It starts with us. Taking the steps to understand financial freedom and economic growth will ultimately help you in the long run. From counting the coins in our piggy banks to investing in our first companies, it can all be obtained. And if there’s one thing we can all take away from Steven, it’s when you know money, there’s no problem.
Instagram: @knowmoneysteve
Steven's Tips for millennials that just want to travel, save for an apartment or simply have enough money to go out with friends:
a. Set Your Financial Goal and be specific
b. Separate Your Money (Have a savings account, a bills account and a “ F it fund! ” )
c. Automate the money to hit your goal by using one of these apps : - Digit - Qapital - RiZe
d. Read! Steve suggests: "Rich Dad Poor Dad," "I"ll teach you to be Rich" and "Richest Man in Babylon"
