COF 60: Setting SMART Financial Goals with Steven M. Hughes
Steven M. Hughes is a Caribbean American social entrepreneur, and financial literacy advocate. Steven is of Jamaican parentage and is based in Columbia, South Carolina. For the past six years, he has empowered thousands of people — equipping them with knowledge and tools to develop their financial foundation, set and achieve their goals, and most importantly, take action to make positive life changes through his keynotes and workshops.
In 2014, Steven also founded and launched Know Money, Inc., a 501(c)3 nonprofit that teaches youth and young adults how to manage their money and build sustainable businesses.
After making every money mistake imaginable as a student at Clemson University, Steven took massive action over the course of the next four years to improve his financial situation. He’s now a nationally Certified Financial Education Instructor, and he’s also been appointed to the Global Shapers Community by the World Economic Forum, based in Geneva, Switzerland.
In this episode, Steven explains how money is an emotional decision and the difference between Dream Money Statements vs. SMART Financial Goals.
Kerry-Ann’s Episode Takeaways
- Resource: Map Your Money Guide
- We’ve been taught about money that it’s a logical decision vs money being an emotional decision.
- We have to connect the emotion underlying our money habits.
- Good financial habits come from understanding the emotional decisions we make when it comes to money and creating good money habits.
- Dream Money Statements vs. SMART Financial Goals.
- Stay away from broad sweeping financial statements. If you do, they must be broken up into smaller, more manageable and Actionable goals
- One good money habit is setting financial goals and being clear about those goals are.
- If you have a side hustle and a full-time job co-mingling of money doesn’t allow you to see your financial goals for the side hustle. Therefore we need to have separate bank accounts.
- We shouldn’t be paying Banks to access our money. So find options to do away with monthly fees. Especially as a solopreneur, freelancer, side hustler you want to keep your overhead as low as possible.
- Bank Mobile a division of Customer’s Bank in PA.
- One United (A Black Online Bank) based in Boston MA
- PayPal is not your bank
- PayPal is the processing system that allows us to transact any type of sales. It’s like a bridge and our money shouldn’t be left there.
- Money left in PayPal not insured.
- Money collected via PayPal should go to business checking account.
- We should automate our savings:
- Put savings where not easily accessible.
- Using a tool like Digit. (aff)
- (Update: As of 4/11/17 Digit is no longer free. A monthly subscription will cost $2.99. Digit is also increasing the Digit Savings Bonus. All customers will now earn a 1% Savings Bonus)
- Gmail account for bills and financial statements
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