6 Tips To Stay Financially Afloat In Economic Uncertainty With Money Expert Shavon Roman

These six tips can sustain financial wellness no matter the economic times.

In times like these, everyone is watching their pockets. With an economy shaken from mass layoffs to stock market drops, finding ways to stay in the positive seems rarer than ever. However, a fluctuating economy does not mean you have to forfeit financial stability or even progress.

No matter what’s in your bank account, making the most of this economic moment remains possible. Money Expert Shavon Roman has the keys to staying on top of one’s financial strategy. Focusing on helping the Black community heal from its financial trauma, Roman has developed six tips to keep thriving in trying times.

These tips include many free resources to help resolve money-limiting woes, from eliminating debt to building credit with everyday bills. Roman spoke to BLACK ENTERPRISE on methods for still accomplishing financial goals even during economic turbulence.

Dig Yourself Out: Get a Debt-Free Strategy

First things first, build a plan to become debt-free. However, not all debt is created equal. For this money expert, high-interest-rate debt should be the priority. Whether through credit cards or personal loans, these overwhelming bills have to go before one can freely invest their money in other places. According to Roman, having a strong financial foundation means ridding oneself of these skyrocketing interest rates.

However, one does not have to build a debt-free strategy alone. In fact, Money Management International, a nonprofit aimed at helping people eliminate debt, has relationships with creditors that can lead to smaller interest rates. With more cash freed up, and after dividing what’s owed versus what’s owned, one can calculate exactly how much cash they can use for other money-making opportunities.

Roman says, “The way that you get out of credit card debt is by finding a company to help you create the strategy – skipping the gimmicks.”

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Heal Your Money Mindset: Get Therapy

Everyone’s got issues, but taking the extra step to heal your money mindset is crucial to future financial empowerment. Taking accountability for the ways financial trauma shows up, whether through overspending or refusal to make any big money moves, can pave the way to growing one’s net worth. According to Roman, overspending and feeling paralyzed from making a money decision are two sides of the same coin. Either way, your money is working against you, not for you.

Roman recommends multiple therapy sources to address the root of money trauma. For general consultations, Rula has helped thousands find reputable therapists and psychiatrists for their diverse mental health needs. Another resource, the Financial Therapy Association, specifically helps people uncover and heal from their mental issues with money.

3. Secure Your Legacy: Get a Will

No matter your age, get a grip and get a will. Not only is it free to do so, but it also secures one’s financial legacy. Roman understands the concerns surrounding accessibility, with many thinking wills are reserved for millionaires. However, this could not be further from the case, with platforms already available to help everyone secure their bag for the next generation.

Fabric by Gerber Life Insurance can guide people in drafting these documents, ensuring that whoever comes next can reap the benefits. These 100% free digital wills allow one to protect one’s assets and one’s family’s growing wealth.

“It’s a problem that, especially for minorities, the thing they will talk about is access. ‘It’s expensive, like, I can’t get it done.’ Well, I’m saying you can get it done. You can decide what’s going to happen with your money and your stuff before you pass away. And you can do it for absolutely free,” added Roman.

4. Lock It Down: Protect Your Identity

While people are encouraged to check their credit score at least once a year, staying on top of this number does more than secure a loan. Locking down one’s identity combats credit fraud or other schemes that can derail your financial progress. Roman emphasized how this is the most overlooked aspect in building one’s money mindset.

“Most people only check it maybe once a year, in a good year. But our credit is the thing that we visit the least, yet actually benefits us the most, and it has so much exposure.”

Credit reporting sites like Equifax, Experian, and Transunion allow credit freezes to ensure no one, even yourself, can open a line of credit so easily. If you are not in the business of getting a new home or buying a car, Roman says to lock it down. This also applies to one’s children, who are also vulnerable to credit fraud. Freezing their lines adds an extra layer of safety, protecting their financial futures. For even more protection, Everify.gov offers a self-lock over Social Security numbers as well.

5. Get Credit For What You Already Pay For

Imagine not needing a credit card to boost your credit score. This is actually possible right now. We already pay bills for our everyday needs, building a positive payment history from doing so. However, these checks can actually go toward building one’s credit.

Just as credit scores track how one pays their bills, Experian Boost builds a positive credit history just by doing the little things. When you are trying to avoid plastic, this avenue creates another opportunity to further one’s credit score for the next big purchase.

“So in this day and age where people say, ‘well, you got to get credit to have credit,’ you don’t now. You can use this type of program and establish credit without going in debt,” assures Roman.

6. Plant the Seeds: Open an Investment Account

Investing is essential to financial growth. Once the debt has subsided and the money trauma has healed, then one can make informed choices to build wealth. Roman understands that most people do not want to take the risk. However, making money while you sleep may come from unorthodox methods. Jumping into the market during low peaks could result in high profits.

A beginner-friendly, free investment platform like Plynk offers an easy and accessible way to invest in stocks. The free app also offers fractional shares so users can start investing in companies like Apple or Amazon without having to fork over the entire stock price.

“When the stock market is down, everything is on sale. Take advantage,” says Roman. “And let’s find some good opportunities to invest in the market. And let’s switch it from fear to empowerment, like ‘I am empowered now to make these purchases, and I’m not panicked and afraid that I’m losing all of this money.'”

These wealth-building methods aim to sustain through economic scares and lulls. With Roman’s tips on financial wellness and healing, anyone can become their own money hero, no matter their initial standing.

“Hope that where you come from, things can be so different. You just have to start.”