From $200 to Financial Freedom

An Interview with Shay, Financial Educator and Advocate for Financial Freedom

How did you get started in the world of finance, and what inspired you to focus on

simplifying money for others?

4 years ago, I had $200 to my name, no savings and a 476 credit score. I had always been very dependent on my parents and at 28 years old, started to feel very financially unattractive to myself. I wanted to improve my money management skills so I could travel, buy what I wanted and sustain my lifestyle. I attended a free financial literacy workshop and what I learned in those 2 hours absolutely blew my mind! I had just landed a full-time job and knew that I needed to learn how to maximize my paychecks. I had worked for the past 10 years and had nothing to show for it. I was a client first and got to see how someone could help me improve my finances in a holistic way. I saved $40,000 in 9 months and invested $25,000 by the end of that year and that showed me that with the right money mindset, information, implementation and guidance, I could change my financial situation. I became a licensed financial services professional because I knew I could make systemic change by providing financial education.

Can you tell us more about Finance for the Culture and what sets your approach apart from other financial services?

Finance for the Culture teaches everyday Canadians how money works in an accessible, digestible and fun way. I eliminate the fear of finance by taking a conversational approach and creating warm and comfortable environments for people to learn. I am empathetic and relatable which helps build trust. I’m also an independent broker so I’m not employed by one specific company. I can provide different options to my clients because I’m partnered with 70 world-class financial institutions and I combine the 3 areas of finance into one service - banking, insurance and investments. I also take a big picture approach to finance; I don’t just look at one area, I look at it all to help people build a solid financial house.

What are the most common financial fears or challenges you see in your clients, and how do you help them overcome these?

The most common challenge includes high interest debt - credit cards and payday loans - mainly due to lack of information, irresponsible spending and increased cost of living. I help people by providing a financial review to give clarity on their situation, highlight how their money is working and provide education.

Why do you believe it's important to focus on financial literacy within the Black community, and how does that inform your work?

Financial literacy is extremely important for the Black community because we’re conditioned to be consumers and not producers. There’s also a lot of financial trauma within families that block us from unlearning unhealthy habits and learning new ones. We have a lot of generational debt due to poor or no financial planning. It is important to understand how money works so we can implement better money habits, manage our money better and set up proper foundations for our families.

What are your top tips for someone just starting their investment journey or working towards financial independence?

Investing is a sexy topic but having a solid foundation and understanding of key concepts first is important. Understanding interest rates, your risk tolerance, the market, the different types of investments and how you should choose investments based on your financial goals - these are all things that will improve your investing journey. I teach all of this to my clients. It’s also important to remember that you can start small and build. Someone who starts with $50/month is better off than someone who doesn’t invest at all!

If you’re working towards financial independence, you must understand the tools that will get you there - leveraging debt, utilizing life insurance, investing and generating passive income just to name a few. One source of income won’t get you there; you have to find a way to make money without trading your time and labour for it. I teach this to my clients as well!

How do you maintain a balance between helping others and managing your own financial and personal goals?

It’s not hard at all to balance both. For my clients, I have a work schedule so that allows me to service them and I have days where I focus on my self-care and personal goals. Also, back in 2020 when I learned the language of money, I set up a foundation so I have the certain things in place that helped me build my financial house. I have mentors and now business coaches who are helping me expand my business in different ways to support my financial goals.

What's something you love to do or a passion of yours that people might be surprised to know about? How does it shape the way you approach finance?

I’m passionate about being physically strong. I was an athlete from grade 4 until college (mainly track but also volleyball, basketball and soccer and then cross country in college). Now I weight train. I liken improving your finances to building a muscle; you rarely wake up one day just super strong and you rarely wake up one day suddenly amazing with money. You build that muscle over time through information, guidance, consistency, discipline and sometimes trial and error. Just like a personal trainer would give you grace as if you were a beginner at the gym, there should be patience when you’re learning about how money works, especially if it is a completely new language to you.

Can you share any upcoming workshops, services, or resources you’re excited about that we can promote alongside the feature?

I offer complimentary consultations and financial reviews to help people identify their financial needs and goals. I also partner with organizations and individuals and facilitate financial literacy workshops every month. People can stay tuned to my Instagram page @financefortheculture to see my upcoming events. I have Instagram Lives and workshops planned specifically for November, since it is Financial Literacy Month. People can find posts about the Instagram Lives on my Instagram page and the links to the workshops in my Instagram bio.

November is Financial Literacy Month and Shay’s mission is a great reminder of the power of financial education. To learn more about her work or to schedule a consultation, follow her on Instagram at @financefortheculture and stay tuned for upcoming workshops and resources.