February 07th, 2022
BY JULIA ANDERSON
In so many ways, American working-age women took the biggest hit from the pandemic. They stayed home to take care of children going to school online. They lost jobs in services industries -- hospitality, childcare, and retailing. The economic pain in the short-term was real in lost household income. In the long-term it might be worse because women, more than men, lost a step with their retirement savings plans.
What can women do to catch-up?
Recently, we interviewed Jacent Wamala on Smart Money, our public television show. She shared her money management tips for women, specifically women of color.
Jacent Wamala paid off $90,000 of accumulated debt in three years. Sure, she did the usual things – reduced her spending, stopped using credit cards etc. But her biggest change-up was finding a NEW and BETTER PAYING job. Wamala told us that she spent three months looking for that better-paying job, as well as coming up with money strategy to pay down her debt. The cool thing is that she shared her “money mindset” journey on Instagram.
She used Instagram because she “wanted to share information, tools and techniques that would enable more women to create FINANCIAL FREEDOM and FLEXIBILITY in their lives faster.” Amen!!!
Her posts are a hit.
Wamala, a private-practice psychologist in Las Vegas, now has 22,500 Instagram followers who saw how she dealt with debt by sharing her “jacentsgems.” She has been interviewed on the Today Show and by Psychology Today and the New York Times. She’s writing a book, leads speaking engagements and has established her “Wealth-Wellness University.”
She regularly posts jacentsgems on Spotify and Instagram to inspire millennial women to take charge of their money and their financial future. Her Instagram posts are filled with inspiration, common sense, and tips on how to take small (but committed) steps to change your money habits. While she speaks to her millennial generation her message resonates with all women who want to change the way they manage their money.
Her message certainly hit the right note with me. She asked her clients to “become more genuine and honest with themselves.”
That is precisely how women of all ages are going to recover from the pandemic. How they will build back a money strategy and have the retirement that they deserve. For me, honesty means thinking about the future realistically. Finding a better-paying job with health benefits and a 401(k)-retirement plan makes absolute sense, especially when employers are looking for reliable, intelligent workers. What’s the point of going back to the old job that was fun but offered no advancement and didn't pay much?
I see Jacent as the Suze Orman of the millennial generation. She’s personable, intelligent, and NOT a financial adviser. That’s a plus. She speaks to the psychological barriers we place in front of ourselves. She doesn’t have to have all the financial investment answers.
Her message is about getting your mind set on a better financial future – short-term and long-term. Goals for her clients are twofold: Money freedom and money flexibility.
Here are money management tips from Jacent Wamala:
- Transform the way you see yourself when it comes to money by tracking your daily spending and saving habits. Keep a journal. Evaluate your list in terms of what is “healthy” and what is not.
- Transform your mindset by using daily “gratitude chants.” Do these gratitude chants throughout your day to see yourself in a positive way with the ability to control your life. “Listen to the information that reminds you of your ability to succeed,” Wamala says.
- Commit to your project. It will take time. Ask how you are going to turn your NEW money mindset into a long-term habit. Wamala says start with just a week. Work up to the change. She said it takes a minimum of 21 days to build a new habit. Build accountability into your plan by telling someone about your mission.
- Surround yourself with people who have the mindset that you want. This may be her most important tip. These are friends who will "cheer you on," she says.
To make this happen she encourages followers to: “Re-curate” their feeds, form accountability groups, get a coach, set up a game plan and accept that the changes will come slowly."
She offers support at her website wamalawellness.com, on YouTube and with podcasts called “Wealth and Wellness with Money Mindset Coast Jacent Wamala.
To review: Financially rescue yourself from the pandemic by changing your mindset. Get a better-paying job like Jacent Wamala did, find re-training opportunities to qualify for better-paying work, get rid of your debt burden and take charge of your money to have the life you deserve!!
New York Times, click here.
Instagram, click here. YouTube click here.
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I meet women all the time who face job and money transitions and who want to do them right. It’s about building confidence and taking charge of the future. This is your money. No one cares more than you do!
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