Financial Mindset for Teens: Insights from Angela & Elroy Tatum

Welcome to the Mindshift Power podcast, a show for teenagers and the adults who work with them, where we have raw and honest conversations. I'm your host, Fatima Bey, the mind shifter. In today's episode, we dive into the financial mindset with special guests Angela and Elroy Tatum of You Inc. Wealth Education Services from Schenectady, New York. They are dedicated to helping teens become millionaires by instilling the right financial habits and mindset.

Introduction to You Inc.

Angela and Elroy Tatum started You Inc. Wealth Education Services to provide education on financial independence, focusing on young people. Unlike traditional education, they emphasize practical financial skills such as budgeting, saving, and investing, which are often not taught in schools.

The Journey to Financial Independence

Angela shares an inspiring story of how they met a financially independent couple who changed their perspective on money. Initially skeptical, they learned the principles of financial independence from them and started applying these lessons in their own lives. This transformative experience led to the creation of You Inc., aiming to pass on this valuable knowledge to others.

The Importance of Financial Literacy

The Tatums highlight the lack of financial education in schools and how it affects young people. They stress the need for foundational financial literacy, starting with understanding net worth and making informed financial decisions. By teaching teens to manage their finances well early on, they can pave the way to millionaire status.

Wealthy Mindset vs. Poverty Mindset

Elroy explains the difference between a wealthy mindset and a poverty mindset. A wealthy mindset involves considering how financial decisions impact net worth, thinking long-term, and prioritizing investments over immediate consumption. In contrast, a poverty mindset focuses on short-term gains and consumption without considering future implications.

Overcoming Stereotypes and Misconceptions

The Tatums address common stereotypes and misconceptions about wealth, emphasizing that financial independence is achievable for anyone, regardless of their background. They encourage teens to take advantage of available opportunities and resources, and not to let mistrust or skepticism hold them back.

Practical Steps to Financial Independence

Angela and Elroy provide practical steps for achieving financial independence:

1. Develop a Wealthy Mindset: Start by changing your mindset about money.
2. Create a Budget: Learn how to do a conscious spending plan and manage your expenses.
3. Save and Invest: Understand the importance of saving and start investing early.
4. Set Financial Goals: Identify your financial goals and work towards achieving them.

Workshops and Programs

You Inc. offers various workshops and programs, including an eight-week session that walks participants through the steps to becoming millionaires. They also provide classes for parents on how to raise financially savvy children and workshops on paying for college without sacrificing retirement savings.

Final Thoughts

Angela and Elroy Tatum are passionate about empowering young people with the knowledge and skills to achieve financial independence. By developing a wealthy mindset and making informed financial decisions, teens can build a strong foundation for their future.

Ready to dive deeper? Listen to the full episode of the MindShift Power Podcast with Fatima Bey The MindShifter here: https://www.buzzsprout.com/2217223/episodes/13903466