The Journey of Financial Empowerment: Angela & Elroy Tatum's Insights

In an episode of the MindShift Power Podcast, we had the privilege of exploring the invaluable insights of Angela and Elroy Tatum, founders of You, Inc., based in Schenectady, New York. Hosted by the dynamic Fatima Bey, this episode delves into the importance of cultivating a financial mindset in teens to help them achieve millionaire status.

Introducing You, Inc.

Angela and Elroy Tatum's organization, You, Inc., is dedicated to helping young people achieve their life goals through financial education. "Money helps you achieve your life goals," Angela explains. Their focus is on developing the habits and disciplines necessary for financial success, starting with a wealthy mindset.

The Foundation of Financial Literacy

Elroy emphasizes the lack of financial education in schools, which leaves young people unprepared for managing their finances. "There's nothing in that curriculum about how to balance a checkbook or manage money if you have a job," he notes. You, Inc. aims to fill this gap by teaching foundational concepts that can lead to financial independence.

Overcoming Initial Skepticism

Angela shares the story of how they met a financially independent couple who mentored them on their journey to financial independence. Initially, Elroy was skeptical, thinking it might be a scam. However, after accepting the couple's invitation to learn, they gained invaluable knowledge that transformed their financial mindset.

The Importance of Mindset

One of the key concepts Angela and Elroy teach is the importance of a wealthy mindset. "A wealthy person considers how their decisions impact their net worth," Elroy explains. This mindset shift helps individuals make informed financial decisions that build wealth over time. Angela adds, "You can't move forward with anything until you are in the right mindset."

Practical Financial Skills

You, Inc. focuses on teaching practical financial skills, such as budgeting, saving, and investing. They provide step-by-step guidance to help young people understand and manage their finances effectively. "We're showing you how to open a bank account, calculate net worth, and create a budget," Elroy shares.

The Role of Representation

Elroy highlights the importance of representation in financial education. Seeing mentors who have achieved financial success makes it seem attainable. "Representation is key because it creates a seed," he asserts. Angela and Elroy's journey from debt to financial independence serves as an inspiration to their students.

Addressing Cultural Values

You Inc. acknowledges the diverse cultural values that influence financial behavior. They teach students to integrate their cultural values while adopting a wealthy mindset. "We need to start molding things in a way where we're thinking about our net worth now," Elroy advises.

The Reality of Financial Independence

Angela and Elroy emphasize that financial independence is a journey, not a quick fix. It requires discipline, sacrifice, and a long-term perspective. "You can't say yes to everything because then you're not going to have money left over to invest," Angela explains. Their goal is to help young people attain and sustain financial success.

Final Thoughts

Angela and Elroy's story is a powerful reminder that financial independence is within reach for anyone willing to adopt a wealthy mindset and learn practical financial skills. By starting early and making informed decisions, young people can build a secure financial future.