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HomeBUSINESSFINANCESKey Principles of Financial Empowerment w/ Nishaea Richardson

Key Principles of Financial Empowerment w/ Nishaea Richardson

Nishaea Richardson, is a financial coach with two years of experience and a passion for helping others succeed.

She likes to share that she was not always financially savvy and made a bunch of money mistakes before she started to change her financial blueprint from maxed-out credits, zero savings, tons of debt, negative net worth, and an unhealthy relationship. She elevated her mindset, moved past fear, and became a financial powerhouse.

She has worked with hundreds of clients virtually and in person through financial literacy & wellness workshops, conferences, and 1:1 coaching program. She is also a financial coach for Affordable Housing Partnerships of the Capital Region Homeownership Center to prepare home-buyers with money strategies to master their money during and after the homebuying process.

To best serve her clients, she uses her current certification as a Six Sigma Yellow Belt to streamline the money management process for her clients and completed the Financial Coaching Academy, so I can be sure that all of her advice and support is rooted in knowledge and experience.

She strives to provide the best financial, money management, and mindset advice to help you succeed with mastering your money and building a richer lifestyle. 

 

Q: What is your SwagHer? What makes Nishaea, Nishaea? 

Nishaea: I naturally make people feel comfortable around me because I have an authentic fun energy that allows others to feel safe. I believe that’s one of the best characteristics I have. 

Q: What is your money story?

Nishaea: Growing up in a single-mother household, seeing her handle all the finances on her own, teaching us to work hard, and be the provider for everyone even when financial resources were limited, were the money beliefs I carried around for most of my life. 

Those beliefs lead me to work hard for a little bit of money, handle all the finances on my own even when help was available, and help those in need even when it put my finances in jeopardy. Those money habits lead to maxed-out credit cards, personal loans and living beyond my means, repossession on my credit report, and living paycheck to paycheck. 

Like most stories, the ending has triumphed. I made the decision to disassociate myself from the money beliefs no longer serving me and live a life that, at one point, I didn’t think was possible. After making some short-term sacrifices, I was able to pay off all of my credit card and personal loan debt, increase my credit score to the 800s, become a homeowner, and build my net worth to six figures. While the journey is still happening, I no longer believe that working really hard and living paycheck to paycheck is a life that any of us are meant to live. We deserve abundance and wealth.  

Q: How important is financial empowerment in the overall journey of a black woman entrepreneur, and what are some key principles or practices that you recommend? 

Nishaea: Financial empowerment plays an essential role in achieving personal and business goals, creating a strong foundation for success, and breaking down barriers that may slow down growth and progress. Some key principles and practices I recommend are:

Invest in their financial education by attending workshops, seminars, hiring a financial coach, CPA, Fractional CFO or online courses focused on personal finance, budgeting, investing, and financial management. Understanding financial concepts is essential for making informed decisions.

 Define their short-term and long-term financial goals, both for their business and personal life. Establishing clear objectives will give you direction and motivation to work towards achieving them. It will also allow us to have a clear measure of success so we are not constantly going after more when we may have already reached a level that is in alignment with our rich lifestyle. 

Master managing our money by creating a detailed budget for their business and personal expenses. Track their spending, income, and savings regularly to ensure you stay on track and adjust as needed. Also, separate Business and Personal Finances to help better manage their cash flow and financial records and run their business like a boss and not like a hobby. 

Lastly, build a reserve for expected unforeseen expenses and investments for personal or business growth to provide peace of mind and protection for your business from unexpected disruptions. 

Q: How can women begin to change their mindset toward wealth? 

Nishaea: Women can look at their current beliefs about money and decide if those beliefs align with the lifestyle they desire. If not, they can dissociate themselves from those beliefs and start to rewrite their beliefs. It’s also helpful to get around other women who already have a wealth mindset; it’s infectious! 

Q: Could you share some practical tips or steps that lack women entrepreneurs can take to improve their financial well-being and build a solid financial foundation for their businesses? 

Nishaea: Manage their money well with something as simple as a budget, work on their spending habits so they are aligned with the life they desire, and seek professional help from financial experts that can educate and support them so they are not trying to do it all alone. 

Q: Where can our readers go to connect with you? 

Nishaea: They can connect with me on my website, shesthebudgetguru.com or on Facebook at Nishaea Richardson, LinkedIn at Nishaea Richardson, or Instagram at Nishaea_Financial_Coach.

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