As part of the first virtual Financial Wellness Program hosted by the Network of enlightened Women, students and young professionals nationwide heard from Anne Canfield, partner at the Majority Group, who led a session on Entrepreneurship, Small Business Finance, and the Importance of Free Markets. 

 Canfield explained the importance of financial empowerment and how “building a strong financial foundation is the launchpad to success.” To accomplish this, she outlined six steps for attendees to take:  

1. Saving and financial awareness: It’s important to have a safety net of three to six months’ worth of living expenses. This will help in the decision-making process when discerning whether to start a new business or transition into a role. Additionally, it’s key to pay down any credit card debt or high-interest rate debt that you’ve accumulated and have a grasp on your financial cash flow. 

1. Knowing your value and advocating for your worth: Negotiating and advocating for yourself in the workplace is a vital tool that, if overlooked, can have long term financial consequences. To go along with this, be sure to document your accomplishments that you can highlight when advocating for a promotion or raise. 

1. Invest in your future: “Once your foundation is solid,” Canfield explained, “shift your focus to wealth-building strategies.” There is a wide array of ways to achieve this, such as contributing to retirement accounts, diversifying your investments, and building passive income. 

1. Protect what you’re building: “Financial success isn’t just about earning, it’s about safeguarding your wealth,” Canfield stated. To ensure this, be sure you have insurance, including health, life, disability, and for business owners, liability and business insurance, and create an estate plan or will. 

1. Leverage your network and invest in your knowledge: Building a support system and surrounding yourself with positive, uplifting people who can mentor, support, and guide you is key. Talking with others who have had successful careers in your field and learning what helped them achieve that success is also beneficial. Additionally, it’s imperative to invest in your knowledge and keep learning– whether that be through reading, attending workshops, or staying updated on your area of focus. 

1. Tips for entrepreneurs: Keep your personal and business finances separate, create a business plan and budget, and explore funding options through grants, loans, and investor opportunities that align with your goals. 

“Financial empowerment is more than about numbers in a bank account,” Canfield stated. “It’s about creating a legacy, breaking outdated narratives, and shaping a future where [men and] women have the freedom to pursue their dreams without limitations.” Following her presentation, attendees had the opportunity to ask Canfield questions and gain a further understanding of how to build their own financial strategy. 

Through her insight, advice, and expertise, Canfield successfully helped fill an educational void of financial literacy for attendees and equipped them with the tools and knowledge to create a strong financial foundation and have the freedom to build the lives they desire.