EFOC 2024: Power Partnerships: Wealth Management For Entrepreneurs
By Kerane Marcellus ·Updated July 6, 2024 < /> Today at the SOKO MRKT stage, Danielle O’Bannon, the Vice President of Goldman Sachs, spoke with moderator Ensa Huger, who is an accountant, speaker, consultant, and author. Both women have extensive expertise in financial matters, ranging from budgeting to wealth management. In their conversation, O’Bannon discussed the necessary steps to secure your financial future for yourself and your family, also known as generational wealth.She emphasized the significance of creating a will, keeping track of all your assets, and more. It’s crucial to openly discuss financial matters, especially within the Black community where these conversations are often considered uncomfortable or not given enough importance. While the saying goes “more money, more problems,” O’Bannon believes that the real problem lies in not properly assessing your assets. Keep reading to find out more about this informative panel below.Measure To Manage Being 100 percent honest with your accountant is an important step in the right direction. “Tracking your spending and earnings closely and reporting them honestly to your accountant and wealth managers will help you in the long run, from taxes to building savings accounts. O’Bannon said on stage, “If you can’t measure it, you can’t manage it.” Not tracking your money habits is a common occurrence that is just from the Black community. Still, since this community is already oppressed, it’s imperative to get ahead as much as possible. “It’s impossible to get help if you don’t ask and if you’re not being honest, either with yourself or with others, about your situation. I think that that one’s a really hard one because it requires a level of trust. It does, and I also think there’s a lot of fear, or potentially fear of judgment, that comes with being transparent,” O’Bannon said. Assess Your Assets/Make A Will“Take inventory of what you have and have transparent conversations with those around you, even if it’s difficult. Something I’ve observed is that oftentimes we may find it hard to trust other people with our own personal wealth information,” O’Bannon explained. From your house, car, savings accounts, pieces of art, or any investments, she recommends taking note of all of your assets and finding out what they are worth to ensure you’re starting a plan. Another important piece of advice O’Bannon left with the audience was to make a will after assessing those assets. While death is a heavy subject, making sure those assets get to your family members and loved ones easily after your passing is something that the Black community has trouble with. In addition, she encourages uncomfortable conversations about money, assets, and a will, so that your loved ones aren’t trapped in any sticky situations.Seek A Wealth Manager One of the most important points emphasized by both O’Bannon and Huger is the need to work with a financial advisor or wealth manager to help you manage your finances. From budgeting and spending tracking to making investments, a financial advisor can help you stay on track on yourrel="tag">#fashionnews 2024 ESSENCE Festival of Culture SOKO MrktThe post EFOC 2024: Power Partnerships: Wealth Management For Entrepreneurs appeared first on Essence.
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