I had the opportunity to attend the Path to Power event hosted by Northwestern Mutual + Essence and I had a really great time! There were so many financial gems dropped by those on the panel. I initially saw the event from watching Myleik’s Instagram story. I Immediately hit RSVP to secure my spot and reached out to my other blogger friends to make sure they didn’t miss out on this event either. If this event comes to your city, you can’t miss it! I was honestly surprised when the RSVP for the event was free! Yes, FREE knowledge from some amazing women! The energy at the event was great because you just knew the room was filled with motivated boss ladies whether they were entrepreneurs or had 9-5 careers. I decided to briefly recap the event below for you!
What was the event?
The promotional materials describe the Path to Power event as “A dynamic conversation on using your passion, power, and potential to build wealth and live life abundantly— in YOUR own way.” There were three panelists leading the discussion and then questions were taken from the audience. After the panelist session, those who attended the event had the opportunity to meet with a Northwestern Mutual financial advisor for a brief 1-on-1 discussion.
Who was speaking?
Essence Editor and Author of Boss Bride- Charreah has an amazing story the bio from her site here says “Before turning 25, Charreah had battled cancer, been laid off from her dream job and found out she was the other woman in a relationship.” She now serves as Essence Senior Editor and recently released her first book Boss Bride: The Powerful Woman’s Playbook for Love & Success.
Founder and Chief Experience Officer of curlBox and MyTaughtYou
You already know that the MyTaughtYou podcast is one of my favorites because I mentioned it in my post here on the best podcasts for bloggers and entrepreneurs. I knew just from listening to the podcast that having the opportunity to hear Myleik speak in-person was on my list of things to do—I just didn’t expect that opportunity to come to DC! Myleik was able to share great insight on finances and becoming a saver, especially from the entrepreneur perspective. I was even more excited that she stayed after the Path to Power event to meet and greet with everyone!
And a Northwestern Mutual Financial Advisor
There was also a really great financial advisor there in place of who was actually on the flyer. She was able to give really useful information from someone who is a professional in this arena. It was a great mix of knowledge and experience on the panel.
The event was held at the Longview Gallery in DC over in Blagden Alley. This event space was so cute! I also love the Blagden Alley area because it is so artsy and unique.
What I learned:
Track your money!
When we came to get our seats on our chairs was a cute little notebook and sheet that was a budget tracker. If you don’t document what is coming in or going out, you’ll never really know how you can improve your financial situation. Often, people assume getting more money will solve their problems, but really the first step is really managing and maximizing what you already have. Once you write down and track what you’re actually spending you’ll see that you don’t need to spend $30 a week on buying coffee on your way to work every day. They discussed using the 60/20/20 system for budgeting where 60% of your budget goes to fixed expenses (things you know you have to pay every month), 20% goes to savings, and the remaining 20% is discretionary spending (spending money on fun stuff).
Plan for that unexpected events
One of the Panelists shared how at the age of 19, her mother, unfortunately, passed away. Her mother prepared for her future by having the appropriate life insurance and accounts prepared for her so she was able to go to college and have that paid for. The panelist discussed planning for the future, for your kids to set them up for generational wealth. Another interesting piece to this discussion was about planning for retirement. Not everyone is fully knowledgeable on 401K’s and Roth IRAs or any of the retirement fund options. If all of that seems foreign to you, they recommended reaching out to your HR department at your job to make sure you aren’t missing out on any of your benefits.
Don’t be afraid to discuss finances with your partner
A serious discussion needs to be had about joint financial goals, expectations and spending habits. Most people don’t really like talking about money, but these discussions are important to have especially if you’re joining your life with someone else’s.
Talk to a financial advisor!
An overall point I got from this discussion was that financial advisors aren’t scary! It sounds like a big deal, but if you meet with an advisor they can answer all of your financial questions and help you develop an actual financial plan. Most of us don’t have a legit financial plan. We may have general goals “to be debt free” or “to buy a house” but we don’t outline the steps needed to achieve these goals. Just like you plan for anything else, you need to plan for your financial vision as well. Basically you need to determine your Path to Power. Myleik also challenged us to really think about why we work. And as she always says,
If you can’t buy it twice, you can’t afford it!
Upcoming Path to Power Events:
The website says to look forward to the Chicago and Atlanta events! If you’re in those areas, sign up when you get the chance!
Have you ever visited a financial advisor? If so, was the meeting helpful?