Making Financial Literacy Accessible: Jordan Awoye
by Tim Healy
Money. We all need dollars and cents to get by, even if we don’t exactly understand what we are doing. Financial literacy should be a goal for all of us. But where can you turn if you don’t even know where to start? My guest today is working to make financial literacy more accessible for every community.
My guest today is Jordan Awoye, the founder and managing partner of Awoye Capital. Jordan has been featured on Forbes and CNBC. He is also part of a large minority in the finance industry. Today, only 5% of financial advisors are Black. Jordan is here to discuss how he found his passion for helping others achieve financial literacy, and how we can all hit our savings and investing goals.
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Jordan didn’t grow up dreaming of a career in finance. He worked hard and went to college on a basketball scholarship while studying medicine. But after a short amount of time, he fell out of love with medicine. Finance spoke to him, and he knew he’d be able to make an impact by bringing financial literacy to his community.
Listen at 5:50 as Jordan discusses how the lack of diversity in the financial industry has a major impact on communities. Proper representation helps to normalize dinner table conversations involving money and financials.
We all like to think that we have a handle on our finances. At 17:20, Jordan speaks about the two biggest misconceptions that he sees in his clients.
The first? Many people believe that investing and saving is complicated and takes a lot of effort. The truth is, the path to financial literacy is easy enough for anyone to figure out. We are blessed to live in a world with smartphones, where you can look up answers to common financial questions with just the hit of a few buttons.
The second misconception? It actually doesn’t take much money to get started. All it takes is $1 to invest. Your buying power may be limited in the beginning, but even a small amount lets you start off with something.
Finding the Right Financial Mindset
At Awoye Capital, Jordan works with clients who range in age from 20 to 92. Listen at 22:08 as he discusses the major differences in financial thinking between generations. Jordan says that younger generations often set goals that are far too ambitious, such as retiring at 45. While setting goals is important, failing at these goals can affect your mindset in the future.
Financial Apps: A Double-Edged Sword
Today, you can invest by yourself with the click of a few buttons. There are many apps available that allow you to invest without a professional’s guidance.
At 26:25, Jordan speaks about the upsides and downsides of these apps. While apps let you learn on your own, they can lead to overconfidence in users. It is important to remember that no one wins every trade, and understanding goals and other technical aspects is a key part to succeeding.
Teaching the Next Generation
For most of us, the very first lessons we learn about money came from our parents. Listen at 36:10 to hear how parents can have healthy and productive conversations with their kids that set the foundation for financial literacy.
Jordan says the key is making it fun. Whether you have your children earn an allowance with chores or as a reward for good grades, every dollar can be a way to teach kids about savings.