In this weeks Money Momemt, we chat with Currency Canvas. If you don’t know, Currency Canvas
help others create their financial future and a lifestyle for themselves. They are all about helping others go from a financial mess to financial freedom, regardless of their salary. Alycia, the founder of Currency Canvas became debt free at the age 26 on a $32,000 salary, which is about $30,000 below the average U.S. salary. This ignited her passion to teach people that it's not about what you make, it's about how you handle it.
1. What does financial freedom mean to you?
This is going to sound crazy, but financial freedom means being able to quit my job & buy a one-way ticket to anywhere (which I've done on multiple occasions). It means not having to worry about how the bills are going to get paid. It's about not being tied down to debt that I can't handle. It's having confidence in myself and in my spending/savings habits. It's knowing that I'll be okay, regardless of what life throws at me.
2. What's the piece of money advice you wish you knew 2 years ago?
Do NOT defer your student loan payments. Of course lenders are going to allow you to defer,
because interest keeps accumulating. My student loans literally doubled from interest alone.
3. What's the biggest money challenge/issue or learning your currently face?
The biggest issue is finding a way to create more income. I enjoy helping people with finance, but sometimes they may not have the resources to pay for my services. I'm also traveling the world on a tourist visa, which makes it illegal for me to work in other countries, so I'll return to the United States, work a few months to make more money, quit my job, then I'll hop on plane and go again. It would be nice to make money online or find some legal, steady income.
4. What's your first money memory?
Watching The Suze Orman Show and learning how to balance a checkbook with my Mom at age 9.
5. What money habits did your parents practice? How did you feel about those habits?
My Mom had a coupon for EVERYTHING. The kids around town called her the "Coupon Queen". Whenever my Mom took us shopping, we headed straight to the clearance/sale rack. My brothers and I would get name brand clothes for a fraction of the price. She taught me how to save money at a very young age, now I'm always searching for deals with the most value. Another habit my parents had was buying brand new cars. My parents aren't flashy people, but they loved to drive nice cars.
6. What drives your financial decisions?
Value and my gut instinct. I always think about the value of something & ask myself "how will this add value to my life?" Also, I always trust my gut, because my mind thinks too much and my heart is too emotional. My gut is usually the deciding factor in a lot of my financial decisions. If it doesn't feel right in the my gut, then I won't do it.
7. What area of money management do you wish you knew more about?
Investing and passive income. I'm investing in my Roth IRA and invested in my 401k
when I had a job, but I didn't really know what I was investing in.
8. What is your favorite money tip?
The quickest way to double your money is to fold it in half and put it back in your pocket.
Alycia also said ‘No two artists are the same and no two budgets are the same. We are all artists. Our lives are our canvas. The way we spend, save, and invest is how we create our reality’. Who else agrees?
Fempire Finance