Dominique Broadway is a Personal Finance Coach, Speaker, Finance Expert, Entrepreneur and the Founder of Finances De•mys•ti•fied and The Social Money Tour. She has a strong passion for working with young professionals, entrepreneurs and people of all ages to bring their Dreams2Reality (blog).
(interview by Tayna Hayles)
Can you speak a bit about the experiences, personal and professional, that led you to the financial industry?
I’ve always been an entrepreneur since I was about 7 years old, selling bracelets that I would make in camp, to running an education company in high school that taught kids how to use computers. I liked being an entrepreneur because it allowed me to make my own money and money always equaled freedom to do what I wanted when I wanted.
Did you always like numbers and math or was it something you grew to have a passion for?
I liked numbers and math, but more importantly, I liked money and strategy. It’s really the strategy that runs the money and finance game.
What is the one myth or stereotype about the personal finance industry you’d like to debunk?
The one myth that I would like to debunk is that you have to have money to start investing. This is not true and I like to show people are they can begin to grow and invest their money before they have tons of it.
What’s the most rewarding part of your job?
The most rewarding part of my job is seeing the lives that are changed through our financial education and advice. Having people come up to me and tell me that I gave them advice or they saw me speak and it changed something about their financial lives is the most rewarding thing ever!
What’s the most frustrating part of your job?
The most frustrating part of my job is seeing people blow their money and when you tell people exactly what to do and they don’t listen at all. That is super frustrating, but people have to be ready to make a change in their financial lives.
What does the media narrative surrounding millennials and money miss?
The media often focuses on the millennial that raised $20 million for their start-up, or lives with their parents because they have tons of student loan debt. However, they are missing the group in the middle of those two extremes, that are thriving financially due to their innovative minds and helping others in the process.
Do you believe barriers, from family to investment opportunities, exist for women in managing their finances.
It’s proven that women are better investors and better with managing their finances, however, women have to get more confident in going after opportunities.
How can millennials gain more confidence and knowledge in the arena of financial management?
Reading books that are recommended by financial experts or friends are always a great place to start. Looking for various online courses or websites can also help in your financial journey. We have tons of free resources on financesdemystified.com to help!
If there was one area of finance, a millennial should look into for building wealth to what would you guide them to?
I don’t think there is one area, as you should never put all your eggs in one basket, but depending on how much you have to invest, looking into the stock market is the lowest point of entry then real estate as it’s a great way to build wealth.
What is your number one life hack on money that you wish to share with millennials to build their financial literacy?
Rich Dad, Poor Dad and Think & Grow Rich are still my favorite classic finance books.
(originally printed in Bleu Magazine Issue #60)