Finance expert and founder of The Finance Bar, Marsha Barnes, is a first-hand witness on the impact financial literacy — or the lack thereof — can have on a person’s life. In the committed effort to meet you where you are on your financial journey, Barnes and The Finance Bar aims to close the financial gaps imposed on the Black community and help women thrive in reaching their personal finance goals for a happier life.
Photo: Marsha Barnes
- Check out our exclusive interview with Marsha Barnes below.
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21Ninety: How did the concept for The Finance Bar come to be? What inspired you to build a personal finance platform dedicated to educating women about financial wellness?
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Marsha Barnes: I have over 17 years of experience in the finance industry in both banking and learning and development. I have heard many stories and helped several individuals and families overcome financial missteps. However, personally, my mom and dad were both laid off from their jobs within 6 months of one another. Observing them treat their situation as an inconvenience, but not an emergency, inspired me. This taught me how important being financially prepared is. The Finance Bar is a nod to my parents. My dedication to educating women on this very important topic is unwavering. In a world where there are tons of distractions, I have accepted my calling to fill in the gaps to help women focus on specific financial milestones that will serve them today and years ahead. I absolutely love this work. Watching my clients make progress, and hearing from my followers, keeps my financial flame lit.
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Photo: Marsha Barnes
- 21N: Why is it important for Black millennials to be financially literate in today’s economy?
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MB: There’s no longer a choice. For many Black millennials, they are trying to find their own financial footing while also helping their parents or siblings. While it may appear far-fetched to be laid off or lose opportunities in the gig economy, there’s always the “what if…” We have to move beyond spending our money today and concerning ourselves with unexpected moments only when they happen. The best time to begin maximizing your money is when you are aware that you should be doing it. That time is now.
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21N: What advice can you give aspiring entrepreneurs about starting their own business?
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MB: 1.) Save as much as you can in the beginning stages — things will always cost more than you think they will. 2.) Keep your overhead low. The more expenses that you have, the more you will “have” to earn. Entrepreneurship has months of ebbs and flows. Always squirrel money away for years ahead. 3.) Start where you are and tweak as you go. Procrastination is the enemy of progress.
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Photo: Marsha Barnes
21N: What excites you most about events like Summit21?
MB: Summit21 is such a cool and super valuable way to gain actionable and concrete methods on how to conduct yourself in business. From planning forward financially, creating systems that will allow you to stress less and become better organized, to creating a solid work ethic for the people that you serve, Summit21 has you covered. It’s also a great weekend to let loose (we all need that at mid-year). A breakaway to connect with others with similar mindsets is key to finishing this year strong and recharged.
21N: What do you think makes your business platform unique over other financial wellness websites?
MB: Over the past few years, there has been a movement to connect with customers strictly online. While I understand the concept of working smarter by trading less of our time, The Finance Bar was created to meet individuals where they are on their finance journey “literally.” While we have an online platform, for those that I may never meet, nothing beats human interaction and emotion. Personal finance is so very personal. My goal is to create a safe, fun, productive, and action focused environment that leads others towards a life of financial wellness consistently. The way we currently do this is with: Our personal finance suite (1:1 guidance), our virtual online members' club, and our mobile hub that travels around to organizations, and educational institutions to serve others. There is still so much work to be done and unfortunately, one route to do this won’t provide the lift that’s needed throughout communities across the world.
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