As a millennial herself, Dominique Broadway knows a thing or two about how to make wise money decisions when you’re just getting on your financial feet, from paying off debts to saving for retirement. Her relatable insights are why Broadway was chosen by readers like you as GOBankingRates’ Best Money Expert in the Money Management 101 category.
“To be named Best Money Expert in my category is such an honor,” she said. “I started my business to provide access to financial planning and education to people that are often told that they don’t have enough money to sit down with a financial professional. So to receive this honor after being told that you can’t get far helping people that don’t have tons of money will further prove that there is a need, and help me further my mission to educate.”
Broadway wasn’t afraid to take a risk to build wealth, and she has gone on to become an award-winning financial planner, personal finance coach, speaker, finance expert, entrepreneur and the founder of Finances Demystified, an organization that provides personal finance coaching and financial capability solutions to help young people grow and manage money. Shortly after launching Finances Demystified, Broadway was named one of the Top Financial Advisors in the United States for Millennials, at the age of 28. She has also received various accolades such as the Top 30 Under 30 in Washington D.C. and the D.C. Future Business Leader of America Businessperson of the Year.
Click to find out her best personal finance tips for millennials.
What is your money mantra?
Money is a tool to help you live your very best life, however you want to.
Before achieving financial success, what was your biggest obstacle? How did you overcome it?
In my financial journey, I was able to reach a level of success early on. Then I went completely broke starting my business and had to completely start over. This was very hard for me and to overcome it, I had to first realize where I went wrong, review the state of my finances and make a plan to get back on track. It took time, but I was able to do it.
What advice would you give your younger self about money?
I would tell my younger self to not link money with success because money can come and go. I would also tell myself to focus on saving and growing your money, and not to focus on “shiny things” to keep up with other people.
What is the best piece of advice you received along your financial journey?
My grandfather would always tell me, “If you are spending money, someone else is saving it.” This made me want to keep my money and not waste it, as I hate thinking about other people saving my money.
What is the best thing you did to begin building your savings from a young age?
The best thing I have ever done to begin my savings journey was to automate my savings for the date I got paid, and also to automate a small amount to be saved on a random day every week.
What is the best thing you did to reduce your debt after college?
After college, I did not have any student loan debt, however, I had a small amount of credit card debt. To eliminate it, I stopped using my credit cards and set up a payment amount to go towards my credit card bills every month. Doing that, I was able to eliminate that debt.
Click to read more about the Best Money Experts.