Knowing your worth is one of the first lessons in business for any start-up or established company. It can be a daunting uphill battle and a never-ending challenge and that is why The Finance Bar was created. Marsha Barnes, certified financial educator and founder of The Finance Bar, had a vision to offer one-on-one easy, yet instructional financial sessions to anyone who wanted them. As she created her mobile hub she was empowered to create a platform for inspiring and informing generations to have financial power over their personal and professional lives. Virgo Girl Media sat down with Marsha to dig deeper into her cool mobile vision.
How was the idea for The Finance Bar conceived?
Marsha Barnes: Prior to The Finance Bar I led a non-profit, Financial Empowerment, in [CE1] Charlotte. My focus and commitment was in serving my community. While understanding the needs of those who are economically challenged, or residing in shelters, I needed functionality and the ability to be flexible in my approach. The mobile capability of The Finance Bar helps me achieve those goals.
People are finally seeing that entrepreneurship is the path to go for controlling your future. However, not everyone can afford to start a business overnight. What advice would you give this person?
Marsha Barnes: Entrepreneurship has been around for years and will continue to be around. I encourage anyone that is on the path toward entrepreneurship to start with what they have. Research and leverage all free resources. Being extremely financially savvy is a huge part of success as an entrepreneur. The first question to ask yourself is “How do I handle my personal finances?” The answer will typically determine how you will handle a certain level of responsibility with business finances.
At what age, or stage in life, do you feel a person should seriously begin thinking smarter about their finances? By which I mean, when do we stop buying shoes and pay extra on a credit card bill or put that money into a savings account?
Marsha Barnes: This will seem like such a broad answer, but “as early as possible.” When an individual reaches the age of sixteen or seventeen and often even younger, he or she begins to understand the concept of how much it costs to have and do the things we enjoy doing. Long-term personal finance goals stretch far beyond limiting our shoe purchases or squirreling away money into a savings account. A mind-set shift allows us to focus on many things that matter in life as we grow older and being financially sound is one of those.
With the rise in prices of goods and salaries remaining the same, many Americans feel they do not make enough to save, especially those with a family to support. Mortgage, childcare, insurance, car payment, etc. After all expenses are paid there is very little to put into a savings account. What advice would you give?
Marsha Barnes: Gain understanding around your numbers. What is your monthly net income minus your monthly outgoing expenses? The remaining amount determines if you have the ability to save. When calculating monthly expenses, include everything from mortgage/rent all the way down to toiletries. Every dollar counts and every dollar will make a difference.
How did you come up with the idea to create a mobile office? Also, please talk about the plans from concept to execution.
Marsha Barnes: As previously mentioned, I wanted to be readily available to my community. The mobile aspect of The Finance Bar allows me to function accordingly. From concept to execution was a fairly quick process. I located a bus and lucked out by having a sorority sister who is an incredibly gifted interior design expert. Her ability to quickly identify what I could or couldn’t do with the inside of the bus made the process a lot less stressful. There were some middle-of-the-road hiccups but my determination and willingness to never give up came in handy.
What is the greatest lesson you have learned from being frugal?
Marsha Barnes: Dreams come true by being frugal. Without some level of frugality I would have never pulled off The Finance Bar. I have zero investors. I’m my own personal angel investor.
How many vacations should we take per year and what are some tips for saving to ensure it happens?
Marsha Barnes: I’m so glad you asked this question. The growing trend now is overseas vacations and island excursions. As with any expense, there should be a line on your budget to save up for vacations (wherever that may be). Never discount the relaxation of a STAYcation. I love them.
Where do you see The Finance Bar in the next three years?
Marsha Barnes: In the next three years I foresee The Finance Bar with additional mobile apps and a continuously growing member’s club community.
Virgo Girl’s Five (Quick) Things To Ask . . .
What would you tell your twenty-one-year-old self?
“Every little thing is gonna be all right.”
I start my day with . . . meditation and prayer.
If you could invite any woman to dinner, who would it be?
I would love to see my grandmother one more time. She was such an amazing and well-respected woman. Her charm could light up a room.
Best advice you received?
You’re better than no one, and no one is better than you.
Life motto you live by?
If not me, who. If not now, when?
Join Virgo Girl Media and Marsha Barnes from The Finance Bar for a Twitter chat! We will be talking about all things business and finance, giving money tips, and will answer any financial questions. April 15th @ 8 PM EST @VirgoGirlMedia #TaxSavvy #VGMChat