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How to prepare your kids for financial success

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How to prepare your kids for financial success

By CATRINA TATE

Indianapolis Recorder’s Money Smart Week continues with Everwise Credit Union sharing steps for preparing your kids for financial success.

Teaching your kids about money and preparing them for the future financial responsibilities they will have someday is a key part of your family’s financial wellness.

Here are 6 steps to prepare your kids for financial success:

Talk to your children about money. Have a conversation with your children about finances. It is an important milestone that will create excitement about gaining “big kid” responsibilities. After your discussion, schedule a time when you and your child can visit a bank or credit union.

Open a savings account. There are specific savings programs available geared towards kids. For example, Everwise Credit Union offers a Kids Club that’s designed for children up to age 12. Parents or guardians can open a membership with the child as the primary owner. Kids get a piggy bank upon opening an account and can learn and grow with free online financial education tools, designed especially for parents and kids to use together.

Teens can open a Student Rewards Checking account to manage their money and earn cash rewards. The account features cutting-edge technology for 24/7 banking, everyday buying power with a cash-back debit card, and cash rewards for teens who learn more about money management and then take a few simple steps.

More keys to financial success: Buying a car

Via Getty Images. Photo used as a part of the 2024 Money Smart Week story 'How to prepare your kids for financial success' by Catrina Tate.
(Photo/Getty Images)

Visit frequently. It’s recommended to visit a branch often to foster good habits for kids who want to learn about saving money. A perfect time to deposit funds into a saving account would be when they receive money for chores or reaching milestones like birthdays and graduations.

Agree on a savings and spending amount. Kids should learn about the value of saving for the future while also spending responsibly. Make agreements with your kids when depositing money. If they don’t want to deposit all of it, go half and half. Let them spend some and save some. Emphasize the receipts when they make a deposit to help illustrate that their balance is growing. In addition, help them set realistic and achievable savings goals.

Learn about banking language. Savings accounts can help teach important life lessons, like the difference between a “want” and a “need.” They can also help educate children about how to save for a “later” reward. Plus, opening an account for your child can also teach them about necessary banking language, such as savings, deposit, balance, withdrawal, and interest.

Monitor the account together until your child is 18 or older. For kids under 18, a parent is required to help open the account for them, so usually they choose the login information and password together so they can both monitor the account. When the child turns 18, the parents can choose to remove themselves from the account.

Catrina Tate is vice president of Retail at Everwise Credit Union with more than 21 years of banking experience. Visit everwisecu.com. For more news from the Indiana Minority Business Magazine during Money Smart Week, visit our homepage.

Another $500 million in READI grants announced for communities across Indiana

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Another $500 million in READI grants announced for communities across Indiana

INDIANA CAPITAL CHRONICLE

Fifteen regions across Indiana are set to receive a share of $500 million in new economic development grants meant to boost the state’s quality of life, place and opportunity, Gov. Eric Holcomb and other state leaders announced Thursday.

The dollars are part of Indiana’s second Regional Economic Acceleration and Development Initiative, better known as READI 2.0 — a grant program that has been a signature policy of Holcomb’s administration.

All 92 counties will be impacted by projects funded through the program. Among those are plans to increase available housing, develop new work-based learning partnerships, add support for small businesses and expand child care options. Also anticipated are new parks, trails and other attractions that improve day-to-day life within dozens of Hoosier communities and make the state a magnet for talented workers and their families.

“Indiana is leading the way in future-focused investments in our economy and in our communities, ensuring that all Hoosiers of today and tomorrow have the opportunity to prosper,” Holcomb said. “READI has already resulted in more than $12.6 billion invested in quality of place and quality of life assets. The second iteration of the initiative – READI 2.0 – along with additional committed investments from the Lilly Endowment, will bring billions more to Hoosier neighborhoods, preparing communities, industry and talent for the next generation and beyond.”

The Indiana Economic Development Corp. (IEDC) board approved the investment commitments and regional allocations during a board meeting on Thursday.

The investment comes alongside a separate $250 million in grant funding to be awarded by the Lilly Endowment Inc.

The announcement grows the state’s overall READI commitment to $1 billion. Holcomb — who is term-limited — launched the program in 2021.

Before that, a similar Regional Cities Initiative, funneled $126 million into regional development.

The state’s money is backed up by $12.2 billion in public, private and nonprofit funds. The administration said every state dollar averaged a $26 match during READI’s first round.

READI 2.0’s 15 regions started developing their funding proposals last summer. They had until February to submit proposals. As part of the funding deliberations, the IEDC, the quasi-public agency administering the program, held numerous forums and visited the regions to discuss their previous investments and future plans.

The maximum award per region was $75 million, an increase from the previous cap of $50 million. None of the regional awards were valued over $45 million, however. 

Holcomb said that’s because all 15 regions cleared a “very high bar.”

“We wanted to make sure that we followed through and looked at disadvantaged and rural areas … which we did, the allocation reflects that, but also that we were able to do projects that were all over the state of Indiana. So, it brings down that $75 million,” the governor said. “As you see the sheer number of quality projects, I would have loved to have had a billion dollars. … But I think we very methodically arrived at — what was not just fair — but what was effective in spurring economic and population growth and attracting talent.”

An external review committee evaluated the applications based on a variety of factors, according to the governor’s office. Criteria included economic development potential, alignment with the state’s priorities, — like population growth, per capita income growth, growth in employment opportunities, educational attainment, housing units developed, childcare capacity and innovation activities — as well as the level of focus on rural communities and the degree of regional collaboration.

“Almost every conversation I have with a company, whether an established Hoosier business or a new company coming to the state, begins and ends with workforce,” said Indiana Secretary of Commerce David Rosenberg. “READI is an essential component for the state retaining and growing our population and workforce talent.”

“Companies around the world are taking notice of this program,” he continued, “and the General Assembly’s investment in these areas has unquestionably been a business retention and attraction tool.”

In 2023, state lawmakers earmarked $500 million to the IEDC for the latest round of READI grants, matching the amount allocated in the state budget two years prior. The first round used federal dollars but the newest grants are state dollars.

It’s still to be determined whether additional state dollars for READI or similar programming will be approved by legislators in the 2025 budget session, or by Indiana’s next governor.

How to achieve a good credit score

Sponsored Content by JPMorgan Chase and Co.
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How to achieve a good credit score

Sponsored by JPMorgan Chase & Co.

Credit impacts some of the most important parts of your life. Developing good credit may lead to more favorable financial options since having strong credit can make it easier to get a car loan, an apartment, a mortgage and even some jobs.  

Your credit score is a snapshot of your overall credit history. When lenders complete a credit check, they’ll use your score – which can range from a low of 300 to a high of 850 — to help determine how likely you are to repay a loan in the future. The higher the credit score, the better a borrower looks to potential lenders, often leading to lower interest rates on mortgages, car loans, car insurance premiums and more. Lower interest rates could save you a significant amount of money over the course of your life. 

Achieving a good credit score isn’t always a straightforward process, so Chase has tips to help: 

The basics of credit 

Several factors contribute to your credit score, all of which are part of your credit history, including:  

Payment history: Lenders will see if you’ve consistently made payments on-time. Late payments, whether to your bills, credit cards or other loans, can hurt your score. 

Credit utilization: This value examines how much credit you’re using. For example, if you have an $8,000 credit card limit and a $7,500 balance, lenders could see this as a risk because you’re possibly spending more than your income.  

Length of credit history: Credit agencies will review the length of time you’ve had your accounts. A longer credit history is better.

Credit mix: Having a variety of loans, credit cards or a mortgage is seen as beneficial. It shows you’re capable of managing multiple major purchases and paying them off. Stay smart about spending, however, and keep to a budget – you don’t want to take on debt just to earn a few points on your credit score. 

New credit accounts: Creditors review how many new loans or lines of credit you’ve applied for or opened. Too many accounts can be a red flag that you’re spending more than you can pay on your own.  

Lenders share information with three major credit bureaus — Equifax®, Experian™ and TransUnion® — who then calculate your credit score based on their own unique formulas. FICO® and VantageScore® also formulate credit scores from that data.  

How to build credit 

Now you know the importance of credit and how it’s measured, here’s how to start building yours.  

Open a bank account: Although checking and savings accounts don’t factor into your credit score, lenders can review them to see how fiscally responsible you are. 

Pay bills on time: Paying your utility bills, rent, credit cards and loans on time can also demonstrate fiscal responsibility to lenders.  

Apply for a credit card: Used wisely, credit cards can speed up the process of building your credit. If you don’t have enough credit history to get a regular (unsecured) credit card, consider a secured credit card, which is tied to your bank account.

Know the score 

Managing your debts and paying your bills on time is key to establishing a good credit score. To keep a closer eye on your score, monitoring services are available and offer a way to stay aware of your credit situation without disruption Chase Credit Journey®, is available for free and you don’t have to be a Chase customer to use it. It helps you build, manage and protect your credit and identity, thus helpful toward building great credit.

For more news courtesy of the Indiana Minority Business Magazine, click here.

The pros and cons of buying or leasing a vehicle

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The pros and cons of buying or leasing a vehicle

Sponsored by JPMorgan Chase & Co.

Should I buy or lease a vehicle? As with many major purchases, there’s no definitive answer, but both options have specific pros – and cons – depending on your transportation needs and financial situation. 

The differences between leasing and financing 

Leasing and financing both provide you with a vehicle, but the payments yield different results. Think of leasing like renting an apartment while financing is like buying a house. 

When you lease a car, you borrow it for a certain amount of time and make monthly payments for its use. Once the term is over, you return the car or opt to buy it, if buying is permitted under the lease contract. 

When you finance a car, you take out a loan or installment financing and make monthly payments to a lender until it’s paid off. Once all payments are made, the vehicle is yours to keep for however long you please. 

Leasing a car: Five pros and cons 

  1. Pro: Leases can sometimes come with lower monthly payments and down payments (if needed). Plus, many new leased vehicles often include maintenance and repair coverage under the manufacturer or dealer. As long as you avoid penalty fees (more on that below), you can likely save some money.  
  • Pro: Leases could be beneficial if you stay local. Your contract will have a set number of miles you’re allowed to drive during your lease term — if you know you’ll stay under that number and minimize wear and tear on your car, you’ll avoid penalties for excess use. 
  • Pro: Leases are ideal for car enthusiasts who enjoy new makes and models. The average lease is 36 months (three years), and when your lease is up, you simply return the vehicle and look for a new one.  
  • Con: You might have to pay additional fees. If you go over the mileage limit, you’ll face a penalty at the end of your lease. There are also early termination fees, as well as fees for any damage incurred. 
  • Con: You’ll always have a monthly payment, but unlike financing, you won’t end up with the vehicle when your term ends. You’ll make payments through the end of your lease term, and if you decide on another one, you’ll start a new monthly payment cycle.  

Buying a car: Five pros and cons 

  1. Pro: The car is yours to keep once you pay it off. You don’t have to worry about getting another vehicle and negotiating another lease.  
  • Pro: You’ll enjoy unlimited mileage. If you plan to go on a lot of road trips or relocating in the future, you might rack up mileage more quickly than expected. By purchasing your car, you’ll avoid possible mileage fees or damage fees at the end of a lease. 
  • Pro: Your car payments end. Once your financing is paid off, you no longer have a monthly car payment to worry about, giving you more room in your budget for other financial goals. Plus, buying a car gives you control over your new asset, so you can even sell it for cash if your plans change in the future.  
  • Con: Financing may be more expensive. Car prices today are relatively high, and you may have to make a down payment even before your monthly payments begin. 
  • Con: You’ll have to pay for maintenance, inspections and other costs that may have been covered in a lease agreement. 

How to decide between buying or leasing a car 

Some people might choose to lease because they don’t drive a lot, or because they like having the option to get a new car in a few years. Others might like the permanency of financing a car to purchase, especially if they find deals on an older used car and can pay it off quickly.  

Whether leasing or buying a car, it’s always a good idea to do your research, set a budget, and improve your credit score (if necessary) to ensure you’re getting into a car you can afford. Assess both your short-term and long-term financial goals and be sure to understand the terms of your lease or loan so you aren’t surprised by unexpected costs. Then, the choice is yours – happy driving!  

For more information, tips, and tools visit chase.com/auto. For more news from the Indiana Minority Business Magazine, click here.

Six tips for discussing money with your partner

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Six tips for discussing money with your partner

By CATRINA TATE

This week, during the Indianapolis Recorder’s Money Smart Week, we’ll share daily articles about financial wellness. We’ll focus on topics including how to discuss money with your partner, create a budget, pay down your debt, prepare your kids for financial success, and improve your credit score. By the end of the week, you’ll be better prepared for your own financial journey!

Money is one of the toughest topics for couples, but communicating openly about finances is a crucial part of having a trusting relationship.

Here are six tips to help guide you through the conversation:

1. Plan the discussion in advance.

    Broach the topic to your partner a few days before you want to have the “Big Money Talk.” This way, you’ll each be prepared with what you’d like to discuss and can focus on the conversation without distractions.  

    2. Start with a vision.

    Instead of starting the conversation with negative comments about your partner’s money choices, start with a vision you can both share. For example, you can discuss how you’d like to take a vacation or start saving for a home. This way, you are communicating a shared dream and putting a positive perspective on your conversation.

    3. Listen carefully to your partner.

    It’s important to listen carefully to what your partner has to say. Even if you think you are  more financially responsible, you may be surprised at the insights your partner shares.

    4. Talk openly about sharing expenses and savings.

    At a certain point in your relationship, you may decide to share expenses, to split them evenly and cover different costs, and/or to pool your savings. Whether you’re already at that level, or you plan to bring up the topic now, talk openly about the way you feel to avoid future resentment. For example, if you earn more than your partner, should you split expenses evenly? Can one partner take additional financial responsibilities instead of contributing an equal amount of income to the pot? If one partner goes over budget, will they need to cover the difference by contributing more money? All these questions are important to discuss to help prevent future hurt feelings. 

    At this point, consider linking one of your accounts or opening a shared account together at a bank or credit union.

    5. Consider having a slush fund.

    Sharing finances can be liberating in a partnership, but it can also feel constricting. Sometimes, you just want to splurge without having to explain it to your partner or buy them a surprise gift. Having a slush fund, money set aside for personal “just for fun” spending, can create a sense of independence and keep some purchases private. You can keep this fund in a separate checking account under your name.

    6. Set up a weekly or bi-weekly time to talk money.

    It’s helpful to touch base about finances once every one or two weeks. Setting aside time to talk about recent purchases, big upcoming expenses, surprise bills, and more will keep money arguments out of your everyday conversations. 

    Congratulations! You are ready to have the money talk with your partner. Stick to your commitments and be sure to bring up any issues that may arise during your regular money talks for continued harmonious financial collaboration. Learn more best practices for having family conversations about money through our free online learning module.

    Catrina Tate is vice president of Retail at Everwise Credit Union with more than 21 years of banking experience. Visit everwisecu.com.

    Brightwood Community Center receives grant for employment services

    Jade Jackson
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    Brightwood Community Center receives grant for employment services

    Brightwood Community Center was awarded $393,946 to increase employment training initiatives and specialized services among Black residents.

    The employment initiative programming will include career services through Brightwood Community Center (BCC), and training through Hoosier Occupational Training Services, Star Training, Second Helpings, and the Indiana Plan for Equal Employment.

    “We proposed to help train and find employment for approximately 100 Black people between the ages of 18-35, women included,” said BCC Executive Director Shonna Majors.

    RELATED: Financial literacy starts at home

    “We previously did some workforce development last year and so this grant provides us another opportunity, a different opportunity to learn a skill set and then make a livable wage out of that training.”

    The new initiative will start in the summer.

    Funds were awarded in the third round of grants from the Indianapolis African American Quality of Life Initiative (IAAQLI).

    IAAQLI is a place-based community change project established through a partnership between the National Urban League, the Indianapolis Urban League, and the African American Coalition of Indianapolis.

    Funded through a one hundred-million-dollar grant from the Lilly Endowment, the goal of the IAAQLI is to acknowledge concerns and increase the quality of life of African American residents in Indianapolis.

    “These funds will help us continue the critical work that we do in building community sustainability,” said Majors.

    “Ensuring that residents receive employment training provides them with the opportunity to learn real job skills and enhance their own quality of life for themselves and their families.”

    Carlos King is a resident living in the area who has been looking for jobs.

    He said he has made his rounds through different community organizations to try to see who can help him with his unique situation.

    “I’m fighting a case. So, it’s hard when you have certain things on your record, or you’re worried about what’s next. The biggest thing isn’t even about getting a job, but it’s keeping one and being able to grow with more money,” said King.

    “What’s the use of these smaller jobs accepting felons when it’s only paying you minimum wage or only so much money? I can’t live with that.”

    When learning about the new initiative from the Brightwood Community Center, he said it was a good thing they are teaching people a new skillset to earn a higher paying wage than he is used to.

    “Because it’s needed. I know so many people like me out here who just want to do better. I’m trying to see what skills they’re willing to help us learn,” said King. 

    This minority business highlight was composed by Jade Jackson at the Indianapolis Recorder, who can be reached at (317) 762-7853 or via email at JadeJ@IndyRecorder.com.    

    If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!    

    Minority Business Highlight: Autograph Homes

    CHLOE McGOWAN
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    Minority Business Highlight: Autograph Homes

    Owned and operated by Edwin Philogene since September of 2020, Autograph Homes is a Black-owned, Indy-based home décor business specializing in rehabilitation and remodeling homes.

    Autograph Homes takes one’s vision for their dream home and makes it a reality, first by creating a digital layout so clients can see their dreams “take shape.”

    In addition to rehabilitating older homes, Autograph Homes works to update investment properties and homes about to go on the market.

    Services include painting, flooring, doors and carpentry, including leveling floors before installation, kitchen and bath remodeling, cabinetry, custom tiling and more.

    For clients who want to get started, but are unsure how, Autograph Homes offers consultation services to consult, plan and scope out the best designs and help clients lower risk and turn a profit.

    For more information about Autograph Homes’ services, to book a consultation or to view designs, visit autographmenow.com. To get in contact, call 317-640-9422.

    This minority business highlight was composed by CHLOE McGOWAN at the Indianapolis Recorder, who can be reached at 317-762-7848 or via email at chloegm@indyrecorder.com. If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!

    JQOL Awarded Vendor of the Month for April 2024

    Noral Parham
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    JQOL Awarded Vendor of the Month for April 2024

    INDIANAPOLIS – Today, JQOL was awarded as the certified Vendor of the Month for April 2024 by Indianapolis City-County Councilor Dan Boots and Director David Fredricks of the Office of Minority & Women Business Development (OMWBD). JQOL, a leading MBE/DBE engineering firm founded in 2019 by Jarvis Jointer, is dedicated to “Improving the Quality of Life” through its innovative approach to civil & structural engineering, construction administration, surveying, inspections, and landscape architecture.

    “We are thrilled to announce JQOL as our Vendor of the Month for April 2024. Under the exceptional leadership of Jarvis Jointer, this business has achieved remarkable growth, expanding from a single member to over 50 employees with three offices across two states, in roughly 5 years,” said Director David Fredricks. “Jarvis has demonstrated not only a commitment to business success but also a dedication to giving back to the community, making him a true role model for aspiring entrepreneurs.”

    Councilor Boots, Director Fredricks, Jarvis Jointer. (Photo provided/Office of Minority and Women Business Development)
    Councilor Boots, Director Fredricks, Jarvis Jointer. (Photo provided/Office of Minority and Women Business Development)

    JQOL’s commitment to community growth and development is evident in its diverse portfolio of projects across Indianapolis, including the IndyGo Blue Line, IPS projects, Parks, Community Centers, and Libraries. JQOL focuses on each project’s immediate and lasting impact on future generations. JQOL is dedicated to fostering the next generation of engineers, and this is exemplified through active involvement in STEM initiatives. Jarvis Jointer and his team have set up an internship and scholarship initiative for the Minority Engineering Program of Indianapolis (MEPI) and a scholarship at Marian University, aiming to shape the future of engineering and create a lasting impact in the community.

    “Receiving this recognition is truly an honor for our team. We are incredibly grateful for this recognition and the opportunity to showcase our commitment to quality and excellence in everything we do,” said Jarvis Jointer. “This award is a testament to our team’s hard work and passion, and we look forward to continuing our efforts to serve our community with pride and integrity.”

    For more news courtesy of the Indiana Minority Business Magazine, click here. If you would like your minority-owned business featured, click here.

    Financial literacy starts at home

    Jade Jackson
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    Financial literacy starts at home

    Financial literacy is low among many U.S. adults. Despite the substantial economic impact African Americans have in the United States, their financial well-being falls behind the national average.

    The P-Fin Index is an annual survey developed by the TIAA Institute and the Global Financial Literacy Excellence Center to measure financial literacy.

    On average, African American adults answered 37% of the P-Fin Index questions correctly; only 28% answered over one-half of index questions correctly, with 5% answering over 75% correctly.

    Financial literacy: KeyBank

    “As an associate relationship manager, I am part of a dedicated team that designs and implements comprehensive wealth strategies to build, maintain and protect the wealth of our clients in any market environment,” said Rebecca Lomax with KeyBank.

    “Our team delivers financial planning, investment, fiduciary, banking and credit insurance and business solutions tailored to meet the specific goals and needs of our clients.”

    Since 2006, KeyBank has offered employee resource groups, known as Key Business Impact and Networking Groups (KBING).

    The African Heritage KBING is focused on creating an inclusive and stronger workplace for the bank’s Black employees. It plays an important role in KeyBank’s diversity, equity and inclusion journey, with its members serving as ambassadors for DEI practices throughout the company and in their communities.

    “When I purchased my first car, a friend who worked in the banking industry assisted me with the loan. She walked me through the entire contract of the loan line by line, explaining the legal and financial jargon,” said Lomax.

    “The more I understood how my car loan worked, the more I understood how to build my credit. This is where my fascination with credit began.”

    Financial freedom strategies

    Lomax started to implement the credit strategies she learned and applied these to other areas of her personal finances. She watched her credit score rise, and after obtaining a graduate degree in management, she began her career in banking.

    She began to coach individuals and small business clients at KeyBank after becoming passionate about using credit and lending as tools to help her clients progress in their financial journeys.

    Through her coaching, Lomax found that many of her clients were having problems managing cash flow.

    Financial planning and budgeting are critical, and Lomax said it is an exciting puzzle she enjoys working on.

    “Most of the public understands that we should pay down debt and build an emergency fund. However, when we consider building generational wealth, we must first change our mindset and how we view wealth,” said Lomax.

    “Building generational wealth is as much about setting a strong example as it is about making the right financial decisions. You can model the building blocks of healthy personal finances to your family, which includes the following best practices.”

    She said parents should involve their children in financial conversations so they understand financial basics from a young age. This may be harder to do when people do not understand financial basics.

    100 Black Men of America financial literacy program

    One program in Indianapolis is making sure they teach financial literacy to high school students to combat this issue.

    Dollars & $ense is a 100 Black Men of America, Inc. program that the local Indianapolis chapter in partnership with the University of Indianapolis has offered for the past 20 years.

    The 15-week course covers various topics on financial literacy, with the goal of introducing Indiana students to the field of finance and encouraging them to pursue higher education.

    “A key objective of the program is to introduce high school students to the field of finance through a weekly financial literacy education program. Another objective is to encourage students to pursue higher education at a college or university,” said Financial Literacy program Chair Jeffrey Woodard.

    Students can receive scholarships based on their local competition scores, quiz scores, level of classroom participation and attendance. Scholarship amounts, payable to any accredited higher education institution upon proof of enrollment, are subject to available funds and the number of participating students but have ranged from $250 to $3,000 over recent years.

    “The ultimate goal of our program is to provide students with the foundational knowledge and skills to develop so that they can build generational wealth within their lifetimes,” said Woodard. 

    Three students are selected each year to represent the Indianapolis chapter in the 100 Black Men of America’s National Literacy Competition.

    Over 250 local students have successfully completed the Dollars & $ense Financial Literacy program, and the local chapter of 100 Black Men has won five national competitions. The local organization completed its 22nd cohort of the program Feb. 24, 2024

    Financial literacy starts at home

    Lomax described ways parents can involve their children in financial literacy.

    “Consider giving them an allowance and discuss how they plan to spend it. Later, let them invest a small amount in their favorite video game company or cellphone manufacturer and track wins and losses together,” said Lomax.

    “The goal is to expose your children to the world of finances as early as possible so that they start building healthy money management habits young.”

    Even if you may not know all that financial literacy entails, Lomax said starting with these basics can help:

    Prioritize savings

    It is not how much you make but how much you keep. Living within your means and having a healthy emergency fund are two of the best ways to avoid unnecessary, high-interest credit card balances.

    Build an emergency fund

    One of the most important tools for building generational wealth is making sure that you have financial security in case of an emergency or loss of income.

    Not having an emergency fund can lead people into high-cost debt or cause them to cash out retirement accounts, which comes with penalties.

    Create and preserve assets

    The best way to do this is to work with an advisor to build a financial plan and invest in the markets and education.

    Create a budget

    Creating a budget allows you to save money each month. Make lifestyle choices that help fuel your financial goals and invest in your retirement as early as possible to give it time to grow.

    Plan for emergencies, setting aside money for unexpected events, and make sure you have a will and power of attorney.

    “The more you plan, the more prepared you will be. Life is unpredictable, but if we can think ahead and plan for the quality of life we desire, then we will have a greater peace of mind,” said Lomax.

    Even if you are not a parent yet and are in your 20s or 30s, planning ahead can benefit you and your financial future in the long run.

    It is also never too late to start looking at your financial situation and make a change.

    “Financial freedom is not a given; it is learned, planned for and implemented over time. After meeting with your advisors, set up a family meeting; discuss the principles you implemented to grow your wealth,” said Lomax.

    “Share with your children and grandchildren what your values are. Share with them the financial mistakes you made or what you would have done differently. These conversations will help them manage and create financial freedom.”

    This minority business highlight was composed by Jade Jackson at the Indianapolis Recorder, who can be reached at (317) 762-7853 or via email at JadeJ@IndyRecorder.com.    

    If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!    

    Minority Business Highlight: QONCIOUS QREATIONS

    CHLOE McGOWAN
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    Minority Business Highlight: QONCIOUS QREATIONS

    Qoncious Qreations is a woman-owned boutique specializing in handmade fragrances, body butters, one-of-a-kind jewelry designs and more.

    Owned and operated by artist Tatum Terelle, the local boutique started as an online store, selling hand-made jewelry during the pandemic. 

    Today, the shop operates both online and in a booth at the Circle Center Mall in Downtown Indianapolis. In addition to the one-of-a-kind jewelry line — which includes painted earrings, beaded and gemstone bracelets — Qoncious Qreations features a line of body care items including handmade massage oils, roller ball and spray fragrances, activated charcoal, eczema and allergy friendly bar soaps, incense sticks and scented, whipped body butters.

    Terelle’s boutique is also a frequent vendor at Black and women-centered festivals and events around the city, such as Melanin in May, The SHE Event, The Black Business Bazaar, Daptoberfest and more.

    Qoncious Qreations is located in a booth at the Circle Center Mall downtown. For more information about products, festival schedules or to shop the selection, visit qonciousqreations.com. To get in contact, email qonciousqreations@gmail.com.

    This minority business highlight was composed by CHLOE McGOWAN at the Indianapolis Recorder, who can be reached at 317-762-7848 or via email at chloegm@indyrecorder.com. If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!

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