Filed under: Interviews, Careers, Dr. Boyce Money
I honestly can't tell you why I became a finance professor. At the age of 18, I think I simply decided to study money because I didn't have much of it. Now that I've learned the power of money, I've been able to see the ways in which it can either empower a community or destroy it. My book, '
Black American Money' explores the ways in which economic empowerment is an incredibly important factor in our fight for civil rights.
This leads me to be curious about intelligent young financial experts like Ash'Cash. I wasn't sure what the name 'Ash'Cash' meant when I first heard it. But after hearing his story, I found that it is the name of a young and articulate financial leader with a genuine concern for his community. It is for his interesting and meaningful work that Ash'Cash has become today's
Dr. Boyce Watkins Spotlight on AOL Black Voices:
What is your full name and what do you do? My name is Ash'Cash and I am an entrepreneur, motivational speaker, and the author of '
Mind Right, Money Right: 10 Laws of Financial Freedom.' I run a business management and consulting firm called the Ash Cash Management Group, LLC (
AshCashMgmt.com). We specialize in business and personal financial management services for established and up-and-coming professionals. Some of our services include Business Consultation, Artist & Business Management, Marketing Plan Development, Business Plan Creation and Sponsorship Packages. I am also a personal finance expert and contributing writer for Don Diva magazine, Concrete magazine and MSNBC affiliate website TheGrio.com. I work with a few city agencies and organizations and teach financial literacy to undeserved, at risk, and incarcerated youth.
How did you end up doing what you do today? Tell us about your background. I was born and raised in a single parent household in the St. Nicholas projects in Harlem. Growing up, society had most of us believe that we were either going to be dead or in jail by the age of twenty-five. Somehow through faith, family support, hard work and sacrifice I was able to avoid both. With more than ten years of banking experience, I was able to work my way up the ranks from teller to personal banker, private banker and branch manager at a bank. I became a VP at the largest financial institution in the world, JP Morgan Chase Bank, at the age of twenty-four. Throughout my career I managed a book of 400 affluent clients with assets ranging from $100,000 to $22 million, coached and trained over 100 sales professionals, opened and managed six branches and brought in almost $90 million in deposits. Staying true to my values I took a step back and left the big bank to better help my community and became an Assistant Vice President at the largest African American/Caribbean operated bank in the country, Carver Federal Savings Bank. During my time at Carver, I ran the main office in Harlem controlling over $180 million in deposits.
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Steve Harvey: This best-selling author and syndicated radio personality is on a mission to mentor young boys and help groom the next generation of leaders through the Steve Harvey Mentoring Weekend for Young Men, the Steve Harvey Disney Dreamers Academy and the Steve Harvey Foundation. He shared on his foundation's blog, "...you are blessed to become a blessing period. God does not bless us to become blessings and not reach back and give in our community."
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With what I was able to accomplish in such a short amount of time I believe that my purpose in life is greater than me! Most of my friends are either dead, in jail or have some type of criminal background; God spared me for a reason. I could have easily become any of my friends so I realize now that I must be of service and help those who can still be saved!
What inspires you to work with the African American community on matters of financial literacy? Jay-Z once said "There's much bigger issues in the world, I know; But I first had to take care the world I know!" That's exactly how I feel. I am product of this environment and the difference between those who are successful and those who are not is simply access to knowledge and the application of that knowledge. In layman's terms, "If you know better you'll do better"... and while that might not be true 100% of the time, I do believe that the more we see people of our same background rise to places we never thought possible, the more chances we have to change our circumstance. Financial literacy is what I know. Through working with other classes of people I have realized that if we changed how we manage our money, if we knew the difference between assets and liabilities, if we learned how to prioritize and put the first things first, then most of the issues that we go through as a people would either diminish or be non-existent.
What are some of the biggest problems you see in the community as it pertains to money? You'll notice that I love using quotes so here's another... Will Smith once said "We spend money we don't have to buy things we don't need to impress people we don't like." That sums up our biggest problem in a nutshell. As a people we are so used to not having money that we can't really grasp the concept of saving for the future and spending our money wisely. Couple that with the fact that a lot of us have low self-esteem so we use material things to make us feel better. Some of us would rather spend money on cars, jewelry and clothes than to become homeowners, save for emergencies or fix our credit. Our issues are deeply rooted and they become a cycle that is passed down from generation to generation making it more difficult to break. The good news is that there's a movement going on; people are starting to wake up and take more responsibility. We are seeing more of our people excel in positions that in the past didn't seem possible. This movement is what is spearheading the paradigm change and forcing many of us to put the first things first.
Tell us about your book and why people should read it? 'Mind Right, Money Right: 10 Laws of Financial Freedom,' is a book designed to teach you how to effectively manage your personal finances. It shows you how with the right mental attitude and laser sharp focus, you can have anything you desire in life. It's an easy to read book that anyone, at any level, can understand.This book is especially geared towards anyone who is tired of having a dependency on money and is ready to take some practical steps in order to correct it. This is our generation's
'Think and Grow Rich.' Starting with the power of self confidence the book discusses in detail how having a positive mental attitude, paying yourself first, budgeting and planning for the future are all ways to immediately change your financial situation. 'Mind Right, Money Right' demonstrates how your mind set plays a tremendous role in creating financial abundance. By using examples of successful people such as Sean Combs, Tyler Perry, Oprah Winfrey, Shawn Carter, Curtis Jackson, Chris Lighty and many others, the reader is given a real life account of how these laws have worked for others and how it can work for them. It's important to point out that the title is 'Mind Right, Money Right' and not the other way around. Once we are able to control the way we look at money, the way we feel about money and the way we think about money, then it will become easier for us to keep and grow our money...To sum it up simply: This book will change your life!
Is there anything else you'd like to share with our AOL Black Voices audience? Absolutely! First I would like to thank you for all that you do as it relates to financial literacy! Your voice is definitely needed and appreciated in our community and beyond and I hope to one day have a similar impact. To the AOL Black Voices audience, I want to remind you that we are still recovering from one of the worst economic meltdowns in our nation's history. With bankruptcies, foreclosures and unemployment still high, many of us are still afraid of what the future holds! Now is the time to make a decision! We can either sit back and allow fear to stop us from going after our dreams or we can look fear straight in the face and say, "This is my time!!" Studies show that many successful businesses have been started during bad economic times and continue to do well way after. Burger King, FedEx, Microsoft, CNN and MTV are all examples of such companies. Hard times can either be the ending point or the starting point. The choice is ours and we have no excuse! Let's all make the conscious effort to begin to take care of our responsibilities and never let anything or anyone hold us back! The world is ours! Let's make sure we are taking what we deserve!! Each one, teach One!
For more information on Ash'Cash please visit
www.IamAshCash.com.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the bookBlack American Money To have Dr. Boyce commentary delivered to your email, please click here. To suggest a subject for a Dr. Boyce Watkins Spotlight, please click here.
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