Money (and our understanding of finance) is a foundation of life, it impacts almost all of our choices, whether it’s what to have for lunch or when we will retire – so why don’t we like talking about it? Well, financial expert and debut author, Makala Green, is changing all that. Her book, The Money Edit, is a no-jargon, straight-talking guide, intent on giving us all the confidence and clarity to understand money and help us make the right choices – no matter what life stage we are at.
Here, Makala shares with GLAMOUR readers the four pieces of advice that she would her younger self as a Black woman in finance.
Looking back at my younger years, I am often amazed at how life has turned out. For an industry I had no plans to be in, my achievements over 18 years in financial services go beyond my wildest dreams. Through the trials and triumphs, the one thing that stays the same is who I am, my values, and my passion for making a financial difference in people's lives. But if I could go back in time and give financial advice to my younger self, here's what I would say.
Let's face it: The financial industry is not commonly known for its diversity - both gender and race. Black women in finance are often plagued with constant challenges and steep hill battles to rise to the top. In my personal experience, one of the major challenges was visibility – the struggle to be seen and heard. Women hold just 17% of the financial services sector, and statistics state in the fund management industry Black people make up only 1%. This reality can often discourage black women in the financial industry who are the minority. However, over time you realise that when the status quo needs changing, you need to make the change. You cannot become what you want by remaining who you are; you need to change to see change - without losing what's true to you. The popular poet Maya Angelo said, "if you don't like something, change it. If you can't change it, change your attitude."
My advice: Don't be afraid to embrace who you are or are destined to be. Fear makes us vanilla, and perfection is bad for us. It's not always about fitting in with the majority or impressing other people but about stepping out of your shell, daring to be different, and embracing your uniqueness.
Cost of living crisis, who?
Whether good or bad, everything happens for a reason – even though it might seem like a setback or failure. It is only natural to feel like things are not meant to happen or stress that life is unfair. The truth is without mistakes and failures, you will never learn. Once you understand this, you will see failures as opportunities in disguise - instead of dwelling on disappointments. I have made many mistakes in my career, especially in my early years and have encountered countless failures and temptations to give up. Instead, I chose the courage to continue, which deepened my experience, made me more fearless and laid a solid foundation for the successful career I enjoy today.
My advice: Don't be afraid to fail; embrace failure because every failure is a step to success. Each mistake teaches you something new, another experience or lesson that will better you in future. Just because you fail once doesn't mean you will fail again. So, don't give up on your dreams; stop being safe and strive for success.
Stay calm and cash in.
It can be scary to feel like you don't have what it takes to be successful as a black female in a white male-dominated industry. Unfortunately, I know the feeling too well starting in the financial industry at age 16. If you have a dream, whatever that may be, you cannot rely on someone else to make it a reality – only yourself can do that. The bigger the dream, the scarier it seems to take the leap to have faith in yourself. However, starting with small steps will slowly help you to gain self-confidence and self-esteem; one day, you will be ready to leap.
For me, it started with a steady progression into different areas of banking before achieving my dream role as a qualified Financial Adviser at age 21. Although I had naturally progressed into the role, it felt like a big jump at the time, and I couldn't help but feel out of my depth. I definitely experienced imposter syndrome. I didn't know anyone in the role that looked like me or was of a similar age. I had to convince myself that I could achieve anything I wanted and was deserving of the role just like anyone else. I am glad I believed in myself and trusted my instincts as it smoothly transitioned into a successful financial career.
My advice: Take a leap of faith in yourself. You've got nothing to lose but everything to gain. If you fail, you'll become wiser; If you succeed, you'll gain even more self-confidence and financial rewards. You'll only know the limit of how much you can achieve once you try. Keep focused on your goal, invest in yourself, and accelerate your knowledge; you'll certainly achieve anything you want.
At 30, Steven is the youngest-ever ‘Dragon’ on hit TV show Dragons Den,
There are amazing Black women at every level of the financial services industry — women who saw the obstacles and odds and fearlessly fought against them. Their contribution to the industry is vital in the visibility and inspiration of the next generation of black women in finance. It’s one of the reasons I am so passionate about being a role model and mentoring young black women.
I remember being told by a schoolteacher at 14 years old that I wouldn't amount to much; imagine how my life would have mapped out if that senseless statement had defined me. Despite not experiencing anything as cold-hearted in my career in finance, the lack of diversity speaks volumes. Being the only black woman in a room dominated by males and other races can make one feel excluded from success. However, the evidence of successful black women in the financial industry proves this wrong. Be it a few; some of the key traits they have in common are being comfortable in their own skin, not being afraid to proudly stand out from the crowd and rocking it! - whatever the weather.
My advice: Success is about finding personal meaning and contentment in your life, which requires you to define success on your own terms and build rules around a life you are proud to live. It's all about being your best and knowing your worth; this will determine how you treat yourself and how others treat you. Your value shouldn't decrease because of someone's inability to see your worth. Michelle Obama stated, “success isn't about how much money you make; it's about the difference you make in people's lives”.
The Money Edit by Makala Green is out now.
“During a cost of living crisis, it feels like the government didn’t read the room.”
