AN INTERVIEW WITH LEXUS NICOLE BYERS THE FOUNDER OF FINANCIAL LITERACY ADVOCATE
For the many readers out there, who is Lexus?
I am a God-fearing woman who loves helping others! I whole heartedly believe my purpose on this earth involves helping millennials learn about finance basics and motivating them to not become a statistic. I also enjoy spending time with my family and friends! Some of my favorite things to do in my spare time involves writing poetry, going to the movies, or trying different restaurants to eat at. I am obsessed with food! I recently completed my MBA at UMGC, and I plan to utilize this degree in the financial world by giving back to my community through financial literacy.
Speak a little bit about your life from birth to now?
I am from Winston-Salem, NC. I was born and raised in NC. I have two brothers and two sisters; I fall right in the middle. I completed my undergraduate degree at UNCG and obtained my bachelorโs in finance and Information Systems. I moved to MD towards the end of 2016, to start a new chapter. I couldn't be more grateful for the decision I made to go outside of my comfort zone and move somewhere that has opened so many doors for me. I have worked within the banking industry for the past 7 years. My senior year in high school I did a tax intern for a credit union and that was my introduction into banking. I love the teaching aspect of banking and being able to help people with their finances.
You are the founder of Financial Literacy Advocate. what is it about and how did you come about it? How did you determine the need for this venture?
I am the founder of Elle Bee, Literacy. I created this blog to help millennials learn about the importance of finances. Specifically, the importance of credit, saving, and budgeting. While working within the financial institution for the past few years I've seen a trend of millennials not being as financial savvy as we should; myself included. When I graduated with a degree in Finance, I still had no idea how to have excellent credit or how to even create a budget. I was not taught in school or within my household. So many people I would encounter had this same story! This did not sit well with me, so I begin to do my own research. I would read up on financial gurus such as Dave Ramsey and practice what I read. It worked. Instead of keeping all of this information to myself, I created a blog where I could freely share this information with my friends, family, and peers. I do no one a favor by keeping this information to myself. My goal is breaking the generational curse of being financially illiterate.
do you have a 9-5 and how does that tie in with this venture?
Yes, I have a 9-5, and I also have a part-time job as well. My 9-5 ties in with this venture because I work at a financial institution. The tips I post and blogs I create generally comes from what I see or have observed within my professional career.
I have a bachelorโs degree in finance and Information Systems. I also have a Master's in Business Administration. My personal background includes seven years of experience within Banking.
I have a bachelorโs degree in finance and Information Systems. I also have a Master's in Business Administration. My personal background includes seven of experience within Banking.
Your slogan is โLetโs Get F.R.E.E.!โ what does it mean to be free? what is that path like?
"F.R.E.E." stands for Financially Ready to Exceed Expectations. This means taking the initiative to begin your journey of taking finances seriously. It also means no longer being confined or under control of what others may think you should be doing with your money. Being financially FREE allows you to live the way God destined for your life without being in bondage to debt or outstanding bills for the rest of your life.
Are there any services you provide with this venture?
No.
could you share with us a success story?
A few months ago, I assisted one of my best friends on creating a budget. She is an actress on Broadway and unfortunately, they will be discontinuing her tour within the next year. I sat with her on the phone for a few hours where we first had a conversation about her financial goals and what she would ultimately like to do. Once we came up with a number, she would like to save in the next few months we began planning. We took a look at her entire financial picture (debt, credit card, bills, saving) and came up with the best budget plan for her situation. We decided the envelope method would be best. From there we broke up what her budget would be each week and how much would be going towards her emergency savings. A few hours later we completed her plan and she is currently on track. When she leaves the tour, she will have surpassed her ideal goal and have quite a bit stashed away! She was very happy and told me she feels like a weight had been lifted off her shoulders!
what is your approach to financial planning?
My approach to financial planning involves sitting down with individuals and creating a way to help them reduce debt, learn about credit, and maintain an adequate budget plan.
I just need to get started investing for my financial goals what advice do you have for me?
The first thing would be to have an idea of what you would like to accomplish. From there you should assess your current debt and your income. Everyone's financial picture is different, and each person may have different goals. The very first thing would to get a holistic view of your full financial picture.
what are your views on paying for financial advice?
I don't see anything wrong with paying for financial advice. There are people who go to school to become Certified Financial Planners, or Investment Bankers who should be compensated for their services.
What is it about budgeting, savings, credit, and preparing for the future do you want people to be most aware of?
I want people to be aware that they do not have to be in debt for the rest of their lives. So many millennials try to keep up with the "Kardashians" and end up in mountains of debt. There IS a way to obtain the finer things of life and still be saving, maintaining credit, and entering financial freedom. I also want people to take their finances seriously and stop putting it off. The time is NOW.
what is one thing people do not know about you that you would love for them to know?
I would love for people to know that with everything I do, I make sure I am benefiting others. Whether itโs through my website, my IG page, I want to make sure that I am helping someone. I never want to do anything that solely benefits myself and myself only.
what advice do you have for those struggling with their finances, credit, etc?
For those who are struggling with your finances, you are not alone! It is a continuous learning experience and trial and error. The hardest part is just starting! Once you begin you learn whatโs best for you and what works for you. Some people may follow Dave Ramsey and some people may think his practices are too complicated. It all comes down on what works for you and how successful you are.
when you not talk finances or about your 9-5 what do you do?
If I am not working or blogging I usually either go to the movies, go to brunch, or take a trip to NC to see my family. I also write poetry in my spare time.
How can people connect with you?
All of my handles on IG, Twitter, and Facebook is @ELLEBEELITERACY.
I also have a website that is ellebeeliteracy.com where people can reach out to me anytime!
Email: Ellebeeliteracy@gmail.com
Thank you, Lexus, keeps up with your advices they are much need.
Thank you!