Reviewed by: Callie Morrison
We asked 5 local entrepreneurs for the best financial advice they ever got—find out what they said
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When I think of entrepreneurs, I imagine people who were born knowing all about money and how to run a successful business. But when we stopped by Innovation Depot in downtown Birmingham to ask five of them about the best financial advice they got, we learned that everyone has to start building financial confidence somewhere. Here’s what they told us.
Meet 5 entrepreneurs at Innovation Depot
Since we knew building financial confidence is a topic that makes some people squirm, we went to Birmingham’s Innovation Depot—the heartbeat of The Magic City’s entrepreneurial community.
Our goal: ask different business owners for the best financial advice they ever got and who gave it to them, as a way to start a conversation about financial confidence with our audience.
We spoke with some great people, whose advice came from family members, their own financial mistakes, podcasts or YouTube.
Ready to start building your financial confidence? It starts with knowing where you are and where you want to go. A Greenprint from Regions is a great start.
1. Know your goals
- Jessica Majno, Founder + CEO of Idyllo: Startup that is building a home improvement marketplace.
- Best advice: “From financial advisors: knowing your financial goals allows you to make choices whether it’s buckling down or being able to make different investments based on where you are.”
2. Always have an emergency fund
- Thomas Cooney, Co-founder + CEO of Backr: A local startup working to better the sports experience for fans + athletes.
- Best advice: “From my mom: Always have an emergency fund, with at least three months’ worth of living expenses. You never know when you’re gonna get into an accident or wake up and lose your job. Having that emergency fund can help keep you from going into debt when you least expect it.”
3. Have a budget + spend on the things that bring you joy
- Yamini Bhat, Founding Executive Director of Birmingham Corps: A nonprofit that helps underserved people connect to jobs that make an impact in their community.
- Best advice: “From my mom: ‘Live within your means. Make a budget to spend money on the things that bring you joy, stop spending money on the things that suck joy out of your life and keep your budget in check.’”
4. Track your expenses
- Temani Beck, Founder + CEO of Dayrol: A company that supports people in managing their finances.
- Best advice: “From podcasts + life mistakes: ‘It’s essential not just to have a budget, but to intentionally track your expenses. People need to be aware of where the money’s going, and if they’re meeting the mark.’”
5. Invest
- Tyden Rickard, CEO of AlabamaCreates: a company specializing in digital media production.
- Best advice: “From YouTube: ‘it’s not about how much you make; it’s about how much you invest.’ Especially for my fellow GenZers, starting that Roth IRA early or matching your employer’s 401K can really pay off in the long run—having a mindset of long-term gratification as opposed to getting by day-by-day.”
Here’s how you can get started building your financial confidence according to these entrepreneurs + the experts at Regions:
- Know your goals: Make an appointment to build your own Regions Greenprint and start making progress today.
- Always have an emergency fund that covers three months of living expenses.
- Have a budget and spend on the things that bring you joy.
- Track your expenses so you know where your money is going.
- Start investing now.
If you’re ready to get started, reach out to Regions for a Greenprint today.
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