You can avoid the financial abyss along your journey to success.

I distinctly recall a conversation with my mother during my early teen years, one that left a mark on my understanding of financial responsibility. My mother, in her infinite wisdom, sat me down and taught me the lesson of paying bills punctually. She talked about the lure of credit cards by sharing her own ordeal, where she found herself in distress due to an unmanageable credit card balance. 

Her encounter with Consumer Credit Counseling and participation in their program enabled her to recover and establish exemplary credit and financial habits, which have served her well ever since. 

Like most knuckleheads, I failed to heed her counsel, and my financial choices took a perilous turn after graduating from high school. Enrolling in cosmetology school presented a lifeline for me as a single young mother seeking rapid financial stability. My mother, who owned a salon at the time, offered me the prospect of immediate and secure employment upon graduation. In a seamless transition, I began inheriting her clientele, guaranteeing me a steady income the moment I started my full-time career at the salon. 

What an amazing gift from her that I took for granted, as I know now that most stylists work for years to build a clientele to that level. 

The influx of a stable income, however, came with an unforeseen drawback: it was predominantly cash-based. This was the early ‘90s, an era where debit cards had yet to become the norm, leaving us with the choice of cash or checks. While I dutifully deposited the checks, the allure of a purse full of cash proved too irresistible for a 19-year-old. I found myself funding not only my expenses but also those of my broke college friends. It was never a request from them; rather, my desire for everyone to enjoy the same lifestyle. 

Regrettably, these indulgent habits prevented me from saving money and establishing a solid foundation of financial prudence. The concept of budgeting had never crossed my mind until I became engaged and confronted the necessity of marrying my financial chaos with that of my partner. This impending responsibility acted as a catalyst, prompting me to scrutinize my spending and begin my journey out of the abyss of a poor credit rating. 

The ascent was gradual, spanning several years. I vividly remember checking my credit score frequently, struggling with the disappointing realization that despite consistently meeting my obligations, the numbers inched upward at a snail’s pace. 

Much like my mother did for me, I now endeavor to instill a sense of financial transparency in my own children and the people around me. I engage in candid conversations about the far-reaching implications of frivolous financial decisions and recommend people look into the myriad resources available like our own local Prosper U program. I sincerely hope that they will internalize the lessons I’ve learned from my own experiences, apply them to their lives, and embark on a less turbulent financial journey toward the futures they envision for themselves.

Adonica Coleman is the founder of The COMO 411 and owner of A2D Events.