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"With the Bag to Match" Episode 2: On Overcoming Financial Obstacles with Brittany ChavezVideo

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Video ADA Text: "With the Bag to Match" Episode 2: On Overcoming Financial Obstacles with Brittany Chavez video

Transcript Browser Title: Video transcript: "With the Bag to Match" Episode 2: On Overcoming Financial Obstacles with Brittany Chavez

Description: In Episode 2 of “With the Bag to Match”, former NYSE trader Lauren Simmons spoke with CEO and founder of Shop Latinx, Brittany Chavez. Find the recap here.

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Length (seconds): 992

Transcript: <h2>Note:</h2> <p>A bold disclaimer appears on a black screen and reads:</p> <h2>On screen:</h2> <p>THE DISCUSSION TODAY IS FOR INFORMATIONAL PURPOSES ONLY, THE SPEAKERS' OPINIONS BELONG TO THEM AND MAY DIFFER FROM OPINIONS OF J.P. MORGAN SECURITIES, LLC AND ITS AFFILIATES, VIEWS PRESENTED ON THIS WEBCAST ARE THOSE OF THE SPEAKERS; THEY ARE AS OF 10/18/2023 DATE AND THEY MAY NOT MATERIALIZE. THIS IS NOT AN INVESTMENT RESEARCH CALL AND IS NOT PERSONAL INVESTMENT ADVICE OR A SOLICITATION OR RECOMMENDATION, INVESTING INVOLVES MARKET RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL, AND THERE IS NO GUARANTEE THAT INVESTMENT OBJECTIVES WILL BE ACHIEVED.</p> <h2>Note:</h2> <p>Background music plays.</p> <h2>On screen:</h2> <p>This video opens with a man in a suit opening a car door of a black SUV for a woman in a tan blazer, who then gets out of the car.</p> <h2>Note:</h2> <p>A disclaimer appears in a text box reads:</p> <h2>On screen:</h2> <p>INVESTMENT AND INSURANCE PRODUCTS:</p> <ul> <li>NOT A DEPOSIT</li> <li>NOT FDIC INSURED</li> <li>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</li> <li>NO BANK GUARANTEE</li> <li>MAY LOSE VALUE</li> </ul> <h2>Lauren Simmons:</h2> <p>In my financial career, I've taken over the New York Stock Exchange, and I know how to make money move.</p> <h2>Lauren Simmons:</h2> <p>Now, I'm inviting you to get all the way in your bag and never look back.</p> <h2>On screen:</h2> <p>A pale pink screen with a title expands: With The Bag To Match and a title with SpringHill and J.P. Morgan Wealth Management</p> <h2>Lauren Simmons:</h2> <p>Welcome to With the Bag to Match, brought to you by Springhill and J.P. Morgan Wealth Management.</p> <h2>On screen:</h2> <p>Woman in black cocktail length dress sits in chair next to table with roses in a vase.</p> <h2>On screen:</h2> <p>Host’s title and Career explanation appears in pale pink with a multi-colored line between the two titles and says: Lauren Simmons, Former NYSE Trader</p> <h2>Lauren Simmons:</h2> <p>I'm your host, Lauren Simmons.</p> <h2>Lauren Simmons:</h2> <p>We're going to start with the truth.</p> <h2>Lauren Simmons:</h2> <p>As Black and Brown women, we don't check in with each other nearly enough when it comes to our financial wellness.</p> <h2>Lauren Simmons:</h2> <p>In this series, we're getting into all things money with incredible women of color who are finding smart ways to invest in their own financial futures so that they can flourish.</p> <h2>Lauren Simmons:</h2> <p>Our J.P. Morgan Wealth Management advisor will be delving deeper in today's discussion later in the show.</p> <h2>Lauren Simmons:</h2> <p>So grab a pen and paper, break open your notes app, because gems are about to be dropped.</p> <h2>Note:</h2> <p>Background music plays.</p> <h2>On screen:</h2> <p>Graphic overlay in various shades of orange and pink</p> <h2>On screen:</h2> <p>Woman in a tan cardigan and sage green shirt stands in front of a shelf filled with various handbags and strikes a pose</p> <h2>Lauren Simmons:</h2> <p>On this episode, I have the privilege of sitting down with the powerhouse whose endeavors have always been centered around uplifting the stories of Latinx entrepreneurs.</p> <h2>Lauren Simmons:</h2> <p>Today, she's here to share her own remarkable journey from the steps that led her to this point to the pivotal moments where she truly secured the bag.</p> <h2>On screen:</h2> <p>Graphic overlay with text appears</p> <h2>On screen:</h2> <p>How I Got The Bag</p> <h2>On screen:</h2> <p>Graphic transitions and Woman in tan cardigan and sage green shirt and a contextual graphic with text and a multicolored bar appears</p> <h2>On screen:</h2> <p>Brittany Chavez</p> <p>CEO, Shop Latinx</p> <h2>Brittany Chavez:</h2> <p>What's up?</p> <h2>Brittany Chavez:</h2> <p>My name is Brittany Chavez, and I am the CEO of Shop Latinx.</p> <h2>On screen:</h2> <p>Purple, pink and orange graphic transition sweeps in</p> <h2>Brittany Chavez:</h2> <p>So it all started in 2016.</p> <h2>Brittany Chavez:</h2> <p>I had quit my internship at a music label and then decided to start ride-share driving full-time.</p> <h2>Brittany Chavez:</h2> <p>I'm talking 14-hour days.</p> <h2>Brittany Chavez:</h2> <p>So one of those days, I come home, and I start diligently researching all the statistics around the Latinx community, from spending power to the rise of entrepreneurship.</p> <h2>Brittany Chavez:</h2> <p>I then started to see that there was this huge opportunity to create an online platform that really spoke to next-gen Latinos across business, creativity, and all that good stuff.</p> <h2>Brittany Chavez:</h2> <p>And long story short, that's how Shop Latinx came to be.</p> <h2>Note:</h2> <p>Pink and orange Graphic transition</p> <h2>On screen:</h2> <p>The two women shown previously sit in velvet chairs, one chair is greenish yellow and one chair is purple. They are in a loft setting with a large pink and orange stained glass window and potted plants behind them.</p> <h2>Lauren Simmons:</h2> <p>I'm so excited that you're here.</p> <h2>Lauren Simmons:</h2> <p>First off, there are so many ways in which you're making moves and putting people on, starting with your business.</p> <h2>Lauren Simmons:</h2> <p>You created Shop Latinx upon finding out that Latinos at the time had $1.3 trillion in buying power.</p> <h2>Lauren Simmons:</h2> <p>Huge number.</p> <h2>Lauren Simmons:</h2> <p>Tell us about how that statistic sparked the idea for Shop Latinx.</p> <h2>Brittany Chavez:</h2> <p>Yes.</p> <h2>Brittany Chavez:</h2> <p>So now I think that statistic has tripled to date, which is crazy.</p> <h2>Brittany Chavez:</h2> <p>And then also, too, Latinos are the fastest-growing demographic in the United States.</p> <h2>Brittany Chavez:</h2> <p>So back in 2016, when I came up with the idea for Shop Latinx, I was searching the internet for Latino businesses to support, and there was no centralized platform that allowed me to search.</p> <h2>On screen:</h2> <p>Photo of Brittany in front of a market wearing floral embroidered top. Photo is overlaid on a background of various shades of pink and orange.</p> <h2>Brittany Chavez:</h2> <p>So I really wanted to make sure that the products that I highlighted were of quality and that would really speak to Latinos like myself.</p> <h2>Lauren Simmons:</h2> <p>You saw a problem, you created a solution to the problem.</p> <h2>Brittany Chavez:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>But also that you really use what our generation does best, the power of social media, to lift this up off the ground.</p> <h2>Lauren Simmons:</h2> <p>In the past, you've mentioned how often you had to figure things out yourself.</p> <h2>Brittany Chavez:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>Tell us about the process of getting into VC.</p> <h2>Brittany Chavez:</h2> <p>You know what?</p> <h2>Brittany Chavez:</h2> <p>There was one Latino that worked in tech for a firm in Silicon Valley.</p> <h2>Brittany Chavez:</h2> <p>And I forget, I think I met him through Twitter or something.</p> <h2>Brittany Chavez:</h2> <p>And he invited me to go to this conference in the Bay, and it was called Latinx in Tech at the time.</p> <h2>Brittany Chavez:</h2> <p>I ended up going, and I was surrounded by so many Latinos that worked at these top startups.</p> <h2>Brittany Chavez:</h2> <p>And I think that was my first step into being like -- it's going to make me emotional, like, damn, I can really do this.</p> <h2>Brittany Chavez:</h2> <p>And I think that what you said about creating a business, like I saw a problem, I created the solution, and why not me?</p> <h2>Brittany Chavez:</h2> <p>If there's so many other Brown people in this room, why can't Shop Latinx be successful?</p> <h2>Lauren Simmons:</h2> <p>And it is.</p> <h2>Brittany Chavez:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>And please, I'm not going to cry.</p> <h2>Lauren Simmons:</h2> <p>Sorry, I'm not going to cry.</p> <h2>On screen:</h2> <p>A purple graphic with pink text slides in and the text reads:</p> <h2>On screen:</h2> <p>Stay tuned for more with our J.P. Morgan Wealth Management Advisor</p> <h2>Brittany Chavez:</h2> <p>But I just think that also, too, to really take a bet on myself from a business standpoint, that's something that my family has never done. It was really make minimum wage, or have this unwavering faith that it's going to be successful, and just go for it.</p> <h2>On screen:</h2> <p>Photo of Brittany posing in a New York street. Photo is overlaid on a background of various shades of pink and orange.</p> <h2>Lauren Simmons:</h2> <p>I think, first off, we're the same people.</p> <h2>Brittany Chavez:</h2> <p>We are?</p> <h2>Lauren Simmons:</h2> <p>In the sense of like, yeah, mine was a little bit more linear, I did traditional school.</p> <h2>Lauren Simmons:</h2> <p>But I just remember when I was making the shift from coming off the New York Stock Exchange, and I was like, I'm going to bet on myself.</p> <h2>Lauren Simmons:</h2> <p>And when you have so many people around you that question you, doubt you, and I think especially as --</p> <h2>Brittany Chavez:</h2> <p>They're projecting.</p> <h2>Lauren Simmons:</h2> <p>They're projecting.</p> <h2>Lauren Simmons:</h2> <p>But I think that validation, once you did it, and you saw what it is that you were creating, and all the lives that you were impacting, that's the transformation, which is why it just keeps growing and growing.</p> <h2>Lauren Simmons:</h2> <p>And now I want to know, take us through -- this is the fun question, take us through your first big venture capital check.</p> <h2>Brittany Chavez:</h2> <p>So I just finished this incubator program in Los Angeles called Grid 110.</p> <h2>Brittany Chavez:</h2> <p>I love them so much.</p> <h2>Brittany Chavez:</h2> <p>And then after Grid 110, I went on to be a part of this other accelerator that gives you your first investment check.</p> <h2>Brittany Chavez:</h2> <p>So through that accelerator program, I got a $150,000 check I raised during the pandemic.</p> <h2>Brittany Chavez:</h2> <p>And so during that time, what was keeping me afloat was the stimulus checks, and I was on EBT.</p> <h2>Lauren Simmons:</h2> <p>Oh, wow.</p> <h2>Lauren Simmons:</h2> <p>Wow.</p> <h2>Brittany Chavez:</h2> <p>Yeah, it was crazy.</p> <h2>Brittany Chavez:</h2> <p>To me, that was the most money I had ever seen in my bank account, like actually.</p> <h2>Brittany Chavez:</h2> <p>And after that intensive program, I really started to see who the investors were that I wanted to pitch.</p> <h2>Brittany Chavez:</h2> <p>And they were mostly Black, Latina, and women investors that were in the consumer marketplace sector.</p> <h2>Brittany Chavez:</h2> <p>But now, after a few pivots, I've really realized that I want to take another step further and go from a venture-backed company to a profitable company.</p> <h2>Brittany Chavez:</h2> <p>So now I'm at a place where we are a media and content platform, and now we're generating ad revenue through that.</p> <h2>Brittany Chavez:</h2> <p>And I'm like, I can either make $500,000 or raise $500,000.</p> <h2>Brittany Chavez:</h2> <p>I think I'm just wiping my hands and saying that was an experience that I'm definitely fortunate to have had.</p> <h2>Lauren Simmons:</h2> <p>And you learned.</p> <h2>Lauren Simmons:</h2> <p>You went through the journey.</p> <h2>Lauren Simmons:</h2> <p>You are grateful, and you did it.</p> <h2>Lauren Simmons:</h2> <p>But you could also recognize in doing that and that success and the impact that you made that you have the insights and the fortitude to say, I'm going to do so much more.</p> <h2>Lauren Simmons:</h2> <p>With that, you do so much for other women in helping them set up for success.</p> <h2>Lauren Simmons:</h2> <p>How do you tend to yourself in your own financial goals?</p> <h2>Brittany Chavez:</h2> <p>I didn't know about a Roth IRA until like three years ago.</p> <h2>Brittany Chavez:</h2> <p>Like what?</p> <h2>Brittany Chavez:</h2> <p>You know?</p> <h2>Lauren Simmons:</h2> <p>Yeah. Yeah.</p> <h2>Brittany Chavez:</h2> <p>So I think now I've been more cognizant of my spending habits, and I'm even like moving out of New York City, and I'm going to where it feels good.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Brittany Chavez:</h2> <p>And now my rent is cut in half.</p> <h2>Brittany Chavez:</h2> <p>I'm able to use that money and invest in myself.</p> <h2>Brittany Chavez:</h2> <p>You know, my money wounds just don't go away overnight just because I get a million dollars in my bank account.</p> <h2>Lauren Simmons:</h2> <p>Which a lot of people seem to think. Yeah.</p> <h2>Brittany Chavez:</h2> <p>Actually, it exposes you to your financial traumas.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Brittany Chavez:</h2> <p>You know, not even just your own, but like generational financial trauma.</p> <h2>On screen:</h2> <p>A purple graphic with pink text slides in and the text reads:</p> <h2>On screen:</h2> <p>Stay tuned for more with our J.P. Morgan Wealth Management Advisor</p> <h2>Brittany Chavez:</h2> <p>You know, so I think that's a big thing for me is like investing in myself looks like self-care, it looks like massages, it looks like hiking, it looks like also too like making time for hobbies.</p> <h2>Lauren Simmons:</h2> <p>You work so hard, you deserve a little splurge once in a while.</p> <h2>Note:</h2> <p>Background music plays.</p> <h2>On screen:</h2> <p>Brittany is helped into a seat by a man in producer’s headset and white shirt. The chair is in front of a multicolored square paned stained glass window and a womean with green and blue braids comes in to help touch up Brittany’s hair. There are two tropical potted plants in the background on either side of the window.</p> <h2>On screen:</h2> <p>Graphic overlay in brown slides in over the two women and lands on pale pink background with darker pink decorative shapes</p> <h2>On screen:</h2> <p>The Confessional</p> <h2>On screen:</h2> <p>Text transitions out and Brittany is seated.</p> <h2>On screen:</h2> <p>A Spend I can’t resist is…</p> <h2>Brittany Chavez:</h2> <p>A spend that I can't resist is going to the thrift store.</p> <h2>Brittany Chavez:</h2> <p>It's unlike going to a regular department store because you don't know what you're going to end up with.</p> <h2>Brittany Chavez:</h2> <p>And I think there's also that thrill of like finding a really cool gem for a cheap price.</p> <h2>Brittany Chavez:</h2> <p>And then the way that I do the girl math in my head, I'll just walk out with so much.</p> <h2>On screen:</h2> <p>Orange and pink transition slides in and out</p> <h2>On screen:</h2> <p>I blow my budget on…</p> <h2>Brittany Chavez:</h2> <p>I always go over budget on skincare products.</p> <h2>Brittany Chavez:</h2> <p>I'm never not buying a little serum, a little lotion, trying new ingredients.</p> <h2>Brittany Chavez:</h2> <p>So yeah, it's my guilty pleasure.</p> <h2>On screen:</h2> <p>Orange and pink transition slides in and out to reveal Lauren and Brittany sitting back in the loft space</p> <h2>Lauren Simmons:</h2> <p>I want to talk about the importance of financial education in the Latinx community.</p> <h2>Lauren Simmons:</h2> <p>Do you feel like the community is armed with the information they need from an early age?</p> <h2>Brittany Chavez:</h2> <p>No.</p> <h2>Lauren Simmons:</h2> <p>Or is there still work to do?</p> <h2>Lauren Simmons:</h2> <p>And I even want to add, is financial literacy enough?</p> <h2>Brittany Chavez:</h2> <p>I don't think it's enough.</p> <h2>Lauren Simmons:</h2> <p>Why?</p> <h2>Brittany Chavez:</h2> <p>Because I just feel like there's such a pay disparity in this country that it's like it reminds me of like what they would do to Black and Brown founders in venture capital.</p> <h2>Brittany Chavez:</h2> <p>You know, they will invest in you, but they'll have you do a pitch competition and dance for maybe some money.</p> <h2>Brittany Chavez:</h2> <p>You know, and I think that --</p> <h2>Lauren Simmons:</h2> <p>And that's real.</p> <h2>Lauren Simmons:</h2> <p>That's honest.</p> <h2>Lauren Simmons:</h2> <p>That's not just in venture.</p> <h2>Lauren Simmons:</h2> <p>That's a lot of places.</p> <h2>Brittany Chavez:</h2> <p>You know? And I just think that literacy is cool, but pay us a fair wage.</p> <h2>Brittany Chavez:</h2> <p>You know what I mean?</p> <h2>Brittany Chavez:</h2> <p>Pay us just as much as our white male counterparts.</p> <h2>Brittany Chavez:</h2> <p>We're not taken seriously when we're asking for a loan.</p> <h2>Lauren Simmons:</h2> <p>Or we're in the room, but we're not really in the back room where you're having --</p> <h2>Brittany Chavez:</h2> <p>Right.</p> <h2>Brittany Chavez:</h2> <p>There's an inherent bias.</p> <h2>Brittany Chavez:</h2> <p>There's institutional racism that I think occurs in many different industries.</p> <h2>Brittany Chavez:</h2> <p>So I mean, is financial literacy enough?</p> <h2>Brittany Chavez:</h2> <p>No, but it's a start.</p> <h2>Lauren Simmons:</h2> <p>Or even just for people who are entrepreneurs, like how do you go about structuring your business?</p> <h2>Lauren Simmons:</h2> <p>You know, if you're coming from like an LLC, maybe you're an S Corp, the taxes that's involved in that.</p> <h2>Brittany Chavez:</h2> <p>I'm still learning.</p> <h2>Brittany Chavez:</h2> <p>You know?</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>When it comes to your future and your family, how do you want to approach generational wealth?</p> <h2>Lauren Simmons:</h2> <p>Don't cry on me because I can't do this with you.</p> <h2>Lauren Simmons:</h2> <p>I'm going to just be a mess.</p> <h2>Brittany Chavez:</h2> <p>I know.</p> <h2>Brittany Chavez:</h2> <p>Okay.</p> <h2>Lauren Simmons:</h2> <p>And this is a loaded question.</p> <h2>Brittany Chavez:</h2> <p>Well, my mom had me as a teenager, so I grew up like a single child to a teen mother.</p> <h2>Brittany Chavez:</h2> <p>But now she remarried and I have two brothers that are 12 years old and nine years old and like they are my everything.</p> <h2>Brittany Chavez:</h2> <p>I want to teach my brothers that money is abundant, that they can do anything that they want.</p> <h2>Brittany Chavez:</h2> <p>I want to help my parents set them up for success financially, getting my little brothers' like accounts early.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>On screen:</h2> <p>A purple graphic with pink text slides in and the text reads:</p> <h2>On screen:</h2> <p>Stay tuned for more with our J.P. Morgan Wealth Management Advisor</p> <h2>Brittany Chavez:</h2> <p>Again, I'm still learning, so I want to figure out like what the best route to go is.</p> <h2>Lauren Simmons:</h2> <p>And what those accounts could look like. Yeah.</p> <h2>Brittany Chavez:</h2> <p>And what those accounts could look like</p> <h2>Brittany Chavez:</h2> <p>One of my brothers, he has type 1 diabetes, so I think there is this idea that he has to work at a job where they have good health insurance, and I don't want money to hinder my brothers from like doing what they want in this life.</p> <h2>Lauren Simmons:</h2> <p>What people fail to realize is that it's a mindset.</p> <h2>Brittany Chavez:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>And if you are living in a lack versus an abundance where I'm always having to chase the money, that is what you are going to inevitably always receive back, always chasing.</p> <h2>Lauren Simmons:</h2> <p>But your brothers, they're so young that they have time and they have such a good example to look up to.</p> <h2>Lauren Simmons:</h2> <p>And even rewiring your parents and how they look at money and their relationship with money is also going to go a long way as well, especially as they come to build a plan of what financial success looks like for them.</p> <h2>Brittany Chavez:</h2> <p>1000%.</p> <h2>Lauren Simmons:</h2> <p>Brittany, this conversation has been amazing.</p> <h2>Lauren Simmons:</h2> <p>I have so much respect for the way that you put on for your community and continue to flourish.</p> <h2>Lauren Simmons:</h2> <p>I know this goes without saying, but I know you've got even bigger things in your future and I personally can't wait to see what you conquer next.</p> <h2>Lauren Simmons:</h2> <p>Thank you so much, Brittany, for your time today.</p> <h2>Brittany Chavez:</h2> <p>Thank you so much.</p> <h2>Note:</h2> <p>Background music plays.</p> <h2>On screen:</h2> <p>Pink and orange Graphic transition to woman in a navy blue blazer and white shirt. A contextual graphic with text and a multicolored bar appears</p> <h2>On screen:</h2> <p>Nina Jackson</p> <p>J.P. Morgan Wealth Management Advisor</p> <h2>On screen:</h2> <p>Bubble graphic expands to say “Make It Make Sense”. The graphic disappears to reveal the woman in the green jumpsuit, Lauren, but she is now wearing a red silk blouse and blue jeans. She is sitting across from the woman in the navy blazer, Nina, in two velvety chairs agains a white brick background.</p> <h2>Lauren Simmons:</h2> <p>And now I'm going to tap into the brilliant mind of our JP Morgan Wealth Management Advisor to get a realistic take on complicated financial terms.</p> <h2>Lauren Simmons:</h2> <p>Step inside as we Make It Make Sense.</p> <h2>Lauren Simmons:</h2> <p>I'm here with Nina to dig deeper into this episode.</p> <h2>Lauren Simmons:</h2> <p>Thanks so much for being here.</p> <h2>Nina Jackson:</h2> <p>My pleasure.</p> <h2>Nina Jackson:</h2> <p>Thanks for having me.</p> <h2>Lauren Simmons:</h2> <p>So my conversation with Brittany was so great and she brought up the concept of experiencing financial firsts that her family wasn't previously able to.</p> <h2>Lauren Simmons:</h2> <p>How would you guide someone who is reaching that new financial freedom?</p> <h2>Nina Jackson:</h2> <p>Yeah, it's an exciting place to be, right?</p> <h2>Nina Jackson:</h2> <p>So number one, I'd say get help, seek professional advice, right?</p> <h2>Nina Jackson:</h2> <p>Because you don't know what you don't know.</p> <h2>Nina Jackson:</h2> <p>That's number one.</p> <h2>Nina Jackson:</h2> <p>Number two, I'd say, let's look at a budget, right?</p> <h2>Nina Jackson:</h2> <p>Let's look at your spend, what that looks like.</p> <h2>Nina Jackson:</h2> <p>And then number three, once you have enough to invest, let's assign purpose and intention to your portfolio.</p> <h2>Nina Jackson:</h2> <p>What's the purpose of this portfolio?</p> <h2>Nina Jackson:</h2> <p>What am I looking to accomplish in the long run?</p> <h2>Nina Jackson:</h2> <p>So again, those are my three bullet points.</p> <h2>Nina Jackson:</h2> <p>Start from there.</p> <h2>Lauren Simmons:</h2> <p>When do I know when to start to invest?</p> <h2>Lauren Simmons:</h2> <p>Like how much?</p> <h2>Nina Jackson:</h2> <p>Yeah.</p> <h2>Nina Jackson:</h2> <p>Financial freedom, number one, means different things to different people at different times, right?</p> <h2>Lauren Simmons:</h2> <p>Of course.</p> <h2>Nina Jackson:</h2> <p>So when I consider what may be a good time, well, number one, you can cover your expenses with your income.</p> <h2>Lauren Simmons:</h2> <p>Fair enough.</p> <h2>Lauren Simmons:</h2> <p>Check, check.</p> <h2>Nina Jackson:</h2> <p>Moving on to stage two is I've got enough savings liquid in an account that's going to take me through, maybe your magic number is six months, maybe it's 12 months, covering expenses for six to 12 months.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Nina Jackson:</h2> <p>And then once I have over that amount, well, then I got to look at some longer-term strategies.</p> <h2>Nina Jackson:</h2> <p>So working with a financial professional to figure out what that means to you is critically important.</p> <h2>Lauren Simmons:</h2> <p>I love that.</p> <h2>Lauren Simmons:</h2> <p>It doesn't apply to everyone.</p> <h2>Lauren Simmons:</h2> <p>It applies to you individually, which is why seeking a professional to help you outline that is going to be your best way of knowing when the right time is to invest.</p> <h2>Nina Jackson:</h2> <p>Absolutely.</p> <h2>Lauren Simmons:</h2> <p>Generational financial trauma came up in our discussion.</p> <h2>Lauren Simmons:</h2> <p>Can you tell us more about how that manifests itself in people's financial lives?</p> <h2>Nina Jackson:</h2> <p>Yeah, generational trauma is real.</p> <h2>Nina Jackson:</h2> <p>And the interesting part about generational trauma is it shows up in different ways, right?</p> <h2>Nina Jackson:</h2> <p>Perhaps someone had a childhood where there was no budget and they didn't have any lack whatsoever.</p> <h2>Nina Jackson:</h2> <p>And so they just casually spend.</p> <h2>Nina Jackson:</h2> <p>That could be something.</p> <h2>Nina Jackson:</h2> <p>Maybe someone had an experience with lack and it was a very restrictive household and restrictive budget.</p> <h2>Nina Jackson:</h2> <p>So now that they have money, they casually spend.</p> <h2>Nina Jackson:</h2> <p>Same outcomes, very different experiences.</p> <h2>Nina Jackson:</h2> <p>The reason why that's so important is because if you have a plan and you set your intention on that plan, then you work with a professional to say, listen, here's what's most important to me and I'm going to stick to an investment strategy that prioritizes what's most important to me.</p> <h2>Nina Jackson:</h2> <p>It grounds you, right?</p> <h2>Nina Jackson:</h2> <p>It takes that sort of subjective nature away from it.</p> <h2>Nina Jackson:</h2> <p>Oh, and by the way, we all do, right, we all have some generational trauma as it pertains to money.</p> <h2>Lauren Simmons:</h2> <p>Absolutely.</p> <h2>Nina Jackson:</h2> <p>What we try to do is neutralize it by saying, let's set our intention around this goals-based plan.</p> <h2>Nina Jackson:</h2> <p>Let's set an investment strategy that aligns with what you've told me is most important to you.</p> <h2>Nina Jackson:</h2> <p>And that way we can always stay on track with what we need to do as far as our goals and objectives are concerned.</p> <h2>Lauren Simmons:</h2> <p>One of the biggest questions I had for Brittany was, is financial literacy enough?</p> <h2>Lauren Simmons:</h2> <p>With all of the experience you've had over the years, what's your take on that?</p> <h2>Nina Jackson:</h2> <p>There are a lot of people who can tell you what a stock is and that it's ownership of a company and they can tell you what a bond is, but they have no idea as it pertains to how this works in an investment portfolio.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Nina Jackson:</h2> <p>So if the question is, as you say, is financial literacy enough?</p> <h2>Nina Jackson:</h2> <p>No, but it's a really good start.</p> <h2>Lauren Simmons:</h2> <p>Nina, I really appreciate you taking the time to break this all down with me.</p> <h2>Lauren Simmons:</h2> <p>For us, thank you so much for being here.</p> <h2>Nina Jackson:</h2> <p>Thanks for having me.</p> <h2>Lauren Simmons:</h2> <p>That's all we got for this episode of With the Bag to Match.</p> <h2>Lauren Simmons:</h2> <p>I want to say thank you to Brittany for stopping by and lending us all of her insights.</p> <h2>Lauren Simmons:</h2> <p>I truly enjoyed our chat.</p> <h2>Lauren Simmons:</h2> <p>And a special shout out to our JP Morgan Wealth Management Advisor, Nina, for Making It All Make Sense.</p> <h2>Lauren Simmons:</h2> <p>Please don't forget, the bag is far more than just a fashion statement.</p> <h2>Lauren Simmons:</h2> <p>For us, it's a symbol of financial empowerment.</p> <h2>Lauren Simmons:</h2> <p>Stop by for our next episode as we get into conversation with more amazing women who have built their careers With The Bag To Match.</p> <h2>Lauren Simmons:</h2> <p>See you next time.</p> <h2>Note:</h2> <p>Background music plays.</p> <h2>Note:</h2> <p>A bold disclaimer appears on a black screen and reads:</p> <h2>On screen:</h2> <p>J.P. MORGAN WEALTH MANAGEMENT IS A BUSINESS OF JPMORGAN CHASE &amp; CO., WHICH OFFERS INVESTMENT PRODUCTS AND SERVICES THROUGH<br /> </p> <h2>J.P. MORGAN SECURITIES LLC</h2> <p>(JPMS), A REGISTERED BROKER-DEALER AND INVESTMENT ADVISER, MEMBER FINRA AND SIPC. INSURANCE PRODUCTS ARE MADE AVAILABLE THROUGH CHASE INSURANCE AGENCY, INC. (CIA), A LICENSED INSURANCE AGENCY, DOING BUSINESS AS CHASE INSURANCE AGENCY SERVICES, INC. IN FLORIDA. CERTAIN CUSTODY AND OTHER SERVICES ARE PROVIDED BY JPMORGAN CHASE BANK, N.A. (JPMCB). JPMS, CIA AND JPMCB ARE AFFILIATED COMPANIES UNDER THE COMMON CONTROL OF JPMORGAN CHASE &amp; CO. PRODUCTS NOT AVAILABLE IN ALL STATES. COPYRIGHT {{copyrightCurrentYear}} JPMORGAN CHASE &amp; CO. ALL RIGHTS RESERVED</p> <h2>On screen:</h2> <p>Brown, pink and orange graphics slide on to the screen to reveal the Logo for the show that reads: With The Bag To Match.</p> <h2>On screen:</h2> <p>SpringHill x J.P. Morgan Wealth Management</p> <p>Youtube @MAKESPRINGHILL</p>

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