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“With the Bag to Match” Episode 5: On Black Female Entrepreneurship with Omi BellVideo

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Transcript Browser Title: Video transcript: “With the Bag to Match” Episode 5: On Black Female Entrepreneurship with Omi Bell

Description: “With the Bag to Match” Episode 5 features a conversation between former NYSE trader Lauren Simmons and Omi Bell, CEO and host of “The Omi Show.” Read on to learn more.

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Length (seconds): 990

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>On screen:</h2> <p>Woman walks through double doors</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>On screen:</h2> <p>Woman in a black shirt and black leather pants sits in chair next to table with roses in a vase.</p> <h2>Lauren Simmons:</h2> <p>Hey, everyone.</p> <h2>Lauren Simmons:</h2> <p>Welcome to With a Bag to Match, brought to you by Springhill and J.P. Morgan Wealth Management.</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>On screen:</h2> <p>Woman in a black top and black leather pants sits in a yellow-green velvet 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>In this series, the category is women of color and the money moves they make.</p> <h2>Lauren Simmons:</h2> <p>Our guests are incredible trailblazing women who are down to give us a peek behind the curtain when it comes to the way they invest their money, how they achieve their financial goals, and even how they budget for life's hard-earned luxuries.</p> <h2>Lauren Simmons:</h2> <p>Later, we'll also get some timeless financial knowledge from our J.P. Morgan Wealth Management advisor as we delve deeper into today's discussion.</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 hot pink blazer stands in front of a shelf filled with various handbags and strikes a pose</p> <h2>Lauren Simmons:</h2> <p>And with that, I'm speaking with a woman who has the wealth management game on lock.</p> <h2>Lauren Simmons:</h2> <p>Her honest take on her money has landed her features in Forbes, Fortune, and the New York Times.</p> <h2>On screen:</h2> <p>Graphic overlay in various shades of orange and pink</p> <h2>Lauren Simmons:</h2> <p>Please welcome Omi Bell.</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 out and we see Woman in hot pink blazer and a contextual graphic with text and a multicolored bar appears</p> <h2>On screen:</h2> <p>Omi Bell</p> <p>CEO, Black Girl Ventures</p> <h2>Omi Bell:</h2> <p>How did I get started in business?</p> <h2>Omi Bell:</h2> <p>Not traditional.</p> <h2>Omi Bell:</h2> <p>I got laid off twice, called a psychic hotline for help, my entire life flipped upside down, started doing a bunch of business experimenting, finally landed on Black Girl Ventures.</p> <h2>Omi Bell:</h2> <p>I am Omi Bell, the CEO of Black Girl Ventures and the host of The Omi Show.</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>Omi, your story is incredible and unconventional in the best way.</p> <h2>Lauren Simmons:</h2> <p>You created Black Girl Ventures upon finding out that Black women were starting businesses at six times the national average, yet they're receiving less than 1% of venture capital.</p> <h2>Omi Bell:</h2> <p>Oh my goodness.</p> <h2>Lauren Simmons:</h2> <p>How have those numbers shifted since Black Girl Ventures started?</p> <h2>Omi Bell:</h2> <p>They haven't shifted much in terms of the way investment works.</p> <h2>Omi Bell:</h2> <p>I think that at Black Girl Ventures, what we've been working on, we've been able to fund over 400 women-owned companies.</p> <h2>Omi Bell:</h2> <p>We also have directly impacted over 18,000 people.</p> <h2>On screen:</h2> <p>Photo of Omi in a black hoodie with a micorphone in hand with one arm outstretched. Photo is overlaid on a background of various shades of pink and orange.</p> <h2>Omi Bell:</h2> <p>Our founders represent about $10 million in revenue and about 3,000 jobs.</p> <h2>Lauren Simmons:</h2> <p>Wow.</p> <h2>Omi Bell:</h2> <p>But we're still in this --</p> <h2>Lauren Simmons:</h2> <p>Wait, can we just --</p> <h2>Omi Bell:</h2> <p>You know what?</p> <h2>Omi Bell:</h2> <p>I accept that.</p> <h2>Lauren Simmons:</h2> <p>Those are really big numbers.</p> <h2>Omi Bell:</h2> <p>Thank you.</p> <h2>Omi Bell:</h2> <p>Thank you.</p> <h2>Omi Bell:</h2> <p>Thank you.</p> <h2>Omi Bell:</h2> <p>We don't always pick our flowers.</p> <h2>Lauren Simmons:</h2> <p>I'm giving them to you.</p> <h2>Omi Bell:</h2> <p>I appreciate that.</p> <h2>Lauren Simmons:</h2> <p>But I also am really giving them to you, and not to cut you off, but the work that you are doing is incredible.</p> <h2>Omi Bell:</h2> <p>It's interesting because, you know, while I'm serving Black and Brown women, I'm also a Black woman, and so trying to find spaces where I get my inspiration from women like you, youngest woman trade on Wall Street, like your personal brand is amazing.</p> <h2>On screen:</h2> <p>Photo of Omi in a bright red and blue floral blouse with a microphone in her hand. Photo is overlaid on a background of various shades of pink.<br /> </p> <h2>Omi Bell:</h2> <p>I think that it's important seeing the light in each other because while I'm serving hundreds of Black and Brown women, I also have to find my own strength as a Black woman because when I get out there, I'm presenting strong.</p> <h2>Lauren Simmons:</h2> <p>I mean, community uplifting each other is, I think, even more important when we are being challenged.</p> <h2>Lauren Simmons:</h2> <p>It is unfortunate that these are still issues that are being presented.</p> <h2>Omi Bell:</h2> <p>Yeah.</p> <h2>Lauren Simmons:</h2> <p>The percentage of Black women in VC is pretty limited.</p> <h2>Lauren Simmons:</h2> <p>How do you think that lack of representation has impacted the Black and Brown community?</p> <h2>Omi Bell:</h2> <p>Yeah, it's interesting because we talk a lot about the stats being low.</p> <h2>Omi Bell:</h2> <p>Of course, you have less than 1% of Black and Brown people, period, receiving access to venture capital, and then there is a growing -- I want to really speak to the positive things that are happening. Because there is a growing number.</p> <h2>Lauren Simmons:</h2> <p>Me too.</p> <h2>Lauren Simmons:</h2> <p>I hate those numbers.</p> <h2>Omi Bell:</h2> <p>I know.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>And so many people focus on them, and we should.</p> <h2>Omi Bell:</h2> <p>I'm not saying that we shouldn't.</p> <h2>Omi Bell:</h2> <p>We should keep telling that story so that people understand the depth of the problem.</p> <h2>Omi Bell:</h2> <p>But there are a growing number of emerging fund managers that are Black people.</p> <h2>Omi Bell:</h2> <p>Black men, Black women.</p> <h2>Omi Bell:</h2> <p>You have people like Collab Capital with Jewel Burke, Solomon.</p> <h2>Omi Bell:</h2> <p>You have people like RareBreed VC.</p> <h2>Lauren Simmons:</h2> <p>Arlene.</p> <h2>Omi Bell:</h2> <p>McKinley.</p> <h2>Omi Bell:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>You have these different people who are in different ways.</p> <h2>Omi Bell:</h2> <p>This thing is brewing.</p> <h2>Omi Bell:</h2> <p>It's growing.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>So private change is going to happen.</p> <h2>Omi Bell:</h2> <p>One of the things that I testified in front of Congress about was the accredited investor definition and continuing that fight because right now, you have to make over $200,000, have a million dollars net worth.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>I'm sort of in those rooms saying, where did the idea of a million dollars come from?</p> <h2>Lauren Simmons:</h2> <p>Right.</p> <h2>Omi Bell:</h2> <p>How did that automatically mean you were financially -- who says that?</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>You know the answer that I got?</p> <h2>Lauren Simmons:</h2> <p>What was the answer?</p> <h2>Omi Bell:</h2> <p>Well, in the '80s, a million dollars was a lot of money.</p> <h2>Omi Bell:</h2> <p>We just figured a million.</p> <h2>Omi Bell:</h2> <p>I'm like, are y'all kidding me right now?</p> <h2>Omi Bell:</h2> <p>Just in the '80s, a million dollars happened to be a lot of money, so that's what you went with?</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>We're talking about 1% of people across the country who are making enough money to be considered in that definition.</p> <h2>Omi Bell:</h2> <p>And so I'm fighting for that because if we can lower that accredited investor definition and we can allow more people in to be investors, we want more women and more people of color to see themselves as being able to get into the game of finance.</p> <h2>Omi Bell:</h2> <p>Right? And so how do we do that?</p> <h2>Omi Bell:</h2> <p>We've got to let them in systematically, and this is one of those systematical systems.</p> <h2>Note:</h2> <p>Background music plays.</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>Omi in her hot pink blazer shakes hand with man in producer’s headset wearing a navy and white plaid shirt. Omi is seated in a chair in front of a multicolored square paned stained glass window as the man waves for woman in a camo jacket with green and blue braids to check Omi’s makeup. Another man enters to check the Omi’s mic and a woman enters in a green hoodie to clap the production slate. There are two tropical potted plants in the background on either side of the window. The frame clears and leaves only Omi.</p> <h2>On screen:</h2> <p>A Spend I can’t resist is…</p> <h2>Omi Bell:</h2> <p>A spend I can't resist is scrolling and clicking and adding to cart.</p> <h2>Omi Bell:</h2> <p>Okay.</p> <h2>Omi Bell:</h2> <p>I need to be stopped.</p> <h2>Omi Bell:</h2> <p>It's terrible.</p> <h2>Omi Bell:</h2> <p>I'm scrolling social media.</p> <h2>Omi Bell:</h2> <p>I see something I like.</p> <h2>Omi Bell:</h2> <p>It can be a phone holder.</p> <h2>Omi Bell:</h2> <p>It can be any type of new type of technology.</p> <h2>Omi Bell:</h2> <p>I'm like, yes, it's mine.</p> <h2>Omi Bell:</h2> <p>I got to have it.</p> <h2>On screen:</h2> <p>My version of free is<br /> </p> <h2>Omi Bell:</h2> <p>My version of free, my girl math, is anything that has reward points, okay, I'm buying it.</p> <h2>Omi Bell:</h2> <p>Yes, I know I spent $50 to get two points, but that's not the point.</p> <h2>Omi Bell:</h2> <p>Okay, I needed those points because at some point, they're going to add up and I'm going to be able to use them all to get something for free.</p> <h2>Omi Bell:</h2> <p>I'm just driven by that.</p> <h2>On screen:</h2> <p>I Blow My Budget On…<br /> </p> <h2>Omi Bell:</h2> <p>I blow my budget on sneakers.</p> <h2>Omi Bell:</h2> <p>I mean, I don't consider myself a sneakerhead, but I'm close.</p> <h2>Omi Bell:</h2> <p>I'm like a sneakerhead's cousin. You know?</p> <h2>Omi Bell:</h2> <p>All the colorways, I want them.</p> <h2>Omi Bell:</h2> <p>I love them.</p> <h2>Omi Bell:</h2> <p>Give me the best sneakers.</p> <h2>On screen:</h2> <p>Pink and orange graphics slide in and reveal the two women are once again sitting in the velvet chairs in a loft setting with a large pink and orange stained glass window and potted plants behind them.<br /> </p> <h2>Lauren Simmons:</h2> <p>What has you found is the most difficult part in achieving your own financial wellness?</p> <h2>Omi Bell:</h2> <p>Getting out of a sort of, I don't have enough state, sort of detrimental money challenges I've gone through over the course of my life.</p> <h2>Omi Bell:</h2> <p>I started doing some research with the women that we bring in and we would have them work through their money journey.</p> <h2>Omi Bell:</h2> <p>What did you feel about money between the ages of one and seven?</p> <h2>Omi Bell:</h2> <p>What did you feel about money between the ages of seven and 14, 14 and 28?</p> <h2>Omi Bell:</h2> <p>That kind of thing.</p> <h2>Lauren Simmons:</h2> <p>Yep.</p> <h2>Omi Bell:</h2> <p>Even people who had great sort of parental advice around money, somewhere right after college is where everybody was kind of losing it.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>That like, I now had to be on my own thing.</p> <h2>Omi Bell:</h2> <p>You're in your early twenties where your bank account is going negative all the time because you're overspending and not figuring out how to spend?</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>Well, a wealth manager once told me, you're either a spender or a saver.</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>Lauren Simmons:</h2> <p>Wait, which one are you?</p> <h2>Omi Bell:</h2> <p>I have a super fear of ever going broke.</p> <h2>Lauren Simmons:</h2> <p>Same. Same.</p> <h2>Omi Bell:</h2> <p>So I'm always like, oh my God, I have an anxiety around it.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>Like if my bank account is hitting a certain threshold, I'm like, oh my God, we got to do something.</p> <h2>Lauren Simmons:</h2> <p>Same, yeah, yeah.</p> <h2>Omi Bell:</h2> <p>Somebody, it's an emergency.</p> <h2>Omi Bell:</h2> <p>In some ways, that can be a driver for me to keep creating, and then in some ways, when I do make it to a certain place, it causes me to maybe not acknowledge being in a certain place and what it takes for me to move forward from there.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>I think that has been a huge, just a hard thing, a hard boundary to cross.</p> <h2>Lauren Simmons:</h2> <p>It's psychological.</p> <h2>Lauren Simmons:</h2> <p>In order to get to that next threshold, you do have to spend money.</p> <h2>Lauren Simmons:</h2> <p>You have to spend money to make money.</p> <h2>Lauren Simmons:</h2> <p>And you know, I recently just purchased my first home.</p> <h2>Omi Bell:</h2> <p>Congratulations.</p> <h2>Lauren Simmons:</h2> <p>Thank you.</p> <h2>Lauren Simmons:</h2> <p>With that, again, I like seeing a certain number in my bank account.</p> <h2>Lauren Simmons:</h2> <p>When you're doing this, I had to do a 20% down payment, but with doing that, I just remember the very next day having a massive anxiety attack.</p> <h2>Lauren Simmons:</h2> <p>I'm like, did I make the right decision?</p> <h2>Lauren Simmons:</h2> <p>Was this right?</p> <h2>Lauren Simmons:</h2> <p>As someone who's in finance, I looked at the market, I looked at my home and what it was valued and the comps.</p> <h2>Lauren Simmons:</h2> <p>I knew it was the perfect recipe of the house that I should be buying and that it would be a great investment, but even then, I was like, is there a way that I can back out of this?</p> <h2>Lauren Simmons:</h2> <p>And also, just retraining the mind.</p> <h2>Lauren Simmons:</h2> <p>I'm very much a person that believes your parents largely influence your relationship with money.</p> <h2>Lauren Simmons:</h2> <p>And the background that I grew up in, my mom never spent money.</p> <h2>Lauren Simmons:</h2> <p>Not because she didn't have it.</p> <h2>Lauren Simmons:</h2> <p>She had a lot of fear-based emotions around it.</p> <h2>Lauren Simmons:</h2> <p>And so she would work, even to this day, really hard, but doesn't spend money.</p> <h2>Lauren Simmons:</h2> <p>Any time I would make a purchase, big or small, I would carry this guilt with me.</p> <h2>Omi Bell:</h2> <p>Mine is the opposite.</p> <h2>Omi Bell:</h2> <p>It's more like the, you can't take it when you die kind of thing.</p> <h2>Lauren Simmons:</h2> <p>You're like, spend it all?</p> <h2>Omi Bell:</h2> <p>No, I'm kidding.</p> <h2>Omi Bell:</h2> <p>Not spend it all.</p> <h2>Omi Bell:</h2> <p>But that's the kind of thing that I grew up with, where it's like, well, you can't take it when you die.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>That kind of thing.</p> <h2>Omi Bell:</h2> <p>The idea of like, well, it's two for $5.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>Okay, get six of them.</p> <h2>Omi Bell:</h2> <p>Wait a minute.</p> <h2>Omi Bell:</h2> <p>That's not what that means.</p> <h2>Omi Bell:</h2> <p>Maybe we should just get two or get none, because we don't need this thing, right?</p> <h2>Lauren Simmons:</h2> <p>Right.</p> <h2>Omi Bell:</h2> <p>But it was always this sort of different idea around what we can do with money between my mom and my dad.</p> <h2>Omi Bell:</h2> <p>My dad had been a spender on things that didn't need to be spent on, and my mom wanted me to be a saver and wanting him to save, but him never looking at it that way.</p> <h2>Omi Bell:</h2> <p>My dad had a sort of check mark, like, okay, check, we got a house.</p> <h2>Omi Bell:</h2> <p>That's what I wanted.</p> <h2>Omi Bell:</h2> <p>Check, I got a family.</p> <h2>Omi Bell:</h2> <p>Boom.</p> <h2>Omi Bell:</h2> <p>Now let's have a party.</p> <h2>Omi Bell:</h2> <p>Right?</p> <h2>Omi Bell:</h2> <p>Like, but no.</p> <h2>Omi Bell:</h2> <p>Right?</p> <h2>Omi Bell:</h2> <p>My mom was focused on like, let's save and let's try to grow, but also being a bit of a spender herself.</p> <h2>Omi Bell:</h2> <p>So I know why they got together, but eventually the decisions that they made, our first house that we lived in was foreclosed on.</p> <h2>Lauren Simmons:</h2> <p>Oh wow.</p> <h2>Omi Bell:</h2> <p>And then that became a detriment in their personalities, which then I think that fear kind of trickled over to me.</p> <h2>On screen:</h2> <p>A pink and purple graphic with pink text above it slides in and the text reads:</p> <h2>On screen:</h2> <p>More on this later…</p> <h2>Omi Bell:</h2> <p>My mom is an accountant, so she always taught me money tracking, but not money management.</p> <h2>Omi Bell:</h2> <p>And that's key for women.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>Not just money tracking, which is where did I spend it?</p> <h2>Omi Bell:</h2> <p>How did I spend it?</p> <h2>Omi Bell:</h2> <p>Why did I spend it?</p> <h2>Omi Bell:</h2> <p>But like money management, meaning what time of the month should I spend it?</p> <h2>Omi Bell:</h2> <p>What time of the year should I spend what?</p> <h2>Omi Bell:</h2> <p>What is going to bring me enough return on investment at what point for me to be able to really count it as an asset, bringing me back capital to do something else.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>That was not a part of my money education growing up.</p> <h2>Lauren Simmons:</h2> <p>We are in really weird times and I commend you for having a purpose, charging forward all the Black and Brown women that are out there, especially -- I'm not going to cry, but everything that is going on in the news when it comes to Black women and venture and everything that you're doing.</p> <h2>Note:</h2> <p>Music Plays in the background</p> <h2>Lauren Simmons:</h2> <p>So thank you so much.</p> <h2>Omi Bell:</h2> <p>Thank you.</p> <h2>Lauren Simmons:</h2> <p>All right.</p> <h2>Lauren Simmons:</h2> <p>It's about that time where we dive into conversation with our JP Morgan Wealth Management Advisor to get her breakdown of those financial terms that feel way more intimidating than necessary.</p> <h2>On screen:</h2> <p>Pink bubble graphic expands to say “Make It Make Sense”. The graphic disappears to reveal woman in a gray denim blazer and black shirt. A contextual graphic with text and a multicolored bar appears</p> <h2>On screen:</h2> <p>Lanän Clark</p> <p>J.P. Morgan Wealth Management Advisor</p> <h2>On screen:</h2> <p>Pink and orange Graphic transition to Lauren, now wearing a red silk blouse and blue jeans, sitting across from the Lanan in the gray denim blazer in two velvety chairs against a white brick background with classy modern décor and potted plants.</p> <h2>Lauren Simmons:</h2> <p>Here we are again.</p> <h2>Lauren Simmons:</h2> <p>I'm so excited.</p> <h2>Lauren Simmons:</h2> <p>I'm so glad to be back with you.</p> <h2>Lauren Simmons:</h2> <p>All righty.</p> <h2>Lauren Simmons:</h2> <p>A wealth manager once told Omi you're either a spender or a saver.</p> <h2>Lauren Simmons:</h2> <p>Has that been your experience in your line of work?</p> <h2>Lanan Clark:</h2> <p>I find that people spend what they want to spend and they save where they want to save.</p> <h2>Lanan Clark:</h2> <p>The third part of that is they give where they want to give.</p> <h2>Lanan Clark:</h2> <p>So I think there is a third tranche there.</p> <h2>Lauren Simmons:</h2> <p>Yeah, yeah.</p> <h2>Lanan Clark:</h2> <p>Any one of those to an extreme isn't great.</p> <h2>Lauren Simmons:</h2> <p>So it's okay to do it all, but just that you have balance with it.</p> <h2>Lanan Clark:</h2> <p>Yes.</p> <h2>Lanan Clark:</h2> <p>Like anything else.</p> <h2>Lanan Clark:</h2> <p>I love birthday cake.</p> <h2>Lanan Clark:</h2> <p>I just shouldn't eat a whole one.</p> <h2>Lauren Simmons:</h2> <p>I mean, we can.</p> <h2>Lanan Clark:</h2> <p>I mean, you can.</p> <h2>Lanan Clark:</h2> <p>You can.</p> <h2>Lanan Clark:</h2> <p>You can.</p> <h2>Lanan Clark:</h2> <p>I don't recommend it.</p> <h2>Lauren Simmons:</h2> <p>Everything is balanced.</p> <h2>Lanan Clark:</h2> <p>It is.</p> <h2>Lauren Simmons:</h2> <p>Omi also talks about finding your way around the scarcity mindset or the fear that you'll run out of money.</p> <h2>Lauren Simmons:</h2> <p>Do you encounter that with clients often?</p> <h2>Lauren Simmons:</h2> <p>How do you coach them through that?</p> <h2>Lanan Clark:</h2> <p>That's probably something I'm probably talking about, I mean, two or three times a week.</p> <h2>Lanan Clark:</h2> <p>When you have such an inflationary environment like the one we're in today and the grocery bill that would have been X amount is now X plus amount.</p> <h2>Lanan Clark:</h2> <p>It's a scary thing for folks and they all of a sudden go to the end of the world of their financial Armageddon.</p> <h2>Lanan Clark:</h2> <p>And how in the world am I going to live when I'm 50 or 60 or 70?</p> <h2>Lanan Clark:</h2> <p>So that scarcity mindset is a real thing, but that's where planning comes into play.</p> <h2>Lanan Clark:</h2> <p>You don't have to be afraid of it.</p> <h2>Lanan Clark:</h2> <p>Understand the inflows.</p> <h2>Lanan Clark:</h2> <p>Understand the necessary outflows.</p> <h2>Lanan Clark:</h2> <p>Understand what you need to live on and understand how long you're going to have an income.</p> <h2>Lanan Clark:</h2> <p>If you know what's coming in and you know what has to go out and you know how long the something that's coming in is going to come in, let's make a plan.</p> <h2>Lanan Clark:</h2> <p>We can blueprint that so that you can get rid of that fear.</p> <h2>Lanan Clark:</h2> <p>That one's a real one.</p> <h2>Lanan Clark:</h2> <p>Scarcity is a real one.</p> <h2>Lauren Simmons:</h2> <p>But how do you factor in the sudden shift of, okay, now gas has gone up?</p> <h2>Lauren Simmons:</h2> <p>When we're talking about everyday things that are part of your monthly budget changing drastically, how do I lean in to still be able to manage it all?</p> <h2>Lanan Clark:</h2> <p>And this is like the budgeting side of things.</p> <h2>Lanan Clark:</h2> <p>I was just talking to a girlfriend of mine and she was like, and she mentioned the gas.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Lanan Clark:</h2> <p>She's like, I don't know that it makes sense for me to keep doing X, Y, Z.</p> <h2>Lanan Clark:</h2> <p>I'm like, well, let's map it out.</p> <h2>Lanan Clark:</h2> <p>Put pen to paper.</p> <h2>Lanan Clark:</h2> <p>Take a look at it.</p> <h2>Lanan Clark:</h2> <p>The difficulty is choices have to be made.</p> <h2>Lanan Clark:</h2> <p>So if you're doing this thing, in her case Pilates, if you're doing this thing and it's costing you X and now it's still the same amount of time, but it's causing you X plus Y or X squared even in her case, right?</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Omi Bell:</h2> <p>If it's costing you that, there's the money value and then there's that intrinsic value.</p> <h2>Omi Bell:</h2> <p>How much do you need it?</p> <h2>Omi Bell:</h2> <p>And if you got to have it, what are you giving up?</p> <h2>Omi Bell:</h2> <p>Because if there's no additional coming in, then what's not going to go out?</p> <h2>Lauren Simmons:</h2> <p>Or we do Pilates at home on the internet.</p> <h2>Lauren Simmons:</h2> <p>We get creative.</p> <h2>Lanan Clark:</h2> <p>You get creative.</p> <h2>Lauren Simmons:</h2> <p>Maybe we don't use a machine.</p> <h2>Lauren Simmons:</h2> <p>Maybe we're just doing floor Pilates.</p> <h2>Lanan Clark:</h2> <p>Maybe we find yoga.</p> <h2>Lanan Clark:</h2> <p>I mean, maybe we take a walk around the block a couple of times.</p> <h2>Lanan Clark:</h2> <p>I mean, you just have to be willing to understand the reality of what's happening for you.</p> <h2>Lauren Simmons:</h2> <p>Yes.</p> <h2>Lanan Clark:</h2> <p>And then make some adjustments.</p> <h2>Lanan Clark:</h2> <p>And I love the way that you said creative.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Lanan Clark:</h2> <p>Get creative.</p> <h2>Lauren Simmons:</h2> <p>Omi mentioned money tracking versus money management.</p> <h2>Lauren Simmons:</h2> <p>Could you speak more on the difference between those two concepts?</p> <h2>Lanan Clark:</h2> <p>Sure.</p> <h2>Lanan Clark:</h2> <p>I mean, I hear money tracking, I think budgeting.</p> <h2>Lauren Simmons:</h2> <p>Okay.</p> <h2>Lanan Clark:</h2> <p>I hear money managing, I think planning.</p> <h2>Lanan Clark:</h2> <p>That's how those phrases resonated for me.</p> <h2>Lanan Clark:</h2> <p>Money tracking is just what's coming in, what's going out.</p> <h2>Lauren Simmons:</h2> <p>Got it.</p> <h2>Lanan Clark:</h2> <p>That's it.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Lanan Clark:</h2> <p>That's all it is.</p> <h2>Lauren Simmons:</h2> <p>It's not complex.</p> <h2>Lanan Clark:</h2> <p>It's not complex.</p> <h2>Lauren Simmons:</h2> <p>Versus money management.</p> <h2>Lanan Clark:</h2> <p>Money management is different.</p> <h2>Lanan Clark:</h2> <p>Right.</p> <h2>Lanan Clark:</h2> <p>Because now it's like, here's what's coming in.</p> <h2>Lanan Clark:</h2> <p>Could be coming in from different places.</p> <h2>Lanan Clark:</h2> <p>And then the going out is definitely going to different places.</p> <h2>Lanan Clark:</h2> <p>And then the other component of that is, okay, and then the money making, right.</p> <h2>Lauren Simmons:</h2> <p>Yeah.</p> <h2>Lanan Clark:</h2> <p>The money tracking, the money managing, and the money making.</p> <h2>Lanan Clark:</h2> <p>So is my money working for me as well?</p> <h2>Lauren Simmons:</h2> <p>I love that.</p> <h2>Lauren Simmons:</h2> <p>Well, thank you so much, Lanan.</p> <h2>Lanan Clark:</h2> <p>You're welcome.</p> <h2>Lauren Simmons:</h2> <p>You know I have a thousand and one questions.</p> <h2>Lauren Simmons:</h2> <p>We're on a time, so I can't ask all my questions.</p> <h2>Lauren Simmons:</h2> <p>And I keep looking at the camera.</p> <h2>Lauren Simmons:</h2> <p>Like, am I going to go there?</p> <h2>Lauren Simmons:</h2> <p>Are we good?</p> <h2>Lauren Simmons:</h2> <p>These conversations have been so good.</p> <h2>Lauren Simmons:</h2> <p>I really appreciate it.</p> <h2>On screen:</h2> <p>Pink and orange graphics slide transition to reveal Lauren back in her black shirt abd black leather pants</p> <h2>Lauren Simmons:</h2> <p>Well, that's all we've got for this episode of With the Bag to Match.</p> <h2>Lauren Simmons:</h2> <p>A huge thank you to our vibrant guest, Omi, for sharing her journey and wisdom with us.</p> <h2>Lauren Simmons:</h2> <p>And of course, thank you to you for tuning in. Also, I want to shout out our J.P. Morgan Wealth Management advisor Lanan for making it all make sense as she does so well.</p> <h2>Lauren Simmons:</h2> <p>Before you go, remember the bag isn't just a fashion statement. For us, it's a symbol of financial empowerment. Make sure you pop in for our next episode as we sit with more incredible women for money insights and honest conversations.</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</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>Lauren Simmons:</h2> <p>Until then, keep securing the bag.</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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