Today we’d like to introduce you to Mrs. Shanae Carrington, MBA.
Thanks for sharing your story with us Shanae. So, let’s start at the beginning and we can move on from there.
Thank you so much for the opportunity to share my story with your audience. I was born and raised in the Bronx, NY. I did not come from money and my family worked hard to make ends meet. I remember when I was in school, I wanted the latest sneakers and clothes but was told many times that they were too expensive. However, I would see mom shop quite often; which as a child I found very unfair. When I went shopping with her and was allowed to get something it had to be on sale, or she had to have a coupon. Needless to say, shopping with my mom was quite annoying because I could not understand why she was being so cheap.
I thought we were living okay because we always had what we needed and some of what we wanted. However, at that age, I had no concept of the value of money. If I was given $20, I was spending the entire $20 on junk food and other unnecessary items. When I began working, I spent my paychecks as soon as I received them and although I remember my mother saying that I should save money, I didn’t and realistically I didn’t know how to save because I wasn’t taught that behavior.
Once I became an adult and was able to apply for credit cards, like many I thought I hit the jackpot. I considered it free money. I must have had about seven credit cards that I maxed out almost immediately on clothes, shoes, food and who knows what else. At that point, I was a young adult in a ridiculous amount of debt with no savings. All because I was not financially literate and to be honest neither was my mom. I believe she had an idea of what she should have been doing better financially, but like many people in my community, she was just living paycheck to paycheck and enjoyed the instant gratification of shopping. Unfortunately, I had a negative mindset around money and my poor financial behaviors were a product of my environment and the lack of financial education.
One day I hit a turning point when I found myself crying because I was facing eviction and could barely afford my basic needs. I made the decision to create a budget in an attempt to save myself. Fortunately, it worked, and I was able to get myself back on track.
In April 2019 the company I was working for decided to restructure, leading to my department being eliminated and leaving me unemployed. I was on an emotional rollercoaster and unsure of what my next move would be. My strong budgeting skills helped me manage the significant decrease in income and I realized that I finally learned how to use money as the tool it was intended to be. Even though I was making substantially less, I was saving more, investing more and reached a place of financial freedom that allowed me the opportunity to live life on my own terms.
When I think back to what I’ve been through I believe a lot of my poor financial choices could have been avoided if the guidance and knowledge to do better was available to me . Yes, my mom may have made comments like “you should save” based on her financial experience, but honestly, she never taught me how and it was not something I learned in school either. It took a lot of trial and error to get to the place I am today. Monetary Monarch was created in April 2019 for this very reason. Adults should have access to information and resources that can assist them in taking corrective actions, while the youth should have access to information and resources that grant them the ability to take preventative actions. Financial conversations should be normalized, and we need to make educating our children on financial literacy a priority.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
This has not been a smooth road at all. My biggest struggle has been running my business alone and to be honest, letting fear get the best of me as a result of overthinking. There are many times that I had to make decisions and I found myself struggling because I was used to having the comfort and confirmation of a boss to tell me what to do.
The fear of flight is real. I would stress myself out with thoughts of “what will people think?”, “am I doing this right?”,“will anyone like this?” ,etc., and it has slowed me down quite a bit. I had to learn that it is okay to be scared, but it is not okay to let that fear hold you back. Today, I don’t need confirmation from a boss because I am a BOSS!
Alright – so let’s talk business. Tell us about Monetary Monarch – what should we know?
Monetary Monarch is a financial literacy company that provides low-middle income communities with financial education to empower them to shift their mindset around finances. Many people in the community I serve are not fully aware of the financial resources that are available to them and how to effectively use them.
In general, our education system trains us to stay in school, get good grades to ultimately get a job. We are rarely trained on what to do after we get a job and almost never trained on what to do with the money and bills that come along with it. Unfortunately, many of us grow to adopt the same money management habits our parents and communities’ practice, along with the mindset that comes with that. As a result, we also end up living paycheck to paycheck, in debt and barely making ends meet. This kind of living limits our ability to live life to its fullest potential and most importantly, build wealth.
The goal of Monetary Monarch is to normalize conversations around financial matters between families, friends and communities. It is important for adults to have access to information and resources that assist them in taking corrective actions, while the youth have access to information and resources that grant them the ability to take preventative actions.
I specialize in creating and customizing programs and sessions that promote financial conversations, education and growth. I am very proud of the impact my company has had on my community in such a short period of time. I have partnerships with non-profit organizations, schools and corporations to bring programs to our youth and have also assisted many adults with their financial journey. What sets me apart from others is that I partner with my audience to create the best learning experience for them and continue to be a resource to them as long as they need. From girl’s night financial literacy session to family financial literacy sessions, we are changing the conversations we have with people we care about. If we can get together and talk about the latest fashion and celebrity news, we can talk about the latest investment opportunities.
Is there a characteristic or quality that you feel is essential to success?
I feel my passion, relatability and authenticity is most important to my success. My clients know that I understand their individual situations and that they can trust me; which allows them to feel comfortable enough to open up and have honest conversations about their finances. It is all about building relationships with people that extend beyond a business transaction, an event, session, etc.. It is about making an impact and being there when people need you the most. I love what I do because it is bigger than me and others acknowledge that. This is why people work with me and recommend my services to others and I am so very grateful to have the opportunity to serve my community in such an impactful way!
Contact Info:
- Website: www.monetarymonarch.com
- Email: monetaymonarch@gmail.com
- Instagram: monetarymonarch
- Facebook: monetarymonarch
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