Marsha Barnes

Founder/Owner at The Finance Bar

@thefinancebar | LinkedIn Profile

Charlotte, North Carolina

Can you please provide an overview of ‘The Finance Bar’ and the backstory of how you came up with the concept?

The Finance Bar is a mobile financial literacy hub that makes personal finance teachings more accessible to the community, schools, organizations and corporations. If you were to ask a single person today where they could receive assistance to ask personal finance questions the response would either be a bank or financial planner. I wanted to enhance their options. Most young adults are not taught about personal finance management in schools or on college campuses. Additionally, research tells us that finances rank #1 as the leading cause of stress for employees. To take it a step forward, I quickly realized that there are people living in shelters who work a full time job; however, they are unable to balance their finances effectively. In short The Finance Bar chooses to not leave anyone behind. Financial literacy shouldn’t be considered a luxury sport it’s knowledge that we all deserve to be privy to.

How do you connect with the Charlotte community for this effort? How do you raise awareness?

I connect with the local school system in Charlotte and utilize my website and social media very heavily to spread the word about where the mobile hub will be located. Local media outlets have also been very generous in this area.

There’s an often documented saying “It’s expensive to be poor.” Do you agree?

Absolutely. I believe that poor is a state of mind, lack of knowledge is what makes us broke. Let’s be honest. Discussing personal finance has long been a taboo topic that many choose not to bring to the forefront. When we are strapped for cash our natural instinct is to tap into our savings or to increase our debt load by using credit cards or accepting more loans. Lack of knowledge, awareness and commitment allows individuals to fall into this cycle. The less knowledgeable we are the more vulnerable we become. High interest credit cards, auto loans with over the top interest rates and even mortgages that are unaffordable result in poor habits, less assists and less cash.

Why is financial education such an imperative for you personally?

Each of us comes from an array of backgrounds. Some were taught about the importance of personal finance management while others were not. Let’s imagine that a kid lives in a high poverty area and comes from a low-income family. Who will teach them how to manage their money? The more we avoid teaching this at grade level the higher the risk of young adults becoming adults that are also unaware. I refuse to turn the other cheek any longer. The need has long been there but the strides to make it happen are minimal. Someone must be willing to step in to teach at the very least the basics prior to a kid departing high school.

What’s next for ‘The Finance Bar’? Will you look to replicate this model in other cities?

The Finance Bar has endured quite a busy and productive year. I am not 100% on a replication of the mobile hub at this moment. The priority is reaching the masses.

What was the turning point that led to your career in Financial Services?

I have been in the finance industry for a total of 13 years now. My undergraduate degree is in Business and I hold a Masters in Management & Leadership, I am also a Certified Financial Educator. I slipped into the world of finance and have a great love for personal finance specifically. Money can be a tool that can create a great life for each of us in certain areas. However, if we are unaware and view it as coins and paper we become blind to that point.

Who(m) do you believe has had the most influence with respect to your own career?

My mom. For as long as I can remember, my Mom has always been an effective money manager. Always. While she may have never used the word budget, or debt management, or even credit risks, she has always taught me by doing and teaching me in ways that I understood. I recall her mentioning, “You can’t spend money twice.” “Don’t bite off more than you can chew.” “Always plan for a rainy day, and the list goes on.” I am forever and internally grateful for her.

What do you see as the 3 leading future trends for FinTech?

• Increased trust around mobile options;
• Digital and virtual bankers;
• More awareness around the web around financial literacy that expand beyond blogs.

 

Learn more about Marsha and her project: Great overview from Business Insider.