Building Wealth with Financial Flexibility | Ep. 257

Intro/Outro: You know what it is. That’s right. It’s time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It’s the money talk with Tiff podcast.

Tiffany Grant: Hey everyone. I am so excited because I have Chiante Jones on the line now. Chiante, we met at Facebook. FinCon.

Come on, FinCon ers. Um, but I’m excited to have her because she’s here to talk to us about financial flexibility. And this is a term that I don’t think I’ve ever heard until now. And so I’m excited to talk about that. So, hey, Chiante. Hi, Tiffany. Thanks for having me on. Thank you for coming. So let’s hop right on in.

What is financial flexibility and why is that important? Yeah.

Chiante Jones: So when I think about financial flexibility, I think about Having what a lot of people call like breathing room or space to around your finances and and really there’s like a degree of financial flexibility as you go to different levels with your personal finances.

Um, so really, it’s like the degree to which there is like, you have the ability to choose, adjust, reprioritize and take advantage of opportunities as they arise without money being a hindrance or money being the thing that is keeping you from being able to do it. So it’s really about the ability to make financial movements.

And choices with ease around your money. And that’s important because like we just You know, we don’t want to be tied down on what we can and can’t do solely because of money. So like creating some financial flexibility for yourself allows you to do a lot of the things that you want to do, you know, that we want to do anyway.

Yeah.

Tiffany Grant: Yes. I love that so much because I feel like it’s one of the overlooked. things of, you know, financial education and stuff that’s out there because, you know, you have people like Kiyosaki saying trash, uh, cash is trash and things like that. But to me, I feel like that gives you that financial flexibility in order to make the moves that you need to do.

So speaking of making those moves, how did you use financial flexibility to make some changes in your life? Yeah. So

Chiante Jones: for me, I. Financial flexibility has been a huge part of me being able to be where I am now as far as being a full time entrepreneur. So, uh, I was not always entrepreneurial. Um, it wasn’t, I worked for the federal government for 16 and a half years in the banking and finance industry.

Um, a little over a decade into my career. I ended up having a, uh, really like a, a poor performance evaluation. So not that it was bad, but it was way below my expectations. And I felt like I didn’t, it didn’t reflect the work I had done for the year. And that was just a moment where like, my eyes were just open to, Oh, there, Oh, this can’t be it forever.

Right? Like you do all the things, you follow all the rules and then you, um, end up in a place where you feel undervalued, feel very limited. And I just knew at that time that. Something was gonna be different. So that really opened my eyes to entrepreneurship of, you know, that’s kind of the direction I ended up going thinking about something beyond just my salary.

And I had done well with my, you know, good, some good financial habits to that point, but I knew that to really move things forward and give myself more options that creating more financial flexibility, paying more attention to my money and my finances was going to be a key part of giving myself those options, you know, more options.

So after that, I just, like I said, there were good things already going on, but I really honed in. Thank you. Oh, okay. What else can I do? What other ways can I earn income just open my eyes to start exploring other things. And, um, it was about a year later, I discovered, you know, financial coaching and I knew that that was the path that I wanted to take.

Um, and I knew at some point I probably would, you know, leave my job, uh, to, you know, to pursue that full time. So along the way, I ended up, um, becoming consumer debt free. And then I, um, also was able to accumulate a million dollar net worth at 37. And I’ll, and also become what’s considered called like co spot financial independence, where basically you have enough in your retirement accounts that, you know, if you don’t add any additional, it’ll grow over time to be sufficient for you to retire.

So once I hit a lot of those milestones, I was like, okay, now I have the flexibility to do some other things or some other options. Um, where it was more about just generating enough income to cover my living expenses and not feeling like I was stuck in, in my job or my career. It gave me the space to be able to do something different and explore something different.

Tiffany Grant: Yes, I love that. And I want to ask you, I want to kind of go back to how you were going through how you became financially flexible. If we have listeners that are listening right now, and they’re like, Oh, I’m a little tight. I could use some, you know, I could use some stretching. I could use some stretching.

How would they use. Start on that journey to become financially flexible. Like what are some things that they should be doing today in order to be as flexible as they can?

Chiante Jones: Yeah. So one thing that was really helpful for me is that. As soon as I could, um, start contributing to like, uh, you know, retirement accounts and everything.

Even if I, when I, when granted coming out of college, I didn’t fully understand what all that stuff meant. I just knew like, Oh, this sounds like a good idea to contribute here. And I did. And, um, so one thing was like consistent practices over time. Like a lot of people don’t like to even get started because they feel like, Oh, I don’t have enough or I’ll do it when X, Y, Z happens.

And it’s like, no, just start where you are with what you have. And then as you can do more. Increase those things. It’s really about building the habit. So one thing was I was, this wasn’t about perfection, you know, consistency was more important than a perfection. So I did consistent practices over time of contributing to retirement accounts, savings, and then just over time, those things built.

Another thing that was really important along my journey was minimizing my debt. And, um, and again, I don’t know exactly where this thought came from. I just, I just felt like, uh, I just felt like that will, too much debt will hold me back or get in my way. Or like, I guess for me, I always wanted to have options and flexibility, even though like these weren’t like necessarily conscious, like deep rooted thoughts.

It’s just like how I felt at the time. And so whenever I would, I was always kind of strategic about my debt. So it’s not that all debt was bad at all. Like, I mean, I definitely used that along the way. But it was always like, okay, well, how much is that going to cost? How am I going to pay that off? It was always like a plan around it before I got into the debt.

You know, like, so I was always thinking about it ahead of time, rather than, oh, I’m in this debt now, let me figure this out. So that was one thing along the way. And I was very strategic about what I used it for. And, um, uh, and like I said, minimizing even the amount that I would take out. Just because you get offered a certain, approved for a certain level doesn’t mean you have to accept it.

So I was just always like paying attention to that kind of stuff. Building savings. So, like, I was, look, I’m really like a recovering over saver. You know, some people are just natural savers. That’s how it was. But I have learned over time is to be purposeful about savings because you can’t over save. And that money could be better used to do other things with, um, like invest and actually grow your wealth.

You’re not going to save your wealth, save your way to being wealthy. You have to invest that. Um, and in some, you know, in some type of market or real estate or whatever you want invested in, but to actually grow wealth with it. So that’s another thing that I started doing was. Invest in it, even if it’s through a retirement account.

What can you do with that money once you get the savings, you need start using it and pulling it to make more money for you.

Tiffany Grant: I am very glad that you mentioned being a super saver because people don’t understand That this financial thing is a spectrum, okay You know you have the Super spenders on one end, you have the super savers on the other, and then you have everybody else in between.

Yeah. And I was definitely with you with the whole super saver thing, like extreme coupon in, you know, invest in whenever possible doing all that stuff. I had to realize, like Tiffany, saving is not everything, and I also realized that it came from a place of trauma, right? So, you know, financial trauma is something that’s starting to get a lot of buzz, you know, the buzzword now, and I can honestly say that’s what sparked that whole saving thing for me.

Yeah. And. After I started taking a step back and realizing that I was like, Tiffany, you need to enjoy some of life. Like, you know, it’s not just about saving money.

Chiante Jones: Well, yeah. And for me, you know what, Tiffany, it wasn’t that I was like, um, cause I guess that comes off like I was being really frugal and certain things.

It was really. This is, I guess it’s another thing I did as far as creating financial flexibility was being more like a value based spender, right? Like value based, like spending on things that were more important to me. So it wasn’t like I would deprive myself from the things that I really wanted or wouldn’t be spending money.

So I wouldn’t say I was overly frugal. I think I am kind of a little bit frugal and resourceful by nature. Um, and growing up with a single mother, you know, growing up where that really was kind of, we had to pay attention to things, but It was just more, and some of it was maybe not even knowing, like, what else to do with money.

Like, I just didn’t, you know, so I was like, oh, you’re supposed to save, so keep saving. But once you get to a certain point, it’s like, okay, we can do something else with that. So it wasn’t that I was depriving myself from doing the things that I wanted to do or buying things. I still would do that, but it’s, you could still, even with that, you could still be saving, like, quote, too much.

And be doing, instead of using your money to really move you forward in your finances. So, yeah.

Tiffany Grant: Right. Absolutely. And I also wanted to go back to what you were saying about debt. Um, for me, debt is like, I don’t know, it just makes me feel suffocated. Um, and it’s, well, I’m. Let me rephrase, because like you said, there’s, you know, debt that you don’t mind having, and then there’s the other kind. And so when I say that, I’m talking about the other kind, so I’m talking about high interest credit cards, I’m talking about loans, things like that, um, that aren’t like, you know, for your house or for your car or something to get around in.

This is stuff that for me, it’s, I could feel a difference in my flexibility when I have that type of debt versus when I don’t have that type of debt being that I’ve experienced both. And I just feel like that adds A layer of limberness, like, you know, you’re able to, and I love taking this flexibility thing.

Like this is my new thing. Now, um, it just gives you an opportunity to like stretch and just to feel a little more free. Um, what are your thoughts even more about that?

Chiante Jones: I agree. Like, and I can think like what As far as debt, I can even think back to like student loans, like getting student loans. So, I mean, when I was, like I said, raised by a single mother, first generation college grad, so going into college, I was like, okay, I need to figure out how to pay for, for this.

Right. So, I mean, I had, I have plenty of scholarships and then, you know, whatever wasn’t covered by scholarships, you know, they, you go look, get, you know, financial aid for, even when I was offered. Financial aid, you know, a lot of people just take whatever, like again, take whatever they give you. And then, you know, that refund check was a big thing back in college.

You know, you go in there and blow the money. And like, for me, I was always looking like, wait a minute. Like, what is the minimum amount that I need? Because I always knew that I had to pay this back. Like, I knew it wasn’t, um, like I knew it would come back to me. And I’m like, I just want to own the, oh, the minimum possible and get it paid back as soon as possible afterwards.

Because you’re right. Like, I just always felt like it was, um, I didn’t want it to limit me. I guess, like I said, I was always kind of a. The theme in my head was like, I don’t, I want to have options. I don’t want to be limited. And, and so like, it wasn’t that completely avoid that all that it’s bad, but like, if I’m going to get in this, I need to be clear about what I’m trying to do.

It needs to be, you know, I need to have a plan around it. And so that’s just how I always have thought about it. I mean, coming out of college, I, you know, I use that rooms to go card, you know, like I use those, you know, like to get my furniture and it was fine. You know, I took a minute. So that was another thing.

Like a lot of times if I dig into that, if I could do it. Like interest free for a period of time. I was like, okay, let me make sure I can figure out how to pay this off before interest kicks in. So it wasn’t that there’s, it wasn’t that that was like, like avoided at all costs. It’s like, okay, let me figure out how to use this best and then what am I using it for?

And then move from there. But I have even, even talking to clients, they feel differently about, you know, this credit card debt that they’ve accumulated that was from some frivolous things that don’t even matter now. Versus. How they feel even about their student loans or how they feel about their mortgage.

I do think it’s a, it just feels different. Um, because at least for those other things, you have something to show for it and you can be clear about what the reason was where a lot of times, like I said, with high interest credit card debt, not all the time, but it’s typically comes from just kind of some just overspending and consuming more than.

You need it to consume at that time.

Tiffany Grant: Yeah, absolutely. And just with what you said, I’m glad that you mentioned using debt as a tool, like versus just using it as free money. I feel like that’s the big difference between if you are under a lot of credit card debt. Versus, and, and not having anything to show for it, versus, you know, actually utilizing the credit cards just for things that, let me just give an example, um, when my son needed braces.

Okay. So I talked about this back. I think it was like episode four. Um, his dad, all of a sudden was like, Oh, I can’t help. And I’m just like, well, I have my half. I didn’t have your half. Um, and so I needed to use my credit card in order to cover his other half. Now I used it for that time period. And for that one thing, it was.

used as a tool and I paid it off quickly. And so, yeah, so I just wanted to give an example to make it concrete for people like, debt isn’t bad, credit cards aren’t bad, but using them as a tool is what’s important versus using them as just some free money that flew out the sky.

Chiante Jones: Yeah. Use them to build, right?

Use them to build or move you forward rather than. Hold you back. Right. So yeah, that’s how I think about it too. Cause it, cause I think putting like, say like an investment in something like for your son, like, you know, that’s something that he really needed the braces. Like that’s really kind of like seen as an investment of being able to get him, you know, correct his teeth or smile and all this kind of stuff versus like went out brunch, you know, five times last month and now the brunch is gone or whatever.

And, or you bought another bag that you really didn’t necessarily need like that rather than. You know, so it’s kind of just a different thing where, um, you’re using it to, like I say, move you forward or invest in something versus

Um,

Tiffany Grant: that. Now, part of your story, which you didn’t really mention, but I want to hit on it a little bit, um, is that when you did leave, you left a government job and usually people they’re like, Oh, you better get the government job, stay in your

Chiante Jones: government job, so

Tiffany Grant: I just wanted to hit really quick on what gave you that courage or what, um, What was your thought process behind, okay, I need to go ahead and leave this job, whether or not it’s a government job.

Chiante Jones: Yeah. So this was a really big thing for me, Tiffany. So like I say, I mean, coming up with, again, the single mom, first generation college, I was like that classic high achiever, like you go to school, you get the good grades, you get the good job. So when I got that good government job, I was like, all right, this is it, right?

That’s what, that’s what you’re striving for. That is success. And that was fine. Like, I mean, I look back on my career in the government as that was, I’m glad it was there. I’m thankful for it and grateful for it. It helped me to get where I am now and coming in. Like I said, I wasn’t an entrepreneur. I was never thinking I would.

Not that I would necessarily stay and stay there forever. I was never thinking I would step out and go a different path in my career. As far as entrepreneurship, it just was not on my radar. And so a huge part of me getting to this point. Um, so that performance evaluation happened in 20, like late 2016, December 2016, I didn’t leave my job until January 2022.

So you can see it was, it was years, it was years in the making. And a lot of that was. Mindset work, like, you know, one feeling feeling guilty at times about even wanting something different, like, like, who are you made it you’re doing this as well. So many people will want this, the six figure government secure government job, like, who are you to be wanting something else.

So, like, kind of having that guilt of having made it but then. And it wasn’t not necessarily being satisfied, but wanting something else, right? Just wanting something, quote, more or something else. So it’s shifting my mindset around that. You know, what will people think, right? That came up sometimes, like, you know, uh, what will people think you leave this job?

Like, what if it doesn’t work and, you know, work out and you leave? So, like, just having to work through all of that kind of stuff over. The years like leap going, just go on a different path. Um, then what I always had thought I would be going, you know, like I had, it was like, you work, it’s nine to five, you work this job.

That’s how you make your money. That’s how you earn a salary. And so just even the shift to the idea of. Doing something different than what I had always thought I would do was a huge mindset shift. And this took, this happened over literally like years of time to process, process through this. And I finally got to a place where, I mean, even along the way I had, I would switch, I had switched to a different position thinking that might help kind of alleviate some of the desire to leave.

And nope, it was still there. It was still there. So I mean, that position helped made me feel better as far as the work I was doing, but. It never took away my desire to want to pursue this and want to try this out. And so it really just got to a place of where, especially after getting, putting things in perspective with the pandemic and everything like that, it was like, listen, life is short.

You feel compelled to do this. This is not going away for a reason. This is something that’s on your heart, on your spirit. And, um, you have to pursue it. So I got to a place where like the uncertainty, the regret of never having tried and giving myself the chance was greater. Like the fear of that regret was greater than the uncertainty of it, it not working or, or, or, um, not knowing what would happen.

And so it just got to that place where I just, you know, a lot of, and I think a lot of people feel some of this along the way in their careers or in their life. And we tend to just ignore it because like, we’ll let that fear hold us back from doing it. And I just decided. That I’m going to do it and the financial flexibility helped me to give me some space and some breathing room to try it and not like completely destroying myself.

You know, I was able to build up a savings runway and all those kind of things just to give myself that space to try something new and pursue something different.

Tiffany Grant: Yes. Yes. That mindset shift is so real. And having that financial flexibility is so real because I know just thinking back to when I made the decision, what was the determining factor for me?

Because I always wanted to be entrepreneur. Um, but you know, sometimes you need a job.

What did it for me was Being able to look at my budget and break it down by like how much I needed to make every day in order to cover all my bills. And at that time it was only like 50. And so I was like, Oh, 50 a day? Like I could just do like Uber and Lyft for like two or three hours and I’ll be straight.

So why am I sitting here for like eight or nine hours or more? Cause I was salaried, you know, they work you to death. So I’m like, why am I sitting here so long when I could just do like. three hours or so be done and then I can work on money talk. And so, you know, that financial flexibility, even just having those numbers, even just having that knowing and that runway and that whole mindset shift, because even when I was leaving and I knew all of the stuff that I did.

people, other people, like my coworkers, they were like, well, Tiffany, you have a mortgage. You’re a single mom. What you going to do? Are you sure, you know, it’s going to be a lot. And then I had one coworker, um, cause we were friends and he was saying, well, what are you going to do? You know, if things don’t work out, you, and I was like, look, I am not above going to a, um, warehouse anywhere I need to go in order to make sure my bills are if, you know, Everything hits the fan.

Uh, he was like, but you have a master’s degree. You know what I said? Look, I got this, but just not allowing other people. I think that’s also a big part to not allowing other people to project. their fears onto you. Um, so I’m glad that you meant like this is all a sermon right now. Um, but we don’t want to give people everything because we want people to find you.

So if people were interested in finding out more about you, how would they

Chiante Jones: find you? definitely, definitely more to it. But yes, my, um, by me, my central hub, it’s my website dollarsandchange. com. Um, that’ll have links to all of my social media and kind of latest news and updates that are going on there. Um, um, I’m also on LinkedIn Chianti Jones MBA.

Um, so that’s where I’m most active. Only thing I would love to connect with you on there as well.

Tiffany Grant: Awesome. Thank you so much. And if you all miss that, I will have all of that information in the show notes for you. So don’t worry if you multitask in, cause I know a lot of people listening, multitask, um, just check out the show notes.

You can have all her links and connect with her. So thank you so much Shante for coming on the line today.

Chiante Jones: Thank you for having me, Tiffany. This was fun.

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