Bridgforth Speaks on Money Management

by Tim McAleer

Have you acquired some credit card debt that you would like to pay off? Are you looking for ways to make some extra cash? How would you like some advice on the best ways to invest your hard earned money? On Wednesday, February 4th, guest lecturer Glinda Bridgforth addressed these issues during her speech "Money, Money, Money, How To Keep It Straight." The event, which took place in the University Center Ballroom, was sponsored by the Center for Cross-Cultural Enrichment.

Glinda Bridgforth's 7 Keys to Financial Success

Set Goals Balance Your Checkbook and Know Your Net Worth Develop a Spending Plan (Budget) Track And Analyze Your Spending Pay Off Your Debt! Save Consistently (Even if it's $5 a month) Get the Support and Advice That You Need

Della Hudson-Tomlin, the Associate Dean of Student Affairs, introduced the lecturer as a "sought after financial analyst and guest speaker." According to Dean Hudson-Tomlin, Ms. Bridgforth has written articles on financial planning for numerous publications such as Essence Magazine, Black Enterprise, and Money Magazine, and in 1976 she began a 12-year career with Wells Fargo Bank where she was ultimately promoted to assistant vice president in charge of managing a $90 million unit.

Bridgforth is the author of the national best seller Girl, Get Your Money Straight and the self-published Basic Money Management Workbook. Her most recent work, Girl, Make Your Money Grow, (co-written with Gail Perry-Mason) was published by Broadway Books this past December. In 1990, the former Wells Fargo employee even founded her own company, Bridgforth Financial Management Group.

Despite her numerous accomplishments, Bridgforth admitted that her financial independence did not always come so easily. In 1988 she reached what she referred to as her "Three Bs - breakdown, breakout, and breakthrough." Bridgforth felt burnt-out, both by her job at Wells Fargo and her unsuccessful marriage. At her lowest point, she and her husband had accumulated $50,000 in unsecured debt. Knowing that she was in need of a drastic change, Bridgforth filed for divorce and took a year of personal leave from Wells Fargo in order to refocus her life.

"We all go through peaks and valleys," she said to the Adelphi audience. It was at her lowest point that she learned to take control and succeed financially. Not wanting to repeat her mistakes, Bridgforth examined her life to find out what she had done wrong financially. There were three common threads: self-esteem, deprivation, and fear, which Bridgforth believes might cause consumers to waste money. She advised her audience to think about their reasons for buying an item before committing to the purchase.

"Retail therapy is not a good reason to spend money," said Bridgforth as she cautioned students not to purchase items for the sole purpose of making themselves feel better. "Deprivation is a common mistake," she continued. "Just because you couldn't afford the $125 pair of sneakers you wanted as a kid doesn't mean you need to buy them now."

During her speech, Bridgforth pointed out that some people make their mistakes in choosing where their financial security will come from. She cautioned that relying on one job as a sole source of income might not be enough. "Y'all know what JOB stands for, right? Just Over Broke," she joked. Marriage was another poor source of financial security due to the fact that over 50% fail. For those that are resting their future on SSI (Social Security), Bridgforth pointed out that it "might not even exist by the time you [students] are old enough to collect."

Procrastination and overspending were cited as other common mistakes people make with their finances. Bridgforth advised her audience that "Debt puts you in a hole. If you want to get out of that hole, stop digging!" In order to achieve financial independence, she recommended setting aside time each day in order to maintain and organize finances.

For those that may need to generate more money, she offered alternatives to a second job, such as becoming a member of a focus group, where companies will pay people for giving their opinion about a particular product. Other options included tutoring or becoming a mystery shopper. Unfortunately, she didn't go into detail on these easy money-making opportunities. For that, you'll need to pick up a copy of one of her books, which are available at the Adelphi Bookstore. Priced at under $15, the paperback editions are a valuable tool in reaching monetary success.

According to Bridgforth, "To make your money grow, you need to do research, diversify, and become proactive in searching out alternatives to loans such as scholarships and grants."