Nia Long, the award-winning actress, shared her personal experience around financial wellness during Ally’s "Money and Mindfulness" panel at the 2024 American Black Film Festival. In a conversation with Jack Howard, head of Money Wellness at Ally Bank, Long, who is set to star in an upcoming Michael Jackson Biopic and release her personal memoir next year, discussed her financial journey. She shared her own simple yet effective savings strategy to help individuals intentionally allocate their money, foster better financial habits and plan for the future. The key is to have a visual representation of your savings goals, Long said, urging people to create three “buckets” or savings jars for their money. "Label the three jars: One for now, one for [investments], and one for retirement and later. That's your legacy," Long explained. "Having these aids can help you intentionally allocate to your savings."
For savings
For savings, Long reflected on her financial journey. She emphasized the importance of early planning and intentional saving. "One of the things is I started saving for my children before I became a mother. I took $3,000 and put it in this account. 'I'm never touching that,'" she shared. This foresight allowed her to support her son through college without the burden of student loans.
For investments
After her first significant paycheck, Long made two pivotal decisions. "I gave my mom money to help buy a condo, and I had $9,000 left." She reflected on the moment she walked into a financial institution and entrusted that money to an investment manager. She recalls herself in tears telling the manager, “This is everything that I have, and I want you to treat me like you would your daughter and I want you to help me build my wealth.” She said it is important to set aside money and forget about it. Then watch it grow. "You have to think of it as long-term savings.”
For legacy
Your legacy bucket is for long-term saving and investing while educating the next generation. It's dedicated to your future financial security and legacy, including retirement funds and savings for significant life events. She explained her commitment to educating her children about money, making her son invest the $5,000 he received as a graduation gift. "Before you know it, you'll have enough to make safe investments that will pay off in the long run in a mutual fund and set up a bank account.” Her journey also underscores the value of financial education and the need to overcome societal challenges. "It's hard for Black folks [to get ahead financially] because that's not been our experience in America. We're dealing with institutional racism, which holds back every single idea of getting forward," she said. Her strategy also extends to fostering open financial discussions, particularly among women. "Men talk about money with each other a lot. Women, we don't do that enough. We talk about what we're going to buy, but we don't talk about how we're making it. And we need to start talking about how we're making it," she emphasized. Long shared a final bit of wisdom: "If you start early enough, you can build a solid financial foundation." With those buckets, the foundation solidifies overtime, and act as your safety net when in need.
The views, information or opinions expressed are solely those of the individuals involved and do not represent those of Ally.
