Financial mistakes happen, but it's not too late to recover

Though we try our best to avoid them, financial mistakes happen. According to a report from the National Financial Educators Council, a lack of financial knowledge cost Americans on average $1500 per person per year! Whether it be from poor budgeting, overusing credit cards, careless spending, or whatever negatively impacts your wallet, financial mistakes can pile up and trying to improve your situation can feel insurmountable. But have no fear, we’re here to help!

In this week’s episode of Money Glow Up, our host Tiffany Aliche speaks to Jamila T. Davis, author, educator, activist, and entrepreneur, about financial mistakes and whether or not people are able to recover from them. Davis speaks of her experience firsthand, as her financial errors led her to a 12-year prison sentence where she lost everything. Not only did Davis use this experience to learn from her mistakes, but she used what she learned about business and finances, as well as her entrepreneurial spirit, to hustle and rebuild her wealth in just seven years.

“You can come back from everything,” Davis says. After being given a second chance she believes hard work, entrepreneurship, and creating and sticking to a plan can make all the difference.

“Get wise, create the plan, and then stay focused and execute.”

Together with Yahoo Finance, Tiffany Alice creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up every Thursday at 12pm ET with Tiffany Aliche —aka The Budgetnista—to jump-start your financial journey.

Money Glow Up is produced by Rachael Lewis-Krisky & Lauren Pokedoff.

Tiffany Aliche creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up with Tiffany Aliche—aka The Budgetnista—to jump-start your financial journey.

Have a money story of your own? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.

Find this episode's transcripts and more episodes of Money Glow Up at http://finance.yahoo.com/videos/series/money-glow-up/.

2:30 - 4:00 Jamila’s backstory - how lack of financial knowledge lead to 12.5 years in prison

5:20 - 6:00 What Davis wishes she knew when she was young

6:00 - 9:28 Ways young people should build their wealth

10:37 - 11:50 How Davis rebuilt her wealth following her prison sentence

13:18 - 14:45 Wisdom for people who feel like they’ve made big financial mistakes.

17:49 - 19:49 What society could do to make financial literacy easier and more accessible 

21:41 - 22:38 Takeaways

Jamila T. Davis is an author, educator, community activist and entrepreneur.

Yahoo Finance's Money Glow Up is hosted by Tiffany Aliche, and produced by Lauren Pokedoff