Money Matters
Money Matters
From $100 to Millionaire: Tanya Taylor's Inspiring Journey to Financial Success
Tanya Taylor embodies the American dream, and her journey from arriving in the United States at just 16 with $100 to becoming a millionaire by the age of 48 is nothing short of extraordinary. Join us as we unravel her story—a tale of resilience, determination, and strategic financial planning. Tanya, a dynamic CPA, shares how she skillfully navigated her roles as a wife, mother, author, and entrepreneur, all while staying present for her children. Learn how her passion for personal finance led her to leave the corporate world and pursue entrepreneurship, driven by a desire to educate and inspire others through practical financial literacy strategies.
Tanya's path was filled with hurdles, from entering a new country without a green card to overcoming educational and financial challenges. Yet, her focus on her goals never wavered. Discover the power of mentorship in her life, including her decision to start an investment club, and how early investments in a 401k and rental income paved the way for her success. Tanya candidly recounts financial missteps, such as the consequences of co-signing loans, illustrating the importance of cautious financial decisions. Her story is a testament to the strength and tenacity required to turn adversity into opportunity.
The road to financial prosperity wasn't always smooth, as Tanya faced trials like a car accident and her daughter's medical expenses, which tested her financial resilience. She emphasizes the need for an emergency fund and disability insurance, crucial elements of her financial strategy. As Tanya looks to the future, her commitment to philanthropy and financial education shines through, with a focus on leaving a legacy for future generations. Tap into Tanya's wealth of knowledge and discover the resources she offers, including her website and TED talk, filled with insightful advice for anyone eager to build a secure financial foundation.
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Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.
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Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want. Now here is your host, Ms Kim Chapman. Welcome back for another exciting episode of Money Matters. Today we have a truly inspiring guest, Ms Tanya Taylor. She is a CPA who embodies the American dream. Look at, just age 16, Tanya arrived in the US from Jamaica with only $100 in her pocket. Can you imagine, 16 years old, $100 in your pocket? But let's fast forward by age 48, she built herself into a millionaire. Now, this is some story that I am sure you want to hear, because I'm excited for her to share her journey with us. So in this episode, we're going to be diving deep into her incredible journey from being broke to building wealth. Tanya, welcome, I'm sorry, Tanya, welcome. I'm so glad that you decided to join us today. How's everything where you are in New York City?
Speaker 2:Thank you. It's very good to be here and it's very warm outside. I just came back from a run about an hour ago, so it's a beautiful day.
Speaker 1:Yes, it's still hot here, so we're hoping for cooler days in Louisiana, but we're just going to hold on until then. So, new York City. So I mean, when I heard about your story, I was just really, really excited, especially teaching financial literacy. So many people think that to be wealthy, that you have to be born in wealth, you have to win the lottery. You know they think so many different things, but when I think about your story, you had $100 and then you came to a place where you were not even familiar with any of the information. So you wear a lot of hats, let's just kind of talk about today. You're a wife, you're a mother, a CPA, you're an author, a business owner. I mean, what don't you do? But can you start by telling us who you are today and what each of these roles mean to you?
Speaker 2:Sure, yeah, so I am all those things. But first and foremost I'm Tanya Taylor with big dreams. From the time I came to America I had those big dreams and you know that morphed into many different things. They got my MBA, and being a wife and mom carries its own like sense of pride and sense of work. So I have two daughters who are 17 and 19. One is away at college and that's sort of a big deal for me being a mom and just being able to help to guide them into who they need to become and then sort of set them out and set them out into the world. And then being a business owner. That comes with its own sets of joys and challenges as well Just navigating now, no longer working for an employer and just getting earning your own income from a business. So you know, having all of those facets, you sort of have to compartmentalize and just really focus on each piece when you need to, just to make sure that you're sort of fulfilling the whole.
Speaker 1:So how do you manage to do it? I mean, you've achieved and accomplished a lot of things. And then when I hear the ages of your daughters, teenagers, I imagine you know that can be a very trying experience because they can be sweet, as they want to be, but then you know, at 17 and 19,. They're trying ages. So you know, how do you balance those demands of being a successful business person, a wife and a mother?
Speaker 2:So I worked in corporate for 24 years and I was very deliberate. When I was in corporate I didn't think that I could be a business owner and really spend time with my children, and that was really important for me, especially having to leave my parents at 16,. Coming here and being on my own, I realized how much I missed out on right, so I wanted to always be there for my children. So when I was in corporate I had a job that allowed me the flexibility to spend time with them and with that I was able to still continue to pursue my passion of personal finance. So I taught that I did that more on a volunteer basis, and writing a book was just one of those things that came naturally for me. I just wanted to do it. I wanted to put it out there because I felt like there was so much information that I had inside of me that I could share with people at a very low cost and that could be impactful.
Speaker 1:Wow. So what would people find in this book? What is going to be? What do you hope is their biggest takeaway from your book?
Speaker 2:So my goal when I wrote this book was for anyone who needs financial literacy to be able to pick that book up, read it and be able to implement the strategies that are in that book. And just from some of the reviews that I've read on Amazon, I think I've accomplished that goal, because I've had a high school student who said a college student who said I'm in college, I'm so glad I found this book because it's giving me the foundations that I need to start building wealth and it will help me to level up and I have someone who seems to be in their 50s or 60s who's saying I wish I discovered this book earlier.
Speaker 2:But now that I've discovered it, I'm really learning personal finance and I'm really learning to put certain things in place. The book really, it's foundational budget, credit, debt. It takes you into that aspect and then it teaches you about investing and diversification, risk management, and then even go as far as telling you a little bit about the economy, how it works, how you should plan in different cycles of the economy and then giving back, because for me that's a big thing. They said to who much is given, much is required, and so I really believe in giving back and I also have a part of it on entrepreneurship. And the good thing about the book is that you don't have to read it chapter by chapter. You could pick it up and read pieces that is applicable to you, and so there is a lot in this small book that an individual can take away from it.
Speaker 1:So while we're on the topic of the book, where can they find it? Is it an audio form? Can you get the audio digital? Where can they find the book? It is on.
Speaker 2:Amazon. There's a Kindle version, there's a hard copy and I am working on the audio version.
Speaker 1:It's just taking a little bit, and so the name of it again, of course, is From Broke to Wealth. It's Broke to Wealth. I love that title because it's self-explanatory and I think people can really identify with it. If they're having a financial hardship, they may use those words or maybe another word to say, hey, I'm broke. Maybe they're living paycheck to paycheck. But wealth is different than just saying riches. It really encompasses building something into having financial stability. Yes, so, cpa, you came here at age 16. Did you know that you want to go into accounting, or how did you get into that field?
Speaker 2:That was interesting because when I came here, most people around me they were living paycheck to paycheck and a lot of them did jobs like certified nurse's aide or something in the hospital, and it really was just a job, not a career. And I knew I wanted a career because I felt that with a career there's like the income possibility was sort of unlimited. And I went to school and I went back to high school even though I graduated high school in Jamaica and a college counselor kind of pulled me out because I was extremely well in school and she didn't understand how come I wasn't applying to top schools. And then I explained to her my situation. I was undocumented, I had no one to pay tuition for me, I had to work. And she suggested I go to community college. And she asked me what I wanted to major in. I said business, because science is just not for me. And she said, instead of doing business, why don't you narrow it down to accounting? And so I went into community college with accounting.
Speaker 2:I didn't know what a CPA was at the time, but my first accounting professor was a CPA and he basically told us that it was a really difficult exam and none of us would pass it, so we should not even attempt to do it. And I decided on that day that I was going to become a CPA because I wanted to. If he could do it and he's such a I won't say the word I can become a CPA as well. And that's how I went down that path. And I also realized, as I was researching what a CPA does, the potential possibilities for me. So not only did I want to prove him wrong, but I also realized that it was just such a lucrative career to be in.
Speaker 1:So you arrived here with just $100. You said you went back to school. How did you manage to survive and thrive with such limited resources?
Speaker 2:So I was making $75 a week when I first came and that $75 was to pay my $20 in rent because the people I stayed with they charged me rent. That was weekly and I needed to send a little bit back to my parents, my family home. But in Jamaica and the Caribbean, I think in the African diaspora, we have this thing called a susu and basically you take money every week and you put it in a pot and you save it. So I was saving $20 a week.
Speaker 1:And because I was 75.
Speaker 2:Out of the 75, I was paying 20 for rent. I was saving 20 every week and the rest had to manage. I had to manage on that. I never ate out at all like ever because I couldn't afford it. It was really like every penny counted and I was able to save with a SUSU pay my way through college. So I ended up never having student loan and obviously over time my income increased and as my income increased, the great thing was I would continue to live on my little shoestring budget and I would take all my extra savings and I would save it, because I was really serious about, one, getting out of poverty to getting an education to get out of poverty. And three, I just never wanted to go back to my situation that I came from and I needed to help my family. So saving was huge for me and so I made a lot of sacrifices earlier on to be able to do that.
Speaker 1:And you mentioned that we're a shoestring budget. So did you come here with that mindset that I'm going to make some money, but I know that I'm going to have to do X, y and Z? Or was that something that you learned just as each day went by?
Speaker 2:Well, when you're in Jamaica and you hear about America, it's sort of like this land of milk and honey and you go there and everything's going to be great. So no, I didn't come here thinking I was going to make $75 a week. I thought I was going to come here and make a lot of money and get rich. And you talked about rich and wealth and there is a distinction. But after I came here, I was like, okay, I'm making $75. And I don't see a prospect of making any more, at least for another year. So I need to make this work. And I sat and I made a budget.
Speaker 2:Now, when I was in Jamaica, one of the things that I did my my mom was always ill and I became sort of like the person who went to the market and shopped for the family and I was given a certain dollar and I had to come back. You had to buy enough grocery for the household for the week. So from that not realizing it at the time how beneficial that would be, it really taught me about how to allocate money to different things. And so when I had to do it with my $75, I actually sat and made my budget and literally every penny was counted in that budget. So I couldn't go to work late because if I did or miss a day that would be a shortage and I needed to figure out how to navigate that shortage. So I sat and made my budget and I also sat and wrote my vision board. That was something. I don't know where that came from, to be quite honest, but that was something that I did very, very, very early on after I came here.
Speaker 1:And what do you think was the drive to help you stick to the budget? Because you know what Lots of people make budgets and it sounds good and it looks good on paper and then you were young and I imagine your friends were eating out and having fun and you mentioned that you didn't do those things. So what really drove you to stick to your budget?
Speaker 2:I did not want to stay in poverty. I wanted to help my family. We were so poor in Jamaica and I felt like if I didn't do certain things then our situation would never change. And I also felt that I don't want to look back like in 10 years.
Speaker 2:I looked around me and not to cast judgment on people, but there was a lot of people who came here much earlier than me and I look at their financial situation and they had negative credit. They were living paycheck to paycheck. They couldn't afford anything and I didn't want that to be me and I felt like I had this opportunity and this is going to take me to somewhere completely different. And I think one of the things that I tell people all the time is that when you have a goal and you set that goal, all the other things kind of fall away, because if you're truly working towards that goal, then a lot of other stuff is noise. So when my friends went out, I would probably go with them, but I probably wouldn't eat, or probably buy a drink and that's it, or go to the park instead of going to I don't know McDonald's, and so I found ways. Plus, I was working full time and going to school full time, I also didn't have a ton of time to hang out anyway.
Speaker 1:That helps a little bit too, I'm sure. What do you think was the most significant challenge you faced when you first arrived, and how did you overcome it?
Speaker 2:Because I didn't have a green card at the time. There were things that I wanted to do that I just wasn't able to do Because, even going to college, I was ranked in the top three I think I was top three in my class and had a really great SAT score but I couldn't apply to certain colleges because I didn't know the system well enough. And I also knew that, even if I went away to a college which I didn't know the system well enough, and I also knew that if I went away even if I went away to a college which I didn't know that I could at the time I wouldn't be able to help my family. And so there was this tension of I want to do so much but I can't because I don't have the resources, and I also need to think about helping my family back home as well. So these are the things that I can do now in order to be able to do that.
Speaker 2:And so, yeah, I did see like when I graduated junior college, right, I got a scholarship to this university with three other friends and then went on to the university because I didn't have my green card and I was I didn't have enough savings to pay for the difference in the tuition. So I ended up not going to university when I was supposed to start and they ended up taking the larger part of the scholarship from me, and so that was. That was really hard for me. I ended up becoming a babysitter after graduating college. Instead of going back to university for four years, I ended up being a babysitter for a year and a half, saving money so that I could go back to school. That was very challenging.
Speaker 1:It really sounds like you had really clear focus and really clear determination, because your story sounds like so many other individuals in that they come up out of poverty and then they have opportunities and they set goals. And, like everybody else, there were challenges, there were barriers, but it looks like you were able to overcome those barriers and not give up. And so your story is one of going from broke to wealth. Tell us, maybe, some of the key financial decisions or strategies that help you start building wealth, because this is where you kind of separate yourself from the rest of the crowd.
Speaker 2:Yeah, well, again, starting with the budget, right. But before even the budget, I started with just a shift in mindset, like what are my goals? And being very clear about my goals and and when I want to achieve them. By then I did the budget. And then, when I got to making more money instead of sort of doing the keeping up with the Joneses or going out and buying more, because a lot of times when our income increase we tend to spend more I did the opposite. I started saving more. And when I was 21, I got this job where they had a 401k plan. I didn't even know what a 401k plan was, but they were like if you put money in now, when you retire, you'll have X amount of dollars and you put it in before tax, that you're going to be saving on taxes. That's all they needed to tell me and they said they matched. So I said, okay, I'm going to put at least what they match. And then the rest I was saving because now I wanted to buy a home.
Speaker 2:When I came here for my entire life until I was 25, when I bought my first home, I had never had a bed for myself.
Speaker 2:I was sharing a room with three children, so with three other young men.
Speaker 2:So the idea for me was OK, I don't want to pay rent and I had found someone who was helping to mentor me and he talked to me about, well, if you're going to buy a home because I was going to buy a condo he said, why don't you buy a house? And then you could rent parts of it out and that will help to pay for your mortgage and then you can live literally rent free and be able to save more money. So he was one of my lifesavers in terms of mentorship and things that I would do going forward in my life to help me think strategically financially, and so those are some of the things that I did and I just continued to save over time. When I got to 25, graduated college, a couple of colleagues on the IA said hey guys, let's start an investment club because we're not gonna be able to get rich from just our salary. So we started a stock market investment club, another way to build wealth as opposed to just our paycheck.
Speaker 1:Are there any particular mistakes that you can remember that you made along the way that if you had it to do all over again, that you would do differently?
Speaker 2:Yes, so I think two of the biggest mistakes that I made. One was I co-signed on loans for people and they it ruined my credit. So I've had bad. I had bad credit for most of my adult life and it was not because I didn't pay my bills on time. It was because I co-signed on loans for individuals and they just didn't pay their bills. And the second mistake that I made is that after I purchased my home, I had the same family that I came to stay with.
Speaker 2:Let's talk about life coming full circle. They ended up moving into my home and I felt like and they, I guess they felt like I owed them a debt because they took me in when I came to America and they basically lived in my home and they didn't pay their bills. So I was always or they wouldn't pay it on time. They would owe me thousands Like sometimes the $30,000, they would owe me from not paying their bills, where I would end up paying their bills on their behalf. So having to do it again like I would have never allowed them in my home. It was very traumatizing. I still go to therapy now to deal with it.
Speaker 1:Wow, that is really, really incredible. So, and I imagine you know, you had a goal, you were focused and you were just living life, but what was the moment like when you realized that you were on the path to becoming a millionaire? And then how did that impact your mindset? Clearly, you were already driven, but what was that like when you realized it?
Speaker 2:So the path to millionaire for me was it started early. I started when I started my and this was just millionaire retirement, because I have other investments and other things. But I did a calculation of when I could become a millionaire by and I had given myself to age 45, that I should have a million dollars in my retirement and I would track that. I managed my retirement so that I could have a million dollars by 45. And some things happened in between and I didn't get it at 45, but I got it, I would say, around 47. So I was. I I knew when I was going to hit it.
Speaker 2:Uh, because it was planned for, it wasn't like a random act. I was like, oh my God, I woke up and I'm like, oh my God, I look at my bank account as a millionaire. I would take my retirement plan whenever I left my job and I would manage it on my own, because one of the things that I was doing, what I did initially was I gave my money to be managed by a financial person and it wasn't growing, and so I learned how to do it on my own so that I could stay on track, so I could hit millionaire status by 45. And I didn't hit it by 45, but I hit it by around 47.
Speaker 1:Wow, do you remember what age you started that plan?
Speaker 2:Maybe around 25, 26.
Speaker 1:That's really incredible. But I like what you mentioned is that you were very intentional, and I tell people all the time you have to be intentional about how you plan your money, how you spend it, that nobody accidentally saves money, and I'm glad to hear that you can kind of you know, cooperate that particular fact because you have to be so intentional about it. Wow, I mean just really really good story. So what are some key things that, if somebody is listening to this story and they're like you know, I want to live like Tanya does. I want to be able to use the strategies that she did. What are the key takeaways that you'd want them to get from this podcast?
Speaker 2:So the first thing I would say to them is to set clear goals. I've already talked about that and why that is so important, and some of it has come across in my story. The second thing is that you must have a budget Like. It's so important that you know how much you have coming in and how much you're spending. And please don't try to keep up with the Joneses, because most times they're broke, no matter how you see their living. So just focus on what you are doing and what you want, and if you, if you align your spending with your goals, you will get there and then maintain good credit. Credit can be very, very costly. Negative credit can be costly, and I've experienced that full time. So if you can maintain good credit, try your best. It's not that difficult to repair your credit either. So if you have bad credit, repair your credit. Learn how to manage your debt. That's really critical and if you really create a budget and you have that goal, you're going to realize that you're getting less and less in debt, because debt reduction is going to be one of your strategies, so that you can start investing.
Speaker 2:A lot of people are scared of investing. It's not that scary. You don't have to take major risks. There are a lot of different investment vehicles that you can use, and so start investing. You get passive income in. Put money in your retirement I know I'm like one, two, three, four, five Put money in your retirement plan, especially if your employer is matching. Put at least that minimum.
Speaker 2:And another thing that I did, which a lot of times people overlook but if your company is a public company, which means that they trade on the New York Stock Exchange, some of them will offer you an opportunity to purchase stock at a discounted price. If you're working for a solid company, that is a strong, foundational, buy those stocks at a discount. You will see a tremendous difference. They'll automatically take it out of your paycheck. And one of the things that I didn't say that I preach daily pay yourself first, no matter how much you're making. Take some money and put it away, because if you don't, and automate it, that's the best thing to do. If you don't, once you get your paycheck, you're going to find a reason to spend it. So have yourself automatically take that money out and create an emergency fund as well. All of these things and I'm going to say one last thing, because it's super, super important and I'll touch on it really quickly.
Speaker 2:And I'm going to say one last thing, because it's super, super important and I'll touch on it really quickly, and it's disability happens. I became disabled three years ago and my job offered me long-term disability, but it only covers 60% of my paycheck, so and I still have to pay my medical benefits out of it and I still have to pay taxes out of it. If you can, I strongly recommend that you purchase a long term disability supplemental policy that's going to supplement your income. I recently did a TED talk on this topic and it's generated a lot of views because I think this is such an important topic to that is not talked about. You could go bankrupt if you become disabled and you don't have that supplemental income because most of us don't even have an emergency fund, so we're not going to be able to live off 60% of our paycheck after taxes deducted. So I know I said a mouthful, but hopefully those of you who are listening there are a couple of pieces that you could pull out of it and start implementing.
Speaker 1:I know absolutely as a matter of fact. I'm glad you brought it up because I was definitely going to do it and ask you about, or have you touched on the fact that you know, once you became a millionaire, it was an easy street. After that, you faced those challenges, you ran into the situation with a disability and it threw you for a loop. And so that you know, once you achieve that, it's still hard work, right.
Speaker 2:Absolutely, and you know, fortunately I didn't have to go into my retirement plan to pull money out. You know, into my retirement plan to pull money out, you know. But it's because I had that supplemental disability, because when I had that car accident, not only that happened, one of my daughters became ill and her medical cost was not covered by the insurance. So we were spending thousands of dollars a month. That emergency fund that I had, it got depleted really really fast. Emergency fund that I had, it got depleted really really fast. And even the disability it takes a while before it kicks in. The short-term disability it may kick in right away, but it's not a hundred percent. And if you've already used up your short-term disability or if it's for a short period, you're kind of left trying to figure out how you're going to make that money stretch.
Speaker 2:And that's what I had to do. It was a lot of. It was really difficult period that I went through, despite the fact that I had almost one year emergency fund saved up, because of all the expenses that were coming up for me. Fortunately, with that supplemental disability and over time recalibrating my budget, I was able to sort of land in a good place. But it's still a lot of work to do. Even I had to take on debt, which is something that I never really had before, to figure out. How do I pay that debt off and all that different thing.
Speaker 1:Yep. So what's next for you and what are your financial goals now?
Speaker 2:So what's next for me? So I really I took a pause from my business because I needed to heal and my passion is really helping people to realize that they can build wealth, and I am a true example of that. And it's not a get rich quick. It takes time, but with certain actions you can do it. So my plan is to really educate as many people as I can. I do have a financial education program and I really want to bring people in and just transform their lives.
Speaker 2:I'm also a big traveler and so I always set these goals about traveling.
Speaker 2:I've been to like 61 countries so far and I want to keep traveling with my daughter going, my younger daughter going off to college next year. I'll have freedom to do that. So the plan is to travel to as many countries as possible over the next couple of years. And also, in terms of financial goals, I want to leave a legacy for not my children, but a couple of generations of grandchildren, if my children do choose to have children or to charity, and so a lot of my financial goals for the longer term is to see how much I could build to leave to charity. I have certain dollar amount that I want to donate to charity on an annual basis and to contribute to charities in different ways, and so that's my biggest thing. I often say now that I created this business to help people, but the income that I plan to generate from it is for my philanthropic effort, because I feel like that's my ultimate purpose in the next couple of years is to really do some philanthropic work.
Speaker 1:This is an incredible story and I know so many of our listeners. We have their attention, and you mentioned your financial education program. How can our listeners learn more about your stories or even reach out to you?
Speaker 2:So I am. I do have a website. It's called growyourwealth10xcom, so they can find me there. They can also find me on LinkedIn, tanya Taylor, cpa, mba. I would highly recommend that they watch my TED talk, which is called dreams to disability how to protect yourself from life. Unexpected just because it it has key takeaways that they can start implementing now and they'll hear a little bit you know about, about my story, but about what they need to do, because that's really critical. And they can also find me on on Instagram at growyourwealth10xcom.
Speaker 1:Well, there you have it. I mean, this is a busy lady on a mission, driven and focused, from broke to wealth. It says it all. Thank you so much for joining me today. Thank you very much for having me. This was this is wonderful, thank you. We'll have to check in with you in a couple more months and see what else you've accomplished.
Speaker 2:Absolutely. I'd love to talk again.
