We recently connected with Jay Stephens and have shared our conversation below.

Alright, Jay thanks for taking the time to share your stories and insights with us today. Let’s jump into the story of starting your own firm – what should we know?

I always loved finance! Since college days, my friends knew they could count on me to help them with taxes, budgeting, investing, and more. Either I knew the answer, or I was eager to learn it. Unfortunately, I was in a very demanding job that didn’t allow me to pursue my passion of teaching personal finance. In 2020, faced with the frustration and exhaustion of a non-stop job during the pandemic, I finally decided to put me first. I found a new job with better work-life balance. As a result, on August 1, 2021, I launched my personal finance and career coaching company, My Wealth Journey, LLC. I started my business by completing foundational tasks like obtaining a business license, applying for a trademark, identifying my target demographic, creating a logo, and building my online presence. I used trial and error to attract new clients. I also outsourced tasks like designing my website and editing my YouTube videos. Admittedly, not everything went as planned. There were delays, miscommunication, mixed consumer response, and more, but I kept pivoting and learning from my mistakes. Within one year, I had hired my first employee, developed a loyal customer base, and launched a product line. As I look to the future, I am encouraged in knowing that I made the right choice for my business and myself.

Advice for young professionals starting your own firm – It can be overwhelming to start a new business when you think of all the things you want to accomplish. From developing a marketing plan, building credibility, and reaching new clients, the volume of tasks can be daunting. You can also get stuck in analysis paralysis, where you never take action, because you are constantly overthinking your options. I encourage you to move past the anxiety and pressure to “do it all” by asking yourself one simple question: What is one thing I can do today to grow my business? When I started asking myself that question, I instantly felt more accomplished and relieved. The task can be as easy as opening your business bank account, or posting a picture of your product on social media. Whatever it is, believe in yourself, and try to complete one thing.

Jay, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

I am the founder of My Wealth Journey, LLC a personal finance and coaching business. On average, I help my clients increase their annual salary by 50% or find an additional $2,400 a year in their budget. I do this by listening to my clients and creating customized actionable plans. My special skill is my ability to be funny, optimistic, and relatable. I translate complicated financial concepts into understandable terminology. In addition, I sell merchandise with three product lines (Cancel Student Loan Debt, My Peace is Priceless, and Rich Like My Melanin) which are available on my website. Through my social media platforms, I provide practical advice to help my followers achieve financial freedom.

How do you keep your team’s morale high?

Understand that your role as a leader is to encourage and inspire others. Constantly invest in your team. Ask them what motivates them. Find ways to show that you appreciate them. Give honest, data-based feedback and allow them to respond to the feedback. Create a supportive and inclusive environment. Be flexible. When you do all these things, your teams will be empowered to work creatively and loyally towards the business goals.

Learning and unlearning are both critical parts of growth – can you share a story of a time when you had to unlearn a lesson?

I had to unlearn the concept of building a side hustle. Based on social media, it should be fast and easy to create a profitable side hustle. The reality is that you will have to work hard to be successful. You may try 50 things, and only one thing works. You may not “pop” as a business right away. Regardless of the ups and downs, stay motivated and encouraged to keep pushing.

Contact Info:

• Website: MyWealthJourneyLLC.com
• Instagram: @MyWealthJourneyLLC
• Facebook: https://www.facebook.com/My-Wealth-Journey-LLC-109795258169707
• Youtube: https://www.youtube.com/channel/UC4Op4nrBv8c6btVgn-T_-eQ

Image Credits
Photos by Rhonisha Franklin of R.Dione Foto Please look on the About Me section of my website for more photos that show my story. (https://www.mywealthjourneyllc.com/about)