We’re excited to introduce you to the always interesting and insightful Shinada Phillips Personal Finance Blogger & CEO of She Collects Coins. We hope you’ll enjoy our conversation with Shinada Phillips below.
Shinada Phillips, looking forward to hearing all of your stories today. How did you come up with the idea for your business?
As the oldest child of a single mother living in a low-income neighborhood, financial literacy and money management were unfamiliar. We did not have checking or savings accounts; no one trusted the banks. Financial literacy did not exist.
My first vivid memory of financial literacy was when I started my first summer job, and my Youth Pastor encouraged me to open a checking and savings account. I did, and fast forward to my first year as a college student, my account was closed!
Why? I needed to have the financial skills and knowledge to manage money.
Fresh out of college, I interned at a local government agency to help expand a financial literacy and empowerment program called Bank on DC. Bank on DC’s mission is to provide unbanked and underbanked individuals access to low-cost, safe financial accounts, services, and high-quality financial education.
This internship changed my life.
Bank on DC exposed me to the world of financial education. Through this experience and exposure, I became financially literate. Without the program, I am unsure how I would have started my journey towards financial empowerment and freedom. For that reason, when I learned anything new about personal finance or money management, I would pass this knowledge on to my family and friends and make it a point to encourage others to understand money and finance better.
Financial literacy is my passion – it is my light.
I take pride in reading personal finance books to increase my understanding of building wealth or how to balance a retirement portfolio. I enjoy encouraging my family and friends to understand the importance of personal finance or custodial investment accounts.
I discovered my gift in understanding that my financial literacy journey, skills, and knowledge are helping my loved ones experience their versions of financial freedom, independence, and success because I am empowered.
It was not until I took a risk on myself with encouragement from family, friends, and colleagues that I decided to invest in my most significant asset: myself. In 2020, I created She Collects Coins after revamping my personal blog on WordPress. Since then, I have become a personal finance blogger, aspiring writer, and content creator.
Who would have thought a global pandemic would push me into making my passion into a business?
Shinada Phillips, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
I am a daughter, sister, friend, financial education enthusiast, savvy saver, and founder of She Collects Coins. My purpose is to provide a platform for everyone, specifically women of color, to gain access to information and resources to become financially literate and financially empowered to build wealth.
My goal is to create relatable, enjoyable, and informative financial tips to enable people to develop informed financial decisions. We can change our financial well-being through self-development and personal growth. This growth begins with our mindsets. She Collects Coins foundational principle, my financial journey personified: Change your mindset; Change your life.
My life changed when I interned at Bank on DC after graduating college. Young, ambitious, and ready to take on the world to create impact, it impacted me in the most inspiring and challenging ways. I must credit my time at Bank on DC, which empowered, educated, and informed me on the basics to expand. I am forever grateful. I have been able to break generational financial curses and taboos about discussing money; my family and I are on a path to establishing wealth.
The most meaningful impact I can make is sharing my experiences to encourage someone to transform their relationship with money and finance. Thus, the creation of She Collects Coins! My brand is authentic, informative, personable, and real.
As I embrace my financial journey, I hope it inspires others to change their money mindset and start their journey to financial freedom.
Let’s talk about resilience next – do you have a story you can share with us?
Recently, I began to share my story of financial resilience. Over two years, I paid off almost $39,000 of student loan debt and car loan amid the global pandemic, where there was so much financial instability; I overcame my self-limiting beliefs and positioned myself for financial success.
I remember in October 2019, sitting at my desk in tears after making another student loan payment. I was frustrated and in a scarcity mindset and believed if I kept paying each month, eventually I would become debt free and then I could start saving for retirement or buying a house. After I paid my loans, I thought I could finally be “financially free.”
The pandemic allowed me to elevate my financial knowledge to understand that I had to take calculated risks to become financially free. My strong saving personality, developed in my Bank on DC days, empowered me to control my financial destiny.
The ability to use my financial safety net because of years of disciplined savings empowered me to tackle my student loan debt wisely. Savings can be a lifeline when unexpected economic challenges or opportunities arise, which is why I always emphasize the importance of saving. Your savings can SAVE you!
I took advantage of the zero interest rate during the pandemic, which was life-changing. Being able to pay my loans without the burden of interest motivated me to pay off more loans to free up my future income to invest and save for other goals.
I used the pandemic as an opportunity to jumpstart my wealth-building journey. I invested in my financial security by paying off debt because I wanted more assets over liabilities. I want to reclaim my time and freedom to do what I want when I want, without the fear of debt or financial instability.
I decided to take complete control of my responsibility to myself for the financial independence and peace I deserve. Once again, changing my mindset changed my life. I hope my story inspires others, encouraging them to take control of their financial future.
Any insights you can share with us about how you built up your social media presence?
I would tell anyone to be themselves. Do not get caught up in the desire of trying to build a vast audience first, but instead discover your voice, the story you want to tell, and the reason why you are starting your page/content journey.
As a new personal finance content creator, this year, I made it my goal not to chase the followers but to focus on storytelling and tap into being vulnerable enough to share my story, humanizing my page and content. I opened up about my journey and believed those who are like-minded me would discover my page and be a part of my community and journey.
Thankfully, I’ve been finding my tribe and falling in love with sharing my experience and voice through social media in a way where I can still maintain my privacy and be personable. Balance is key to my creativity, and it works for me.
Contact Info:
- Website: www.shecollectscoins.com
- Instagram: shecollectscoins
- Facebook: shecollectscoins
Image Credits
Virgil Monroe