We recently connected with Stephanie Vaught and have shared our conversation below.

Stephanie, thanks for joining us, excited to have you contributing your stories and insights. Please tell us about starting your own firm and if you’d do anything different knowing what you know now.

I established Social Money Finance in April 2018 as a side hustle. I was still working full time and wanted to begin teaching financial literacy classes on the side. While I had been a financial coach for 3 years at the time, I had actually never TAUGHT a class. I had no website, business cards, social media, or fancy marketing. It was just me, what I knew, and this strong calling I felt on my life. I was scared out of my mind, but knew I had to do it. My first class was at my church. I taught an audience of about 45 people and it went very well. Thereafter, I continued teaching in different community spaces around Detroit, Michigan (my hometown) until the pandemic in March 2020. After then, I pivoted my services online. I offered one-on-one financial coaching, initially over the phone, as I didn’t know how to use Zoom! I soon began doing coaching via Zoom and teaching classes on line.

In between my first class in April 2018 and March 2020, I did build a website, get business cards, a social media business presence and better marketing. However, it was (and sometimes still is) quite challenging. I mostly worked solo. If I had the money and means, I hired contractors to help with social media, special projects, admin, and other tasks from time to time, but I worked solo about 90 percent of the time.

What can be tough about business is showing up consistently – even if no one is buying. When that happened in my business, I decided that I would show up for myself no matter what. That meant regularly posting on social media, sending out my weekly newsletter, putting up regular blog posts, pitching myself to media and podcasts. Basically, letting people know what Social Money Finance is all about and not letting people forget us!

While I still work mostly solo, I have much more support in my business now 5 years in. I have awesome referral partners and colleagues, systems, and have now served hundreds of clients through coaching, teaching, and events.

If I had to do it all over again, I would definitely get more consistent help with marketing and sales. I found that to be the toughest part of business.

For new entrepreneurs or anyone thinking about starting a business, understand that there will never NOT be challenges when it comes to running a business. Even as your income grows, there will be problems to solve and decisions to make. Don’t let that discourage you. You have to decide early that you are committed to serving your clients and fulfilling the purpose of your business. Also, you don’t have to know everything. There are people out there that can use their genius to help you grow. Leverage it!

Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers

My name is Stephanie Vaught. I am a Gen X financial coach and the founder of Social Money Finance. We are a personal finance company dedicated to helping GenXers improve their relationship with money and live their best lives. Above all, I am a natural encourager and love helping people lean into their life experience and realize the power and greatness already within them!

Financial coaching is a second career for me. My first career is in law, and I never thought I would do anything else. However, in 2009 (after the Recession of 2008), I got really serious about managing my money. I realized I never learned it in school. Also, that it’s very possible to be broke no matter how much money you make. I had been broke (especially in law school) and never wanted to go back there. So, I learned everything I could about money through books, articles, blogs etc. I practiced managing my money and really developed a passion for it. In 2015, I got an opportunity to make a career change and become a financial coach, so I did. I got my financial coaching certification in 2015 with a nonprofit and began teaching and coaching thousands of people across the country about financial literacy.

In 2018, I decided to start Social Money Finance as I wanted to focus on Gen X (my peers) – first because no one else was doing it. Second, because I noticed a trend in conversation where it related to money. GenX had followed all the rules: got the education, the ‘good job’, did the right things but for many, it did not lead to significant financial success. Many GenXers thought there would be more, that their life would look different, or they would have more to SHOW for all their hard work. More money, more happiness, more success, more freedom, more joy. When what many GenXers have is disappointment and disillusionment.

So much of my conversations with GenX centers around redefining success and wealth for themselves. UNLEARNING outdated and antiquated beliefs that were indoctrinated in us and leaning into their life experience and what makes them great. We talk about how money plays a huge role in that because we have the power of choosing how we use it to manifiest the life we want.

I’m proud of all the work Social Money Finance is doing. I’m proud of courageously stating our mission and our joy in CHOOSING GenX as our focus. GenX is the “forgotten generation” and I’ve been told many times to focus on a younger audience. But I refuse to cast my generation aside. Those of us over 40 are doing great things and have contributed a great deal to the world. And we have much more to do! Our voice, thoughts, and unique experiences deserve to be acknowledged and recognized. I’m so proud we’re doing that at Social Money Finance.

We’d love to hear about how you keep in touch with clients.

I engage with my clients and audience regularly through social media, email newsletter, and blog posts. On social media, I post regularly whether it’s financial or economic updates such as talks of recession, inflation, consumer trends. I engage with my audience’s posts by responding to questions, cheering on their wins, or referring them to those seeking their expertise. I also share bite size content such as video snippets from classes, inspirational posts, or something I call #Finance Friday.

In my newsletter, I share updates on Social Money Finance offers and how to work with us. I give deeper financial content related to ways to budget, save money, invest, or get out of debt. There’s always a layer of encouragement in everything I write, as it’s a big part of who I am. I also run fun promos as appreciation for their loyalty. For example, this past Christmas, we played Social Money Finance trivia, and I sent digital gift cards to those who participated and answered correctly. It was a lot of fun to be able to spread joy during the holidays.

My blog posts are longer form content. I write a lot about entrepreneurship, mindset, wisdom, and self worth. I talk about the many ways money connects to all of those concepts. I also discuss larger economic trends in money and what to look out for.

I love interacting with my clients and audience. It’s how you build and maintain relationships. Your people need to know you care about them, what they learn, and how you can best serve them. You can’t always be asking for the sale. It’s important to also engage and genuinely get the know them and what’s important to them.

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 UNLEARNED that success could only be achieved by following one set of rules. I UNLEARNED that I had to “look the part” in order to be seen as professional or taken seriously.

So much of my rearing and career training revolved around looking a certain way. As a Black woman, I was taught and socialized to believe that wearing straight hair, dark neutral suits, and having an agreeable temperament was the only way to be seen as professional. And that is was unprofessional to be any other way. That wearing my hair in it’s natural state (a curly, coily fro) was unprofessional. That wearing red was too intimidating. That showing my personality or beauty would make others uncomfortable and seen as ‘too much’.

I have LEARNED that BEING the part is so much more important than looking it. Looking it socializes women to participate in a patriarchal system that places surface level, perverted interest on appearance alone; that perpetuates imposter syndrome and self esteem issues; and glosses over the importance of depth and substance of character. It also promotes mediocrity and vanity. Because as long as you’re spending your money to ‘look the part’ and support a capitalistic, patriarchal system, you will be too distracted to critically think and realize your own power.

Contact Info:

• Website: www.socialmoneyfinance.com
• Instagram: https://www.instagram.com/socialmoneyfinance
• Facebook: https://www.facebook.com/socialmoneyfinance
• Linkedin: https://www.linkedin.com/in/socialmoneyfinance/

Image Credits
Chelsea Sanders took all pictures.