The AC Hotel buzzed with activity as women gathered eagerly to shape their futures at the Jamaica Observer’s All Woman 2024 ‘See the Vision’ workshop.

Kaysia Johnson-Vaughn, the visionary director of Scotiabank’s SME Professional Partnerships, Caribbean North & Central, shared a powerful message on financial wellness that transcends the mere acquisition of material possessions.

“When you envision your life in 2024 as a woman, it’s not just about having things; it’s about building a solid foundation through savings, investments, and the dream of a comfortable lifestyle,” she charged.

Drawing from her journey growing up in a small Trelawny community, Johnson-Vaughn recounted her childhood ritual of depositing her lunch money into the local Scotiabank every Tuesday, meticulously tracking her savings in a bank book.

“To build financial wellness, you can start very small, and it can grow significantly, but the main thing is to have a plan and be consistent with it,” she urged.

Addressing the diverse women in the room, Johnson-Vaughn asked, “How many of you have a financial goal? How many want to be rich? How many want to be comfortable?”

With joy, she noted that many hands rose, indicating a commitment to saving. Having the room hanging on her every word, she emphasised the importance of saving for any opportunity, stating, “Save for the rainy day, because life has its unexpected moments, and financial preparedness is key.”

Johnson-Vaughn highlighted the essential difference between financial and physical wealth, urging the audience members to consider their health, reduce stress, and make plans towards financial prosperity from university to employment.

“Billionaires save and invest. Make sure to save for the rainy day,” she reiterated, underlining the correlation between financial stability and physical well-being.

Expanding on the concept of saving, she advised, “Starting small is the key, and you will be amazed at what you can accumulate over time.”

She shared a personal story: “[One] year I collected spare change that was lying around my house, and, by the end of the year, I had $250,000.”

The finance professional urged the group to save at least 10 per cent of their income, find an accountability partner, and set realistic financial goals.

Using her experience as a powerful example of the potential of consistent saving, Johnson-Vaughn offered practical advice without stopping at savings, urging everyone with a credit card to pay it off in full and live within their means. She cautioned against unpaid credit card debt, which can adversely affect obtaining car loans or mortgages.

Encouraging a forward-looking mindset, she suggested getting an investment fund, starting with a minimum of $100,000. As income grows, she recommended venturing into stocks, and, eventually, real estate. Seeking guidance from a financial advisor from one’s 20s to 50s ensures a strategic approach to meeting evolving financial goals, Johnson-Vaughn shared with Observer’s All Woman Vision Board Workshop.

Her message extended to the importance of life insurance in uncertain times, advising, “Take control of your life and put plans in place so if something happens you have something to fall back on.”

While spilling her own pearls of wisdom, she harked back to one bit of advice offered by her mother: “Be content with what you have.”

She emphasised embracing continuous learning, urging, “You’re never too young to learn. Get into workshops and financial learning webinars to become a better entrepreneur and investor.”

Johnson-Vaughn left the workshop attendees with financial insights and a road map for building lasting financial wellness and a future full of possibilities.

The vision has to be both fuelled and funded, so Johnson-Vaughn’s advice checked all the boxes.

TAKEAWAYS

1) Save, save, save

2) Save a minimum of 20 per cent of what you earn and try to have at least 3 months salary put down as part of your emergency fund.

3) Manage your debt and develop a plan to pay down high-interest debts, such as credit card balances.

4) Find an accountability partner to help you keep on track with your financial goals.

5) Get a financial advisor to help you along your financial journey.

6) Live within your means and avoid unnecessary debt and lavish spending. Practise frugality and prioritise needs over wants.

7) Avoid impulsive spending that can derail your financial goals.

8) Build multiple income streams by exploring opportunities to earn additional income, for example, a side job or freelancing to boost financial stability.