We are pleased to share the money memories of Daphne Jordan, Certified Financial Planner – CFP®. Daphne applies her expertise at Pioneer Wealth Management Group in Austin, Texas. She uses her skills to assist others achieve their wants, needs, dreams and goals.
As a former teacher, Daphne enjoys explaining money management principles and strategies in ways that make it easy for clients and the community to approach what can otherwise be a daunting and difficult topic. Sharing her knowledge with the community is important to her. It takes place in a variety of forms from co-leading Women’s Money Circles to speaking at events on how to budget successfully to writing articles to podcasting, etc.
The University of Texas graduate is a strong champion of financial planning. She regularly speaks on the importance of working with experts to create road maps to personal finance success. Daphne also has served as the President of the Austin Chapter of the Financial Planning Association and as co-chair of the National Association of Personal Financial Advisors Initiative on Diversity and Inclusion.
SHOE BOX BANKING
Team Sammy: Share with us your first money memories.
Daphne: An early money memory for me was when I would go to the bank with my dad. Since direct deposit didn’t exist yet, he would go to our local bank branch to deposit his paycheck and get any needed cash for a period of time. In my young mind, I imagined a shoe box somewhere in a bank closet with dad’s name on it. In my then schema, my dad’s cash was kept safe at the bank in that shoe box. I thought when he wanted to deposit money, the banker would place his cash in his box. When my dad needed money, the banker would go to his box to pull the cash.
SAVING UP WITH MICKEY MOUSE
Team Sammy: What was your first savings memory?
Daphne: We lived in California with family for a short time when I was little. I remember my parents promising to take me to Disneyland, but in reality, there weren’t funds for such a trip. Instead, I was given a plastic Mickey Mouse bank. So, that was my first experience with saving money. I would drop my coins into Mickey’s head and save up for future treats like a candy necklace or a fun toy.
EARNING MINIMUM WAGE
Team Sammy: What was your first job?
Daphne: I wasn’t allowed to work before college, so my first job came right after graduating from high school. I was a telemarketer at Olan Mills Portrait studios. Each weekday, for around three hours daily, I would cold call different areas of town and read a set script to sell photography packages. I didn’t enjoy it! I made minimum wage, and my goal was to earn some spending money for my upcoming college experience.
GOOD MONEY HABITS REDUCE STRESS
Team Sammy: If your parents talked to you and taught you about money – personal finance, what do you remember? What, if anything stuck?
Daphne: I learned about money indirectly through observing my parents stress out about it. Money seemed to be an external force that was sometimes friendly or would allow us to attain our needs and wants. At other times, this external force was hostile or would prohibit our wants and endanger our needs. My reaction to such uncertainty as a child, was to not only save what I could, but to also meticulously track any funds I had in a notebook. This practice follows me to present day, with technology replacing paper. In college, I enrolled in a personal finance class to learn about finances. I decided if I could understand how money works, then I would avoid being stressed about it.
TIME MANAGEMENT SKILLS
Team Sammy: Did you work as a teen and/or in college?
Daphne: In college, I worked part-time at a preschool and as a math grader. Being able to balance college and work was a great start of me learning how to manage my time efficiently.
FINANCIAL PLANNER SAYS GIVE YOUR MONEY A NAME
Team Sammy: One question, we ask everyone is: If you could only teach a child one money habit, what would it be and why?
Daphne: I would teach children to give money a name or purpose. For example, if they have their eye on a favorite video game, then their purpose for babysitting or doing lawn work could be to save up for that game. As adults, giving different portions of your money a name or purpose, from living expenses, retirement, vacation, etc., changes the nebulous to concrete. I think people are more likely to save their money when they have distinct goals.
KIDS PICK UP ON MONEY MOODS AND MORE!
Team Sammy: Is it important to teach kids about money? Why? At what age should parents start?
Daphne: It’s very important to teach kids about money! Kid’s first lessons on money come from how they hear their parents talk about it and how the mood in their home is during money discussions. There are strategies to address money lessons with kids in age-appropriate ways. A University of Cambridge study explains children form money habits as early as 7-8 years old.
A book to consider reading to younger children is Mac Gardner’s The Four Money Bears. This book expertly lays out the traits of Spender, Saver, Investor and Giver Bears in a way that young minds can grasp
EQUIP CHILDREN WITH THE KNOWLEDGE THEY NEED
Team Sammy: Should personal finance be taught in schools?
Daphne: Generally, everyone will have to handle money during their life, yet there isn’t a requirement in every state for high school students to take a personal finance class. In my opinion, knowledge is power and it’s important to equip youngsters with financial skills via lessons and simulations. Doing so would help clear up the web of personal finances early on and could strengthen their future financial health.
Team Sammy: What advice would you have for young people who want to become financial planners?
Daphne: I would tell a young person who is interested in becoming a financial planner to reach out to a local Certified Financial Planner to learn about his or her experiences in the profession. Depending on what stage we’re at with COVID-19, this meeting could be virtual or you could take the planner out for coffee. Take this opportunity to also learn about how he/she entered the field, tips on what is considered the right ingredients for a successful planner and pros/cons of the journey. As you listen, think about your strengths and weaknesses as a student to determine if the industry sounds like a good match for you. From a basic level, if you like working with people and enjoy numbers, then consider becoming a financial planner. Next, find a university that offers at least a Bachelor’s degree program in Financial Planning. The Certified Financial Planning website has a great search tool for this purpose, which can be found here. If possible, visit the campus to ask more questions. Once you’ve made the decision, connect with other students that are on the same path as you.
THOUGHTS FROM DAPHNE ON A FEW PERSONAL FINANCE TOPICS
FAVORITE BOOK ON PERSONAL FINANCE
Daphne: I’m currently reading George Kinder’s The Seven Stages of Money Maturity. I’ve heard great things about this book, so reach out to me in the future to learn my thoughts. I’m motivated to read it because I feel folks will often bring attitudes learned about money as a child into their adulthood. These attitudes can either help or hinder them achieving their financial goals.
Daphne: “Life can only be understood backwards; but it must be lived forwards.” – Søren Kierkegaard
FAVORITE MAGAZINES, WEBSITES, RESOURCES
Daphne: I am an avid listener to several podcasts such as: Freakanomics, 2 Guys on Your Head, Hidden Brain and No Stupid Questions.
LEARN MORE ABOUT CERTIFIED FINANCIAL PLANNER DAPHNE JORDAN
To discover more about Daphne Jordan visit: https://www.pioneerwealth.com/
Contact us if you would like to be featured in Sammy Rabbit’s Childhood Money Memories series. It’s a wonderful way to drop knowledge, #giveback, and spread #financialeducation and awareness on the importance of early age, teen and #family #financialliteracy.
CLICK to use our website contact form or email us at: contact@SammyRabbit.com
Have a #Sammyriffic day!