INTRODUCING PAMALA MCCOY, FOUNDER BONA5D CREDIT CONSULTANTS, LLC
We are pleased to introduce you to Pamala. I met Pamala through my connection and collaboration with Spondulics, a financial edutainment channel developed by Florida Prosperity Partnership.
Team Sammy: Please share with our audience a little about you, your current family, your non-professional life, a favorite hobby, etc., so readers can get a sense of who you are.
Pamala McCoy: I am the youngest of 4 children. I have had a military connection my entire life: my father served 28 years in the United States Air Force (USAF); both of my brothers were U.S. Air Force Academy graduates; I served in the USAF; and my husband served 30 years in USAF.
I have been married to the love of my life for 26 years. We have 4 boys and 9 grandchildren.
I love the beach and the sound of water crashing the rocks.
I am an author – I have had a book written about me – I am an anthology contributing author. I am a perpetual volunteer (too much is given, much is required). I am the ‘Empowerment Evolutionary.’
And, I am also the founder of BONA5D, Credit Consultants, LLC.
Team Sammy: Tell us about what it was like growing up – your family and community?
Pamala McCoy: I was what is affectionately known as a ‘military brat.’ 😊 Thus, I had the opportunity to move around, be introduced to other cultures, experience a lot of things. We moved every few years which taught me to be very adaptable to meeting new people and adjusting to new schools. Though I don’t know what it is like to have graduated with the same kids I went to kindergarten with, the life of a military family afforded me many experiences that I would not of had with the other way of life. Each has its own benefits, but I feel I may not be the open person I am without the opportunities afforded me – “I am a part of all whom I have met”.
I always did well in school academically and was active in extracurricular activities such as gymnastics, cheerleading, working, various clubs, etc.
Our household was pretty traditional in that though my mom worked at times, my dad was the provider. I got my first ‘real’ job at fifteen and a half at Hardee’s and subsequently worked for the next 30 plus years in progressive positions.
Growing up my Dad would say things like “Credit cards should be used to buy time and not money” and “when you make good money you should save good money because tomorrow is a new day” … I didn’t really understand the true meaning of such growing up. The irony is what I grew up doing for a living and the passion I find in providing tools people can use to ‘FUEL THEIR FINANCIAL POTENTIAL™ ” and “Solidify their financial futures.
NOT SITTING ON THE DOCK OF THE BAY
Team Sammy: What was one of your first money memories?
Pamala McCoy: My first money memories were sitting in a shopping cart. After getting the reminder ‘before’ we enter the store about ‘not asking for anything’ … then observing how the purchases were paid for: cash, check, or credit card.
As I got older, I realized the “reminder conversation” was actually about budgeting … knowing how much was allocated for said purchases.
Team Sammy: What was your first saving experience or memory?
Pamala McCoy: I wouldn’t say it was my first, but certainly my most formidably influential would be when I got my first ‘real’ job!
My parents instructions were this – “pay your tithes, yourself, and then your bills … if there is nothing left then sit at home and watch TV!”
Team Sammy: What was your first job (formal or informal)? How much did you earn and what you did with the money?
Pamala McCoy: My first job was babysitting my parents friends kids; Literally while they were at the house visiting. 😉
I made $0.50/hour per child. My entire earnings were SAVED. I was such a strong negotiator I could convince my folks to buy stuff for me verses me spending my money … lol
I am certain now my parents let me believe I was tricking them, while really they just wanted me to SAVE my money.
Team Sammy: Did your parents talk to you and/or teach you about money / personal finance growing up? What do you remember? What, if anything stuck?
Pamala McCoy: Yes. I was taught “live within your means”; “pay your tithes; pay yourself; and then your bills … if there is nothing left then sit at home and watch TV!” That message stuck!
I was also taught “credit cards should be used to buy time and not money.”
Team Sammy: Who was your primary or one your main money mentors as a child or teen?
Pamala McCoy: My parents. They were phenomenal personal money managers.
Team Sammy: At what age and how did you come to realize money had a value?
Pamala McCoy: Very early. I put money in my piggy bank and would rather spend my parents money while saving my own.
Team Sammy: Did you work as a teen and/or in college?
Pamala McCoy: Yes, I did babysitting then my first real job was at Hardee’s. I wasn’t sixteen so my parents had to get me a work permit. I worked part time while in college my sophomore year.
GOOD AND BAD CHOICES
Team Sammy: What was one mistake and one smart money choice you made as a kid or teen?
Pamala McCoy: I’ve always been a good money manager, but I answer this both questions from freshman year in college.
Mistake: I learned the hard way to not anticipate/attempt to obligate others money (i.e. hypothetically spending my parents money for them … lol); making money decision as though I knew the monies would be guaranteed.
Smart decision: Heading back to college after Christmas break on a Sunday morning. I was hit head on by a drunk driver (the details are to much to type, but I’d be happy to share). My injuries were so severe I had to sit out a semester of college and a summer.
I received a financial settlement. The money was invested. My parents advice was: “live your life as though the money does not exist!” The first time I touched that money was for a down payment on my first home purchase.
Here is a tip and smart choice I strongly encourage others to make, especially young people: Once you’ve paid for a large purchase item, redirect the payment amount to an investment since you are already used to living without those funds.
Team Sammy: What piqued your interest in personal finance?
Pamala McCoy: My upbringing; my beliefs – particularly that I am here to serve. “To much is given, much is required.”
A SPENDING PLAN IS A MUST
Team Sammy: One question I ask everyone is: If you could only teach a child one money habit, what would it be and why?
Pamala McCoy: You shouldn’t spend everything that you make. So EVERYONE needs a spending plan to allow them to be strategic about their spending.
THE EARLIER THE BETTER
Team Sammy: Is it important to teach kids about money? Why? At what age should parents start?
Pamala McCoy: It is very important! It should begin early when your child is young. The earlier a child understands ‘how money works’, the longer period of they will have to financial benefit from the knowledge of making wise financial decisions. They will have a firm financial foundation, fundamental tools in their financial tool chest.
WE NEED SCHOOLS
Team Sammy: Should personal finance be taught in schools?
Pamala McCoy: Absolutely. The schools have been graduating financially illiterate kids. Thus, if not taught in their homes they go into the world ill-equipped.
INSPIRED THINKING AND MONEY
Team Sammy: Do you have any favorite quotes on money?
Pamala McCoy: I will give you one of my own BONA5D BITS:
“Here inspiration and intellect collide with your finances.”
Discover more about Pamala McCoy by visiting: BONA5DCC.com
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