In this episode, we talk with Latrina Walden about the impact of generational wealth. Latrina is a successful medical professional and inline business owner. But before creating a six-figure business, that is on the road to generating a million dollars, Latrina and her husband were swimming in debt.
“Whatever it was, we were gonna stop talking about it
and we were gonna do it!”
Latrina Walden’s money story is not unlike so many others in this country – Curtis and I included. She was smart, driven, and had an entrepreneurial spirit, the only problem is she lacked a solid money foundation and was swimming in six-digit student loan debt.
FINDING THE FINANCIAL INDEPENDENCE COMMUNITY
She felt the burden and was ashamed by the amount of debt she was carrying and through a fortuitous conversation with an old friend and fellow FIRE community member, Naseema McElroy, Latrina found the Financial Independence community about a year ago. And what a year it has been…
Latrina is a busy wife, mother, professor and Nurse Practioner. She and her husband reside in Atlanta with their two children. After finding the FIRE community, she and her husband resolved to finally start telling their money where to go and implemented a budget. For them, it was never an issue of income, but one of not being intentional with the way they spent their money.
$500,000 IN NEGATIVE NET WORTH
The weight of the amount of their debt was a heavy burden and it sometimes made Latrina question whether or not she belonged in the FIRE community. Debt shame is a real thing. But instead of shrinking from the overwhelm of their situation, Latrina and her husband started making swift changes. They decided to stop talking about taking action and to just jump feet first by taking immediate control of their finances.
FIND WHAT YOU ARE GOOD AT
Something incredible happened while they were going through this process, Latrina stumbled upon a new business. She saw a need and stepped in to fill in. She began offering tutoring services via the internet for nurses to prep for exams. She loves teaching and loves nursing and this business was a way for her to marry two of the things she was passionate about and REALLY good at.
To her surprise and amazement, the business took off organically mostly by word of mouth on Facebook. In a matter of five months, her business has grown to a six-figure online business that has already paid off over $360,000.00 of their debt and will pay off the remainder of it, including their house by the end of the year.
And if that were not amazing enough, her business is on track to bring in 1.5 million dollars by the end of the year. How incredible is that!
THE IMPACT OF CREATING GENERATIONAL WEALTH
What makes the growth of her business so special, is not just because it will allow her family to be Financially Independent in their lifetime – but it will change her family tree. The impact of building wealth on the lives of her children their legacy is far-reaching.
The thought of that is overwhelming – in a good way. Latrina and her family recognize the wonderful blessing this business has been for them and have plans to begin a non-profit to help struggling nursing students as a way of showing gratitude for what they have been given. Good people.
LATRINA ON THE FINAL QUESTIONS
What is One Money Lesson She Learned as a Child That She has Carried Over Into Her Financial Journey?
Have a plan. It’s OK to blow up that plan, even if it fails. One day you will get it right.
One Money Lesson She Wants to Pass on to Her Children:
It’s OK to talk about money!
WHERE CAN YOU FIND LATRINA
Latrina’s Favorite Read:
Becoming – By Michelle Obama