Adrienne Bailon-Houghton on Her Biggest Money Mistakes, Wins + More | With The Bag To Match

[Music] in my financial career I've taken over the New York Stock Exchange and I know how to make money move now I'm inviting you to get all the way in your bag and never look back hey everyone welcome to with the bag to match proudly presented by Spring Hill and JP Morgan wealth management I'm your host Lauren Simmons on this show we sit with extraordinary women as they share insights on how they claimed their financial power and celebrated their wins later our JP Morgan wealth management advisor will deepen the conversation with more insights in today's episode I have the honor of sitting down with a true luminary in the entertainment industry a multi-talented Emy winning TV personality join me in welcoming the extraordinary Adrien byone holon I initially got the bag when I was 15 years years old and joined a girl group called 3lw from there I then joined a girl group called The Cheetah Girls on Disney Channels fumbled the bag a few times and got another bag with another girl group called The Real a daytime television show I would say my superpower in business would be just living authentically and knowing the things that I love and that I need and bringing that to the marketplace well first off thank you Adrien for being here I am so excited to dive into this conversation same same I'm super excited to talk all things fine I feel like I'm going to learn a lot today as well yeah so I'm I'm going to learn from you it's it's going be mutually beneficial to each other you've been working since you were 14 years old at that age what was your understanding of the money that you were making honestly I had no concept of the money I was making I think when you start a career at like 14 15 years old and for me my first real job I used to sweep floors at a Dominican hair salon when I was like 14 and that was so that I could get my hair blown out so I never had any real money exchange there it was like okay I'm sweeping these floors I'm going to get a free blowout with this hair right here and then my next job was being in thrw and I think joining a girl group and joining the industry I remember telling my mom I would do this for free and she was like do not walk around telling people that she's like that is not what we're going to do we are not doing this for free but the reality is I was so I felt so honored and it was an opportunity of a lifetime I think when I grew up you grew up from very humble beginnings I grew up in the projects in the Lower East Side of Manhattan and we didn't have much so just being given that opportunity at 15 years old I really didn't care about what I was getting paid I was just excited to be there and I regret that I kind of regret not being in the know and understanding okay I just got my first record deal what does that mean the fact that I actually wasn't signed directly to the label and that it was through a production company and they received you know our advance and what that meant I mean there was so much that I learned in a short period of time of just simple things like uh the fact that the money that you get is actually to create the album and that you will have to pay that back and so I think at 15 years old I was clueless and learning little by little that actually is a really good point do you remember the first lesson you ever learned about managing money I learned a lot about managing money but the one that impacted me the most that really made me say okay Adrian you've got to get your finances under control you've gone too long making money to not understand what your money is doing and that actually was when I joined the Reel I had to relocate to LA and I went into this amazing building across from the Grove I was like oh I picked a fly spot yeah and I went into the leasing office to sign up and be like okay this is the apartment I want I just got a tour of it and now I'm ready to sign my lease and they were like amazing we're just going to run your credit and we've got paperwork here well my credit was tragic and they ended up saying listen we can't lease you this apartment is there anyone that can co-sign for you and I remember standing in that leasing office just thinking to myself wow I would consider myself a successful person I've done really well for myself I've been in this industry for such a long time I'm about to be on a daytime talk show like this is Major and I can't even get the apartment of my dreams because I need someone a cosign and at the time I remember being like why is my credit bad not even understanding why it was bad yeah turns out you got to return those cable boxes when you move so that was what had been killing my credit and I didn't even know it wasn't checking my voicemail they definitely had called and send messages I wasn't even aware just living my best life yeah and here I am with terrible credit thank God my sister actually co-signed for me but that embarrassment in that office really told me Adrian you've got to get a hold of of these things and then I had to ask myself why wasn't I aware of it and the reality is I think when we talk about generational wealth my mom didn't know enough to teach me and so I in that moment was like I want to be knowledgeable enough so that when day I have children I can impart this wisdom on them so they don't have to go through the same things when I turned 18 years old and like credit cards came in the mail I think coming from you know first generation in this country my mom was like you don't want to end up in debt yeah and told me not to sign up for any of the credit cards and that everything I did really was Cash MH or my debit M and what does that land me that lands me at a really low credit score because I've never proven that I can be trusted with money to pay it back yeah I want to hear more about your experience growing up in an immigrant family because the approach to money is often very different so different how did your upbringing influence your views on money today when we talk about being being from an immigrant family I think that there was a lot of things we didn't know and again my mom was always like too cool to maybe ask the questions and maybe that's where I learned like okay we're just trying to fit in here yeah and I wish that I would have again asked more questions but I wish that my mom was more knowledgeable because I really think that could have guided me so it's kind of funny that like now I'm the one teaching my mom and I feel really proud of that but that that won't happen to the Next Generation that my son literally from now I'm like how can we start savings accounts for him at this he's a year old and I'm thinking ahead of you know a college fund how do we start raising money for his education and um I'm excited about that I'm really excited about he will now be second generation in this country and how that is going to be just so different for him yeah thank you for coming know makeup and bring that plate in and bar a spend I can't resist would be family vacations like I am all about spending money on dope experiences that you will never forget making the memories and making them luxurious so let's go there first class when we arrive let's stay at an amazing hotel and on top of that maybe let's do like a boating Excursion yeah these things cost money woo so I have spent the last 2 years renovating my home here in New York and when I tell you I have gone above and beyond budget I had no idea that home renovations like you literally find the next thing that you want to do like I literally just completed the whole house and I just got off the phone with my husband and he's like maybe the garage next maybe the laundry room next so I feel like it is a NeverEnding project and trust me you will always go over budget my version of girl math would definitely be about fashion okay so here's the thing if I'm purchasing something I have convinced myself that I am spending a dollar a day to wear it so if I'm like okay this is a classic piece we can wear this for years a dollar a day multiple years sounds just about right everyone has their strengths and weaknesses when it comes to managing money what's one thing that you want to get better at in the future one of the things that I definitely want to get better at is not being afraid to invest don't be I want to get into it I want to like have a portfolio that's like interesting I could have conversations with people about it like that's something I want to get better at I want to get better about learning like when I hear about you talking about Wall Street I'm like I I want to know like all of those things so I think I might get like one of those like Wall Street for dummy books you bu investing you could buy my book that's that's a selfish plug I can teach you investing 101 I will but those are the things I really want to get into I feel like at this point I have money where it's like I don't want it just to sit there and that I wanted to actually money makes money yeah it does and there's so many different asset classes that you can invest in I think people get so fixated on I'm just going to invest in the stock market but that's just like the tip of the iceberg for sure and so I know there's still so much more for me to learn and I'm excited about it as you know this show is called with the bag to match there has always been this dichotomy between treating yourself and saving your dollars how do you find balance between those two things I think even what we just said right now like I I now have started this new thing of being like what really matters and when I spend my money I try to think big picture when I think about so many of us don't realize that the Small Things end up adding up and becoming big things my mom told me that she watched a episode of Oprah Show and she was like did you know that Oprah signs all of her own checks and she goes over everything she spent like so my mom preaching to me as I got older she's like you should do the same thing and I actually listened to my mom I do do the same thing and I sit down with my manager and we'll go through my spending and I'll actually look at everything and it's so wild when I looked at the fact that like I had all these apps that I was paying for that I had no idea was recurring payments I'm like these $24 a month start adding up the amount of food that I was ordering that like you end up over ordering and I'm like what what are all these and recognizing that there is a difference between having like a luxury experience and just the things that you're being wasteful Y and that's how I find the balance is I don't want to be wasteful with my money yes do I think I work really really hard and I deserve to splurge on certain things I need to decide what those things are and then I need to decide what those things are not like I think even recognizing what makes sense to invest in when you're talking luxury so I'm like I will invest in jewelry that's something that to me is important and I also recognize it can be passed down and that um it doesn't lose its value I am a handbag girl but I I tell even on this set like I tell everyone I only buy limited edition Handbags and the resale value on those are really good and I can eventually pass it down and then there are certain brands that we can't name any names right so but they don't hold value at all at all at all and then there are others that absolutely hold their value and they some even go up no I I have a few and so there is a market where you can absolutely invest in luxury things and also return on your investment for sure tell me about some of the other ways you're investing I think one of the hugest Investments I've ever made was deciding to become an entrepreneur and starting my own fashion line with lavot the first time we ever sold out and me actually seeing you know you know you use these apps that that they tell you like how much you're selling in real time and I remember watching us sell out within an hour of launch and watching literally the investment I made and seeing what I got back I was like oh my gosh why didn't I think of doing this investing in myself that part I was like oh my that is a real investment there are many different ways that you can do that being an entrepreneur getting education self-care there are many different ways that you can invest in yourself but investing in yourself is one of the most important things that you can invest in for sure I think it's a never ending journey of learning and I'm forever a student and I think that just makes it that much more fun forever a student that is the key word you are always learning always Adrien thank you so much for being here today you've truly been inspiring your journey and accomplishments speaks volumes in your drive and determination I'm excited to see what Ventures lie ahead for you me too and now it's time to dive into the world of Finance with our JP Morgan wealth management adviser join us as we demystify the financial landscape and help you make it make sense I'm here with Nina thank you so much for being here thank you for having me Adrien talked about how her credit took a toll on her financial Wellness how common is it for people to have money in the bank but still find their credit score as lacking oh my gosh it's so common and here's why they live by the notion that cash is King and most times that is a mind frame that is passed down from generation to generation in some instances it could be true right um and they just don't pay attention to the credit aspect of things I love how trans arent Adrian was in her story about this vul and what's very interesting is that most people realize that credit is important in the home buying process and one of the things that I want listeners and viewers to understand is that when you're thinking about home ownership in particular you've got to look at it like more of a four-legged stool you've got income you've got assets so your reserves you've got the collateral itself so the home that you're purchasing that is under underwritten as well and then you've got credit and any of those legs on that stool that's missing could tank the whole deal so think about that income assets credit collateral discussing investing in black and brown communities doesn't happen all that often what would you say is the biggest hurdle in getting in the community to talk about money more openly how many times have we heard it don't tell everyone in your business or don't let anyone know your business that's the thing like we have to be able to talk about it more comfortable with being uncomfortable and you know what it is I think that we tie so much of our wealth to our personal worth and our identity that some people are just like standoffish as it as it relates to communicating about their money and their intent behind the money and their investment strategy or what they know or don't know it's it's it's been a very sensitive and touchy subject but I think it's been passed down generationally the best thing to do was just start talking about it even if you just want to start with a financial professional who doesn't know you who is very objective that's not biased not biased just like they're here to help here's what I can do to help you right and then as you learn more and experience more then sharing that um with your local family or your community and just have those more transparent and vulnerable conversations around it pass the knowledge on there's power in there a mentioned tangible Investments like home buying and jewelry but she also mentioned a desire to learn about other forms of investment can you give us some examples absolutely well first of all that's a great question for JP Morgan wealth management advisor we have all types of Investments at JP Morgan you can do equities or stocks bonds exchange traded funds mutual funds we have our core manage Solutions what a a financial adviser will do specifically at JP Morgan is take your goals take your risk tolerance and then a create an investment strategy based on your goals and risk tolerance in your time Horizon of course Nina as always I appreciate you so much I feel like I'm learning more and more so I just want to say thank you so much for your time today thanks for having me that's all we've got for this episode of with the bag to match I want to say thank you to Adrien for stopping by and lending us all of her insights I truly enjoyed our chat and a special shout out to our JP Morgan wealth management adviser Nina for making it all makes sense please don't forget the bag is far more than just a fashion statement for us it's a symbol of financial empowerment stop by for our next episode as we get into conversation with more amazing women who built their careers with the bag to match see you next time

Channel: SpringHill

Views: 767,257

Keywords: Adrienne Bailon, Adrienne Bailon-Houghton, Lauren Simmons, Entrepreneur, Entrepreneurship, Finances, SpringHill, Make SpringHill, With The Bag To Match, Investing, Money Mistakes, Budgeting

Id: Dy70Ab3ZY5w

Length: 16min 51sec (1011 seconds)

Published: Thu Feb 08 2024