Updated: Jan 21
Tell the world who you are?
My name is Warren Ganues. I am financial mindset coach. Also, a proud husband to amazing wife and father to my two daughters, my princesses.
In pursuit of my education, I attended North Carolina Central University and Strayer University where I received my Bachelor in business. Also, I’ve obtained an M.B.A. in Financial Project management from Colorado State University.
My eight years of experience working in various capacities, at financial institutions, has allowed me to fulfill various roles such as credit analysis, collections, and consumer and mortgage loan originations. I’ve managed and created multiple 6-figure investment portfolios. Last, I am the creator of Young Millionaire in Training, a program designed to teach financial literacy to the middle class, lower middle class, and anyone that is willing to learn.
What led you to pursue the financial industry?
My financial journey started when I was 18 years old as a senior in high school. My dad gave me the book Rich Dad, Poor Dad by Robert Kiyosaki. This ignited a fire in me and Young Millionaire In training was born. Growing up in the early 2000s, as a black man in the middle of a heavy thug culture, prompted me to pursue investing. Besides, I was too afraid to sell drugs.
What are some of the biggest financial mistakes made by individuals?
The biggest financial mistake that people often make is basing their budget on their gross income instead of their actual take home net pay. You will hear people make statements such as, “I make $90,000 a year I can afford that.” Although, it is true they make $90,000 per year they may only bring home approximately $70,000, after taxes. This creates an immediate $20,000 discrepancy that causes many people to live paycheck to paycheck.
Share three best practices to establishing healthy financial habits.
Addressing your mindset, many people understand finances what they don’t understand is why their perception of money is what it is. For instance, why exactly do I feel like I need to buy a $1,000 outfit? What is my specific goal in purchasing this?
Being honest with yourself and your financial standing. People know when they have overspent. However, they are afraid to open their bank account and review their balance. Whatever the balance may be…learning to face that truth is a valuable skill.
Learning to be an investor, once you start acting like an investor, the rest of finance is easy because you always make sure every single dollar is working for you, in the best way possible.
Just for fun…as a financial coach, I thought it would be interesting to hear your feedback on the following…Cash or Credit? Why?
In your personal life, use cash In your business life, use Credit. On a personal level, you want to limit the amount of people that you owe, especially for items that are not making money for you. When it comes to business, it is always better to invest with other people’s money. These concepts can overlap, but the above is just the most simplified version of how to handle them.
Rent or Own? Why?
If we are specifically talking about homes, it is important to understand that there is actually no one size fits all answer, which many people lose track of this. Nevertheless, the rule of thumb, I typically use is to rent and invest the down payment, the taxes, and insurance, and average monthly maintenance cost into either your business or the stock market until you are done advancing in life career wise then purchase a home.
As I alluded to above there are many situations and caveats that this decision can hinge on. It is also important to own every aspect of your life. Do you own your income, your food source, your financial institution, or even your own likeness? Most of these items are publicly traded and you can also own a portion of these as well my motto is If you use it, you should own it.
Are there any resources you would recommend for those seeking to establish or reestablish financial stability?
Rich Dad poor Dad is always where I would tell anyone to start.
Any additional advice you wish to share?
The most important pieces of advice are to set specific goals and fall in love with the process. You spend much more time on the journey than at the actual location. If you don’t fall in love with the process and the journey you will never make it to the goal and destination.
How can we connect/find you? (Social media/websites)
Young Millionaire Financial Tips on Facebook
@Young_millionaire_in_Training on Instagram
@justmewarreng on twitter
Also be on the lookout for the Young Millionaire In Training, Podcast coming soon.