The Psychology of Finance with Youa Khang
Youa Khang, a Senior Marketing Director from Sacramento, is the 2023 winner of First Financial Security's Give Back Visionary of the Year Award, which is given to honor entrepreneurs who impact their community through charity, volunteer work, financial education and other efforts that go above and beyond their duty to help other people.
Youa does her charity work through the Saving Angels, a nonprofit that's focused on financial literacy, and a lot of her curriculum is focused on financial psychology. It's a fascinating topic that we discuss for most of this amazing episode, and she can teach you a lot about what it takes to break a habit and learn to make your money work for you.
Jeff Lehman: Hello and welcome to Lead Empower Grow, a podcast featuring entrepreneurs who lead productive teams, empower their communities, and grow successful businesses of their own. Today's guest is Youa Khang, a Senior Marketing Director from Sacramento and the first Financial Securities first winner of the Give Back Visionary of the Year Award. This award honors entrepreneurs who impact the community through charity, volunteer work, financial education, and efforts that go above and beyond their duty to help people. Youa is known for her charity work through Saving Angels, a nonprofit focused on financial literacy. She spends time teaching finance in one-on-one classes and leading financial education classes in charter schools. Here's a little snapshot of her impact: one student paid off $8,000 in student loans, another saved $10,000 and grew their credit score from zero to 760. All while taking classes full time and working a part-time job. Another student saved $1,000 in emergency funds, and all her students walked away with a different attitude and relationship to money. A lot of her curriculum is based on financial psychology, which is what we talked about for most of the episode. It's a fascinating topic, and I hope you enjoy the episode. Let's get right into it.
Youa, you're a very special guest, being the first winner of the Give Back Visionary of the Year award.
Youa Khang: Thank you, Jeff. I feel like FFS found me. I'm a seasoned agent, and I've been with First Financial for a while now. When I started, I was a college student and a new mom. I wasn't looking for an opportunity, but fate intervened. I met someone from FFS during a visit, and that's how I got involved. I've been with them ever since, and it's been an incredible journey.
Jeff Lehman: That's amazing, Youa. It's like fate brought you to FFS, and you've made such a significant impact through your work with Saving Angels. Can you share more about your journey and how you got involved in the financial education initiatives?
Youa Khang: Certainly, Jeff. When I started, I was very young, around 22 or 23, and I faced challenges, especially convincing people to trust me with their finances. It took a couple of years to gain consistency and discipline in my work. As I progressed, I realized the importance of financial education beyond just selling insurance policies. I discovered the power of financial psychology and its impact on our relationship with money. This realization led me to focus on teaching financial literacy and financial psychology to my community. One of the significant moments in my career was when I helped a client utilize the death benefit from a life insurance policy to fully fund her retirement account. It highlighted the power of life insurance and motivated me to continue my mission of educating others about financial literacy.
Jeff Lehman: That's a powerful story, Youa. Your dedication to financial education is inspiring. Can you share more about the Saving Angels initiative and your experiences teaching financial literacy to various age groups?
Youa Khang: Certainly, Jeff. I founded Saving Angels, which later became a nonprofit organization. We offer free financial education classes to our community, ranging from children as young as eight to adults and professionals. We work with schools and other nonprofit organizations, delivering financial literacy and financial psychology classes. One of the key concepts I teach is money scripting, where we explore the beliefs and attitudes people have about money. This knowledge helps individuals identify their limiting beliefs and work towards financial empowerment. I find it rewarding to see people's reactions when they realize their financial potential and the impact of their beliefs on their financial choices.
Jeff Lehman: That sounds incredibly impactful, Youa. It's essential to address the psychological aspects of money to create lasting change. Lastly, Youa, do you have any goals for the future in your work with financial education and empowering communities?
Youa Khang: Absolutely, Jeff. My primary goal is to continue duplicating myself by empowering others to spread financial education. I believe that by sharing knowledge and empowering more people, we can create a lasting impact on our communities. My focus is on expanding our reach, collaborating with more organizations, and developing innovative ways to teach financial literacy and psychology. I am passionate about ensuring that future generations have the tools and knowledge to build and sustain generational wealth.