We had the good fortune of connecting with Philip Dancy and we’ve shared our conversation below.
Hi Philip, do you have a budget? how do you think about personal finances?
Absolutely, I have a budget. Due to being a personal finance coach, I am a firm believer that your finances are the foundation to pretty much anything. You need a budget to pay off debt, invest, save, travel and even build generational wealth. I think the misconception about budgeting is that it is constricting, but it is the complete opposite. You can indeed live your best life and budget at the same time. When it comes to making lifestyle and spending decisions, one of my main priorities is saving/investing but I also build #playmoney into my budget. There is no point in building wealth if you can’t have fun.
I also tend to think of spending decisions in regards to my financial goals. Will this purchase keep me from reaching a goal? Does this align with where I am trying to go? Again, it is key to build #playmoney into your budgets but you should also consider if its a want or need.
What should our readers know about your business?
Dancy With Money is a one stop shop for personal finance planning, coaching services, and articles on all things finance. We started this business in order to help young professionals stack their bread all while facing their financial truths. By providing easy to follow concepts and strategies, it allows for individuals to build wealth all while still living their best life. We also started this business based on upbringing as a child. Seeing my mom struggle after a divorce, I knew I never wanted to get to a point of financial struggle.
From a coaching perspective, we have helped individuals save over $60,000 and pay off roughly $45,000 in debt in 2020. Also, we started a movement amongst young individuals back in 2020 with a $2,600 savings challenge. With the great feedback, we upped the amount to $10,000 in 2021 and we are saving a collective $1.5 million as a group. The purpose of the challenge is to build that savings muscle and build upon the concept of paying yourself first.
I got to where I am today with a lot of support from my unofficial team (lol). Through their constant support and feedback, I was able to grow my platform to where it is today. Consistency and being authentic is key too. I feel like people can see right through the BS if you are simply just in it for the money. I am mainly in this business to help close the wealth gap that we as a black community is facing. Whether it is through my blogs, freebies or paid coaching sessions, I am here to help.
I’ve learned a couple lessons throughout the journey. One is being patient. There were definitely some times where I wanted to give up because I felt like people weren’t tapping in as often. Given the way social media works, things have to look a certain way or say certain things to grab folks attention. After making some adjustments and staying the course, I am starting to see the benefits. The other lesson I’ve learned is to protect your assets. There was an instance where another individual in the personal finance community actually tried to use my budget template and sell it as their own. Whether it is terms and conditions or some other form of writing, I think it is important for you to protect your craft.
If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
There are a ton of stuff to do in Jersey. If you like hiking/walking, South Mountain Reservation is a great place in Jersey to walk around. The park makes it seem like you are not even in Jersey anymore.
In terms of food, tons of food options. If you’re into pizza, I suggest Stadium Pizza (NY Style) or Blue Steel Pizza (Detroit Style). Coffee wise, I would go to one of our favorite black owned spots called Harpers Cafe. And the best breakfast sandwiches I have ever had come from Blue Print Cafe, another black owned spot. I live close to the city so of course you have to visit NYC and walk the Brooklyn Bridge.
Who else deserves some credit and recognition?
I would like to shoutout my mom, Pamela Dancy and my wife, Kendra Dancy for helping me throughout my life.