Ashley Loveless Cunningham is a millionaire mentor who educates entrepreneurs on how to leverage their personal and business credit to generate wealth. She has created the ‘New Credit Inc University’ Facebook platform as a free resource for entrepreneurs and she is now on a mission to equip over 10,000 teens with the knowledge they need to be financially savvy as they transition into the real world.

Please share the importance of teaching teens financial literacy.

Around their children, parents assume many roles. However, one of the most significant jobs they take on is teaching. It is the responsibility of parents to teach their children important life lessons, including both practical ones like changing a tire and soft ones like active listening.  Financial literacy, however, doesn’t always receive the attention it needs to be given. It’s important to impart the appropriate financial knowledge to kids early on because making poor financial decisions can have significant consequences.

For decades to come, teenagers will need to handle their finances, yet many do not have the necessary skills.  Early financial literacy instruction can help your children avoid these typical errors and may also lead to better money management and a higher net worth in the future. Fortunately, your teen can start off on the right foot with just a few fundamentals of money management that they will need over the coming months and years.

What advice would you share for readers to stabilize their finances during uncertain times?

The advice I would share is to pay down debt and live below your means and SAVE.  Take a hard look at your finances and create a monthly budget. Limit your expenses, particularly big-ticket items. Sometimes, it’s easier to start small. Try cutting back on meals out, reducing the number of streaming services you have, or refraining from making any major financial commitments you don’t immediately need, such as going on vacation or paying for a months-long membership.

Pay down high-interest credit card balances and refinance variable rates into fixed ones. Being in a position where you’ve eliminated those types of high-cost obligations allows you to better prepare for other things financially. The more you’re able to put aside for saving and the less debt you have, it’s going to be available to you in case of an emergency.

Explain how your course helps parents educate their teens and where they can register.

This course offers the opportunity for mompreneurs to educate their teens about money management, all things banking, credit reports, credit cards,  investing, and business planning.  Financial literacy creates awareness of debt management, credit card balance, and how to choose the best-suited banking, mortgage, loans, insurance,  and investment options.

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Photo Credit: Ceazar Moffett- Art Official