Money

Dr. Janet Taylor Shares 3 Most Important Money Lessons

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IMG_0831While you can often see Dr. Janet Taylor offering advice to help the masses find psychological and emotional well-being on shows such as NBC’s The Today Show, CBS This Morning, or ABC’s Good Morning America, Taylor says it’s her work to help people in her community find psychological stability that she finds most vital.

“Being on the front line with individuals and their families battling the emotional and economic impact of mental illness is where I can make a difference,” she says.

When it comes to her own ‘economics,’ Taylor has had some life lessons that have had an impact on her personal financial behavior. She shared them with BE.com for our “3 Most Important Lessons About Money” series, as we work to bring more awareness to mental wellness during Mental Health Month.

BE.com: What would you say are the three most important lessons you’ve learned about money?

Taylor: The most important lesson that I have learned about money is that how much you save is as important as how much you make. I’ve learned this over the past four years, while managing my separation and divorce. The second lesson is that it’s important to talk about money to children. I grew up in a family where money management was not discussed. I wasn’t curious enough about finances and had to learn on my own.

I have also learned that the amount of money that you have or have access to will never redeem character. I have learned lessons about resilience, grace, and kindness from folks who had very little money but were incredibly generous human beings.

BE.com: What impact have these lessons had on your life today?

Taylor: I am focused on saving money. I am making better money decisions and buying less impulsively.

Be.com:  If you had one lesson you could convey to people about money, what would it be?   

Taylor: One lesson for people about money is to learn about money management by reading and asking questions and to begin accounting for every dollar that they have.

Be.com: Your focus is on mental health. Research shows that the black community seeks out mental health services at a much lower rate than whites, although we struggle with things like financial stress at higher levels.

Taylor: Historically, we have used religion and spirituality to make ourselves feel better. I think people are beginning to realize that depression is a biological dysfunction like diabetes or heart disease. You need to get it assessed and taken care of.

For more information on mental health, click here to visit the Mental Health Month website.