Listen and subscribe to Money Glow Up on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.
Inaccurate financial advice that promises quick cash can do more harm than good, but it’s possible to recover from financial mistakes, even in particularly dire circumstances.
No one knows this better than author and entrepreneur Dr. Jamila Davis.
Davis was a millionaire by the age of 25, but her methods led to her being sentenced to 12 1/2 years in prison for bank fraud. She was released in 2017 after serving a nine-year sentence. In less time than she had spent in prison, she regained her fortune and began building long-term financial success.
“You can bounce back from everything,” Davis said on Yahoo Finance’s “Money Glow Up” podcast (watch the video above or listen below). “I came home wearing only the two pairs of prison shoes I had when I left prison, and in seven years I was able to make not only what I had before, but almost twice as many shoes.”
While serving her sentence, Davis earned multiple degrees and explored her spirituality, which she said was essential to preparing her for life after her sentence ends. Davis’ current businesses include a nonprofit organization, a media outlet, a clothing line, and 12 self-published works.
“Financial literacy is a game-changer,” Davis said. “It’s really the difference between rich and poor. I wanted to be rich, but I didn’t necessarily have anyone to show me how to do it, so I was just thinking, “If someone could guide me… If someone could have helped me and taught me the right way, I wouldn’t have spent (time) in prison.”
Jamila T. Davis attends the 2024 Essence Festival of Culture presented by Coca-Cola on July 6, 2024 in New Orleans, Louisiana. (Marcus Ingram/Getty Images, ESSENCE) · Marcus Ingram, via Getty Images
Davis had to work hard to rebuild her empire after her sentencing, but she said it started with a plan and faith.
“You can have a job and a paycheck, and I’m not saying that’s a bad way to go about it, but if you have a side hustle or some other gift or talent or something to supplement your income, you can actually The speed can be faster and you can be in the game,” she explained.
Davis said this additional income could make a big difference. She also pointed out that even if an entrepreneurial venture doesn’t work out as expected, all the skills learned along the way can be applied to other jobs.
“Once someone gives you that information, you can never take it away,” Davis said. “They took everything away from me, but thanks to knowledge I was able to take it all back again. … You can take away other things, but you can take away what I know. you can’t.”
Every Thursday, Tiffany Arish (aka Budgetnista) shares inspiring money stories to help people achieve financial independence and live a richer life on Money Glow Up. Find more episodes on our video hub or watch on your favorite streaming service.
Click here for the latest personal finance news to help you invest, pay off debt, buy a home, retire, and more.
Read the latest financial and business news from Yahoo Finance
