It’s nothing new that finances are a source of ongoing stress for the majority of Americans. However, in these uncertain political times with constant upheavals with tariffs, layoffs and government cuts, the anxiety is especially high, particularly in our communities. At the Wellness House at the 2025 Essence Festival of Culture, Jatali Bellanton, PhD, an angel investor and neuropsychologist, and ESSENCE’s senior lifestyle editor, Victoria Uwumarogie, had a frank and informative conversation about how we can maintain our mental health and our bank accounts no matter what is happening around us. It was titled, “Mental Wellness and Investing During Uncertain Times.”
Bellanton opened the discussion asking the audience to stand up and repeat a financial affirmation: “I am one idea away from being a millionaire.” She recommended that we speak positivity over ourselves and our finances regularly to have a positive impact on our mindset. She candidly shared that at the beginning of her career, she thought many people’s problems with budgeting were due to their own ignorance or poor decision-making. But through her work, she realized a lot of mental trauma comes from past issues with money from childhood or with our family histories.
The conversation addressed the very real pressures from family and friends who may not understand or respect your financial goals. Issues like “survivors’ guilt” and boundary setting came up. She advised that we must have candid conversations with trusted family and friends when we need support with our budgeting goals or when feeling financial stress. At the same time, boundary-setting with our loved ones is critical. If your homegirl wants to do an expensive brunch but it’s not in your budget, speak your truth and honor your goals. If your child doesn’t understand why they can’t get the high-priced toy or snack they want, use it as an opportunity to teach them about budgeting.
“As a mom, the most expensive people in the world are children because they don’t understand the concept of a budget, how to earn and how to save,” shared Bellanton. She encouraged the audience to make it a family activity by including kids in financial conversations. Put the budget on the fridge and explain it, attaching a big goal that will pique their interest. “We are earning or saving towards a bigger car, or house with a pool,” she used as an example. She shared how she also engages her son in budgeting and discipline by giving him a quarter for cleaning his room each night so he can save up for the toy cars he wants. It helps him understand the price of things, and to put aside his earnings from his “work.” She affirmed that through these efforts, kids learn discipline and can also pick up our good habits as parents.
Bellanton also reflected that ego can get in the way when people ask for money and we want to help. For example, if a family member repeatedly asks for money but they don’t respect the work you’ve put in to build wealth, you shouldn’t feel obligated to them. It can set up dynamics of expectation and create internal stress if you don’t actually want to give them money but feel like you have to do so. She reminded the audience that if we feel pressure to lend or give others money, it’s important to assess our financial situation and see if we have an overflow or a deficit. “If you have a financial goal, if you don’t put yourself first, you’ll never get there,” she said.
When asked about what budget tools she recommends, Bellanton shared the old school “envelope method,” where you put cash in separate envelopes for costs like gas, cable and electric. This helps you monitor your spending and physically see how much money is being spent. Since many of us are using online banks instead of cash, she suggested apps such as Good Budget or YNAB for a digital version of the envelope method, and to start small with budgeting, focusing on essentials like food or groceries.
She also offered the 50/30/20 rule, where you set aside 50% of your monthly budget towards investing in things that appreciate, like stocks or real estate, 30% towards mortgage and household things like internet or electric bills, and 20% towards “happenstance money” such as insurances. To have a little money to splurge on travel or other items that bring joy, Bellanton revealed that she will sometimes parse out 10% from the other categories.
Investing is another hot topic that came up in this session. She pointed out that S+P 500 has a higher average percentage of gains compared to regular banking accounts, which have very low annual interest gains (usually less than 1%). But she also emphasized that it’s important to know yourself and your willingness to take risks with your money. For example, if you can’t handle seeing the market go up and down quickly, you might need to consider low-risk strategies like investing over several years or even decades. When Uwumarogie asked about some low-stress ways for first-generation investors to get in the game, she encouraged the audience to start with little bits like $5, and noted that it’s not necessary to have $100 or $200 to get in the game. Small and consistent contributions add up over time, especially if investing in ETFs or other stocks that produce dividends. Bellanton recommended looking into REITs (real estate investment trusts) as a low-entry way to invest in real estate without having to buy property. She also advised not to put all your money in one sector but to diversify because if something happens suddenly in the tech industry, for example, you could lose all your money quickly.
So many of us are interested not just in saving money but in earning more. While most people want to create multiple streams of income, it can be more challenging to figure out how. Bellanton suggested thinking about your skill set and what you’re good at. Do you have graphic design skills and like to make flyers? Are you good at meditation? Side hustles or part-time jobs are a way to increase your income and have a little extra to save and invest once you’re done paying your bills.
Bellanton asserted that it’s crucial to do your own research no matter what you watch or read to see if it makes you feel like you’re making a good decision. She clearly stated that this was her professional opinion and not advice. At the same time, she lifted up some helpful resources such as Investopedia, books including The Psychology of Money and Breaking the Habit of Being Yourself, and the Brown Ambition podcast. She also recommends paying attention to what is happening politically in every administration. What laws are being passed in tax-friendly states? What other countries are tax-friendly where you can invest?
While some of this can feel overwhelming, one thing to remember about minimizing stress and pursuing your financial dreams is that it’s not just okay, but essential to invest in yourself.