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WHAT'S IN YOUR PURSE? MICHIGAN WOMAN SHOWS WOMEN HOW TO BUILD FINANCIAL INDEPENDENCE - MLive
March 15, 2021

MLIVE

What’s in your P.U.R.S.E? Michigan woman shows women how to build financial independence

SAGINAW, MI - A Saginaw local has been on a mission to empower other women by asking one simple question - “Girl, What’s in your P.U.R.S.E?”

“Girl, What’s in your P.U.R.S.E?” is the name of a book written by Latrice Goodwine. P.U.R.S.E. stands for “Purpose, passion, plan, Unique to her aspirations, Reliant upon a Solid foundation that will Evolve her into greatness” — something Goodwine says every woman should carry.

The book morphed into a financial advising project, that uses items commonly found in women’s purses as metaphors to teach them critical money skills and financial literacy.

“For example, I tell everyone woman needs a makeup bag in their purse. Make-up enhances a woman’s natural beauty, just like your credit enhances your cash flow. So having good credit, or a good supply of makeup, is going to enhance your cash flow, just like makeup enhances your natural beauty,” she said.

Goodwine, who is a financial advisor by trade with over 20 years of experience in the finance world, made it her mission to make finances more relatable to women.

“What I noticed is that women found finances to be boring, intimidating or they didn’t feel prepared. So I wanted to come up with a way to make finance interesting and fun and relatable to women,” she said.

Goodwine initially wrote and launched her book “Girl, What’s in your P.U.R.S.E?” in Feb. 2019, which morphed and grew into a full-fledged financial advising firm later that year that she runs out of Saginaw.

The book has its roots back when Goodwine attended the Women’s Empowerment Brunch on Jan. 1, 2018, where she made a personal commitment to finish her book to empower women with their finances. But Goodwine said that she wanted to become more than just a local author.

“I was like how do I establish credibility and authority in this subject matter so people won’t say, ‘okay who are you to tell me about my finances?’” she said.

So while Goodwine was developing the content for her book, she created a social media group on Facebook where she gave out free financial advice to over 1,000 women, she said. By the time she was ready to launch her book, she said the preorders were already rolling in.

Moving up from the book to the financial advising firm, Goodwine created multiple other avenues for teaching women financial skills.

Dubbed “The Inner Circle”, she launched a membership program where she is what she calls other women’s “financial bestie.” Goodwine coaches women in this program on items such as credit counseling, budgeting, saving, investment, retirement planning and life insurance strategies.

“Any goal that they want to complete, my job is to help them complete it,” she said.

Goodwine also teaches a stock investment course for women that focuses on her own unique formula of P + P + P + P = P, or purpose + passion + plan + patience = profit. The women in her 90-minute investment classes also learn how to utilize tools like Robinhood, a mobile investment application.

“The women are doing phenomenal, like my average investor is earning right now probably at least 30% on their portfolio,” she said.

For Goodwine, it’s important for women to have these skills - regardless of their family structure or households.

“I know these things weren’t taught to us growing up in school and so we get out into the world and we have all these technical skills but we don’t know how to manage our own checkbook, we don’t understand the importance of credit, we are not properly covered in life insurance,” she said. “No matter the dynamics of a household, I believe figuratively and metaphorically speaking, women hold the purse straps in the household. Women manage the household, they know what’s coming in and they know what’s coming out.”

Before the book and the growth of “Girl, What’s in your P.U.R.S.E?”, Goodwine has worked in the financial field for over 20 years. She started out as a credit analyst and since has held positions such as working as a commercial lender and serving as a financial adviser. Recently she served as the community development officer for Buena Vista Township and a project manager for the city of Saginaw and the Saginaw County Land Bank.

With March being Women’s History Month, Goodwine encouraged women to consider a career or career path in finance. It’s a male-dominated field explained Goodwine, but one that she said can take you in many different areas.

“This is just an awesome field, a lot of room and opportunity for women to grow and dominate in this industry,” she said. “I would definitely say go for it, definitely.”