By Constance Garcia-Barrio
As a result of her parents’ daring, and their instilling in her the value of community, Vanessa L. Lowe, MBA, ChFC (Chartered Financial Consultant), helps low-to-moderate income Philadelphians build wealth.
But for quirks of fate and the courage of Lowe’s parents, Philadelphians might have missed out on Lowe’s savvy.
“I am a child of the Great Migration,” Lowe said, referring to the thousands of Black Americans who moved away from racial violence and oppression in the South to opportunities in the North from around the 1920s up to the 1960s.
“My parents made the brave decision to trek as newlyweds from North Carolina to big, bad New York City,” Lowe said.
There, the Lowes raised three daughters, including Vanessa, in apartments and homes in Harlem, then in the Bronx.
Lowe went to public school and skipped a grade. At 17, with good SAT scores, she found herself swimming in catalogs from colleges that she could attend. She chose Temple University because that catalog’s cover displayed a cup of coffee and a hoagie, and because of the easy trip from Temple to New York City.
At Temple, Lowe’s studies centered on business and education. Though grateful for the real-world chance to teach students, she decided that classroom teaching was not her forte. However, her B.S. in education, combined with her grasp of money matters, would help to shape her career.
Eager to strengthen the community after graduating, Lowe landed a job at the Juvenile Law Center (JLC). JLC is a nonprofit that defends the rights of young people and works to stem harm from child welfare and court systems.
Later, Lowe took a position at the Philadelphia-based National Clearinghouse for the Defense of Battered Women, an organization that provides resources for women charged with crimes against their abusers. From there she joined the AIDS Law Project of Pennsylvania at the height of the AIDS crisis.
“I enjoyed anything related to efficiency, clearing up bottlenecks, and following the money: raising it, counting it, confronting questions like whether the organization could make the payroll,” Lowe said.
Lowe’s curiosity about nonprofits led her to seek an MBA from Penn’s Wharton School of Business. She found the academics challenging, especially during the first year of her two-year program.
“Here I was reading case studies and profit-and-loss statements,” she said. “There was the pressure of keeping up with way too much work. I made it through with the support of Wharton Black MBA Association study groups and the Students for Responsible Business Chapter (SRB), now known as Net Impact.”
Through SRB, Lowe found her calling. She spent her intern summer working at City First Bank, based in Washington, D.C.
“City First Bank merged with Broadway Federal Bank in 2021 to become the first and largest Black-led minority depository institution with more than $1 billion in total assets,” Lowe said.
Lowe cautions young Black people not to rush into grad school.
“Get real-life work experience during and after college, preferably in what you think you want first,” she said. “Estimate whether the job market for what you’re studying will allow you to pay off education loans in a reasonable timeframe.”
Lowe paid off $75,000 in Wharton loans in 10 years.
In the early 2000s, Lowe parlayed her experience into roles at the U.S. Department of Treasury. Later, her background in education came fully into play at the National Credit Union administration, the government-backed insurer of U.S. credit unions. She launched the agency’s online training, producing and hosting 25 live webinars with up to 1,100 participants. Lowe retired at age 56.
Throughout her career, Lowe offered personal finance workshops in the community. After her retirement, her firm VLL Consulting and Financial Education, stepped up its work with individuals and community organizations. Now she reaches a wide audience through “Vanessa’s Money Hour,” her bi-monthly radio show devoted to financial security and wealth building. The show covers topics like Roth IRAs, establishing emergency funds, and more at GTownradio.com, 92.9 FM, on Thursdays and Saturdays at 1 p.m. Listeners can also catch shows archived on Lowe’s Spotify podcast page.
Lowe also covers aspects of money management through her workshops at Mt. Airy Learning Tree (MALT) https://mtairylearningtree.org/, a community-based nonprofit that allows neighbors to share skills and information. At MALT, Lowe has taught classes like “Debt-Free Living,” “Top 10 Tools for Financial Success, and the newest offering, “Investing for Justice.”
In the meantime, Lowe offers these tips on achieving better financial health:
Start with the basics. Develop a net-worth statement and a budget. “These documents answer money questions like can I buy a new car and how much can I contribute to my retirement account,” Lowe said.
Take advantage of the Roth IRA. Your savings grow tax-free. “If your child has a summer job, help them start a Roth IRA,” Lowe said. Starting young allows more time for money to grow.”
Start wherever you are. “If you’re 60, start now,” Lowe said.
Participate in your employer’s retirement plan. “It means a smaller paycheck, but if you don’t sign up, you’re leaving free money on the table from the employer match,” Lowe said.
In money matters, women are often dismissed or ignored, Lowe said. Consider joining Invest for Better, https://investforbetter.org/, a 7-session learning circle for women to learn how to invest money in alignment with your values.
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