The state of Alabama has been a mainstay for civil rights activism and, in recent years, a place for capital growth for African Americans. The reality show “Love & Marriage: Huntsville” portrays three successful, Black couples whose primary focus is building affordable real estate for the less fortunate to enrich the North Huntsville area.

Essentially, the Alabama A&M University classmates are giving back to their community. Despite the personal and financial tribulations of each couple, the show was created to bring a positive eye to the state and its infrastructure.

For Nicovanna Shannon, a Montgomery native, born to a Selma family, serving the community has always been the focal point of her upbringing. As CEO and co-owner of Shannon, Shannon & Associates, Inc., a family-owned and operated financial planning firm in Montgomery, Alabama, Nicovanna continues to give back in so many ways.

“I just want to see people win financially. I always had a knack for numbers, and I believe we can speak anything through numbers.”

— Nicovanna Shannon

Through her mother enforcing the importance of community building as a child and positive, civic influence of her grandfather, Pastor Henry W. Shannon, a member of Selma’s Courageous Eight, Nicovanna was destined to lead an impactful life. “My mom was an inspiration to be more community-focused,” she said.

A vision with a plan can change the world

With the historical richness and glory of Selma flowing through her veins, and her mother’s guidance, Nicovanna grew up with the ability to overcome different challenges while learning how to be financially responsible. Her dad served in the military so her household was constantly on the go. Before reaching adulthood, Nicovanna called several places home including Texas, North Dakota, Mississippi, the Republic of Panama, and Massachusetts.

“I traveled a lot during my first 18 years. When I was living in Massachusetts at 16, I told my dad to stop moving so much, despite the military making that decision.”

— Nicovanna Shannon

While in Massachusetts, Nicovanna graduated high school and her family moved back to Alabama, making Montgomery their permanent home. Afterwards, Nicovanna attended Auburn University to gain her bachelor’s degree in business, moving on to achieve her MBA in business administration from Troy University just two years later.

Nicovanna mentioned the one thing she saw within her home was a consistent financial plan, another important aspect of life she inherited from her mother. She graduated college without debt, because the Shannon’s wanted to give their daughter a financial advantage in life. Her parents chose to stick with the plan, and this gave her the push for the better. “My mom was able to maximize her resources and despite any crises our family faced, our lifestyle never changed. My mom also sewed into the community by tithing and developed a plan to get out of credit card debt within 2 to 3 years. My parents had a plan when I went to college. I graduated with no debt because they stuck with the plan.”

Nicovanna began a fruitful career at Belk in their Executive Training Program in Prattsville, Alabama, with her financially free life. Here is where her executive-level leadership skills began. She was successful in opening the very first Belk store in Nacogdoches, Texas, after being promoted to sales manager. Her first month in sales with Belk as a sales manager? $1 million. Because of this milestone, she qualified for almost every award from the company. The training program required constant travel, which Nicovanna was already accustomed to because of her lifestyle as a military brat. She ended up making another huge leap with a Belk store in Mississippi and helped that store reach similar success.

Logo courtesy of Nicovanna Shannon.

Entrepreneurship: Nicovanna’s 2008 Recession Recovery

Nicovanna advanced from her position with Belk to joining CarMax’s Training Program as a Business Office Manager in Norcross, Georgia. Her expertise helped this location become the second highest-producing store, with 94 cars sold on Saturdays alone!

During this time, the 2008 recession was at its peak. Several people and companies took a hit and it caused them to pivot like never before. Ultimately, Nicovanna suffered the same fate as many Americans and was downsized.

After being laid off twice, she went from $60K plus, in corporate America, to making $12 an hour. She was forced to take on odd jobs to pay the bills. But Nicovanna describes herself as the “comeback kid.” With this comeback mentality, she knew she could rebound from the recession.

“No matter where you are, you can always bounce back.”

— Nicovanna Shannon

"There’s always a path bouncing back.” Nicovanna’s strength and reflection on her belief that we can speak anything through numbers allowed her to overcome. Her bounce back proved to be stronger than ever. So, the numbers added up for Nicovanna and she walked the path into entrepreneurship with Shannon, Shannon & Associates, founded in 2006, out of the need to help individuals in financial crises.

Nicovanna has been with the firm for 15 years now. Today, she teaches clients the concept of achieving financial security through financial coaching and planning. “We are already 200 years behind our counterparts, financially. At Shannon, Shannon & Associates, Inc. we emphasize why breaking certain habits helps the generation after us. We believe you have the power to be CEO of your money, and be a savvy money manager no matter your income level. Your circumstances will be temporary and will change over time, but as long as you stay true to the plan, you will be ready for the change.”

There is an urgent need for financial literacy among the black community, and this preparation can and should be implemented for future generations to have stable lives going forward. “If you have a plan, working that plan, and if you and your loved ones are following that plan, you can make your home recession-proof, since everyone is on the same page,” she states.

Maximize Your Money with Shannon, Shannon & Associates

With Nicovanna’s mother being the visionary behind the money management approach in her family, Shannon, Shannon & Associates helps individuals like you and me achieve financial wealth and equip us to make smart, long-lasting decisions about our finances. The Shannon family spent 50 years making good financial choices and they are able to teach their clients how to do the same. Nicovanna wonders, “If we can help our family stabilize, who else can we help?”

Some of the services you’ll find at Shannon, Shannon & Associates include:

A 6-week finance bootcamp
Phoenix Fire Finance Program
Mentoring plans
Counseling plans

You can even get started with a membership for as low as $19.99 a month. Every client has the potential of improving his or her credit, becoming a homeowner, or building a legacy of financial peace of mind.

Sound Financial Strategies Makes Dollars and Sense

So, what truly makes dollars and sense to Nicovanna Shannon? Having financial options such as financial literacy and credit counseling available and accessible to make life better for you and your loved ones, one step at a time. “It created a path for my daughter to see my habits formed from my mother. Always remember, no one has the right to speak over your money but you. When you look at money as a tool and not as your world, it breaks that poverty mindset. But what really feeds my soul is when I can see generations being positively impacted because they know what to do with their money."

To get started on the right path to building financial wealth for yourself and your family, visit www.ssamoneymatters.com or email contactus@ssamoneymatters.com to book your strategy session to assess your financial health today.