'You can come back from everything': How a formerly incarcerated entrepreneur made back millions
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Inaccurate financial advice promising quick cash can hurt more than it helps, but even in particularly dire situations, it is possible to recover from financial mistakes.
No one knows this better than author and entrepreneur Dr. Jamila Davis.
Davis became a millionaire by the age of 25 — though her methods landed her a 12-and-a-half-year prison sentence for bank fraud. After serving nine years of that sentence, she was released in 2017. In less time than she spent behind bars, she made back her fortune and began building her long-term financial success.
"You can come back from everything," Davis said on Yahoo Finance’s Money Glow Up podcast (see video above or listen below). "I came home with nothing but my two prison shoes that I walked out [of] that prison with, and I was able to build not just what I had before but almost double in seven years."
While serving time, Davis received multiple degrees and explored her spirituality, which she said was integral in setting her up for life after her sentence was over. Davis’s current ventures include a nonprofit, a media outlet, a clothing line, and a dozen self-published works.
"Financial literacy is game-changing," Davis said. "It's really the difference between the rich and the poor. I desired to be rich, and I didn't necessarily have someone to teach me how to do it, so I was just figuring it out. And if I had somebody to guide me and show me how to do it the right way, I wouldn't have spent [time] in prison."
Davis had to work hard after her sentence to rebuild her empire, which she said started with a plan and faith.
“You can get a job and a check, and I'm not saying that's a bad way, but if you have a side hustle or some other gift or talent or something that you can do that can supplement your income, it can actually speed you up in the game,” she explained.
Davis said this additional income can make a tremendous difference. She also noted that even if an entrepreneurial venture doesn’t pan out as expected, all the skills learned along the way are transferable to other pursuits.
"When somebody gives you that information, they can never take it away," Davis said. "They stripped me of everything, and I was able to get it all back over again because of knowledge. … You can take something else, but you can't take away what I know."
Every Thursday, Tiffany Aliche — aka The Budgetnista — shares inspiring money stories to help people achieve financial independence and live richer lives on Money Glow Up. You can find more episodes on our video hub or watch on your preferred streaming service.
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