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In this special episode of Financial Freestyle with Ross Mac, recorded live at Yahoo Finance Invest 2024, Mac sits down with Darrin Williams, Southern Bancorp CEO and a passionate advocate for financial inclusion.

“I believe in a capitalistic society, if you don't have access to capital and credit, it's hard to make it,” says Williams. “My work every day is about trying to help people and families build wealth so they can live their American dream.”

Southern Bancorp's mission is to empower communities to build wealth. “Everything we do focuses on helping people obtain and sustain wealth for their families,” adds Williams.

Williams's path to leading a financial institution wasn't exactly typical. The former Arkansas legislator and lawyer began his journey in financial education by teaching classes at his local church alongside his wife. He was inspired by how well the course was received and the evident need within his community.

“I told my wife at one point in time. ‘Man, if I could do what I wanted to do, this is what I would do my life. I would help people and my church in predominantly African American church, and I was helping mostly African Americans access capital, change their financial health… and thrive and prosper.”

Today, Southern Bancorp manages $2.6 billion in assets across the Arkansas and Mississippi region.

Williams believes the first step to financial freedom is budgeting and using it as a building block. “Budgeting is number one. Then, you know, clearly understanding…where you spend your money, and then really working on reducing that debt,” says WIlliams.

As Einstein once put it, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”

Financial Freestyle with Ross Mac on Yahoo Finance is dedicated to promoting economic prosperity for all. Through expert insights, practical advice, and inspiring success stories, we empower you to build and grow wealth. Join us on this transformative journey toward financial freedom and inclusive economic growth.

This post was written by John Tejada.