Financial Perspective - Candace McLaren Lanham
Candace McLaren Lanham is a lawyer who is focused on Higher Education, K-12 and White Collar Practice Groups for Saul Ewing, Arnstein & Lehr, LLP. In this role, she assists both white collar clients, as well as colleges and universities, in matters involving investigation, compliance, and defense.
Candace has over 20-years of legal expertise which includes experience as an investigative and compliance manager in city and federal government, as well as at a university. During a decade spent as a New York City trial lawyer, she presented hundreds of cases to grand juries and brought countless cases to trial. This experience has equipped her to conduct internal investigations and assessments, gather and master facts, and provide trustworthy and reliable expertise to guide executives and organizations through difficult matters.
I’ve known Candace for a few years, and every time we connect, we have great conversations about life, work and family. During our latest call we had an insightful discussion about the Covid-19 crisis, how we are handling working from home and financial literacy.
1. What is your view on financial literacy?
“Education is key. As we are figuring out life in this new Covid-19 reality, we are seeing first-hand how many people are living paycheck to paycheck. This crisis has propelled everyone to really start taking a look at their finances, and their financial goals - both short and long-term. In doing so, it’s important to have some degree of financial literacy, and a financial plan in place for when the unexpected occurs.”
2. How did you learn about money management?
“My parents were instrumental in showing me and my sister the way when it came to finances. It was a gift that my dad, in particular, provided to us. When we were growing up, he was very open about money, and talked to us a lot about debt, how to manage money, and investing. My dad also had a family friend who was a financial planner; he taught my dad about stocks, bonds, and mutual funds, so that my dad could teach us how to use money to make money, rather than just have it sitting in a bank account accumulating next to nothing. Based on that knowledge, my dad set up investment accounts for my sister and I when we were in college, and (strongly!) encouraged us to put any extra money that we had in them. Over the years, I have kept up that practice of regularly adding to that account, and have been able to watch the funds slowly accumulate. That money has served me well as an adult, whenever I wanted to make significant purchases or expenditures, such as when my husband and I got married last June.”
3. What is your earliest money memory?
“Having parents who had emigrated to the United States from Jamaica and Grenada, my sister and I watched them work hard to give us a very comfortable life. That being said, they also taught us, early on, that just because they could afford it, didn’t mean we were getting it! I still remember asking my mom for a pair of Guess jeans as a teenager. My mom, Pat, was NOT about to spend $60 on one pair jeans, regardless of how many of my friends were wearing them. To this day, I’ve still never owned a pair!”
4. What is your proudest financial achievement to date?
“Definitely, my proudest financial achievement was paying off my law school loans. I still remember the day that I paid them off -- I was so excited, and feeling so accomplished that I shared the news on Facebook. Crossing that task off of my financial To-Do list was a cause for major celebration. I’ve been lucky enough to have parents who could afford to cover my undergraduate education at Spelman College, but my tenure at NYU Law was on me. So, like many students I had to secure loans to cover my tuition, and ended up with over $100K to repay upon graduation, which was quite a lot – especially for someone who was brand new to the workforce. Luckily, as a public interest attorney, I was able participate in NYU’s Loan Forgiveness Program, which provided financial assistance to students who were pursuing careers in the lesser-paid public interest fields. For the ten years that I worked as a Manhattan prosecutor, that program helped me to lessen, and knock out my debt.”
5. What is next for you, on your money journey?
“My husband and I got married last June, and a few weeks ago, we purchased a new house. Of course, I am eager to decorate it in a way that will make it feel all our own, but I’m heeding the lessons that I learned for my parents. Having paid for the bulk of our wedding ourselves, our savings made it possible for us to buy a new home and take on a higher mortgage. But it’s now more important than ever that we continue to save, plan, and remain smart and mindful about our spending. That will allow us to slowly progress towards our (well, MY) decorating goals while replenishing the investment funds that we’ve spent over the past 18 months. The financial lessons my parents taught me have helped me get to where I am, and, as long as I remain focused on the long-term goals, it will continue to help me remain smart, savvy, and comfortable.”