Ross Mac, a financial expert from Chicago, is dedicated to increasing financial literacy and helping people build generational wealth. He recently offered some alternatives to storing money in traditional savings accounts. Mac said investing your money can yield higher returns than just keeping it in a savings or checking account.
He believes investing can contribute more to long-term financial stability. With millions of high school graduates heading to college in the fall, Mac also advised on preparing and paying for college. He stressed the importance of navigating the college admissions process efficiently and finding ways to secure last-minute funds for tuition and other expenses.
This weekend, Mac is hosting the Maconomics Wealth Summit to further promote financial education. The event starts with a yacht party at Navy Pier on Friday. On Saturday, there will be a summit at Whitney Young Magnet High School.
Financial empowerment through strategic investing
The weekend concludes with the Maconomics Foundation Celebrity Basketball Classic on Sunday. Mac said the upcoming annual Economics Wealth Summit will feature significant speakers, including the Earn Your Leisure brand, The Master Investor, Rashaun Scott, Jasmine Hagan, and the Chicago Bears.
The weekend will focus on financial empowerment, networking, and philanthropy. In an exclusive interview, Mac said his life mission is to educate his community on the power of investing and being financially literate. He was inspired to teach the community about economics based on his experiences on Wall Street, his love for music, and his background.
Mac said the Maconomics Wealth Summit has expanded from one day to an entire weekend this year. Saturday will be packed with education and entertainment, including workshops on budgeting, getting out of debt, developing an emergency fund, investing, the stock market, and real estate. When asked what immediate actions he would recommend to those looking to become more financially fit, Mac said to start with budgeting.
He advises following the 50-30-20 rule for your take-home pay: 50% on necessities, 30% on desires, and 20% on saving, paying down debt, and investing. He also recommends moving your savings from checking accounts to high-yield savings accounts to combat inflation.
