Financial Freedom Requires Cash Flow & Other Money Lessons
Why do you want to save money? Why do you want to get out of debt? Why is investing important to you?
When I decided to learn more about using money wisely, I tried reading a lot of articles on how to be financially secure, yet most of that information never stuck with me. A lot of the articles I read were entertaining but didn't teach me anything new, while others were full of boring, redundant advice.
However, a few articles sparked an 'ah-ha' moment for me, they didn't just teach me "good" financial tips but also changed how I thought about money.
1."Financial Freedom Requires Cash Flow" by The Rental Mindset
If you could imagine a life in which you're financially independent, how do you imagine reaching that goal? Working hard and climbing the corporate ladder to go from secretary to CEO? Launching a million-dollar startup? Bottling oxygen to sell in Northern China? Whichever way you've imagined, the odds of achieving financial freedom by doing just one thing are slim.
This article helped me realize that we won't all become CEOs, but having multiple sources of income will help get you to financial independence (or at the very least, a healthier bank account) faster than having just one source of income. Your goal should be to have more than one source of income, whether that's a side-hustle such as a freelance project, or the dividends you earn on your investments, in addition to your regular job.
Full Article:Financial Freedom Requires Cash Flow
2."Twenty Things to Know About Money in Your Twenties" by Bridget Casey
The most powerful thing on this list is right at the top: Travel Spending Doesn't have the ROI You Think It Does. Most millennials have fallen into the habit of thinking that traveling to new places will somehow give us the right mindset to face the world. Yet, often after spending thousands of dollars on exotic trips, we come back no different than when we left. We're the exact same people, just with a bunch of cool pictures and souvenirs. Bridget points out that "many, many people will get to backpack Europe or walk the Great Wall of China, but very few will start their own company. Invest in the right adventure for yourself, ignore what everyone else is doing."
This article freed me from thinking that my twenties would be incomplete if I didn't take the opportunity to travel across the world. The right adventure for me, and possibly for you, might be slightly harder than buying a plane ticket to go "find" ourselves in Bali, but it'll probably end up having greater rewards.
Full Article:Twenty Things to Know About Money in Your Twenties
3."The Incredible Power of the 1% Margin for Improvement" by Paula Pant
This article reminded me that every huge goal is made up of small steps, and pointed out the raw potential in striving to improve by a little bit every day. Instead of making a vague plan to pay down $1,000 of your student loans in twelve months, plan to pay off $80 this month, then $85 next month, $90 the month after, slowly increasing that number until you're paying off as much as you possibly can, in small manageable chunks.
According to Paula, you can have everything you want, just not all at once, so make incremental progress a regular habit.
Full Article:The Incredible Power of the 1% Margin for Improvement
4."If You Have Savings In Your 20s, You're Doing Something Wrong" by Lauren Martin
If You Have Savings In Your 20s, You're Doing Something Wrong by Lauren Martin
While the advice in this article should be ignored, deleted, and canceled, the author's underlying attitude towards money is exactly like mine and every other millennial's—we all want to never have to worry about money. Lauren asks, "When did our 20s start to feel like our 40s? When did we get weighed down with the same pressure and stresses as a woman with four kids and a second mortgage?"
Yet, the difference between all of us lies in what we do with this desire to not have to worry about money. Do we just ignore it like this article suggests, or do we tackle that anxiety now by developing good financial habits?
Full Article: If You Have Savings In Your 20s, You're Doing Something Wrong
5."The Shortness of Life" by Maria Popova
This article made me aware of how much time we waste just waiting for the right time, instead of just doing whatever it is we want to do. Maria borrows liberally from Seneca who says: "It is not that we have a short time to live, but that we waste a lot of it."
While we can—and probably, will—always make more money, we can never make up for lost time. The fact is that people die everyday and there's nothing guaranteeing us that we'll live beyond today. We, quite literally, only have today so we can't pretend that we'll always have time to create and try out the things we want.
Figure out what's important to you, financially and in other areas of your life, and do it now.
Full Article: The Shortness of Life by Maria Popova
Featured image by Gfycat
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Etinosa Agbonlahor is an NYC transplant living in Sydney. She's passionate about personal finance and teaching women to live their fullest financial lives possible. Her work has appeared on The Billfold, Huffington Post, GOOD Money, The Financial Diet, among others. She tweets @TheEtinosa and www.etinosaa.com
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LISTÂ HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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When discussing the topic of raising children, discipline is often the first thing that comes to mind. Children need discipline. Full stop. But what is discipline? And how do we draw the line between discipline and revenge?
The origin of the word "discipline" can be traced back to the Latin word "disciplina," which means "instruction" or "teaching." Over time, however, discipline has come to be synonymous with punishment, with parents relying on shame, fear, and/or physical pain to curb undesirable behavior.
Teaching takes time, so nipping it in the bud in whatever fashion parents deem necessary (within reason) has become the norm. But is this what’s best for children? And when does it become less about curbing undesirable behavior and more about getting our licks back for offenses we feel our children should know better to do?
In my work as a parenting coach, I’ve often heard parents say, “I asked him nicely three times before spanking him. He didn’t stop doing it until I did, so clearly talking doesn’t work.”
And the parent isn’t wrong. Talking often doesn’t work the first, the third, or the even the 10th time. And the reason is directly tied to brain development.
Children cannot and do not process information the way an adult can. Auditory processing is not fully developed until a child is 14 or 15 years old. And even then, if a child has auditory processing delays or Auditory Processing Disorder (APD), they may always struggle with processing auditory commands. According to Susie S. Loraine, MA, CCC-SLP, the term auditory processing refers to how the brain perceives and interprets sound information. Several skills determine auditory processing ability—or listening success. They develop in a general four-step hierarchy, but all work together and are essential for daily listening.
Without this understanding, discipline can easily become revenge because parents will then view their child’s misdeeds as a personal slight. Instead of teaching them to do better, parents now want to show them the consequences of not doing better. This is why it's imperative for parents to discern between discipline and revenge to maintain healthy relationships with their children.
5 WAYS TO DISTINGUISH BETWEEN PARENTAL GUIDANCE AND RETALIATION:Â Â
​Understanding The Intent
Discipline is rooted in love and concern for the child's well-being. It focuses on teaching lessons and helping children understand the consequences of their actions. Conversely, revenge-driven actions stem from a desire to inflict pain or punishment as payback for perceived slights or disobedience. Parents should reflect on their motives before taking disciplinary actions. Ask yourself whether your intention is to help your child learn or to make them suffer for upsetting you.
Example: If a child accidentally breaks a valuable item, a disciplinary response would involve discussing the importance of being careful and working with the child to come up with a way to replace or fix what they’ve broken. On the other hand, a vengeful reaction might involve yelling, harsh punishment, or bringing up past mistakes to intensify guilt.
​Maintaining Emotional Regulation
Effective discipline requires parents to remain calm and composed, even in challenging situations. It's natural to feel upset or frustrated when children misbehave, but responding with anger or resentment can escalate the situation and blur the line between discipline and revenge. Before addressing the issue, take a moment to breathe and collect your thoughts.
Example: If a child cannot follow instructions, a disciplined response would involve calmly explaining why their cooperation is necessary in working with the child to accomplish the goal. Conversely, a retaliatory response might involve shouting, name-calling, or resorting to physical punishment out of anger.
​Promoting Growth and Learning
Discipline should always aim to promote growth and learning. It involves guiding children toward making better choices and understanding the impact of their actions on themselves and others. Effective discipline strategies include positive reinforcement, setting clear expectations, and providing opportunities for reflection and growth.
Example: If a child repeatedly forgets to complete their chores, a disciplinary approach would involve discussing the importance of responsibility and finding solutions together, such as creating a chore chart or setting reminders with Siri or Alexa. In contrast, a revenge-driven response might involve imposing overly harsh punishments or belittling the child, which can undermine their self-esteem and hinder their ability to learn from their mistakes.
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Building Trust and Communication
Trust and open communication are essential components of a healthy parent-child relationship. Discipline should strengthen this bond by fostering trust and encouraging children to confide in their parents without fear of judgment or retaliation. When children feel safe and supported, they're more likely to accept discipline as a form of guidance rather than punishment.
Example: If a child admits to breaking a rule or making a mistake, a disciplined response would involve listening to their perspective, discussing the consequences of their actions, and working together to find a solution. Conversely, a retaliatory response might involve accusations, blame, or shutting down communication, which can erode trust and damage the parent-child relationship.
Seeking Professional Guidance
Parenting is a learning journey, and, disciplining children is a delicate balance between guiding them toward responsible behavior and nurturing their growth. By understanding the intent behind our actions, maintaining emotional regulation, promoting growth and learning, building trust and communication, and seeking professional guidance when needed, as parents we can help our children built on love, respect, and understanding.
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Featured image by Courtney Hale/Getty Images