Money Talks is an xoNecole series where we talk candidly to real women about how they spend money, their relationship with money, and how they get it.
Dora Belle is more than your average pretty girl from Long Island, New York - she's an entrepreneur, accountant, and the founder of The Tax Collective. The Brooklyn-based beauty successfully runs a tax firm that focuses on small- and mid-size businesses, startups, and tax audits while keeping her personal finances in check. As a licensed enrolled agent who possesses the ability to represent her clients in tax court, she has proven that being a beautiful woman can include brilliance and crunching numbers.
Courtesy of Dora Belle
When the St. John's University honors graduate was asked by xoNecole about the worst money or business-related decision she's ever made, Dora responded, "I didn't trust my gut." Clearly as someone who has worked for New York State Department of Taxation and Finance, Morgan Stanley, and Ernst & Young in the Private Client Services group where she specialized in high-net worth individuals with assets in management of over $2 million, her intuition hasn't steered her too far in the wrong direction.
xoNecole had the chance to catch up with The Tax Collective founder for the latest installment of "Money Talks" about traveling through Europe, the importance of investing, and leaving corporate America:
On how much she tries to save per month:
"It depends on the month. My income is not received evenly throughout the year. I have high seasons and low [seasons]. Like during tax season when I'm the busiest, I save over 50% of my income. In the low season, when I'm just managing audits and notices, I try to put away at least 20% of my earnings every month."
"I have high seasons and low [seasons]. Like during tax season when I'm the busiest, I save over 50% of my income. In the low season, when I'm just managing audits and notices, I try to put away at least 20% of my earnings every month."
On whether her savings are in a high-yield savings or a Roth IRA:
"I don't believe the high-yield savings accounts are worth it. On average, you make around $300 a year for every $10,000 you deposit. I tend to recommend Roth IRAs more to my clients. It's especially great for first-time investors. It's a retirement account that you can play with where your money is invested and it grows tax free."
Courtesy of Dora Belle
On defining wealth and success:
"Before I give my opinion on this, I encourage everyone to really think about what these words mean to them individually. It's a large sliding scale when we start to ask the question, 'Am I successful and/or wealthy?', and you should not think about anyone but yourself. You're on your own pace. Be kind to yourself but also be realistic.
"Wealth to me is financial freedom. Financial freedom for me is when all of my student loans are paid off, no credit card debt, and I'm paying a mortgage and not rent. Success and wealth are two different ideas for me. I define success as happiness and being grounded in what I do for a living."
On the lowest she’s ever felt when it came to her finances:
"Now looking back, the lowest was [when I was] living check to check. Not having a savings account and waiting on clients to pay me in order to pay my bills for the month. But while it was happening, I was in the midst of the hustle. I never felt any pain. I never felt low. You have to build brick by brick and just keep going."
On how she overcame it:
"By making more money! (Laughs) I work a lot, sometimes from 8am til 11pm every day, but every hour is worth it when I look at my growth as a business owner from Year 1 to now Year 3. I had to take more risks and put myself and my business out there. I now have multiple streams of income and I don't depend on any one client to make ends meet."
On her biggest splurge so far and why she purchased it:
"My biggest splurge since being an entrepreneur was in 2018 when I traveled to 11 cities in Europe over eight weeks. It was my first year as an entrepreneur and I did it only because I could [and] I finally owned all of my time. Looking back, I could have reinvested that money into my business. But then again, the memories I have are irreplaceable."
On whether she’s a spender versus a saver and how she trains herself to save money:
"I'm somewhere in between, but I'm disciplined when I want something. Saving can actually become addicting. Saving my first $1,000 as a self-employed person was one of the hardest things I ever did. I reinvest my earnings as much as possible, but once I saved the first $1,000 dollars, it became addicting to keep seeing the number increase."
"I believe your 30s are for setting up your 40s. Your 40s are for setting up your 50s. You have to invest in yourself first. I think about the type of life I want to live when I'm 40. Or when I have children. So, I'm actively trying to set myself up with residual income."
Courtesy of Dora Belle
On the importance of investing:
"Investing is extremely important. I invest in real estate, art, and stocks. I believe your 30s are for setting up your 40s. Your 40s are for setting up your 50s. You have to invest in yourself first. I think about the type of life I want to live when I'm 40. Or when I have children. So, I'm actively trying to set myself up with residual income.
"I'm in the stage right now ready to purchase my first piece of property and I'm looking for multi-family homes so I can collect rent. The ultimate goal is to make money while I'm sleeping.
"Investing in art is something I highly recommend. You don't need a large budget to start. Start with your local gallery. Go there and jot down some artist names. Go home and research them. Look at their followers and who they're following. You're looking for other artists that they follow, who are just beginning their career. You can buy a piece for $800 sometimes that could be worth thousands of dollars.
"Stocks are the riskiest of the bunch but can turn into a fun hobby for you. It's all based on your taste. Where do you think the economy is moving to? What industry do you think will be next after the economy recovers from the COVID-19 pandemic? You should read articles to research the company and review their financial statements before investing anything. Look at how much debt is sitting on their books. Look at how liquid they are (cash readily available). Research indicators that experts use to determine a company's short-term and long-term growth. But ultimately, it is based on your taste for the company, your preference. It's your money, don't let any one article or anyone tell you how to spend it."
On establishing streams of revenue and her intentions behind it:
"I went to school for accounting. I have my Bachelor's Degree in Accounting and my Master's Degree in Taxation, so my revenue streams range from accounting, tax preparation, tax strategy, and tax audits. I work with companies with $2 million plus in assets and companies who are just beginning with just their savings account and a dream. The intention is to never be broke! (Laughs) I don't ask anyone for anything and I want to keep it that way."
On unhealthy money habits and mindsets:
"When I had a 9-5, I would go out on the weekends and not check my bank account til Monday or worse when I was forced to because I received an alert. I absolutely cannot run my business like that. I have a spreadsheet for my recurring monthly expenses and automated systems that calculate my income for the month. Knowing where you stand as far as your bank account balance and credit score is the most important money lesson I've ever learned. It starts there."
"Knowing where you stand as far as your bank account balance and credit score is the most important money lesson I've ever learned. It starts there."
Courtesy of Dora Belle
On the change she saw once she changed her mindset:
"A savings account was birthed from it. Not living check to check was [also] birthed, and the ability to hire my first employee who works with me all year."
On the craziest thing she’s ever done for money:
"I've never done anything crazy for money. All money is not good money. I left Corporate America because my peace and sanity is more important to me than making money. I decline new clients if my gut tells me my peace is going to be interrupted."
On the money mantra she swears by:
"You can be intimidated to do the work or you can be broke. The work is the research for the things you are curious about that you believe can make you money. We are all intimidated at one time or another when it comes to a new venture. But you have to take risks. You have to execute. You can't want a thing and be afraid of that same thing."
For more of Dora, follow her on Instagram.
Featured image courtesy of Dora Belle
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While speaking to xoNecole, Eva shares that she’s a lot like the beloved 1994 character in many ways. “Lyric is so me. She's the odd flower. A flower nonetheless, but definitely not a peony,” she tells us.
“She's not the average flower you see presented, and so she reminds me of myself. I'm a sunflower, beautiful, but different. And what I loved about her character then, and even more so now, is that she was very sure of herself.
"Sure of what she wanted in life and okay to sacrifice her moments right now, to get what she knew she deserved later. And that is me. I'm not an instant gratification kind of a person. I am a long game. I'm not a sprinter, I'm a marathon.
America first fell in love with Eva when she graced our screens on cycle 3 of America’s Next Top Model in 2004, which she emerged as the winner. Since then, she's ventured into different avenues, from acting on various TV series like House of Payne to starring on Real Housewives of Atlanta.
Je-Caryous Johnson Entertainment
Eva praises her castmates and the play’s producer, Je’Caryous for her positive experience. “You know what? Je’Caryous fuels my audacity car daily, ‘cause I consider myself an extremely audacious woman, and I believe in what I know, even if no one else knows it, because God gave it to me. So I know what I know. That is who Je’Caryous is.”
But the mom of three isn’t the only one in the family who enjoys acting. Eva reveals her daughter Marley has also caught the acting bug.
“It is the most adorable thing you can ever see. She’s got a part in her school play. She's in her chorus, and she loves it,” she says. “I don't know if she loves it, because it's like, mommy does it, so maybe I should do it, but there is something about her.”
Overall, Eva hopes that her contribution to the role and the play as a whole serves as motivation for others to reach for the stars.
“I want them to walk out with hope. I want them to re-vision their dreams. Whatever they were. Whatever they are. To re-see them and then have that thing inside of them say, ‘You know what? I'm going to do that. Whatever dream you put on the back burner, go pick it up.
"Whatever dream you've accomplished, make a new dream, but continue to reach for the stars. Continue to reach for what is beyond what people say we can do, especially as [a] Black collective but especially as Black women. When it comes to us and who we are and what we accept and what we're worth, it's not about having seen it before. It's about knowing that I deserve it.”
This interview has been edited for length and clarity.
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Fortunately, five simple words have simplified my dating process and ushered in clarity faster: “Would my husband do this?”
A couple of years ago, I met an entertainment lawyer who was tonguing down a twenty-something-year-old woman for breakfast while I slurped my green smoothie and chomped on a flatbread sandwich. Okay, Black love, I grinned and thought as I sauntered out of the Joe & The Juice. As soon as I stepped down from the front door, a torrential downpour of Miami summer rain cascaded and throttled me back inside to wait out the storm.
I grabbed a hot green tea and vacillated between peering out the wet door and anxiously checking my watch. My lengthy agenda started with attending the Tabitha Brown and Chance Brown’s “Black Love” panel, and I was already late. That’s when the lawyer introduced himself to me, after he made a joke about neither one of us wanting to get soaked by the rain. His female companion had braved the storm, leaving us to find our commonalities.
We both lived in L.A. and had traveled to the American Black Film Festival to expand our network. He represented various artists, including entertainment writers, while I was working as a writer/creative producer in Hollywood.
While there is no shortage of internet advice on how to strategically meet a prominent man at conferences, if I spend my hard-earned funds on career growth, I have tunnel vision, and that doesn’t include finding Mr. Right. So, I stowed his contact details away as strictly professional.
Keep It Cute Love And Hip Hop GIFGiphyAs the humidity and mosquitoes were rising around L.A., two months later, another suitor-turned-terrible match cooled off after three unimpressive dates and a bevy of red flags. I posted what some of my friends called a thirst trap, but it was really me wearing a black freakum jumpsuit with a plunging neckline to my friend’s 35th birthday soiree despite feeling oh, so unsexy and bloated on my cycle.
I’d been waiting to post a sassy caption and finally had the perfect picture to match: “You not asking for too much, you just asking the wrong MF.”
That’s when the entertainment lawyer swooped into my DMs and asked me to dinner. I was quite confused. Is he asking me on a date? Or is this professional? Common sense would’ve picked the former. Once it clicked that this would in fact be a date, I told my mentor, who’s been happily married for over twenty years and has often been a guiding light and has steered me away from the wrong men.
Upon telling him about how we met, he emphatically stated, “He ain’t it.” He followed up with a simple question, "You have to ask yourself: Would my husband do this? Would you tell others that you met your husband, tonguing down another woman, and later married him?"
Aint It No Way GIF by UFCGiphyOuch. The thought-provoking question cleared any haze. Prior to going out with the lawyer, the first thing I inquired about was the woman.
“You saw that?” He said, taken aback that I’d witnessed his steamy PDA. Surely, anyone with two open eyes peeped him caressing her backside as he kissed her in the middle of the coffee shop.
He brushed her off as a casual someone he’d gone on a couple of dates with but had since stopped talking to. He said he hadn’t been in a serious relationship in over three years. Though I was still doubtful, dating in L.A. is treacherous and ephemeral. Making it past three months is considered a rarity.
With my antennae alert, I dined with him at a cozy beachside steakhouse restaurant where we were serenaded by a live jazz band. I’d emphasized forming a platonic friendship first.
Break Up Friendship GIF by TLCGiphy“I’ll come to you,” he obliged. I liked that he had made me a priority by driving over 50 miles to see me. I also liked the effort he made to check in with me daily. But I still couldn’t wrap my head around the fact that he initiated on a professional pretense and then alley hooped through the back door on a romantic venture, which bombarded me with confusion.
If there’s one thing I’ve learned in my dating life, God is not the author of confusion; any man who brings confusion, rather than clarity, is simply not The One. It doesn’t matter how many boxes he checks–eventually, that confusion will manifest itself into bigger problems, in time.
After diving into deeper conversations on the phone, post our first dinner date, I quickly realized this man was indeed not The One for me. But I’m grateful for the valuable lesson I learned.
I don’t expect some unattainable fairytale of a husband; we all have our own flaws and conflict is inevitable, but after dating for two decades, through failure and success, I’ve realized that the person I ultimately marry must mirror the values I exert into the world. He must reciprocate kindness, patience, and respect. He must be quick to listen and slow to respond. He needs to be forgiving and trustworthy, practice healthy communication, and be a man of his word at the bare minimum.
If I’d had “Would my husband do this?” in my toolbox when I was dating and floundering in stagnant relationships, in my twenties, it would’ve saved me a lot of precious time. But now that I’m equipped with the reminder, it’s allowed me to ground myself in my non-negotiables and set/maintain the standard for the special person, I’ll one day say, “I do,” to.
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