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
RELATED
Anyway, I personally think that the less shallow folks out here may contemplate calling things “quits” or they at least distance themselves a bit from their partner (and what I’m referring to is serious relationships) due to all of the stress and strain that oftentimes comes with the holidays whether it be financial, familial, due to their tight schedules or something else.
Listen, I would hate for you and your man to miss the fun and happiness of experiencing this time of year, all because you are so overwhelmed or irritated that you can’t really enjoy it. That’s why I have a few practical tips for how to avoid allowing the typical holiday season stress from INFECTING your relationship.
Manage Your Expectations
GiphyUnmanaged expectations. If there is a main reason why the holiday season tends to be so stress-filled for so many people, I’d bet good money that this is the cause. And when you’re in a long-term relationship, expectations can manifest themselves in all sorts of cryptic and/or unexpected ways. You might have relatives who assume that you are going to be with them for Thanksgiving or Christmas when you have other plans in mind. You might be thinking that you are going to spend one amount for presents while your man is thinking something totally different. When it comes to scheduling, your signals may be crossed.
And you know what? To all of these scenarios, this is where clear and consistent communication come in. Don’t assume anything. Don’t dictate anything either. From now until New Year’s, mutually decide to check in once a week, just to make sure that you are both on the same page as it relates to the holidays and what you both are thinking will come along with it. The less blindsided you both feel, the less stressed out you will be. Trust me on this.
Set (and Keep) a Budget
GiphyOkay, so I read that last year, 36 percent of Americans incurred some type of holiday-related debt. Hmph. Last year, there was still some sense of normalcy in this country, chile, so I can only imagine what finances are gonna look like over the next several weeks. That said, since I don’t know a lot of people who don’t find being broke stressful, make sure that you and your bae set a budget and then stick to it this year — no ifs, ands or buts.
Because really, y’all — it doesn’t make sense to deplete savings and/or max out credit cards for a few days of giggles only to be damn near losing your mind because you don’t know how to make ends meet come Dr. Martin Luther King, Jr. Day.
And by the way, this tip doesn’t just speak to things like food and gifts; I also mean travel. If it doesn’t make a ton of sense (or cents) to be all over the place this year — DON’T BE.
Keep Matthew 5:37 at the Forefront
GiphyIf off the top of your head, you don’t know what Matthew 5:37 says, no worries, here ya go: “But let your ‘Yes’ be ‘Yes,’ and your ‘No,’ ‘No.’ For whatever is more than these is from the evil one.” That verse right there? Oh, it’s a boundaries lifesaver! I say that because do you see “maybe” or “I’ll think about it” in there? Nope. LOL. It says that you should tell people “yes” or “no” and leave it at that — and that complements Anne Lamott’s quote, “’No’ is a complete sentence” impeccably well. Yeah, you’ve got to remember that anything beyond a yes or no to a request is privileged information; you don’t owe anyone details or an explanation.
Besides, if you are really honest with yourself, when someone asks you something and you give a “Umm, let me think about it” kind of reply, more times than not, you already know what your answer is going to be — so why not let you both off of the hook? Give your response. Commit to that. And let everyone (including yourself) get on with their lives and schedules.
I promise you that when it comes to those holiday parties, you are pissing more folks off by not RSVP’ing or doing so and not showing up than just saying, “Thank you but not this year” off the rip.
Remember That Your Personal Space Is Privilege Not a Right
GiphyA friend of mine recently bought a new house and invited me over to come see it. He’s a single man with no children, so as I was taking in all of the space that he had, especially as I walked through his finished basement, I joked about relatives coming to live with him. “Hell no” and “absolutely not” were pretty much his immediate responses as he went on to say that some folks even had the nerve to be offended when he told them that he had no intentions on taking DNA in.
Ain’t it wild how people think that your stuff is their right? And yes, that brings me to my next point. Your home is your sanctuary space. If you want to host folks this year — cool. If not, ALSO COOL. Please don’t let folks (family included) guilt you into how they want you to act or even into what they would do if the shoe was on the other foot. You are not them — and as one of my favorite quotes states, “If two people were exactly alike, one of them would be unnecessary.” (A man by the name Larry Dixon said that.)
Hell, my friends? They know that I am good for sending them random things that they need or even want all throughout the year. Coming over to hang out at my pace, though. Uh-uh. Chalk it up to being a card-carrying member of the ambivert club yet I like keeping my living space personal — and I sleep like a baby, each and every night, for feeling that way.
Always remember that your space, your time, your resources, your energy and shoot, yourself period (including your relationship), are all things that are your own. You get to choose how, when and why you want to share them. The holiday season is certainly no exception.
Cultivate Some “You Two Only” Traditions
GiphyIt’s not uncommon for some couples to hit me up after the holiday season to “detox.” Sometimes it’s due to the financial drama (and sometimes trauma) that they experienced. Sometimes it’s because they allowed their relatives (especially in-laws) to get more into their personal business than they should’ve. More than anything, though, it tends to be because they didn’t get enough quality time together and so ended up feeling “disconnected.”
Please don’t let that happen. Listen, I’m not even a holidays kind of woman and yet, I will absolutely sit myself down with some hot chocolate and chocolate chip cookies to enjoy a Hallmark holiday film or two. Aside from the fact that most of them are lighthearted and sweet, I also like that they usually focus on couples loving on each other amidst all of the holiday beauty and ambiance — which is something that all couples should set aside some time to do.
Maybe it’s a vacation. Maybe it’s a staycation. Or maybe it’s my personal favorite, A SEXCATION. Whether it’s for a few days, the weekend or even overnight — don’t you let the holidays go by without setting aside time for you and your man to celebrate one another. Don’t you dare (check out “Are You Ready To Have Some Very Merry 'Christmas Sex'?”).
GET. SOME. REST.
GiphyI once read that 8 out of 10 people get stressed out over the holidays and 3 out of 10 lose sleep during to it — and when you’re stress-filled and sleep-deprived, that can absolutely lead to hypersensitivity, making mountains out of molehills and even not being in the mood for sex.
Your relationship can’t afford to go through any of this, so definitely make sure to prioritize rest. I don’t care how unrealistic it might seem during this time, sleep should never be seen as a luxury; it will always and forever be a great necessity.
That said, try to get no less than six hours of shut-eye in (check out “6 Fascinating Ways Sex And Sleep Definitely Go Hand In Hand”) and even ask your bae to take a nap with you sometimes (check out “Wanna Have Some Next-Level Sex? Take A Nap, Sis.”). Not only will sleep help to restore your mind, body and spirit but, when it’s with your partner, it’s an act of intimacy that can make you both feel super connected, even in the midst of what might feel like chaos.
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Holiday season stress is real. Still, never give it the permission or power to throw your relationship off. Put you and your man first and let the holidays be what they are gonna be, chile.
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1. Go All Out with the Christmas Décor
GiphyThere is someone I know who is so obsessed with Christmas, she’s damn near annoying-borderline-terrifying. I’m. Not. Kidding. Yet hey, if you’re going to do a holiday-themed staycation (emphasis on “holiday-themed”), that’s kind of how you’ve got to be. Some décor ideas include:
- A fresh Christmas tree (is the most ideal) that is ultimately decorated
- Wreaths on outside and inside doors
- Garland (with twinkle lights) in predictable and unpredictable places
- Poinsettias
- Mistletoes
- Snow globes
- A stocking (with some of your favorite things in it)
- Fake snow
- Stars
- Angels
- Candy canes
- A BLACK Santa (LOL)
I mean, since you are going to be spending a lot of time at home, it can feel like a mini-winter wonderland if you are intentional about doing more decorating to your living space than you ever have before!
2. Buy a Couple of Christmas-Themed PJs
GiphyWhile I was doing some research on a totally different topic, I happened upon an article that talked about the psychology behind why we should be intentional about what we wear to bed. When you stop to think about the fact that (hopefully) you are sleeping somewhere between 6-8 hours every night, it would make sense that things like the color and fabric of your sleepwear would have a real impact on you — even subconsciously.
Well, when it comes to Christmas décor, specifically, not only does it take you back to nostalgic memories, it can also boost your moods. So, aside from being on-10 with your Christmas décor, also invest in some Christmas-themed PJs. Since you’re going to be doing a lot of lounging around (RIGHT?), do it in something that makes you think about all of your favorite things about this time of year.
3. Cop Some Christmas-Scented Candles
GiphyThere really is no telling how many articles that I’ve written where I am singing the praises of scented soy candles. Candles are soothing, comforting and a very easy way to reduce stress. Also, since it gets darker quicker and for a longer period of time around this time of the year, candles provide a relaxing vibe to your home. Since it is Christmastime, go with scents that are reminiscent of the season:
- Cinnamon
- Vanilla
- Cranberry
- Apple
- Pine
- Frankincense and Myrrh
- Peppermint
- Cashmere
- Ginger(bread)
- Orange
- Sugar Cookies
- Sandalwood
- Cloves
- Cedarwood
- (Hot) Chocolate
Personally, one of my favorite candle companies is Goose Creek. Their signature collections will have your entire house smelling like a high-end bakery. No exaggeration.
4. Play Some Winter-Themed ASMR Sounds
GiphyI’m from Nebraska and my mother was a New Yorker. So, if there is one thing that I like, it’s seasons and that includes snow during wintertime. Unfortunately, Nashville is cray-cray when it comes to that. If, where you live, the weather is all over the place too (which is why I think it’s insane that some people still give pushback to global warming) and you would like for it to at least seem like you are in your own winter wonderland — invest in some fake snow to strategically place around your home.
Oh, and don’t forget to turn on some winter-themed ASMR sounds too. YouTube has videos that run for hours on end that feature blizzards and howling winds that really can make you feel like you are in the midst of an ice storm.
5. Host a Holiday Movie Marathon
GiphyOne thing to remember about a staycation is it doesn’t mean that you have to be alone or that the only people who can participate are the ones who live with you. Since a staycation is simply about staying close to home instead of traveling afar — absolutely consider having some of your favorite people over for a holiday-themed movie marathon. Shoot, Black America Web even did you a solid by publishing “25 Best Black Christmas Movies Of All Time;” plus, Tubi has a Black holiday hits section of indie films too.
Oh, and make sure to get creative with the Christmas-themed snacks. Some ideas? Some Kentucky-fried turkey tenders with cranberry hot sauce (recipe here), some Holiday Hot Spinach Dip (recipe here), some Grinch Kabobs (recipe here), some roasted pecans (recipe here) and some Pomegranate Guacamole (recipe here).
6. Spend a Night (or Two) at a Hotel or Vacation House
GiphyJust like you don’t have to be alone during a staycation, you also don’t have to be cooped up in your house the entire time. Get a change of scenery in your own city by spending the night in a hotel that you’ve always wanted to try out or renting a vacation house for you and some of your folks to hang out in during the time between Christmas and New Year’s Day. I have a “love little sister” who does this randomly when she needs a break from her work as a therapist. She says that it’s damn near like taking a trip (and she has PLENTY of passport stamps; trust me).
7. Have Brunch or Dinner at a Christmas-Themed Restaurant
GiphyIf nothing puts a bigger smile on your face than the thought of DoorDashing meals and barely even touching your stove during your staycation — hey, I am right there with you. Do consider going out to brunch or dinner during your chill time, though. It’s another way to bond with people and create some current holiday memories. And if you’ve got a bae and you opt for dinner, it can be a wonderful type of Christmas-themed date.
8. Go to a Holiday-Themed Concert
GiphyBeing that I got my start as an entertainment writer, hear me when I say that I’m not someone who just has to go to a live concert every chance that I get. Oh, but baby, when I saw that El DeBarge was doing a City Winery tour and he was going to be here right before Christmas — I booked myself a ticket quick, fast and in a super-duper hurry! Shoot, I didn’t even want to go with someone because I plan to give him and that falsetto voice of his my complete and undivided attention. LOL.
I don’t know what it is about the holiday season that makes live music that much more enjoyable — but if there is a concert that features one of your favorite artists happening right through here, consider that to be a cool way to “tour your city” while cultivating a really awesome memory at the same time.
9. Also, Go Ice Skating
GiphyOne of my fondest memories of time with my father is going ice skating. We actually would do it in the summer (because that is when I would visit him) and, every year, he would get me a new ice skating outfit. Even now, when I watch someone ice skate (even in movies; like in the classic movie Garden State), I will have warm fuzzies.
Anyway, if you’ve never been before, go. If it’s been forever since you have, also go. There is something that is very sweet and so signature Christmas about it. Plus, it’s a top-tier form of exercise.
10. Take a Christmas Lights Tour
GiphyAnother one of my favorite Christmas memories is driving through neighborhoods and looking at the Christmas lights. And just like a Christmas concert can be a form of hometown touring, so can doing this if you decide to choose a couple of areas where you’ve never really been or rarely frequent.
Now are you excited about the thought of experiencing a holiday-themed staycation?
I thought you would be. ENJOY!
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