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 LIST 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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Rihanna Talks Shedding Expectations And Finding Balance As A Mother
Since becoming a mother in 2022, Rihanna has defined parenthood by her terms and hopes to pass that sense of autonomy on to her children.
For Vogue China’s April cover story, Rihanna shared her perspective on raising her two sons with A$AP Rocky, and how she hopes to preserve her children’s uniqueness, devoid of societal expectations.
"The most beautiful thing...is that [children] come into the world with their own individuality and sincerity, without any logic or conformity,” she told the publication. “Which usually makes you feel that you must fit into a certain group."
The “Work” artist, known for her trendsetting style and captivating persona, expressed her desire to support children in fully embracing their individuality and encouraging them to be whoever they want to be. "It's really beautiful to see and I want to continue to help them navigate that and make sure that they know they can be whoever they want to be,” she says.
She continues, “They should embrace it completely, because it's beautiful, and it's unique. I love them just that way."
From shattering music charts to shaking up the beauty industry, Rihanna has forged a path that has since created the “dream” life we see today. One that she says has made her parents proud of.
“I’m living my dream,” she continued. “My parents were very proud of that because they just wanted me to be happy and successful. So, I think the key thing is to find some kind of balance. Yes, balance is important. Do this and you get the best of both worlds. You can write your own life the way you want, and it will be beautiful. Sometimes, you just need to let go of everyone’s expectations and start living your own story.”
Rihanna, who shares sons, RZA, 23 months, and Riot, 8 months, with rapper A$AP Rocky, recently shared her vision for expanding her family in the future in Interview Magazine.
When stylist Mel Ottenberg asked about the number of additional children she hoped to have, Rihanna replied, "As many as God wants me to have.”
"I don't know what God wants, but I would go for more than two. I would try for my girl,” she adds. “But of course, if it's another boy, it's another boy."
Featured image by Neil MockfordWireImage