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 spend it.
As the co-owner and Marketing-Logistics Director of Atlanta's own Transformations Beauty Studio with her twin sister Derricka, Erricka Traylor is sure to know a thing or two about money management and financial wellness. After losing nearly everything after an engagement gone wrong, the Atlanta native had to learn the hard way through experience that having everything tied to someone you aren't bonded to by marriage is not always the ideal route to take.
Following financial hardship and the ultimate heartbreak, Transformations Beauty Studio was born and thus a monthly six-figure income followed. "I save 35 percent of my income each month. In order to save this, I set a weekly budget for spending. Use my calendar to view any travel and about my spending as needed so that I hit my goal," Traylor shared with xoNecole. Though she saves with a high-yield savings account, she told xoNecole that she opts to use CapitalOne. "They are known for taking care of their existing customers. Most banks give you a great rate coming in but it drops after six months."
Courtesy of UMGMT Strategic Communications & Public Relations
In this installment of "Money Talks", xoNecole spoke with Traylor about purchasing a brand new car on a random Tuesday without consulting anyone, the simplicity of her savings goals and the importance of her multiple income streams.
On her definitions of wealth and success:
"Wealth, to me, is defined as having balance in my life. What I mean by that is having excellent health, freedom when it comes to spending, using my time wisely, and most importantly, leaving a legacy for my family. I define success as facing your biggest challenge or fear and overcoming it. Success is going after your goals and never giving up, no matter how hard things get. Success is also about making a better choice in life and leading by example."
On the lowest she’s ever felt when it came to her finances and how she overcame it:
"The lowest I ever felt about my finances was after a breakup. I was in a long-term relationship, and we had tied a lot of finances up together. After the breakup, I lost out on a lot of my savings and assets. I felt low because I didn't make sure that I would be financially OK if we decided to split. It made me feel low and upset with myself because I knew better. Unfortunately, at that time, I didn't do the right thing to secure myself. I overcame it by going back to the basics. Watching my spending, saving money and investing money in a business that will help me increase my revenue. The most critical component was I changed my mindset. I no longer felt upset and low. I felt empowered to do it right this time around for myself."
On her biggest splurge to date:
"My biggest splurge was purchasing a new car. It was the first car I purchased without anyone's money or input. I purchased my car on a random Tuesday. I was over my current car and just ready for a change. My previous car was goldfish tan and it wasn't a car that I really wanted. I was so determined to get me a new car that day. I literally pulled up to the dealership with no appointment two hours before they closed. I already knew which car I wanted and color. When I spent the $32,000 on my car, I was nervous but I also felt good at the same time. It was my mark of financial growth and independence. I was able to see that I can and will accomplish goals if I stay focused on the goal and plan. I was so happy."
Courtesy of Milan Mobley
"When I spent the $32,000 on my car, I was nervous but I also felt good at the same time. It was my mark of financial growth and independence. I was able to see that I can and will accomplish goals if I stay focused on the goal and plan. I was so happy."
On whether she’s a spender or a saver:
"I consider myself a saver nowadays. When I was younger, I was a spender! I trained my mind to start to think of my future, [to] think of my family and what I can provide them with. I gave myself small goals and advanced over time. Now it's just routine."
On the importance of investing:
"To me, investment is essential. I invest conservatively in stock. I have restricted stock, preferred stock, brokerage CD. I also invest in the business to help grow my income and savings. My business investments are hiring the right people. For each new person added, we spend money on training, payroll, marketing etc. Investing in my company marketing and advertising is also a strategic investment that I use to gain more revenue."
On her savings goals and what retirement looks like to her:
"My saving goal is simple. Save enough money to have financial freedom before and after retirement. Retirement for me is on track and closely watched."
On her budgeting must-haves:
"My must-haves are housing, utilities, entertainment, groceries, transportation, self-pampering. I use Mint to help guide me with my personal finances. The system is easy and it keeps me on track with my goals and budget. I also write things down the old fashioned way. The first thing I do is take my savings percentage and put it towards my savings. Then I write out my essential bills for the month and subtract it from my monthly income. I then write out my other finances like entertainment, etc and go from there. I also add to an emergency account for small emergencies. I do this every month to keep things right and tight."
On unhealthy money habits and mindsets:
"Some unhealthy mindsets that I had to let go of were shopping all the time for clothing [and] not sticking to my savings goal. Also cutting down on eating out so much. My mindset changed and then my bank account grew and my will power got healthy."
On the worst money-related decision she’s ever made:
"The worst money-related decision I made was tying all my money and assets with someone just because I was in a relationship with them. This was a very bad decision that I made at the time. I didn't do the right thing with my money. It's like I just gave it away in a sense. I made costly business decisions and didn't think about the consequences that I may face. I learned a valuable lesson to read over every contract, review the pros and cons, and think about the what ifs. If I had done this, it would have saved my 10s of thousands of dollars."
On her intentions behind multiple streams of revenue:
"My streams of revenue are product revenue, salon revenue, [and] spa revenue. I started each one at different times during my career. One reason why was because I had to build up my income. Each one of my new business revenue helps start the next one. It was important to me to start another stream because, number one, I wanted to grow my business as much as possible and, number two, I wanted to grow my income. Having these different streams of income taught me to be more flexible, organized and it gives me a sense of security In finances."
Courtesy of Milan Mobley
"My streams of revenue are product revenue, salon revenue, and spa revenue. Having these different streams of income taught me to be more flexible, organized and it gives me a sense of security In finances."
On her money mantra:
"I am worthy of all the richness I desire."
On her budget breakdown:
Rent/mortgage?
"$1,600 mortgage."
Eating out/ordering in?
"$200/month."
Gas/car note?
"No car note, but gas is probably $150 a month."
Personal expenses?
"Maybe $200 per month."
For more information on Erica, follow her on Instagram and The Body Transformer's Studio official Instagram account.
Featured photos courtesy of UMGMT Strategic Communications & Public Relations
Amber Riley has the type of laugh that sticks with you long after the raspy, rhythmic sounds have ceased. It punctuates her sentences sometimes, whether she’s giving a chuckle to denote the serious nature of something she just said or throwing her head back in rip-roarious laughter after a joke. She laughs as if she understands the fragility of each minute. She chooses laughter often with the understanding that future joy is not guaranteed.
Credit: Ally Green
The sound of her laughter is rivaled only by her singing voice, an emblem of the past and the future resilience of Black women stretched over a few octaves. On Fox’s Glee, her character Mercedes Jones was portrayed, perhaps unfairly, as the vocal duel to Rachel Berry (Lea Michele), offering rough, full-throated belts behind her co-star’s smooth, pristine vocals. Riley’s always been more than the singer who could deliver a finishing note, though.
Portraying Effie White, she displayed the dynamic emotions of a song such as “And I'm Telling You I'm Not Going” in Dreamgirls on London’s West End without buckling under the historic weight of her predecessors. With her instrument, John Mayer’s “Gravity” became a religious experience, a belted hymnal full of growls and churchy riffs. In her voice, Nicole Scherzinger once said she heard “the power of God.”
Credit: Ally Green
Riley’s voice has been a staple throughout pop culture for nearly 15 years now. Her tone has become so distinguishable that most viewers of Fox’s The Masked Singer recognized the multihyphenate even before it was revealed that she was Harp, the competition-winning, gold-masked figure with an actual harp strapped to her back.
Still, it wasn’t until recently that Riley began to feel like she’d found her voice. This sounds unbelievable. But she’s not referring to the one she uses on stage. She’s referencing the voice that speaks to who she is at her core. “Therapy kind of gave me the training to speak my mind,” the 37-year-old says. “It’s not something we’re taught, especially as Black women. I got so comfortable in [doing so], and I really want other people, especially Black women, to get more comfortable in that space.”
“Therapy kind of gave me the training to speak my mind. It’s not something we’re taught, especially as Black women."
If you ask Riley’s manager, Myisha Brooks, she’ll tell you the foundation of who the multihyphenate is hasn’t changed much since she was a kid growing up in Compton. “She is who she is from when I met her back when she was singing in the front of the church to back when she landed major roles in film and TV,” Brooks says. Time has allowed Riley to grow more comfortable, giving fans a more intimate glimpse into her life, including her mental health journey and the ins and outs of show business.
The actress/singer has been in therapy since 2019, although she suffered from depression and anxiety way before that. In a recent interview with Jason Lee, she recalls having suicidal ideation as a kid. By the time she started seeing a psychologist and taking antidepressants in her thirties, her body had become jittery, a physical reminder of the trauma stacked high inside her. “I was shaking in [my therapist’s] office,” she tells xoNecole. “My fight or flight was on such a high level. I was constantly in survival mode. My heart was beating fast all the time. All I did was sweat.”
There wasn’t just childhood trauma to account for. After auditioning for American Idol and being turned away by producers, Riley began working for Ikea and nearly missed her Glee audition because her car broke down on the highway while en route. Thankfully, Riley had been cast to play Mercedes Jones. American Idol had temporarily convinced her she wasn’t cut out for the entertainment industry, but this was validation that she was right where she belonged. Glee launched in 2009 with the promise of becoming Riley’s big break.
In some ways, it was. The show introduced Riley to millions of fans and catapulted her into major Hollywood circles. But in other ways, it became a reminder of the types of roles Black women, especially those who are plus-sized, are relegated to. Behind the scenes, Riley says she fought for her character "to have a voice" but eventually realized her efforts were useless. "It finally got to a point where I was like, this is not my moment. I'm not who they're choosing, and this is just going to have to be a job for me for now," she says. "And, that's okay because it pays my bills, I still get to be on television, I'm doing more than any other Black plus-sized women that I'm seeing right now on screen."
The actress can recognize now that she was navigating issues associated with trauma and low self-esteem at the time. She now knows that she's long had anxiety and depression and can recognize the ways in which she was triggered by how the cult-like following of the show conflicted with her individual, isolated experiences behind the scenes. But she was in her early '20s back then. She didn't yet have the language or the tools to process how she was feeling.
Riley says she eventually sought out medical intervention. "When you're in Hollywood, and you go to a doctor, they give you pills," she says, sharing a part of her story that she'd never revealed publicly before now. "[I was] on medication and developing a habit of medicating to numb, not understanding I was developing an addiction to something that's not fixing my problem. If anything, it's making it worse."
“[I was] on medication and developing a habit of medicating to numb, not understanding I was developing an addiction to something that’s not fixing my problem. If anything it’s making it worse.”
Credit: Ally Green
At one point, while in her dressing room on set, she rested her arm on a curling iron without realizing it. It wasn't until her makeup artist alerted her that she even realized her skin was burning. Once she noticed, she says she was "so zonked out on pills" that she barely reacted. Speaking today, she holds up her arm and motions towards a scar that remains from the incident. She sought help for her reliance on the pills, but it would still be years before she finally attended therapy.
This stress was only compounded by the trauma of growing up in poverty and the realities of being a "contract worker." "Imagine going from literally one week having to borrow a car to get to set to the next week being on a private jet to New York City," she says. After Glee ended, so did the rides on private planes. The fury of opportunities she expected to follow her appearance on the show failed to materialize. She wasn't even 30 yet, and she was already forced to consider if she'd hit her career peak.
. . .
We’re only four minutes into our Zoom call before Riley delivers her new adage to me. “My new mantra is ‘humility does not serve me.’ Humility does not serve Black women. The world works so hard to humble us anyway,” she says.
On this Thursday afternoon in April, the LA-based entertainer is seated inside her closet/dressing room wearing a cerulean blue tank top with matching shorts and eating hot wings. This current phase of healing hinges on balance. It’s about having discipline and consistency, but not at the risk of inflexibility. She was planning to head to the gym, for instance, but she’s still tired from the “exhausting” day before. Instead, she’s spent her day receiving a massage, eating some chicken wings, and planning to spend quality time with friends. “I’m not going to beat myself up for it. I’m not going to talk down to myself. I’m going to eat my chicken wings, and then tomorrow I’m [back] in the gym,” she says.
“My new mantra is ‘humility does not serve me.’ Humility does not serve Black women. The world works so hard to humble us anyway."
This is the balance with which she's been approaching much of her life these days. It's why she's worried less about whether or not people see her as someone who is humble. She'd rather be respected. "I think you should be a person that's easy to work with, but in the moments where I have to ruffle feathers and make waves, I'm not shying away from that anymore. You can do it in love, you don't have to be nasty about it, but I had to finally be comfortable with the fact that setting boundaries around my life – in whatever aspect, whether that's personal or business – people are not going to like it. Some people are not going to have nice things to say about you, and you gotta be okay with it," she says.
When Amber talks about the constant humbling of Black women in Hollywood, I think of the entertainers before her who have suffered from this. The brilliant, consistent, overqualified Black women who have spoken of having to fight for opportunities and fair pay. Aretha Franklin. Viola Davis. Tracee Ellis Ross. There's a long list of stars whose success hasn't mirrored their experiences behind the scenes.
Credit: Ally Green
If Black women outside of Hollywood are struggling to decrease the pay gap, so, too, are their wealthier, more famous peers.
Riley says there’s been progress in recent years, but only in small ways and for a limited group of people. “This business is exhausting. The goalpost is constantly moving, and sometimes it’s unfair,” she says. But, I have to say it’s the love that keeps you going.”
“There’s no way you can continue to be in this business and not love it, especially being a plus-sized Black woman,” she continues. “We’re still niche. We’re still not main characters.”
"There’s no way you can continue to be in this business and not love it, especially being a plus-sized Black woman. We’re still niche. We’re still not main characters.”
Last year, Riley starred alongside Raven Goodwin in the Lifetime thriller Single Black Female (a modern, diversified take on 1992’s Single White Female). It was more than a leading role for the actress, it also served as proof that someone who looks like her can front a successful project without it hinging on her identity. It showcased that the characters she portrays don’t “have to be about being a big girl. It can just be a regular story.”
Riley sees her work in music as an extension of her efforts to push past the rigid stereotypes in entertainment. Take her appearance on The Masked Singer, for instance. Riley said she decided to perform Mayer’s “Gravity” after being told she couldn’t sing it years earlier. “I wanted to do ‘Gravity’ on Glee. [I] was told no, because that’s not a song that Mercedes would do,” she says. “That was a full circle moment for me, doing that on that show and to hear what it is they had to say.”
As Scherzinger praised the “anointed” performance, a masked Riley began to cry, her chest heaving as she stood on stage, her eyes shielded from view. “You have to understand, I have really big names – casting directors, producers, show creators – that constantly tell me ‘I’m such a big fan. Your talent is unmatched.’ Hire me, then,” she says, reflecting on the moment.
Recently, she’s been in the studio working on original music, the follow-up to her independently-released debut EP, 2020’s Riley. The sequel to songs such as the anthemic “Big Girl Energy” and the reflective ballad “A Moment” on Riley, this new project hones in on the singer’s R&B roots with sensual grooves such as the tentatively titled “All Night.” “You said I wasn’t shit, turns out that I’m the shit. Then you called me a bitch, turns out that I’m that bitch. You said no one would want me, well you should call your homies,” she sings on the tentatively titled “Lately,” a cut about reflecting on a past relationship. From the forthcoming project, xoNecole received five potential tracks. Fans likely already know the strengths and contours of Riley’s vocals, but these new songs are her strongest, most confident offerings as an artist.
“I am so much more comfortable as a writer, and I know who I am as an artist now. I’m evolving as a human being, in general, so I’m way more vulnerable in my music. I’m way more willing to talk about whatever is on my mind. I don’t stop myself from saying what it is I want to say,” she says.
Credit: Ally Green
“Every era and alliteration of Amber, the baseline is ‘Big Girl Energy.’ That’s the name of her company,” her manager Brooks says, referencing the imprint through which Riley releases her music after getting out of a label deal several years ago. “It’s just what she stands for. She’s not just talking about size, it’s in all things. Whether it’s putting your big girl pants on and having to face a boardroom full of executives or sell yourself in front of a casting agent. It’s her trying to achieve the things she wants to do in life.”
Riley says she has big dreams beyond releasing this new music, too. She’d love to star in a rom-com with Winston Duke. She hasn't starred in a biopic yet, but she’d revel in the opportunity to portray Rosetta Tharpe on screen. She’s determined that her previous setbacks won’t stop her from dreaming big.
“I think one of my superpowers is resilience because, at the end of the day, I’m going to kick, scream, cry, cuss, be mad and disappointed, but I’m going to get up and risk having to deal with it all again. It’s worth it for the happy moments,” she says.
If Riley seems more comfortable and confident professionally, it’s because of the work she’s been doing in her personal life.
She’d previously spoken to xoNecole about becoming engaged to a man she discovered in a post on the site, but she called things off last year. For Valentine’s Day, she revealed her new boyfriend publicly. “I decided to post him on Valentine’s Day, partially because I was in the dog house. I got in trouble with him,” she says, half-joking before turning serious. “The breakup was never going to stop me from finding love. Or at least trying. I don’t owe anybody a happily ever after. People break up. It happens. When it was good, it was good. When it was bad, it was terrible, hunny. I had to get the fuck up out of there. You find happiness, and you enjoy it and work through it.”
Credit: Ally Green
"I don’t owe anybody a happily ever after. People break up. It happens. When it was good, it was good. When it was bad, it was terrible, hunny. I had to get the fuck up out of there. You find happiness and you enjoy it and work through it.”
With her ex, Riley was pretty outspoken about her relationship, even appearing in content for Netflix with him. This time around is different. She’s not hiding her boyfriend of eight months, but she’s more protective of him, especially because he’s a father and isn’t interested in becoming a public figure.
She’s traveling more, too. It’s a deliberate effort on her part to enjoy her money and reject the trauma she’s developed after experiencing poverty in her childhood. “I live in constant fear of being broke. I don’t think you ever don’t remember that trauma or move past that. Now I travel and I’m like, listen, if it goes, it goes. I’m not saying [to] be reckless, but I deserve to enjoy my hard work.”
After everything she’s been through, she certainly deserves to finally let loose a bit. “I have to have a life to live,” she says. “I’ve got to have a life worth fighting for.”
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In the later years of her career, after the release of her studio albums The Electric Lady in 2013 and 2018's Dirty Computer, many began to notice the shift in Monáe's artistry and fashion, which some widely praised.
Although the now 37-year-old rarely addressed the reason behind the transformation over the years, that would all change when Monáe sat down with radio personality Angie Martinez on her IRL podcast earlier this month.
During the interview, Monáe --who was promoting her latest album, "The Age of Pleasure"-- opened up about her mental health struggles, how she would cope, and why she chose to live in freedom.
Janelle On Why She Stopped Wearing Her Signature Suits All the Time
Janelle Monáe
Photo by Frederick M. Brown/Getty Images
In the May discussion, the "I Like That" vocalist revealed she suffers from anxiety, which she claimed would occur around "winter to spring."
Monáe added that when she has her bouts with anxiety, she tends to turn to food as a coping mechanism. Further in the interview, the "Lipstick Lover" singer disclosed that her emotional eating habits caused a weight fluctuation and that she could no longer fit into the suits she once wore earlier in her career.
Monáe explained that even though she tried to diet and exercise to return to her smaller figure, she ultimately stopped and made peace with herself with the help of therapy because she acknowledged that she isn't the same person she was nearly a decade ago and shouldn't try to be even if it was a highly "celebrated" version.
"I'm petite, but it can get thick... When I couldn't fit them suits anymore, and I was like, 'Oh my God, what is going on?' I would be dieting, running, or exercising, trying to fit into [it]. I'm just like, 'No. No, we're here. This is where we are.' We [are] not about to be utilizing life trying to be an old version of ourselves. No matter how celebrated that version of me was. I'm here. I'm here," she said.
Janelle On Freedom
As the topic shifted to freedom and what that meant to Monáe, the "Primetime" vocalist shared that in this new era of her life, she enjoys it because she can boldly express herself however she wants and honor who she is as a person right now.
Monáe also revealed that she had found ways to become a better artist and the best version of herself because of her freedom.
"What is the new version of freedom? What does that feel like? That's usually when I feel the most free is when artistically, I can honor exactly who I am right now," she stated. "I feel most free as a human when I can honor exactly who I am right now."
Monáe's fourth studio album, The Age of Pleasure, is set to be released on June 9.
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