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A Breakup Taught This Six-Figure Beauty Studio Owner That She Is The Bag
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
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
Tubi has been gaining popularity due to its free sign-up and a vast selection of series and films. According to Deadline, the FAST (free ad-streaming television) service has seen a 14.7% growth from May and now has similar numbers to Disney+. So while many people have joked about Tubi having low-budget movies, the numbers don't lie.
In fact, I was one of those people who didn't get the appeal of Tubi, but the more I watched it, the more I enjoyed the content. They have some of our favorite TV series, such as Scandal and Star, as well as big films like the Fast and Furious franchise and cult classic Love & Basketball.
Tubi even has its own original movies and series that are just as entertaining. But while Tubi is on the come up, some of the low-budget movies and hood movies are still a must-watch. From Tubi originals to the hood movies, we've put together a list of shows and movies to add to your watchlist.
Cinnamon
Cinnamon is an original Tubi movie that stars Hailey Kilgore (Juke from Power Book III: Raising Kanan), Damon Wayans, and Pam Grier. It's a love story gone awry after a robbery turns deadly, and a young couple faces many challenges to make it out alive.
The Dirty D
The Dirty D is one of the first things I watched on Tubi, as many people highly recommended it. It's a series set in a Detroit club, and it has all the drama you can think of. Murder, drug dealing, cheating, greed, and more.
Black Men Don't Cheat
In this film, a young woman grapples with the death of her husband while also discovering his secret life, which puts her in danger.
Mother May I
This movie fully captivates the overbearing mother. However, the ending will shock you as she goes a little too far.
The Stepdaughter
When a young girl moves in with her dad and his new wife, a series of unfortunate events occurs. This Tubi original will keep your attention with every turn.
These Men For Everybody
These Men For Everybody is a film that highlights the tangled web of friendships and relationships and how you can't trust anybody.
Best Friend
What happens when your best friend is obsessed with you? This movie, which stars Serayah and Marques Houston, answers this very question and takes us on a ride in the process.
What's Done After Dark
What's Done After Dark shows us that everything isn't always what it seems. The twist at the end is a real doozy.
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Feature image by rez-art/ Getty Images