Well, apparently, it's in the mind, chicas. It all happens in our minds first.
The mind is a powerful tool that, depending on how we choose to use it, has the power to make or break us. This is a fact that the bomb business owners I had the opportunity to interview as part of this feature said to have learned the hard way while on the path to acquiring their Boss badges. The four ladies got real on the struggles that they've faced in the past which almost prevented them from becoming who they are today, the mindset shifts that helped overcome them, and more.
Befriending Fear To Unlock a World of Luxury
For the longest, I followed the 'American dream.' I studied mechanical engineering in undergrad, received my MBA by the age of 23, and transitioned into a job in Corporate America [and] began earning six figures. However, despite all the benefits of working that job, I knew after a little time that it wasn't what I wanted to do forever. Corporate America, I felt, deprived me of being the master of my own time. My time was theirs and I had little to no say on that.
Many times, I found myself wiping my tears because I had to work extra hours or on the weekends to complete the tasks that I was asked to do at the last minute, all while my personal life and loved ones were waiting on me. When September 2017 came, the moment finally came for me to reclaim my freedom. Although I was deathly afraid and almost talked myself out of it, I decided to quit my job and pursue my dreams.
Fear, I must say, is the companion that's been following me throughout this whole journey from giving up on a six-figure salary to building my own six-figure company. It's still there, to be honest, but I've learned how to tame it.
In the beginning, I feared wandering in the unknown. While we do know what we decide to walk away from, there's no certainty that what we'll find on our path will be any better. And then, once I became my own boss, the fear that my finances would never advance as much as my career did quickly took over me.
A year before taking this leap of faith, I launched Epic Fab Girl, "a community for women entrepreneurs who want to build profitable brands and grow their faith." The latter initially started as a blog but after I quit, I had to figure out a way to monetize it to generate revenues. On top of that, in January 2018, I launched my own marketing agency. I wanted to offer my target audience coaching services and digital courses to help them scale their businesses to six figures. Funny thing is, I was nowhere near earning such an amount of money myself, even after giving my business more than a year to grow and flourish.
While my clients were getting the desired results, on my end, I was struggling financially; I faced difficulties paying my bills, my car had been repossessed and I'd received foreclosure papers on my home as a Christmas present. Earning six figures has never been a requirement for me, but it was somewhat mandatory if I wanted to maintain the level of comfort I was living in. All of which ultimately had me contemplating [whether or not] to go back to Corporate America. However, while it's a move that my entourage encouraged me to make, I never received any signs from God that meant this was what He wanted for me. So, as a woman of faith, I continued walking the path that I was already on.
As soon as 2020 rolled around and the pandemic hit, that's when everything changed for the better. Within the first semester of the year, my revenues reached six figures for the first time—which wouldn't have happened had I decided to take some steps back or had I simply not shifted my mindset to believe that my services are worth the luxury price point.
Image courtesy of Candace Junée
It probably wouldn't have happened either if I hadn't invested in a coach to help me make the shift on top of using affirmations and visualization to help me own my abilities and brilliance when I'm doubting.
Here again, fear made me doubt whether I was making the right decision or not because I wasn't fully convinced that my audience would pay those prices—although some of my clients were already paying me four figures monthly for some of the services that I offer. But because I'd managed to reach a level of self-confidence high enough to recognize that I was excellent at what I was doing and understand that my financial situation was only the consequence of me undercharging for my services, I was ready for those who want to work with me to pay premium prices.
The best thing was to realize that I wasn't insane for believing that numbers don't necessarily throw people off. Quite the contrary, they attract the right clients, the kind that can afford your expertise, and therefore make a way for money to flow to you easily.
Wherever you find yourself in your journey, fear is going to rear its ugly head. To me, it's a sign that you're on the right path. You've probably read somewhere that, "If your dreams don't scare you, they're not big enough." I believe that it couldn't be more true. Be willing to bet on yourself and know your value. Trust that anything is possible.
Follow Candace on Instagram @candacejunee.
Unlearning Scarcity To Discover Absolute Abundance
One of the biggest personal breakthroughs I've experienced thus far is realizing the vital value of unlearning. Unlearning the things that hold you back is just as important as learning new [things]. It's necessary to be successful and unlock your potential.
I was a mother at the age of 16 and was raised by a single mother solely responsible for five children. Needless to say, I had to unlearn the scarcity mindset engraved in my head from childhood. Becoming a mother before I became a woman also played a major role in the endless struggles that prevented me from exploring the boss lady hibernating within. Like many, I didn't have a direct example of entrepreneurship; I was raised to play safe and to think that financial stability was something that only Corporate America could offer.
With age and an evolved self-awareness, I began to take risks and explore opportunities I normally wouldn't as a way to overcome those struggles.
In 2012, I relocated from Los Angeles to Arizona after being laid off from a corporate position that I occupied for five years. This move that I considered to be bold truly cultivated the opportunity for me to discover what my passion was. Thanks to Arizona's low cost of living, I was able to quit the new job that I'd found after working there for a year to live off of savings and explore revenue-generating opportunities which I'd hoped would unveil my purpose and passion. Moment of transparency, I must give credit to my supportive husband and his steady income. Without him, I wouldn't have been able to do so.
I tried fashion blogging and freelance writing for local publications. I even dabbled in fashion event production. Although all of that was fun, it wasn't what ignited the fire in me, which is truly what I was seeking. After many failed attempts, I found myself enrolled in a lash extension training class—a $1,300 investment. My lash artist at the time encouraged me to do so because I'd always ask her thousands of questions about how she did mine. Unexpectedly, this training class is where I found my spark.
Back in the day, I wasn't aware of all the doors that would open from just trying something new.
Image courtesy of Chris Bible
Never would I have thought that I'd one day run my own business, let alone work in the beauty industry. But it turned out that lashing was a service that quickly led to the creation of my own training academy and a full-fledged lash product line.
Seeing the revenue that I was generating is partly what helped break the scarcity mindset that I earlier mentioned I was suffering from. What was truly life-changing, I'd say, was practicing daily affirmations as well as investing in a mentor, Pauleanna Reid for instance, salon staff and marketing experts. This is what truly propelled me to my current level of success and showed me that taking control of your daily rituals on top of having an organized process for goal-setting is the difference between having a side hustle and running a six-figure business.
A boss, in my world, is a leader. She has clear morals and values, yet balances that with an attitude that gets ish done by any means necessary. Sacrifice, hard work, and patience are the ingredients to achieve success.
I didn't reach boss status before I made countless mindset shifts, alleviated excuses, welcomed uncertainty with confidence, and followed an unorthodox schedule. Most importantly, I had to embrace that I was worthy and capable of reaching a certain level of success and that it could be done all on my own. Of course, some of these shifts were easier to implement than others, while some were made out of necessity. The hardest changes dealt with inner work and self-love. I struggle with imposter syndrome and reminding myself that I am worthy is a constant fight. Having to embrace who you're meant to be can be frightening but growth never comes from comfort; it thrives in the newest version of ourselves.
Follow Chris on Instagram @sheluvslashes.
When Failure Serves as an Expensive Stepping Stone to Success
I had a huge mindset shift in my early 30s when I launched a business that failed—but from which I recovered. That experience taught me a ton from bringing a dream to fruition to pivoting and iterating.
Five years or so ago, I launched a business with two friends and partners whose purpose was to encourage college students, particularly HBCUs students, to travel the world. My friends and I who are all HBCU grads have had the opportunity to travel abroad when we were younger and being aware of the benefits of doing so, our desire was to give that opportunity to an audience that didn't have the same ability as we did.
We made a ton of mistakes during the launching process. We firmly believed that this project would be the solving of an issue, however, we didn't succeed to shed light on the said issue in a way that resonated with our target audience. We failed to properly grab their attention. And then, we launched too big, way too big—and we actually paid for it.
Looking back, that situation was ironic considering that prior to that, I'd spent a significant amount of time teaching as a product manager—and now as a product management career coach and business coach to women of color entrepreneurs—to actually not do this [launching too big]. It's always best to start small and test your audience first, which is a fact that I was proven once again when I later found myself launching another venture with a pair of two other friends.
For years, we'd casually played a game about dating deal breakers during our girls' nights and wondered if it would be commercially viable. We wanted to create it and then sell it to the public. However, despite how good we thought this idea was, having learned from my past mistakes the hard way, I made it clear from the start that spending any money was out of the question for me; an announcement that caused my friends to glance at me with a confused stare stating that it would therefore not be feasible. But I knew we would figure something out. And we did.
We managed to come up with the simplest launching strategy which cost us the bare minimum but enabled us to maximize our success.
Image courtesy of Miranda Mader
To introduce the game to our audience and test both, we decided to organize a small gathering with our friends. The plan was to play with them so they could see how much fun it is and therefore potentially turn those friends into customers. As for the cards' prototype, my partners and I had opted for at-home printing, a cheap and efficient solution. When the ladies validated our concept that night, we were given the green light to start the next step of our launching process: social media promotion. There again, we'd only invested a few dimes in marketing, just enough to get a decent number of customers to pre-order the deck and allow the real production of our card game to finally begin. We suddenly had the cash to order inventory to cover the pre-orders and more, without taking a hit upfront.
While my initial attempt at entrepreneurship was a complete failure, the lessons that I've learned from our mistakes [not building proper brand awareness and launching too big] are the main reasons why my other partners and I managed to turn this second endeavor into a complete success. I told them that I wouldn't risk losing any more money and adopting such a sales strategy that spared us from buying in bulk without being sure whether we'd sell allowed me to honor my vow.
As I previously briefly mentioned, I now work as a business and career coach. I've been self-employed for approximately two years now, and the services that I offer allow me to generate a six-figure revenue. I believe it's worth noting that the journey hasn't been linear and didn't come without low-grade anxiety. Self-doubt was also ubiquitous; the "will-I-be-able-to-sustain-this-long-term" fear was real. But the thing that I did and which today allows me to say that I'm living a life beyond my dreams was pairing my ability to execute, my vivid imagination, and Godly faith. It's been equal parts of each: envisioning an outcome, believing that it's available to me—which has been difficult because as a young girl, I hadn't met many black women entrepreneurs who independently monetized their talent for the personal and professional benefit of others—, and creating and executing a plan to achieve.
Shifting from fear to possibility has gotten easier over time. I equate it to the first time you tackle a small fear. It's nerve-wracking at first but through repeated actions, it becomes a part of your muscle memory.
Follow Blair on Instagram @blairpres.
Learning How To Cope With Introversion and Impostor Syndrome
My name is Bola Sokunbi, I'm the founder and CEO of Clever Girl Finance, "a mission-driven financial empowerment platform aimed at providing women with the right products and services as well as financial guidance." I'm also a super introverted individual who happens to suffer from impostor syndrome, all of which can be a tad bit problematic when you have high professional ambitions. I wish I could say that these feelings fade away with time and experience, but they don't. However, what the former and the latter did help with was to figure out my coping mechanisms.
Before I started my business, I remember how much of a struggle it was for me to make myself seen and heard when I found myself in important rooms. Instead of being as aggressive as my colleagues were in the pursuit of coveted promotions, I was trying to stay as quiet and as little as possible. I was unable to position myself for further opportunities—and had my advisor not convinced me that the founder of a brand is as important as the brand itself, my inner struggles would've probably prevented my company from growing as well.
One of my biggest challenges was to believe that my story—the story of how I managed to save $100,000, for instance—and accomplishments are valuable enough to be shared with the world. The question that would always pop up in my head was, "Who are you to actually say these things?" When I finally had the guts to put it out two years after the launch of my business, it turned out it became a huge anchor in terms of brand awareness. The exposure my story was given by other media outlets showed me that my fears of being judged were unfounded for people were actually inspired by it, and it also made me realize that what I'm doing is bigger than me.
When I first launched Clever Girl Finance, I used to decline all public speaking appearances and big events that would make me the focal point. Now, because my mindset shifted to thinking of purpose before self and I've learned how to cope with them, I'm able to seize those opportunities.
My secret when it comes to surviving being an introvert plus impostor syndrome as a business owner is to step out of my comfort zone when I need to and step back into it when I can.
When I step out of it, I prepare by repeating affirmations out loud, hyping myself up. I look for an accountability partner, whether it's a friend or my husband so that I have someone to push me and make sure that I do whatever it is that I'm supposed to do. And then, once it's done, I allow myself to rest. Keyword: rest.
Image courtesy of Caroline Beffa Photography
I came to realize that being an introvert was so much of a struggle for me—not just as a professional but in my daily life as well—because I never took the time to recover after I do an event. Or a video. Or a webinar. Basically, anything that puts me in a place where I'm surrounded by a lot of people.
By not giving myself time to recover, I was just compounding the effect of how much I disliked being out there and being the face of my business. But when I allow myself to step back into my comfort zone and sit there in silence for as long as I need to, I feel rejuvenated and motivated enough to go out and do it again.
Since I discovered the benefits that this technique has on me, 'recovery day' made it to my weekly calendar. It usually occurs on Fridays and to make it possible, I hired a team to help me alleviate the work, take the pressure off of me and allow me to hide for a short amount of time. My staff has been the best at pointing out when I need them to take specific tasks off my plate. Because one thing about introverts, when they don't feel like doing something, that's when a whole nonessential delay game begins and time gets wasted, which is a fortune that as business owners, we cannot afford to lose.
On top of my team, I can also count on my three advisors to help me to be my best self. These ladies, whom I consider my sisters and aunties in my head, make sure to speak life and words of encouragement into me. They also make me uncomfortable, but I like it because the discomfort is private. It's not happening on the public stage, but one thing that's for sure is that it prepares me to stand with confidence in front of my public.
As I said earlier, impostor syndrome and introversion are unfortunately not easy to get rid of—provided it's possible. For me, these are uneasy feelings I'll always have to deal with and I can tell from experience that they evolve with each level that you reach throughout your journey. But there are going to be times when you'll have to tell them to sh*t up because you have work to do. You have a purpose to serve—and recovery day is coming soon anyway, so you can do it.
Follow Bola on Instagram @clevergirlfinance.
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Featured image courtesy of Candace Junée
Originally published on February 19, 2021
Oftentimes, our mentality about money dictates how we use it, and the fact that Black people have endured decades of systemic racism, discriminatory employment and banking practices, and other historical societal horrors that affect how we get to the bag, many of us are actively dealing with the good, bad and ugly impact generations later. On one hand, the challenges have built habits of resilience, tenacity, initiative, and innovation, while on the other hand mentalities and habits centered on scarcity, overworking, overspending, and mismanaging of personal finances. Lessons have been learned from one spectrum to the other, one generation to the next.
There are communities of Black parents who are making changes that will not only empower themselves but their children and grandchildren, building off the foundation of their ancestors and strengthening financial fitness and power through action. They're taking deliberate steps to ensure their children's mindsets are balanced and prepared for financial prosperity.
Check out more on three such power women—mothers who have learned vital lessons about money management and financial freedom in their parenthood journeys—from becoming new moms to transitioning into empty nesters. They speak further about how they're changing narratives and raising children unafraid to think big and limitless about wealth:
Shifting Money Management Strategy Along the Way
Vioree Brandon-Nettlesford, the founder of Divine Enterprise L.L.C., was a divorced single mom and college student with her first son, navigating not only taking care of him but taking action to secure their future. Back then, she says, she wanted to focus on building up her savings because she wanted to "establish a firm foundation" for her son. "I didn’t want to live what I was taught which was, 'Buy, buy, buy, and don’t worry about tomorrow.'"
"I didn’t want to live what I was taught which was, 'Buy, buy, buy, and don’t worry about tomorrow.'"
Courtesy of Vioree Brandon-Nettlesford
Years later, she met her second husband and had more children, ushering in a dramatic change in her finances and how she'd handle money. "My story is a bit unique because I got married for the second time and then, my husband passed away. I found myself becoming a single mom again, and I actually became homeless," she recalls. "During our marriage, I had that old-school mindset that the husband works and [the wife] stays home. You don’t have to work. Re-establishing myself changed my perspective and my relationship with money because I realized I can’t teach my kids certain things I learned because it didn’t reap good fruit."
She also began working on establishing herself as an author and transitional life coach, creating streams of income for herself that would mean independence, empowerment, financial freedom, and a legacy for her family in the future.
She shifted back to a focus on saving and squirreling away funds to ensure she can meet the financial demand of taking care of her now-larger family and covering emergencies. She began planning more for the long-term versus the right now. "We’re looking at three different stages: My son is 20 years old now, and he's in his third year of college. He goes to a private institution. I did not save well with him like, for instance, with a 529 plan," she says. "I find myself now paying tuition of about $18,000 a year."
With her younger daughter, who will soon be a college student, Brandon-Nettersford changed up and created more of a strategic plan for financing her education. "I have a fund and now tap into scholarships for her because she’s a straight-A student and she goes to a military school. There are resources out there for you in whatever stage of [parenting] you’re in. It’s up to you to educate yourself and seek them out, and that’s what I began to do."
She also decided to be more collaborative with her children in setting a plan for their future. "I established a relationship and open communication with my children to help them understand what they want their future to look like. As parents, we have a plan for our children, but they also have a plan for themselves. It’s up to us to take accountability and responsibility and not to deflect our plans on them."
Honing In on Generational Wealth
Layo George, the founder of Wolomi, an online community and an app for expecting mothers, began planning for the birth of her son three years before he was born. "I knew I wanted to be able to breastfeed and stay home, and in order to do that, you have to be financially stable. I thought, 'What kind of pregnancy, post-partum, and first year did I want to have?' I began making choices with my husband in terms of finances. We wanted to make sure we were in a good space to carry out that idea. We didn’t want stress to impact our pregnancy or that first year of parenting."
Today her son is four, and while, she says, she does teach him about the concept of money, her focus is to give him a sense of what sustainable wealth-building is. "After he was born and we got past that first year, it was, ‘Well, what kind of life do I want for [my husband and I]? If you don’t think about yourself, in terms of taking care of things in your own financial journey, it’s hard to financially be there for a child."
"If you don’t think about yourself, in terms of taking care of things in your own financial journey, it’s hard to financially be there for a child."
Layo George, Founder, Wolomi
Courtesy of Wolomi
She and her husband began a process to tackle debt and tie up loose ends when it came to their own financial profile. Then, for her son's first birthday, they'd asked friends to put money into a 529 plan instead of giving the usual gifts. “I started learning a bit more about 529, and found that that wasn’t what I really wanted, so we opened an index fund account for my son. It’s not a lot of money because, as I said, [we were] focusing on [ourselves] as well," she adds.
George is also pursuing her own financial and career goals in helping other women through their pregnancy and post-partum journeys with the online community and tech resource she built. That, in turn, not only enriches her and her family's lives financially but provides an example of entrepreneurship that her son can learn from. "It's also [about] pouring into Wolomi in the hope that not only will we have this brand that will support women but it also is going to be something that can give us generational wealth so that my son can have the freedom we didn’t have."
"It's also [about] pouring into Wolomi in the hope that not only will we have this brand that will support women but it also is going to be something that can give us generational wealth so that my son can have the freedom we didn’t have."
Her parents are immigrants, and culturally, she says, there's a traditional sense of respectful obligation to take care of them financially in their golden years of retirement. While she understands the expectation and she and her husband are well prepared and happy to take on the responsibility, she says, "I don’t want that for my kid. I want him to not have to think about me, but about the bigger picture. It isn't just about one generation. There’s a limit to what I can do for him. It’s about putting him in a state where he’s able to multiply what I have. Then we can really start to build for our people.“
Making Financial Literacy Relatable and Empowering
Karen Stevens, the founder of Frugal Feminista, is also a huge proponent of redefining our relationships with money, and with a background in education, she relies on communication and teaching by example to instill certain values in her daughter. She takes her 6-year-old to the bank with her and allows her to see how the banking world works, even down to signing her own checks given to her by her grandmother. She also started a brokerage account for her daughter as soon as she received her social security card and contributes to a 529 account for her education.
She believes that today's parents can inspire their children to elevate their understanding of how money works and become more mindful of the conversations that are had about everyday financial scenarios. "For Black women, in particular, I think because we’re in a race-based society, some of us are quick to adultify our kids and bring them into conversations that they have no mental, emotional, financial ability to reconcile, and I think that [is detrimental] to their relationship with money," Stevens adds.
"For Black women, in particular, I think because we’re in a race-based society, some of us are quick to adultify our kids and bring them into conversations that they have no mental, emotional, financial ability to reconcile, and I think that [is detrimental] to their relationship with money."
Courtesy of Kara Stevens
Reframing dialogue and interactions in a way that allows children to understand from their own perspective, considering their age and development, is key, she says. "I don’t think it’s appropriate for a mom to say, 'We ain’t got no money,' or 'Your daddy’s gone. You're the man of the house.' Let's say maybe you lost your job. Instead of saying, 'We don’t have any money,' you can say, 'We’re going to really take care of the things we have because we have more than enough. What role can you play in taking the lead in putting your things away?' It lands differently."
She also believes that, as parents, it's important to guide children toward balanced and education-based conclusions about money and to highlight positive aspects of Black buying power, Black excellence in business, and Black wealth.
"As Black people, because we have been marginalized, we want to make sure that we don’t color our children’s lenses in the same race-based, wealth-based narrative. All Black people aren’t poor. All white people aren’t rich. It's about making sure that we give them–whether it be through books, online resources, or family members—the sense that Black people got it. We been had it. And if we don’t have it, we can get it. We need to give them a positive narrative about all things Black and a more nuanced understanding when it comes to money. Then, you’re able to raise a child that will be critically thoughtful about money, take more risks with money, and understand what their values are around money."
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While the risk for recession is "high" according to forecasters, there are indeed things you can do today to ensure peace of mind and that you're able to thrive whether there's a recession or not.
First recognize, it's not all gloom and doom.
Some forecasters are stating that, while experts are justifiably bracing for the possibility, a recession is "less likely" than people think and that rising interest rates don't necessarily solely mean a recession is coming. Recessions also aren't uncommon and are a consistent phenomenon, thus you can't really fret too much over something that not only has occurred before but something that will likely occur again in the coming years.
On another note, the job market is booming, especially with the recent mass exodus of professionals (a la the Great Resignation), so if you're looking for a new opportunity, that prime moment to ask for a promotion, or a change in career, now is an amazing time to go for it.
Also, other positive aspects of the economy include gas prices in select markets decreasing and a 48% growth in entrepreneurship among women.
So, it's good to think in a balanced, more realistic way, taking several factors into account.
Check your finances and adjust your budget.
If you haven't already, it's a good time to get more familiar with your finances, especially your budget. Take stock of the money you're earning, the money you're saving, the money you're investing, and how you're spending. Experts also recommend reviewing your bills and lifestyle to see where there might be money drains or waste. Make the needed choices or shifts to either increase your savings, cut back on expenses that aren't super-necessary, or shift funds to save more.
(If you don't have a budget or need inspiration for updating the one you have, there are a few great options here and here.)
Getty Images
Tap into the assistance and resources afforded to you.
If you're already struggling financially, there are resources available to you such as rental assistance, scholarships, grants, and programs. Also, if you qualify for income-related assistance, don't hesitate to apply, especially in relation to housing or coverage of everyday education, food, or childcare expenses.
If you've reached certain financial milestones (or you're hoping to), get a financial adviser or coach and map out a plan to either meet those goals or get on a path to be able to meet those goals even if a recession hits. Find out how you can leverage the money you have to make more or invest in something that will garner wealth in the long run.
It's always good to be proactive in seeking help, especially if it's something that will help take a financial burden off your mind.
Review your sources of income—or lack thereof.
If you're unemployed, you'll need to really get serious about maximizing your unemployment benefits and getting a job. Think outside the box, let go of a few boundaries, and try out new experiences or positions that might be outside of your comfort zone. Be very deliberate with how you spend your money and time, and focus on strategies that will lead to a new job or employment you enjoy.
If you're underemployed (i.e. at a job that either doesn't match your educational or practical skills or talents, or one that pays a salary that is below the current market rate), it might be a good time to either apply for a new job or take on another that not only will supplement your income but will allow you to be your best self.
If you're happily employed and bring home a nice salary (good for you, sis), but always wanted to start that side gig, now might be the best time to do that as well. Maximizing other ways to earn and accumulate money is a great way to ensure that you have a cushion for times like a recession.
No matter what stage you are in the employment game, be sure to pay close attention to the return on investment of your time and how your salary aligns with the lifestyle you have or aspire to have, recession or not.
Keep a positive attitude and focus on solutions and vision.
Remember, while you can't really control what happens in an economy nor can you control what might happen in the future, you can plan today for financial freedom. Taking the steps to be strategic, keeping a positive and balanced outlook, and prioritizing what's important in life is the key to getting through any rough patches.
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When you think of a nurse practitioner, you may think of the extras from Grey's Anatomy staged behind Jesse Williams. However, this specific one is doing anything but taking a backseat in the audience, especially when it comes to her finances. 44-year-old Princess Lomax is a family nurse practitioner by day and a sports bar owner at night, all while juggling and maintaining her doctoral candidacy at Valparaiso University. Lomax is conducting in-home assessments for the Medicare population and is the proud owner of Diamonds Sports Bar & Grill, so it's no wonder why she's able to write a book on taking your career to the next level.
Courtesy of Princess Lomax
The Atlanta-based serial entrepreneur's best-selling Amazon book 6 Highly Effective Strategies For Making 6 Figures As A Nurse is a compilation of real-life accounts and experiences of entrepreneurship while becoming a nurse. If you're a young Black woman in the healthcare industry looking to elevate your career beyond the examination room and medical jargon, it might be the read for you.
In this installment of "Money Talks," xoNecole spoke with the Chicago-bred nurse practitioner, real estate investor, and bonafide hustler about making well over six figures a year, splurging on her half a million-dollar home and flipping houses as an extra stream of revenue.
On how much she saves per month:
"Right now, I don't have a set goal for saving on a monthly basis, however, I'm in the process of setting up a portfolio that will allow me to start having money automatically deducted from my account that will go towards an IRA and money for investing in stocks."
On her definitions of wealth and success:
"I define wealth as the power to acquire whatever you desire and the power to put other people in positions to become successful. Being wealthy for me is about putting measures in place so that everybody around me can become wealthy also. I have the desire to uplift and motivate the people around me so that we can attain generational wealth and break generational curses.
"I define success as accomplishing and attaining the goals you've set for yourself. Success for me is a never-ending cycle because I'm always thinking of a master plan to achieve something higher than my last accomplishment. Not that I'm never satisfied, but I always push myself to a higher level that surpasses my current level. It's always me against me. I'm always striving to defeat the old me so that my success will continue to grow."
On the lowest she’s ever felt when it came to her finances and how she overcame it:
"I was born poor and raised in the heart of the ghetto so it doesn't get any lower than that. There were times growing up when I wasn't sure where my next meal was coming from. I didn't have the luxury of heat and hot water, so figuring out where I would bath from day to day was once a lifestyle I endured.
"I overcame being poor by thinking rich and pushing myself until I no longer had to figure out where my next meal was going to come from. I sometimes still have fears of not being able to eat, which is why I continue to grind like my next meal is depending on it. I sometimes have flashbacks of my struggling childhood and pray that God continues to bless me so that I will never have to endure those hardships again. So for me, I overcame it by never forgetting my struggle and by pushing myself on a daily basis to stay on top."
Courtesy of Princess Lomax
"I overcame being poor by thinking rich and pushing myself until I no longer had to figure out where my next meal was going to come from. I sometimes still have fears of not being able to eat, which is why I continue to grind like my next meal is depending on it. I sometimes have flashbacks of my struggling childhood and pray that God continues to bless me so that I will never have to endure those hardships again."
On her biggest splurge to date:
"My latest biggest splurge was the purchase of my new home which was over a half of million dollars. Splurging in the past for me has been the purchasing of Chanel bags, Christian Louboutins, and expensive cars. This year, God has allowed me to level up and splurge in a different way. I'm now a homeowner so my splurging this year has been phenomenal."
On whether she’s a spender or a saver:
"Unfortunately, I am a spender and sometimes wish I was a saver. Growing up poor and not having much of anything and not having anyone in my life to teach me about saving has unfortunately hindered me from being a saver. At one point, I was spending more than I was making, but as my entrepreneurship continues to grow, I'm learning how to save and plan for retirement. I'm still in the process of training myself to save and not spend. My training has just begun and plans for my future and retirement are at the beginning stages."
Courtesy of Princess Lomax
"Growing up poor and not having much of anything and not having anyone in my life to teach me about saving has unfortunately hindered me from being a saver. At one point, I was spending more than I was making, but as my entrepreneurship continues to grow, I'm learning how to save and plan for retirement. I'm still in the process of training myself to save and not spend."
On her savings goals and what retirement looks like to her:
"My saving goal is to save a minimum of $20K a month so that I can retire by the age of 50. Retirement for me as a Nurse Practitioner will be within the next 5-10 years and I don't think I'll really ever retire as an entrepreneur."
On the importance of investing:
"Most of my money has been attained via investing, so investing is extremely important to me. I've learned that if I invest in the right assets, my portfolio during retirement will be prosperous. I invest in real estate purchases and acquiring businesses. I invest mostly in real estate in the Chicagoland area and also invest in multiple businesses that will become great assets in the near future."
On her intentions behind multiple streams of revenue:
"My streams of revenue were established by buying and flipping houses and by owning and operating a successful nightclub and sports bar in the Chicagoland area. Having multiple streams of income became a way of life for me after having slow periods with both real estate and the nightlife industry. Having multiple streams of income has allowed me to continue to be successful without having too many periods of dry spells without income coming in."
On unhealthy money habits and mindsets:
"The number one unhealthy habit that I had to restructure is feeling like I always had to go shopping for the latest Chanel bag and or the latest pair of Christian Louboutins. Once I changed my mindset, I saw the bigger picture for saving and investing more. I now know that I can still look and be great while attending parties and/or events without having to buy a new pair of shoes and or a new bag."
Courtesy of Princess Lomax.
"My streams of revenue were established by buying and flipping houses and by owning and operating a successful nightclub and sports bar in the Chicagoland area. Having multiple streams of income has allowed me to continue to be successful without having too many periods of dry spells without income coming in."
On her money mantra:
"Keep God first and don't ever allow the money to change who you are on the inside."
On desperate times calling for desperate measures:
"Yes, yes, and hell yes. I'm not proud of some of the things I've done in my past for financial gain, however, it has been a part of making me the successful female CEO that I am today. "
On the worst money-related decision she’s ever made:
"The worst money-related decision I ever made was not to invest early-on in stocks. I truly feel that if I had invested in stocks like Amazon instead of buying shoes and bags, my portfolio would be near retirement by now."
On her budget breakdown:
How much do you spend on rent?
"I'm a homeowner now, which allows me to spend less on [a] mortgage than I was paying on renting. $4,000 month."
Eating out/ordering in?
"Both $500 per month."
Gas/car note?
"$2,000 per month."
Personal expenses?
"$3,000 per month."
For more of Princess, check out her website.
Featured image courtesy of Princess Lomax
Originally published on October 9, 2020
