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.
Founder and CEO of Milan360 Strategies, a public relations and event management agency, is more than just a sweet Georgia peach. In fact, 26-year-old Jasmine Murray is setting the bar for millennial women as a boss woman in the communications industry, all while having a complete handle on her finances. The young publicist-to-watch can also add "author" to her extensive resume thanks to her e-book, Finance Much?, that teaches readers how to conquer their bad relationship with money and create an electronic strategized money savings plan.
Courtesy of Jasmine Murray
However, like most of us, UberEats and DoorDash gets a little tempting, but she has to rely on her all-time favorite money mantra to keep her pockets in check - I have food at home. "It sounds so crazy, but I spend so much money eating out," Murray laughs with xoNecole, "Especially during summers."
In this installment of "Money Talks", xoNecole had the chance to speak to the Cupcakes and Convos creator about squeezing home decor into her budgeting plans, her previous occupation as a bartender, and her ideal retirement.
On the lowest she’s ever felt financially and how she overcame it:
"Oddly enough, the lowest my finances have ever been is actually when I had the most clients on my roster. I was managing my money completely wrong. So, even though I was clearing close to $10K each month, I was spending the money quicker than my invoices were being cleared, so I was never able to save the way I should have.
"I overcame this by just confronting the issue head-on and making some major life adjustments. I became so frugal with my spending, because I really enjoy seeing money in my account and living worry-free."
On her biggest splurge to-date:
"My biggest one-time splurge would have to be my Chanel bags, [but] my biggest ongoing splurge would have to be my car. I purchased these items because I felt like I deserved them. I work so hard and I sometimes forget to treat myself every now and then. When I do treat myself, it's sometimes over the top and I think I've finally got it all out my system."
Courtesy of Jasmine Murray
On if she considers herself a spender or saver:
"At this point I consider myself to be a saver. There's so many bigger plans that I have for my future self, so I've sacrificed a lot of casual luxuries so that I can better prepare for the life I want to live long-term. I trained myself to save money by having multiple accounts - some I never touch, some are for casual spending, some are only for paying bills. But when I separate my money, it's actually easier for me to see what I have and therefore, know how to spend it."
"I trained myself to save money by having multiple accounts - some I never touch, some are for casual spending, some are only for paying bills. But when I separate my money, it's actually easier for me to see what I have and therefore, know how to spend it."
On how much she saves per month:
"I try to save at least $1,500 a month that I place in an account that I never touch. I then separate the leftover profits into different accounts."
On savings goals and what her retirement will look like:
"I guess just like everyone else, I am trying to make my way to a million, but my biggest goal is to make sure that I am always comfortable, so whatever that means [in dollars] will always be OK for me as long as me and my family are provided for. For me, retirement looks like a four- to five-bedroom house paid off, no ongoing bills, and enough money in the bank to get me through life, as well as get my kids through college."
On business structures and multiple streams of revenue:
"The bulk of my money comes from servicing my clients, but I've also been able to create multiple streams by offering e-books and pop-up classes/events. It's a good feeling knowing that I can always offer something to bring in a couple extra dollars, if need be. Creating multiple streams of income has shown me that I can create something tangible that will provide a profit for me. Because my industry is service-based, it's difficult to offer something tangible, but I found something that works for me."
Courtesy of Jasmine Murray
On unhealthy money habits and changing her mindset:
"My unhealthy mindset with money was that 'it'll come back so it's not a big deal for me to spend it now'. While this is true - money does come back - I can save so much more if I am not so frivolous with my spending. I also had to get out of the habit of trying to help everyone. I was raised to have a big heart, but a lot of the people I've helped probably wouldn't do the same for me. Nowadays, I'm more inclined to politely say no. My bank account looks WAY healthier. It gives me a lot of comfort knowing that during slow periods, I can still sustain myself."
"My unhealthy mindset with money was that 'it'll come back so it's not a big deal for me to spend it now'. While this is true - money does come back - I can save so much more if I am not so frivolous with my spending."
On desperate times and desperate measures:
"I am able to make an income based on what I love to do, so that's a blessing within itself. Before my income was steady with my business, I [used to] bartend in nightclubs and that afforded me a lot of money and nice things, but it's so easy to get comfortable with easy money. Unfortunately easy money is not 'realistic' in a sense. In the real world, people can't always come by and sustain money that easily, so I didn't want to get so comfortable with my bartending money that I never learned how to make and sustain corporate money."
On the worst money/business-related decision she’s ever made:
"Investing in clients that were afraid to invest in themselves was the worst decision I made. I put so much money into people that I believed in and I always lost in the long-run because it's hard for that money to come back to you when someone is afraid to make money moves. I also suffered from not investing in myself enough. I, now, create a budget for rebranding regularly, personal photoshoots, and self-care."
On the importance of investment:
"I've recently just learned the importance of investing. It's always good to have money coming in that you don't really have to 'work for' [in a sense]. I've been interested in investing in cannabis companies, so lately I've done a lot of research in the market, connected myself with some canna-entrepreneurs, and prepared myself to invest a decent amount in cannabis that will easily pay off for me."
On budgeting must-haves:
"Somewhere in my budget has to include home decor. Now that I'm getting older, my treats/splurges go to kitchen appliances and pillows more than anything else. I've also put some money aside for a couple vacations throughout the year."
On her definition of wealth and success:
"I define wealth as enough money to compensate for my family's needs and wants and live comfortably. I define success as accomplishing the goals I have set on my own terms and defeating my own odds."
For more of Jasmine, follow her on Instagram.
Featured image courtesy of Jasmine Murray
Originally published on July 3, 2020