3 Ways To Jumpstart Your Financial Goals In 2024 According To This Financial Literacy Entrepreneur
With every new year comes new goals or resolutions that people want to accomplish, and usually, they fall in either the fitness/ health category or the finances category. When it comes to financial goals, USA Today reports that 55.70% of people are saving for a rainy day, followed by 52.90% of people saving for retirement, and so on. To hit those goals, budgeting comes into play. However, it can be hard to know where to start. Ebony Beckford of Fin Lit Kids created a financial literacy platform for kids and parents who want to teach their kids about the importance of the dollar. After becoming a mother, the entrepreneur was inspired to give her daughter Madison a head start by teaching her about financial literacy, which was something that she wasn’t exposed to in her childhood.
“My mother passed away when I was 18, and my sister had passed the year before her. And my sister had three small children and I obviously was pretty young myself. And so when I got pregnant with my daughter Madison in 2019, I started to reflect on that period in my life where I was trying to figure out the world without any adult supervision,” she tells xoNecole. “And I started to reflect on like, the things that I wish I would have known and could have done differently. And at the core of all of my issues following the death of my mother and my other family members really was that I didn't have money. It was economics.”
That’s why it was important for Ebony to build Fin Lit Kids because educating people while they are young is the best way to change the landscape and mindset surrounding wealth in our communities. However, you can still get a jumpstart on your financial goals today through three key things, and Ebony explains how below:
Ebony Beckford with her daughter Madison.
Photo courtesy
Budgeting
Oh, budgeting. Some people love it, others despise it. But if you want to meet your financial goals, this is usually the first step, no matter your lifestyle. “It goes back to our values. Figuring out what matters to you most, right? Obviously, we have the essentials that we need to focus on. So pay your bills first. Get the things you need first, but after that, you have to ask yourself, what do you value?” She says.
“Because, like I know, people say, have your emergency fund. Which is important. And I know people say investing, but I think understanding what that means to you. So, investing for me right now is building my business, right? It's not necessarily investing in the stock market, which I do have that, right? But it's figuring out what is going to get you through the next year, right? And then the next year.”
Changing Your Mindset Around Money
Another reason why people may struggle with meeting their financial goals is due to having a negative mindset about money. It can be due to a number of things such as your upbringing. “I grew up in the Bronx. I grew up poor, and I considered myself to be just a poor girl from the Bronx for years after I had built a life for myself. So that was completely different, right? So, I started to realize me and like being poor became a part of my identity,” she shares. “I wasn't walking around being fabulous or not even wanting to be seen because my identity was a poor girl. So I had to do a lot of work within myself to be like no girl, you, your parents, the circumstances that you know your parents were feeling when you came into the world has nothing to do with who you are and what you come from. You come from so much.”
Investing in the Future
Fin Lit Kids tagline is “restoring generational wealth” and one of the ways Ebony suggests people do that is by investing in their kids with not only money, but time. “I think a lot times because of the things that have been done to us it feels like we come from nothing, but we come from immense wealth. And so what we're doing now is not building generational wealth we're restoring it and the key way to restore it is financial literacy,” she suggests.
“And so I think what people, I don't want to say doing wrong, but I think there's a hyper focus on assets, right? Building and creating and generating assets. And so you have parents who are super focused, they're working like crazy. They're not available to their kids because they're trying to make enough money to pass it on to the kids. And then they pass it on and their kids, they blow it. They don't know what to do with it. And so I think people when thinking about building generational wealth, we have to also understand that like financial literacy is a key component of that, as well as the time that we spend with our kids and investing in them and making them understand what our values are and why things are important.”
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London Alexaundria is the contributing editor for xoNecole. She is an alum of Clark Atlanta University, where she majored in Mass Media Arts and has worked in journalism for over ten years. You can follow her on Instagram and TikTok @theselfcarewriter
Exclusive: Melanie Fiona On Making High-Vibrational Music & Saying Yes To Partnership
Melanie Fiona is back! After taking a little more than a decade-long hiatus, she has officially made her return to music and blessed us with two singles, “Say Yes” and “I Choose You.” While both singles are very different from each other, they both reflect who she is today and the type of music she wants to make. In our conversation, the mom of two expressed what she learned during her time away.
“It's interesting, even when I said it is like coming back, I don't ever feel like I really left because I was always still performing. I've still been public. It's not like I went into being this recluse person or version of myself, but the thing that I really learned in this process is that I think things take time,” Melanie says in a xoNecole exclusive.
“I think often we're so caught up in it, being on the timing of demand or popularity, or, like, striking while the iron is hot and the thing that I've learned is that everything is on God's time. That's it. Every time I thought I would have been ready, or, like, things were taking too long, I had to reship some things, personally, professionally, in my life. I also gave myself permission to make a living, not just make a living, but make a life for myself.”
Making a life for herself included getting married to Grammy-nominated songwriter Jared Cotter, starting a family, and embracing new landscapes, such as podcasting as a co-host of The Mama’s Den podcast. She also began doing more spiritual work and self-care practices like meditation, sound healing, Reiki, acupuncture, and boundary setting, which allowed her to get in touch with her inner voice.
“I wasn't putting out music, and I wasn't experiencing a number one record, but I was being a number one mom,” she says.
“I was experiencing things that were allowing me to heal and get in touch with myself so that I could make new music from a space of joy and freedom, and excitement again because I definitely feel like I did lose some excitement because of just politics and industry and what it can do to your mental health and even your physical health. So giving myself the space to really just say, ‘Hey, it's okay. Everything's right on time.’”
The joy and excitement are felt in one of two new singles, “I Choose You,” which is more of a lovers rock vibe, a tribute to Melanie’s Caribbean roots. While the Grammy award-winner is known for ballads like “It Kills Me” and “Fool For You,” she is becoming more intentional about the music she makes, calling it high-vibrational music. She says her music is a “reflection of my life,” as it captures every facet, from hanging out with friends to riding around in her car.
“Say Yes” has the classic R&B vibe Melanie is known for. However, both songs are inspired by her relationship. Melanie and Jared got married in December 2020, and the Toronto-bred artist dished on their relationship. Fun fact: he is featured in the “Say Yes” music video.
“When we first started dating, I had come into that relationship post a lot of self-work. I had gotten out of a long-term relationship, I had a year and a half to date and be by myself and do a lot of work on myself alone. And when we met, I remember feeling like this has to be my person because I feel it,” she says.
“And so when we went into that relationship, and we started dating, I was very clear. I was like, I know what I want. I'm very clear on what I need, and I'm not going to withhold my truth about myself in this process because of pride or fear of rejection. I know you love me, but I'm coming with my heart in my hand to let you know that if we're gonna get there, we have to put fear aside and say yes. So that was kind of like my open letter to him, which is why the video is us having a conversation.”
Melanie also shares that saying yes to her partner has empowered her in many ways, including motherhood and showing up for herself. Her new EP, also titled Say Yes, will be available at the top of 2025.
Check out the full interview below.
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From $80K To $174K: The 10 Moves I Made To Double My Income & Transform My Career
Climbing the corporate ladder may not be for everyone. For me, it presents an opportunity to enhance my visibility as an experienced communicator, foster professional development, network, explore diverse job opportunities, and, most importantly, financial rewards.
In the last two years, I have focused on increasing my salary and positioning myself to get into the C-suite. Over the course of my 12-year professional career, mentors and job opportunities have bolstered my advancement from a media relations specialist to a senior manager. I started in a junior position at $80,000 annually; now, I make $174,000 ($150,000 + $24,000 bonus and stock options). After years of being unemployed and underemployed, I was finally reaping the benefits of my hard work.
Here are the 10 ways I increased my salary.
1.Know Your Worth
Understanding your market value is the first step. I regularly researched industry salary trends and adjusted my expectations accordingly. Websites like Glassdoor and LinkedIn Salary Insights were invaluable. Once you know the average salary, add tax. After accepting a salary, it is less likely you’ll see a substantial increase outside of your annual raise unless you take another role within the company.
2.Leverage Negotiations
I accepted the $80K specialist role because I knew it was a good starting salary that would increase over time. Each subsequent job offer was an opportunity to negotiate. I emphasized my growing skill set, achievements, and the unique value I could bring to the company. You can do this by providing clear examples of problem-solving and cost-saving methods you led.
3.Continuous Learning
I never stopped learning. I took courses, attended workshops, and earned certifications relevant to communications. This not only broadened my expertise but also made a compelling case during salary reviews. Your company may offer some of these options for free through LinkedIn Learning or internal professional development platforms. Other companies may have discretionary funds to use for external conferences and other tools to increase your skills.
4.Advocate Internally
While I've never experienced an internal promotion, I do know they can play a significant role in increasing your salary. Whether it’s an open position or you have reached a peak in your current role and are ready for more responsibility, make your case by highlighting your contributions, leadership qualities, and readiness for more opportunities.
5.Seek New Opportunities
Sometimes, moving up means moving out. I applied for external roles that aligned with my career goals, which ultimately led me to my current position.
In two years, I changed jobs twice, increasing my salary and benefits, like a sign-on bonus, each time. Changing jobs can often result in a significant salary bump.
6.Build a Strong Network
Networking is crucial. Mentors and professional connections provided guidance, support, and sometimes job leads. They helped me understand the industry landscape and how to position myself. In the words of Issa Rae, network across with your peers, because there are so many gems to learn from everyone.
7.Be Assertive
In my 30s, I have gained the confidence I lacked as a new graduate entering the professional field in my 20s. Now, I not only know what I want, but I ask for it too. I am a firm believer in the power of the tongue. I inform the recruiter and hiring manager of my compensation and career expectations at the onset to avoid wasting time. It’s essential to communicate your worth confidently.
8.Demonstrate Impact
Quantify your achievements. I kept a record of my successes—campaign results, project completions, and any metrics that demonstrated my impact. This data was crucial during salary negotiations and performance reviews.
9.Stay Resilient
Rejections and setbacks are part of the journey. I faced my share of both, but each experience was a learning opportunity. Staying resilient and focused on my goals kept me moving forward. Most importantly, remember you are not alone.
10.Embrace Your Journey
Every step of my journey was a testament to perseverance, continuous growth, and strategic self-advocacy. Your career path might be different, but the principles of knowing your worth, continuous learning, and assertive negotiation remain the same.
In this journey, I’ve learned that advocating for yourself is not just about negotiating a salary—it’s about recognizing your value, continuously improving, and being unafraid to chase your goals. You deserve to thrive in your career, and with these strategies, you can achieve the salary and role you aspire to.
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