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.
Ladies, I don't know about you, but when I see other women making their coin and a name for themselves through their passions, it just makes me feel all fuzzy inside. Especially when those women spread the wealth of knowledge to help other women earn extra income and secure all of the bags in the process. Contrary to popular belief, there is enough to eat sis, so we can all have a seat at the table. Lyn Allure, founder of Good Girls Gone Boss, is someone who believes that it pays to pay it forward.
The Toronto-based entrepreneur took advantage of the power of the internet and has been able to create multiple streams of income by changing her mindset around money and educating other women on how it's done. With a background in finance, Lyn used her experience in corporate and her bachelor's in Business Administration to jump-start her journey into entrepreneurship. Since leaving her corporate job seven years ago, Lyn has been able to harness the power of the internet to spearhead successful online businesses, including a successful YouTube channel.
Courtesy of Lyn Allure
In July 2020, Lyn launched her online platform Good Girls Gone Boss. She explained its inception, "I started Good Girls Gone Boss as a solution for other entrepreneurial-minded women to connect and share gems along this business journey. When I first started making money on social media and growing my brand, it was a very isolating process. I was in my own little world most of the time. None of my friends were into social media at the time, but I knew I had an interest in YouTube and I saw the potential there."
Lyn continued, "I thought to myself, 'If I can turn a fun hobby into more money, then why not?' So I had to learn how to do things on my own, like how to inquire about brand deals, tips for Google AdSense, affiliate links, etc. After I started to see the money coming in, I thought it would be helpful to really make this community with Good Girls Gone Boss because I figured other women felt isolated as well."
As a solution and a resource, Good Girls Gone Boss offers weekly YouTube videos surrounding personal finance tips, an exclusive community that includes hands-on support and trainings, and financial resources such as a budget workbook. The platform is a space for a community of unapologetically, ambitious bosses who are looking to design, plan, and execute their dream life.
In this installment of "Money Talks", xoNecole spoke with Lyn Allure about how normalizing financial literacy, staying humble, and making your money work for you are the keys to creating financial freedom.
On the definitions of wealth and success:
"With wealth, I believe that aligns with being financially free. To be able to live a quality of life without worrying about if you can afford it or not. I also consider someone being wealthy by the company they keep. You are only as wealthy as the people around you; whether that means helping your friends to get to your level if they are struggling, or passing down wealth for future generations.
"Now, with success, to me, is simply happiness. Not just being content, but being proud of yourself for where you are in life and in a state of bliss. We know success can be different for different people. Success can mean making six figures for some people and for others, it has nothing to do with money at all. Whatever success may mean to you, it should definitely include happiness."
On unhealthy mindsets about money she had to let go of:
"One thing for me was, the idea [that you have] to spend money to make money. You know that saying, 'scared money, don't make money'? That is absolutely true (laughs). I grew up in the hood, so I thought the best mindset about money was to make a lot of it and then save a lot of it. But the reality is, it is not just about how much money you make. It's about how much money you make and how much you invest in order to make more. When you invest, now you have equity and assets that produce income for you. I had to really change my mentality with money early on, in order to get to where I am right now."
"The reality is, it is not just about how much money you make. It's about how much money you make and how much you invest in order to make more. When you invest, now you have equity and assets that produce income for you."
Courtesy of Lyn Allure
On her investments:
"Right now, I have two main investments. My first investment is a single-family home investment property with tenants. I currently reside in a condo because I have no desire to live in a single-family home for myself. I am not going to be mowing the lawn or doing those other things (laughs). But with my property, I am thinking about renovating the basement and renting that out as well. My second investment is stocks. I try to invest in stocks on a regular basis with buying index funds and stocks in companies I truly believe in."
On her biggest tip to beginner investors:
"Something that people often think, is that we need to be involved in the finance field 24/7 in order to be a successful investor. That's honestly not the case. If you put money away periodically or every month into an index fund or an ETF, it appreciates. You will be able to see a 7-10% return on that every year. This way is low effort and it's definitely better than just putting your money away into a savings account."
On the worst money-related advice she has ever received:
"That scarcity mindset around 'don't spend your money because you don't know when you are going to get it back' needs to be thrown out the window (laughs). There is an abundance of money out there and it's really about reframing your mindset around it. A phrase I like to follow is 'a dollar today is worth more than a dollar tomorrow.' So for example, if I am holding on to $10,000 in my savings without putting [it] into an investment opportunity, in 10 years that $10,000 will be worth around $9,000. The money loses its value. You have to treat your money like an employee and let it work for you."
"There is an abundance of money out there and it's really about reframing your mindset around it. A phrase I like to follow is 'a dollar today is worth more than a dollar tomorrow.' You have to treat your money like an employee and let it work for you."
Courtesy of Lyn Allure
On the money mantra she swears by:
"I would say my mantra is 'what doesn't get measured, doesn't get managed.' What I mean by that is, a lot of people do not know what their financial standing is. It can bring up so much anxiety for people because they don't want to face those hard facts of their spending habits. But I find that once you get over that hurdle and really know what your hard-earned numbers are, you realize what steps you need to take to improve it. It's important to manage your money no matter what financial state you might be in. But remember you can't manage it if you aren't measuring it."
On the early challenges that came with starting her business:
"The inconsistency of cash flow when you first start out is real (laughs). I remember one month I made five figures and then the next month I made three figures. I was like ummm, what's going on here? (Laughs) I definitely wasn't prepared for it at the time. But luckily, I referred back to what I preach to my Good Girls Gone Boss community. Do not rely on one stream of income. Think of it as a table. Every single leg is a stream of income. If you only have one leg, then if it collapses, you collapse too."
"Do not rely on one stream of income. Think of it as a table. Every single leg is a stream of income. If you only have one leg, then if it collapses, you collapse too."
On the most important lesson she's learned about creating wealth:
"I have always had this hustler mindset where I had multiple side hustles in college. So I have always been thinking to myself, 'Where's the next job and where's the next check?' (Laughs) But what I have learned is that, I do not need to have multiple jobs in order to make all this money. It is not the key to creating wealth or financial freedom.
"There are only 24 hours in a day. Finding a way to make those passive streams of income with a business has definitely been an eye-opener for me. You also do not need to make a certain amount of money in order to make passive streams of income for yourself. Whatever your salary is, you can still make things happen, especially on the internet."
Read more money mindset conversations in xoNecole's "Money Talks" series here.
For more about Lyn Allure, follow her on Instagram @lyn.allure. You can also subscribe to her YouTube channel here.
Featured image courtesy of Lyn Allure
- How I Paid Off $40K In Debt In 2 Years - xoNecole: Women's Interest ... ›
- How To Make Money Online, Ways To Earn Income - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- How To Turn A Hobby Into A Business - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- How To Make Six Figures - xoNecole ›
'K' is a multi-hyphenated free spirit from Chicago. She is a lover of stories and the people who tell them. As a writer, 9-5er, and Safe Space Curator, she values creating the life she wants and enjoying the journey along the way. You can follow her on Instagram @theletter__k_.
For Us, By Us: How HBCU Alumni Are Building Legacies Through Entrepreneurship
Homecoming season is here, and alumni are returning to the yard to celebrate with their friends and family at the historically Black colleges and universities (HBCUs) that have changed their lives forever.
No matter where their life journeys have taken them, for HBCU students from near and far, returning to where it all started can invoke feelings of nostalgia, appreciation for the past, and inspiration for the future.
The seeds for these entrepreneurs were planted during their time as students at schools like Spelman, North Carolina A&T, and more, which is why xoNecole caught up with Look Good Live Well’s Ariane Turner, HBCU Buzz’s Luke Lawal and Morehouse Senior Director of Marketing and Comms and Press Secretary Jasmine Gurley to highlight the role their HBCU roots play in their work as entrepreneurs, the legacy they aim to leave behind through the work that they do, and more as a part of Hyundai’s Best In Class initiative.
On Honoring HBCU Roots To Create Something That Is For Us, By Us
Ariane Turner
Courtesy
When Ariane Turner launched Look Good, Live Well, she created it with Black and brown people in mind, especially those with sensitive skin more prone to dryness and skin conditions like acne and eczema.
The Florida A&M University graduate launched her business to create something that addressed topical skin care needs and was intentional about its approach without negative terminology.
Turner shared that it is important to steer clear of language often adopted by more prominent brands, such as “banishing breakouts” or “correcting the skin,” because, in reality, Turner says there is nothing wrong with the way that our skin and bodies react to various life changes.
“I think what I have taken with me regarding my HBCU experience and translated to my entrepreneurial experience is the importance of not just networking,” Turner, the founder and CEO of Look Good, Live Well, tellls xoNecole.
“We hear that in business all the time, your network is your net worth, but family, there’s a thing at FAMU that we call FAMU-lee instead of family, and it’s very much a thing. What that taught me is the importance of not just making relationships and not just making that connection, but truly working on deepening them, and so being intentional about connecting with people initially, but staying connected and building and deepening those relationships, and that has served me tremendously in business, whether it’s being able to reach back to other classmates who I went to school with, or just networking in general.”
She adds, “I don’t come from a business background. As soon as I finished school, I continued with my entrepreneurial journey, and so there’s a lot of that traditional business act and the networking, those soft skills that I just don’t have, but I will say that just understanding how to leverage and network community and to build intentional relationships is something that has taken me far and I definitely got those roots while attending FAMU.”
On Solving A Very Specific Need For The Community
Luke Lawal Jr.
Courtesy
When Luke Lawal Jr. launched HBCU Buzz, his main focus was to represent his community, using the platform to lift as they climbed by creating an outlet dedicated to celebrating the achievements and positive news affecting the 107 historically HBCUs nationwide.
By spotlighting the wonderful things that come from the HBCU community and coupling it with what he learned during his time at Bowie State University, Lawal used that knowledge to propel himself as an entrepreneur while also providing his people with accurate representation across the internet.
“The specific problem in 2011 when I started HBCU Buzz was more so around the fact that mainstream media always depict HBCUs as negative,” Lawal says. “You would only see HBCUs in the mainstream media when someone died, or the university president or someone was stepping down. It was always bad news, but they never shed light on all the wonderful things from our community."
So, I started HBCU Buzz to ensure the world saw the good things that come from our space. And they knew that HBCUs grew some of the brightest people in the world, and just trying to figure out ways to make sure our platform was a pedestal for all the students that come through our institutions.”
“The biggest goal is to continue to solve problems, continue to create brands that solve the problems of our communities, and make sure that our products, our brands, our companies, and institutions are of value and they’re helping our community,” he continues. “That they’re solving problems that propel our space forward.”
On How Being An HBCU Alum Impacts The Way One Shows Up In The World
Jasmine Gurley
Courtesy
Jasmine Gurley is a proud North Carolina Agricultural and Technical State University alum. She is even more delighted with her current role, which enables her to give back to current HBCU students as the Senior Director of Brand Marketing and Communications and official press secretary at Morehouse College.
“It was a formative experience where I really was able to come into my own and say yes to all the opportunities that were presented to me, and because of that, it’s been able to open the doors later in life too,” says Gurley of her experience at North Carolina A&T. “One thing I love about many HBCUs is that we are required to learn way more about African American history than you do in your typical K through 12 or even at the higher ed level."
She adds, “It allowed us to have a better understanding of where we came from, and so for me, because I’m a storyteller, I’m a history person, I’m very sensitive to life in general, being able to listen to the stories and the trials that our ancestors overcame, put the battery pack in my back to say, ‘Oh nothing can stop me. Absolutely nothing can stop me. I know where I came from, so I can overcome something and try anything. And I have an obligation to be my ancestors’ wildest dreams. Simultaneously, I also have a responsibility to help others realize that greatness.
Gurley does not take her position at an HBCU, now as a leader, lightly.
“People think I’m joking when I say I’m living the dream, but I really am,” she notes. “So I wake up every day and know that the work that I do matters, no matter how hard it might be, how frustrating it may be, and challenging it. I know the ripple effect of my work, my team, and what this institution does also matter. The trajectory of Black male experiences, community, history, and then just American advancement just in general.”
On the other hand, through her business, Sankofa Public Relations, Gurley is also on a mission to uplift brands in their quest to help their respective communities. Since its inception in 2017, Sankofa PR has been on a mission to “reach back and reclaim local, national, and global communities by helping those actively working to move” various areas of the world, focusing on pushing things forward for the better.
“Through Sankofa, we’ve worked with all different types of organizational brands and individuals in several different industries, but I would think of them as mission-based,” says Gurley.
“So with that, it’s an opportunity to help people who are trying to do good in the world, and they are passionate about what they’re doing. They just need help with marketing issues, storytelling, and branding, and that’s when my expertise can come into play. Help them get to that moment where they can tell their story through me or another platform, and that’s been super fulfilling.”
Join us in celebrating HBCU excellence! Check out our Best In Class hub for inspiring stories, empowering resources, and everything you need to embrace the HBCU experience.
Feature image courtesy
Between the election cycle, trauma, workplace environment, and expectations placed upon us by society, Black women are existing in a world where our lived experiences result in higher rates of chronic stress. In tandem with that reality, are Black women leading the charge in the wellness industry for a world that centers our health and wellness needs, but who cares for those leaders and supports them?
Oftentimes, they do the work themselves. xoNecole talked with several wellness founders who own adaptogenic beauty brands, intergenerational wellness collectives, nonprofit organizations, and wellness apps. Here's what they shared about how they center themselves when emotions are high and they feel dysregulated.
Remind Myself I Deserve A Calm Nervous System
"A year ago, I made a decision that I refused to be in a constant state of anxiety while running a wellness company. You're probably thinking that should be a given, right? But it's so easy to become overwhelmed by your business's daily responsibilities and overall growth goals and ultimately put your needs on the back burner. What regulates me and brings me back to myself are the daily habits that gave me the life and community I have now—starting my day with prayer and exercise, swimming weekly, baths by candlelight, listening to neo-soul and jazz to end my day.
"But most importantly, I've learned to remind myself that when I feel overwhelmed, I deserve a calm nervous system. I don't have to let every change, every decision, every obstacle, every uncomfortable conversation rattle me. I ground myself in that and remind myself daily that being dysregulated doesn't serve me."
Music, Scents, & Breathwork
"As a founder, it's easy to 'push through' and ignore your true emotional state because you're on a mission. But my true purpose is to live well and show others that we all deserve to live well. Music, scent, and breathwork are my most frequently used tools for emotional regulation. Music can get me through anything. Scents—whether they be perfume, diffused oils, or candles—ground me. Breathwork saves me from spiraling. My practices are extremely simple, but they work for me."
Time to Myself
"As a wellness founder, I regulate myself emotionally on a daily basis by putting on my favorite record, taking a hot shower, watching my favorite show, and eating foods that comfort me. It honestly depends on the day, but generally, it's whatever will bring me joy for a moment and allow me to zone out. I really need that time to myself—to just be—in order to pour back into my community."
"By challenging myself to view my negative anxious thoughts with self-compassion and grace, I create space to validate the way I feel but reframe the thought to be more balanced and supportive. Example: 'I can't believe I dropped the ball on that' after being challenged and reframed turns into 'Baby girl, you are trying the best you - remember you only have only two hands.' Or, 'I failed' turns into 'Sis, you tried.'"
Moving My Body
"One way I emotionally regulate as a wellness founder is through movement. I spent about five years doing talk therapy, and I made a lot of breakthroughs, but now, in my 30s and this era in my life, I realize how much stagnant energy is really just a matter of me literally moving my body. So exercising, walking, and making sure I'm not sedentary has done wonders for me to ground myself daily. Right now, I'm really enjoying taking sculpt classes, low-impact cardio, and hot yoga. I always feel better after I move my body; it's therapeutic."
Practice What I Preach
"Managing daily stress and anxiety varies for me depending on my personal and professional seasons. My three go-to self-care strategies are reminding myself that rest is productive and actually resting, prioritizing my weekly tasks, and taking a few minutes for breathwork. It's important to me to practice what I encourage others in my community to do."
Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.
Featured image by Rob Kim/Getty Images for Global Connections for Women Foundation or GC4W