This Financial Expert Swears By Investing In Multiple Investment Accounts
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.
Most relationships will fail on the surface level due to lack of intimacy, communication or trust, or even falling out of love with one another. However, thanks to Chanel Nicole Scott's relationship platform, CheMinistry, viewers are witnesses to candid conversations between guest speakers during live hosted events about the rise of healthy relationships.
Alongside unequal spiritual wellness and poor communication skills, financial dispositions can also play a factor in the success or failure of any relationship. "I love that my work has allowed me to educate others on the concept of financial literacy and the importance of this kind of discipline when you are engaging in a long-term relationship. Many relationships are about finding common ground, and much of the ground that you cover must include what your financial life and retirement plan will look like for you and your partner," Scott shared with xoNecole.
Courtesy of Chanel Nicole Scott
As the founder and lead organizer behind a relationship platform that has been recognized by stars of Real Housewives of Atlanta, Black Love, and many award-winning singers and songwriters, CheMinistry has attracted a worldwide audience by providing perspective and preparing them for long-lasting, healthy relationships.
The North Carolina native organized CheMinistry to provoke intimate exchange and compelling conversation surrounding romantic relationships with the ultimate goal of bridging the gap between purpose-driven men and women who desire to progressively move their love life to the next level. CheMinistry has featured top influencers and celebrities in pop culture from R&B singer Fantasia and Destiny's Child founding member LaTavia to actresses Demetria McKinney and television personalities Erica Dixon, Drea Kelly, and Debra Antney.
In this installment of "Money Talks", xoNecole spoke with the 45-year-old founder about how to better manage your money with your partner, why relationships fail due to financial instability and the importance of investing for the younger generation.
On the statistics of failed relationships due to financial instability:
"If you consider the most common disagreements in relationships, many of these disagreements are linked to money, egos, and expectations based on society's hierarchy of men versus women in the household. Financial instability creates disconnect, resentment, and even control issues between you and your partner. It is so important to be transparent about your finances AND your debts when you are pursuing a healthy relationship.
"More than 43% of marriages start off in debt. Imagine planning the wedding of your dreams, and then after you've invested all this money into a memory, you come home only to realize you're still in debt. Your issues will start that day!"
On how relationships can be saved through financial wellness and managing money with your partner:
"I would encourage individuals to educate themselves on financial literacy and position yourself to be financially independent before entering a marriage. The simplest of issues that can create a disconnect are the control mechanisms that are enforced when one partner feels they have more financial power––thus more power in the relationship. For couples who find themselves in this position, you can save your marriage simply with open communication."
Courtesy of Chanel Nicole Scott
"Financial instability creates disconnect, resentment, and even control issues between you and your partner. It is so important to be transparent about your finances AND your debts when you are pursuing a healthy relationship. More than 43% of marriages start off in debt."
On how the pandemic has financially impacted couples and how to recover:
"Whew! COVID has challenged couples in so many ways, but definitely financially. Many couples usually have some small sort of disagreement about saving and spending habits, but now more than ever, couples are really having to confront some unhealthy spending habits that are overtly more unhealthy during this pandemic. Having to completely alter how your household is run or led to align with today's current economy is difficult, especially considering that so many people have lost jobs and are having to live off of one partner's income, if any income at all."
On how much she saves and if it’s in a high-yield savings account:
"I do invest money into the Money Market and CD account but with the current economic climate, the yield is very low. A CD account pretty much offers a savings account where you invest a specific amount of money with the bank and agree to let that amount sit over a specific period of time. In reward, banks will offer you a higher interest rate for your money. CD accounts are good because your money is insured by the bank and often has low-risk associations, however, if you do not have a substantial amount of money to get started with a CD account (usually an amount of money that you can afford to do without for a fixed period of time), then I would not suggest starting this account so soon."
On her definitions of wealth and success:
"I believe wealth is defined as the ability to leave a generational blessing for those who come after me. Success is the capacity to know and operate in my God-given purpose. A lot of people feel that wealth and success go hand-in-hand. I feel that success has a lot to do with personal gratification. When you have reached a space where you are generally satisfied with your place in life, most people feel successful. Wealth I feel is more of a tangible experience. It allows you to acquire certain luxuries that, usually, generations after you should be able to benefit from."
Courtesy of Chanel Nicole Scott
"When you're faced with life challenges, you often find your peak of strength and creativity. You find yourself learning how to make something out of nothing, and at my lowest points, I've learned that being tested isn't a bad thing, but more so a transitional period."
On the lowest she’s ever felt when it came to her finances and how she overcame it:
"There was a point in my life where I lost everything chasing after what I believed to be my purpose, but in the midst of it all, I was able to tap into the gifts and talents that I didn't even know I possessed. I [co-wrote] a book about it Girl Powered Uncensored, a compilation of women stories [in the first chapter]. I had to reset. I literally started all over again and am re-building, but this time I have the wisdom to make better decisions about my purpose and what I was actually put here to do. When you're faced with life challenges, you often find your peak of strength and creativity. You find yourself learning how to make something out of nothing, and at my lowest points, I've learned that being tested isn't a bad thing, but more so a transitional period."
On her biggest splurge to date:
"I think my biggest splurge would be my car. I love cars, just like other people like bags and shoes, but I like those, too. My thought process behind all of my purchases is that if I work for it, then I can have it. Unlike some, I don't believe in buying anything that I don't want or settling for less, I'd rather wait until I can actually afford what I want."
On whether she’s a spender or a saver:
"I'm definitely a spender, but I save money by allocating portions of my income to be deposited into different accounts for monthly living expenses, spending accounts, and savings accounts."
On the importance of investing:
"If I could offer any advice to younger generations, it would be to start investing early or encourage your parents to set you up to invest. Ask questions early-on. Investing early makes the difference between a 15-year retirement plan and a 40-year retirement plan. When you reach your mid-20's you start wanting to really experience life, hence why you need money. By the time you're 30, you want to live for you and live unapologetically (hence you need money). By the time you are 40 plus, you want peace, stability, and financial freedom to move comfortably and take care of your family, hence you need money. Investing really prepares you for each level of desired stability."
Courtesy of Chanel Nicole Scott
"Investing early makes the difference between a 15-year retirement plan and a 40-year retirement plan. When you reach your mid-20's you start wanting to really experience life, hence why you need money. By the time you're 30, you want to live for you and live unapologetically (hence you need money). By the time you are 40 plus, you want peace, stability, and financial freedom to move comfortably and take care of your family, hence you need money. Investing really prepares you for each level of desired stability."
On her savings goals and what retirement looks like to her:
"With the changing economy, my retirement plan is continuously evolving. Currently, I make contributions into a 401K in addition to an MMA and CD account. The current state of the economy has shown everyone, especially me, that having one plan is not enough. There are many people who were set to retire in 2020, thought they planned accordingly for retirement, and as soon as we entered this pandemic, many finance plans were challenged. Everyone's retirement plan is currently still evolving in order to prepare for the unthinkable future."
On her budgeting must-haves:
"I must have a food-spend budget. I'm a single woman with no children and I'm a foodie. Besides, I don't cook. I have a separate account that I deposit money into just for food expenses."
On her intentions behind multiple streams of revenue:
"In my business, we've created a stream of income through ticket sales and we also provide a vendor experience as a part of the live event. The event is fairly large so it can be quite lucrative. I've also created brand merchandise. However, with the recent changes in the economy due to COVID-19, we're still in the process of revamping 'how' we do business."
On unhealthy money habits and mindsets:
"Impulsive spending is definitely a bad habit of mine. If I see it and I want it, I buy it. Sometimes I have to talk myself off the ledge, but I think developing a clear financial picture of what your savings goals are and where you see yourself in a particular time frame helps with creating an effective financial plan. I'm still trying to make those changes, but I do spend less when I 'think' through my purchases!"
On her money mantra:
"'Give and it shall be given to you; good measure, press downed, shaken together, and running over.'"
On the craziest thing she’s ever done for money:
"I don't think it was crazy, but I did UberEats a few years back when I moved to Atlanta. I was still in the process of building my business and securing permanent employment and I needed the extra money. It did a 'doozy' to my car with the number of miles I racked up but hey you do what you've got to do."
On the worst money-related decision she’s ever made:
"Spending too much money when you 'have it' or not being diligent enough in my decision-making. I would advise anyone in business when making financial decisions regarding your business to make decisions as if you had little-to-no money. Talk through all your purchases and ask as many questions as possible to make better decisions."
On her budget breakdown:
How much do you spend on rent? $1,600
Eating out/ordering in? $400
Gas/car note? $800
Personal expenses? $450
For more of Chanel, follow her on Twitter!
Featured image courtesy of Chanel Nicole Scott.
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Behind The Veil: Brides Get Real About The Hidden Cost Of Wedding Planning
As more attention and concern has been given to mental health over the past few years, the trend seems to have taken its time when it comes to wedding planning. Though one of the most joyous times of a woman’s life, becoming a bride also includes a lot of stress—and most social media content glosses over it.
“I scrubbed TikTok for the better part of a year, and 90% of the content is just about saving money, what not to do and trends,” one bride recalled. “But there was really nothing about how to take care of yourself.”
Extensive research has been done on the state of the modern wedding, and the financial findings alone are enough to cause strain. According to research from The Wedding Report, U.S. wedding costs rose by 3% in 2023 to over $30,000, which is nearly half the country’s average salary. In a study of almost 10,000 couples conducted by The Knot, wedding costs in large cities like New York and Los Angeles peaked at $63,000 and $48,000, respectively.
“I feel like they're taking advantage of a happy moment,” another bride admits. “We hire photographers on the daily, we hire videographers on the daily. We know what a normal day rate is. But just because you put the term 'wedding' on it, the prices are doubled.”
The Knot’s study also includes stats that put interpersonal stress into perspective. With the average wedding including 115 guests, most couples also had at least eight bridesmaids and groomsmen. The study also confirmed that 75% of couples’ foremost concern was whether or not their “guests are well taken care of and have a good time.” All of this can put inordinate pressure on relationships—so much so that couples seek therapy.
“I don't think people really talk about things like, ‘Hey, perhaps you should be in therapy while you're doing this,’” yet another bride confesses. “Of course, some people are in premarital therapy, but I had to be in individual therapy right around the time of the wedding planning as well because it was just a burnout situation.”
In an effort to share more authentic stories about the wedding planning process, we asked four brides to anonymously share their experiences. From destination weddings to a pandemic micro wedding, here is the real tea on just how much a wedding can affect one’s mental health.
raisazwart/ Getty Images
BRIDE #1
There’s a lie that they tell you, that destination weddings are cheaper—they're not. The amount of money that was due upfront for things was definitely a stressor. Even with my fiancé and I collectively grossing over $200,000, I knew I was going to have to get a second job if I wanted things the way that I wanted them.
For my bachelorette, I was met with a lot of resistance from my bridesmaids out the gate. There were just too many opinions for me; it got to the point where I was so fed up with my bridal party that I had other friends outside of my wedding party helping me with things. There were even bridesmaids who were actually cool with each other at first, and now don't deal with each other at all. I also just look at certain friendships differently now.
Then there’s just way too much pressure on brides to look perfect—to be skinny, to have flawless skin, to have the whitest teeth, to have the best hair. I really feel like that was a stressor. I was trying to stay consistent in the gym; I was doing it as much as possible. I spent so much money on skincare, new body scrubs, lotions, and oils, trying to make sure that I was perfect. I also made sure I got my teeth whitened every three months. It got to the point where I was dreading getting my dress fitted because I wasn't the weight or the shape that I felt like I needed to be in order to be ‘perfect.’
"Then there’s just way too much pressure on brides to look perfect—to be skinny, to have flawless skin, to have the whitest teeth, to have the best hair. I really feel like that was a stressor."
My partner and I were in couples counseling at the same time that we were wedding planning. And I think, for the most part, he was involved as much as he was going to be. But then, he lost his mom, and the entire weight of the wedding fell on me. A couple of months before the wedding, I had a breakdown. It was too much to carry. I definitely took on this superwoman armor, and it stressed me the fuck out.
Days before we left, we had our last counseling session. My fiancé and I had a really, really long conversation about what we weren't going to allow to ruin the weekend for us. I just let it go—all the shit that upset me, all the things that pissed me off, even the things that were happening while I was there, I let it go.
A destination wedding was one of the things that we agreed on long ago. We knew that we always wanted to do that. And honestly, we had a fucking blast. For the entire process to be as hellish as it was, the weekend was great. Thank God.
BRIDE #2
Planning a wedding—especially one during the pandemic—was so stressful. My wedding was supposed to be in May 2020, and I canceled the wedding because of the pandemic. But then August 2020 rolled around, and I was like, ‘You know what? Let's just do something small.’ So, I planned my micro wedding in two weeks.
Initially, I had about 250 people that were invited to the wedding. So scaling down to just 30 people was honestly the hardest thing, and I actually lost friends because of it. Honestly, it shocked me, the entitlement that people had, and it just made me look at them differently. I was like, ‘You know what? I'm actually grateful that this happened because maybe I don't need you in my life.’
But to be honest, I think that the pandemic helped me out. With my original wedding plan, I was adding so many things onto the bill because I wanted it to look good for social media, so much so that I was racking up almost $100,000 for my bill. I had to keep reminding myself that it was one day, and spending that much money on a one-day event was actually ridiculous. I only spent $10,000 on my micro wedding, and I feel like that's pretty good. I learned throughout the process that I was being charged more for having a wedding. So, I rented out a Peerspace and I told her it was just a nice dinner for friends and family, that we were already married and were just celebrating. She had no clue that I was walking down the aisle on her rooftop.
As a social media influencer, I knew that tons of photos would be taken, and I would have to post them. I had a crossbite on my two front teeth, and I was so stressed out about how I would look in photos. So, I got Invisalign before the wedding. I also found a hair stylist quickly for my microwedding and she did my wig—but she did such a bad job. I was like, ‘Oh my God, this is so embarrassing. People are gonna see me in my photos on my wedding day with this horrible, horrendous wig.’ I had to pluck it so much more. When I got the photos from the photographer, I told him that he could not post them until I edited them.
If I could give advice to other brides, I would say make sure you do it for you and your partner, nobody else. In the beginning, there were too many people in my ear. Once I started to realize that it was mine and my fiancé’s big day, and it was just us who mattered, that's what shifted everything for me. So don't lean into the pressures of pleasing other people and social media, just do what you think is right and what you truly, truly want.
Serhii Sobolevskyi/ Getty Images
BRIDE #3
The day you get engaged, there’s the attention and the immediate questions: ‘Do you have a date in mind?’ ‘Where are you gonna do it?’ And it was like, ‘I literally just got engaged, can I have one day?’ I got engaged on New Year's Eve and I didn't announce it until April—and that's because I was pressured.
I also didn't want a wedding. I didn't plan my wedding; my mom and family did that because that's what they wanted. So the venue, the flowers, the cake, they did all that because I didn't care. Back when things were going my way, I said I just wanted to do something small in a garden. The only thing I cared about was my dress because I knew my dress was going to be the main thing that was photographed. I always wanted a pink dress; I knew when I chose pink that it was going to be like, ‘Hmm, that's interesting.’
Matopeda Bride was making my dress in Nigeria. Do you understand how stressful it is doing something with somebody that lives in Nigeria? We had to find that sweet spot of time to talk because everything was done over WhatsApp. I didn't get my dress until the week before my wedding, and when I got the dress, it didn't fit. We were panicking a little bit, so much so that I forgot to buy wedding shoes. But when it all came together, that was probably what I was most proud of, because everybody said no to that pink dress and I was like ‘I don't care.’
I also had a zillion workarounds because I was not playing with these people taking advantage of brides. They rip brides off so bad. It's unfair because if you go to a makeup artist and just say you want soft glam, that's $80. But for a wedding? I was being quoted around $1,500 to $2,000 for that same $80 face. So I brought my homegirl, and she did my makeup for free. Wedding cakes were priced around the same, like $1,000 to $1,500. I ordered a white cake from Publix, it might have been like 100 bucks. My mom is a florist, so she put the flowers on the cake and then we ended up doing a cupcake tower around the side.
"They rip brides off so bad. It's unfair because if you go to a makeup artist and just say you want soft glam, that's $80. But for a wedding? I was being quoted around $1,500 to $2,000 for that same $80 face."
I also had no idea—and I'm grateful that they did not tell me—that there was tension between my bridesmaids. Once the wedding was over, I saw the text thread, and it really put a lot of things in perspective for me, because I saw who was willing, who was not responsive, and who wouldn't do things they were supposed to do. Initially, with the garden wedding, it was just going to be me and my fiancé. I didn't want a bridal party.
On the day of, I was so tired of being at a wedding that I left my reception, and I went to the back to talk to a friend. I was like, ‘This is too much.’ I really don't believe half the brides that have these big, obnoxious weddings even want to be there! I've been seeing a lot of content with brides saying, ‘Okay, this is too much. I'm gonna go somewhere and decompress.’
A bride should make sure that she is centered and has a full awareness of who she is and what she would like, and stand firm in that. Just be authentic, be you, and I think you'll be able to deal with it all a little bit better. Every time I hear that somebody bent just a little bit to accommodate people, there were always regrets.
BRIDE #4
I knew I wanted to have a destination wedding before I even had a boyfriend. I've been to destination weddings, and I had so much fun. But mine was a battle with me and my mom, because she was like, ‘Oh, your grandmothers won't be able to come and certain family members won't be able to fly.’ And I was okay with that. I was just like, ‘Well, in this instance it's about me and what I want.’
We had two ceremonies: an American one and a Nigerian one. How we saved money with two weddings was that for the Nigerian one, we didn't feed people. We were like, ‘We're not paying for two receptions.’ Normally, when you go to a traditional Nigerian wedding, they feed people at both, and it gets really, really expensive. But we did it at an all-inclusive resort, so we were like, ‘We'll do the ceremony, and then y'all can go on the resort and go get some food.’
I'm not Nigerian, my husband is, so I let his family handle all that. I ended up having to step in and be the middle man between our wedding party and his family because they wanted us to wear a certain fabric. We got all the fabric from Nigeria, so we had to get everyone's measurements and all that tedious stuff. That's what was complicated. We had to wear the geles, the headwraps, and we didn't know how to tie the geles. So I had to figure out how to get the geles pre-made for the girls because I wanted to do that. That was a big thing for me because this was my only time to have a cultural wedding.
With relationships, it's like people don't know how to not make it about themselves. People also weren't realizing that when they kept asking me for stuff, they were making my life harder. I'm in the middle of planning a wedding, and you're asking me for answers that I've already sent, which is just inconsiderate at the end of the day. I think that's the most frustrating part, and that's why you lose friends, because people wait until the last minute to do things, and they make it harder on you.
People were coming up to me like, ‘Are you having something borrowed? Something blue?’ No. Why am I stressing myself out over that? Because that's a tradition? We need to normalize people being different. Historically, if you're different, you're outcasted, but if that's what I want, I want what I want. I didn't want a garter. I didn't want to do a garter toss. I didn't do the bouquet thing or none of that. When it came to the reception outfit, people were like, ‘Why aren't you getting a dress?’ I didn't want a dress; I wore a white suit. I wore a white suit with a sexy lingerie bodysuit underneath because that's me. With some Jordans, because I'm a sneaker person.
Managing my mental health was about creating boundaries. I think I did a great job of creating boundaries throughout the whole process—I was very stern on what I wanted and what I didn't want.
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Featured image by Adriana Duduleanu/Getty Images