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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ItGirl 100: Get To Know Some Of The Most Inspiring And Empowering Women On Our List
The ItGirl 100 List, in partnership with Hyundai, is a celebration of 100 Black women who aren’t afraid to pull up their own seats to the table.
We often see lists featuring amazing women who are seasoned in this thing called life, and our ItGirl 100 List gives flowers to the people they’ve passed the torch to: young millennial and Gen Z women who are innovating and disrupting in today’s world of advancement.
xoNecole has partnered with Hyundai for its inaugural ItGirl 100 List to give these women their flowers today. It’s a celebration of 100 Genzennial women who have built their own tables, launched new businesses, and redefined what it truly means to be blessed, booked, and busy.
Here’s a snapshot of fun facts from a few of the women listed on the ItGirl 100, representing the East, West, Midwest, and South:
EAST
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DJ 9AM: DJ & Curator
Representing: Brooklyn
Ultimate ItGirl Song: "On My Mama" by Victoria Monét
Favorite OG It Girl: Nia Long
Zodiac Big Three: Cancer Sun, Taurus Moon, Pisces Rising
Favoring open-format, multi-genre mixes, this DJ has created a winning reputation for rocking a crowd with seamless transitions and selections, always representing Southwest musical and cultural influences.
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Tiffany James, Founder, Modern BLK Girl
Representing:Brooklyn
Ultimate ItGirl Song: "Lucky Girl" by Carlina
Favorite OG It Girl:Naomi Campbell
Zodiac Big Three: Sagittarius Sun, Leo Moon, Virgo Rising
Modern BLK Girl is one of the leading investment groups among women of color, and the founder serves as an avid investor, community builder, and advocate. Tiffany James is also a mentor, utilizing her unique combination of financial and fashion expertise.
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Kat Mateo, Casting Director
Representing: New Jersey
Ultimate ItGirl Song: "Princess Going Digital" by Amaarae
Favorite OG It Girl: Kelis, Eve, Lil Kim
Zodiac Big Three: Aries Sun, Cancer Moon, Cancer Rising
Thriving as a casting director and stylist, Kat Mateo offers a unique point of view that has shaped New York Fashion Week shows, ad campaigns, and editorials. She has also been a major contributor to cultural conversations related to fashion and inclusivity.
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Denise Stephanie Hewitt, Photographer
Representing: Brooklyn
Ultimate ItGirl Song: "Experience" by Victoria Monét
Favorite OG It Girl: Hannah Montana
Zodiac Big Three: Taurus Sun, Aquarius Moon, Aquarius Rising
This Gordon Parks Foundation scholar is a full-time student who has been working to expand her freelance career in photography. Denise is also been featured among Essence'sinaugural list of "Top 10 Creators Under 30," for her unique aesthetics and perceptions through her art.
WEST
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Nayamka Roberts-Smith, Aesthetician
Representing: Los Angeles
Ultimate ItGirl Song: "Tomorrow 2" by GloRilla & Cardi B
Favorite OG It Girl: Meagan Good
Zodiac Big Three: Sagittarius Sun, Leo Moon, Capricorn Rising
Nayamka Roberts-Smith is an award-winning professional in the skincare industry and serves as an educator, offering knowledge on beauty culture. She also is a well-sought-after speaker on beauty and women’s issues, with a following of more than 1 million on social.
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Desiree L. Talley, Esq., Vice President, Legal & Business Affairs, Revolt TV
Representing: Los Angeles
Ultimate ItGirl Song: "Nice" by The Carters
Favorite OG It Girl: Issa Rae
Zodiac Big Three: Cancer Sun, Scorpio Moon, Cancer Rising
An attorney and storyteller, Desiree L. Talley meshes relatability with her legal smarts for the culture. She advocates for cultural advancement and societal change through her POPLAW Podcast while balancing her executive duties at Revolt TV.
Marley Rae
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Marley Rae, Organizer, WalkGood
Representing: Los Angeles
Ultimate ItGirl Song: "Nice For What" by Drake
Favorite OG It Girl: Mariah Carey
Zodiac Big Three: Capricorn Sun, Taurus Moon, Leo Rising
Marley Rae is a Nike Athlete, certified yoga instructor, COO, and Director of Health and Wellness for WalkGood LA, a family-founded non-profit organization. She is dedicated to fostering understanding and care in local and global communities.
MIDWEST
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Shawnee Dez
Representing: Chicago
Ultimate ItGirl Song: "FreeBody Freestyle" by Shawnee Dez
Favorite OG It Girl: Toni Morrison
Zodiac Big Three: Cancer Sun, Aquarius Moon, Cancer Rising
Shawnee Dez is an artist who's all about captivating her audience through encouragement and empowerment. Her music features fluid harmonic layering, live instrumentation fused with digital production, and her unique multi-talented voice in an alto melodic tone.
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Bianca Pastel, Visual Artist
Representing: Chicago
Ultimate ItGirl Song: Anything by Whitney Houston
Favorite OG It Girl: Grace Jones
Zodiac Big Three: Taurus Sun, Leo Moon, Sagittarius Rising
Bianca Pastel's artistic portfolio includes fine art, illustrations, and animation, and she's worked with clients including Disney Pixar, and the NFL, to name a few. Her focus is "empowering the experience of being a Black child and dealing with mental health issues."
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Donyale Walton, Founder, Hoop Mobb
Representing: Detroit
Ultimate ItGirl Song: "Yeah I Said It" by Rihanna
Favorite OG It Girl: Aaliyah
Zodiac Big Three: Virgo Sun, Libra Moon, Capricorn Rising
Donyale Walton's brand Hoop Mobb, celebrates the Black and Brown fashion and cultural impact and presence of hoop earrings. It's grown to earn more than seven figures in annual revenue and a nationwide community of loyal consumers.
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Ticara Devone, Content Creator
Representing: Chicago
Ultimate ItGirl Song: "She's a Bitch" by Missy Elliott
Favorite OG It Girl: Ananda Lewis
The Zodiac Big Three: Libra Sun, Taurus Moon, Virgo Rising
A trusted sneaker enthusiast and content creator, Ticara Devone uses dynamic storytelling to hold space for others with a passion for sneakers. A published writer, she’s worked with brands including Nike and Footlocker and inspires us all by ensuring women are vocal and seen in the multi-billion dollar shoe space.
SOUTH
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AllyiahsFace, Content Creator
Representing: Atlanta
Ultimate ItGirl Song: "Go Off" Doja Cat
Favorite OG It Girl: Gabrielle Union and Halle Berry
Zodiac Big Three: Gemini Sun, Leo Moon, Scorpio Rising
AllyiahsFace's YouTube channel has more than 830,000 subscribers, and she's been hitting the ground running since 2015. Her content creation, which centers on beauty, fashion, and lifestyle, has led to a lucrative career and drawn a close-knit social and real-life community to view and be inspired.
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Jaycina, Executive Director, Tender
Representing: Atlanta
Ultimate ItGirl Song: "All I Got" by Amel Larrieux
Favorite OG It Girl:Tracee Ellis Ross
Zodiac Big Three: Leo Sun, Sagittarius Moon, Sagittarius Rising
Jaycina is a signed model with a nonprofit that works to provide support and community for single mothers in Atlanta. She's also appeared in campaigns for brands including Fenty and GAP as well as features in all your favorite magazines and on billboards across the country.
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Asha Christian, Founder, Coily App
Representing: Atlanta
Ultimate ItGirl Song: "It's My Life" by Mariah Carey
Favorite OG It Girl: Toni Childs (Girlfriends)
Zodiac Big Three: Sagittarius Sun, Leo Moon, Leo Rising
Asha Christian created Coily to provide beauty recommendations utilizing social data. It offers a more personalized, AI-driven experience for users and part of her mission is to provide solutions related to diversity and put the focus back on the consumer. Meshing tech and culture, Christian is innovating with options that exemplify the Black girl magic needed in tech.
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Featured image by FG Trade/Getty