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.
Jada Pinkett Smith On How Psychedelics Saved Her Life & The Status Of Her Marriage To Will Smith
Jada Pinkett Smith is speaking her piece on the status of her marriage with longtime love Will Smith. On the heels of releasing her highly anticipated memoir, Worthy, Jada is gracing the cover of PEOPLE and sharing the truth about her mental health struggles throughout the years, the infamous Oscars slap, and her marriage.
According to the 52-year-old author, though she seemed to "have it all" in life - the riches, the fame, the love, the family, there was a part of her that couldn't escape her past traumas and depression that plagued her early on in her career. "While I was really living the dream, I hit a huge wall — a massive amount of depression. I think that I looked at having outside sources to supplement for the voids that I was feeling inside," she told PEOPLE.
By the time she turned 40, she had encountered her breaking point and spiraled so deeply that she saw no way out for herself aside from death. She went on to say that she heard voices in her head telling her to end her life and that told her of her unworthiness, pulling her deeper into her depression. "I started looking for places, cliffs where I could have an accident because I didn't want my kids to think that their mother had committed suicide.”
Jada credited friends of her son Jaden for putting her on to ayahuasca, a powerful and traditional plant-based brew used for shamanic and healing rituals known for its psychoactive properties. She said partaking in ayahuasca changed her profoundly and "the suicidal thoughts completely went away."
"Ayahuasca helped me, it gave me a new intimate relationship with myself that I had never had before," she told the outlet about her first time taking the psychedelic. Keep reading for more key takeaways from Jada's PEOPLE exclusive.
Jada Pinkett Smith on the status of her marriage to Will Smith:
In what might have been a shocking revelation to most, Jada revealed to the world that she and Will have actually been separated for the past six years, going on seven years. She explained the status of their 26-year marriage to PEOPLE:
“We’re still figuring it out. We’ve been doing some really heavy-duty work together. We just got deep love for each other and we are going to figure out what that looks like for us.”
Amy Sussman/WireImage
Jada on how her relationship with Will Smith caused her to abandon her mental health:
As her star in Hollywood was rising thanks to starring roles in projects like A Different World, Jason's Lyric, and Set It Off, Jada revealed that she was taking Prozac and being treated for depression and suicidal ideation. Meeting Will would cause her to develop a false sense of not needing to take care of her mental health.
"Once I met Will, I completely abandoned my mental health. I was so intoxicated by him and our dynamic. I really felt like I'm cured," she said to PEOPLE. "He became the drug."
Albert L. Ortega/Getty Images
Jada Pinkett Smith on the self-acceptance her kids have taught her:
"My children, they’re little gurus," she told the mag of her kids, bonus son Trey, 30, Jaden, 25, and Willow, 22. "They’ve taught me a deep sense of self-acceptance.”
“They love every part of me. The level of love, unconditional love that they have for me and their dad. And it's one thing to want to be the person that gives that unconditional love. And then there's, to be the recipient of that.”
For the full cover story and photos, head over to PEOPLE here.
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Featured image by Amy Sussman/WireImage
Fenty Favs Fever: The Top 10 Beauty And Skin Products You Need In Your Bag
Rihanna has been a game-changer in the beauty industry with the launch of Fenty Beauty and Fenty Skin. For me, this impact has been nothing short of transformational and, let's be real, a bit of a splurge. I mean, it's no accident that I've achieved the coveted ROUGE Status at Sephora for another year, thanks to my obsession with all things Fenty. But when it comes to beauty perfection, who's counting the cost?
Fenty Beauty and Fenty Skin have evolved from mere products in my routine to absolute must-haves. From the iconic lip gloss that's a staple in every girl's purse to the skincare saviors that have my skin looking the best it has in YEARS, Fenty has everything I need. I've even nailed down a quick and easy 10-minute everyday makeup look using only Fenty Beauty products. It's my secret weapon for looking effortlessly chic, no matter what life throws at me.
So, I'm here to spill the tea (and maybe start a few beauty addictions in the process) with a curated list of my top 10 Fenty products that I can't get enough of. These are the holy grail favorites that I reach for day in and day out.
1. Fenty Skin Butta Drop Whipped Oil Body Cream with Tropical Oils + Shea Butter
When it comes to body care, the Butta Drop Whipped Oil Body Cream with Tropical Oils + Shea Butter is a must-have. This oil-infused body cream is incredibly hydrating and retails for $44, with a $39 refill option. You can also get this in other scents, including a Shimmering Warm Cinnamon and Shimmering Vanilla Dream. Trust me, you'll want to keep this in your basket on repeat. The mini trio set is currently retailing for $59 on their website.
2. Fenty Beauty Cherry Treat Conditioning + Strengthening Lip Oil
Fenty Beauty
Say goodbye to dry, chapped lips with the Cherry Treat Conditioning + Strengthening Lip Oil. Priced at $24, this lip oil is a game-changer for anyone looking to achieve soft, luscious lips. It provides intense hydration and moisturization, leaving your lips feeling smooth and supple. Plus, its glossy finish makes it perfect for creating a no-fuss, everyday look when you're in a hurry.
3. Fenty Beauty Killawatt Freestyle Highlighter
Next up is the Killawatt Freestyle Highlighter, retailing for $40. I absolutely adore the Trophy Wife shade – it's the perfect addition to any makeup look. My favorite hack? Applying it to my chest and shoulders for an extra pop when I'm showing off my amazing cleavage in a low-cut outfit.
4. Fenty Beauty Gloss Bomb Universal Lip Luminizer
For the perfect lip gloss, look no further than the Gloss Bomb Universal Lip Luminizer, priced between $21 and $26. It's available in various versions, including Heat and Cream, and offers a thick yet not super sticky formula. The range of color shades and tints is also a major plus.
5. Fenty Beauty Match Stix Shimmer Skinstick
Fenty Beauty
The Match Stix Shimmer Skinstick, retailing for $32, is my special secret weapon. This versatile product can be used as a light highlighter or eyeshadow or even applied to the inner corners of your eyes and cupid's bow for a pop of shimmer.
6. Fenty Skin Cherry Dub Superfine Daily Cleansing Face Scrub
The Cherry Dub Superfine Daily Cleansing Face Scrub, priced at $28, is the perfect gentle exfoliator for those with sensitive skin or anyone experiencing peeling around the nose and above the lip during seasonal changes.
7. Fenty Skin Blemish Defeat'r BHA Spot-Targeting Gel
The Blemish Defeat'r BHA Spot-Targeting Gel is one of Rihanna's newest products, and it's quickly become a favorite of mine. At $22, it's perfect for tackling those random breakouts without worrying about your makeup peeling or moving.
8. Fenty Beauty Pro Filt'r Instant Retouch Setting Powder
The Pro Filt'r Instant Retouch Setting Powder is another essential, priced at $36. This powder provides a beautiful blurring effect while keeping your makeup in place all day long.
9. Fenty Eau de Parfum
Fenty Beauty
If you're looking for a new fragrance, the Fenty Eau de Parfum is a must-try. It's priced at $140, with a $95 travel set option. While opinions on the scent may vary, I personally love it and have received many compliments while wearing it. The travel-sized bottle is also a cute addition. The full-size and one-refill duo set is currently retailing for $155 on their website.
10. Fenty Beauty Hella Thicc Volumizing Mascara
For voluminous lashes that make a statement, the Hella Thicc Volumizing Mascara is a must-have. Priced at $19, this mascara will transform your lashes from barely there to bold and beautiful in just a few seconds.
Rihanna has truly set a new standard for inclusivity and diversity in the beauty industry, making other brands step up their game. With Fenty Beauty, she shook things up by offering an extensive range of foundation shades that catered to every skin tone, challenging the industry's historical lack of representation. This not only earned her brand a devoted following but also ignited a much-needed conversation about inclusivity in beauty.
As a result, other brands have taken note, broadening their shade ranges and reevaluating their product development strategies. Rihanna's influence extends beyond Fenty Beauty, as she continues to challenge the status quo and push boundaries with Fenty Skin. Her dedication to creating high-quality, inclusive products has raised the bar for celebrity beauty brands, proving that with the right vision and values, they can be more than just a celebrity endorsement.
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Feature image by Kevin Mazur/Getty Images for Fenty Beauty by Rihanna