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The 44-Year-Old Nurse Practitioner Who Has The Secret To Making Six Figures A Year

"I overcame being poor by thinking rich."

Money Talks

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.

When you think of a nurse practitioner, you may think of the extras from Grey's Anatomy staged behind Jesse Williams. However, this specific one is doing anything but taking a backseat in the audience, especially when it comes to her finances. 44-year-old Princess Lomax is a family nurse practitioner by day and a sports bar owner at night, all while juggling and maintaining her doctoral candidacy at Valparaiso University. Lomax is conducting in-home assessments for the Medicare population and is the proud owner of Diamonds Sports Bar & Grill, so it's no wonder why she's able to write a book on taking your career to the next level.

Courtesy of Princess Lomax

The Atlanta-based serial entrepreneur's best-selling Amazon book 6 Highly Effective Strategies For Making 6 Figures As A Nurse is a compilation of real-life accounts and experiences of entrepreneurship while becoming a nurse. If you're a young Black woman in the healthcare industry looking to elevate your career beyond the examination room and medical jargon, it might be the read for you.

In this installment of "Money Talks", xoNecole spoke with the Chicago-bred nurse practitioner, real estate investor, and bonafide hustler about making well over six figures a year, splurging on her half a million-dollar home and flipping houses as an extra stream of revenue.

On how much she saves per month:

"Right now, I don't have a set goal for saving on a monthly basis, however, I'm in the process of setting up a portfolio that will allow me to start having money automatically deducted from my account that will go towards an IRA and money for investing in stocks."

On her definitions of wealth and success:

"I define wealth as the power to acquire whatever you desire and the power to put other people in positions to become successful. Being wealthy for me is about putting measures in place so that everybody around me can become wealthy also. I have the desire to uplift and motivate the people around me so that we can attain generational wealth and break generational curses.

"I define success as accomplishing and attaining the goals you've set for yourself. Success for me is a never-ending cycle because I'm always thinking of a master plan to achieve something higher than my last accomplishment. Not that I'm never satisfied, but I always push myself to a higher level that surpasses my current level. It's always me against me. I'm always striving to defeat the old me so that my success will continue to grow."

On the lowest she’s ever felt when it came to her finances and how she overcame it:

"I was born poor and raised in the heart of the ghetto so it doesn't get any lower than that. There were times growing up when I wasn't sure where my next meal was coming from. I didn't have the luxury of heat and hot water, so figuring out where I would bath from day to day was once a lifestyle I endured.

"I overcame being poor by thinking rich and pushing myself until I no longer had to figure out where my next meal was going to come from. I sometimes still have fears of not being able to eat, which is why I continue to grind like my next meal is depending on it. I sometimes have flashbacks of my struggling childhood and pray that God continues to bless me so that I will never have to endure those hardships again. So for me, I overcame it by never forgetting my struggle and by pushing myself on a daily basis to stay on top."

Courtesy of Princess Lomax

"I overcame being poor by thinking rich and pushing myself until I no longer had to figure out where my next meal was going to come from. I sometimes still have fears of not being able to eat, which is why I continue to grind like my next meal is depending on it. I sometimes have flashbacks of my struggling childhood and pray that God continues to bless me so that I will never have to endure those hardships again."

On her biggest splurge to date:

"My latest biggest splurge was the purchase of my new home which was over a half of million dollars. Splurging in the past for me has been the purchasing of Chanel bags, Christian Louboutins, and expensive cars. This year, God has allowed me to level up and splurge in a different way. I'm now a homeowner so my splurging this year has been phenomenal."

On whether she’s a spender or a saver:

"Unfortunately, I am a spender and sometimes wish I was a saver. Growing up poor and not having much of anything and not having anyone in my life to teach me about saving has unfortunately hindered me from being a saver. At one point, I was spending more than I was making, but as my entrepreneurship continues to grow, I'm learning how to save and plan for retirement. I'm still in the process of training myself to save and not spend. My training has just begun and plans for my future and retirement are at the beginning stages."

Courtesy of Princess Lomax

"Growing up poor and not having much of anything and not having anyone in my life to teach me about saving has unfortunately hindered me from being a saver. At one point, I was spending more than I was making, but as my entrepreneurship continues to grow, I'm learning how to save and plan for retirement. I'm still in the process of training myself to save and not spend."

On her savings goals and what retirement looks like to her:

"My saving goal is to save a minimum of $20K a month so that I can retire by the age of 50. Retirement for me as a Nurse Practitioner will be within the next 5-10 years and I don't think I'll really ever retire as an entrepreneur."

On the importance of investing:

"Most of my money has been attained via investing, so investing is extremely important to me. I've learned that if I invest in the right assets, my portfolio during retirement will be prosperous. I invest in real estate purchases and acquiring businesses. I invest mostly in real estate in the Chicagoland area and also invest in multiple businesses that will become great assets in the near future."

On her intentions behind multiple streams of revenue:

"My streams of revenue were established by buying and flipping houses and by owning and operating a successful nightclub and sports bar in the Chicagoland area. Having multiple streams of income became a way of life for me after having slow periods with both real estate and the nightlife industry. Having multiple streams of income has allowed me to continue to be successful without having too many periods of dry spells without income coming in."

On unhealthy money habits and mindsets:

"The number one unhealthy habit that I had to restructure is feeling like I always had to go shopping for the latest Chanel bag and or the latest pair of Christian Louboutins. Once I changed my mindset, I saw the bigger picture for saving and investing more. I now know that I can still look and be great while attending parties and/or events without having to buy a new pair of shoes and or a new bag."

Courtesy of Princess Lomax.

"My streams of revenue were established by buying and flipping houses and by owning and operating a successful nightclub and sports bar in the Chicagoland area. Having multiple streams of income has allowed me to continue to be successful without having too many periods of dry spells without income coming in."

On her money mantra:

"Keep God first and don't ever allow the money to change who you are on the inside."

On desperate times calling for desperate measures:

"Yes, yes, and hell yes. I'm not proud of some of the things I've done in my past for financial gain, however, it has been a part of making me the successful female CEO that I am today. "

On the worst money-related decision she’s ever made:

"The worst money-related decision I ever made was not to invest early-on in stocks. I truly feel that if I had invested in stocks like Amazon instead of buying shoes and bags, my portfolio would be near retirement by now."

On her budget breakdown:

How much do you spend on rent?

"I'm a homeowner now, which allows me to spend less on [a] mortgage than I was paying on renting. $4,000 month."

Eating out/ordering in?

"Both $500 per month."

Gas/car note?

"$2,000 per month."

Personal expenses?

"$3,000 per month."

For more of Princess, check out her website.

Featured image courtesy of Princess Lomax.

ACLU By ACLUSponsored

Over the past four years, we grew accustomed to a regular barrage of blatant, segregationist-style racism from the White House. Donald Trump tweeted that “the Squad," four Democratic Congresswomen who are Black, Latinx, and South Asian, should “go back" to the “corrupt" countries they came from; that same year, he called Elizabeth Warren “Pocahontas," mocking her belief that she might be descended from Native American ancestors.

But as outrageous as the racist comments Trump regularly spewed were, the racially unjust governmental actions his administration took and, in the case of COVID-19, didn't take, impacted millions more — especially Black and Brown people.

To begin to heal and move toward real racial justice, we must address not only the harms of the past four years, but also the harms tracing back to this country's origins. Racism has played an active role in the creation of our systems of education, health care, ownership, and employment, and virtually every other facet of life since this nation's founding.

Our history has shown us that it's not enough to take racist policies off the books if we are going to achieve true justice. Those past policies have structured our society and created deeply-rooted patterns and practices that can only be disrupted and reformed with new policies of similar strength and efficacy. In short, a systemic problem requires a systemic solution. To combat systemic racism, we must pursue systemic equality.

What is Systemic Racism?

A system is a collection of elements that are organized for a common purpose. Racism in America is a system that combines economic, political, and social components. That system specifically disempowers and disenfranchises Black people, while maintaining and expanding implicit and explicit advantages for white people, leading to better opportunities in jobs, education, and housing, and discrimination in the criminal legal system. For example, the country's voting systems empower white voters at the expense of voters of color, resulting in an unequal system of governance in which those communities have little voice and representation, even in policies that directly impact them.

Systemic Equality is a Systemic Solution

In the years ahead, the ACLU will pursue administrative and legislative campaigns targeting the Biden-Harris administration and Congress. We will leverage legal advocacy to dismantle systemic barriers, and will work with our affiliates to change policies nearer to the communities most harmed by these legacies. The goal is to build a nation where every person can achieve their highest potential, unhampered by structural and institutional racism.

To begin, in 2021, we believe the Biden administration and Congress should take the following crucial steps to advance systemic equality:

Voting Rights

The administration must issue an executive order creating a Justice Department lead staff position on voting rights violations in every U.S. Attorney office. We are seeing a flood of unlawful restrictions on voting across the country, and at every level of state and local government. This nationwide problem requires nationwide investigatory and enforcement resources. Even if it requires new training and approval protocols, a new voting rights enforcement program with the participation of all 93 U.S. Attorney offices is the best way to help ensure nationwide enforcement of voting rights laws.

These assistant U.S. attorneys should begin by ensuring that every American in the custody of the Bureau of Prisons who is eligible to vote can vote, and monitor the Census and redistricting process to fight the dilution of voting power in communities of color.

We are also calling on Congress to pass the John Lewis Voting Rights Advancement Act to finally create a fair and equal national voting system, the cause for which John Lewis devoted his life.

Student Debt

Black borrowers pay more than other students for the same degrees, and graduate with an average of $7,400 more in debt than their white peers. In the years following graduation, the debt gap more than triples. Nearly half of Black borrowers will default within 12 years. In other words, for Black Americans, the American dream costs more. Last week, Majority Leader Chuck Schumer and Sen. Elizabeth Warren, along with House Reps. Ayanna Pressley, Maxine Waters, and others, called on President Biden to cancel up to $50,000 in federal student loan debt per borrower.

We couldn't agree more. By forgiving $50,000 of student debt, President Biden can unleash pent up economic potential in Black communities, while relieving them of a burden that forestalls so many hopes and dreams. Black women in particular will benefit from this executive action, as they are proportionately the most indebted group of all Americans.

Postal Banking

In both low and high income majority-Black communities, traditional bank branches are 50 percent more likely to close than in white communities. The result is that nearly 50 percent of Black Americans are unbanked or underbanked, and many pay more than $2,000 in fees associated with subprime financial institutions. Over their lifetime, those fees can add up to as much as two years of annual income for the average Black family.

The U.S. Postal Service can and should meet this crisis by providing competitive, low-cost financial services to help advance economic equality. We call on President Biden to appoint new members to the Postal Board of Governors so that the Post Office can do the work of providing essential services to every American.

Fair Housing

Across the country, millions of people are living in communities of concentrated poverty, including 26 percent of all Black children. The Biden administration should again implement the 2015 Affirmatively Furthering Fair Housing rule, which required localities that receive federal funds for housing to investigate and address barriers to fair housing and patterns or practices that promote bias. In 1980, the average Black person lived in a neighborhood that was 62 percent Black and 31 percent white. By 2010, the average Black person's neighborhood was 48 percent Black and 34 percent white. Reinstating the Obama-era Fair Housing Rule will combat this ongoing segregation and set us on a path to true integration.

Congress should also pass the American Housing and Economic Mobility Act, or a similar measure, to finally redress the legacy of redlining and break down the walls of segregation once and for all.

Broadband Access

To realize broadband's potential to benefit our democracy and connect us to one another, all people in the United States must have equal access and broadband must be made affordable for the most vulnerable. Yet today, 15 percent of American households with school-age children do not have subscriptions to any form of broadband, including one-quarter of Black households (an additional 23 percent of African Americans are “smartphone-only" internet users, meaning they lack traditional home broadband service but do own a smartphone, which is insufficient to attend class, do homework, or apply for a job). The Biden administration, Federal Communications Commission, and Congress must develop and implement plans to increase funding for broadband to expand universal access.

Enhanced, Refundable Child Tax Credits

The United States faces a crisis of child poverty. Seventeen percent of all American children are impoverished — a rate higher than not just peer nations like Canada and the U.K., but Mexico and Russia as well. Currently, more than 50 percent of Black and Latinx children in the U.S. do not qualify for the full benefit, compared to 23 percent of white children, and nearly one in five Black children do not receive any credit at all.

To combat this crisis, President Biden and Congress should enhance the child tax credit and make it fully refundable. If we enhance the child tax credit, we can cut child poverty by 40 percent and instantly lift over 50 percent of Black children out of poverty.

Reparations

We cannot repair harms that we have not fully diagnosed. We must commit to a thorough examination of the impact of the legacy of chattel slavery on racial inequality today. In 2021, Congress must pass H.R. 40, which would establish a commission to study reparations and make recommendations for Black Americans.

The Long View

For the past century, the ACLU has fought for racial justice in legislatures and in courts, including through several landmark Supreme Court cases. While the court has not always ruled in favor of racial justice, incremental wins throughout history have helped to chip away at different forms of racism such as school segregation ( Brown v. Board), racial bias in the criminal legal system (Powell v. Alabama, i.e. the Scottsboro Boys), and marriage inequality (Loving v. Virginia). While these landmark victories initiated necessary reforms, they were only a starting point.

Systemic racism continues to pervade the lives of Black people through voter suppression, lack of financial services, housing discrimination, and other areas. More than anything, doing this work has taught the ACLU that we must fight on every front in order to overcome our country's legacies of racism. That is what our Systemic Equality agenda is all about.

In the weeks ahead, we will both expand on our views of why these campaigns are crucial to systemic equality and signal the path this country must take. We will also dive into our work to build organizing, advocacy, and legal power in the South — a region with a unique history of racial oppression and violence alongside a rich history of antiracist organizing and advocacy. We are committed to four principles throughout this campaign: reconciliation, access, prosperity, and empowerment. We hope that our actions can meet our ambition to, as Dr. King said, lead this nation to live out the true meaning of its creed.

What you can do:
Take the pledge: Systemic Equality Agenda
Sign up

Featured image by Shutterstock

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