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.
Self-proclaimed "Olivia Pope of Branding" Timeesha Duncan is no stranger to saving her finances. With a savings plan incorporating putting away 20% of what she earns per month into her savings, which she invests into a high-yield savings account, this personal brand strategist and experiential consultant is successfully developing generational wealth. Today, Timeesha is recognized as an international best-selling author, serial entrepreneur, brand marketing expert and educator who helps transform their ideas into income, monetize their genius, build strong sense of communities and social impact through leadership.
The Atlanta, Georgia resident by way of Bronx, New York has a strong belief that people should quit codependency when it comes to relying on others to fill financial gaps and not relying too much on the social security boat to pull into the dock. By building a lucrative Instagram brand and parlaying that into public speaking, writing and coaching, Timeesha left the C-Suite of Coca-Cola after her nine-year tenure to rake in the profits for herself and her family - ultimately taking control of her income and her finances by the reins. She is currently a podcast host alongside her husband on Fix My Brand and co-founder of national workshops The Mogul Builder and The Bombshell Experience.
In this installment of "Money Talks", xoNecole spoke with Timeesha Duncan on letting go of unhealthy money mindsets, wealth being more than having physical capital and splurging on a coach to elevate her business.
Courtesy of Timeesha Duncan
On her definitions of wealth and success:
"Wealth to me is not just having physical capital, but having worth, assets, and possessions that accumulate value over time. Success is being able to accomplish things that make you happy. It's not about reaching a certain level of income or status. If you are happy at what you've accomplished, you're successful."
On the lowest she’s ever felt when it came to her finances and how she overcame it:
"Three weeks after I left my corporate job, I made $12,000 from an online course I created. It felt awesome. However, my next course flopped. I had put in all this work and not a single person bought the course. Right around the same time, my mortgage was due and I had -$67 in the bank. I didn't have another product to sell, no income and no hope. I would literally just stare at my computer hoping some bright idea would fall from the sky to help get me back on track but it didn't. I would look at others in my industry, who appeared to be killing it, and yet I was sitting on the sidelines. I went into a deep depression. I was stuck and couldn't get out of it. My ability to create was gone. I started to regret the decision I made to quit my job. I lost my motivation and had to file for unemployment to help me get back on my feet.
"My mind wanted to give up, but my heart kept tugging at me to keep going. My family pushed me to rediscover my talents, stop feeling sorry for myself, and get to work. I started revisiting comments, and emails from previous clients on how I helped shape their business and changed their lives. This helped to recharge me. So I decided to give it another shot. The next course I created made over $25K which was double what I made the last time. That was the reassurance I needed to keep going."
On her biggest splurge to date:
"I spent over $60K on a coach to help me grow my business. I was excited about working with this particular coach because I felt she could take my brand to superstar status."
Courtesy of Timeesha Duncan
"I made $12,000 from an online course I created. It felt awesome. However, my next course flopped. I had put in all this work and not a single person bought the course. Right around the same time, my mortgage was due and I had -$67 in the bank. I didn't have another product to sell, no income and no hope. I would literally just stare at my computer hoping some bright idea would fall from the sky to help get me back on track but it didn't. I would look at others in my industry, who appeared to be killing it, and yet I was sitting on the sidelines. I went into a deep depression. I was stuck and couldn't get out of it."
On whether she’s a spender or a saver:
"I'm definitely a spender. I have always had a hard time saving money. If I see something I want, I buy it. I learned over the years that I had a bad relationship with money and I needed to reverse it or I would be broke forever (laughs). I love money and numbers but not accounting."
On her savings goals and what retirement looks like to her:
"I want to be able to save at least $15K-$30K each month. Retirement looks like me having seven-figures in the bank, several investment properties, and a house on a beach."
On the importance of investing:
"Investing is very important to me because I don't want my children to ever need or want for anything if something happens to me. I've had investment properties in the past and currently looking for more to acquire, and recently started investing in stocks and trading."
On her budget-friendly must-haves:
"I'm actually a budgetnista. I enjoy finding great things on a budget. I shop at thrift stores a lot to find low-cost, one-of-a-kind items. My press-on nails are my biggest budget must-have. I can't live without them. I have been wearing press-on nails for over a year now which has saved me about $720/year on getting my nails done twice a month. I used to also spend about $300/month on my lashes. I found the perfect lash strips from Walmart that cost me $4.88 and those are also a must-have. I check Amazon first before I buy anything, which also helps to save on items."
Courtesy of Timeesha Duncan
"My intention behind having multiple ways to make money came from me not wanting to run out of it. As a business owner, I realize that every business has seasons. When I started my business I only had one offer, and when that 'season' was slow, I wasn't making any money. So I needed to create different ways for others to work with me. I also wanted to meet my clients where they were."
On her intentions behind multiple streams of income:
"I provide 1-1 coaching, which is a more personal experience for my VIP clients and corporations, I also have online courses, books, a membership program, speaking engagements, and brand sponsorships. My intention behind having multiple ways to make money came from me not wanting to run out of it. As a business owner, I realize that every business has seasons. When I started my business I only had one offer, and when that 'season' was slow, I wasn't making any money. So I needed to create different ways for others to work with me. I also wanted to meet my clients where they were. Some are not ready for the 1-1 experience just yet and want other ways to experience working with me."
On unhealthy money habits and mindsets:
"I always looked at money as 'the root of all evil', or that money was limited because 'money doesn't grow on trees'. And therefore, subconsciously I felt bad when I made a lot of money. Maybe that's why I could never keep it. I eventually realized that those are not true and were just sayings that were fed to me by my parents because that's what was told to them. Changing my view of money and inviting it into my atmosphere, instead of pushing it away has truly helped me to prosper. I started making more money and it would come from places I wouldn't even expect. When I'm closed off, the money faucet closes too."
On her money mantra:
"You only live once. Buy the shoes."
On the craziest thing she’s ever done for money:
"I was hosting a conference and didn't have enough money to pay for all the expenses so I took out a title loan on my car. I regretted that because the interest rate was super high, and I never paid the loan off. It took me years to get my title back."
On the worst money-related decision she’s ever made:
"Investing $60K in a coach. I wouldn't say it was the worst decision I made, but I honestly wasn't ready for that type of coach. I invested the money because I thought this person was going to give me a 'magic pill' to success. It took a while before I realized there is no such thing as a magic pill. I would have invested that money so differently, if I had hindsight 20/20 back then."
Courtesy of Timeesha Duncan
"Changing my view of money and inviting it into my atmosphere, instead of pushing it away has truly helped me to prosper. I started making more money and it would come from places I wouldn't even expect. When I'm closed off, the money faucet closes too."
On her budget breakdown:
How much do you spend on eating out/ordering in?
"I love to cook, but staying in the house for six months has me tired of looking at (and cleaning) my stove. We've been ordering out a lot lately. So feeding a family of four a couple of times a week is about $125."
Gas/car note?
"Excited that I will be paying off my S550 this month, so goodbye car note! Corona has helped a lot with keeping gas expenses down, but it's about $60 to fill up with premium gas, so I would say about $120 -$150 a month."
Personal expenses?
"Massage Membership, $100/month. Pedicure every two weeks, $50/month. Eyebrows maintenance every two weeks, $20/month. Haircuts and products, $75/month. Drinks with the girls twice a month, $100. If Amazon or Sephora bullies me into buying something I don't need, $100/month."
For more of Timeesha, follow her on Instagram.
Featured image courtesy of Timeesha Duncan
Originally published in September 2020
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I sipped the herbal beverage offered by the concierge and took in my surroundings while the front desk attendant rapidly typed in my information. The hotel was beautiful. The kind of pristine white and neutral color palette that would normally disinterest me, but this place was artfully designed and tastefully decorated. More museum than monotone. With water surrounding a narrow walkway that parted ways to different destinations— restaurants to the left, the beach ahead, my room to the right.
I exhaled a sigh of relief that my home for the next three days was just as breathtaking as social media had described.
I’ve always wanted to take a solo trip. Something about traveling abroad without the comfort of friends and family scared me a little, which made me want to do it even more. While I’m no stranger to moving solo, I find solace in knowing that there’s usually someone journeying with me to foreign lands. But this year, I wanted something different. I wanted to not only step outside of my comfort zone but also embrace the peace and clarity that only stillness can provide.
Room for one.
Write on Kiah/Substack
“I’m going on a solo trip,” I responded whenever someone asked what my plans were for my birthday. The statement was often met with looks of intrigue and perhaps a bit of bewilderment as to why I would choose to be alone, in a foreign country, on my birthday—no less.
I must admit that I questioned the decision a couple of times myself. Birthdays are the one time of year when I can take a break from celebrating everyone else and be celebrated. But it’s also something that often only gets the spotlight if I’m the one planning it. And for the last couple of years, planning has been the last thing I felt like doing. I was starting to find self-centered celebrations to be a stressful endeavor. Figuring out where to go, who to invite, and what outfits to purchase (only for the outfits to not look as I had hoped). Organizing, waiting to see who would drop out last minute, and driving up the costs a little more. By the time I finished planning and prepping, I would find myself emotionally fatigued and lacking enthusiasm for the trip to come.
This year I just wanted to go and to be without the pressure of performing for the world to see. There would be no premeditated photo shoots. What I sacrificed in clothing hauls and beauty routines I made up for in high-quality accommodations.
This trip wasn’t about what would look great on social media, it was about what would feel good to my soul. With the perfect kind of bourgeois niceties that made you aspire for more than an average existence. I gave to myself (within my budget) how I desired to be treated—the best.
As I opened the door to my complimentary upgraded room (the first room was met with a lovely birthday surprise from my mom, but was a little too close to the noise of happy vacationers), I said a quiet prayer as I walked in awe throughout the suite.
Thank you, Father God, for providing me with the means to be able to experience this moment. For the opportunity to rest in a space that sparks joy.
I was also thankful that I decided to come on my own. It allowed me to experience the quiet solitude of the hotel in a way that I wouldn’t have if I was with others. I could go where I wanted and move at my own pace without considering how everyone else would feel or feel the need to entertain.
I casually moved about the property, stopping occasionally to snap a photo or two of aesthetically pleasing spaces. I treated myself to piña coladas on the beach as the sun set, and eucalyptus-filled steam rooms in the spa. I swam a few laps in an overlooked and under-used rooftop pool that I was quite sure most people didn’t realize existed and dipped my toes in the cold waters of the Pacific Ocean.
I did what I wanted, when I wanted—freedom at its finest.
Table for one.
Write on Kiah/Substack
I’ve always found eating alone at restaurants to be a little awkward. On one hand, I desire to be fully present and detached from my phone. Maybe lock eyes with a cute stranger and spark a conversation that carries well into the night. But I find that rarely happens. Instead, you’re looking around, watching others who are mostly coupled or in groups, trying not to stare. The bartender whirs to and fro as they mix together alcoholic concoctions, and even if there is someone joining in on your solo experience, their eyes are usually glued to their phones. Go figure.
But a solo birthday dinner in a beautiful country? Well, that’s different. You’re taking in your surroundings, chuckling at the drunken happenings around you, or tuning into too loud conversations that you can’t help but be privy to—keenly aware, but mildly amused.
And for some reason, everyone wants to talk to you. The waiters are extra friendly and attentive. The guests want to do you favors you didn’t ask for and snap photos because they like how your outfit matches the sunset. Your new next-table neighbors smile and clap as they sing along to the embarrassing happy birthday song that even fancy restaurants insist on chanting. You’re both the center of attention and the object of curiosity.
Who is this person who dresses up and dines alone?
It makes me realize how many fear their own company. They don’t know what to do when there’s no one to distract them from themselves. They’re afraid to look unpopular or unwanted. They fear the questions that they imagine other people are asking.
But I find that being alone is an invitation to truly know oneself. Deep ruminations turn into much-needed revelations. There’s a sense of empowerment that comes with being willing to do what others won’t. It’s in solitude that time slows to allow quiet reflection. And as a bonus, you feel badass when, at the end of it all, you pay for your check and walk away having accomplished your task for the day.
While I somewhat seriously declared this as my only solo birthday trip because next year, God-willing, I’m shedding the single title, I don’t believe this solo trip will be my last. There’s so much to gain in the absence of others. So many more parts of myself that I want to explore.
For more, check out the Write on Kiah Substack.
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