Quantcast
RELATED

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

 

RELATED

 
ALSO ON XONECOLE
Aries-April-2025-monthly-horoscopes

April is a month to slow down and to fully grasp what has been. The month starts in fiery Aries Season, but we are also in the thick of Retrograde Season as we begin the month as well. Thankfully, Mercury finally goes direct on April 7, after being retrograde mid-March, and communication matters are clearing up. This is a month of mental clarity, a fresh start, and not being afraid to dream a little bigger.

On April 12, there is a Full Moon in Libra, and this Full Moon brings relationship and financial matters full circle. This is the time to let go of what doesn’t make you feel balanced or in harmony and to create space for more peace to enter your life. Venus goes direct in Pisces on the same day, after being retrograde since March 1, and love is healing. With Venus now direct, there are more opportunities for commitment and longevity in love, and there is overall a greater feeling of romance, receptivity, and compassion in the air now.

KEEP READINGShow less
Accountability Time: Let's Stop Calling It A 'Mistake' When It Was A 'Choice'

Several months ago, I literally stumbled across a video where someone who I’ve known for years (and have had to distance myself from due to the topic for today) was conducting a seminar on relational healing. I honestly could only stomach about five minutes of what they were saying because one of the things that they continued to mention was the harm that they had done to others was a “mistake” — although many of their same “mistakes” took place over years…decades even.

Y’all, I’ve gotta admit that I found their words to be a bit triggering — not so much because I was surprised that they were still like a broken record when it comes to refusing to take real accountability for their actions; it was more that I hear people say often, especially when they are called out on some of their continual poor habits and patterns, that what they did was a mistake when actually it was a choice — a conscious choice.

KEEP READINGShow less
LATEST POSTS