Money Talks
After reigniting her determination to excel, Ijezie eventually pursued getting her degree once more and later earned her dual degrees in Economic and Political Science from University of Massachusetts Amherst. Though crunching numbers and secretary duties were never easy to her due to her dyslexia, the current New York resident overpowered her disability to become an expert in finance as leverage to escape poverty. After multiple jobs in finance and accounting from a Massachusetts state agency to Spotify and Publicis, the Boston native eventually launched The Female Economist platform where users can learn through articles, courses, webinars and is soon creating a tool that matches individuals with their own certified financial advisor.
In this installment of "Money Talks", xoNecole spoke with Samari about splurging on much-needed vacation time, her alternative definition of wealth and success and having a scarcity mindset.
On how much she makes in a year and how much she saves:
"Each month, I try to save at least $5K. Because my monthly income varies each month from trading and brand gigs, I always ensure that I have at least $5K coming in on a monthly basis. I do have a Roth IRA. I like having this account because I can see the companies I have in my index fund."
On her definitions of wealth and success:
"Wealth has no dollar amount. Wealth is the amount of time that you can sustain with the amount of money that you have. In other words, how many days can you survive without working; living off your savings. I define success by someone accomplishing their goals and dreams."
Courtesy of Samari Ijezie
"Wealth has no dollar amount. Wealth is the amount of time that you can sustain with the amount of money that you have."
On the lowest she’s ever felt when it came to her finances and how she overcame it:
"The lowest I've ever felt with my finances is when I was in college. I personally was not making any money but also was acquiring loans to put myself through school. I was ignorant when It came to understanding money and personal finances. I overcame this by fully taking the time to understand personal finance. I worked on building my credit score. I used websites like Credit Karma to find the best credit cards to set myself up with to help build credit. I consolidated my loans and started paying them off on a monthly basis. After I fully took control over my personal finances, expenses and savings, I then began to invest."
On her biggest splurge to date:
"My biggest splurges are on vacations. I consider splurging money on experiences and memories to be comparable to an asset. Traveling to me helps me become a worldly person, and that is something that contributes to my education and knowledge. So, I do not mind spending thousands of dollars on a vacation where I am learning about the country's culture."
On whether she’s a spender or a saver:
"I consider myself a spender. I do splurge on unnecessary items. I do enjoy shopping and looking fly. However, if I buy expensive products/materials, if I cannot afford to buy it twice, I tell myself that I cannot really afford it. I am a spender because tomorrow is never promised, I could save millions, but If I never spent it, how can I truly enjoy being a millionaire? I train myself to properly manage money by spending money on things that help better my life. I rather spend thousands on opening an investment account that can allow my money to compound rather than spending it on designer, nightlife, or any other guilty pleasures that us millennials face."
Courtesy of Samari Ijezie
"I am a spender because tomorrow is never promised, I could save millions, but If I never spent it, how can I truly enjoy being a millionaire? I train myself to properly manage money by spending money on things that help better my life. I rather spend thousands on opening an investment account that can allow my money to compound rather than spending it on designer, nightlife, or any other guilty pleasures that us millennials face."
On her savings goals and what retirement looks like to her:
"My plan is to retire by 35. I have been working since I was 14 years old. So, retiring in my thirties is very important too. I will be able to fully retire when I have enough money that can allow me to not work. I do enjoy keeping busy, so by the time where I can retire, it won't be fully retiring, but doing things that I enjoy that continue to make me money."
On the importance of investing:
"Investing is very important to me. I invest by figuring out my goals. Some of my investment accounts are short-term investment goals and others are long-term. Depending on the financial product, I have different goals. When I trade options, I have the intent that I will make a short-term investment."
On her budgeting must-haves:
"In my budget, I do allocate money to doing the things I like which include food. I am a big foodie and take pride in eating very well. As everyone knows, to eat healthy is very costly. So I do allocate a monthly spending budget for food. I enjoy seafood which can be very costly, but that is something that I will spend money on because it makes me happy to eat well."
Courtesy of Samari Ijezie
"My mindset completely changed in regards to money. I used to have a scarcity mindset where I would tell myself at times I cant afford this or complain about my financial situation. Once I started reading more books and opening up my horizon when it comes to wealth and abundance, I started making more money. Wealth is truly in the mindset of the beholder."
On her intentions behind multiple streams of revenue:
"I created The Female Economist to have six streams of revenue. The first one is through ad revenue, affiliate marketing, e-courses, brand merch, membership, and consultancy. When I created this business, the business model was only through ad revenue, but as the demand increased for more objectives, the business structure changed to adapt to that. The intention of having multiple streams of revenue was purposely so the business would be able to function with or without me."
On unhealthy money habits and mindsets:
"My mindset completely changed in regards to money. I used to have a scarcity mindset where I would tell myself at times I cant afford this or complain about my financial situation. Once I started reading more books and opening up my horizon when it comes to wealth and abundance, I started making more money. Wealth is truly in the mindset of the beholder. I stopped using words like 'can't', and instead started saying, 'How can I afford this?'
"Growing up in a single-parent home, I had a lot of unhealthy ideologies when it came to money. I grew up in a household where it was us trying to make ends meet regardless so, as I aged, I always just had that scarcity mindset of I need these now because I may never be able to attain it again. As I became financially independent and literate, that changed."
For more of Samari, follow her on Instagram.
Featured image courtesy of Samari Ijeze
Originally published on August 14, 2020
I believe the trick is to not focus on how much faith you have in other people to buy in, but to focus on having faith in yourself. Do you believe in yourself? Do you believe your idea is valuable because you are valuable? You should always be confident in your capabilities first to really push forward your ideas/dreams. Your ideas are an extension of you, so they will always be pretty expensive. It doesn't matter how you came up with the idea or if you feel it has been done before. When you take a chance on your idea and stay determined to see it through, you are taking a chance on yourself. Every time.
This mindset is something I learned from six-figure entrepreneur Afenya Montgomery. Last year in 2020, I was able to attend an event at a coworking space where I connected with other women who were pursuing different businesses in different industries. It was so amazing listening to all their stories, especially the host, Afenya Montgomery. When we met, I knew we would stay in touch instantly. Now one year later, Afenya reminded me of how important investing in yourself is when it comes to entrepreneurship.
"I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. I had this idea and I had to see it through. Nobody wants to look back years later and think, 'I should have done this or that.' I felt like if I was going to bet on anything, I was going to bet on myself. Always remember, when you are putting real money behind an idea, don't be in the talking stage or dating the idea. You have to be married to it."
Courtesy of Afenya Montgomery
Afenya Montgomery, born and raised on the south side of Chicago, started her professional career in the nursing field. Afenya was able to obtain her Master of Nursing degree and an MBA with a focus in executive leadership. In the year of 2017, Afenya felt that it was time for her to pivot. During that time, she started meeting up with her friends at local coffee shops and noticed that there was a lack of resources for people of color in entrepreneurship. That is all it took for Afenya to come up with an idea to help change that problem. Afenya mentions, "The idea began to form that it would be great to create a network of people that could act as accountability partners, potential business collaborators and resources for each other. Our first event was a panel discussion in June 2017 titled, 'Leveraging Your Network to Create Impact,' and we haven't looked back since."
Afenya is now the founder of The iCAN Collective. The iCAN Collective was founded on the pillars of Innovation, Collaboration, Accountability and Network. The iCAN Collective strives to give women a space to build a foundation of collaboration, authentic connections and support as they blaze new trails on the path of entrepreneurship or in their careers. This company is a collaborative coworking space for women of color entrepreneurs, creatives, and game-changers, where it offers memberships, exclusive events, networking opportunities, and brand packages. Afenya wants to be a resource for creative entrepreneurs and celebrate them for going after their dreams.
When you chase your dreams and execute them no matter what, nobody can tell you nothing.
In this installment of "Money Talks", xoNecole spoke with Afenya Montgomery about how trusting your gut, being strategic, and building your business at your own pace are the keys to creating financial freedom.
xoNecole: How much money do you make in a year? A month?
Afenya: I usually make mid-six figures with my company in a year. My revenue breaks down to making around $15-20K a month.
What do you define as “wealth” vs “success”?
Success for me means you are setting goals for yourself and getting them accomplished. You create these milestones for yourself and they can be small or big. Either way, you are getting them done. As far as wealth, wealth to me is being able to have certain things you want in your life, but more importantly, leaving something behind for your children and building that legacy.
What’s the lowest you’ve ever felt when it comes to your finances?
The lowest point for me was back before I was in nursing school. It was during the Great Recession and I got laid off. At the time, I was a newlywed, I had just bought a house, and I was about to have a baby. So that was when I started to look at money differently. I realized you can't only depend on a job. You need other ways in order to sustain money. I didn't think about entrepreneurship at that time honestly, so what I did was, I started a blog about my journey. Then, I looked at what I was passionate about, what careers aligned with that, and thought about how I can have more control over my money.
How important is investing to you?
I have always been interested in investing and how I can save money better. Even before my company, I would open money marketing accounts and make sure I was smart about utilizing what I had for the things I needed at the time. When it comes to investing, I think it is really important to know which type of investments are right for you. Because let's be real, it is not easy investing thousands of dollars or 500 dollars into something that you want([laughs). I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. But it is important to have a diverse portfolio and that you are married to this investment/idea.
When it comes to structuring your business, what are your streams of revenue and how did you go about establishing them?
Prior to having a physical space, The iCAN Collective was about creating workshops and networking events/opportunities for women of color interested in entrepreneurship. I found myself having these events in different spaces and figured why not create a space that was permanent. From there, I wanted to provide different things that a lot of spaces do not offer. So with this space, we provide membership, a coworking atmosphere, host events or intimate gatherings, and we offer brand packages. It's important to have something that is unique and stands out from the rest.
What are some unhealthy habits about money or some unhealthy mindsets about money that you had to let go of to truly prosper?
The first thing I had to change was this mindset about money as if it will never come. My brother would tell me these affirmations stating, "Money is always free-flowing. I am abundant. Money will come my way, etc." Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'
"Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'"
Courtesy of Afenya Montgomery
What keeps you motivated?
If you are passionate about something, then build the strategy behind what you want to do. I have heard people say that when it comes to business, do not go after your passion. But why passion is important to me is because that is honestly what keeps me going. If I don't have any interest or drive to be in that space, then I can't innovate in that space. Entrepreneurship is not one of those things where you're going to get a check just for showing up. You have to be really good at what you do and also have passion for it to see it flourish.
What is the most important lesson you’ve learned through being a businessowner?
It is important to be flexible and roll with the punches when you're an entrepreneur. But more importantly, my main lesson has been trusting your gut and trusting God. If God gave you an idea/mission, it is already protected by Him. I always tell people that I never wanted to be an entrepreneur. It was more of a God-given assignment and I have faith in what I am creating to be aligned with my purpose.
What was it like learning to expand your business from one city to multiple cities?
We are looking to expand The iCAN Collective to New York, which is funny because I actually wanted to move to New York when I was 18 years old (laughs). I am so in love with the vibe of New York and I also have family who live there. What I learned about creating a space in a new city is to always poll your people. It is really important to build relationships with the people in the community. I try to look at it through the lens of what I can I bring to this space to support the community the best way I can? I ask myself, what is the main need and what can I provide?
Was it easy to become a well-respected businesswoman in your respective industry or did it take time?
In the beginning, I was letting people know 'ya'll better put some respect on my name' (laughs). The thing about Chicago is that we are known to be a little cliquish. So it is not that I didn't know people in the industry, they just didn't know me. I won't lie, navigating through the industry was hard. I would go to a bunch of events, hand out my business cards, and network, network, network. But as time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter.
"As time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter."
Courtesy of Afenya Montgomery
What’s the best advice that you’ve received about finance during your first year of entrepreneurship?
The best advice I think that helped me during my first year is to build slowly. There is this misconception where you see people starting their businesses and everything is happening so fast, so you feel you have to catch up in a sense. But you really have to look at your strategy for your business, intentionally, in order to scale. Another really good piece of advice I received is that, a lot of people talk about an individual having multiple streams of income. But I don't think we talk enough about businesses having multiple streams of income. I have learned that it really helps to diversify what you provide in your business. If you are trying to be a million-dollar business, make sure that every move you make feeds that desire.
To learn more about Afenya, you can follow her on instagram @afenyabsn. You can also check out her business website here.
Featured image courtesy of Afenya Montgomery
The Toronto-based entrepreneur took advantage of the power of the internet and has been able to create multiple streams of income by changing her mindset around money and educating other women on how it's done. With a background in finance, Lyn used her experience in corporate and her bachelor's in Business Administration to jump-start her journey into entrepreneurship. Since leaving her corporate job seven years ago, Lyn has been able to harness the power of the internet to spearhead successful online businesses, including a successful YouTube channel.
Courtesy of Lyn Allure
In July 2020, Lyn launched her online platform Good Girls Gone Boss. She explained its inception, "I started Good Girls Gone Boss as a solution for other entrepreneurial-minded women to connect and share gems along this business journey. When I first started making money on social media and growing my brand, it was a very isolating process. I was in my own little world most of the time. None of my friends were into social media at the time, but I knew I had an interest in YouTube and I saw the potential there."
Lyn continued, "I thought to myself, 'If I can turn a fun hobby into more money, then why not?' So I had to learn how to do things on my own, like how to inquire about brand deals, tips for Google AdSense, affiliate links, etc. After I started to see the money coming in, I thought it would be helpful to really make this community with Good Girls Gone Boss because I figured other women felt isolated as well."
As a solution and a resource, Good Girls Gone Boss offers weekly YouTube videos surrounding personal finance tips, an exclusive community that includes hands-on support and trainings, and financial resources such as a budget workbook. The platform is a space for a community of unapologetically, ambitious bosses who are looking to design, plan, and execute their dream life.
In this installment of "Money Talks", xoNecole spoke with Lyn Allure about how normalizing financial literacy, staying humble, and making your money work for you are the keys to creating financial freedom.
On the definitions of wealth and success:
"With wealth, I believe that aligns with being financially free. To be able to live a quality of life without worrying about if you can afford it or not. I also consider someone being wealthy by the company they keep. You are only as wealthy as the people around you; whether that means helping your friends to get to your level if they are struggling, or passing down wealth for future generations.
"Now, with success, to me, is simply happiness. Not just being content, but being proud of yourself for where you are in life and in a state of bliss. We know success can be different for different people. Success can mean making six figures for some people and for others, it has nothing to do with money at all. Whatever success may mean to you, it should definitely include happiness."
On unhealthy mindsets about money she had to let go of:
"One thing for me was, the idea [that you have] to spend money to make money. You know that saying, 'scared money, don't make money'? That is absolutely true (laughs). I grew up in the hood, so I thought the best mindset about money was to make a lot of it and then save a lot of it. But the reality is, it is not just about how much money you make. It's about how much money you make and how much you invest in order to make more. When you invest, now you have equity and assets that produce income for you. I had to really change my mentality with money early on, in order to get to where I am right now."
"The reality is, it is not just about how much money you make. It's about how much money you make and how much you invest in order to make more. When you invest, now you have equity and assets that produce income for you."
Courtesy of Lyn Allure
On her investments:
"Right now, I have two main investments. My first investment is a single-family home investment property with tenants. I currently reside in a condo because I have no desire to live in a single-family home for myself. I am not going to be mowing the lawn or doing those other things (laughs). But with my property, I am thinking about renovating the basement and renting that out as well. My second investment is stocks. I try to invest in stocks on a regular basis with buying index funds and stocks in companies I truly believe in."
On her biggest tip to beginner investors:
"Something that people often think, is that we need to be involved in the finance field 24/7 in order to be a successful investor. That's honestly not the case. If you put money away periodically or every month into an index fund or an ETF, it appreciates. You will be able to see a 7-10% return on that every year. This way is low effort and it's definitely better than just putting your money away into a savings account."
On the worst money-related advice she has ever received:
"That scarcity mindset around 'don't spend your money because you don't know when you are going to get it back' needs to be thrown out the window (laughs). There is an abundance of money out there and it's really about reframing your mindset around it. A phrase I like to follow is 'a dollar today is worth more than a dollar tomorrow.' So for example, if I am holding on to $10,000 in my savings without putting [it] into an investment opportunity, in 10 years that $10,000 will be worth around $9,000. The money loses its value. You have to treat your money like an employee and let it work for you."
"There is an abundance of money out there and it's really about reframing your mindset around it. A phrase I like to follow is 'a dollar today is worth more than a dollar tomorrow.' You have to treat your money like an employee and let it work for you."
Courtesy of Lyn Allure
On the money mantra she swears by:
"I would say my mantra is 'what doesn't get measured, doesn't get managed.' What I mean by that is, a lot of people do not know what their financial standing is. It can bring up so much anxiety for people because they don't want to face those hard facts of their spending habits. But I find that once you get over that hurdle and really know what your hard-earned numbers are, you realize what steps you need to take to improve it. It's important to manage your money no matter what financial state you might be in. But remember you can't manage it if you aren't measuring it."
On the early challenges that came with starting her business:
"The inconsistency of cash flow when you first start out is real (laughs). I remember one month I made five figures and then the next month I made three figures. I was like ummm, what's going on here? (Laughs) I definitely wasn't prepared for it at the time. But luckily, I referred back to what I preach to my Good Girls Gone Boss community. Do not rely on one stream of income. Think of it as a table. Every single leg is a stream of income. If you only have one leg, then if it collapses, you collapse too."
"Do not rely on one stream of income. Think of it as a table. Every single leg is a stream of income. If you only have one leg, then if it collapses, you collapse too."
On the most important lesson she's learned about creating wealth:
"I have always had this hustler mindset where I had multiple side hustles in college. So I have always been thinking to myself, 'Where's the next job and where's the next check?' (Laughs) But what I have learned is that, I do not need to have multiple jobs in order to make all this money. It is not the key to creating wealth or financial freedom.
"There are only 24 hours in a day. Finding a way to make those passive streams of income with a business has definitely been an eye-opener for me. You also do not need to make a certain amount of money in order to make passive streams of income for yourself. Whatever your salary is, you can still make things happen, especially on the internet."
Read more money mindset conversations in xoNecole's "Money Talks" series here.
For more about Lyn Allure, follow her on Instagram @lyn.allure. You can also subscribe to her YouTube channel here.
Featured image courtesy of Lyn Allure
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.
Meisha Amia, originally from Cambridge, Maryland, has changed the game in the healthcare industry. While she has been in the industry for over eight years, she has taken her passion in helping people into multiple streams of income, where she can live the lifestyle she deserves. In 2012, Meisha Amia started blogging to share her journey as a travel nurse. This led to her writing her own self-help book entitled The Bedside Boss: From Scrubs to Six Figures. This book has inspired so many other nurses to step outside of their comfort zones and strive to generate more wealth.
Courtesy of Meisha Amia
In 2016, Meisha Amia created the online platform, Chicks with Cheques. Chicks with Cheques is a full membership based curriculum that teaches hundreds of digital strategies needed to run an online business and grow a profitable brand. This community has grown to more than 30,000 female entrepreneurs and nurses. Meisha Amia is not only passionate about helping nurses create wealth for themselves, but she is adamant about changing the narrative of black women who deserve to have the finer things in life. Meisha does not believe in the idea of cheating ourselves in financial freedom and is determined to teach others how it's done.
In this installment of "Money Talks", xoNecole spoke with Meisha Amia about how she pivoted from dealing with a traumatic loss, the importance of being strategic with money, and how every woman deserves a Chanel bag.
xoNecole: How much money do you make in a year? A month?
Meisha Amia: I am used to having a $20K - 40K monthly income since becoming a travel nurse. Basically, I am contracted independently or through a third party via hospital organizations that are short staffed. I usually negotiate my contracts and before the pandemic, I was making around $20K a month. But during the pandemic, it has been $40K a month.
What do you define as “wealth” and “success”?
Wealth to me is freedom. What I mean by that is having the freedom to say "no" or taking a vacation for a month when you feel like it. Just being able to have the freedom to make choices that doesn't jeopardize your net worth. That is what wealth looks like to me. Now success, success is being able to serve and make an impact on others. It's not really the monetary side in my opinion. I can find success through the amount of people I've helped during this journey or the amount of people I've inspired because of my story.
What’s the lowest you’ve ever felt when it comes to your finances?
Being a contractor can be up and down. So at those low moments, I have definitely felt hopeless and depressed. I went through a traumatic loss two years ago and within those two years, I was not motivated to work. I unfortunately lost a lot of money that eventually got me into debt. What got me through was getting into therapy. Therapy was a game-changer for me and I was able to find my motivation again. Once I gained my motivation, I also became more aggressive in paying off the debt I created within six weeks.
"I unfortunately lost a lot of money that eventually got me into debt. What got me through was getting into therapy. Therapy was a game-changer for me and I was able to find my motivation again. Once I gained my motivation, I also became more aggressive in paying off the debt I created within six weeks."
Courtesy of Meisha Amia
Be honest, what’s been your biggest splurge so far and why did you purchase it?
I have always been a saver. I usually save 20 percent of my earnings a month. But I also live a lavish rich lifestyle. I'm not gonna lie, I am definitely into buying the finest of everything. So I would say my biggest splurge last year was a Chanel bag. I really want the world to normalize women of color, especially black women, having luxury and wealth. It can coexist. Us women just have to learn more about financial literacy and we would be good (laughs).
Never cheat yourself or feel you are not worthy of something nice. If your bills are paid, your savings account is good, and you have your investments, you deserve that bag, girl.
What are some unhealthy habits about money or some unhealthy mindsets about money that you had to let go of to truly prosper?
That 'spend a check and get it right back' attitude (laughs). I say that in the most humble way. Being a nurse, you can get used to having that mindset. But we forget about the physical part of putting in those extra hours and what it does to our bodies. I have taught myself that once I see my account at a certain amount, I am in panic mode. I still have a good amount in there, but it helps me be more intentional about my spending. It's important to be very strategic about how you save, how you invest, and how you splurge.
"I have taught myself that once I see my account at a certain amount, I am in panic mode. I still have a good amount in there, but it helps me be more intentional about my spending. It's important to be very strategic about how you save, how you invest, and how you splurge."
Courtesy of Meisha Amia
What is the money mantra you swear by?
"I don't work hard for money, money works hard for me." For me, that is when I use my earnings and invest it into my other businesses. I am always thinking about if I put an X amount of dollars here, then Y amount should be my return. This is how we should all be thinking when it comes to money.
What is the most important lesson you’ve learned through being a business owner and running multiple businesses?
The most important lesson I've learned is having multiple streams of income does not mean you need to have multiple businesses. You should not exhaust yourself being a CEO of multiple things. That is where the burnout will come from. If you are passionate about different things, focus on that. But make sure you are thinking about how to create most of your revenue under one roof.
What’s the best advice that you’ve received about finance during your first year of entrepreneurship?
One thing about being an entrepreneur is that I do not do this alone. I have my mentor and I have invested in multiple coaches to help me reach my goals. The best advice I have received is to set those prices and be firm with them. When you are starting a business, people usually start with low prices. We have this mentality and fear that people are not going to show support if we come off too "expensive". But what I have learned is that we are actually cheating ourselves when we set the bar low. Because when you want to change your price and increase it, the people that were supporting you before are no longer interested. You have already told them your worth.
To be better respected, set those prices at a quality rate and the right people will pay you exactly what you are worth.
To learn more about Meisha Amia, you can follow her on Instagram and check out her business here.
Featured image by Meisha Amia
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 get it.
Kris Christian began her career as a Wall Street analyst in New York City in 2009. She soon fell in love with the creative marketing side of business and transitioned into full-time entrepreneurship. Kris took the leap of faith to begin FAME Enterprises, an integrated marketing agency offering premium, full-service marketing and production services and specializing in multicultural audiences. Within three years, Kris built FAME into a seven-figure agency, working in partnership with blue chip brands such as BMW of North America, Forbes8, Nielsen, Bumble and Time, Inc. In 2017, Kris wanted to tap into her passion for coffee and created Chicago French Press (CFP). Being a lifelong coffee enthusiast, Kris founded CFP as a way to provide others with freshly roasted coffee beans flavored with natural ingredients to achieve the sweetened taste she enjoyed.
When you decide to become an entrepreneur, you first focus on making money. But what you learn along the way, is the power in tapping into your value, that is the true reward. Kris believes that everyone is valuable and when you invest in your ideas, you bring more than money in the bank. You bring wealth into your life. Entrepreneurship is not easy. It takes hard work, discipline, and an understanding that you cannot do it alone. So according to Kris, it is important that while being an entrepreneur, you must have the right people in your corner to support you along your journey. With over 10 years as a full-time entrepreneur, Kris is very adamant on empowering others to create wealth for themselves by sharing her story and encouraging others to start investing in their dreams which will allow them to sustain a life of prosperity.
In this installment of "Money Talks", xoNecole spoke with Kris about how community, staying humble, investing in your ideas and passions are the keys to maximizing your value into multiple streams of income.
xoNecole: What do you define as “wealth” vs “success”?
Kris Christian: I think that wealth is the total value you're able to create and sustain. Value can be defined in monetary ways, through resources, and how you leave your mark in the world. When you are born into this world, everyone has value. But when you build on your value by creating assets, utilizing networks, and leveraging accessible resources, that is wealth. Now with success, success can be whatever you create it to be. Success can mean you are a great mother or just being a great human being. Anyone can be successful because it's how you expand on what's important to you.
"When you are born into this world, everyone has value. But when you build on your value by creating assets, utilizing networks, and leveraging accessible resources, that is wealth."
Courtesy of Kris Christian
What’s the lowest you’ve ever felt when it comes to your finances?
Early on when I became an entrepreneur, I had a good amount of money saved starting off. I worked on Wall Street and coming out of that, I was used to living a certain lifestyle. Slowly but surely, the money started to decrease (laughs). I think it was year two [into becoming an entrepreneur], and all of my savings were gone. I remember I opened up the refrigerator and there wasn't any food left. I checked my bank account and it was -672 dollars. I thought to myself, 'Wow I can't even afford a sandwich.'
I told myself never again will I allow myself to get to the point. So from that day on, I started being more strategic with my spending habits, changed my perspective on money, and started planning for my future. I even enrolled myself into classes to get my credit score up, to pay down my debt and to live a more frugal lifestyle.
Would you consider yourself a spender or a saver? How did you train yourself to save money?
When I started saving more, I would save in small amounts. I also created a separate account that when I would get paid, 20 percent would be sent to this account that I never touched. As I started to see my savings grow into thousands of dollars, I would then invest in things that retained value. I don't believe in sitting on a ton of money. I believe in making your money work for you. I do have my rainy day fund, but I also would rather use the money I have and invest in assets where extra money can be generated with minimal effort.
"When I started saving more, I would save in small amounts. I also created a separate account that when I would get paid, 20 percent would be sent to this account that I never touched. As I started to see my savings grow into thousands of dollars, I would then invest in things that retained value."
Courtesy of Kris Christian
What are some unhealthy habits or unhealthy mindsets about money that you had to let go of to truly prosper?
I have learned to be a very frugal person. I know that I am a foodie, so you would catch the old me eating out almost every single day. But now I put myself on a budget to only eat out two days a week and hold myself accountable on days I have to cook. I also minimized things like frivolous spending on clothes and jewelry, that are only for show. A lot of us do these things for other people and I had to get out of that mindset.
What is the most important lesson you’ve learned through being a business owner and running multiple businesses?
My biggest lesson has been "the know-it-all, knows nothing". You have to be humble when you are running a business or multiple businesses. When I was younger, I told myself that I could teach myself everything and I didn't need a mentor. You think everything you need to know, you can just Google it (laughs). But thinking that way was absolutely ridiculous, because there is always someone who can teach you something. So I make it a priority to always surround myself with people that know more than me. It's about having community and having that support to pour into you and your business. Nowadays, if I am the smartest person in the room, I am in the wrong room.
What is the worst money-related/business-related decision you’ve ever made?
One mistake I made was that when I started off as an entrepreneur, I wanted to be "seen" as successful. I wanted to look the part. I remember going and purchasing my first office space in the middle of downtown Chicago. I didn't have any clients to come to the space, mind you (laughs). I then hired an employee and contractors, with again, no clients! (laughs) I did all of this just to impress other people.
One thing I think society has messed us up with when it comes to entrepreneurship, is that you have to show the world you made it before you actually have the clientele, the case studies, etc. But that's what I did and that is the type of stuff that really hurts you in the long run.
Courtesy of Kris Christian
What were some of the early challenges that came with collaborating with a business partner?
When you collaborate with a business partner, there needs to be a lot of trust. The partnership also has to be mutually beneficial to both people. The biggest challenge I have experienced has been the difference in work ethic. I still have not met someone who can match my work ethic equally. I will wake up at 5 a.m. and go to sleep at 2 a.m. Not to say that that's how you should do things, but it's that level of commitment that is needed to establish a successful business. Both people have to be able to put in the same amount of time and effort.
What’s the best advice that you’ve received about finance during your first year of entrepreneurship?
If you are looking to become a serial entrepreneur, you can do it all, but you cannot do it all at once. If you want to have multiple businesses, they have to go hand in hand. They have to feed into each other or you will get serious burnout doing everything on your own. It is also important to understand the cycles of your businesses as well. For example, my businesses are all about lifestyle and creating experiences.
My event productions were really heavy in the summertime. Chicago French Press' peak season is in the fall and winter. In the beginning of the year, when people are looking more into marketing campaigns with their businesses, that's where FAME Production Group comes into play. So knowing the cycles of your business and being intentional on maximizing each of them at the right time throughout the year is key.
What is the money mantra you swear by?
I don't make money, I create wealth. My business is my canvas and I am the artist, creator and owner of my legacy." I believe my greatest investment is in my ideas which are abundant. Cultivating and shaping those ideas into products, services, platforms and real estate that help others, while also solving problems is how I create value. The return of that investment becomes streams of income and fruitful assets that generate wealth for future generations.
To learn more about Kris Christian, you can follow her on Instagram here.
Featured image courtesy of Kris Christian
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
