Multiple Streams Of Income Is The Name Of The Game For These Celeb Turned Entrepreneurs
Snowball Wealth says, "By spreading your risk across different income streams, you also set yourself up to be able to take advantage of great opportunities when they arise." It makes perfect sense because when one fails, you have the others to fall back on. This isn't anything new to us because we love a good side hustle. Like all things, it's about being more intentional. Be it buying power or financial stability, make clear goals and decisions that will only get you closer to economic freedom. One of the best ways to add more streams of income is by diversifying your streams. Kirby Porter calls it the "beauty of re-invention."
When I look at the trajectory of Elaine Welteroth, Rihanna, and Issa Rae I remember the beauty in re-invention. \n\nWhere we start in our careers & passions is not the limit, it's a stepping stone in a story to something larger if we allow ourselves to evolve.— Kirby Porter \u26a1\ufe0f (@Kirby Porter \u26a1\ufe0f) 1628460513
Lucky for us, we have some role models that have shown us the power of monetizing our passions, no matter what they are. Ahead, you'll find celebs who are living proof that there are various ways to create your own wealth. Their successful money moves have earned them their rightful place on this list.
Rihanna Net Worth: $1.7B
Kevin Mazur/Getty Images for Fenty Beauty
Our girl Rihanna is now a billionaire and no one is more than deserving of that title. Yes, we all want an album from her, but we also can't help but support every venture she takes on. The way she dominates every arena she steps in is simply inspiring. Forbes estimates Robyn Rihanna Fenty is the wealthiest female musician in the world with the majority of her wealth deriving from her inclusive beauty line, Fenty Beauty.
Some other streams of income:
- Savage X Fenty, lingerie clothing brand
- Fenty Skin, skincare line that acts as an extension of Fenty Beauty
- Fenty Maison, a luxury clothing brand
- Fenty Parfum, her newly released sold-out fragrance
- Music
- The Rihanna Book
Issa Rae Net Worth: $4M
Lee Vuitton/AM PR Group via Getty Images
On- and off-screen, Issa Rae is the poster child for creating your own table. The once YouTube star became a media mogul in a little over a decade by staying true to herself and creating work that moves our culture forward. Rae's cult-favorite HBO show Insecurehas garnered her a loyal following. So watching her lay the groundwork for her next level is everything a creative needs.
That groundwork includes:
- ColorCreative TV, production company
- The Misadventures of an Awkward Black Girl, New York Times bestseller non-fiction book
- Hilltop Coffee & Kitchen; Rae partnered with the coffee shop to open multiple locations
- Raedio, music label with Atlantic Records
- Executive Producer Deal with Netflix
- Sienna Naturals, co-owner of haircare brand
Serena Williams Net Worth: $210M
Bryan Bedder/Getty Images for IMG
Did you know that Serena Williams has over 15 corporate partners? Her $94 million in career prize money is twice as much as any other female athlete has made. That's according to Forbes, who also says that the tennis star has invested in over 50 startups over the past seven years.
When she's not reigning supreme on the court, she is:
- sitting on the boards of Poshmark and SurveyMonkey
- investing in the non-fungible tokens (NFT) platform, Bitski
- signing a first-look TV deal with Amazon Studios that includes a docuseries about her life
- creating products for her clothing line, S by Serena
- sitting pretty as a 0.5% owner of the Miami Dolphins
Not to mention her endorsement deals from Aston Martin to Beats By Dre.
Oprah Winfrey Net Worth: $2.7B
David Livingston/Getty Images
When your work ethic is so strong that it's been dubbed "The Oprah Effect", you know it's real. Funny enough, Winfrey has been quoted saying, "The reason I've been able to be so financially successful is my focus has never, not for one minute, been money." Who would have known that the woman who used to borrow money from her mom's purse would be the same woman who has nine streams of income?
To name some streams:
- The Oprah Winfrey Show, spanning over 25 years
- Harpo Productions (chief executive of the Oprah Winfrey Network, founder of O, The Oprah Magazine, etc)
- Actress & voice actor
- Producer of hit series and films, Queen Sugar, Greenleaf, The Immortal Life of Henrietta Lacks and Oprah's Master Class
- Weight Watchers investor
- Author of books like The Wisdom of Sundays and What I Know For Sure
- Freelance journalist
Beyonce Net Worth: $440M
Brad Barket/Getty Images for TIDAL
"I have paid my dues and followed every rule for decades, so now I can break the rules that need to be broken," Beyonce recently shared in Harper's Bazaar's Icon issue. She is the epitome of a self-made woman and a living icon. We love watching her pave the way for new talent in the most authentic way. It's definitely the quality for us because she gives 200% to everything attached to her name. This child of Destiny is a global brand from music sales, publishing, touring, and endorsements.
We can't forget her other accomplishments:
- Founder of Parkwood Entertainment, management, and entertainment company
- Owner of IVY PARK, an athleisure clothing line with Adidas
- Netflix deal worth $60 million
- Recently sold her stake in TIDAL streaming service
Alicia Keys Net Worth: $150M
Steve Granitz/WireImage
Alicia Keys is a superwoman. She is also a proud businesswoman. In an interview with PINK, she says, "Business is about trial and error. There's no foolproof [business] plan and whatever you end up doing, you need to be passionate about. It's not about getting rich overnight, but about your belief in it and your passion – that's the way amazing things happen." Keys also believes that as an artist and a person that has been in business for a lot of years, going outside of her main business of music, helps her discover her creative potential as an entrepreneur.
Some ways she's exploring that potential include:
- AK Worldwide, an investment firm
- Partnership with Bento Interactive, "The Journals of Mama Lee and Lee Lee", an interactive storytelling app for kids that features her original, exclusive tracks
- Co-creator of Keys Soulcare, a beauty and wellness brand
Queen Latifah Net Worth: $70M
Aaron J. Thornton/Getty Images
It's no secret that Queen Latifah is a Jackie of All Trades. Since she entered the game, she has made sound money moves. Back in the day, she started investing and never stopped. The multi-hyphenate's first investment was in a delicatessen and a video store located on the first floor of the building where she lived. We have enjoyed watching the queen transition from hip-hop to television to the big screen.
Queen Latifah's Resume:
- Co-owner of Flavor Unit Entertainment, a firm that includes television and film production units, a record label, and an artist management company
- Partnership with CoverGirl, The Queen Collection
- Partial owner in New York Spring Water, the manufacturer of VBlast vitamin-fortified water
- Author, Put on Your Crown: Life-Changing Moments on the Path to Queendom
- Queen By Queen Latifah Eau-de-parfume
Featured image by Lee Vuitton/AM PR Group via Getty Images
Joce Blake is a womanist who loves fashion, Beyonce and Hot Cheetos. The sophistiratchet enthusiast is based in Brooklyn, NY but has southern belle roots as she was born and raised in Memphis, TN. Keep up with her on Instagram @joce_blake and on Twitter @SaraJessicaBee.
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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When discussing the topic of raising children, discipline is often the first thing that comes to mind. Children need discipline. Full stop. But what is discipline? And how do we draw the line between discipline and revenge?
The origin of the word "discipline" can be traced back to the Latin word "disciplina," which means "instruction" or "teaching." Over time, however, discipline has come to be synonymous with punishment, with parents relying on shame, fear, and/or physical pain to curb undesirable behavior.
Teaching takes time, so nipping it in the bud in whatever fashion parents deem necessary (within reason) has become the norm. But is this what’s best for children? And when does it become less about curbing undesirable behavior and more about getting our licks back for offenses we feel our children should know better to do?
In my work as a parenting coach, I’ve often heard parents say, “I asked him nicely three times before spanking him. He didn’t stop doing it until I did, so clearly talking doesn’t work.”
And the parent isn’t wrong. Talking often doesn’t work the first, the third, or the even the 10th time. And the reason is directly tied to brain development.
Children cannot and do not process information the way an adult can. Auditory processing is not fully developed until a child is 14 or 15 years old. And even then, if a child has auditory processing delays or Auditory Processing Disorder (APD), they may always struggle with processing auditory commands. According to Susie S. Loraine, MA, CCC-SLP, the term auditory processing refers to how the brain perceives and interprets sound information. Several skills determine auditory processing ability—or listening success. They develop in a general four-step hierarchy, but all work together and are essential for daily listening.
Without this understanding, discipline can easily become revenge because parents will then view their child’s misdeeds as a personal slight. Instead of teaching them to do better, parents now want to show them the consequences of not doing better. This is why it's imperative for parents to discern between discipline and revenge to maintain healthy relationships with their children.
5 WAYS TO DISTINGUISH BETWEEN PARENTAL GUIDANCE AND RETALIATION:
Understanding The Intent
Discipline is rooted in love and concern for the child's well-being. It focuses on teaching lessons and helping children understand the consequences of their actions. Conversely, revenge-driven actions stem from a desire to inflict pain or punishment as payback for perceived slights or disobedience. Parents should reflect on their motives before taking disciplinary actions. Ask yourself whether your intention is to help your child learn or to make them suffer for upsetting you.
Example: If a child accidentally breaks a valuable item, a disciplinary response would involve discussing the importance of being careful and working with the child to come up with a way to replace or fix what they’ve broken. On the other hand, a vengeful reaction might involve yelling, harsh punishment, or bringing up past mistakes to intensify guilt.
Maintaining Emotional Regulation
Effective discipline requires parents to remain calm and composed, even in challenging situations. It's natural to feel upset or frustrated when children misbehave, but responding with anger or resentment can escalate the situation and blur the line between discipline and revenge. Before addressing the issue, take a moment to breathe and collect your thoughts.
Example: If a child cannot follow instructions, a disciplined response would involve calmly explaining why their cooperation is necessary in working with the child to accomplish the goal. Conversely, a retaliatory response might involve shouting, name-calling, or resorting to physical punishment out of anger.
Promoting Growth and Learning
Discipline should always aim to promote growth and learning. It involves guiding children toward making better choices and understanding the impact of their actions on themselves and others. Effective discipline strategies include positive reinforcement, setting clear expectations, and providing opportunities for reflection and growth.
Example: If a child repeatedly forgets to complete their chores, a disciplinary approach would involve discussing the importance of responsibility and finding solutions together, such as creating a chore chart or setting reminders with Siri or Alexa. In contrast, a revenge-driven response might involve imposing overly harsh punishments or belittling the child, which can undermine their self-esteem and hinder their ability to learn from their mistakes.
Momo Productions/Getty
Building Trust and Communication
Trust and open communication are essential components of a healthy parent-child relationship. Discipline should strengthen this bond by fostering trust and encouraging children to confide in their parents without fear of judgment or retaliation. When children feel safe and supported, they're more likely to accept discipline as a form of guidance rather than punishment.
Example: If a child admits to breaking a rule or making a mistake, a disciplined response would involve listening to their perspective, discussing the consequences of their actions, and working together to find a solution. Conversely, a retaliatory response might involve accusations, blame, or shutting down communication, which can erode trust and damage the parent-child relationship.
Seeking Professional Guidance
Parenting is a learning journey, and, disciplining children is a delicate balance between guiding them toward responsible behavior and nurturing their growth. By understanding the intent behind our actions, maintaining emotional regulation, promoting growth and learning, building trust and communication, and seeking professional guidance when needed, as parents we can help our children built on love, respect, and understanding.
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Featured image by Courtney Hale/Getty Images