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."
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
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While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
Feature image courtesy
The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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