Quantcast

The Rules This Social Media Coach Is Living By In Order To Retire By 40

"I hustle the same at my lowest and at my highest because to level up from any spot always requires everything you got."

Money Talks

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.

Born Sara Hood in a Sudan refugee camp after her parents escaped a civil war, this Seattle-bred influencer does not show any signs that she has been through any of the hardships she has ever endured. As a mother of two— including a first-born diagnosed with autism— Sara Lovestyle uses the many hats she wears as a mother, wife, advocate, and entrepreneur to demonstrate the true definition of living a "lovestyle", a pseudonym that was born out of her desire to live a life of happiness, wholeness and health.

In this installment of "Money Talks", xoNecole spoke with the 33-year-old social media coach and lifestyle influencer about the importance of investing, generational wealth being the greatest form of wealth, and her worst money mistake of not trusting her gut instinct.

On how much she saves and if it’s in a high-yield savings account:

"When it comes to being an influencer, it took me two years before I started making money and four years before it was significant. I've also discovered it's not so much about what you make (revenue) but what you keep (profit), so I do projections for my business revenue and personal income for a year, along with the budget. I also prioritize what needs to be done to retain a certain level of profit margin, normally at 30 percent, and I believe in saving/investing 20 percent."

On her definitions of wealth and success:

"The greatest form of wealth is generational wealth in the form of financial prosperity you can pass down from one generation to the next. Wealth at its core is also the financial freedom to do what you want to do when you want to do it—creating a prosperity engine where my kids are able to do the same, too…in perpetuity, as T.I. would say (laughs). Success to me is more than just financial freedom. It's the impact I can create and the legacy I can leave.

"Success is evolving to a level of impact where you can empower others. It's being able to start a VC fund for black, brown, and female entrepreneurs because we are so underrepresented and underfunded. Success is all about the tables I can build and fill for others. Whose lives did I touch with my success? Who did I encourage, uplift, impact with my success? Success for oneself leads to a lonely life, and I want so much more than that. Success is not a self-centered pathway to acquiring more clout and material possessions. It's empowering more leaders of excellence and creating the bold audacious change the world needs."

Sara-lovestyle-louis-v

Courtesy of Sara Lovestyle

"Success is all about the tables I can build and fill for others. Success for oneself leads to a lonely life, and I want so much more than that. Success is not a self-centered pathway to acquiring more clout and material possessions. It's empowering more leaders of excellence and creating the bold audacious change the world needs."

On the lowest she’s ever felt when it came to her finances, and how she overcame it:

"In college, I was working at the gas station and at the mall making below minimum wage. I was literally working 16 hours every day while taking a full load of college credit hours. It was rough because I was in sheer survival mode, working whatever hours were necessary to pay rent and stay in school. The interesting thing about the low points when dealing with finances is that they made me scrappy and stronger. It's where my hustle and drive come from. I hustle the same at my lowest and at my highest because to level up from any spot always requires everything you got."

On her biggest splurge to date:

"My biggest splurge is my house. It's where I spend the most time. It's where I raise my children. But the biggest splurge inside my house is the chandelier in my office (laughs). I budgeted for everything, but my chandelier I had to have…because it was a symbol that made me feel like a boss. I love looking up at it because it reminds me to grind and continue to level up…every single day. Success is leased not owned, and rent is due every day."

Sara-lovestyle-white-collar

Courtesy of Sara Lovestyle

On whether she’s a spender or a saver:

"I am a little bit of both. Majority of my splurges are for my business, and I don't consider them splurges; they are investments into my business. If I want to splurge on a purse or shoe I will, but it's planned and calculated if I earned it. If it's a reward, I will. Also, the rule I have is similar to what Jay-Z said. If I can't afford something three times, I don't buy it. If I can buy it once, I consider it a negative, if I can afford it twice, I break even, and if I can afford it three times, then I'm still in the positive.

"Another thing that I do is I plan my finances, my goals, and budgets for my entire year. I break it down to the month, and I have a specific budget each month. I'm blessed as well because my parents made sure to teach me financial literacy starting really young."

"The rule I have is similar to what Jay-Z said. If I can't afford something three times, I don't buy it. If I can buy it once, I consider it a negative, if I can afford it twice, I break even, and if I can afford it three times, then I'm still in the positive."

On the importance of investing:

"It's interesting I went from having never invested to several in a matter of months. Investing has expanded my mind to many experiences and knowledge I would've never gotten in different sectors of business. I invest in financial investments (stocks), and normally put 10 percent of my income toward it. In addition, I make business investments as an angel investor, which I'm most proud of. I invested into Moon UltraLight, an innovative new touch-controlled mobile lighting device designed to clip onto any smartphone or tablet. Its founder is a genius black entrepreneur named Ed Madongorere.

"The number one tip I would give before investing in a business is, you're investing in the person not the business. There could be an exceptional business idea, but if the founder doesn't have a plan of execution or isn't focused, then it won't matter. A recommendation I would also give is to truly study the industry that you're passionate about. Binge on as much information as you can, and then connect with others in the same industry."

On her savings goals and what retirement looks like to her:

"My savings goal is to have three years of emergency savings in reserves. I am intentionally building cash flow systems so that I can be in position to retire in seven years by 40. At that point, my goal is to have built enough cash reserves and investments where I could live off the interest if I wanted to for the rest of my life. At this stage, I imagine [in my] retirement [that I am] still being impactful, so it would be filled with philanthropy, travel, and my family."

Sara-lovestyle-laugh

Courtesy of Sara Lovestyle

"My savings goal is to have three years of emergency savings in reserves. I am intentionally building cash flow systems so that I can be in position to retire in seven years by 40. At that point my goal is to have built enough cash reserves and investments where I could live off the interest if I wanted to for the rest of my life."

On her budgeting must-haves:

"Before you even make a substantial amount of money, you should always have a budget. It's the foundation to managing your finances. The basics of a budget is you must understand. To the penny. What's coming in or out. What is a necessity (i.e. rent/mortgage) and what's a want? Something I've noticed with even some of my own friends is [people] not paying attention to any subscriptions they have. Sure an app might only be $1.99 or something is $29.99, and something else is only $49.99, but all of that adds up. You have to stay on top of it all with a budget. The same discipline it takes to manage $1,000 is the same it takes to manage $1 million."

On her intentions behind multiple streams of revenue:

"When I created my lifestyle influencer platform, I was initially a make-up stylist and beauty influencer, and make-up styling services became a primary income stream. As I began to pivot and expand, I created income streams for even more influencer passions I have coined a 'Lovestyle' which includes fitness, cooking, and social media influencer coaching. The streams of revenue created for these areas of influence include sponsored social media posts and affiliate marketing, cookbooks, cooking classes, fine dining pop-up events, Belay & Bell Spices — and influencer coaching with my new business partnership with AgencyLuxCo and business partner Taylor Winbush.

"Having only one source as an influencer and entrepreneur isn't smart for me. Social media is a billion-dollar industry. To not have several streams would be doing myself and my audience a disservice, especially because all of my services are tangible, measurable, and scalable resources for others and their businesses."

On unhealthy money habits and mindsets:

"I would say an unhealthy habit is operating with a scarcity mindset. The thought of 'Is it enough?' can be stressful. It can consume you as well as take up precious mental space and energy with worry. I had to understand that to travel far in business and to truly be successful I needed to spend on my team, resources, software, and the things required to make me successful in my businesses. Once I changed my mindset, my businesses began to grow exponentially."

On her money mantra:

"What gets measured gets done."

On the craziest thing she’s ever done for money:

"I'm structured in my personal life, in my business, and I'm certainly structured with my finances. It's rare I'll make random purchases. If it doesn't make sense or if I can do without it, I just won't. The other thing is I rarely buy on trend. That goes for shoes, clothes, furniture—whatever. Even the items in my closet for the most part aren't [trends]. The problem with following trends is that trends change, and trends aren't budget-friendly because you always have to keep up."

On the worst money-related decision she’s ever made:

"The worst money mistakes I've made all happened because I did not follow my instincts. I was presented with a business deal that I didn't feel good about, but I did it to please others I cared about. The structure was wrong, there was no long-term plan, and I didn't trust the business owner completely. Within 90 days, the business collapsed, and I lost all the money I had invested. It makes me sick to my stomach to this day because I didn't trust my instincts that were 100 percent right. Discernment is real, and every mistake I've made is because I didn't listen to my spirit and it always backfired."

On her budget breakdown:

"My budget breakdown for my business is one-third goes back into the business, one-third toward business expenses, and one-third is for me. Keep in mind for a long time I did not take a salary. It was more important to keep my team and put it back into my business. When I teach financial budgeting for influencers, I normally use this breakdown for personal expenses:

Housing: 40%

Auto: 15%

Expenses: 20%

Savings/Investments: 15%

Wants: 10%"

For more Sara Lovestyle, follow her on Instagram or visit her official website.

Featured Image Courtesy of Sara Lovestyle

Queen Latifah is saying no to unhealthy and dangerous lifestyles especially when it comes to her career. Since the beginning, the rapper/actress has always been a body-positive role model thanks to the range of characters she has played over the years that shows that size doesn’t matter. In an interview with PEOPLE, The Equalizer star opened up about taking on roles that don't compromise her health.

Keep reading...Show less
The daily empowerment fix you need.
Make things inbox official.

When I was ten, my Sunday school teacher put on a brief performance in class that included some of the boys standing in front of the classroom while she stood in front of them holding a heart shaped box of chocolate. One by one, she tells each boy to come and bite a piece of candy and then place the remainder back into the box. After the last boy, she gave the box of now mangled chocolate over to the other Sunday school teacher — who happened to be her real husband — who made a comically puzzled face. She told us that the lesson to be gleaned from this was that if you give your heart away to too many people, once you find “the one,” that your heart would be too damaged. The lesson wasn’t explicitly about sex but the implication was clearly present.

That memory came back to me after a flier went viral last week, advertising an abstinence event titled The Close Your Legs Tour with the specific target demo of teen girls came across my Twitter timeline. The event was met with derision online. Writer, artist, and professor Ashon Crawley said: “We have to refuse shame. it is not yours to hold. legs open or not.” Writer and theologian Candice Marie Benbow said on her Twitter: “Any event where 12-17-year-old girls are being told to ‘keep their legs closed’ is a space where purity culture is being reinforced.”

“Purity culture,” as Benbow referenced, is a culture that teaches primarily girls and women that their value is to be found in their ability to stay chaste and “pure”–as in, non-sexual–for both God and their future husbands.

I grew up in an explicitly evangelical house and church, where I was taught virginity was the best gift a girl can hold on to until she got married. I fortunately never wore a purity ring or had a ceremony where I promised my father I wouldn’t have pre-marital sex. I certainly never even thought of having my hymen examined and the certificate handed over to my father on my wedding day as “proof” that I kept my promise. But the culture was always present. A few years after that chocolate-flavored indoctrination, I was introduced to the fabled car anecdote. “Boys don’t like girls who have been test-driven,” as it goes.

And I believed it for a long time. That to be loved and to be desired by men, it was only right for me to deny myself my own basic human desires, in the hopes of one day meeting a man that would fill all of my fantasies — romantically and sexually. Even if it meant denying my queerness, or even if it meant ignoring how being the only Black and fat girl in a predominantly white Christian space often had me watch all the white girls have their first boyfriends while I didn’t. Something they don’t tell you about purity culture – and that it took me years to learn and unlearn myself – is that there are bodies that are deemed inherently sinful and vulgar. That purity is about the desire to see girls and women shrink themselves, make themselves meek for men.

Purity culture isn’t unlike rape culture which tells young girls in so many ways that their worth can only be found through their bodies. Whether it be through promiscuity or chastity, young girls are instructed on what to do with their bodies before they’ve had time to figure themselves out, separate from a patriarchal lens. That their needs are secondary to that of the men and boys in their lives.

It took me a while —after leaving the church and unlearning the toxic ideals around purity culture rooted in anti-Blackness, fatphobia, heteropatriarchy, and queerphobia — to embrace my body, my sexuality, and my queerness as something that was not only not sinful or dirty, but actually in line with the vision God has over my life. Our bodies don't stop being our temples depending on who we do or who we don’t let in, and our worth isn’t dependent on the width of our legs at any given point.

Let’s make things inbox official! Sign up for the xoNecole newsletter for daily love, wellness, career, and exclusive content delivered straight to your inbox.

Featured image by Getty Images

Jamie Foxx and his daughter Corinne Foxx are one of Hollywood’s best father-daughter duos. They’ve teamed up together on several projects including Foxx’s game show Beat Shazam where they both serve as executive producers and often frequent red carpets together. Corinne even followed in her father’s footsteps by taking his professional last name and venturing into acting starring in 47 Meters Down: Uncaged and Live in Front of a Studio Audience: All in the Family and Good Times as Thelma.

Keep reading...Show less

TW: This article may contain mentions of suicide and self-harm.

In early 2022, the world felt like it slowed down a bit as people digested the shocking news of beauty pageant queen Cheslie Kryst, who died by suicide. When you scroll through her Instagram, the photos she had posted only weeks before her death were images of her smiling, looking happy, and being carefree. You can see photos of her working, being in front of the camera, and doing what I imagine was her norm. These pictures and videos, however, began to spark a conversation among Black women who knew too well that feeling like you're carrying the world on your shoulders and forcing yourself to smile through it all to hide the pain.

Keep reading...Show less

Ironically enough—considering the way the word begins—the love-hate relationship that we have with menstruation is comparable to the way in which we navigate the world of men. It’s very much “can’t live with it, can’t live without it” vibes when it comes to women and their cycles. But the older I get, the more I learn to hate that time of the month a little less. A lot of my learning to embrace my period has come with learning the fun, interesting, and “witchy” stuff while discovering more natural, in-tune ways of minimizing the pain in my ass (those cramps know no bounds) amongst other places.

Keep reading...Show less
Exclusive Interviews
Latest Posts