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."
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."
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."
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:
Savings/Investments: 15%Wants: 10%"
For more Sara Lovestyle, follow her on Instagram or visit her official website.
Featured Image Courtesy of Sara Lovestyle
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Chief Mom Officer: 23 Quotes From Working Moms Finding Their Balance
The truth is, Black moms create magic every single day. Whether we're juggling motherhood with a busy 9-5, a thriving business, or staying at home to run a household, no day is short of amazing when you're managing life as a mommy. This Mother's Day, xoNecole is giving flowers to CMOs (Chief Mom Officers) in business who exemplify the strength it takes to balance work with motherhood. We've commissioned these ladies, who are pillars in their respective industries, for tidbits of advice to get you through the best and worst days of mothering. Here, they share their "secret sauce" and advice for other moms trying to find their rhythm.
Emmelie De La Cruz, Chief Strategist at One Day CMO
"My mom friends and I all laugh and agree: Motherhood is the ghettoest thing you will ever do. It's beautiful and hard all at the same time, but one day you will wake up and feel like 'I got this' and you will get the hang of it. After 4 months, I finally felt like I found my footing to keep my kid and myself alive, but it took vulnerability to take off the cape and be honest about the areas that I didn't have it all together. The healing (physically and emotionally) truly does happen in community - whatever and whoever that looks like for you."
Alizè V. Garcia, Director Of Social & Community Impact at Nike
"I would tell a new mom or a prospective mother that they must give themselves grace, understand and remember there is no right way to do this thing and have fun! When I had my daughter three and a half years ago, I was petrified! I truly had no clue about what to do and how I was going to do it. But with time, my confidence grew and I realized quickly that I have all the tools I need to be the mother I want to be."
Nikki Osei-Barrett, Publicist + Co-Founder of The Momference
"There's no balance. I'm dropping sh*t everywhere! However, my secret sauce is pursuing interests and hobbies outside of what's required of me and finding time to workout. Stronger body equals = stronger mind."
Lauren Grove, Chief Experience Architect, The Grant Access, LLC
"I try to give myself grace. That’s my mantra for this phase of motherhood…grace. I won’t be able to get everything done. To have a spotless house. To not lose my cool after an exhausting day. Those things can’t happen all of the time. But I can take a deep breath and know tomorrow is another day and my blessings are more plentiful than my pitfalls."
Rachel Nicks, Founder & CEO of Birth Queen
"You have the answers within you. Don’t compare yourself to others. Curate your life to work for you. Ask for help."
Tanisha Colon-Bibb, Founder + CEO Rebelle Agency + Rebelle Management
"I know love doesn't pay bills but when I am overwhelmed with work or client demands I take a moment to play with my baby and be reminded of the love, energy, science, and Godliness that went into his birth. I am brightened by his smile and laugh. I remember I am someone's parent and not just a work horse. That at the end of the day everything will work out for the good of my sanity and the love within my life."
Christina Brown, Founder of LoveBrownSugar & BabyBrownSugar
"Learning your rhythm as a mom takes time and can be uncomfortable when you’re in a season of overwhelm. Constantly check in with yourself and assess what’s working and what’s not. Get the help you need without feeling guilty or ashamed of needing it."
Mecca Tartt, Executive Director of Startup Runway Foundation
"I want to be the best for myself, my husband, children and company. However, the reality is you can have it all but not at the same time. My secret sauce is outsourcing and realizing that it’s okay to have help in order for me to perform at the highest level."
Jen Hayes Lee, Head Of Marketing at The Bump (The Knot Worldwide)
"My secret sauce is being direct and honest with everyone around me about what I need to be successful in all of my various "jobs". Setting boundaries is one thing, but if you're the only one who knows they exist, your partners at home and on the job can't help you maintain them. I also talk to my kids like adults and let them know why mommy needs to go to this conference or get this massage...they need to build an appreciation for my needs too!"
Whitney Gayle-Benta, Chief Music Officer JKBX
"What helps me push through each day is the motivation to continue by thinking about my son. All my efforts, though exhausting, are to create a wonderful life for him."
Ezinne Okoro, Global Chief Inclusion, Equity, & Diversity Officer at Wunderman Thompson,
"The advice I received that I’ll pass on is, you will continue to figure it out and find your rhythm as your child grows into new stages. Trust your nurturing intuition, parent on your terms, and listen to your child."
Jovian Zayne, CEO of The OnPurpose Movement
"I live by the personal mantra: 'You can’t be your best self by yourself.' My life feels more balanced when I offer the help I can give and ask for the help I need. This might mean outsourcing housecleaning for my home, or hiring additional project management support for my business."
Simona Noce Wright, Co-Founder of District Motherhued and The Momference
"Each season of motherhood (depending on age, grade, workload) requires a different rhythm. With that said, be open to learning, to change, and understand that what worked for one season may not work the other...and that's okay."
Janaye Ingram, Director of Community Partner Programs and Engagement at Airbnb
"My daughter's smile and sweet spirit help me to feel gratitude when I'm overwhelmed. I want her to see a woman who doesn't quit when things get hard."
Codie Elaine Oliver, CEO & Founder of Black Love
"I try to listen to my body and simply take a break. With 3 kids and a business with 10+ team members, I often feel overwhelmed. I remind myself that I deserve grace for everything I'm juggling, I take a walk or have a snack or even head home to see my kids, and then I get back to whatever I need to get done."
Jewel Burks Solomon, Managing Partner at Collab Capital
"Get comfortable with the word ‘no’. Be very clear about your non-negotiables and communicate them to those around you."
Bridget Bogee, Marketing Lead At Meta
"Ask for help and always prioritize making time for you."
Julee Wilson, Executive Director at BeautyUnited and Beauty Editor-at-Large at Cosmopolitan
"Understand you can’t do it alone — and that’s ok. Relinquish the need to control everything. Create a village and lean on them."
Salwa Benyaich, Director Of Pricing and Planning at Premion
"Most days I really try to shut my computer off by 6 pm; there are always exceptions of course when it comes to big deals or larger projects but having this as a baseline allows me to be much more present with my kids. I love the fact that I can either help with homework or be the designated driver to at least one afterschool activity. Work can be draining but there is nothing more emotionally draining than when you feel as though you are missing out on moments with your kids."
Brooke Ellis, Head of Global Marketing & Product Launches at Amazon Music
My calendar, prayer, pilates class at Forma, a good playlist, and oatmilk lattes all help get me through any day.
Courtney Beauzile, Global Director of Client and Business Development at Shearman & Sterling
My husband is a partner who steps in when I just can’t. My mom and my MIL come through whenever and however I need. My kids have many uncles and aunts and they will lend an ear, go over homework, teach life lessons, be a presence or a prayer warrior depending on the day.
Robin Snipes, Chief of Staff at Meta
"Enjoy the time you have to yourself because once kids come those times will be few and far between."
Monique Bivens, CEO & Founder at Brazilian Babes LLC.
"For new moms, it is very important that you get back into a habit or routine of something you use to do before you were pregnant. Consider the actives and things that give you the most joy and make the time to do them."
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