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:
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
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The reason why I’m leading with this when it comes to this particular topic is that if you’re someone who has been sexually active for a while, you’re contemplating going into a season of abstinence or celibacy, and a part of your hesitation is you think that you’ll be one of the very few who’s done it, that couldn’t be further from the truth. It’s becoming more common than ever for individuals to at least go 6-12 months without sex…for a variety of reasons.
Okay, but what if you’re thinking about doing it, and you’re in a relationship with someone who you’re currently sexually active with? Not only that, but your partner is absolutely not on the same page with you when it comes to making this type of move. If that’s your challenge of the day and you’re not sure what you should do about it all, I’ve actually got a few tips, ones that, hopefully, will at least give you some of the clarity that you may be seeking in this particular season of (temporary) transition in your life.
What Is Your Reason?
GiphyPopular life coach Michael Hyatt once said, “When you know your why, you’ll know your way,” and when you’ve made the decision to go without sex, no matter how long that season may be, no greater words could be spoken. So, if abstinence is what you’re considering, definitely ask yourself what is your reason for that. Is it Scriptural or religious? Is it because you feel like you are confusing good sex with a solid relational dynamic?
Is it because you think that you and your partner are in an endless pattern of “making up to break-up” (check out “Make-Up Sex Might Be Doing Your Relationship More Harm Than Good”)? Perhaps you’re on some form of birth control, and you want to give your body a break from the hormones. Maybe you recently had a pregnancy scare that has caused you to do a bit of life reevaluating, and you don’t want to risk another chance of having a positive sign on a test until you get clear on how you want the next couple of years of your life to look.
I know when I decided to enter into my LOOONG season of not-getting-any, it was because I decided to see if I was in a pattern of counterproductivity — not just when it came to sex but with the people I chose to have sex with.
For me, I entered into my abstinence phase without being in a relationship (I did it after breaking up with the last boyfriend that I will ever have in this lifetime — check out “Why I'll Never Call Someone A 'Boyfriend' Again”), so my shift was virtually drama-free (well, minus all of the detoxing that I went through; that first six months or so without sex is a MUTHA). However, I have had times when I’ve wanted to go several months without sex, after having sex with someone, and it did not make for a smooth sailing between the two of us.
Anyway, when it comes to figuring out what you should do about your own situation, being very clear about your reasons can make it so much easier to do the next thing: come up with a plan.
What Is Your Plan?
GiphyFor the sake of time and space, I can’t address every dilemma for this, so let’s go with one of ‘em. Say that the (main) reason why you want to be abstinent is because you know you have a pattern of mistaking good sex for actual intimacy (check out “What If The Sex Is Great? But The Relationship Sucks.”). The guy you’ve been seeing, the relationship is under six months old, yet you could see a real future with him. Thing is, you’ve been having sex with each other for about three months now, and you just recently decided to go exclusive.
You know, with everything in you, that a big part of the reason why he was cool with not seeing anyone else is because sex is consistent (and good) between the two of you, so you’re not (completely) sure how he’s going to handle your new decision.
Well, what’s your plan? What I mean by that is, well, a few things:
- How long do you plan on being abstinent?
- What kind of abstinent do you want to be (no oral, no foreplay, no making out, etc.)?
- When you remove something, it’s wise to replace it with something else; how do you want to fill that void in the meantime?
- Where do you see the relationship going as a result of making this kind of shift?
- While you’re thinking about what’s best for you, what do you think is best for your relationship as well?
You know the saying goes “Fail to plan, plan to fail,” and when it comes to being abstinent when you’re in a relationship, I’ve dealt with this myself (and via clients) enough to know that when men are approached with this, what they tend to be the most interested in is 1) abstinent for what; 2) abstinent for how long, and 3) why abstinence would ultimately be beneficial for the relationship overall.
Listen, in a lot of relationships, sex is a significant part of it. That’s why you don’t want to go into something this paramount with a “winging it” mindset. The clearer you are about how this can be helpful for you both, at least on some level, the more open “he” will be willing to hear you out and take it into some serious consideration.
How Serious Is the Relationship?
GiphyLight at the end of the tunnel. I’ll tell you what, when you’re in a season of abstinence, and you know that there is some end in sight (because very few folks want to be abstinent forever), it can make going without so much easier to bear. That said when it comes to abstinence while in a relationship, there’s a big difference between telling someone who you’re in a new relationship with that you want to “press pause” for an indefinite period of time vs. telling someone who you recently got engaged to that you want to wait until your wedding day. The first one? Who knows where things are headed? The second? There is a date that is attached to the decision; indeed, there is “relief” on the horizon.
So yeah, that’s something else that needs to be considered because I’ll be real with you — based on how serious the relationship is, your decision to be abstinent may be a “me” decision or a “we” decision. Meaning, a guy who you’re just starting to see and dig, if there are no real lasting guarantees on the table, you really need to focus most on what’s best for you and kind of let the chips fall where they may. On the other hand, for someone who you are in it to win it with long-term (mutually so, not just in your own estimation), you would be silly to think that abstinence wouldn’t have the potential to significantly impact your relationship’s future. Why?
Because if sex was a part of your “house’s” foundation, if you pull some of the foundations out, it can cause the house to “shake” a bit — especially if some trying times present themselves during that same season. So yep, you factoring in the “weight” of the relationship is also what needs to be taken into some serious account. (Tip: You probably need to get him to weigh in on this as well. It’s not uncommon for one person to think a relationship is one type while someone else estimates it to be something totally different.)
Please Remember This at All Times: You Have Free Will. So Does He.
GiphySomething that I will forever say until the cows (and all of the other animals on Noah’s Ark) come home is people really need to stop dating like they are married — if you want to be married, get married. At the end of the day, dating is all about seeing if you’re a good fit for someone and if they are a good fit for you. Unlike marriage, no vows were taken before the Lord, your family, and friends. There is no paperwork involved. There is not the all-in intention of being with someone, no matter what, until death parts you. So, you know what that means? If one or both people come to a fork in the road where there isn’t room for compromise, no one is the bad guy for deciding to end things — yes, even when it comes to something like one individual wanting to remain sexually active while the other doesn’t.
I mean, how would you feel if the guy you were seeing decided that he didn’t want to spend money on dates or special occasions anymore because he needed to focus on getting out of debt? I’m not talking about for a couple of weeks either — I mean, several months or even a couple of years. If you can hang, he needs to keep you because you’re a real one. You know what, though? If you can’t, that doesn’t make you a gold digger or siren. If dates and gifts are what you feel like you need, again, especially if the relationship is relatively new, you need to do what’s best for you….just like he needs to do what’s best for him. It would be totally unfair on his part to expect you to be as invested in his self-development as he is.
IT'S NO DIFFERENT WITH YOUR DECISION TO BE ABSTINENT.
You are doing what’s best for you and he is not the devil incarnate if what is best for you is not what’s best for him. Husbands and wives have to make life-altering sacrifices; boyfriends and girlfriends (or the “untitled”)? They don’t. As unpopular (and perhaps even difficult) as it may be to hear, just like the Bible, Quran, Torah, and taxes don’t give a category for boyfriends and girlfriends (you’re single, married, divorced, or widowed), you should live your life in a similar fashion.
What I mean by that is, you’re single until you’re not. This means that you need to prioritize yourself above all else until someone vows to provide for and protect you (as you vow to help and nurture him). If you need to be abstinent, you don’t owe someone your body. If your partner doesn’t want to follow suit, he doesn’t owe you the sacrifice of going without either.
And so, if you can’t find any compromise, break up. Maybe you’ll cross paths in the future, maybe you won’t. What this season will reveal to you, rest assured, is what is best for you, who complements your life in the now, and how you should move as far as interactions with others go. Yet again, he’s not a villain for not wanting something that is different from what he initially agreed to. Don’t gaslight yourself or him into thinking otherwise. It’s not fair.
Always Do What’s Best for You
GiphyListen, as someone who knows long-term abstinence very up close and personally, very few things in life will teach you more about yourself than going without sex for a season will. It will teach you self-control. It will teach you how to figure out the difference between loving someone and “loving it.” It will teach you how to not settle just because someone makes you feel good. It will teach you how to exert self-discipline in other areas of your life. It will teach you how to not be afraid of losing someone if that means gaining more of yourself.
And honestly, that’s the biggest takeaway that you should get from all of this because, while there is a chance that your relationship is solid enough that your partner can roll with your decision if he chooses not to, choosing you above him and your connection, that is already making abstinence a bomb decision. Because when you do what’s best for you, you tend to choose who is ultimately best for you — whether it’s immediately or eventually — too.
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Bottom line, if you know that putting sex on pause is best for you, for now, PLEASE don’t let a relationship keep you from doing that. It might feel good to ignore your innermost needs now…yet I can almost guarantee that you will regret it later.
And it’s NEVER worth it, while you’re single, to ignore or push aside you…for “him”.
Trust me on that, sis.
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Featured image by Tom Werner/Getty Images