The Rules This Social Media Coach Is Living By In Order To Retire By 40
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
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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Your May 2024 Horoscopes Are All About Setting Intentions, Focus, And Self-Discovery
Explore your sign’s 2024 horoscope predictions to learn what is in store for you this year in love, career, and more. Check out the love compatibility of each sign to learn more about zodiac pairings and all things compatibility.
May is a month of intention and about focusing on what you are creating in your life right now. Eclipse Season is over for the time being; Mercury is direct again, yet there are still more opportunities for breakthrough and self-discovery. The month begins with Pluto going retrograde in Aquarius on May 2, signifying the need to reclaim your power right now. Pluto will be retrograde until October 11, and this is a good time to experience a renewal within your belief systems, friendships, and community. After a time of change and regrouping, May is a time to create a new path for yourself and feel more secure in doing so.
Taurus Season is in full bloom, and on May 7 the Moon will be joining the Sun for the New Moon in Taurus. This New Moon is an opportunity for luxury, self-care, stability, and harmony.
When the Moon is in Taurus, we are guided towards taking care of ourselves more, and this is a good time to set your intentions for where you want to experience more ease, love, and TLC in life. This New Moon will be a powerful time for manifestation, so make sure you are focused on what you want to create in your life right now. Mercury then moves out of Aries and into Taurus on May 15th, and perspectives move into the energy of more logic, patience, and practicality.
Mercury in Taurus brings the focus to your finances as well, and this is a good time to ask for a raise or promotion, take care of finances, or build your assets.
What May 2024 Has In Store For Your Zodiac Sign
Gemini Season makes its debut on May 20 this year, and the Sun moving into these air signs makes the energy a little lighter and playful, and by the end of the month, people are looking to have some more fun. With a Full Moon in Sagittarius happening a few days later on May 23, the end of May is an exciting, eye-opening, and adventurous time. The Sagittarius Full Moon is the Flower Moon of the Year, and it’s time you receive yours.
Venus moves into Gemini on May 23 as well, and during this time, relationship matters can feel a little more all over the place. However, this is also a more social, charming, and dynamic time for love as well. While Venus is in Gemini, remember that communication is key, and a more open-minded and flexible approach to matters of the heart is needed.
One of the most important transits of the year happens as May comes to an end, and that is Jupiter's move into Gemini. Jupiter has been in Taurus for the past year, helping us grow and get the full picture when it comes to your stability, relationships, and finances, and Jupiter's move into Gemini brings things into focus when it comes to your self-expression, communication, connections, and joy in life.
Jupiter will be in Gemini from May 25, 2024, to June 9, 2025, and this is the perfect opportunity to connect with your creative genius and meet new people with whom you resonate. May, overall, has a lot of potential for opportunity, insight, and collaboration, and this is the perfect month to set your intentions for the future while also living in the moment with the people you love and who inspire you.
Read for your sun sign and rising sign below to see what May 2024 has in store for you.
ARIES
May is a coming-together month for you, and things are starting to make more sense after Mercury retrograde in your sign for most of last month. You are getting more time within your relationships and close partnerships right now, and the New Moon on May 7, happening in your 2nd house, is when this connection, love, and stability begin to come in for you. You have been asking yourself the important questions and are ready to break ground and create the new beginnings you see for yourself.
With Mars in your sign for the entire month of May, you have a lot of energy and passion at your disposal right now, and you are making things happen for yourself. This is a good time for feeling connected to your body and for seeing positive results regarding your health. Jupiter moves into your house of communication at the end of the month where it will be for the next year, and you are moving into a time of more grace, understanding, and opportunity for self-expression right now, Aries - own your voice.
TAURUS
The Sun is in your sign, and you are shining authentically in who you are, Taurus. May is a beautiful month for growth and a time when you are finding your balance between letting go of the past and remaining true to yourself in the present. The New Moon of the month is happening in your sign on May 7, signifying a time of new beginnings for you and when it comes to your goals in life and your sense of freedom.
Be confident in your desires, and know yourself, Taurus. With all the manifestations that are coming forth for you this month, clarity is one of them.
Mercury enters your sign on May 15, and this is a time of positive communication, connection, and gaining some new wisdom. With Mercury in your sign, be prepared for some extra communication on your hands as people are looking to hear your perspective. Jupiter moves out of your sign and enters Aries on May 25 after being in Taurus for the past year, and the luck you have been experiencing in life transfers to your finances, income, and value systems. Overall, you are finding your way and making sense of it all this month.
GEMINI
May is a time of rebirth for you, Gemini. You are in a good head space this month now that your ruling planet, Mercury, is officially out of retrograde and direct again. This is a powerful month for you when things are turning around for you and some extra good karma and luck are coming your way. With the Sun in your 12th house for most of May, you are getting an opportunity to renew and heal from the past and to gain some new understanding of where you have been in life and what you want to create moving forward.
Gemini Season begins on May 20, and it’s your time to shine! Gemini Season this year is a month full of opportunity and clarity, and you are bringing your best self forward. There is a Full Moon on May 23 in your opposite sign, Sagittarius, and love matters are coming full circle for you now so that you can let go of old belief systems that don’t serve you or your relationships anymore. Your most important astrological transit of 2024 happens at the end of the month on May 25, as Jupiter enters your sign for the next year. Jupiter in your sign signifies good luck, fortune, and personal success in your future.
CANCER
This month is about finding your balance, manifesting, and working together with others, Cancer. It’s about choosing peace and trusting your intuition right now to guide you forward. The Sun is in your 11th house in May, and you are thinking of the big picture and not letting anything get in the way of your vision or purpose. There is a New Moon at the start of the month in this area of your chart, and your power of manifestation is especially strong this month, so make sure you are following your true North and setting the intentions that feel right for you internally.
On May 23, Venus enters your 12th house of endings and closure, and love is about moving on and moving into more healing and emotionally receptive experiences. Relationship matters are moving through a transformation now, and you are learning a lot through your partnerships, both old and new, this month. There is a Full Moon on May 23 as well, and this Full Moon will be bringing up old work, projects, and intentions; it’s time to congratulate yourself for your successes and how far you come, as others will want to support you more right now as well.
LEO
Over the next month, you are getting the opportunity to stand your ground, speak up for yourself, and claim your space, Leo. This month is about being your biggest cheerleader and seeing yourself in the way you wish others to see you. The Sun is in your 10th house for most of May, and you are focused on taking action and going after your dreams right now. The New Moon on May 7 is a good time to set your intentions for said goals and dreams and to really believe in yourself.
On May 23, there is a Full Moon in fellow fire sign Sagittarius, happening in an area of your chart that has to do with your happiness, romance, creative self-expression, and overall joy for life. You are getting the full picture of where your priorities are or need to be, and are bringing more attention to the things that are going to truly make you happy and fulfilled at the end of the day. Jupiter enters Gemini on the same day where it will remain until 2025, and this move is expanding things for you when it comes to your friendships, community, and social networks.
VIRGO
May is a month of connecting with your soul and creating harmony in your life, Virgo. You are moving into a time of greater freedom and authenticity, and May is a good month for travel for you. With a New Moon in Taurus at the beginning of the month, you are expanding your horizons and gaining some much-needed inspiration. This is the time to do things differently and to not be afraid to take risks, and a leap of faith in yourself. You are feeling a little more optimistic in May, and this is creating an opening in your life.
On May 23, we have a Full Moon in your 4th house of home and family, and this is a good time for experiencing closure in this area of your life, and like things are coming full circle for you here. The first half of the month is all about adventure, and the second half of May, you are looking to build in your stability. Jupiter moves into your 10th house of career and success before the month ends, and you enter a year-long transit that will be positively influencing and expanding your reputation and goals in life.
LIBRA
May is an opportunity to learn, inspire, and spend some more time with the people who bring this energy out of you, Libra. The month begins with Pluto going retrograde in your 5th house of love, and you need some more time to grasp what is going on in your heart and how you can find your power in life here more. There is a lot to learn and discover this month, and the New Moon on May 7 will be an eye-opening and transformative moment for you where you can dive deep into your love life and commitments and see where a new beginning may be necessary.
There is a Full Moon happening later in the month and this Full Moon will be bringing forth spiritual guidance into your life. This is a Full Moon to connect, communicate, and share your insights and ideas with others. On May 25, Jupiter enters Gemini and moves into your 9th house of adventure, and you are entering a year of travel, enlightenment, spirituality, and higher education. Your mind is your gift right now; trust you have everything you need to experience greatness and be open to meeting new people who will help you get there.
SCORPIO
This month is about remaining open and receptive to what is possible for you and your future, Scorpio. You are in a good space to receive your due blessings and rewards, but your heart must be open to receive them. Your ruling planet, Pluto, goes retrograde at the start of the month on May 2, and this Pluto retro transit will allow you to rebuild your vision for the home, and help you figure out where you can bring more of yourself into your surroundings.
A lot of the energy of the month is in your opposite sign, Taurus, meaning it’s in your love and partnership zones.
May is one of the most significant months of love for you out of the year, and the intentions you set for your relationships on the New Moon this month will be creating magic in your love life for the rest of the year. On May 23, there is a Full Moon in the sign just after yours, bringing attention to your finances, income, and self-confidence in it all. The end of May is a time to focus a little more on your stability in life and to take a look at your finances. This is a good time to clean your purse or wallet, create some feng shui, and go over your assets.
SAGITTARIUS
Your guidance for the month is to go with the flow and trust your instincts, Sagittarius. The New Moon happening on the 7th is a new door opening for you, your health, and your daily routine, and you are focused on what is going to be best for you and your well-being overall. You are trusting your next steps ahead and remaining grounded with where things are in the meantime. It’s all about trust right now and how much of it you can have for yourself.
The Full Moon of the month will be in your sign on May 23rd, and this is a powerful Full Moon for you of closure, clarity, and self-confidence. You are letting go of what doesn’t resonate with who you are now and what you want to expand in your life. This is a good time to say your affirmations, meditate, and get out of your own head. Before the month ends, your ruling planet, Jupiter, enters your opposite sign, Gemini, and your love life gets an extra boost of good luck right now. Jupiter will be in your 7th house of partnership until 2025, and you are entering a year of harmony, Sagittarius.
CAPRICORN
Abundance is your birthright, and you are tapping into this energy this month, Capricorn. May is a month full of opportunities for you, and a lot of this good juju is coming through for you romantically right now. The Sun is in your 5th house of the heart for most of the month, and there is a New Moon here on May 7 as well.
At the beginning of May, make sure you are focused on communicating clearly, owning your passions in life, and having some more fun with love and the romance that wants to bloom for you here.
With Mercury entering your 5th house on May 15 as well, you could be receiving a surprise message or be having some interesting conversations right now that switch things up for you in love. On May 25, Jupiter moves into an area of your chart having to do with your health, lifestyle, and work life, and you are overall going to be coming into balance more here and experiencing some fortunate opportunities at work and within your daily routine. Overall, May is a month that is setting you up for success, Capricorn.
AQUARIUS
May is an opportunity for you to connect, move forward, and learn more about yourself and your heart, Aquarius. You are paying attention to the signs right now and making sense of things that may have gone past you before. With Pluto going retrograde in your sign as the month begins on May 2, you are someone who will be moving through a journey of self-discovery for the rest of the year and will be figuring out where your true power is in life and how to hone in on it more.
The New Moon in Taurus on May 7 is a new beginning for you and your home life, and a lot of this month will be about finding those people and spaces that feel like home to you and that make you feel supported in who you are. Jupiter enters a fellow air sign on May 25, and Jupiter in Gemini brings in a year ahead of romance, creativity, confidence, and finding your joy. Things are shifting big time in your life right now, but you are figuring out what works for you and what doesn’t.
PISCES
It's time to protect your energy and create boundaries where needed, Pisces. May is a month of checking in with yourself and emotionally regulating before moving forward. Pluto goes retrograde at the start of the month and will be retrograde in your 12th house of closure, secrets, and healing until October. What this means for you is a chance at clarity of the heart, but this transit can also bring up old issues or power struggles of the past. Remember to learn from past experiences and decide for yourself today how you want things to go for you from here.
There is a Full Moon in Sagittarius on May 23, and being a mutable sign like Sagittarius, you can tap into the potential of this Full Moon effectively. This is the time to turn a page within your career or professional world and see some resolution here. Before the month ends Jupiter enters your house of home, family, and history, and you are going to be opening your mind on these matters over the next year. You could be expanding the home, moving, or experiencing a deep sense of healing here now.
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Featured image by Kyra Jay for xoNecole