Quantcast
RELATED

Tracee Ellis Ross is known for her quick wit, affable personality, and impeccable style as the co-star of the television mega-hit Black-ish. But what I love most about her, is her willingness to be outspoken on topics most important to her. The three-time Emmy nominated actress spoke with InStyle Magazine and dropped some major financial advice that anyone can use.

To me, one of the nastiest four-letter words is "debt"—it grabs ahold of you, and seems to to let go. From student loans to credit card bills and mortgages, debt is a part of life. And if we don't spend "smart", our financial woes will continue to pull us down. Ross says that learning this tip was her key to financial freedom:

"Spending smart is part of my motto in life...I believe that you can feel extraordinary in your life without spending tons of money. I'm a really strong advocate for living within your means and not trying to keep up with the Joneses, because then you don't have debt."

Additionally, Ross touched on the importance of establishing credit as an a rite of passage into the world of "financial maturity".

DFree / Shutterstock.com

You can't get credit without already having credit, and although it makes sense to only spend within your means, it is also important to establish your credit history early-on. That way, when you are ready to make bigger investments (like a car or home loan), you've proven that you are, in fact, credit-worthy. She shared:

"Part of learning how to be responsible with your money does require getting a credit card. If you just work with the cash that you have in your pocket, it's easier to know when that cash is done. Same with a checking account. People don't write checks anymore, but I do! Still, credit cards are really important in terms of financial maturity. I remember when I got my first credit card in college—I still have some of the credit cards from back then, actually—and I really gained an understanding of how it works. That's been important in my financial literacy as an adult."

The NAACP Image Award winner also gave some great advice when it comes to our ability to negotiate. As women, we've been pigeonholed into presumably not having this important skill, but Ross says if you know what you're worth, you need to speak on it. Demand your just due at the negotiation table. According to the award-winning actress, we can all support one another a little when it comes to learning his skill.

" Negotiating is a very scary experience because it requires a lot of courage and, to a certain extent, the willingness to lose the opportunity, which most people don't have the luxury to do. It's you saying, 'This is what I'm worth,' and as women, culturally, there isn't a training that supports us in that. That, I think, is what we are attempting to change from a systemic place. It's important to have a supportive group around you that you can use as a sounding board to be smart and creative in your negotiation. [Companies] might not be able to pay you in dollar amount, but maybe there's other ways you can be supported in the work that you do—like your travel expenses or something. There are a lot of ways you can negotiate."

As millennial women, our financial literacy is more important now than ever. We are increasingly starting more businesses than any other demographic, more likely to earn degrees, and are more often the breadwinners of the family. Tracee's advice should encourage us to start having conversations concerning women and financial independence. Tracee says that it's time to eliminate stigma surrounding these tough conversations, because in the end, knowledge is power. She said:

"Women's financial solvency, transparency, and the ability to have these conversations without being afraid are incredibly important things. We have to take the stigma away from it and actually try and make some change, and that will require us having knowledge."

It's never to early, or too late, to learn the ins-and-outs of credit and financial responsibility. It's not only a good idea to learn as much as you can about these areas, it can also be the difference between trying to keep up with the Joneses and actually becoming one of them.

To read more financial tips from Tracee Ellis Ross, check out her full interview here.

Featured image by DFree / Shutterstock.com

Article originally published on July 13, 2018

 

RELATED

 
ALSO ON XONECOLE
Sergio Hudson On Designing With Intention And Who Gets Left Out Of The Industry

Sergio Hudson dreamt big as a young South Carolina boy staring out of the window of his mom’s Volvo driving down the Ridgeway, South Carolina streets. Those dreams led him to design opulent tailoring that’s been worn by Beyoncé, Queen Latifah, former Vice President Kamala Harris and Forever First Lady Michelle Obama, just to name a few.

Those dreams have come full circle in a new way as he recently collaborated with Volvo for a mini capsule collection suitable for chic and stylish moments this fall. The 40-year-old designer follows a long legacy of fashion aficionados who’ve used their innovation to push the automotive industry forward, including Virgil Abloh, Eddie Bauer, Paul Smith and Jeremy Scott.

KEEP READINGShow less
Why A Solo Trip To Aruba Was The Nervous System Reset I Needed This Winter

Christmas has always been my favorite holiday. I host every year, from intimate dinner parties to holiday movie nights and even bigger holiday parties for my business. I’m also always the person who encourages others this time of year who are navigating grief, but this year I found myself holding more than I could carry.

2025 was a beautiful year, one marked by growth, travel, and wins I worked hard for, but it also carried profound grief. The day before Thanksgiving, my godfather, who helped raise me and had been a second father to me my entire life, passed away. On the day of his funeral, my grandfather was admitted to the hospital as he began treatment.

KEEP READINGShow less
6 Signs It's Time To Leave 'It' Behind You In 2026

Y’all know what folks tend to do in the hours leading up to a new year — they make New Year’s Resolutions. And while I’m personally not the biggest fan of those (check out “Forget New Year's Resolutions, Try This Instead.”), what I do like to recommend is taking personal inventory to see what you need to hold on to and what you can stand to actually…let go of.

So, let’s get right into it.

KEEP READINGShow less