Actress Tracee Ellis Ross Has The Keys To Financial Literacy
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 withInStyle 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".
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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
Michelle Schmitz is a writer and editor based in Washington, DC originally from Ft Lauderdale, FL. A self-described ambivert, you can find her figuring out ways to read more than her monthly limit of The New York Times, attending concerts, and being a badass, multi-tasking supermom. She also runs her own blog MichelleSasha.com. Keep up with her latest moves on IG: @michellesashawrites and Twitter: @michellesashas
This Black Woman-Owned Creative Agency Shows Us The Art Of Rebranding
Rebranding is an intricate process and very important to the success of businesses that want to change. However, before a business owner makes this decision, they should determine whether it's a rebrand or an evolution.
That's where people like Lola Adewuya come in. Lola is the founder and CEO of The Brand Doula, a brand development studio with a multidisciplinary approach to branding, social media, marketing, and design.
While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
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The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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Kelly Rowland Reveals Her Recipe For A Good Time Through Food, Family, And Giving Back
Kelly Rowland has been a beacon of light for little Black and brown girls since she first arrived on the scene through Destiny’s Child in the 1990s, yet, despite her success and accolades, her road to self-discovery is still underway.
The Fantasy Football actress says this era of her life is rooted in constant discovery and the realization that the possibilities in life are endless.
“I’m in constant discovery and learning about myself, about life, about love, about communicating, and I just say discovery is my current era, and to me, the possibilities are endless of what my capacities are,” the “Motivation” singer told xoNecole during an exclusive interview.
A part of that discovery is acknowledging all of the different looks she’s trademarked over the years, whether it’s her classic short red cut or the blonde she’s been known to lean toward recently. She attests a lot of her iconic looks to her bonus mother, Tina Knowles.
“I’m really grateful to Mama T for that because since she owned and worked in a hair salon, she would say, ‘Well, let’s try this. Let’s cut it off. Let’s grow it back. Oh, it’s just hair,’ you know what I mean?” the 43-year-old recalled.
“I’m definitely in that spirit when it comes to hair and glam and just seeing what pops and what doesn’t. I think that there are no rules.”
“For a long time, brown girls were told you can’t do this, you can’t do this, and you shouldn’t do this. It won’t look good on your complexion. That’s not our story. That does not belong to us at all.
"Our possibilities are endless. If anything, we make the trends and we make it look good. We make gem tones look wonderful because of the brown skin that pops off of the gem tone. We make it look wonderful.”
As the mother of two boys, Noah and Titan, Rowland still aims to create tradition through a good meal. She notes how she manages to balance maintaining quality time with her family as a woman who wears many hats.
“One thing that we’re trying to stay on top of right now is one-on-one quality time,” she shared. “I like to do that with my boys. They both get their own afternoon or day with me, so we have these little dates. Noah and I were sitting at this ice cream spot in LA the last time, and we just sat there and talked. It also made me sad because I was like Oh my God, this three-year-old is growing up so fast. I can’t believe he’s even three, and we’re sitting up here and having this whole conversation.”
“One thing that we’re trying to stay on top of right now is one-on-one quality time. I like to do that with my boys. They both get their own afternoon or day with me, so we have these little dates.”
Rowland added, “Then, with Titan, he likes a sushi spot that we go to for hand rolls, and so, we definitely bond over food and over certain outings that we might have. I just like for them to be one-on-one so that we can create our memories together, and they feel seen by me, their mother, and we just enjoy each other’s time. We laugh, and that means a lot to me.”
She is also very intentional in stressing the importance of giving back, something that was instilled in her at a young age by her mother that Rowland is ensuring her sons get a taste of.
“For Christmas, we like to be home, but we also like to give back,” said Rowland.
“Around Christmastime, I want my kids to understand how important it is to give back. So this year, I think we will pile it on because both of them will understand now even more.
"The three-year-old might miss it, but the nine-year-old is definitely starting to catch on. My mom poured that into me about the spirit of giving, and I want my kids to have that same tradition that my mom gave me.”
Today, she continues to give back by pouring into a locally owned eatery that made her, even having a meal named in her honor in a new partnership centered around spreading the love when it comes to patronizing local restaurants nationwide.
This Is It! is one of her childhood favorite Black-owned restaurants in her home city of Houston. During the earlier DC days, she recalled bonding with her bandmates-turned-family members over a delicious plate of soul food at This Is It!, a fourth-generation, family-owned establishment known for its comfort dishes.
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“I love the idea that a huge corporation like Pepsi wants to make sure that in their budget, they’re giving back to communities that have supported them for many years,” she said.
Rowland added, "This Is It! is a place that grew me up and helped me to keep my feet on the ground. This always brings back such fond memories for me.”
In honor of Rowland’s favorite This Is It! meal being named after her, which includes pepper steak with rice and gravy, green beans, peach cobbler, and an ice-cold Pepsi, the “Like This” crooner discussed her recipe for a good time.
“I would say good food,” she laughed. “Not that I need it, but a good Espresso Martini or a French white wine. Sometimes, I might lack energy, so I need a Pepsi to pick me right back up.”
“What else? Good energy. You need good energy. Like, good people with good energy who know how to have a good time. Who aren’t going to look around and see what the other person is doing," Rowland added.
"Because just when people are so good in their body and self-aware and self-assured, they are the funnest people to hang out with because they don’t give a crap about what’s happening around them. They just want to have a good time. I like those people.”
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