Money Talksis an xoNecole series where we talk candidly to real women about how they spend money, their relationship with money, and how they get it.
As we are out here getting to these coins, I want to ask you all something really quick. If you could write down the first idea that pops into your head, how much is it worth to you? And I am not talking about how much money you THINK people would pay for your idea. But how much money do you honestly believe your idea is worth right now? I ask this because a lot of times, as creatives, when we are coming up with ideas, we struggle with being confident in knowing how valuable they are. Now, no idea is too big or too small. But, with so many possibilities in the world with how you make a statement, it can get a little cloudy with believing that your idea can stand out among the rest.
I believe the trick is to not focus on how much faith you have in other people to buy in, but to focus on having faith in yourself. Do you believe in yourself? Do you believe your idea is valuable because you are valuable? You should always be confident in your capabilities first to really push forward your ideas/dreams. Your ideas are an extension of you, so they will always be pretty expensive. It doesn't matter how you came up with the idea or if you feel it has been done before. When you take a chance on your idea and stay determined to see it through, you are taking a chance on yourself. Every time.
This mindset is something I learned from six-figure entrepreneur Afenya Montgomery. Last year in 2020, I was able to attend an event at a coworking space where I connected with other women who were pursuing different businesses in different industries. It was so amazing listening to all their stories, especially the host, Afenya Montgomery. When we met, I knew we would stay in touch instantly. Now one year later, Afenya reminded me of how important investing in yourself is when it comes to entrepreneurship.
"I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. I had this idea and I had to see it through. Nobody wants to look back years later and think, 'I should have done this or that.' I felt like if I was going to bet on anything, I was going to bet on myself. Always remember, when you are putting real money behind an idea, don't be in the talking stage or dating the idea. You have to be married to it."
Courtesy of Afenya Montgomery
Afenya Montgomery, born and raised on the south side of Chicago, started her professional career in the nursing field. Afenya was able to obtain her Master of Nursing degree and an MBA with a focus in executive leadership. In the year of 2017, Afenya felt that it was time for her to pivot. During that time, she started meeting up with her friends at local coffee shops and noticed that there was a lack of resources for people of color in entrepreneurship. That is all it took for Afenya to come up with an idea to help change that problem. Afenya mentions, "The idea began to form that it would be great to create a network of people that could act as accountability partners, potential business collaborators and resources for each other. Our first event was a panel discussion in June 2017 titled, 'Leveraging Your Network to Create Impact,' and we haven't looked back since."
Afenya is now the founder of The iCAN Collective. The iCAN Collective was founded on the pillars of Innovation, Collaboration, Accountability and Network. The iCAN Collective strives to give women a space to build a foundation of collaboration, authentic connections, and support as they blaze new trails on the path of entrepreneurship or in their careers. This company is a collaborative coworking space for women of color entrepreneurs, creatives, and game-changers, where it offers memberships, exclusive events, networking opportunities, and brand packages. Afenya wants to be a resource for creative entrepreneurs and celebrate them for going after their dreams.
When you chase your dreams and execute them no matter what, nobody can tell you nothing.
In this installment of "Money Talks", xoNecole spoke with Afenya Montgomery about how trusting your gut, being strategic, and building your business at your own pace are the keys to creating financial freedom.
xoNecole: How much money do you make in a year? A month?
Afenya: I usually make mid-six figures with my company in a year. My revenue breaks down to making around $15-20K a month.
What do you define as “wealth” vs “success”?
Success for me means you are setting goals for yourself and getting them accomplished. You create these milestones for yourself and they can be small or big. Either way, you are getting them done. As far as wealth, wealth to me is being able to have certain things you want in your life, but more importantly, leaving something behind for your children and building that legacy.
What’s the lowest you’ve ever felt when it comes to your finances?
The lowest point for me was back before I was in nursing school. It was during the Great Recession and I got laid off. At the time, I was a newlywed, I had just bought a house, and I was about to have a baby. So that was when I started to look at money differently. I realized you can't only depend on a job. You need other ways in order to sustain money. I didn't think about entrepreneurship at that time honestly, so what I did was, I started a blog about my journey. Then, I looked at what I was passionate about, what careers aligned with that, and thought about how I can have more control over my money.
How important is investing to you?
I have always been interested in investing and how I can save money better. Even before my company, I would open money marketing accounts and make sure I was smart about utilizing what I had for the things I needed at the time. When it comes to investing, I think it is really important to know which type of investments are right for you. Because let's be real, it is not easy investing thousands of dollars or 500 dollars into something that you want([laughs). I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. But it is important to have a diverse portfolio and that you are married to this investment/idea.
When it comes to structuring your business, what are your streams of revenue and how did you go about establishing them?
Prior to having a physical space, The iCAN Collective was about creating workshops and networking events/opportunities for women of color interested in entrepreneurship. I found myself having these events in different spaces and figured why not create a space that was permanent. From there, I wanted to provide different things that a lot of spaces do not offer. So with this space, we provide membership, a coworking atmosphere, host events or intimate gatherings, and we offer brand packages. It's important to have something that is unique and stands out from the rest.
What are some unhealthy habits about money or some unhealthy mindsets about money that you had to let go of to truly prosper?
The first thing I had to change was this mindset about money as if it will never come. My brother would tell me these affirmations stating, "Money is always free-flowing. I am abundant. Money will come my way, etc." Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'
"Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'"
Courtesy of Afenya Montgomery
What keeps you motivated?
If you are passionate about something, then build the strategy behind what you want to do. I have heard people say that when it comes to business, do not go after your passion. But why passion is important to me is because that is honestly what keeps me going. If I don't have any interest or drive to be in that space, then I can't innovate in that space. Entrepreneurship is not one of those things where you're going to get a check just for showing up. You have to be really good at what you do and also have passion for it to see it flourish.
What is the most important lesson you’ve learned through being a businessowner?
It is important to be flexible and roll with the punches when you're an entrepreneur. But more importantly, my main lesson has been trusting your gut and trusting God. If God gave you an idea/mission, it is already protected by Him. I always tell people that I never wanted to be an entrepreneur. It was more of a God-given assignment and I have faith in what I am creating to be aligned with my purpose.
What was it like learning to expand your business from one city to multiple cities?
We are looking to expand The iCAN Collective to New York, which is funny because I actually wanted to move to New York when I was 18 years old (laughs). I am so in love with the vibe of New York and I also have family who live there. What I learned about creating a space in a new city is to always poll your people. It is really important to build relationships with the people in the community. I try to look at it through the lens of what I can I bring to this space to support the community the best way I can? I ask myself, what is the main need and what can I provide?
Was it easy to become a well-respected businesswoman in your respective industry or did it take time?
In the beginning, I was letting people know 'ya'll better put some respect on my name' (laughs). The thing about Chicago is that we are known to be a little cliquish. So it is not that I didn't know people in the industry, they just didn't know me. I won't lie, navigating through the industry was hard. I would go to a bunch of events, hand out my business cards, and network, network, network. But as time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter.
"As time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter."
Courtesy of Afenya Montgomery
What’s the best advice that you’ve received about finance during your first year of entrepreneurship?
The best advice I think that helped me during my first year is to build slowly. There is this misconception where you see people starting their businesses and everything is happening so fast, so you feel you have to catch up in a sense. But you really have to look at your strategy for your business, intentionally, in order to scale. Another really good piece of advice I received is that, a lot of people talk about an individual having multiple streams of income. But I don't think we talk enough about businesses having multiple streams of income. I have learned that it really helps to diversify what you provide in your business. If you are trying to be a million-dollar business, make sure that every move you make feeds that desire.
To learn more about Afenya, you can follow her on instagram @afenyabsn. You can also check out her business website here.
Featured image courtesy of Afenya Montgomery
RELATED
Whether you're planning to meet a certain financial or fitness goal, or you're simply trying to maintain and build on the progress you made this year, having something to look forward to is always a good look. Setting actual goals, according to research, actually leads to more success than just playing things by ear. So here are a few to get you started, sis:
(Disclaimer: Not everything is for everyone, so do like my Granny always says: "Eat the meat. Spit out the bone." Take on five out of the 40 and focus on that for the remainder of the year, or do them all. Either way, this is just to get you started.)
40 Ways To End The Year Strong and Inspired
Money Moves
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1. Increase your retirement (or other savings/investment) contributions by 1%.
Experts have found that you could be leaving money on the table by not upping your contributions when you can.
2. Cancel two to five subscriptions.
You could be missing hundreds, even thousands, of dollars a year due to sneaky price hikes and "updates."
3. Create a "fun" in a high-yield savings account.
This is especially important if you struggle with the dreaded b-word (budget) and will make next year's efforts a lot less intimidating. Even if it's $10 a month, do it.
4. Put on your big-girl panties, and set up automatic transfers and payments for at least one bill.
It reduces the stress of managing bills, lessens the chance of a missed payment---and the fees that come with that---and there can be cost savings for doing so.
5. Invest in a cleaner or housekeeping service.
Bosses who value their time (and mental health) invest their dollars into areas where the time they'd spend doing those tasks themselves could be better used to focus on other money-making projects. (And yes, rest is part of that.) Get a housekeeper, sis, or drop off that laundry, even if it's once per month.
6. Donate to a charity.
Beyond the tax benefits, it's a win-win for the greater good of communities you care about.
7. Review your insurance policies and negotiate a better rate (or move on) before their end dates.
Experts often agree this is a small but mighty step to take each year, especially since insurance rates are competitive, you could be spending more money than you need to (or not enough) and your insurance rates can affect your mortgage payments.
8. Call your loan provider and refinance.
As interest rates fall, “millions of borrowers may be able to refinance and get more affordable payments. As interest rates eased down to 6.5%, about 2.5 million borrowers could already refinance and save at least 75 basis points (0.75%) on their interest rate,” the Consumer Financial Protection Bureau reports. You can also refinance student and other types of loans.
9. Stop buying individual items and stock up via going bulk.
Research has found that, among 30 common products, buying in bulk could save you 27% compared with buying in lower quantities. Water, paper products, and baby products like diapers, toiletries, and garbage bags are the top items where people see the most cost-effectiveness. (This has been a lifesaver for me—children, large family, or not—especially when it comes to toothpaste, deodorant, toilet paper, and feminine hygiene products, saving stress, time, and money.)
10. Go cash-only for the holidays.
If you set smart goals and stick to limits on things like gifts, going out to eat, or groceries, you'll see the benefits of this. Cash-stuffing is one method recommended, but something as simple as taking a $10 bill out for lunch, disabling that card for an hour, and leaving your card in a safe place at the office can give you that mindset jump start to see how far you can take your money without the need to splurge.
Love And Romance
11. Say "no."
There are clear mental and physical health benefits to saying no including the setting of healthy boundaries, creating time and energy for other self-care activities, and protecting yourself from physically harmful situations (i.e. unprotected sex or abuse). Just say it, clearly and simply, when you need to.
12. Set a fun, free, adults-only date night for once a week or twice a month with your spouse.
If busy, high-profile folk have touted the success of this, even you can make the time for quality time with your partner. And it's even better when it costs nothing. The best connections are made doing something chill, challenging, or outside the usual dinner-and-a-movie date. Play a game that allows you to reconnect, take a walk in your neighborhood to chat and laugh, or try a little erotic chocolate/edible liquid/paint episode a la Mea Culpa.
13. Go out with Mr. or Ms. "Not My Type."
I love my man, but if I were waiting out for my "type" at the time, we wouldn't be celebrating seven (going on eight) years together. Sometimes having strict, unrealistic expectations for a spouse (especially related to things like height, physical features, or career path) is what's keeping you alone and lonely.
Take the pressure off and explore all your options. I'm not telling you to stop popping the balloon on the guy who earns $20,000 less than you if that's a hard no that Jesus himself told you to skip. I'm asking you to explore other options and see what else God might have out there for your love journey.
14. Immediately apologize and pray together.
I've learned that always being "right" isn't always ideal when you truly care about someone and you're in a relationship for the long haul. Defaulting to an apology when necessary, even when things aren't 100% resolved, is a good way to prioritize peace and save your energy for more worthwhile battles. Research has even supported the benefits of apologies in relationships, and how couples married for five or more years do it often.
15. Get a Rose and discover true self-love.
Do I really have to explain this? You've gotta know what satisfies you, and how better to figure that out than to practice self-love in the bed by yourself? You can also try this with a partner, but as a woman who got on this train very much later in my sexual activity journey. I have a lot more learning to do on my own, and even in a satisfying relationship, I like to find out new things about myself, by myself.
Figure out what you're into, watch what you want to watch, and read what you want to read to define pleasure for yourself. There's a freedom and empowering element there especially if you're used to prioritizing pleasing your partner.
16. Be direct and have the "money talk" with bae.
Money issues are one of the leading causes of divorce, so you need to have those conversations before you even think about marrying someone. And true, nobody can predict the future so you won't be able to avoid some challenges altogether, however, talking with your potential spouse about how they view money, their spending habits, and the pain points in terms of their approach to money management can at least give you a glimpse into what's in store if you do walk down the aisle, move in with them, or decide to share a bank account/business/child with them.
17. Invest in the "paid" version of that dating app.
I know plenty of successful, married folk who did this and met "the one" as a result. Let's be honest: The free version is for playing around. I had a lot of fun with my "free" profile back in the day, trust me. Upgrade that photo, profile, and package, and see if the quality of your dating adventures changes when you're serious about finding a true partner. Dating coaches and matchmakers cosign this.
18. Solo travel to meet that long-distance connection.
Sometimes, your perfect match isn't within 100 miles of you, and that's okay. Make it an adventure, enjoy the memories, and book that ticket. I met my man this way and it's been a whirlwind escape ever since. If you're not comfortable traveling solo, travel or (network to plan travel) with a group via Facebook.
Career And Business
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19. Schedule coffee or virtual meetups with smart people from your graduating class, previous employer, or current employer.
I have gotten many freelance opportunities by doing this. It's as simple as connecting and offering value (or simply learning how you can better equip yourself to do so.) It's also a great way to expand your network, spark new friendships, or find out about new job opportunities.
20. Invest in a well-made suit.
I don't care what industry you're in, a suit says "power," and it's not as old-school or out-of-style as you'd think. Plus the whole experience of looking for a new one (or getting one tailored) is fun and affirming. Try these options. I swear, anytime I wear a blazer, I'm treated like a celebrity or boss, especially when traveling. I was once upgraded to first-class wearing a yellow blazer outfit, and the airline professional literally said, "You look like somebody important. Here you go."
21. Volunteer for a worthwhile project or cause that's important to your company.
If you're overworked and underappreciated, skip this one, but if you truly have the time, love what you do, and want to advance, this move is clutch. Volunteering for extra projects got me where I am today in media because I had foresight, and knew that was the only way at the time to leverage relationships, and I was able to challenge myself to learn skills that 20 years later are still bankable. That VP you can't get a meeting with will be at that gala your company is planning, so join that committee, sis.
22. Write down why you deserve a raise and ask for it in your next one-on-one.
Gather those receipts (ie sales increase numbers, KPIs met, deals closed, people acquired via recruitment, the impact of systems updates, or other tangible success metrics) and ask for that raise before the first or second-quarter budgets are being finalized.
23. Instead of quitting, write down your exit plan.
While revenge quitting is set to be a thing next year (and maybe you're among those who will be leading the trend), try the better boss move and quit with a real plan.
24. Start automatically separating that estimated self-employed quarterly tax estimate.
If you have side hustles (or you're collecting 1099 income,) baby, you do not want to neglect those quarter tax payments. Talk to a professional, do your research, and set up automatic transfers to an account specifically for paying these at the appropriate due dates.
25. Sign up for a free one- to 11-week course related to your industry—or the industry you want to be in next year.
Institutions like Harvard University and platforms like Coursera offer free courses that can enhance your skills. You can also invest in certificate courses with accredited colleges as well as tech training.
26. Hit "Easy Apply" for 10 dream jobs listed on LinkedIn.
While you shouldn't solely rely on this when actively job-seeking, using this convenient LinkedIn option is a great way to get into the habit of applying for positions. And if you're already employed, you should still be "dating" other employers if you're looking to make a move in the next six months. Keep your interview skills sharp, practice toughening up for the "nos," and get a bit of an ego boost in the process.
Self-Care And Wellness
27. Pre-schedule three month's worth of massages.
Oftentimes this is cost-effective since some spas offer deals for multiple bookings. Also, it makes an act of self-care deliberate and important, not an option. When you get that reminder call, you'll know it's real.
28. Fire that therapist and try another one.
Cultural competency in mental health support is one major problem that can hinder Black women from even bothering with therapy. And who wants the added stress of spending multiple, paid sessions explaining why something is a microaggression? Cut the cord and move on to try someone else, either via a Black women therapists channel or recommendations from others.
29. Join a small group at church.
Bedside service ain't gonna cut it and neither is going to the usual Sunday service. Join a smaller group and upgrade your efforts to connect, network, and elevate spiritually. Even if virtually, take a step to dig a bit deeper with more targeted Bible study and discussions.
30. Say no, even to loved ones.
This is on here twice, for a reason. Saying no is the simplest, most powerful micro-action you can take today to make 2025 better. No explanations. No guilt. Say no.
31. Choose one "luxury" beauty product for skincare and stick to it.
This was trending big on social, especially for millennials hitting their 40s. There's just something so freeing about not giving in to every trend and sticking to the basics that work, especially when there are quality, healthy ingredients involved. Put those orders on auto-renew.
32. Sign up for a new sport or fitness class just for fun, not for results.
It's great to be on a weight-loss or weight-lifting journey, but try something just for the fun of it. Switch things up with a couple of these fitness activities.
33. Book a staycation.
Leave the passport at home and explore a nearby community or another town in your state. There's so much enrichment in your own backyard right here in the U.S., and you don't even have to break the bank.
34. Pre-schedule your mammograms, Pap smear, and peri-menopause checkups for next year.
Take control of your health by pre-scheduling essential appointments like mammograms, Pap smears, and peri-menopause check-ups for 2025. Prioritizing these screenings early ensures you stay on top of your wellness and make time for self-care in the new year.
35. Cut off support of beauty and wellness professionals whose customer service is below standard.
This is another one that many Black women have been vocal about—from unrealistic pre-appointment requirements, to booking fees, to long waits, to unsavory in-salon experiences. Spot the red flags early, and just stop accommodating foolishness. Support salons or experienced stylists who are kind, have proper systems in place and value your time.
36. Schedule five to 10-minute moments of silence on your calendar.
Again, wellness is not optional, and if it's not on my calendar, it's not official. Sit quietly. Pray. Meditate. Or do nothing. The benefits of silent moments are almost endless.
37. Download a meditation app.
If you've found that meditation is difficult to schedule or to even start, an app can help. Try this, this, or this one, and take that step to embrace something new to enhance your wellness routine. If you're tired of downloading apps, create a playlist for meditation via Amazon Music or Spotify and schedule a reminder to do it once a day or week.
38. Invest in a healthy meal prep or delivery service.
Time is emotionally expensive, so save as much of it as possible. Getting into meal prep to keep to your goals is a great way to save time, stress, and effort. The health benefits of meal prepping have also been proven via research.
39. Create a positive playlist on Spotify, Amazon Music, YouTube, or other streaming platform.
It can be podcasts, music, affirmations, or somatic sounds. It's a game-changer. You can even set an alarm to wake you up to start your day with the positive playlist. Not into creating your own? There are plenty to choose from with a quick search.
40. Set up reminders for Alexa (Siri or other AI) to remind you, "You are loved," and "You are okay."
This simple effort can boost your endorphins and remind you that you're indeed, not alone, and you will be okay, regardless. To set mine up, I simply commanded, "Alexa, remind me everyday 'Jesus loves me,'" and like clockwork she does. She almost scared the ish out of me one day when I'd forgotten the reminder was active, but it was the reminder I needed when anxiety had gotten the best of me that week.
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