You can't pick apples from a banana tree, and you can't expect to get great financial advice from broke people. If you're wondering why you've been stuck in the same place, it's probably because you've been taking advice from the wrong people. While our homegirls can be both our comforters and our confidants, one thing that they are not is our financial advisors.
I've said it before and I'll say it again, having the ability to take things with a grain of salt is a superpower that shouldn't be taken lightly. Understand that to truly level up your bank account, you might have to switch up your method and seek out mentorship through people that currently are where you're ultimately trying to be.
To jumpstart you on your quest, xoNecole has culminated a list of financial tips from some of our favorite rich people that will help guide you into the land of financial freedom.
Serena Williams: Count Your Coins Carefully
a katz / Shutterstock.com
According to Google, Serena Williams' net worth is estimated at about $180 million and she didn't become the fabulously wealthy mogul mom that she is without being intentional with her coins. Last year, Serena shared that the most valuable financial advice that she's ever gotten came from someone we all know as the original rich auntie. She told HuffPost:
"[Oprah] said to watch every dollar that you spend. In other words, if you have a company and people are using your money, to look at every single expense. And to this day, I do that."
Kandi Burruss: Invest In Yourself
In an interview with ESSENCE, Kandi Burruss revealed that she built her multimillion-dollar fortune by following two simple rules: invest (both in yourself and your future) and pay off your loans as soon as possible. Kandi revealed that she learned her first lesson in finance from LL Cool J, who encouraged her to pay off any debt sooner than later, and ultimately, it paid off.
"He told me to put extra money toward the principle of my loan every time I got a check no matter how big or small because it would knock years off of my loan. He was so right. It shocked me at how much of the note mainly went to interest, and by paying off the loan early you save tons of money and the stress of having to make those payments for all those years."
The singer also revealed that she believes that saving money and investing in yourself are the most efficient ways to build wealth:
"I meet people all the time who say they want to do this or that but say they don't have the money. A lot of times they are living to the full extent of their income and they'll have nice bags and shoes but haven't even invested in quality business cards or [a] nice website for their brand. Who will want to gamble or invest in you if you're not taking the first step to invest in yourself?"
Here's a video of her talking about why it's important to save your coins for the future.
Issa Rae: Don’t Lowball Yourself
DFree / Shutterstock.comWhen starting a business, it's really easy to get a bad case of the "enoughs". Maybe it's time for you to quit your job and pursue your hustle full-time, but you think you don't have enough. You're running the business but you know that your margins aren't cutting it, but you aren't confident enough in your brand to raise your prices. In the early stages of her career, Issa Rae could totally relate and says that she eventually had to evaluate her worth, and add tax, shipping, and a convenience fee.
"As a freelance videographer and editor, I constantly had to set my price points, which was hard in the beginning because I honestly didn't know my worth. As I grew more confident in my work, I began to set my prices higher. Sometimes I'd get resistance and sometimes I wouldn't get the job at all. I'd often have to convince them that I was worth the money."
Taraji P. Henson: Ball On A Budget
Many of the industry giants that are securing the bag right now came from humble beginnings, and the same is true for What Men Want actress Taraji P. Henson, who said that she was certainly humbled after uprooting her life and moving to California to pursue her dream:
"Living in Los Angeles, I think everyone is aware that we have to cut down on our water use. So I've done some water conservation that also cuts down on costs. I wash my dishes by hand — no dishwasher. And even though I kid that my alter ego is Miss Diva, I still like to bargain shop for shoes, clothing, furniture … everything."
Taraji explained that even after her come-up, she stayed true to her budget-friendly roots and continued her frugal lifestyle despite the newfound zeros in her bank account. According to her, cutting back on the coins she spent on daily essentials helped her save and secure a successful future for both her and her family.
"I still go to the 99 (Cent) Only Stores, Target … I'll tell people when I got a real bargain if they ask, but otherwise I won't. And I do a lot of photo shoots with beautiful clothes and accessories. If I really love something, I'll ask — or my publicist will — if I can keep it and take it home. Sometimes I can, sometimes I can't. Work and money is steady right now, and I just hope it stays that way. I've saved for my son's education, which is very important to me."
Tina Lawson: Start A Money Trail
Tina Knowles is responsible for giving birth to two of the most successful names in the R&B industry, and really, no one womb should have all that power. Mama Tina has built a fashion empire of her own and was gracious enough to drop some gems on how she became the matriarch of the ultimate family of Mother/Hustlers. The celebrity mom said that she hasn't always been balling, and had this advice for women on the grind, looking to stack some extra coins:
"Everyone can't afford a financial planner, but if you own a book, for $20, everybody can have the advantage of knowing that, basically, you can do it. It's not how much you make, it's how much you save.'"
Featured image by a katz / Shutterstock.com
In a xoNecoleexclusive, the iconic actress opens up about embracing this season of her life, new projects, and overall being a “bad motherfucker.” Gabrielle reveals that she was 37 years old when she was diagnosed with perimenopause and is still going through it at 51 years old. Mayo Clinic says perimenopause “refers to the time during which your body makes the natural transition to menopause, marking the end of the reproductive years.”
“I haven't crossed over the next phase just yet, but I think part of it is when you hear any form of menopause, you automatically think of your mother or grandmother. It feels like an old-person thing, but for me, I was 37 and like not understanding what that really meant for me. And I don't think we focus so much on the word menopause without understanding that perimenopause is just the time before menopause,” she tells us.
Gabrielle Union
Photo by Brian Thomas
"But you can experience a lot of the same things during that period that people talk about, that they experienced during menopause. So you could get a hot flash, you could get the weight gain, the hair loss, depression, anxiety, like all of it, mental health challenges, all of that can come, you know, at any stage of the menopausal journey and like for me, I've been in perimenopause like 13, 14 years. When you know, most doctors are like, ‘Oh, but it's usually about ten years, and I'm like, ‘Uhh, I’m still going (laughs).’”
Conversations about perimenopause, fibroids, and all the things that are associated with women’s bodies have often been considered taboo and thus not discussed publicly. However, times are changing, and thanks to the Gabrielle’s and the Tia Mowry’s, more women are having an authentic discourse about women’s health. These open discussions lead to the creation of more safe spaces and support for one another.
“I want to be in community with folks. I don't ever want to feel like I'm on an island about anything. So, if I can help create community where we are lacking, I want to be a part of that,” she says. “So, it's like there's no harm in talking about it. You know what I mean? Like, I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change. I'm just getting better and stronger and more intelligent, more wise, more patient, more compassionate, more empathetic. All of that is very, very welcomed, and none of it should be scary.”
The Being Mary Jane star hasn’t been shy about her stance on therapy. If you don’t know, here’s a hint: she’s all for it, and she encourages others to try it as well. She likens therapy to dating by suggesting that you keep looking for the right therapist to match your needs. Two other essential keys to her growth are radical transparency and radical acceptance (though she admits she is still working on the latter).
"I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change."
Gabrielle Union and Kaavia Union-Wade
Photo by Monica Schipper/Getty Images
“I hope that a.) you recognize that you're not alone. Seek out help and know that it's okay to be honest about what the hell is happening in your life. That's the only way that you know you can get help, and that's also the only other way that people know that you are in need if there's something going on,” she says, “because we have all these big, very wild, high expectations of people, but if they don't know what they're actually dealing with, they're always going to be failing, and you will always be disappointed. So how about just tell the truth, be transparent, and let people know where you are. So they can be of service, they can be compassionate.”
Gabrielle’s transparency is what makes her so relatable, and has so many people root for her. Whether through her TV and film projects, her memoirs, or her social media, the actress has a knack for making you feel like she’s your homegirl. Scrolling through her Instagram, you see the special moments with her family, exciting new business ventures, and jaw-dropping fashion moments. Throughout her life and career, we’ve seen her evolve in a multitude of ways. From producing films to starting a haircare line to marriage and motherhood, her journey is a story of courage and triumph. And right now, in this season, she’s asking, “What’s next?”
“This is a season of discovery and change. In a billion ways,” says the NAACP Image Award winner. “The notion of like, ‘Oh, so and so changed. They got brand new.’ I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
"I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
She continues, “So I'm just trying to figure out what's next. You know what I mean? I'm jumping into what's next. I'm excited going into what's next and new. I'm just sort of embracing all of what life has to offer.”
Look out for Gabrielle in the upcoming indie film Riff Raff, which is a crime comedy starring her and Jennifer Coolidge, and she will also produce The Idea of You, which stars Anne Hathaway.
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