Money Talks: 5 Tips Our Favorite Celebs Gave Us About Securing A Bag
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
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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
Taylor "Pretty" Honore is a spiritually centered and equally provocative rapper from Baton Rouge, Louisiana with a love for people and storytelling. You can probably find me planting herbs in your local community garden, blasting "Back That Thang Up" from my mini speaker. Let's get to know each other: @prettyhonore.
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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How A Stay At Switzerland's Luxurious 7132 Hotel Reminded Me To Live The Life I Deserve
Sometimes, as women—especially as single Black women—we simply need to be reminded that we are deserving of living a life we dream of. Even if that means creating it for ourselves. I recently set out on a weeklong trip to Switzerland, a trip I’ve been wanting to take for years, and near the end of my visit, I had an epiphany.
“DeAnna, this is the life you deserve,” I thought to myself as I took in the gorgeous bathroom in my suite at the famous 7132 Hotel and Thermal Spa. It was one of the most luxurious hotels (and bathrooms) I had ever stayed in—and that’s saying a lot for someone who often travels for work.
To help you better understand why this was such a mental awakening for me, I first need to give a bit of my backstory. I’m in my late thirties. I’m an attorneyand a journalist. I own a home and have traveled the world extensively. Essentially, I’ve done everything in life I set out to do. However, when it comes to dating, I struggle. Not because there is anything wrong with me per se, but because my career and “lifestyle” often create problems in my romantic relationships.
View from my hotel room
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I’ve been told everything from, ‘I can’t continue to date you because you seem to choose your career over wanting to settle down and have kids’ by a man after only the second date to ‘Maybe if you just sat down somewhere for a while, I’d actually wife you’ by someone who has honestly never proven themselves to be the settle down type. And these are only a handful of the things I’ve been told over the years.
It’s been frustrating, to say the least, and there have even been seasons where I purposely dimmed my light in hopes that my career wouldn’t push away potential suitors. I know what you’re thinking, “Girl, why would you even consider that? If they’re for you, it won’t matter what you do.” Hey, don’t judge me, but also, I one hundred percent agree.
My hotel bathroom
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That’s why this recent moment in Switzerland was right on time. When I first walked into the hotel to check in, I was blown away by the surrounding beauty. It was a five-star property with one of the world’s most famous thermal bathhouses. Yet, it was something about seeing that 90% of the hotel’s guests were couples, that forced me to sit back for a bit of introspection—while soaking in the thermal spa, of course.
As I went through the mental conversation, there was a battle of sorts. On one hand, I knew that being able to partake in experiences like the one I was having at that moment was important to me. I knew that, at times I actually love being able to dabble in the finer things—after all, I’ve worked hard to be able to afford them. On the other hand, and sadly, I knew that sometimes being a single Black woman that publicly showcases her “luxurious” habits can intimidate men and even scare them off from pursuing you under the guise of them feeling like they “can’t do anything for you, because you have everything.”
My hotel room
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So, what is a girl to do?
Do I minimize/hide the life and experiences that I have? Do I play down the hard work I’ve put in to get where I am professionally? Or, do I risk being single in exchange for being able to have said life, without backlash?
Luckily, the joy that I felt while being at this property won. There was something about taking a full day to simply pamper myself at the bathhouse and in my in-room steam shower and soaker tub, indulging in cuisine from a 2-star Michelin restaurant and doing all of this while surrounded by an amazing group of Black women that reminded me—this is certainly the life I was meant to live and that I deserve. Even if it means that right now, I’ll just have to provide it for myself until the right partner comes along. And honestly, I’m okay with that.
Restaurant at 7132 hotel
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