The Smart Way To Handle Getting A Raise
It's always a good feeling to get a raise, so if you've been privy to one recently, take this time to pat yourself on the back. It's well-deserved, sis. But after the pat, take a deep breath and pause on getting that new car or taking that luxury vacation you've had on your vision board since the sixth month of the pandemic lockdown.
It's definitely not a game of deprivation to simply take a beat and plan to truly leverage that boost of income to its full advantage. If you were among those who got part of the expected 4.6% pay increase this year, consider a few tips on the smart way to handle getting a raise:
1. Invest the salary difference to make that money grow.
If you've already budgeted to use what's now become extra income for at least one dream purchase, why not take part of that and invest more in the stock market or other investments? This is a great way for your money to grow in the long run and for you to see the long-term benefits of the raise. You can ask your employer or financial services advisor to simply up the percentage (or amount) allotted from your paycheck for certain investments such as your 401k or Roth IRA.
For example, if your yearly salary is $45,000 and you've been given a raise that boosts it to $48,000, take that $3,000 (or at least part of it) and invest it in stocks. If stocks aren't your thing, consider real estate (REITs), art, or equity crowdfunding where you can invest in a startup you're passionate about seeing succeed. If those options are still not quite your thing, invest in yourself or your children's educational or career future. Start a college fund, pursue a certification, get a peer--coaching membership, join a professional networking group, upgrade your professional website, or start a side hustle with those funds.
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2. Go ahead and pay down that debt.
If you've been on track with paying off credit cards, student loans, or other debt, you can also use the difference to pay down debt more quickly. When favorable, pay more on your balances, especially for student loans. This is an opportunity to put more than a dent in the interest. Reconfigure your budget to find out how you can pay a bit more per month in order to celebrate a bit earlier when it's time to say goodbye to those automatic payments and hello to financial freedom.
If you are living check to check, behind on paying credit card bills or loan payments, or just downright ignored loan repayments for whatever reason, now's a good time to start paying down the debt before creating more problems in the future. Get that free credit report, contact your creditors, and find ways to at least be able to get into the practice of getting rid of the elephant in the room.
3. Reward yourself whether big or small.
As much as we all should be responsible and cover our financial obligations, spending money from a raise should also be enjoyable. Once you've taken a second look at your budget and consider your investment options in order to stretch your raise even further, practice mindfulness and treat yourself, sis.
Consider what a reward looks like for you. Is it play (i.e. a trip, concert, or bi-monthly luxury dinners)? Is it something that benefits your whole family (i.e. getting a kitchen upgrade, trading in your old car for a new one, or booking that Disney cruise)? Is it something on the smaller scale (i.e. going to the spa, trying out that robotic vacuum you have on your Amazon wish list, or getting a mani-pedi combo after years of neglecting those fingers and toes)?
Whatever that reward looks like, incorporate it into your new spending plan and enjoy. You've worked hard and you should reap the fun benefits as well.
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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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Rihanna Talks Shedding Expectations And Finding Balance As A Mother
Since becoming a mother in 2022, Rihanna has defined parenthood by her terms and hopes to pass that sense of autonomy on to her children.
For Vogue China’s April cover story, Rihanna shared her perspective on raising her two sons with A$AP Rocky, and how she hopes to preserve her children’s uniqueness, devoid of societal expectations.
"The most beautiful thing...is that [children] come into the world with their own individuality and sincerity, without any logic or conformity,” she told the publication. “Which usually makes you feel that you must fit into a certain group."
The “Work” artist, known for her trendsetting style and captivating persona, expressed her desire to support children in fully embracing their individuality and encouraging them to be whoever they want to be. "It's really beautiful to see and I want to continue to help them navigate that and make sure that they know they can be whoever they want to be,” she says.
She continues, “They should embrace it completely, because it's beautiful, and it's unique. I love them just that way."
From shattering music charts to shaking up the beauty industry, Rihanna has forged a path that has since created the “dream” life we see today. One that she says has made her parents proud of.
“I’m living my dream,” she continued. “My parents were very proud of that because they just wanted me to be happy and successful. So, I think the key thing is to find some kind of balance. Yes, balance is important. Do this and you get the best of both worlds. You can write your own life the way you want, and it will be beautiful. Sometimes, you just need to let go of everyone’s expectations and start living your own story.”
Rihanna, who shares sons, RZA, 23 months, and Riot, 8 months, with rapper A$AP Rocky, recently shared her vision for expanding her family in the future in Interview Magazine.
When stylist Mel Ottenberg asked about the number of additional children she hoped to have, Rihanna replied, "As many as God wants me to have.”
"I don't know what God wants, but I would go for more than two. I would try for my girl,” she adds. “But of course, if it's another boy, it's another boy."
Featured image by Neil MockfordWireImage