Bold Business Advice for Bloggers from Hilary Duff

My Interview with Hilary Duff for Entrepreneur.com

  Photo credit: Hilary Duff

Photo credit: Hilary Duff

I was shocked when GlassesUSA.com first approached me about creating a capsule collection with them. I thought to myself, what could I offer to this big corporation? Why would they want to work with me? But, then I checked in with myself and remembered my worth. I remembered that I do have value and expertise to offer.  As a blogger and business owner, you may feel insecure about your worth. I certainly do at times! But, remember that your skills are valuable and don’t be afraid to boldly pursue your dreams.
— Hilary Duff

Designing a collection with a well-known brand is a dream for many bloggers and creative business owners. So I caught up with Hilary Duff to ask how the opportunity came about and advice she could share with other entrepreneurs on how to make this dream a reality for themselves.

 Me rocking one of the shades from Duff’s collection!

Me rocking one of the shades from Duff’s collection!

In case you didn’t already know, the beloved star from Lizzie McGuire, is now a mom and a total BOSS. After her Disney days, the actor has been boldly spreading her entrepreneurial wings and expanded her brand to include a vast array of business opportunities. From collaborating with Jif Peanut Butter to host an entrepreneurial contest for kids to designing a capsule collection with eyeglass company, GlassesUSA.com.

GlassesUSA.com is a major online retailer of prescription eyewear. In 2015, they raised a $12.5M growth round. And now accept orders from 92 countries with 40,000 daily website visitors.

When Duff first learned that the company was interested in working with her, she had a moment of disbelief and questioned if she could be of true value to them. However, the soon to be mom of two was excited for the challenge. She was yearning for a creative outlet and designing a collection felt like the perfect fit. She also loved that the brand was open to giving her complete freedom to design a collection.

Danetha on Money & Mimosas

The collection launched in January of this year and was met with immense success. Such success, that the online eyewear retailer has teamed up again with the actress & recording artist to launch the Bold Capsule, a limited-edition collection with Hilary Duff. The new line is a call-to-action for women to feel empowered and let their colors shine through; it’s an invitation to dare to be bold. The collection launched on Wednesday, September 5, 2018.

 Courtesy of GlassesUSA.com

Courtesy of GlassesUSA.com


One of my main takeaways from Duff, was to be bold as an entrepreneur and treat your brand like a business. Which means taking control of your finances. The best place to start is to separate your personal and business finances by opening up a business bank account. Check out Radius Bank’s Business Tailored Checking! It’s made for the small, independent business owner (like you and me!). And you will earn 0.75% on balances over $10,000.

To read the entire interview, check out the post on Entrepreneur.com


This post is sponsored by Radius Bank.

How to start your own home-based business

Author: Amy Collett

Do you find your current job to be boring or unfulfilling? If you find yourself craving a career that blends creativity with freedom, one that allows you the flexibility to work from home if you want to, then starting your own business might be a good option for you. If creativity is something that comes naturally to you, you might start out doing freelance graphic design work for your friends and family. If you enjoy mathematics, you might launch a business as an accountant. Whatever your interests are, entrepreneurship offers a little something for everyone.

You don’t need a lot of money or even a college degree to start your own business. Anyone can become an entrepreneur, although it takes a lot of patience, passion, and drive. From market research to business plans, there’s a lot to consider when starting a home-based business.


Here are a few tips:

Start a home-based business on Money & Mimosas

Boost your savings

Being an entrepreneur is not for the faint of heart. You should expect to devote a lot of time and finances to growing your business. As you are thinking about launching a home-based business, start adding money to your savings account. This will help you cover unexpected expenses (expect for everything to cost twice as much as you budget!) and create a cushion for the periods when income from clients may be a little slow. Check out Radius Bank’s high-yield savings account. Not only is it super easy to set up an account (it’s all online), but they have one of the highest APY rates on the market.

Using Technology to Stay Productive

There’s a lot that goes into running a home-based business, as you might imagine. One of the most difficult lessons to learn as a new business owner is how to track your time. Time management can be tricky for anyone, even those who don’t own a business. When you work from home, however, there are more distractions. It’s harder to get on a productive schedule when you have full flexibility and control over your daily schedule - and when you’re at home, on the couch, in your pajamas, within close proximity to a television, or surrounded by your children.

Start a home-based business on Money & Mimosas

Luckily, all entrepreneurs can take advantage of modern technology to help stay productive when you’re growing a business from home. Some home-based business tools are simply indispensable for entrepreneurs. For instance, to save time on invoicing, you might use Square’s top-rated free invoice app, which will let you send unlimited invoices for free. By invoicing clients easily and using programs like Square, Toggle, or Paypal, which have apps that let you invoice (and perform other crucial business duties) directly from your smartphone, you’ll save yourself time and set yourself up for success.

Getting Your First Customers or Clients

One of the main things people start to worry about when starting a business is where and how they will get their first clients. The truth is that there are many ways you can get your first customers. Some of the most straightforward and sober advice comes from business coach Rebecca Tracey, who recommends telling “as many people as possible” about your business just to get your name out there. The people who you tell could be friends, family members, former colleagues, your social media followers, or anyone else you can think of who might be interested in your products or services. Even if the people themselves aren’t in need of your services, they might be willing to pass your name on to someone they know who could use your help.

Start a home-based business on Money & Mimosas

Having trouble getting that first client? If you’ve tried everything you can think of and still haven’t had any success in obtaining those crucial first projects, you might try offering pro bono or volunteer work. Although it seems counterintuitive to do work for free, especially when you’re first starting your business, pro bono or volunteer projects can help you learn more about your industry and get more experience through working on real projects. These projects look great in a portfolio and, best of all, if your pro bono clients are happy with the work you provide, they may pay you for future projects or recommend you to connections who will.

You Can Do This

The tips in this article will help you find success as a business owner. Sure, starting a business isn’t easy, but it’s certainly something that many people can accomplish. Have faith that you can do it, even if you don't have a college degree; even if you aren't tech-savvy or have never owned a business before. Be willing to take risks, try new things, and take advantage of business technology, and you’ll be on your way to creating a rewarding career while working for yourself.

Want more business tips: Click here to join the weekly Money & Mimosas insider list.


About the author: Amy Collett is creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand. She is author of the upcoming book, You, Exemplified: The Role of Personal Branding in Your Professional Life. When she isn’t helping clients boost their careers or businesses, she enjoys coaching her daughter’s soccer team and training to become a yoga instructor.


This post is sponsored by Radius Bank.




Tips for Planning A Destination Wedding

Author: Abigail Golder

Perhaps you’ve dreamt of a magical beach wedding since you were young. Sometimes, life does not go as planned. For instance, the love of your life has proposed but you live in the mid-west, where the closest beach is thousands of miles and a full day’s travel away.  

Wedding on Money & Mimosas

While you might quickly become discouraged, there’s no reason to fret! Destination weddings are fun and if you have played your wedding planning cards right, shouldn’t be too challenging. We’ve collected some necessary tips for planning a destination wedding that you’ve always dreamed of.

Consider the Timing

Because we are talking about a dream (destination) wedding, it’s important to consider all the important factors. One of these, is the time of day and time of year for your wedding date. If you’ve always been dreaming of a southwestern, desert wedding, the season for prime wedding time is actually in the winter months. Similarly, Austin, Texas, may be hot or rainy during the summer months, so a spring or fall wedding is a great time for a Texas wedding.

If a mountain-top wedding is your dream, consider that places like Colorado have snowy winters and windy springs. While you may think that a May wedding would bring perfect weather and a touch of cool air, it will in fact bring gusty winds that are sure to falter your hair. That said, we aren’t trying to discourage in any way. If it’s always been your dream to get married in April in the mountains, you’re looking to have a wedding at one of the less desirable times, there’s always the option of an indoor venue. This way, you can choose your wedding date regardless of the weather.

Plan at Least Two Trips

It’s important to plan some visits to your destination of choice long in advance because you don’t live in the place that the major event is located. The first trip should be to visit venues and speak to other vendors like DJs, caterers, florists, etc. While it’s ideal to go a few times in the planning period, the first trip should be at least one year, ideally 14-16 months, before your Big Day.



After choosing your specific venue, plan the second trip for about the 6 to 8-month mark. At this point, couples likely have picked a wedding theme, determined a guest count, and brides has found their dream gown. Get in touch with local hair and makeup artists and schedule a trial during this time. That way, if you don’t like your style, you have plenty of time to rethink this important decision. Now that you have a guest count and wedding them, you can also revisit your venue and get a more detailed idea of how the décor, seating and schedule might pan out. Schedule a second meeting with your florist and caterer to update them on all the progress as well.




Wedding on Money & Mimosas

The third trip is optional, but extremely helpful if your time and budget allows for it. About 6 weeks before the wedding, head to your destination one more time. While this might not be possible if the wedding is international, it’s super helpful if it’s a drivable trip. For brides that didn’t like their first hair and makeup trial, are planning DIY projects, or need to do a food tasting, this third trip is necessary. Otherwise, save the expense. This will allow you to arrive at your destination wedding a week ahead of time to organize and set up.


Keep Your Guests in Mind

Considering that you’ve likely been dreaming of this day forever, it’s important to do things your way. That said, a destination wedding is not only expensive for guests to attend, it’s also time consuming. Most people will end up taking a few extra days off work to make it in time. Consider your friends’ and families’ schedules and wallets when choosing your destination. Many more people will likely be able to come if it’s close enough to drive or inexpensive to fly.

If you’re Big Day does include a significant time or financial sacrifice, consider supplying invitees with reasonable options. This could include nearby resorts’ all-inclusive packages. Also, ask the resort if they will give a discount for a group reservation. Many resorts offer this amenity as an incentive to bring in more business. After the RSVPs start flowing in, supply your guests with airport information, shuttles or inexpensive car rentals, and tips for traveling in your destination.


Wedding on Money & Mimosas

Hire a pro

It’s true that wedding planning can be stressful, especially if your Big Day is thousands of miles away. The key to a successful destination wedding is having plenty of time to plan. If your schedule doesn’t allow it, consider hiring an advisor or a wedding planner to lift some of weight off your shoulders.



As you can see, it takes quite a bit of planning, and finances, to plan a destination wedding. Give yourself plenty of time to visit the location and to save up for the wedding of your dreams. Use a savings account, like Radius Bank’s high-yield savings account, to stash some cash for your big day. Not only is it super easy to set up an account (it’s all online), but they have one of the highest APY rates on the market.


Follow these tips for planning a destination wedding and chances are, you’ll have the wedding day of your dreams. Contact us for any wedding questions you might have. Happy Wedding!



About the author: Abigail is a DIY bride with an upcoming wedding date in September! She's been planning her Colorado wedding from her home in Arizona with a some help from her wonderful friends, family, and of course, her future hubby. She is a Freelance Content Writer who loves to share a great story. Originally from Colorado, Abigail grew up in a small town called Montrose and she still spends much of her free time in the mountains hiking and skiing.


This post is sponsored by Radius Bank.



Plan a weekend trip to Portland, Oregon

Summer 2018 is going to be remembered as one of the most fun summers I have ever had. It has been jam packed with happy hour dates and fun trips! Beginning with me and my beloved’s week-long vaca in Belize and my 7-city Future of Accounting tour sponsored by Avalara across the United States. My most recent stop was in Portland, Oregon for a one-hour presentation to twenty-five CPAs and financial professionals. My presentation was scheduled for Monday afternoon, so Nick traveled with me and we turned it into a long weekend.

We flew out early Friday morning and landed around 8a. As soon as we landed we were greeted with Portland’s 90 degree heat wave - I loved it- and a $95 parking ticket. Sigh. More on that later.

Other than the unfortunate ticket, we had the best time in the cute little city hiking, biking and eating. Our total expenses for the trip ending up being $1,438.29. Here is the breakdown of our costs.

Portland Money & Mimosas

We did borrow a friend’s car, which saved some money. If you do visit Portland, do yourself a favor and avoid the neighborhood we stayed in. It was lovely, but also out in the suburbs which meant a 20 minute drive to the closest worthwhile bar or restaurant.

As I mention in all of my travel posts, I highly recommend getting into the habit of saving up for these weekend trips. Otherwise, you will probably spend willy nilly. Believe me, every $8 mimosa adds up and the worst feeling is having traveler’s remorse when you realize how much you spent.

Leading up to the trip, save a fixed amount each week and transfer it to a high-yield savings account, such as Radius Bank, which allows you to earn a higher interest percentage than traditional savings accounts.

Keep reading to check out some of the highlights from our trip:

 As soon as we landed, we grab our rental car from Toro. Such a great service! We drove to brunch row in Southeast Portland and chose Cheryl's on 12th as our first stop because they greet you with fresh beignets. OMG. So good! Unfortunately, we mistakenly parked illegally and within the first two hours of being in Portland, we managed to get a $95 parking ticket. Definitely something we didn't save up for - whooops!

As soon as we landed, we grab our rental car from Toro. Such a great service! We drove to brunch row in Southeast Portland and chose Cheryl's on 12th as our first stop because they greet you with fresh beignets. OMG. So good! Unfortunately, we mistakenly parked illegally and within the first two hours of being in Portland, we managed to get a $95 parking ticket. Definitely something we didn't save up for - whooops!

 We went on two epic hikes while in Portland. The Fall Creek Trails and this hike. Check out the YouTube video below for all the sites.

We went on two epic hikes while in Portland. The Fall Creek Trails and this hike. Check out the YouTube video below for all the sites.

 The brewery situation in Portland is beyond! I loved the Sessions brewery and the fabulous rooftop.

The brewery situation in Portland is beyond! I loved the Sessions brewery and the fabulous rooftop.

 Mimosas are everywhere in Portland! Bar Carlo have fresh mango mimosas (my favorite!) and one of the tastiest brunches I've ever had. 

Mimosas are everywhere in Portland! Bar Carlo have fresh mango mimosas (my favorite!) and one of the tastiest brunches I've ever had. 

 The food scene in Portland is beyond! And this is after living in the Bay Area! This delicious meal is from Bar Carlo. 

The food scene in Portland is beyond! And this is after living in the Bay Area! This delicious meal is from Bar Carlo. 

 The cheese plate at Nord Broder is amazing. Shout-out to our friend for introducing us to this spot and hanging with us. They have three or four different locations across the city. 

The cheese plate at Nord Broder is amazing. Shout-out to our friend for introducing us to this spot and hanging with us. They have three or four different locations across the city. 

 Yum.

Yum.

 Yumminess at Nord Broder.

Yumminess at Nord Broder.

 Biking is the best way to see a city. But, I do not recommend using these Ford Bikes. They system is low-key shitty. Every bike was either out of service for maintenance or just plain awful. Such a shame because the bike share program is a great idea.

Biking is the best way to see a city. But, I do not recommend using these Ford Bikes. They system is low-key shitty. Every bike was either out of service for maintenance or just plain awful. Such a shame because the bike share program is a great idea.

 Sipping on mimosas when we found out that our cameo on House Hunters International went live and that I got a call-back for a TV show executive produced by Ashton Kutcher.

Sipping on mimosas when we found out that our cameo on House Hunters International went live and that I got a call-back for a TV show executive produced by Ashton Kutcher.

 Getting ready for my talk! Such a cute location!

Getting ready for my talk! Such a cute location!

 Thank you, Avalara, for sponsoring my talk! I had so much fun connecting with these powerful women in accounting.

Thank you, Avalara, for sponsoring my talk! I had so much fun connecting with these powerful women in accounting.

 Selfie fun with the ladies after the discussion. Shout-out to Jennifer Dymond for hosting me and organizing the group.

Selfie fun with the ladies after the discussion. Shout-out to Jennifer Dymond for hosting me and organizing the group.

 So great to meet Ashley Schlaefli! A rockstar business owner while raising four little ones. Get it, mama!

So great to meet Ashley Schlaefli! A rockstar business owner while raising four little ones. Get it, mama!

 

 

5 Surprising Investments that Justify Being a Shopaholic

Bernard Maybeck. The famed late architect best known for designing the Palace of Fine Arts in the Marina District of San Francisco. The son of a German immigrant, he studied at the Ecole des Beaux Arts in Paris before moving to Berkeley, California. His style was an eclectic blend of Mission style, Gothic revivial and Beaux-Arts classicism.

 Palace of Fine Arts in San Francisco. Designed by architect, Bernard Maybeck.

Palace of Fine Arts in San Francisco. Designed by architect, Bernard Maybeck.

I had the distinct pleasure of being invited to a private lunch to one of the residential homes Maybeck designed in the Oakland Hills, known as the Guy Hyde Chick House. The owner, an art collector affectionately described as a raconteur by the Mercury News, graciously invited me over after we met a party hosted by our mutual tech publicist friend. The design of the home is known as “First Bay Tradition” style, where the structure is designed to merge with the natural surroundings. Perhaps laying the foundation for today’s green movement.

Everything about the home was breathtaking, but what stood out to me the most was the incredible art collection. It was almost as if the rooms decorated the art, not the other way around.

 "Time is fleeting" by Fong Fai. Originally from Hong Kong, he now resides in San Francisco.

"Time is fleeting" by Fong Fai. Originally from Hong Kong, he now resides in San Francisco.

As someone who is new to the art collector’s world, I was in for a treat and some major education about fine art pieces embodying 5,000 years of cultural expression- Chinese. I also learned a little bit about the business of fine art and the opportunities it presents for investors.

Inspired, immediately after lunch, I did some research on luxury items as investments. How is that art can be a place to store and build wealth? Are there other luxury items that can do the same?

Passion Investments on Money & Mimosas .jpg

 

Apparently, yes! So, the next time someone judges you for shopping for the finer things in life. First, tell them that you are making a practical investment and expect to see a decent ROI on your purchase. Then say, bye. Because you don’t need that kind of negativity in your life.

  1. Fine Art. According to the Knight Frank Luxury Investment Index, the fine art category is making a comeback as a passion investment. After a depressed 2016 market, the value of art at auctions has grown by 21 percent with the headliner, Salvator Mundi by Leonardo di Vinci selling for $450 million.

  2. Jewelry. Prices for jewelry grew four percent last year and 138 percent over the last decade. The record price was set by ‘Apollo & Artemis’ diamond earrings, which were sold for $57.4 million. And the record for a diamond? $71 million was the selling price for a rare diamond known as the “Pink Star”.

  3. Fine wines. After being the leader in the passion investment class in 2016, fine wines are going through a slight contraction in pricing. After a 24% price growth in 2016, last year it slipped to 11%.  However, with a double digit growth increase, the category remains a strong contender.

  4. Vintage Cars. Who would have thought that cars could be an investment vehicle. Maybe it’s not a surprise to you, but the amount that these cars sell for is mindblowing to me. Last week, a 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby’s annual Monterey collector car sale. The value of the car is expected to increase to $100 million within the next two to three years.

  5. Furniture. Yes, you love for fabulous for home decor is 100% justified. A rare set of four Chinese huanghuali folding chairs sold for over $5 million. Sounds like your interior decorating haul is a retirement plan.

See, your love for shopping is totally a legit investment strategy. With that said, be sure to do it responsibly and have an ample amount of savings to support any unexpected (welcomed or otherwise) needs. I recommend a high-yield savings account because the return is much higher than traditional accounts. Click the link to check out the Radius High-Yield Savings account* - they have one of the highest interest rates.

For more fun money tips, join our weekly Money & Mimosas Insider list.


This post is in partnership with Radius Bank.

The three best credit cards for travelers

Plantains, volcanoes, hiking through Costa Rica’s rainforest...having the ability to explore Mother Earth is a true gift.

As a young millennial couple, me and my beloved take every opportunity we can to check out new places. Especially for special occasions! To celebrate my beloved’s 30th birthday, I treated him to a week-long trip to Costa Rica. It was our first time there and it was incredible.

Costa Rica on Money & Mimosas
Costa Rica on Money & Mimosas
Costa Rica on Money & Mimosas
Costa Rica on Money & Mimosas

The food, sights, sounds, culture - it was both peaceful and exhilarating to be around such vibrancy. Saving up for a trip like this is totally doable. To reduce the temptation of spending your travel funds, keep your savings in a separate account.

I recommend a high-yield savings account because the return is much higher than traditional accounts. Click the link to check out the Radius High-Yield Savings account - they have one of the highest interest rates. 

Costa Rica on Money & Mimosas

After the trip, we went through our photos, videos and expenses. After totaling the costs, we were shocked to see all these random charges from our credit card. Apparently every time we swiped our card, we were charged 3%. Known as a foreign transaction fee.

What?! 3% seems small, but it can start to add up. For every $1,000 you spend, the card tacks on $30. That's easily several mimosas when you're vacationing in Costa Rica or Belize.  After doing some research, I found that most credit cards tack on this extra charge.

But, below is a list of three that have ZERO foreign transaction fees. 

Costa Rica on Money & Mimosas

Bank of America Travel Rewards. The biggest benefit is that there is no annual fee.

Bank of America Travel Card on Money & Mimosas

Capital One Venture Card. Biggest benefit is that you earn unlimited 2X miles on every dollar on every purchase, every day. 

Capital One Venture Card on Money & Mimosas

Chase Ink. Biggest benefit are all the perks for business travelers including zero fees for employee cards.

Chase Ink card on Money & Mimosas

This post is in partnership with Radius Bank.

For more money tips on living your best life, join the Money & Mimosas insider list



 

 

7 Steps to Live Like The Rich and Famous (that your CPA won't tell you!)

Take a moment to imagine your dream life coming true.

Brunch date with the girls on Monday followed by a shopping spree that is pleasantly interrupted by your business manager calling to inform you that you’ve been booked for a gig with two of your BFFs in Venice on Wednesday. Time to pack your bags, ladies.

Socialites on Money & Mimosas

Late that night, you and your girls are escorted in a black sedan to the private plane waiting to escort you to Italy. The plane is fully stocked with fresh fruits, charcoal infused water, and fresh halibut. You arrive in Venice and are taken to the exquisite Il Pellicano, a hotel co-founded by a fellow American socialite.

The next couple of days are a whirlwind of photoshoots, interviews, meet and greets, capped off with an invite-only fashion show on Friday night. You and the girls take the next day to explore the city, before jet-setting back to the States.

The life of a Socialite is one for the adventurous, passionate, woman who is in a position to drop everything in a moment’s notice for an opportunity of a lifetime. An opportunity that allows her to experience life to its fullest and indulge in the absolute finest.

Money & Mimosas

 

While this may seem like the life only afforded to those that have been lucky enough to be born into immense wealth,  or the life of the rich and famous... it is also possible to anyone willing to take the steps needed to create the life of their dreams.  

Here are the seven steps to take to live like the rich and famous.

  1. Create a vision board. What are your goals and aspirations? What is the type of person you want to become in this world? For a step by step guide on this, google and check out The Painted Picture.

  2. Write down all the reasons why you CAN’T achieve your vision. Then, write down why all of those negative reasons are false Often times our mindset is what gets in the way of us accomplishing what we want. What are some negative things you say to yourself when you think about the goals you want to achieve? On that same sheet of paper, cross out all of the reasons why you can not achieve your dreams and replace it with why you can achieve them.

  3. Put together a plan of action. What do you want to accomplish 30 days from now? 90 days? One year? Clearly defining a timeline is the difference between a goal and a wish.

  4. Reevaluate your money habits. Want to live like the rich and famous? Well being “rich” takes money and understanding how it works so you can hold onto it. Take a hard look at some of the financial habits you have that are not serving you and commit to changing them.

  5. Boost your savings. Getting into the habit of paying yourself first is a trait of those that have achieved success. Open up a savings account and make it a habit to pay yourself a percentage of your income on a weekly or monthly basis. Check out Radius Bank’s high-yield savings account. This has one of the highest APY rates on the market.

  6. Launch a side hustle. Everyone from Beyonce to the CEO of Apple has multiple income streams. Take a few moments to think about your passions and how you can leverage them into a money-making side hustle. Be sure to check out my post on the 14 steps for launching a side hustle and the Celebrity section for business insights from our favorite celebrities.

  7. Surround yourself with luxurious experiences and successful people. In order to believe in what is possible for you, you have to first see it. Either in your mind’s eye or in the real world. Placing yourself in situations and around people that elevate your vision of what is possible, will create a huge shift in your reality.


Bonus: Last, but definitely not least, commit to becoming financially healthy and fit. Be sure to check out my 5 tips on how to be financially fit. Especially, focus on tip #3- a weekly money date where you review your finances, and treat yourself to a mimosa. Because having fun with your money is what #MoneyandMimosas is all about!

This post is in partnership with Radius Bank.

For more tips on how to lead a financially independent life, sign up for my weekly Money & Mimosas Insider list.

5 ideas for investing $5,000

Taking one final glance in the mirror, Rose* hesitantly gave a tiny smile of success.

“Wow,” she whispered quietly to herself. “What a difference a year makes.” Drinking in her reflection, she couldn’t help but to admire what she saw. A woman who stood tall and fully grounded in her skin. Her once long, luscious strawberry blonde locks had been traded in for a chocolate pixie cut. Having shedded twenty-five pounds, thanks to her Cross Fit weight training and diet overhaul, her slender frame was strong yet feminine in her New York and Company creme colored jumpsuit.

Just last year, she thought her world was over. At the ripe old age of 29 (as society would have her think), she was single and depressed. Her fiancee had dumped her. Claiming that he had had a change of heart, only to find out that his fling in Dubai may have had something to do with it. The breakup sent her into an immediate spin of questioning everything in her life. Her job, her friendships, her purpose in life, her relationship with food and not least of all, her relationship with money.

Working full-time as a makeup artist for a department store in Scottsdale, Rose was ready for a change. She was ready to move to the big city of Los Angeles and embark on a career as a freelance makeup artist. But, before she made the move, she wanted to make some big-girl decisions about her money and start investing.

She had about $5,000 that she could play with, but was too scared to invest it. Rose knew the importance of making money work for you (how else was she supposed to be able retire and live in the South France),  but was a tad embarrassed that she didn’t know the first step to take. Nor felt comfortable asking anyone for help.

I had met Rose at a gala on one of my speaking gig trips to Arizona. Rose and I immediately hit it off, easy to do when you’re the only two obnoxiously crowding the bartender to get a refill as soon as your drink is empty.

As luck would have it for a money blogger, Rose and I started chatting about money. Rose confided the hesitation around investing to me along with her recent breakup, the haircut and her plans to move to Los Angeles. The whole mirror scene is a figment of my imagination. Hopefully you don’t mind that I took literary liberty with that, Rose.

After doing some research, here are five ideas that I came up with for Rose (and maybe, you!) to invest $5,000.

Before you get started, ask yourself if you need access to these funds within the next five years. If so, I recommend using an investment vehicle that is liquid. This means that you can easily access the funds with no, or little, penalty fees.

Wealth Wednesday on Money & Mimosas

 

  1. High-yield savings account: If you’re new to investing, it’s a good idea to begin with a conservative approach. With a high-yield savings account, the $5,000 you put in will be returned you. And then some. I’m a big fan of Radius Bank . It has one of the highest APY rates on the market.

  2. Robo-advisor: Usually working with a personal financial advisor is costly because of the fees we need to pay to compensate a human being for their time and expertise. An alternative is to use a tech platform, until you are ready to hire someone. A couple of options to look into are Ellevest and Moola.

  3. Real estate:  if real-estate is your jam, unfortunately $5,000 won’t get you very far. But, you can check out platforms such as Fundrise, RealtyShares, RealCrowd for non-traditional real estate opportunities.

  4. Personal loans platform: these platforms give you the opportunity to help another individual pay down a loan, cover their IVF costs or grow their small business. Two platforms you can check out are Prosper and Lending Club.

  5. Invest in your small business or your personal development: as Warren Buffet says, the best investment is the one you make in yourself. Consider working 1:1 with a business or life coach, enrolling in a class, or checking out Marie Forleo’s B-School program to boost your marketing skills.

This post is in partnership with Radius Bank.

For more tips on how to lead a financially independent life, sign up for my weekly Money & Mimosas Insider list.

*Name changed to protect identity.

What should you charge for your services?

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A few years ago, I was introduced to a woman who was building a branding consulting business. We’ll call her Katherine. She was going through a tough time in her personal life. In the middle of a divorce with her husband of fifteen years, which left her in a financial strain. A strain that caused her, and her two kids, to move from a 30,000 square foot home in Beverly Hills to a 800 square foot apartment in the Bay Area.

After years of relying financially on her husband, Katherine was now in a position where she could not support herself.

For the last several years, she had worked at non-profits. While the causes were dear to her heart, the non-profits were not in a position to pay her a decent salary. but had not been generating an income for herself. Prior to marrying her husband, she had been an attorney in New York and had a brief career working for a branding agency. After applying to several agencies in the Bay with no luck, she decided that the best next step for her was to hang out her shingle as a consultant and tap her network of contacts for clients. She was getting traction for potential consulting opportunities, but for some reason had a hard time closing the deal. Or she would close the deal, but wind up doing it for free.

I remember being in that position of giving away my services for free and know, first-hand, that it is a fast-track to burnout.

A mutual friend of ours suggested that Katherine reach out to me. We met up for mimosas at the Rooftop restaurant in Walnut Creek, California.

Rooftop- Money & Mimosas.jpeg

After a few minutes of getting to know each other, we jumped into chatting about Katherine’s branding business.

“So, how are things going as a consultant,” I asked.

“It’s ok,” she said. “I’m really good at getting in the door. I’ve great connections at large companies because of my non-profit work. But, I have a hard time getting paid.”

After asking her a few more questions, it was clear to me that Katherine lacked confidence (the biggest skill you need to be a business owner) and a structure for pricing her services.

The advice I shared with her about confidence will be another blog post. For this article, we’ll focus on answering the big question that many service based business owners have, which is “What should I charge for my services?”


As a service- based business owner, one of the most challenging tasks is accurately pricing your services.

Unlike product based business who have a fixed cost and then add a % above that to determine their price, you have to account for your time and expertise.

First things first, when a potential client asks this question, take a deep breath. You don’t have to share your prices in the conversation if you do not feel comfortable doing so. When you state your price, you want to come across as confident. The worst thing you can do is stumble over the first random fee that pops into your head. Because person on the other side of the phone will feel your hesitation and will begin to doubt if you are the right person for the gig.

Secondly, you want to ask them two clarifying questions to better understand their perspective.

  1. “What is the budget you’ve allocated to this project?” If they haven’t given it any thought, ask them to give you a ballpark range.

  2. “What is the timeline that you want this to be delivered?” If it’s a quick turnaround, then you will need to charge a higher fee.

If the project is under $2,000, you should feel comfortable stating that on the phone. If it is over $2,000, let them know that you will be putting together a proposal that you will send to them within the next five business days.

One of the most common misconceptions I hear from service-based business owners is that they don’t have an overhead. They think that it doesn’t cost them any money to run their business. But your time is valuable and it needs to be compensated.

In addition to your time, there are five key factors that need to be considered. These factors should not be delineated in your proposal. They are merely to help you calculate your total fee.

Money & Mimosas

 

  1. Your savings and investment. When you worked for a company, your retirement savings was usually matched. Now you have to cover that yourself. If you are saving for a home or to start a family, this should also be included. Be sure to include this in your calculation.

  2. Expertise. The amount of time you’ve invested in honing your craft is saving someone else the time from learning it. And time is money. Plus, your execution will be far greater than theirs because you are solely focused on developing this craft.

  3. Tax payments. Depending on your home country, you should plan on paying 15- 40% of your earnings in taxes.

  4. Healthcare. You are now responsible for covering your insurance costs and this needs to be included in your fee.

  5. Your salary. Don’t forget that you deserve to get paid, too! All the money should not go back into the business, some of it should go to you. Otherwise, you’ll be on the fast track to burnout.

Once you have calculated the above factors, summarize it in a proposal to the client! And don’t forget that you will want to have a business account ready to accept your payment.


Check out Radius Bank’s Business Tailored Checking! It’s made for the small, independent business owner (like you, Katherine and me!). And you will earn 0.75% on balances over $10,000.

For more tips on how to lead a financially independent life, sign up for my weekly Money & Mimosas Insider list

How much does it cost to spend a week in Belize?

Xunantinich, Belize on Money & Mimosas

Me and the beloved went on a dreamy vacation over the July 4th holiday. We chose Belize as the destination because we love the beach and doing outdoorsy activities.

Well, Nick loves doing outdoorsy things. Truth be told, I am just fine sipping rum punch on the beach with the book. But I digress…

We planned this trip back in January and each saved up for it. Whenever you’re planning a trip, I recommend pricing out everything beforehand (like we did for our San Diego trip!) and adding 20-30% so you have extra fun money! 

We ended up spending $3,008.48. on this trip to Belize. Here is the breakdown:

Belize Expenses - Money & Mimosas

Saving up for a trip like this is totally doable. If you give yourself six months to save, that's $500 per month. To reduce the temptation of spending your travel funds, keep your savings in a separate account. I recommend a high-yield savings account because the return is much higher than traditional accounts. Click the link to check out the Radius High-Yield Savings account - they have one of the highest interest rates.

Here are some of the highlights and recommendations from our trip to Belize!

 We flew Southwest because we signed up for the companion pass earlier this year. Which means you can buy one ticket and get one free! SO awesome!

We flew Southwest because we signed up for the companion pass earlier this year. Which means you can buy one ticket and get one free! SO awesome!

 When we arrived to our resort, Dream Valley, we were greeted with a soursop cocktail. Such a lovely gesture of hospitality and soooo delicious.

When we arrived to our resort, Dream Valley, we were greeted with a soursop cocktail. Such a lovely gesture of hospitality and soooo delicious.

 The seafood in Belize is incredible! When you visit, be sure to get snapper ceviche.

The seafood in Belize is incredible! When you visit, be sure to get snapper ceviche.

 One of the memorable activities we did during this trip was a five-hour cave hike. It was unlike anything I've ever experienced. Cameras are not allowed in the cave, therefore some of these photos are courtesy of the tour company- MayaWalk Tours.

One of the memorable activities we did during this trip was a five-hour cave hike. It was unlike anything I've ever experienced. Cameras are not allowed in the cave, therefore some of these photos are courtesy of the tour company- MayaWalk Tours.

 Inside the cave! We had to wear headlamps because some areas were pitch black.

Inside the cave! We had to wear headlamps because some areas were pitch black.

 We made it! This is us, soaking wet, after the cave hiking.

We made it! This is us, soaking wet, after the cave hiking.

 Carol and Mike are two travel bloggers we met on the tour- they are such a fun couple! Check out their blog,  Curious Gypsies , for awesome travel tips!

Carol and Mike are two travel bloggers we met on the tour- they are such a fun couple! Check out their blog, Curious Gypsies, for awesome travel tips!

 After the hike, we went for a calming swim at the beautiful pool at the Dream Valley resort. Loved this property!

After the hike, we went for a calming swim at the beautiful pool at the Dream Valley resort. Loved this property!

 Our next activity was hiking through Mayan temples. Absolutely breathtaking.

Our next activity was hiking through Mayan temples. Absolutely breathtaking.

 Hiking down from one of the Mayan temples.

Hiking down from one of the Mayan temples.

 The views from the Mayan palaces were spectacular!

The views from the Mayan palaces were spectacular!

 Nick sipping on the local beer in the marketplace.

Nick sipping on the local beer in the marketplace.

 The final part of our trip was spent on Key Caulker island. We took an hour-long ferry ride to the island. The Split is a famous location - in 1961 a devastating hurricane hit the island causing it to split. Fifty years later, there are a couple of great restaurants at the Split and beautiful views. 

The final part of our trip was spent on Key Caulker island. We took an hour-long ferry ride to the island. The Split is a famous location - in 1961 a devastating hurricane hit the island causing it to split. Fifty years later, there are a couple of great restaurants at the Split and beautiful views. 


This post is in partnership with Radius Bank.

For more money tips on living your best life, join the Money & Mimosas insider list

How to have a life this summer without going broke

Oh the life of a Socialite during the summa summa time. Mimosa brunches, fitness challenges to keep that summer bod tight and right, lounging in the sun at the park, impromptu photoshoots, BBQs, pool parties, birthday parties, shopping dates…

Like you, the summer is my time to show up and show out. I don’t know what it is about the warm weather and sunshine, but it gives me all motivation to live my best life. And the urge to spend a lot of money. I thought I was alone in this until some of my girlfriends shared with me that the summer time is when they see their credit card balances go way up, and their savings accounts go way down.

Recently I was chatting with a woman named Brittney*. 23-year old, recent college graduate, working at a fashion tech company based in New York. I had first connected with her at a Socialite event and we were catching up over mimosas while she was visiting family in  San Francisco. As most conversations go with my friends, the topic quickly turned to money.

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It had been one year since Brittney had graduated from college and she had been with the company for about four months. Her salary was $55,000, and after taxes, etc- she was bringing home about $3,000 a month. She had four roommates and they were each paying $1,000 per month. Sidenote: this is the perfect rent to salary ratio for Brittney. Ideally, your rent will not exceed a third of your take -home pay.

“But,” she went on to say, “I am always broke. I have no idea where the rest of my money is going. And now that it’s summer, I feel like I’m whipping out my credit card every two seconds to buy a new outfit or concert tickets or whatever. This is the most money I’ve ever made and I know how to live on much less. But, it’s been a real struggle these last few months.”

I sympathized with Brittney. I could certainly understand that feeling of having more month than money. It is so stressful to live on a wish and a prayer that your account won’t be overdrawn, or that you can squeeze by without paying rent until the 5th, or seeing your credit card balance continue to rack up.

Needless to say, Brittney is not alone in this. So many people earning a decent income, still feel broke. They never feel like they have enough money and constantly have the urge to spend money they don’t have.

Especially during the summer.  During the months of sunshine, outdoor festivals and parties, none of us want to have the sense of FOMO. We all want to be involved in all the activities, buy new outfits for every occasion so we can have Instagram-worthy photos, and live our best lives.

But doing all of that doesn’t mean you have to risk your financial health. Being mindful about your money will save you headaches, anxiety and, it goes without saying, dollar bills! Here are some things you can do to have a life this summer, without going broke.

  1. Pick up a side hustle- or three. Yes, I’m sure you’d rather not add to your workload, but having an additional source of income will give you more discretionary income. Not to mention, the time you spend working means less time you will have to spend your money. Wink wink.

  2. Have your girlfriends come over and go for a walk. Instead of meeting for happy hour or brunch, invite your friends over for a party in your home. Ask everyone to bring a dish and drink to share. Not only are you saving money, but you’re also spending time in your beautiful home. Win-win!

  3. Check out your local area’s free events. Remember back in college when you would go to events because they had free food? Yea, I do! I didn’t care what the event was about as long as they fed me. Now that you’re a “grown-up”, doesn’t mean you can’t check out the free stuff. Look up your local area’s bloggers and check out their recommendations for free things to do.

  4. Go hiking or biking. Incorporate outdoor activities that are free to do. The summer time is the best time of year to get outside and explore hiking and biking trails.

  5. It may go without saying, but I have to mention that you also have to get real about your spending. Check your bank account on a weekly basis to review where you spent your money. The Radius Hybrid checking account is one to consider if you want to earn interest on your checking balance (and who doesn’t want to make money on their bank balance!). Being mindful about your spending is a big part of being the master of your money - not the other way around. For more tips on what to do during your weekly date, check out our article, What to do doing your weekly money date.

For more money tips, join our weekly Insider list. 


*Name changed to protect identity

This post is sponsored by Radius Bank

What does it really take to be an Independent Woman?

Over the past couple of months, I have been on tour for my Future of Accounting podcast. I partnered with Avalara, a sales tax compliance technology, to host eleven shows in seven cities. The attendees are primarily financial professionals ranging from CPAs to bookkeepers to investment advisors. It has been a dream come true to be able to travel, share my ideas and message to large groups of people and connect with folks from various walks of life. It’s inspiring to hear the attendees stories of launching their own businesses and their success journeys.

After I present, I try to stay in the city for another day to check out their culture and connect with the locals. Naturally, the best place to strike up a conversation is at the bar. Whether I’m at the Roaring Fork in Austin or the Aluel Cellars in Seattle, it’s inevitable that I’ll find someone to talk to…specifically about money and their relationship with it.

Take Katie* for instance. She sat down next to me at a fabulous bar in Seattle. I was sipping on a pineapple mimosa, naturally, while she ordered a Chardonnay. Her outfit was impeccable! Valentino pumps, a Marc Jacobs bag, a crisp white Karina Grimaldi jumpsuit and beautiful dangle earrings. Her nails were polished a light bubblegum pink and she rocked a ginormous (!) wedding ring. We exchanged smiles and started chatting.

She shared that she was originally from Walnut Creek, a posh neighborhood in the affluent Bay Area of California, and had relocated to Seattle to live with her then boyfriend, now husband. After talking about all the fun sites in Seattle, the conversation switched to our careers.

“I’m a blogger. I blog about money.” - I said.

Whenever I share that I’m a money blogger, the conversation goes one of two ways. Either it ends abruptly. Or, the other person is intrigued and wants to chat all things money.

Thankfully Katie fell into the latter group

She confided that she had been laid off from her job in tech a couple of weeks ago and was nervous about her finances. She had been the breadwinner for her family and they were planning on purchasing a home and starting a family soon. Since she had been working in the tech industry and had been earning around $170,000 per year, she had fallen into the habit of spending however much she wanted, whenever she needed. Giving little thought to budgeting or being mindful about her spending. And although her husband was very supportive, they had ample savings and her parents to fall back on, Katie was feeling extremely stressed, anxious and unsure of her future.

When I asked her how much the main household expenses were, she had no clue. Then I asked her what she wanted to do with her next step. She shared that a lot of her friends had suggested that she start her own consulting practice or some sort of business, but she had no idea how to get started. And she was concerned that she wasn’t in a financial position to take a leap of faith to start business.

“I’d love to do my own thing. I want to be independent, call the shots, choose who I work with and who I don’t, but I don’t even know where to start. And I’d want to have a nest egg built up before I take that risky leap.”

Katie is one of countless women I’ve met in this same position. Raised wealthy, very career driven and successful, with everything running smoothly in their life.

Until, an unexpected and unfortunate situation happens. And then they are confronted with the harsh reality that they do not have the skills or confidence they need to be financially independent.

Here’s the thing. While not everyone should start and run their own business full-time, relying solely on your job (or spouse) as the one source of income is more risky than starting a business. Especially when you don’t have the tools and confidence to pick up the pieces in the event that the company lays you off or downsizes.

Being financially independent is not a specific number and it does not mean that you are jet-setting to the Caribbean every weekend. Financial independence means that you are in control of your destiny, you have the ability to generate the income you need to live life exactly as you please.

  1. It takes confidence and mad money skills to be financially independent. I told Katie that a great place to start would be  to calculate how much she needed each month to live her life. Include nail and hair appointments, gym membership, happy hour, and the essentials like rent/mortgage, car payment, groceries, etc. Knowledge is power. And when you know your number, you can start to plan accordingly.
  2. Aim to save three to six months of living expenses. Take the number you just calculated, times it by three and set a goal to have that saved by a certain date. Then, multiply that number by six and set a goal to have that saved by a later date. I am a huge fan of the high-yield savings account from Radius Bank. The bank is completely virtual and currently has one of the highest interest rates on the market.
  3. Write down five to ten ways you could make an extra $1,000 this month. Could you sell clothes? Offer graphic design services on the side or do photography? If you practice making money when you don’t need to, you won’t feel blindsided if you find yourself in a situation when you have to make money.
  4. Start jotting down positive affirmations about yourself in your journal and why you are resourceful, resilient and an INDEPENDENT WOMAN because...
Independent Woman with Danetha Doe on Money & Mimosas

The biggest key to being financially independent is nurturing your confidence and believing that you can take care of yourself.

 

To grade your financial independence, take our quiz “Are you financially independent?”.

For more success tips, join our weekly insider list


*Name changed to protect identity


This post is in partnership with Radius Bank.

Making your passion your paycheck

Imagine waking up every morning, excited to jump out of bed and greet the day ahead. A day full of everything you want to do. Reading your favorite blogs, writing, catching up on the latest Hollywood news, grabbing a mid-morning tea with a girlfriend before heading to yoga.

Then getting your BOSS on with meetings and socialite events. Maybe there’s even a photoshoot thrown in the mix before you head home to wrap up emails and plan for the following day.

Whatever your passion is, there is a way to make it a part of your life. In fact, it is a necessity. Whether you’re doing it just for fun, or want to get paid, giving yourself permission to follow your passion is an important step in feeling fulfilled.

We, of course, are big fans of you getting paid to pursue your passion. Because money is a tool for you to be able to further express your creative talents and experience all that life has to offer. If you haven’t already, be sure to read our 14 reasons why you need to launch your side hustle, NOW. Once you’re done reading it, let’s get to work and make your passion your paycheck.

Here are the ten steps to take to make your dream life, a reality:

Wealth Wednesday on Money & Mimosas

 

  1. Visualize. Spend fifteen minutes daydreaming about the life you wish to create. What are the activities you’re doing, who are you hanging out with, what feelings are you experiencing, foods you are eating...the more detailed you are, the better!

  2. Choose a focus. If you are like most creatives, you have a lot of ideas that you wish to pursue. In the beginning, it is ok to try different tasks but always have one task as your guiding light. And make sure that all of the other tasks support that guiding light.

  3. Set financial goals. One year from now, how much money do you wish to add to your savings account? How many trips do you want to take and how much will they cost? Think through all of the experiences you wish to have and how much it will cost.

  4. Write down your goals. Gaining clarity on what you want accomplish is a HUGE step in achieving it. Spend a few minutes writing down your financial and life goals. Then, set a deadline to achieve it.

  5. Write a one-page business plan. Include all of your marketing activities that you will do to achieve your goals. If you are a blogger or vlogger, how many pieces of content will you create each week? How often will you post on social media? How many prospective clients or sponsors will you reach out to each week? Write it down.

  6. Create a financial foundation. Open up a bank account that is dedicated to supporting your goal of making your passion your paycheck. This account will be used to deposit any earnings you have, and cover any expenses. Not sure which account to use? We love the hybrid-checking account from Radius Bank. It’s perfect for tech-savvy, creatives like yourself.

  7. Find a money buddy. We all get discouraged or distracted, and having an accountability partner will help you stay on task. Check out our tips on how to choose the right money buddy for you!

  8. Create a daily checklist. Write down one thing you will do everyday to make your dreams a reality.

  9. Write down your gifts. Many of us work towards goals, reach them, and then quickly work towards the next one without stopping to congratulate ourselves. Next to your goals, write down the gifts you will treat yourself to once you achieve them. It can be a walk around the park on a Tuesday afternoon or a spa day treatment.

  10. Schedule a money date. Set aside 15 minutes every week to do your #MoneyandMimosas date. This is where you review your finances and note your progress. Once you’re done, be sure treat yourself to a mimosa.

For more tips on how to turn your passion into a paycheck, join our weekly insider list full of money tips to help you live your best. 

How much should you spend on clothes each month?

Sun’s out and if you’re like us, we know you are all about the summer parties. BBQs, lounging by the pool, brunch dates with the girls...and every get together needs a bougie outfit to go along with it. Because life is too short to wear boring clothes. Right?!

And unlike other money blogs, we are not going to be the ones to tell you to create a budget and eliminate your shopping sprees. Life is meant to be lived to the fullest. Yes, honey, there’s nothing like having a closet full of gorgeous clothes to declare that you are living your best life.

However, spending frivolously is a fast track to wallet depression, frustration and unnecessary stress that causes permanent wrinkles. And ain’t nobody got time for that.

Whether you shop Gap or Gucci, you need money to support your purchases and the occasional shopping spree.

Creating a monthly allowance for clothes is a great practice to develop. Every month you know that you have money set aside just for your closet needs. And in doing so, you won’t feel guilty about shopping because you won’t be going into further debt.

So if you’ve got a passion for fashion, but you feel like your wallet is suffering because of it, take these money steps so you can continue to live your best life.

Wealth Wednesday on Money & Mimosas

 

  1. Review the last three months clothes expenses. How much do you normally spend on clothes each month? This will help you better understand your money habits.

  2. Determine your monthly take-home pay and calculate 5% of it. For example, if you earn $3,000 per month (after taxes), then $150 equals 5%.

  3. Use this total as your clothing budget. You can scale up or down as needed, but 5% is a great baseline.

  4. Open up a separate account to store your clothing monies. We recommend using Radius Bank’s Hybrid Checking Account. You actually earn interest on your balance- how cool is that!

  5. Set aside money each week or month. Every time you get paid, transfer money to your clothing account. We recommend doing this during your weekly Money & Mimosas date. When you’re done, treat yo’self to a mimosa. You deserve it!

For more money tips, join our weekly insider list


This post is in partnership with Radius Bank.

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.

Five steps to Get Financially Fit

You wanna live fancy? Live in a big mansion? Party in France? You betta…

Get financially fit. And there is no getting around it. Unless you were born with a silver spoon in your mouth, if you dream of living the rich and famous lifestyle you will have to learn how to make, manage and grow your money.

And even if you have been raised with access to a lot of resources, becoming savvy with your finances will help you boost your sense of self-worth and give you the confidence you need to achieve all of the dreams you have in life.

Mastering your money is the gateway to personal freedom. Once you have the confidence in your ability to manage your finances and the skills you need to increase your net-worth, a world of possibilities will open to you. It may mean the ability to travel the world, spend quality time with friends, feeling a sense of accomplishment that you can stand on your own two feet.

Whatever success looks like to you, money will play a role within it. Commiting to your financial fitness is demonstrating a commitment to the dreams you have for your life.

Here are the five steps you need to do to get financially fit:

Wealth Wednesday on Money & Mimosas

 

  1. Get clear on your money story. A lot of our financial habits stem from our upbringing, culture and beliefs about money. Take ten to fifteen minutes and think about your money story. To get you started, you can ask yourself: what did I learn about money from my parents and how I view money today as a adult?

  2. Find a money buddy.  There’s nothing like having an accountability partner to help you stick to the goal you set for yourself, whether it’s fitness or finances. So, the next step to getting financially fit is to find someone to help you stay accountable. This is a person that you can trust, you know has your best interest at heart and is someone that is not afraid to tell you the truth. Check out this post for more tips on how to choose your money buddy.

  3. Weekly date. With your money buddy, schedule a weekly time to chat about money. At Money & Mimosas, we call this your money date. During this time, you want to review your expenses, income and share your goals. And the best part- is when you’re done, we say treat yo’self to a mimosa.

  4. Bank account. Choosing where you store your money is a HUGE step in getting financially fit. Because, this will determine if you make, or lose, money while it’s sitting in a bank account. With inflation, most checking accounts are set up for you to lose money because you don’t earn any interest on the balance. But, with Radius Bank Hybrid Checking Account, you earn money on your money. Cha-ching!

  5. Pick up a side hustle or additional income stream. Having multiple income streams is the best way to ensure that you financially fit and secure. When you rely on one source, you can place yourself in a vulnerable position if it disappears all of sudden. Beyond preventing a financial crisis, a side hustle also offers an opportunity to explore your creative side. For more reasons to pick up a side hustle, check out 14 Reasons Why You Need a Side Hustle, Now.

For more money tips, join our Money & Mimosas Insider List.

This post is in partnership with Radius Bank.

6 Steps To Get Out Of A Money Rut

As a creative, it can feel limiting to have to think about money. Sometimes the impulses and insights you have do not seem practical on the surface. Or you may even wonder how in the world your random passion is going to make you money and allow you to support yourself. We totally get it!

As you embark on your creative entrepreneurial journey, there will undoubtedly be times when money is not flowing as easily as you would like it to be. You may even feel stressed about bills that you can’t pay or anxious about how to make your business a legit endeavor.

We’ve all been there. We’ve all questioned whether or not we should continue our dream and hang up the “Closed for Good” sign. It’s part of earning your stripes as an entrepreneur. These experiences will allow you to build your resilience and strengthen your creative muscles.

And if you decide to stick it out through these tough times- you will come out stronger, wiser, and more nimble than ever before.

Money ruts are just like writer’s block. When you find yourself in a money rut, it takes a combination of patience and action to get out of it.  While everyone’s process is different, here are six steps you can try that will help you get out of your money rut.

Wealth Wednesday on Money & Mimosas

 

  1. Get moving. Literally. Go take a dance class, go on a walk, do a workout video through YouTube, whatever is your flavor - just get sweating. As humans, we tend to hold anxiety and stress in our bodies. The more we have of it, the less clear we think and respond. By physically working the stress out of your body, you can regain clarity and focus.

  2. Practice gratitude for the things money can’t buy. There are plenty of people with lots of money, who are miserable. Consider all of the things in your life that give you joy and fulfillment. Friendships, romance, a healthy body, a clear mind, a sunny day, the smell of lavender in the trees, your eyesight, hearing the giggles of a toddler, swinging in the park. Take a moment to appreciate all of these invaluable gifts of life.

  3. Practice gratitude for the opportunities you do have. Write down a list of all things you can currently afford with your money and say thank you for it. Maybe it’s a delicious energy bar or a bouquet of flowers for yourself. Only have $20 in your pocket? Well, guess what? You can open a savings account that has one of the highest interest rates on the market. With only $100, you can start investing towards your future by using Radius Bank’s high-yield savings account. By developing your savings habits when you feel like you’re in a rut, is just like putting on a fancy pair of clothes when you feel extra sluggish. It immediately lifts your mood and attracts positivity towards you.

  4. Take out a blank sheet of paper and write down your monthly expenses. What is the number you need to cover each month? Often times, it is much less than we think and this exercise will help your current situation feel less daunting.

  5. Flip over the sheet of paper and brainstorm all the ways you can make money. Selling clothes or books to the local second-hand store? Babysitting? Teaching dance on the side (if that’s not already your entrepreneurial gig, of course. If it is, can you pick up a few more classes to teach or sub for others). Then brainstorm ways you can create more money from your business. List five people that can be potential clients. Can you offer them a new service? Let those creative juices flow.

  6. Take action. The fastest way to get out of a rut is to start doing something to change it. Call those five people on your list. Pack your clothes and books and walk to the secondhand store to sell them. Open up a savings account. Place items on CraigsList. Create your own momentum and you will see the money tide flowing back your way in no time.

This post is in partnership with Radius Bank.

 For more money tips, click here to get insider advice.

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.

14 reasons why you need to start that side hustle, NOW

One of the lessons that many of us learn at some point in our career, is that we should not assume that our current situation will last forever. Some of our Money & Mimosas readers write in to us to share that they have recently been laid off and are trying to figure out how to financially maintain their lifestyle.

We truly believe in the importance of a side hustle. Even if your job is 99.99999% secure, having an additional income stream is empowering because you know that you have the skills to support yourself. And having a side hustle does not have to mean that you turn it into a full-time business. For example, you can love your job as a full-time marketing analyst and use those same skills to develop your blog on the side. Your blog may also help you sharpen your skills that will help you in your current position.

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Here are fourteen reasons why you need a side-hustle.

  1. Extra money for those shopping sprees and investing. It goes without saying that having a side hustle helps you make more money. This additional money can go towards your indulgences and/or your investing accounts so you can start living like a BOSS. The extra dolla bills you have can go towards building up a high-yield savings account. This is an account that has a higher interest rate than most savings account. We really dig Radius Bank’s high yield savings account that has a 1.86% APY.

  2. It provides a cushion in case you suddenly lose your job. None of us like to think about the negative side, but there is a chance that your company could go through a series of layoffs. One our members worked as a staff accountant and the company went through a terrible downturn. She was asked to cut her pay by 20%. That is a huge pay cut! But, because she was teaching Zumba on the side, she was able to make up those lost wages.

  3. Opportunity to write off expenses on your taxes. Most of the things you buy to support your side hustle, can be a tax deduction. Yay!

  4. Creative outlet. We all need to express ourselves creatively, and sometimes our job doesn’t provide the opportunity to do that. Having a side hustle will allow you to let your creative juices flow while still holding down that 9 to 5 J-O-B.

  5. New experiences. Wow, you never know what life has to offer until you put yourself out there. Having a side hustle forces you to get out of your comfort zone and can lead to opportunities that you never knew existed.

  6. Learn additional skills that can translate to your career. Writing, photography, marketing, sales - these are just some of the skills that you will pick up from your side hustle. And all of these skills will be helpful to you regardless of the career you have.

  7. Your success can be used to negotiate a higher salary. Did you grow your email list by 150%? Or snag a huge press mention? Or build a loyal following and host sold-out events? Depending on your role at work, you can mention these wins as a way to demonstrate your advanced skill-set and ask for higher pay.

  8. Live life on your own terms. If you are out of PTO you can still generate income while taking time off. Have you already used all of your vacation time, but, want to take another 2-day trip? Well, your side hustle can make up for the missed pay. Go ‘head and live your life, girl.

  9. Meet new friends outside of work. Sure, you love your colleagues. But sometimes it’s fun to connect with different kinds of folks. Having a side hustle will encourage you to attend events that are outside of your comfort and meet new people.

  10. Free products. This is especially true if you blog and/or have a social media presence. Brands love to send their products for people to try. And who doesn’t like free gifts.

  11. Discover new passions. Having a side hustle may introduce you to fun activities that you may have not discovered, otherwise. Like painting, underwater photography or snorkeling. You never know what life has to offer until you put yourself out there!

  12. Reduce feelings of burnout at work. Feeling uninspired at work? Even if you love your job, we need a creative outlet. Having a side hustle can help reinvigorate the once burning passion you had for your job.

  13. Create more structure in your life. When you pick up a creative gig, your time becomes even more precious to you. If you feel like you are all over the place and unsure of what you want to do with life, a side hustle may help give you the clarity you’ve been craving.

  14. More opportunities to give back and be a part of the community. Looking for ways to be more involved? With your side hustle, you can collaborate with local non-profits and organizations that align with your values.

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This post was in partnership with Radius Bank.

 

*Annual Percentage Yield (APY) is accurate as of 05/30/18. Minimum amount to open account is $100.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01—$9.99, 0.05% APY applies to the entire balance on balances of $10.00—$2,499.99, and 1.50% APY applies to the entire balance on balances of $2,500- $24,999.99. 1.86% APY applies to entire balance on balances of $25,000 or more. Rates may change after account is opened. Fees may reduce earnings.

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.

What to do during your weekly money date

Have you been noticing the #MoneyandMimosas on Instagram and all your friends posting about mimosas? We hope so! Because that would make our champagne glasses bubble over with joy.

Every Friday, we encourage our readers and community to post a photo of themselves with a mimosa, a caption sharing a win from the week and the hashtag, #MoneyandMimosas. When you do that, you will be featured and entered into a drawing for our monthly giveaway.

But before you take a sip of that oh so tasty mimosa, we want you to have a money date.

It’ll only take fifteen to thirty minutes! Promise. Spending a mere fifteen to thirty minutes a week with your finances will completely shift your world and get you that much closer to living your BOSS life.

Here are the seven steps to cover during your money date. Print this off and keep it by your desk as a physical checklist.

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  1. Check your savings account. How much is in it? How far are you from your yearly and monthly goal? In the Money & Mimosas BOSS club, we challenge our members to add $10K to their savings within a 12-month timespan.

  2. Review your checkings account. Make note of the current balance. If you want to make sure your money is working for you while it sits in the checkings, check out our friends at Radius Bank. Their hybrid checking account actually lets you earn interest on your balance. Sweet!

  3. Pay yourself, first.  While you’re in your checking account(s), total how much income was deposited this week. Take a percentage of it, anything from 10% and up, and transfer to your savings account or investment account. This is the most important step because you are declaring that your financial wellness is top priority.

  4. Review your last week’s personal expenses. You can use a tool like Personal Capital or Mint to quickly review your categories. Make note of how much you spent on groceries, dining out, shopping. Did any of these totals surprise you or were they about what you expected?  

  5. Bookkeeping and review outstanding invoices. For all the bloggers and entrepreneurs, reconcile (aka categorize) your business expenses. Not only is this important for taxes, but it will help you plan for hiring, photoshoots, clothes, makeup and everything related to growing your brand. Do you have any clients that owe you? Are they overdue and need a reminder? Make note of how much money you are waiting for and how you plan on allocating it.

  6. Pay bills. You can either choose to do this once per month or every Friday. Make payments on any credit card balance or bills that are due the following week.

  7. Drink a mimosa. This is the most important step. Cheers to you for a week well done and spending quality time with your dolla dolla bills.

Wanna join the #MoneyandMimosas party? We're doing a monthly giveaway where one of you will win a self-love package!

To enter our monthly giveaway, take a pic of yourself with a mimosa, use the hashtag #MoneyandMimosas and share one win from this week on Instagram. Cheers!

 

This post is in partnership with Radius Bank.

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.

How to choose the right business bank account

Do you need a business bank account as a blogger and entrepreneur? If you are a sole proprietor, you are not legally required to have a business bank account in order to own and run your business. (This is according to U.S. law for sole proprietors. To be safe, do some homework and check your state’s regulations on this topic.)

However, it is helpful from a clarity and an organizational standpoint to separate your business finances from your personal money.

If you want the money in your business to grow, you must give it a safe place to do so. 

Having a separate account for your business finances, allows you to be able to quickly monitor whether your money is growing or depleting. Not to mention that makes tax filing easier - and the audit process, if that were to ever happen.

Everyone mixes up their money from time to time, but get the sooner you begin the practice of keeping them separate, the sooner you will have a sense of clarity around the money in your business.

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Some banks do charge a fee to open a business account or require a minimum deposit amount. If either is not feasible for you, and you are a sole proprietor,  you can choose to use two regular checking accounts. Dedicate one for your business expenses and the other for your personal funds. We are a big fan of the hybrid-checking account with Radius Bank because they actually earn interest on the money in your checkings.

When it comes to choosing a business bank account, use the following questions to guide your decision process.

  1. How many ATMs do they have? (If you travel a lot, you may need more ATM locations.)

  2. Does your current personal bank offer a business account option? If so, what deals can they offer you?

  3. Does the bank support your local community? (A smaller bank or credit union may be the best fit. if this is important to you.)

  4. Are there any annual fees?

  5. Is there a minimum account balance that you need to maintain? If so, what are the fees if you fall below the minimum balance?

  6. Does the bank offer SBA loans or other funding opportunities for small business owners?

  7. Do they link to any bookkeeping programs? If so, which ones?

Opening a business bank account is a big step in your entrepreneurial journey! Have you opened one or thinking about it? Let us know in the comments, below!

Want more tips like this? Click here to join our Insider List.

This post was in partnership with Radius Bank.

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.

Is it time to hire someone?

It’s common for entrepreneurs to bootstrap during the first few years of business. But eventually, you'll start asking yourself "am I ready to hire someone?"  After all, you’re the sales and marketing team, the bookkeeper, the janitor, IT, the negotiator, the president and the assistant, the graphic designer, the publicist, the agent… 

Oooo weee. When you can you sit down and take a break?

Hopefully sooner rather than later, you’ll be able to outsource some tasks to other professionals. It’s a wonderful feeling when you’re able to take a load off your plate and at the same time, help support another person’s financial goals..

So, when is the right time to outsource?

Here are the five key considerations to help you make the decision.

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  1. Am I financially prepared to hire someone? Look at this on a monthly basis and make sure it’s something that you can incorporate, knowing the income that will be coming in. For your first few hires, aim to bring someone on as a independent contract on a per project basis. This will help you keep your costs low and learn how to articulate clear deliverables. Sometimes, business owners take out a loan to help with cash flow if they need to hire folks before the expected revenue makes it to the bank account. If you are considering taking out a loan, check out Radius Bank. They are a preferred SBA lender, loans that are focused specifically on the small business owner’s needs.

  2. Is the task you’re hiring out for something that takes a lot of time? If something takes you 10 hours, versus it getting done in 2 hours by a professional (example: graphic design), the cost is probably worth it. Those 10 hours would be better spent selling or servicing your clients.

  3. Will the work enhance your business? Sometimes it may feel like hiring a graphic designer or copy editor isn’t worth the money because it isn’t directly affecting your sales process. But investing in your business is a sure-fire way to up your entrepreneurial game and attract more paying clientele.

  4. Does the person understand your vision? The more people you surround yourself with and allow to be a part of your business journey who believe what you believe, the more aligned you will be to your mission and goal.

  5. Are they connected to any business owners that could use your services? This is an easy place to get referrals that is usually overlooked. Often times we ask clients for referrals, but what about the people we pay? By helping you make more money, they are increasing the likelihood that you will hire them again and again.

Want more tips like this? Click here to join our Insider List.

This post was in partnership with Radius Bank.

 

Danetha Doe

Hi! I am passionate about helping others achieve financial independence. Things I like to talk about are FinTech, entrepreneurship and celebrity gossip.