How to Clean Out Your Closet

P.S. Have you sent in your RSVP for our next Sip & Shop with the Socialites event? Click here to join the fun!

Dress shabbily and they remember the dress; dress impeccably and they remember the woman.
— Coco Chanel
Money & Mimosas. jpeg

As I shared last week, confidence is super duper important when it comes to being financially successful. If you don’t feel confident, you won’t have the courage to ask for the raise or state your fee with a client. One of the best ways to boost your confidence is to wear clothes that you make you feel good.

You already know this to be true. If you’re feeling lousy one day, doesn’t your mood immediately change when you put on your favorite outfit? Not only does your mood change, but the people around you also respond differently to you.

Defining your fashion and style is part of the journey of being financially successful. I am currently working on mine and invite you to join the journey with me as I work with my wardrobe stylist, Andrea Faye. Keep reading for her tips on how to level up your sense of style.


Money & Mimosas.jpeg

This upcoming year is going to be amazing because Danetha and I are joining forces to show you how to build your dream wardrobe. Between the two of us, we will not only show you how to up your style game as a professional, modern woman, but also, how to plan for it financially. As with any good habit, small changes add up to something great- so let’s move forward with this first set of takeaways.

As you may have read from last week’s Money & Mimosas, I started working with Danetha in strengthening her personal style. A great first step in honing in on your personal style is doing a “closet cleanse” which basically means gutting your entire wardrobe to only include items that are the strong points in your style.

Here are a few main points to consider in conducting a closet cleanse.

1. Empty out everything.

Seeing the contents of your closet outside of context will provide a new perspective for what you actually own. Between gifts, impulse buys, clothing that doesn’t properly fit but we still feel like keeping because we spent money on it, the list goes on… Once it’s out, you can face each item with a fresh point of view.

2. Organize your clothing by priority

Create four piles: definitely keep, maybe, donate, and throw away. Use this time as you organize to reflect on how each item makes you feel when you wear it. Any hesitation is a red flag that the item does not belong in your wardrobe. When you are done, the keep pile may be the smallest, but the positive side to this, is that the items that you do keep are the foundation to your style.

3. Think of yourself as a style icon

Reflect on the most stylish people throughout history. Despite a diverse array of personal styles out there, style icons have one main thing in common: a signature identity. The more you can define the key components of your signature, the more you can develop what it is about you that stands out. Not only will you feel more true to yourself, but you will also come across stronger to other people.

Money & Mimosas.jpeg

4. Consider your lifestyle

Absolutely, you can be fashionable 100% of the time. The beauty of a well defined closet is having the variables of your multifaceted lifestyle come together and always be reflective of your individuality. Consider your activewear, loungewear, special events, work, social life, and even events that you wish to attend more of in the future.  If you have something that doesn’t represent that best version of you for each of those scenarios then toss it and we will upgrade over the coming year.

5. Design elements

If you are working with me on developing your personal style, we may identify your color palette and silhouette ahead of time. A smaller color palette (3-5 main colors) allows for more versatility when pairing items. Color is an important variable, but also, don’t forget to keep in mind prints, patterns, texture, and textiles in general. Consideration of details like these are what transitions a look from low end to sophisticated. I will cover more on this in the future both with Danetha and on my newsletter, but for now just start to wrap your mind around what type of details you are drawn too.

Money & Mimosas5.jpeg

6. This is self care.

Your closet may be a good point for self-reflection, but please, keep your eyes on the prize. You are doing this for yourself to become the best version of you. If anything makes you feel body conscious or brings up a memory of a fashion nightmare, anything, just acknowledge it and remind yourself from here on out we are going to up your style game. It can be hard to get rid of things for some, so imagine yourself with the wardrobe of your dreams because you can absolutely attain it.


And now I’d love to hear from you! How often do you clean out your closet? Let me know in the comments below.


If you’d like to learn more about working with Andrea, click here to apply for a consultation. Or if you have questions, you can reach out to her directly at boss@dreafaye.com


Want more money tips? Join our insider list.


P.S. Have you sent in your RSVP for our next Sip & Shop with the Socialites event? Click here to join the fun!

















7 Reasons Why Every BOSS Needs a Wardrobe Stylist

I like my money right where I can see it: Hanging in my closet.
— Carrie Bradshaw

Oh, Carrie. How I love you. And while I would like to officially put on the record that from a pure mathematical perspective there are other, more financially savvy places where you could hang your money --- I ALSO know through every fiber of my being that money isn’t just about math.

Life has shown me time and time again, that being financially savvy is also very much about how you feel and the intention you have behind your money decisions.

I created Money & Mimosas, because I am passionate about learning how to make money work for me and sharing my insights with you. I learned at an early age that the system was not designed for you and me. This fact used to make me sad, then very angry, and now I feel energized by this process of discovery.

Here is what I know for sure- being financially successful has very little to do with mastering a cookie cutter formula, and A LOT to do with mastering your beliefs and behaviors around money.

Money & Mimosas

One of those beliefs that needs to be squashed is that you need to budget yourself to boredom and never ever spend money on anything remotely fun until you are 1000% out of debt, have a bajillion dollars saved for a rainy day and are at least sixty-two years old.

Ok, maybe that’s an exaggeration. But, the point is that learning how to enjoy your money and have fun with it, is an important step in BEcoming financially successful.

Please note that having fun with your money must be done with intention. Mindless spending will put you on a fast track to being financially miserable. And you have to be honest with yourself if you have a habit of mindlessly (or intentionally avoiding) making financial decisions.

Shopping is one of those money decisions that is shunned by the current financial paradigm. But, buying clothes in an intentional manner, is extremely important to you being financial successful. Why? Because adorning your body is a confidence booster. And confidence, dahling, is what you need to make that money. Yassss, girl.

But, not all of us are fashionistas. And for some, shopping for clothes can be overwhelming. And as busy boss ladies, we may not have the time.

That’s why I decided to work with a wardrobe stylist. I will be the first to admit that while I love clothes, shopping is not my favorite activity. Mostly because I never know what to buy, I end up spending way too much time in the store, and I’m not always sure which styles or colors best compliment my features.

Money & Mimosas

As any boss does, I decided to find an expert and asked for help. I partnered up with Andrea Faye, the boss behind Modern AF, who is a luxury fashion designer and stylist for busy boss ladies. After working with Andrea, I now feel super confident when choosing an outfit for any function. I’ll share more details about the work we did together. For now, here are seven reasons why every boss needs to work with a wardrobe stylist.

Danetha and Andrea Faye on Money & Mimosas

Seven Reasons Why Every BOSS Needs to Work with a Wardrobe Stylist

  1. Understanding your skin tone. Working with Drea, I learned which colors highlight my undertones, making my skin glow. Versus which colors make my skin look dull and lifeless. With a stylist, you will learn which colors are your best friends and which ones need to go bye bye.

  2. Organization. A stylist will help you organize your thoughts around which outfits are best suited for which types of events. For me, my classic look at socializing events is the jumpsuit because you can dress it up or dress it down. But there are also fitness events, lounging around the house, where a jumpsuit may not be appropriate. Working with a stylist will help you think through which activities are consistent in your schedule and then determine which items you need in your closet for each of those functions.

  3. Body style. Have a hard time figuring out which style best suits your frame? Girl, you are NOT alone. It is really hard to objectively look at our beautiful bodies and know which apparel will fall the best upon it. A stylist can do that for you. And will be super loving about it, too!

  4. Your brand. Whether you run your business full-time, have a side hustle or are a freelancer, you have a brand. Your brand will attract clients and it’s important to attract the right ones. Your fashion is a big piece of your brand and a good stylist will help you look at your closet from this holistic perspective.

  5. Saves time. How often have you spent hours in a store or staring at your closet trying to find the perfect outfit for an event? Yea, it’s painful. After working with Drea, I now know how to plan outfits ahead of time for an event. Saving precious time that I can devote to the growing Money & Mimosas community.

  6. Saves money. This may seem counterintuitive, but once you know which clothes work the best for you, you can invest in classic, staple items that will last you for years to come.

  7. Confidence is priceless. Knowing what to wear, and feeling your best while wearing it, is priceless. We all want to feel confident in our skin- whether it’s during a mimosa date with the girls, a boardroom meeting, a client session, or on a date with our boo - and there is NO price tag you can put on that feeling.

And now I’d love to hear from you! Have you thought about working with a stylist? Why or why not? Let me know in the comments below.


If you’d like to learn more about working with Andrea, click here to apply for a consultation. Or if you have questions, you can reach out to her directly at boss@dreafaye.com.


Want more money tips? Join our insider list.

7 Ways to Not Fall in More Debt This Holiday Season

Happy Holidays, friends. Tis the season for reflection (hopefully!) and shopping (most likely!).

It’s ok. We know you. And unlike other money blogs, we are not going to discourage you from shopping. However, let’s look at the facts.

Money & Mimosas

In the U.S., shoppers racked up an average of $1,054 of debt during the 2017 Christmas season — an increase of 5% over last year, according to a survey from MagnifyMoney, a personal finance website. According to their research,  44% of shoppers racked up more than $1,000 in holiday debt, and 5% accumulated more than $5,000 in debt.

Unfortunately for most, bouncing back from this debt will take several months. Less than 50% of these folks are expected to repay the debt within 3 months. While others, about 29%,  shared that they needed more than five months to pay it off. This leads to credit card interest and we all know that this add up very quickly.

Money & Mimosas


Let’s do a quick calculation! If your interest rate is 16% -  you spend $1,054, and paid a minimum payment of $25 each month….you would be paying down that balance until the beginning of 2024. A total of $1,600 on a $1,054 purchase.

Basically, you will spend the next five years paying off the holiday purchases you made this year. Do not do that to yourself! Instead follow our simple steps below so that you can have your cake and eat it too.

Or should we say, have your fur coat and wear it without having credit card debt, too.

Here are seven steps to help you not fall into more debt this holiday season.

Money & Mimosas
  1. Make a list of the folks you want to buy gifts for this holiday season. It’s easy to grab last minute items as you randomly see friends on your Facebook timeline or passing them on the street. Stop that. Create a concise list of friends and only buy gifts for them. Everyone else can receive lovely handwritten note.

  2. Set a budget for how much you will spend per person. Is it $50 per person? $100? $1,000?  Whatever it is, choose one amount and determine the total amount you have to spend. For example, if you have 10 friends on the list, and decide on $50 per person, then you have $500 to spend. No more.

  3. Hopefully you’ve been saving up this year for these purchases and won’t need to use your credit card. Ideally, I’d use a checking account,  like the Radius Hybrid Checking account, to save up for holiday purchases. This account allows you to earn interest on your balance. Versus other banks that offer ZERO interest. Pull that amount out in cash. Yes, just do it. Carrying a ton of cash on you may feel awkward, so you can also pull out the set amount per person each time you shop for them.

  4. Research ahead of time what you will buy for each person. Yes, we know you want to wait for inspiration to hit you while you’re in the store. But, let’s try something different this year and pre-plan the gifts. Cool? Great!

  5. If you are using your credit card, create a plan for paying off your holiday gifts within 30 days. Brainstorm ways to increase your income to make that happen (you can check out our 5 Side Hustles You Can Do From Bed post) or ways to decrease your expenses to free up some cash.

  6. If it’s going to take you more than 30 days to pay it off, then reduce the amount of money you are spending on gifts.

  7. Remember that gift-giving is one way to show that you love someone. Spending quality time either in person or during a phone call is another beautiful way to connect with friends. And it doesn’t cost you any money.

Cheers!


This post is sponsored by Radius Bank.
Want more money-making tips? Join the weekly Money & Mimosas newsletter.

Feel Rich By Giving Big: 10 Keys to Modern Bosslady Philanthropy

Author: Emily Howe, Corporate Gender Equity Consultant, Portola Advisors

For executive women, lady entrepreneurs, and other women of financial means, living a big life – and feeling rich - is very often linked to giving back.

As the world’s sixth-wealthiest female billionaire and mega-philanthropist Laurene Powell Jobs puts it, “To leave a mark - in a way that you think is important and lasting - that's a life well-lived.”

Emily Howe on Money & Mimosas.jpeg



In fact, women report, twice as often as men, that giving to charity is one of the most satisfying aspects of having wealth (US Trust, 2013).

To help you give in a way that really makes an impact and brings you joy, here are some facts and inspirations to help you navigate modern giving:

  1. Give your time and mentorship. Pay it forward, like Oprah by inspiring and helping other women. (#womensupportingwomen) Mentor a rising female star in your industry so she can really soar. (Only 54% of women have access to senior leaders who act as mentors (Egon Zehnder, 2017). And/or give your expertise to your fave cause by serving on the board.

  2. Don’t start your own non-profit. Seriously. I know it seems glam, but if your end goal is being helpful to those in need, think again. There are 1.5 million U.S. nonprofits already – in nearly every area. The problem is this: each nonprofit spends a chunk on their own administration. (Think: If 20 hunger-fighting nonprofits merged, they could pay one administrative group instead of 20 – and then the rest of the money could be used to fight hunger directly.) So find a nonprofit already helping your cause and give to them.

  3. Vote with your dollars. These days, there are good and evil choices for just about all of our buying decisions. A great way to do good every day is making the most planet-friendly, worker-friendly, whatever-you-care-about-friendly decisions when doing what you do, from drinking beer (#craftbeer) to shopping (#ethicalshopping #womanownedbusinesses) to vacation planning (#ecofriendlytravel). For more tips, check out our vote with your dollars article.

  4.  Influence the men in your lives to give. On average, women make less money than our male peers (argh!), but we still have a big influence on household spending – from home goods to philanthropy. Making philanthropy a key part of our relationships with our partners is critical, and millennial women are doing it en masse (Fidelity Women and Giving, 2018). So, talk with your significant others, friends and family about making philanthropy moves. Bonus points: Give the big spenders in your life the opportunity to sponsor a table for a charity gala.

  5. Focus on a few. Fifty-five percent of millennial women support a wide variety of causes, which isn’t actually the most effective method. (Due to fees-per-donation and other admin costs, giving $1000 to one organization goes much further than giving $200 to five different ones.) If you have trouble choosing, pick a charity that works on lots of issues, like the Global Fund for Women or the ACLU.

  6. Be strategic, not just spontaneous. Millennial women tend to give spontaneously – as in donating a dollar on-the-spot at the register or giving to a GoFundMe when it flashes across the ‘gram. Keep doing that, but just don’t let those one-off donations make you feel like a good philanthropist who can stop giving. Instead, pick 1-2 organizations you really want to support, save up, and donate big and proud.

  7. Set a target and achieve it in your sleep. Decide how much to give annually and set up a separate bank account with automatic transfers each month. (According to several of the largest charitable foundations, the average giver donates 3-5% of their adjusted gross income.) Not sure which bank account to use? Well, we at Money & Mimosas are HUGE fans of Radius Bank’s Superhero checking  account, which supports March of Dimes’ mission to lead the fight for the health of all moms and babies. Through everyday spending, 1.00% of your total purchases each month will be donated to March of Dimes. Your donation helps advocate for policies that prioritize the health of moms and babies and provide resources and programs for moms before, during and after pregnancy. And as if that isn’t enough, you’ll also earn 0.50% APY2 on balances of $2,500 or more! All interest earned will be matched by Radius and donated to March of Dimes2

  8.  Give like a woman. Women are more likely to give to charity – and to give more - than men in similar financial situations, according to the Women’s Philanthropy Institute (2014). And it’s truer today than ever before: Since the 2016 election, women’s giving to progressive causes has outpaced men’s by six-fold (WPI, 2018). P.S. Let's all keep fighting for those higher salaries so we can give even more! (#equalpayforequalwork).

  9. Donate like a Black philanthropist. African-American households at all income levels give 25% more than their same-income peers of other races. And, more African American households donate - nearly two-thirds compared with 55% of all American households (W.K. Kellogg Foundation, 2011). For inspiration, check out Black Philanthropy Month (it’s August!) (#GetYourGiveOn).

  10. And, consult a lady tax expert. (Actually, any gender will do, but going with a female supports women’s empowerment.) Anywho: the new tax codes make it harder to get tax breaks (unless you’re giving a LOT). Ask your accountant for tips, such as "bunching" a.k.a. saving for a few years and then donating one large sum (to get the tax break). But, BTW: Research shows that most people give because it feels good, not for the tax break (Scharf, 2018), so open your heart and your pocketbook and make it happen, either way.

And just in case you need a little more inspo, here’s a final thought from mega-star and philanthropist, Beyoncé: “We’re all in this together. Each and every one of us can make a difference by giving back.”


For more tips on how to use your money for good, join our weekly insider list.

About Emily Howe: Emily Howe is a senior management consultant with Portola Advisors. She has a MA degree in Gender and Cultural Studies from Simmons College, and has a special focus on helping businesses advance women in leadership and reduce gender bias throughout organizations. For 15+ years, as an expert in change management, Emily has served large international companies, public and private universities, nonprofit and arts organizations, philanthropic groups, government entities, and individuals. Emily is Prosci-certified in change management and is on the board of the Association of Change Management Professionals, Northern California. And, she co-produces an event series called "Taboo Topics in Business.Connect with her on LinkedIN.


This post is sponsored by Radius Bank.

Should you invest in a private jet membership?

Author: Amanda Shaffer

Have you ever dreamed of flying private? We know we do! Even Suze Orman, the famed personal finance advisor for America, spends half a million dollars every year to fly private. For ambitious, boss ladies like yourself with crazy schedules, flying private on the regular is definitely in your future. But, does it make more financial sense to own your plane or go for a membership? We did some digging to find out and this is what we found out!


More executives and entrepreneurs are tapping into private jet membership as it offers more value than owning a private jet individually. Investing in your own aircraft is like handling a business unit and if you are flying less than 300 hours in a year, it’s not a wise investment as mid-size jets were reported to cost annually at $1.2M according to Executive Jet Management.

Money & Mimosas.jpg


Forbes recently reported that the number of jet card providers has doubled in 2018. 35 providers with over 250 programs are now available for executives who want to fly privately. This membership also entails one to a shared jet ownership, so you’ll chip in with other co-owners on the maintenance needed for the jet when flying like charges on de-icing the aircraft when flying in winter. This process has an average hourly cost of around $1000-$4000 depending on the size of the jet, so you can cut down on your usual private jet charter costs.


Jet Card Membership a Worthy Investment

Aside from private jet membership, more jet charter brokers are also encouraging jet card membership. The amount deposited on your jet card account is also withdrawable for most private jet card providers subject to a few terms and conditions, so there’s assurance that your investment won’t go to waste.

Private Jet Membership versus Flying Commercially

If you’re frequent traveler flying commercial on a first-class setting, the average tickets cost about $1,300 and are subject to available flights and other exit fees which in the long run will cost you more than getting yourself an annual membership wherein you’re given access to all premium facilities at a fixed hourly rate.

Money & Mimosas.jpg

Ideal for First Time and Corporate Private Travelers

For entry-level flyers, choosing a jet card is a great way to save on hourly rates every time you fly. It’s also a plus to corporate travelers who want to stick to the budget since the card works as a prepaid account wherein you’ll deposit a set amount which is good for a few flight hours, so they don’t have to swipe for payment and incur extra fees along the way every time they opt to fly privately. Plus, rebates are offered every time you use it, so it lessens the cost of your next travel.

Innovation at Your Fingertips

Investing in a private jet membership is now made easier with private jet applications wherein you can sign in and request a jet and flight schedule within 10 hours. Depending on your choice of program, private jet charter providers will also give all-out access to several jet models.

With different types of travelers owning specific travel preferences, the best part of having a private jet membership is the flexibility you get when it comes to choice of jets, costing, and budget for your next travel. Having one allows you to fly your own terms at calculated costs, so you’re assured that every cent of your hard-earned money will be worth your next business trip. Plus, jet memberships are great sources of global partnerships too. For more information on private jet membership, consult with your trusted jet charter broker or an exclusive charter service provider.

Of course, you want to make sure that you are in a stable financial position before investing in a membership. If you are newer on your financial independence journey, be sure that you have a steady monthly income from your business and you are maximizing all of the ways you can make money. For instance, most folks have a checking account with 0% interest. Which means, they are not making any money on the funds they are essentially loaning to the bank. That’s why we’re a huge fan of Radius Bank’s Hybrid Checking Account. An account that acts like a savings account, in that you earn interest on your balance but it has the additional flexibility that checking accounts offer. Click here to learn more.


Want more money tips? Join our Money & Mimosas Insider List.


This post is sponsored by Radius Bank.

3 Ways to Vote with Your Dollars

There is no force more powerful than a woman determined to rise.” Cheers to our new faces in Congress!!

We 👏🏾 are 👏🏾 on 👏🏾 the 👏🏾 move.

On this Wealth Wednesday lets celebrate the women who made HER-story last night and to us who made a difference with our votes. 


Money & Mimosas.JPG


However, remember that the work is not done. Everyday we VOTE with our DOLLARS.

Voting at the polls is one way to express our views and create the world you wish to live in. On a daily basis, we also have the power to vote with our dollars. How you choose to spend, or not spend, your money has a direct impact on the world around you. Here are three ways you can use your dollars to affect positive change:

Money & Mimosas
  1. Bank with a bank that actually cares. We have seen time and time again examples of financial institutions that take advantage of their customer base and do little to give back to their community. We have the power to change these practices by intentionally banking with institutions that uphold our values. One of my favorite banks is Radius Bank, which recently launched their Superhero Checking account. Through everyday spending, 1.00% of your total purchases each month will be donated to March of Dimes. Your donation helps advocate for policies that prioritize the health of moms and babies and provide resources and programs for moms before, during and after pregnancy. And if that wasn’t enough, you also earn 0.50% APY on balances of $2,500 or more! All interest earned will be matched by Radius and donated to March of Dimes.

  2. Shop with the environment in mind. Manufacturing clothes is one the top pollutants of our environment. It is estimated that apparel and footwear industries account for 8% of global greenhouse emissions and is steadily increasing. The impacts include water pollution and toxic waste. We all need to wear clothes, so let’s be mindful about where we shop. Companies like Patagonia and Athleta make a conscious effort to use sustainable materials and practices to manufacture their clothes. Or you can host a mimosa party and swap clothes with your trendy girlfriends. Saving money and the environment never looked so good.

  3. Visit the local market. Shopping online is super awesome and convenient and all the things, but doing it all the time does have an impact on your local community. Local grocers, farmers markets and boutiques depend on us to keep them in business. Keeping them in business means that they are able to pay taxes that support local initiatives, create jobs that allow them to hire people within the community and add to the overall well-being of the area. The next time you visit a local shop, instead of price-checking an item to purchase it online, ask the small business owner if they would be willing to match the price for you or create some sort of loyalty program. Shopping local creates stronger communities and benefits you and everyone in the area.


For more tips on how to use your money for good, join our weekly Money & Mimosas insider list.


This post is sponsored by Radius Bank.



4 Ways You Are Losing $2500 Every Year Without Realizing It

When it comes to money, everyone wants more of it.  There are two ways to have more of it, either earn more or spend less. While earning more can take a lot of effort and time (and sometimes money), spending less is only a matter of discipline.


Here are four ways that many of us lose $2,500 each year without even realizing it. Pssttt- I’m sure you’re not doing of any these, so pass this article along to a girlfriend who could use a little money coaching.

1. Unused gym memberships

 Most cities now have a bike-sharing program. It’s cheap, a fun activity and a great workout! This was me in Portland using their bikes.

Most cities now have a bike-sharing program. It’s cheap, a fun activity and a great workout! This was me in Portland using their bikes.

Countless Americans sign up for gym memberships, with the resolution to work off that Token 10, but the vast majority let their membership slack like their waist line. And eventually their wallets.  On average, a gym membership is $50 per month or $600 per year. Most gyms only anticipate that 18% of their members will actually show up. What?? Before you sign up for a gym membership, think about using drop-in classes as your workout routine and combine it with running outside or working alongside your favorite YouTube star. My favorite app to use for this is Zenrez Fitness that offers discounted rates on last-minute class signups. I saved $10 on a spin class in LA by using this. Some of my favorite YouTube channels to work out with are Blogilates, Tone It Up and this 12 Minute Madness Workout by BodyRock. Instead of spending $600 on a membership per year, you could easily cut that in half by finding discounted classes, using free trial periods, and working out at home. A savings of $300.

 Hiking is also a great workout and an awesome date activity!

Hiking is also a great workout and an awesome date activity!

 

2. Wasted food

Whether it's the plus-size bag of spinach or cashew milk that you convinced yourself that you would use to make smoothies for the week but ended up going bad in the fridge, wasting food (and therefore money) is a regular occurrence for many people.  According to the American Chemistry Council, the average U.S. household throws away $640 of food each year. Combine that with our gym memberships above, that’s a total of $940 you could be losing each year. My recommendation is to choose one day per week that you go to the grocery store. Make a list, do your shopping, then meal prep with all of the items. For our family of two, we cook our meals on Sunday and I batch things like smoothies and freeze it until I’m ready to drink them. A little preplanning will go a long way with helping you save money.

3. Overspending on restaurant meals

Money & Mimosas

While I totally support eating at restaurants, especially for your weekly Money & Mimosas date, doing it on the regular will start to add up quickly!  According to the Bureau of Labor Statistics, the average American household eats out four to five times per week, and spends a total of $3,008 dollars on food away from home per year. If you cut that in half, that’s an extra $1,500 in your pocket! Combine that with the unused gym memberships and wasted food, we’re up to $2,460 in savings for the year.

 

4. Inflation

You may have heard the saying that a dollar today is worth more than tomorrow. This is because of a little pesky thing called inflation. Now this doesn’t mean that you should go out and spend that dollar! It means that you need to place it in account that earns interest, so that your dollar outpaces inflation and works for you. One area that most people lose money is in their checking account. Many checking accounts have 0% interest, meaning that your dollar is actually losing money. Instead, you can place your hard-earned cash in Radius Bank’s Hybrid Checking account that does add interest to your dollars! Depending on your account balance, your interest could mean an extra $40 in your pocket. Combine that with our totals above, that’s four ways you could be losing $2,500 without even realizing it. With some simple tweaks you could turn that around and save that $2,500 and put it towards your financial goals.

Want more money-making tips? Join the weekly Money & Mimosas newsletter.

This post is sponsored by Radius Bank.

5 Side Hustles You Can Do From Bed

One of the most common questions I hear is how can I make a little extra money on the side without putting in too much time?

While we would all like to make more money while we sleep, starting a side hustle does take some effort. But there are a few options that require a little less work than others--- and can be done from the comfort of your bed or kitchen table.


Side Hustles on Money & Mimosas

The best part about these side hustle ideas is that you don’t need a huge investment to get started or need to develop a specific skill. Whether you’re saving up for a fancy trip or just want some extra spending money, it’s always a good idea to learn how to earn money in your spare time.

This is a small list of ideas to help you get started and spark your creative juices. And you can do them all from your bed!

  1. Transcribing podcasts and trainings. I used this service when a company hired me to create a 15-hour training for their accounting team. As a transcriber you earn a percentage of the overall fee. Check out Scribie for more information.

  2. Customer Interviews. A lot of companies use customer interviews to get feedback on new products. Ping Pong is a sweet service that facilitates those interviews remotely.

  3. Renting Out Your Car. In select markets, you can rent out your car on a daily or hourly basis to earn extra cash through companies like Turo. Nick and I used this service during our long weekend trip to Portland and loved it! According to Turo, the average car sits idle 22 hours a day, so their service is a unique opportunity to capitalize on those idle hours!

  4. Virtual Assistant Service. Virtual assistants provide administrative support, remotely. If that sounds like a fun side hustle you can create your own business or join an established VA company such as Freedom Makers (they hire military spouses) or Fancy Hands.

  5. Rewards Points from Credit Cards or Interest on Banking Account. The points from our credit cards have resulted in hundreds of dollars of gift cards and free travels. Also, the interest rates on your bank account balances can start to add up. Check out Radius Bank’s hybrid checking account for an easy way to earn cash on your checking account balance. Most checking accounts offer 0% interest, but Radius Bank actually pays you to store your money with them.

Want more money-making tips? Join the weekly Money & Mimosas newsletter.


This post is sponsored by Radius Bank.

Money Advice for Entrepreneurs from Poshmark Founder, Tracy Sun

If you consider yourself a fashionista, then you are probably well aware of the company, Poshmark. Poshmark is a digital marketplace where you can buy and sell new or used clothing, shoes and accessories. One woman made $15,000 by cleaning out her closet and posting the items on the site. That makes for a sweeeet side hustle.

According to a recent article quoting Poshmark’s press release, the site carries over 75 million items and 5,000 brands and 1 in 30 women in America sell on Poshmark. Since it’s launch in 2011, the company has grown to over 4 million sellers.

I had the great fortune to be able to meet and interview one of the founders, Tracy Sun, at the Hustle 2X event in San Francisco. Hustle is an incredible media and event company for folks like you and me - ambitious, go-getters seeking inspiration and always striving for more.

The Hustle on Money & Mimosas.jpg

The 2X event is a traveling show in 7 cities where Hustle brings together incredible women to share their inspirational stories of success.  The Hustle team was kind enough to offer an opportunity to me and Socialite Renee, to meet Tracy Sun and ask her about her journey to success.

Poshmark co-founder on Money & Mimosas


Here are some of the insights that she shared:

  1. Many of the Money & Mimosas readers would describe themselves as multi-passionate. As a woman who transitioned from science to fashion to tech, what is your advice to our community on creating a career when you have multiple passions and skills? For me, it was important to consciously give myself the freedom to explore. Once I gave myself that permission, I realized that I could bring a different perspective to fields because of my diverse background. It became my super power and unique skill.

  2. Money is always a big topic for business owners. What is your money advice for other entrepreneurs? Learn that it ebbs and flows. The first part of your journey as an entrepreneur is to survive and MAKE money. Once you start earning, then you get into the saving mode which is really really important. Once you have saved a comfortable cushion, then it’s time to focus on growing your wealth. That’s the place where I’m at now and it took a long time to get here.

  3. Do you have a mantra for money? What is your guiding philosophy for building personal wealth? Always be willing to learn more about it and how money works.

  4. What is your #1 advice for a woman who wants to be financially independent? Discover your superpower. We all have one and it will be your #1 tool for success.

Wow, such great insights! To build on her money advice for entrepreneurs, one of my pieces of money advice is to learn how to make money in every possible way you can. Especially in the beginning stages of your business. It is all about THE HUSTLE in the beginning. One easy way to do this is to use Radius Bank’s Hybrid Checking account.


It’s one of the only checking accounts that pays you interest on your balance. Most have zero percent interest which means you actually lose money on balance because of inflation. Click here to learn more about the Hybrid Checking Account.

For more money tips, join the Money & Mimosas Insider list.


This post is sponsored by Radius Bank.

5 Financial Must-Dos If You Are A Brand Ambassador or Independent Contractor

“Empowered women, empower women.”

 Introducing Maritza Barrios, the newest Socialite for Money & Mimosas

Introducing Maritza Barrios, the newest Socialite for Money & Mimosas

Money & Mimosas is a movement and on a mission to empower women with the financial tools they need to live their happiest, healthiest, and wealthiest lives. We believe that when women are in control of their money, they are in control of their lives.

As a part of our mission, we are committed to providing women with opportunities to advance their careers and build wealth. And we are so excited to be in a position where we can add our newest team member, Maritza Barrios.

Maritza is the reigning Miss San Jose with a goal of becoming Miss Universe. She is a rockstar brand ambassador and manager who has worked with over 200 brands. As she will say, she is “totally not a 9-5 type gal” and works tirelessly to create a unique career that allows flexibility in her schedule. Click here to learn more about Maritza.

Maritza, Socialite for Money & Mimosas

If you’re like Maritza, being a brand ambassador/independent contractor may be the best career fit for you. Here are some practical steps to take to set your career path up for success.

  1. Open a bank account. This should be solely dedicated to your brand ambassador projects. Every brand has a different pay schedule and it’s imperative that you keep all of your hours/payments organized and in one place. Our favorite bank account for this is Radius Bank’s Hybrid Checking. Unlike most checking accounts who offer zero percent interest, the hybrid account actually pays you for the money you deposit into it. Cha-ching.

  2. Calendar your payment dates and follow up a couple of days prior to confirm. This will help you manage your cash flow and plan for things like bill payments. Nothing is worse than expecting a payment on a specific date and it not being there!

  3. Set up an accounting system. As a brand ambassador and independent contractor, you are your own business! Be a boss and use a program like Xero or Freshbooks to keep track of your business related expenses and invoices.

  4. File for a business license. When you first begin as an independent contractor, keep it simple and file as a sole proprietor in your local area. Once you earn $70K+ gross (before taxes and expenses), it will be time to start considering a change in your business entity status to a LLC or S-Corp.

  5. Weekly money date. You already know that we PREACH having a weekly money date. The biggest step to remember during your date is to transfer a percentage of your earnings to your savings account. This is especially important as an independent contractor because there will be times when the cash coming in is lower than usual. You can avoid stress during these times by boosting your cash reserves.

    For more money tips, join the Money & Mimosas Insider list.


This post is sponsored by Radius Bank.

4 Keys to Making the Gig Economy Work For You

Author: Lucy Reed

When I got one of my first "big girl" jobs as an accountant, I was so excited! Finally I could afford a nice apartment and start saving. Unfortunately, less than a year later, the company went through a downturn and my salary was chopped by 20%. OUCH.

Thankfully, I was teaching Zumba on the side and the money I was earning made up that 20% difference.

Money & Mimosas

I am a firm believer that the biggest money skill you can learn is how to create wealth. Everyone should have a side hustle. And thanks to the gig economy, picking up a side hustle is easier than ever.

Here are some amazing insights from Lucy Reed of GigMine to help you figure out how to make the gig economy work for you!

Whether you want to overhaul your career or just start a side hustle, getting into the gig economy takes some work, but the rewards are totally worth it. If you’re thinking of starting a side job or just want to work for yourself for a while, make sure you keep the following points in mind.

Self Employment Takes Self-Discipline

One of the benefits of taking on a gig job is being your own boss. There’s no one to tell you how or when to do your job, and you can pretty much decide your own schedule. Just be careful of letting that freedom go too far because you are also solely responsible for earning your paycheck. Set up a schedule that’s productive and comfortable and hold yourself accountable for sticking to it. If your gig has you working from home, it’s also helpful to set up a dedicated workspace. Working from your couch may seem like a good idea, but it can be distracting with the TV or pets and children right in front of you. Find a corner of your house and make it a cozy little area for completing work tasks.

Finding Work Takes Some Work

With a regular job, you typically know you’ll come in to tasks every morning and get a steady paycheck every week or so. With freelance or gig work, that isn’t always the case. You’ll need to network and market yourself like crazy if you want this to be your main source of income, but even securing side gigs takes work on your part. Build solid relationships with your clients so you can turn to them for references and reviews. When you’re out in public and meeting new people, don’t be afraid to mention your work! You never know who could be your next client or who has connections that may be useful.

You May Have More Skills Than You Think

Money & Mimosas

When you think of freelance or gig jobs, you may think you need to learn a specialty craft or skill. One of the best parts of getting a gig position is that you can make money doing a variety of things you love and already know how to do! Fluent in another language? You may be able to get paid for something as simple as having a conversation with someone looking to become more fluent. Like dogs but can’t get one of your own? There are tons of pet parents looking for dog walkers and pet sitters to care for their furry family members while they’re away. If you love to do something or have a skill, you can typically turn it into a profit. So think about what makes you happy and what you can offer to the public, and get to work making it your new gig.

Financial Planning Is a Must

Freelance and gig work may come with constant benefits but rarely brings in a constant paycheck. This may not make a difference if your gig is a just a side job, but if you’re looking to work for yourself full-time, you’ll need to be prepared for the financial ups and downs. One simple step you can take is to open up a checking account that pays you interest on your balance. While most checking accounts pay zero interest, Radius Bank’s hybrid checking account not only offers interest payments but it is also free to use.  

Money & Mimosas

Once you have your bank account in order, it’s time to get your financial house in order. Set aside thirty minutes to prepare your budget for any scenario and try to tuck away a few months’ worth of savings before you really strike out on your own. Don’t forget about taxes either and save at least 25 percent of what you make in case you owe a payment to the IRS at the end of the year.  

Snagging a freelance or gig job can be a wonderful way to add some padding to your finances or a way to add some freedom to your life and schedule. Succeeding still takes work and patience, but the opportunities are endless. You could be getting paid to do what you love, and what could be better than that? So get to work, and good luck landing a gig of your own!

For more money tips, join the Money & Mimosas Insider list.


This post is sponsored by Radius Bank.

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.



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.

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?

Screen Shot 2018-07-31 at 4.23.25 PM.png

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

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.