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. 


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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:

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  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

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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.

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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.

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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.