Divorce is a difficult decision and can be a very challenging time. Learn how to make sure you are financially protected during the process.Read More
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.
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:
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.
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.
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.
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 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.
Here are some of the insights that she shared:
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.
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.
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.
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.
“Empowered women, empower women.”
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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
Start jotting down positive affirmations about yourself in your journal and why you are resourceful, resilient and an INDEPENDENT WOMAN because...
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?”.
*Name changed to protect identity
This post is in partnership with Radius Bank.
You wanna live fancy? Live in a big mansion? Party in France? You betta…
Get financially fit. And there is no getting around it. Unless you were born with a silver spoon in your mouth, if you dream of living the rich and famous lifestyle you will have to learn how to make, manage and grow your money.
And even if you have been raised with access to a lot of resources, becoming savvy with your finances will help you boost your sense of self-worth and give you the confidence you need to achieve all of the dreams you have in life.
Mastering your money is the gateway to personal freedom. Once you have the confidence in your ability to manage your finances and the skills you need to increase your net-worth, a world of possibilities will open to you. It may mean the ability to travel the world, spend quality time with friends, feeling a sense of accomplishment that you can stand on your own two feet.
Whatever success looks like to you, money will play a role within it. Commiting to your financial fitness is demonstrating a commitment to the dreams you have for your life.
Here are the five steps you need to do to get financially fit:
Get clear on your money story. A lot of our financial habits stem from our upbringing, culture and beliefs about money. Take ten to fifteen minutes and think about your money story. To get you started, you can ask yourself: what did I learn about money from my parents and how I view money today as a adult?
Find a money buddy. There’s nothing like having an accountability partner to help you stick to the goal you set for yourself, whether it’s fitness or finances. So, the next step to getting financially fit is to find someone to help you stay accountable. This is a person that you can trust, you know has your best interest at heart and is someone that is not afraid to tell you the truth. Check out this post for more tips on how to choose your money buddy.
Weekly date. With your money buddy, schedule a weekly time to chat about money. At Money & Mimosas, we call this your money date. During this time, you want to review your expenses, income and share your goals. And the best part- is when you’re done, we say treat yo’self to a mimosa.
Bank account. Choosing where you store your money is a HUGE step in getting financially fit. Because, this will determine if you make, or lose, money while it’s sitting in a bank account. With inflation, most checking accounts are set up for you to lose money because you don’t earn any interest on the balance. But, with Radius Bank Hybrid Checking Account, you earn money on your money. Cha-ching!
Pick up a side hustle or additional income stream. Having multiple income streams is the best way to ensure that you financially fit and secure. When you rely on one source, you can place yourself in a vulnerable position if it disappears all of sudden. Beyond preventing a financial crisis, a side hustle also offers an opportunity to explore your creative side. For more reasons to pick up a side hustle, check out 14 Reasons Why You Need a Side Hustle, Now.
For more money tips, join our Money & Mimosas Insider List.
This post is in partnership with Radius Bank.