5 of Your Most Pressing Money Questions–Answered

Photo: ColorJoy Stock

COVID has shown us how quickly unexpected events can throw our plans off course. Now, more than ever, it’s important to plan ahead–especially when it comes to your finances. Whether you're bootstrapping your business, setting up your retirement fund, or simply learning the financial basics, it pays to pay yourself forward. Investing in your future will pay back dividends. 

To help you master your own financial future, we teamed up with Ally for our recent Money Moves digital summit to host a mentor power-hour with five financial experts to answer your most pressing money questions.

In case you missed it, we’re sharing a few of the Q&As from our Money Moves mentor session. Read on for some sage financial advice from our five mentors who know quite a bit about the importance of investing in yourself, your business, and your financial future.

Jack Howard serves as the Senior Director of Wealth Advisors Operations for Ally Invest.  In this role she manages the day-to-day operational processes of the Wealth Advisor business.  She is also responsible for the Ally Invest Inclusive Wealth strategy that is part of the Ally enterprise Financial Social Inclusion (FSI) efforts and serves as secretary for the Ally Charitable Foundation. Prior to joining Ally Invest, Jack served as Senior Director of Ally Corporate Citizenship.  She was responsible for the creation and execution of strategic programs for the organization’s financial literacy program, corporate giving initiatives and employee giving/volunteerism programs. 

Jack graduated from Michigan State University with a Bachelor of Arts degree in Journalism and is currently a student in Syracuse University’s Master of Science in Communications Management program. An active professional, Jacqueline is a member of Alpha Kappa Alpha Sorority, Inc. and Jack and Jill of America, Inc. She also serves on the national board of directors for the American Bankers Association Foundation and Society for Financial Education and Professional Development (SFEPD), as well as the Boys and Girls Club of SE Michigan.

Jacqueline has a deep passion for helping Brown and Black communities build wealth through economic mobility. Her work has earned her a spot as one of the 15 women on the inaugural Next list - an extension of the American Banker Most Powerful Women in Banking program.

Q: Investing can be intimidating–what advice do you have for someone who’s new to investing and doesn’t know where to start. How do I overcome the intimidation factor?

JACQUELINE: As a first-generation stock investor, I know what it feels like to be paralyzed with fear because you don’t know what to do first. I am the daughter of a police officer and teacher who had pensions to fund retirement, so the stock market was not a topic of discussion at my dinner table during childhood. After graduating from college, I realized the importance of owning stocks as a piece of my wealth building strategy. I started small and made a $25 contribution to the 401K provided by my employer. As my salary increased, I contributed more, hired a financial advisor, and opened a Roth IRA account.  I also worked hard to eliminate credit card and student loan debt.  Over time, I became obsessed with understanding money and wealth building.  Now, I am constantly listening to audio books and podcasts, watching CNBC or reading the Wall Street Journal and Barron’s.  All of those efforts helped me to better understand money and investing.  So, my top tips for new investors: start small, automate the process and make a commitment to learning.

Allyson Byrd is also known as the “Profit Accelerator™ and she is celebrated as one of the world's most trusted leadership advisors and sales experts for entrepreneurs and small business owners. Today, her and her team executive produce exclusive virtual membership communities for influencers with online audiences over 1 million in reach. Allyson’s clients generate a collective $33 million-plus in sales revenue annually. She and her team have coached 7500 entrepreneurial leaders to create $260 MILLION in NEW revenue over the past 9-years. You’ll be able to hear more of Allyson’s journey to success from an underprivileged life on food stamps, a dad in prison and single mom raising two kids to the ultra-passionate successful leader she is today and the undeniable stand she has for women rising into their greatness in her latest collaboration with Amazon Prime TV. Allyson’s press features include CNN, USA Today, NPR, Time Money, Forbes, Yahoo Finance, Business Insider, CNBC, MSN, Black Enterprise, Essence and Entrepreneur.com.

Q: If this last year taught us anything, it was the importance of planning for the unexpected. As a small business owner, how can I be better prepared financially for emergencies?

ALLYSON: The last year taught us many lessons and brought significant stress to women business leaders all over the world. We found ourselves questioning how to properly position our services, pivot our product lines and staff our teams amidst a global pandemic and a world-wide racial reckoning. This was not easy, but we survived. 

There are (3) things that I shared with our clients averaging $250,000+ annually to keep them on track and committed to success. 

1. When money stress hits, do NOT discuss the stress. Focus on the pivot. Ask yourself, “What is my lowest hanging fruit to sell and position to the market?” Your job is to sell with intention, sell fast and secure your cash flow.

2. Get LOUDER in your marketplace. Our tendency when stress hits is to go quiet and enter protective mode. Choose from a place of power and connect with your audience like never before. Do the things others aren’t doing so you can curate success for your business in ways others are not. 

3. Finally, as the business leader–center yourself. Know your numbers, meet with your accounting team (bookkeeper, accountant, heck… this may be you having a meeting with you) but whatever you do, don’t hide behind your numbers, stand on them. Have a clear picture of where you are so you know where you’re taking the business. 

Financial stress can cause us to take our mind off our business goals, slide away from leading with discipline and throw us quickly into a state of overwhelm and fear. 

Use affirmations like the one below to kick off your breathwork or meditation because if you’re riddled with anxieties and high-stress emotions, your business and your bottom line will soon follow.

REPEAT AFTER ME: I am a vibrational match for financial prosperity because I choose to only allow massive well-being. I stay in the place of already receiving monetary abundance from all sources that are for my highest good and greatest joy.

Stay the course. It’s the ebb and flow of business and keeping your mind centered, your energies focused and your intentions clear will get you through the storm and back into the sunlight of your success. 

Britney “Jeanine” Canidate is the owner and founder of Britney Jeanine & Co., a business coaching firm based in the heart of Atlanta, Georgia. Serving as the head Business Coach and Pivot Strategist, Britney believes that every entrepreneur should build a business they are most passionate about—even if it means slapping fear in the face and pivoting accordingly. Wife, mom of 2 and a business owner for over thirteen years, Britney has established herself as an industry leading business and brand strategist, and has supported clients across a multitude of industries. From corporate executives, high-ranking government officials and thousands of creative entrepreneurs, Britney has intently positioned her expertise in order to build a business focused on greater results, revenue and retention. Known for her spunky-tough-love approach, creativity, strategic mind and attention to detail, Britney is a proud graduate of Georgetown University where she received her Masters in Public Relations & Corporate Communications, and a Florida State Seminole with a background in Finance & Marketing. Using her signature system, you can find Britney working with experienced [yet transitioning entrepreneurs] who are ready to confidently plan their pivot without compromising their coins and credibility.

Q: I am currently working full-time for an employer but I plan to launch my own business soon–where is the most important area for me to focus my financial energy right now in order to take the leap?

BRITNEY: What a great question... and it's awesome that you're starting to think of this now. A mistake I often find those starting new businesses make is: investing based on what others are doing, and not based upon their OWN goals/needs.

So here is my advice:

• First define your brand by outlining your what, why, how, who and who not.

• Then focus on the who and determine how you can solve their problem(s).

• Now that you have the solution to their problem(s), package it up... is it a product, service and/or program...

• Now it's time to launch it into the world... who are the key people that can help you make this happen?

So to answer your initial question... your financial energy will go into "the key people that can help you make [your launch] happen".

 Maybe it's inventory samples? Maybe it's a business coach? Perhaps it's a brand designer or operations strategist... but the question still remains—who are the key people that can help you make the launch of your new business happen? Start there.

Alaina is an accountant, certified financial coach, author, and content creator. She helps busy people who struggle with budgeting and time management use a paper planner to get organized. She shares her easy approach to productivity & finances through her YouTube channel and has amassed over 75,000 subscribers and 3.5 million views on the platform. Her work has been featured in Yahoo Finance, Martha Stewart Living, Wired, The New York Weekly, The Huffington Post, and she was recently selected as one of LA Wire's 40 under 40. Alaina lives in New Orleans, Louisiana with her husband Torrey and their two daughters Tori Michelle and Alyssa Jade.

Q: I’m reevaluating how I split up my finances in the wake of 2020. How much cash should I keep in my savings and checking account?

ALAINA: Here is how I break down cash in my accounts:

Checking Account: I keep a small cushion in this account (no more than $200 - $500) just to cover any unexpected expenses from my daily spending. I don't like to keep more than that just in case my debit card is compromised.

Short Term Savings Account: With my short-term savings account, I am keeping money for any repairs or things that don't happen every month (like birthdays). In this account I keep one month of expenses. 

Long Term Savings Account: This is my emergency fund. I would keep 3 - 6 months of expenses in this account in case you may lose your job. If you have a very secure job or you can get a new job very easily, I would keep 3 months, however if you are self-employed or your job is unstable, I would keep 6 months of expenses.

Savvy Girl Money is a financial platform created to inspire women to reach their financial goals.

Q: I’m saving up to buy a home, but I’m worried that my credit score is too low. How can I increase my credit score and maintain it?

ASHIRA: The best way to increase and maintain your credit score is to start paying all your bills on time. A late payment can have a substantial effect on your score.

You want to keep your credit card utilization ratio under 30%. Your credit card utilization ratio is calculated by dividing your credit card balance by the total credit card limit. Make sure each individual credit card utilization is under 30%. Credit utilization makes up roughly 30% of your credit score, this makes it one of the most important factors in increasing or maintain your credit score.

You could also dispute negative or inaccurate items reported on your credit report. The best option is to write a letter to the three credit bureaus explaining why the information is inaccurate and provide evidence. Make sure to mail the letter certified mail with return-receipt requested as proof you sent the letter.

A Millennial's Bucket List for Achieving Financial Freedom (Step 1: Start ASAP)

Photo: Smith House Photo

If you’re a millennial who wants to achieve financial freedom sooner rather than later, there are several important money moves you should be making now. If you wait too long, you’ll spend your later years catching up rather than going on vacations, upgrading your house, or taking early retirement.

Ideally, you want to start making these money moves while you’re in your 20s and 30s, so you’ll be able to reap the benefits of your financial strategy for a maximum length of time. Here are the bucket-list items you should start checking off to set yourself up for financial freedom.

1. Create a budget.

A budget is essential. Make a list of all your income and expenditures, and add them up to see how you’re making out, monthly and annually. If you’re seeing a surplus, that’s great—but if not, you’ll need to tighten your budget by figuring out the amounts you need to make, save, and spend in order to make ends meet.

Even if it looks like you’re doing okay balancing your monthly budget, if there is room to scale down your spending, you should. Save a little extra and reroute that money into an investment.

2. Build an emergency fund.

One major car repair, injury, appliance replacement, or other big-ticket items can really set you back financially. Create an emergency fund against these possibilities and only dip into it when absolutely necessary. This way, you aren’t maxing out your credit cards or depleting your other funds if something unexpected pops up.

If you struggle with building up your fund, have extra money deducted from your paycheck so you’ll get a refund at tax time, then funnel that money into your emergency fund. And think of it this way: If you’re fortunate enough not to need your emergency fund, then you’ll be ahead of the game financially when your 50s arrive.

3. Set up a retirement fund.

Too many people wait to start saving for retirement until they reach middle age, which is way too late. Many millennials are tracking to follow suit, with two-thirds of them having saved nothing yet, despite the fact that they see retiring around age 61 as a reasonable goal.

Experts typically recommend that young adults should open an IRA or other retirement accounts,  and definitely should invest in their 401(k) accounts, especially when employers offer matching funds. In fact, many Americans, in general, are missing out on this financially smart benefit. A solid rule of thumb is to put about 15 percent of your pay annually into a 401(k).

4. Think big.

A savings account is a smart idea; however, it’s not going to yield a big return via interest nor ferry you to early retirement. But if you do have money saved, then you have the option to make significant and potentially lucrative investments.

For instance, you could buy a rental property. You can list your home on vacation rental sites, collect rent, pay your mortgage, stash away the remaining funds, and build some equity. Over time, you might even want to add a property or two to your portfolio.

Or start your own business. Got an idea, passion, or golden opportunity? Take an entrepreneurial leap! Many businesses can be launched right from home on a shoestring budget. Put a plan together, get the word out on social media, then attend trade shows and other networking events to promote yourself and build your company.

These two options or similar ones put your wallet to work, and can eventually position you for solid financial footing down the road.

5. Take a few investment risks.

Even if you're risk-averse, it’s not a bad idea to know how the world of investment works. Done right, it’s a venture that can be quite lucrative. Look into investing just a little at first, whether in stocks, bonds, commodities, real estate, your sister’s promising business, or another opportunity. Then watch your investment carefully to see if and when it pays off. If it doesn’t, look to shift into another type of investment.

6. Rethink your location.

If you’re living in an expensive city, consider a change of scenery. These younger years are a perfect time to try out new places, anyway. So why spend thousands a month on sky-high rent or property taxes? By moving to a more affordable city, you could save loads on rent and living expenses. For example, Omaha is a cheaper market than Los Angeles. Take your savings and put them to work toward your financial goals.

7. Watch your credit spending.

As millennials, we are firmly a part of the digital spending revolution, which is convenient but makes it easy to overspend. When you can’t pay off your credit card bill every month, you’re charging too much.

To avoid accumulating credit card debt, pay close attention to your spending, delete shopping apps off your phone (or at least keep yourself logged out), and track your receipts. If you’re already in debt, consider debt consolidation so you can get back on track. (And speaking of debt, if you’re still carrying student loans, look into loan forgiveness programs or refinancing.)

At this point in your life, you’re young enough that small moves can make a big difference to your financial future. While age 60 might sound far off, the passage of time can surprise you. If you’re looking to get on track toward fiscal stability, now is the time. Check off these bucket list items and watch your financial freedom begin to become a reality.

Written by Molly Barnes, Digital Nomad Life.

Love this story? Pin the below graphic to your Pinterest board.

This post was originally published on June 5, 2019, and has since been updated.

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Hey, Savvy Savers! Here's What to Expect at Our Money Moves Digital Summit Presented by Mastercard

Photo: Smith House Photo

Money. Let’s talk about it. We’re tackling the taboo topic and calling in the experts for some #realtalk about everything from building financial confidence and setting a budget to buying your first home and investing in your future. Join us on Saturday, May 15th for our Money Moves Digital Summit presented by Mastercard for a day filled with inspiring conversations, hard-hitting workshops, motivating mentor sessions, and a live competition to see three founders pitch to a panel of judges for the chance to win a $10,000 small business grant.

Like all of our C&C events, our lineup for Saturday is next-level. Venture capitalist Arlan Hamilton is taking the virtual stage to share her tips for how to secure the bag, then Rebecca Minkoff is sitting down with Jaclyn Johnson to discuss carrying a company through financially challenging times for a live episode of WorkParty, and Julianne Hough is taking the mic to talk about diversifying your income and managing multiple revenue streams. Trust us, you won’t want to miss out!

Read on to discover everything else we have in store for this jam-packed day, and if you haven’t already, be sure to buy your digital pass ASAP!

THE DATE

Saturday, May 15th, 2021

TUNE IN FROM HOME

First things first! On Saturday, May 15th, you’ll receive an email with your link and password to access the exclusive Money Moves presented by Mastercard event site. Please note: All content will go live on Pacific Daylight Time (PDT), including the launch of the exclusive Money Moves presented by Mastercard event site. To find out what time a session is happening in your time zone, use this handy time zone converter.

Money Moves presented by Mastercard is made up of pre-recorded video sessions hosted via Vimeo and live video sessions streaming via Zoom. We recommend that you have a strong WiFi connection and find a comfortable place to tune in from home. Money Moves is optimized for desktop, so it is best viewed via a computer or laptop, rather than a tablet or phone.

While the live content is specifically designed to be watched in real-time, you’ll be able to access and view it until Friday, May 21st (Insiders, you have all-access even after the cutoff via your C&C Insiders dashboard!). Tickets will be available to purchase until Wednesday, May 19th. 

THE SCHEDULE

Money Moves presented by Mastercard is built just like our in-person conferences, which, of course, you all know and love. We have a stacked schedule with an A-list line-up of speakers so we suggest taking notes along the way. 

Want the full lineup? Check out the play-by-play schedule to map out your big day. Please note, all times are listed in PDT (Pacific Daylight Time), as C&C headquarters is located in sunny Los Angeles. To find out what time a session is happening in your time zone, use this time zone converter. 

NETWORK

Networking is a huge part of our event and our Create & Cultivate Money Moves Summit Attendees Slack Workspace is a great place to mix and mingle with your fellow Create & Cultivators before, during, and after the big day. We’ve created channels for every workshop and panel, as well as channels for international attendees, networking, and more! 

Attendees will receive a link to access our Create & Cultivate Money Moves Summit Attendees Slack Workspace in our What to Expect newsletter on Wednesday, May 12th. This Slack channel will remain accessible until Friday, May 21st. Not familiar with Slack? Here are a few tips to get you started:

1. Download the Slack app to your phone, computer, or both

2. Complete your account profile with a profile photo, your name, and what you do

3. Public conversations will happen in the channels (ex: #networking) and are located on the left-hand side of the app. You can also start direct messages with others in the Slack workspace

4. Hit send too early on a message? Slack has an edit feature! Click the three-dot icon located on the right side of the message to open the drop-down of message options

5. We’re all about GIFs at C&C! Here are instructions on how to integrate GIPHY into your Slack account.

6. Our Slack workspace is a busy, happening place on the day of the event. Streamline the notifications you receive by using the “mute” feature on channels that don’t pertain to you. To mute a channel, simply open up that channel, click the three-dot icon labeled “more,” and select the mute option

7. Most importantly, be kind and respectful of others. If you don’t follow this rule, you will be removed from the Slack group

If you have any questions on the day of the event about navigating the schedule, accessing the workshop downloads, or anything else, you can drop them into the customer service channel in Slack.

THINGS TO PREP AHEAD OF TIME

Here are a few things to prep before the big day so it goes off without a hitch:

• Make sure you have a strong WiFi connection.

• Install Zoom on your desktop computer or laptop and test it out.

  • Zoom tips:

    • Find a quiet place to tune in. Try to situate yourself in a small room that does not have an echo. 

      • Try and stay away from noisy electronics and silence your cell phone and computer notifications for an optimal experience.

    • When possible, limit your internet connection to solely the device you’re using for the Zoom conference.

      • Set your phone to airplane mode, pause your television connection, ask others in your home to pause anything that may require a strong internet connection, etc. 

• Be sure to download the workshop assets so you can follow along with the expert in real-time. Note: Your exclusive workshop downloads will be available starting Saturday, May 15th via the exclusive Money Moves presented by Mastercard event site. 

• Don’t miss the opportunity to get real-time advice from small business owners, venture capitalists, and other experts during Mentor Power Hour.

  • Join the Mentor Power Hour Slack Channel and peruse the list of mentors who will be answering questions in real-time in hour-long Zoom webinars and choose your mentor(s). 

    • We have experts in everything from creating a budget to getting invested to setting financial goals. If there’s more than one mentor you want advice from, don’t worry! You can hop from session to session over the course of the hour if you’d like. 

    • Don’t forget to jot down any questions you have for the mentor sessions ahead of time! You’ll be able to ask your Qs in real-time by typing them into Zoom’s Q&A feature.

GET SOCIAL

Stay tuned for exciting announcements and updates by following along on our social at @createcultivate. Don’t forget to tag @createcultivate and use the hashtag #CCMoneyMoves for the chance to be featured in our Instagram Stories throughout the day! (Psst… Search “Create Cultivate” on Instagram to use our custom GIFs.)

C&C INSIDERS’ PERKS

Our Insiders get a ton of perks at all our events—and Money Moves presented by Mastercard is no exception. As an Insider, you get in for FREE and you’ll have access to all of the panels, keynotes, mentor sessions, and more after the Friday, May 21st cutoff via your C&C Insiders dashboard. Not an insider yet? Well, don’t miss out—you can sign up here. 

VIRTUAL GIFT BAGS

We know you want ‘em! Complete our post-event survey to receive an email packed with promo codes from some of your favorite brands, including Rebecca Minkoff, American Airlines, SoFi, ALLY, Fresh Vine Wine, Partake Foods, Melanie Marie Jewelry, and more.

TECHNICAL DIFFICULTIES?

Live chat with a C&C specialist on CreateCultivate.com. You’ll see a “Chat With Us” pop-up in the bottom right corner of your screen. 

WE ARE SO EXCITED TO SEE YOU ONLINE! Who are you most excited to hear speak? Which workshop are you looking forward to most? Tell us in the comments below!

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How Brown Girl Jane's Co-Founder Turned Burnout Into a Six-Figure Wellness Brand Beyoncé Loves

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Tai Beauchamp

Tai Beauchamp knows a thing or two about burnout. Before she became the wellness entrepreneur she is today, she built an impressive résumé in publishing, including stints at Harper’s Bazaar, O, The Oprah Magazine, and Seventeen, where she made history as the publications youngest and first Black beauty director. But there are drawbacks to reaching the top at 25 years old. After just a year at the helm, burnout quickly set in, and she left her post at the magazine with the intention of pursuing a more meaningful and socially impactful path. After launching her own media company and consulting with Fortune 500 companies by the likes of P&G, Walmart, and Estée Lauder, her continued experience with burnout ultimately led her to co-found the CBD-based beauty and wellness brand Brown Girl Jane.

As Brown Girl Jane’s co-founder and chief brand officer, it’s safe to say Beauchamp is driving the meaningful change she always aspired to. In the wake of last year’s protests against police brutality and systemic racism, the brand launched their Brown Girl Swap campaign to encourage consumers to swap five mainstream brands they use daily for Black women-owned brands instead. The campaign caught on, garnering the attention of Halle Berry and sparking a partnership with Birchbox to support Black-owned, women-led brands. And that was just the beginning. In less than a year, the company has experienced six-figure monthly sales, been recognized by Beyoncé’s Black Parade Route, and named Refinery29’s Beauty Innovator of the Year.

Ahead, Brown Girl Jane’s co-founder and chief brand officer share her best financial advice for new entrepreneurs and explains why women should talk about money and business more.

How did you know it was time to strike out on your own and what advice do you have for people who want to take the leap to start their own business but are worried about the financial risk?

Truth be told, I am an accidental entrepreneur. I left my role at Seventeen magazine at 26 years old due to burnout after being named the first Black and the youngest beauty director in the history of the publication when I was 25. It was an amazing but exhausting experience. As a result of burnout, I was intentional about wanting to do something meaningful and socially impactful. I went on to work with my mentor’s family foundation where I immersed myself in youth development and global health. While I was consulting with the foundation, I was asked to become the editor of Vibe Vixen Magazine. Because I was consulting, I was able to negotiate with the foundation and magazine to split my time between the two places. So I worked for the foundation two days a week and the magazine three. This was ultimately the beginning of my journey as an entrepreneur. I began my consulting company that same year. 

Fortunately, I had two clients simultaneously, so that provided me with some financial stability. To that end, I advise new entrepreneurs to leverage where you are to get to where you want to go. Having to stress about finances while starting a business adds to the complex stress of being an entrepreneur. If possible, I encourage people to alleviate as much of the financial stress as possible.

A couple of ways to do this: 

1. Be willing to begin your business not as a side hustle, but as a Twice Hustle. If you are working a full-time job elsewhere, consider starting your business simultaneously. Not only does it allow you to benefit from some financial security, but it also allows you the opportunity to benefit from additional tax benefits if you start a home-based business. 

2. Be intentional about using your savings and earnings to support your business. If you know you intend to start a business, begin saving immediately, the same way you would for a vacation or investment, and set aside resources for the business.

3. Another strategy is to consider partnering with someone. You may be the person who has more time to invest while your partner has more financial resources or vice versa. Obviously, aligning with the best partner also takes time.

How have you approached marketing and messaging on social to resonate with consumers but also sell products and keep the business alive during COVID-19? 

The most important thing in marketing today is authentic storytelling. Consumers and the public are wiser than ever before. They understand and know when brands are “selling” versus “sharing” and genuinely inviting them to either be part of a community or purchase to their benefit. For Brown Girl Jane, we truly center our community, or Tribe as we call them. Our marketing and brand strategy includes powerful storytelling that centers our brand’s ethos around sisterhood, wholeness (our take on wellness), the power of the plant, and empowerment. 

On social media we tell stories, we include our Tribe in those narratives and we engage her. As an example, we host a twice-weekly IG Live show called “You Good, Sis? The Check-in with Brown Girl Jane.” I host this show and speak to women in entertainment, business, beauty, and wellness about how they are, understanding their wholeness practices, how they balance life and work, and why/how CBD is part of their wholeness toolkit. By seamlessly integrating our brand story as well as our collection, our Tribe is able to effortlessly understand how and why BGj should be part of her life. 

During COVID, we’ve been fortunate. Our collection is all about helping our Tribe feel more centered, balanced, healthier, and well-rested. That’s who Brown Girl Jane is. So we’ve been part of the solution during these strange times. Everyone wants to feel less anxious. And because our collection is highly efficacious and supportive of wellness as a whole, we are able to boldly share that with the public. Our testimonials truly speak for themselves.

We also recently announced a partnership with Unilever and Shea Moisture. It’s quite a gift to have such a dynamic partnership. This partnership affords us a unique opportunity to leverage shared reach as well. And last but not least, we’ve been fortunate to have quite a bit of earned media. We’ve become a cult-favorite among editors and influencers! That support is priceless.

What percentage of your budget is currently going toward marketing and are you seeing a return on that investment?

We are grateful to have grown our business organically without the use of paid advertisements and don’t currently have a paid media budget. Because of the extensive love from earned media, people are learning about our brand through storytelling and the stamp-of-approvals given by trusted insiders and industry editors. 

A portion of all Brown Girl Jane sales goes toward a non-profit organization aligned with your mission to better the lives and wellness of Women of Color. Why is giving back such a crucial part of your business model and how do you balance paying it forward with turning a profit?

We knew that giving back was always going to be a central focus of our business model, both in terms of supporting our community through a collective sisterhood and philanthropy. We are true to our word about serving as a support system in more ways than one, and find that businesses thrive when approached from a holistic perspective, versus only focusing on commerce. We give a portion of all sales, so our donations are supported by the purchasing power of our Tribe. It’s a win-win for everyone.

How much did you pay yourself in the beginning and what do you recommend to female founders starting out now? Why? 

We’re bootstrapping and self-funded, and my co-founders and I do not pay ourselves, preferring to reinvest profits back into the business and our amazing talented employees who help drive our business. Although most start-ups are not profitable for three to five years, we’ve been profitable almost immediately, so we are on track to begin paying ourselves within the year.

Where do you think is the most important area for a business owner to focus their financial energy?

Financial planning and bookkeeping! With a rapidly growing business such as ours, it’s easy to let finances take a backseat to driving growth. We spend a lot of time focusing on which opportunities make financial sense, in the short and long term, and making sure we are staying on top of the many banking and reporting guidelines that can overwhelm small business operations.

What was your first big expense as a business owner?

Research and development, cultivation sourcing, product formulation, and inventory. Our collection is expertly-crafted, and we spend a ton of time researching and working with the very best cultivators and scientists when designing our product offerings. Once the products were formulated, we needed to have enough inventory to support the demand, which requires a lot of cash management and planning.  

What are your top three largest expenses every month and were you prepared for those expenses when you first started?

We’re a product-based company, so the top three include inventory, payroll for employees, and insurance/legal/web costs. Each of our founders was an entrepreneur prior to this launch, so we were prepared that these expenses would be necessary to support our rapid growth.

What percentage of business revenue is spent on employee salaries?

Our employee and consultant salaries are equal to about 50% of our business revenue.

How much of the business revenue should new entrepreneurs be saving, if possible, and why?

This is such a personal question that entrepreneurs truly have to answer themselves, but savings should be able to support worst-case scenarios for at least three to six months, if possible. We recognize that this is difficult for new brands and businesses because they typically are not immediately profitable, but savings are extremely important in this increasingly competitive and unpredictable environment.

Did you hire an accountant when you first started out? Who helped you with the financial decisions and set up?

Yes, we have both an accountant/bookkeeper and a CFO. We also integrate services such as Quickbooks that can aggregate your financials into one master headquarters.

What are some of the tools you use to stay on top of your business financials? 

Back-end website integrations, Quickbooks.

What do you wish you’d done differently in your financial journey as a business owner and why?

We assumed that automations would capture all necessary financial analytics and recordings, and we’ve learned that an accurate and comprehensive download of financial health needs a combination of an expert and technological integrations.

Do you think women should talk about money and business more? Why? How will it improve financial outcomes for female founders? 

Absolutely! Men do it, and they do so unapologetically. We should be sharing tips, best practices, salaries… everything! The more we can each pull from the experience and expertise of others in our industries, the better. It should not be taboo to talk about finances. With more information, we’re able to demand more money, advocate for better business opportunities, and begin to lay the foundation for the most successful business possible. It does no one any good to operate in a silo.

Do you have a financial mentor? Do you think business owners need one?

I didn’t for a long time, but I have friends who are seasoned executives and entrepreneurs and they have helped immensely. The biggest hurdle was getting over my own issues with asking questions about money and finance. But after making a lot of mistakes earlier in my career, I became more open about sharing my challenges and asking for advice. I made costly mistakes. Ego is often a deciding factor in asking for financial mentorship, but I think founders will find that other successful women are eager to share advice and want you to succeed. I also have a built-in benefit of having a co-founder, Malaika Jones Kebede, who comes from the financial services industry.

What is the biggest money mistake you made and learned from along the way? 

Early on, it was not only about saving properly but also understanding taxes and bookkeeping.

What is your best piece of financial advice for new entrepreneurs?

Set aside a portion of revenue whenever you can. It’s inevitable that unexpected expenses will arise, from tax bills to a quick need to increase inventory. Being conservative from the beginning will help when you require a quick influx of funds.

What is one financial thing you didn’t do at the beginning of your business that you urge founders to do now and why? 

Establish a clear plan for the financial side of your business in the same way you do for strategy, marketing, or production. It sometimes seems like the most burdensome and least sexy component of running a brand, but trust me, it’s the most important.

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How to Heal Your Relationship With Money

Photo: Edmond Dantès from Pexels

Money is emotional. 

Think about how excited you were as a kid when someone gave you money to buy a treat from the ice cream truck or how rich you felt when you started your first job in high school. 

How does money make you feel today? 

If money talk makes your palms sweat, you are not alone. Our relationship with money is incredibly personal and rooted in our upbringing. No matter how you grew up, beliefs about money are ingrained in you.  

Most people struggle with their relationship with money, but when that money feels directly tied to our business success, it can be even more challenging to heal. As an entrepreneur, you not only have to think about your finances, but also what money means for your business.

Entrepreneurs just starting out may fall into two camps when it comes to their relationship with money: The “you gotta spend money to make money” camp, or “I’m afraid of spending and losing what I have” camp. Both are common setbacks for entrepreneurs.

And the thing is, both may be limiting you. It limits growth in your business, limits your wealth, and limits the success—however it means to you—of your business.

When I started my business, I was so nervous about outsourcing because I didn’t want to say goodbye to a chunk of revenue. With my corporate mentality, I was accustomed to making a certain amount of money and keeping a portion of that money. As an entrepreneur, I had to overcome the fear of investing in order to grow my business. 

As a financial and investing coach, I work with powerful corporate women and bad*ss women entrepreneurs. They know how powerful money, as a tool, is and understand that it is vital to their success in business. However, like many of us, they have a natural inclination toward feelings of scarcity around money.

But that doesn’t mean that they (nor you) don’t have the power to shift their mindset to a place of abundance. 

Beyond the numbers in their bank accounts, the women in my program walk away feeling confident when it comes to money and investing.

This is the ultimate goal: Getting to this abundance mindset and confidence level, and it takes real work which goes beyond reading books or listening to speakers. It takes a lot of unpacking. 

Like anything, our relationship with money is directly tied to our behavior. Whatever your money mindset is currently, it is influencing your actions, and those actions lead to both good and bad results.

If you feel like money is running your life, you are struggling to generate more income, or just feel overwhelmed with finances, here are some steps to heal your relationship with money and turn that intimidating, confusing topic into one that empowers you.

1. Explore your limiting beliefs.

A limiting belief is a false belief that you learn by making an incorrect assumption about something in life.

When we are children, we are like human sponges. We absorb everything we see and hear from the adults in our lives. What we learn gets stored in our unconscious mind and our brain recalls the information when needed. The important thing to remember is that your thoughts and beliefs may not be things that YOU believe at all, they’ve just stuck with you into adulthood.

If you see a couple in a Ferrari and think, “Ugh, that’s so flashy and greedy,” ask yourself what makes you think those people are greedy? Do you know them? What if they’re philanthropists that donate a quarter of their income to charity and you’ve falsely labeled them as greedy. Half of the battle with money is becoming aware of your existing beliefs and understanding where they came from. 

Some of the limiting beliefs I see surrounding money are, “I’ll never have enough money,” “I could never afford that,” “Wealthy people are greedy,” or “I will always have debt.” While you may not realize that these thoughts are impacting you, they determine your relationship with money. 

Sit down with a notebook and a pen, grab your beverage of choice, and settle in. Now, think about how you think about money and write those thoughts down. Then, ask yourself where that thought came from. Is it a belief of your own? Was it adopted? Then ask yourself if you believe that thought to be true or false. 

2. Reframe and create new beliefs.

When a piece of information or a thought comes to us, we either disregard, question, or hold onto it as a belief. This step is all about deciding what YOU believe and what beliefs you are ready to let go of.

Find evidence contrary to the false beliefs you have identified. For example, instead of thinking, “I’ll never have $10,000-revenue months in my business,” what if you told yourself, “I’m not yet hitting $10,000 revenue months, but I’m on my way.” Notice the difference in how that feels? Reflect on what you actually believe, and write the reimagined thought down next to the old limiting belief.

Another tip is to come up with supportive money mantras that will help you feel more positive and less stuck when it comes to money. Some examples are, "I am WILDLY worthy of MASSIVE abundance!" or “The more money I make, the more it magically flows into my life!” 

3. Gain clarity and direction. 

Once you really have a chance to sit with your limiting beliefs about money and revisit them, it’s time to take action. Without goals or a direction, you won’t have milestones to celebrate with a dance party or know where you should be directing your energy. 

Let’s say you’re an entrepreneur, and you decide, “I want to have consistent $10,000-revenue months.” That’s a great start, but that goal should be clearer and more specific. Visualize the path you need to take to get to that larger goal. Do you need additional support? If so, what type? Do you need to set aside money for marketing? A mentor? A new offer?

Consider the concrete steps you will need to take to achieve that financial goal along with the costs (including time, mental labor, overhead costs, etc.) associated with each step. 

Getting clarity on your goals will allow for more celebration and less stress. After all, finances are a lot more fun with a celebratory glass of Champagne in hand. 

4. Build your confidence.

You are a bad*ss boss lady who is an industry leader, and you’re a force to be reckoned with. That confidence you bring to sales calls and speaking events should be the same confidence you bring to your finances. It just takes some practice. 

The most important step to healing your relationship with money is letting go and stepping into your confidence when it comes to your business and your money. You have to jump in. It’s time to put your CEO hat on, feel inspired by your new money story, and be fearless in making money decisions. Your business will skyrocket and so will your confidence.

“That confidence you bring to sales calls and speaking events should be the same confidence you bring to your finances.”

—Lisa Seery, Money & Investing Coach

About the Author: Lisa Seery is a money and investing coach for entrepreneurs and high-powered corporate women. She leverages her 15-year career in investment management and her education as a health coach to educate and empower women to become confident investors, own their money story, and heal their relationship with money.

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The Top 3 Questions From Our Money Moves Slack Channel—Answered

Photo: Vlada Karpovich from Pexels

What is your relationship with money? Do you budget and plan ahead or do you live in the moment and spend more than you save? Either way, we need to get better at talking about it if we ever want to be better at managing it (and eventually having more of it)—especially when you consider that globally, women drive 70 to 80% of all consumer purchasing.

Now, more than ever, we need to help women plan ahead, to take ownership of their money, and to become masters of their own financial futures. To do that, we teamed up with during our recent Money Moves digital summit for a live discussion on how we can plan it forward and have confidence in our financial well-being. 

After the chat with our CEO and founder, Jaclyn Johnson, we opened it up to a live Q&A so attendees could ask our panelists, Lindsey Bell, Chief Investment Strategist of Ally Invest and Emily Shallal, Sr. Director for Consumer Strategy and Innovation of Ally Bank all of their burning money questions—and you didn’t hold back. In fact, the questions kept coming even after the live discussion had ended in our dedicated Ally slack channel.  

So, we decided to compile a list of some relevant questions we received and asked both Bell and Shallal answer them for you. Read on to learn more about how you can plan it forward and be sure to let us know what money topics you want to learn more about in the comments below.

1. What about social impact investing? Do you have recommendations on resources for this? How I might educate myself? I want to be able to dictate where my money goes and what types of businesses I’m supporting through my investments. Where do I start?

LINDSEY: This has become an important factor for many people as they invest. For sources of education, I like this guide CNBC put out (includes examples of different funds that focus on ESG investing). If you really want to really dig into the trend, check out The Forum For Sustainable & Responsible Investment, they have a ton of research and information you can dig through.

 Just keep in mind that those resources are for informational and educational purposes only, and the information provided does not represent an investment recommendation or investment advice by Ally Invest.  

“Reviewing your current situation as well as the risk of losing current income is the first step in making any decision. — Lindsey Bell, Chief Investment Strategist, Ally Invest”

2. Would you suggest re-adjusting your financial goals for the year or just figure out other ways to make your original goals?           

LINDSEY: This is tough because it is a personal question. Reviewing your current situation as well as the risk of losing current income is the first step in making any decision. Instead of changing your goals or changing your life to meet those goals, it might make more sense to push those goals out while you weather the current storm. Writing out what your goals are and the options you have to reach those goals could be helpful in making the decision.

EMILY: If things haven’t changed for you and your income and expenses are still relatively the same, then keep your original goals. If your income has taken a hit and you think it’s likely to have long term consequences then you may want to readjust your goals. Sometimes with all of this uncertainty, working with shorter-term goals can be more manageable. Take your longer-term goal and break it down into monthly goals—what can you do in the next 30-days? This can be motivating and give you some emotional happiness that you’re still working on (and hitting) your financial goals.

“Paying off high-interest debt is usually always the right choice. But the right choice today has to factor in your job stability and your emergency fund. — Emily Shallal, Sr. Director for Consumer Strategy and Innovation, Ally Bank”

3. During these crazy times, do you think it's wiser to pay down your credit card debt or stick with the minimums and put money in savings? 

EMILY: In these uncertain times, standard financial advice isn't always the best choice. Paying off high-interest debt is usually always the right choice. But the right choice today has to factor in your job stability and your emergency fund. If you have a large emergency fund, you probably want to pay down your debt.  But if you don’t, you may want cash if you’re worried about job stability or are really uncertain about the future.  The good thing is that if you don’t need those savings when we emerge from this crisis, you can use that money to pay down your credit card debt. 

MISSED THE MONEY MOVES SUMMIT? WE GOT YOU!
READ THE TOP QUOTES FROM ALLY x MONEY MOVES FINANCIAL WORKSHOP BELOW:

On prioritizing yourself…

“If you don't pay yourself first, you're always going to feel like you’re a step behind.” — Emily Shallal

On having an emergency fund…

“You never want less than three months of income sitting in your savings account.” — Emily Shallal

On investing in the stock market…

“Research shows investing in the market may be a good way to get a return on your money.”

“Start small. You don’t have to put your life savings into the stock market on day one. Start with something that you know. You have to do your homework on the company.”

“You want to get used to what the market feels like, the daily ups and downs, and the volatility of the market.” — Lindsey Bell

On putting money into a 401k…

“Once you start small, you’re going to see this momentum, you’re going to see that balance start to grow and you’re going to get excited about it.” — Emily Shallal

On adapting during COVID-19...

“Innovation and iteration are part of the business process and it will take you places you never thought you were going to go.” — Emily Shallal

On finding the right financial advisor...

“Working with a financial advisor is like working with a therapist because you really need to get along with your financial advisor.” — Lindsey Bell 

On finance resources to read...

“If you’re looking for just solid information, anything by Warren Buffett. The Wall Street Journal is also a great resource for building your financial acumen.” — Emily Shallal

“The Intelligent Investor by Benjamin Graham will give you a great perspective about the market.”

— Lindsey Bell 

On the meaning of success...

“Success doesn’t have to be a destination. It’s about being a better version of yourself every day.”

— Emily Shallal

To see what Ally has to offer, visit Ally.com

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This Founder's Curly Hair Salon Is Helping Women and Girls Love Themselves Just As They Are

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

“

Marketing is important, but not more than the quality of what you’re offering and the customer service experience. Word of mouth is GOLD.

”

—Carolina Contreras, Founder and CEO, Miss Rizos

Disrupting an industry isn’t easy.

Just ask Carolina Contreras, who decided to open a curly hair salon in New York City the very same year that New York state legally banned discrimination based on hair texture at work and in schools. The law, which went into effect in 2019, marked a long-overdue step in defining mistreatment based on hair texture or style as racially discriminatory, especially when you consider that Black women are 1.5 times more likely to be sent home from the workplace because of their hair.

“Miss Rizos is a curly hair salon that helps women and little girls love themselves just as they are,” the founder and CEO explained during our Digital Money Moves Summit pitch competition, which awarded a $10,000 grant to the deserving small business owner. “We use not only our curly hair salons but also our social media presence to redefine beauty standards and create a more inclusive picture of what it means to be beautiful. Our goal is to change the world one curl at a time."

In this installment of From Scratch, Contreras shares the nitty-gritty details behind what it really takes to get a business off the ground, including what it took for her to self-fund the company at the beginning (spoiler alert: all her savings) and how COVID-19 has impacted her brick-and-mortar business.

CREATE & CULTIVATE: Did you write a business plan?

CAROLINA CONTRERAS: When I first started my business, I wasn’t sure what I was doing. I knew we needed a mission, vision, and values, so my little tiny team of two (my best friends, btw) and I took a two-hour car ride to our favorite beach town in the Dominican Republic, Las Terrenas. There, we hashed out all of our ideas and goals for a curly hair haven in a place where our hair wasn’t validated or celebrated. Before the salon, Miss Rizos was a blog, so we used this online platform as an inspiration for our space. I’ve written long- and short-term strategies for the business, but we are just now—five and a half years after opening—actually putting a real business plan together. I say, do it early if you, can because it will help you strategize and reach all of your business dreams. 

How did you come up with the name Miss Rizos?

Originally, I named my blog Miss Rizos for a few reasons. First, there weren’t any curly hair beauty pageant winners, so calling it Miss Rizos (Miss Curls) was satirical. I also felt like my curls were adorning my head and making me feel powerful, sort of like a crown, and misses wear crowns at these pageants. The name Miss Rizos embodies this idea that I can make my own rules and define my own beauty. 

 What were the immediate things you had to do to set up the business? What would you recommend to new founders reading this?

I definitely trademarked the name first so that no one would use it. I registered the website the moment I thought of the name and created a social media handle I thought we could potentially use. Finally, defining the mission, vision, and values of a company is so important, and I recommend people actually spend time doing this because these principles will guide the way and help you make the best decisions. 

What research did you do for the business beforehand? Would you recommend it?

I recommend benchmarking within and outside of your field. I love watching videos about digital marketing and really understanding the importance of the digital space in this very digital era. Finally, I would look at all of the administrative details of your company like permits, licenses, and tax information. Don’t let this stuff intimidate you from starting, just start! 

“Insecurities, doubts, and fears will always exist, don’t let them paralyze you. Do it afraid. ”

How did you find the first hairstylists that you partnered with? Did you have any bad experiences? What did you learn and what advice do you have for other founders looking for trustworthy partners?

Omg, I’ve had my fair share of terrible experiences with business partners. USE CONTRACTS! Make sure agreements are legally binding and that you are incredibly transparent with all of the terms. Hire slow, fire fast. This means take your time hiring, do several interviews, and invite other people in the team or in your community to do interviews with you. Finally, hire and fire based on the values you defined for your company. It’s nothing personal, if someone doesn’t align with the values of your company, they will bring down team morale and potentially ruin a relationship with a client. 

How did you fund the company?

I used a lot of my savings, actually all of my savings! I also pre-sold appointments and apparel using crowdfunding platforms. I have bootstrapped mostly, but a year ago, we acquired a new partner who also an angel investor. Again, this person’s values aligned with ours and our relationship has been incredible.  

How did you determine how much to pay yourself?

I still struggle with this so much and hope to be able to make peace with it soon. I actually didn’t pay myself until like two years in. It’s really a symbolic payment more than an actual salary. I do have the business cover a lot of my expenses like phone, transportation, etc., and this is super important because it allows me to live a decent quality of life and be more present for my business.

I say, if you’re just starting, make sure you have savings that will support you for three to six months, so that you’re not putting a financial burden on the new venture. Then, it’s definitely important to create a salary or arrangement that will allow you to have peace of mind and concentrate on running the company. Finally, I say create a plan to get to that dream salary and work your way there. 

How big is your team now, and what has the hiring process been like?

We started with the team of two, and now we are a team of nearly 40 people. As I mentioned before, hire slow, fire fast and let your values guide the way. I had lots of experience hiring from being a project manager in the nonprofit world for many years. Interviews should be a two way conversation and not an interrogation process. 

Did you hire an accountant?

I hired an accountant late in the game and it cost me thousands if not hundreds of thousands! Get a CPA early in the game, learn the taxation system in your state and country. Get an online bookkeeping platform and keep all receipts and the books organized. When you can afford it, get a financial advisor who has experience with small businesses and can help you make sure your prices are right and identify what new strategies need to be implemented. Learn early what your point of equilibrium is, this is how much you need to make to break even. This will help you come up with a number of what you need to make a month, a week, a day, and even per hour. Be comfortable and in control of the numbers. It will empower you to make better decisions. 

What has been the biggest learning curve during the process of establishing a salon business?

Definitely human resources. It’s not easy putting a dream team together. 

How did you promote your company? How did you get people to know who you are and create buzz?

I created a community before I had a business and this helped tremendously. I also created a lot of buzz surrounding my activism, which got me a lot press. Social media has been instrumental, but more for my community-building than the actual random reach. Create good free content, give value to your potential clients. I’ve had a marketing team since the beginning. She worked for free for a while, now she owns 20% of the company. Hire a publicist as a consultant even if just for an event to get you in the media or for one to three months, if you can’t afford it. Marketing is important, but not more than the quality of what you’re offering and the customer service experience. Word of mouth is GOLD.  

Do you have a business coach or mentor?

I didn’t for years. Get one when you can afford it, in the meantime there is Youtube. 

“It’s important to have purpose and define it so that when things get really hard, you can always visit that “why.” ”

How has COVID-19 impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?

We had to close our stores. We pivoted by moving sales online and doing online consultations. We were very intentional about applying to as many grants and financial opportunities as possible, including pitch competitions, and I am grateful to have won the pitch competition for Create & Cultivate. 

What short-term changes will be crucial to your business strategy long-term post-COVID-19 and what plans are you making for when we get back to “normal?”

We are definitely going to invest more on our online e-commerce experience. We plan on making sure we are generating revenue in lots of different ways and not just the salon experience. 

What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to COVID-19?

APPLY to everything! See what aspects of the business can be done online. Create a new product or revamp an old one that could be sold online. Give your community lots of free important content, with this you’re communicating how important they are to you. Check up on clients. Call your landlord and let them know what you’re doing to pivot and think of ways to negotiate the rent payments without being defensive. Honey pulls more bees. 

For those who haven’t started a business (or are about to) what advice do you have? 

Be curious. What do you love doing and would do for free because you love it so much? Now find a way to make this, or an aspect of this, your business.

“

Hire slow, fire fast, and let your values guide the way.”

—Carolina Contreras, Founder and CEO, Miss Rizos

What is your number one piece of financial advice for any new business owner and why?

Scale slowly, not too slowly, and listen to your clientele. Don’t get into a bigger store or buy a ton of inventory you don’t need. Cash is king, so don’t just go crazy on making your overhead bigger if you don’t know how it’s going to get paid. It’s not magic, it’s strategy and planning. Robin Sharma says vague planning equals vague results. Strategizing and planning in advance, allows you to make the best decisions about growing your business. Take risks, but smart risks.  

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why?

Get a CPA and make sure to always use contracts! 

Anything else to add?

Being a business owner is scary! There are so many responsibilities. So it’s important to have purpose and define it so that when things get really hard, you can always visit that “why.” Insecurities, doubts and fears will always exist, don’t let them paralyze you. Do it afraid. The worst thing that can happen is that the business fails, but you’ll learn in the process and will gather tools, resources, and networks to do it better the next time. 

Enter to win a $10,000 grant for your small business

We're dedicating proceeds from our Digital Beauty Summit ticket sales toward a $10,000 grant for a small business owner in the health and wellness industry, including beauty, health and wellness, and self-care. We'll be selecting three finalists to pitch their businesses LIVE to a panel of judges for a chance to win the grant. Want in? Click here to check out the official rules and apply by Friday, July 17, 2020 at 11:59 PM PDT.

Up next: 32 Black Female-Owned Brands and Entrepreneurs to Support Now and Always

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How to Talk About Money With Your Significant Other (No Matter How Stressful the Times Are)

Photo: Jack Sparrow for Pexels

Whether you’ve been together for years or are just starting to date, talking about money with your partner can be fraught at any stage of the relationship. 

In fact, it’s often harder to bring up personal financial beliefs than it is topics like your sex life, politics, or even religion. During a pandemic, it’s even more challenging, yet deeply necessary. With so many households losing one or both incomes or simply feeling anxious about money, now is the time to foster open communication with your partner about money and how it makes you feel. 

As a financial therapist, Amanda Clayman, a financial therapist and Prudential Financial’s wellness advocate, is here to guide couples through this conversation all the time and is here to tell you that you are not alone and it gets better. With practice and an emotionally aware approach, you can navigate financial power dynamics, underlying assumptions, insecurities, and conflicting money styles and actually use money to bring you closer together than before.

Here are some tips to get you started.

Take an Emotional Litmus Test 

Money has a dual nature as a symbol and a tool in our lives. Before moving into a conversation about how you and your partner use money practically (to pay the bills, shop, etc.), consider what significance you symbolically place on money in your lives. Do you mentally tie your savings to your sense of self-worth? Or perhaps certain spending behaviors help you craft your personal image? These core meanings we attach to our money often go unexamined but can explain much of our emotional response when our financial lives are disrupted.

With the pandemic in full swing, job security uncertain, and markets moving up and down, it is normal to have a tidal wave of feelings. Take the time to acknowledge each one and think about why you are responding that way. Ask yourself what that feeling is trying to tell you about your values. By sharing these money triggers and truths with your partner, you can connect on a deeper, more meaningful level instead of squabbling about numbers.

Remember There Is No “Right” or “Wrong”

The way we choose to handle money is based on temperament, past experiences, and family learnings. These factors create a unique money style for each of us, and chances are, yours is not the same as your partner’s. Suspending judgment is essential in exploring money as a couple. Like any highly personal topic, the temptation to protect your own decisions by labeling them as objectively “right” is strong, but it is impossible for either of you to share the vulnerable details of your financial actions and feelings if this attitude is part of the conversation.   

Get to know each other’s money styles and stories by asking what money was like growing up for your partner. What was their first financial memory? How did they hear money talked about as a child? The more you know, the more you can emphasize and see not only the logic but the emotional reasoning behind choices that may have puzzled you before. When you both step back from trying to convert the other to your money style, you open the door to more creative solutions and compromises. 

Make It a Date—and Lean on Each Other

There never seems to be a good time to talk about money, even though it’s constantly on our minds.  Take the awkwardness out of beginning the discussion by making regular monthly or bi-weekly “money dates” with your significant other. Try ordering takeout from your favorite spot or opening a bottle of wine so you can both look forward to the conversation instead of dreading it. In these times of uncertainty, you may feel the need to increase the cadence of your money dates to once a week or more. Just remember, when more stable times return, don’t give them up! Choosing to talk about finances when times are good will provide you with a sense of normalcy when you need to talk about it in times of stress. 

These regular dates also allow you to keep each other grounded, especially during a crisis. Money is directly wired into our sense of survival, so when things feel out of control in our financial lives, we are wired to be reactive in a way that is not necessarily proportional to the actual threat. Consistently talking through these feelings with your partner will provide a perspective other than your own to gauge how well your emotions are matching up to reality. Gently support your partner and turn toward each other to decide on a healthy response to money stress and not make rash decisions in a silo. 

In conclusion, personal finance can be one of the most emotionally difficult topics to initiate in a relationship, but the more you practice it, the less scary it becomes. In times of upheaval, like this pandemic, we have a choice to let our anxiety drive us apart from our partners or have brave, productive, and affirming conversations. Times of difficulty are also opportunities to expand our empathy and find a deeper level of connection with our significant others. The important thing to remember is that this pandemic and subsequent financial uncertainty is neither you or your partner’s fault and will pass with time. In the meantime, Let’s come together on the things that matter, like supporting each other emotionally and remaining present. 

About the Author:  Amanda Clayman, a financial wellness advocate for Prudential Financial, is a widely recognized leader in the field of financial therapy. She helps her clients decode how thoughts, feelings, and associations shape their financial choices and identifies how those patterns serve and limit them in their lives. For over a decade Amanda has been helping people move beyond shame and frustration to find opportunities for personal growth embedded in the financial challenges they face.

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Ask an Expert: How to Create Financial Wellness By Rebuilding Your Personal and Financial Life Post-Layoff

We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!

“

Taking the time to create a financial roadmap will help you feel more in control and take the uncertainty out of your future financial picture.”

-Kathy Entwistle, Senior Vice President of Wealth Management, UBS Financial Services Inc.

It happened. It’s not a drill. And you most certainly aren’t happy. Why would you be though?  You were part of a major layoff, a restructuring, or some other term your company arbitrarily chose to deliver bad news, and now you are wondering what to do. You don’t want to spend time on a government web page endlessly scrolling for answers on unemployment, and you definitely don’t want to breach the subject with your friends or family yet. 

That is exactly why Kathy Entwistle, the senior vice president of wealth management at UBS Financial Services Inc., has outlined clear, actionable steps for you to take because while it is always acceptable to ask your network for help, a little preliminary research can bring a sense of independence and the power to stay positive and keep moving forward. Consider this your go-to source for handling all things personal and financial wellness for the next 30 days. 

Find your best Spotify playlist, give yourself a hug, and let’s get to planning your next act!

Put Yourself First 

Take some time to process the fact that your day-to-day life has changed. Not only is social distancing starving the human condition for connectivity and engagement, but your routine and purpose will have to be redirected, too. Find time over the next few days to look inside, reflect, pause, and even try meditating if this is not something you normally do. There are many great mediation apps, and most are offering free trials. 

Set Your Goals and Objectives

Whether you choose meditation or some other form of internal reflection, one important guidepost in your checklist and planning will be your purpose and intention. Setting an intention as to your schedule, routine, and plan to get yourself back on track will be crucial. The less intentional you are about your goals and objectives, the less effective you will be in pursuing them. 

Let’s start with your career intention and work our way to your financial intention. LinkedIn just became your new best friend (or same old friend for some who use it often). Reaching out through messaging, connections, and coffee breaks will provide exposure to the people who can provide proper guidance, advice, and possibly even the interview you wanted all along. 

A great book to read to help guide you on your new career path is called, “What Color Is Your Parachute?” It will give you some great questions to ask yourself when assessing your career intention, and possibly, a new career path.

Assess Your Resume

Find time to recraft your resume and ways to be a storyteller rather than a fact board. Make sure your resume tells your authentic story and is crafted to the right target audience for jobs you will now be applying to. Let’s not forget; your current connections at your company are extremely valuable. Reach out to both those who have been laid off and those who haven’t, but you know well. Their recommendations and willingness to help you on your next path are not to be overlooked!

Review Your Financial Plan

You want to first reacquaint and understand where you stand financially. How much you have, how much you need, and where you can pull cash flow from. Is it your portfolio kicking off dividends or coupons from stocks and bonds? Do you have an emergency fund with three to six months of easily accessible funds? Do you have anyone who is depending on you?  

Make sure to take a look at your credit card statements or activity online. This will tell you where you might be able to cut costs, like shopping for clothes online or ordering takeout. Just as you would block off time on your schedule for meetings, block out time on your schedule to review your plan, we might even suggest you accompany it with a matcha or your favorite cold brew.

Review Your Severance

The standard is two weeks of severance for every year you have worked at the company, but that is not mandatory. Make sure you take the time to understand what they are offering you, you are even permitted to try and negotiate. 

Also, check to see about your health insurance coverage. Will your employer be providing Cobra coverage and for how long? If you have a partner or spouse, make sure to account for yourself on their benefits when appropriate. 

Not everyone’s package will be the same, so focus your energy on yourself and what you can control. While we are still in the assessment stage, we are already moving forward. Keep that playlist rolling!

Review Your Debt

If you have credit card, auto loan, or student debt, now might be the time to conserve and preserve your cash. Don’t pay anything other than the minimum until you get back on your feet and are in a better position to get back on track and put together a plan to reduce your debt.  These are debts that you will want to be able to eliminate once you have your cash flow back in place and you have an emergency fund set aside.

Map Out a Savings Strategy

It might seem that much more difficult to worry about your day-to-day expenses let alone remember to stash away some for later, but it is important to keep saving, even if you have to decrease your contributions to your savings account. Ideally, you would not be selling any of your investments to fund your day-to-day expenses so you can continue to let your nest egg grow, however, we realize that you might need to sell some investments to get by.

Come Up With a Selling Strategy

You will want to be aware of any tax impacts of selling investments with unrealized gains. Unrealized gains are taxed at capital gains, instead of your higher ordinary income rates, and could cause an even larger burden if you don’t have the funds to pay the taxes. You will also want to keep in mind your long term investment strategy. If the investment has good prospects for future return or it is an investment providing cash flow, you might want to rethink selling that position just for liquidity.

Consider Borrowing 

Think about borrowing, as long as the rate of return will outmatch the rate of borrowing and opportunity costs. For example, rather than selling your investments to access cash, think about keeping your long term investment strategy running and borrowing for short term liquidity. When you get back on your feet, you will be happy to see your nest egg was compounding for a longer time and without any tax drag or reduction in size.

Money can be stressful. Not having money can be very stressful. Taking the time to understand your financial picture and take the steps necessary to create a financial roadmap will help you feel more in control and take the uncertainty out of your future financial picture.

About the Expert: Kathy Entwistle is the senior vice president of wealth management at UBS Financial Services Inc., providing straightforward financial advice tailored to the life you lead. Kathy has been in the financial services industry for more than 25 years. A former stay at home mom who donated her time teaching local financial classes to women, she rose to the heights of being named a "Forbes America's Top Women Wealth Advisor" in 2017 and 2018. As a seasoned multigenerational practice within UBS Private Wealth Management, Kathy, along with her son and the rest of her team, has guided generations of sophisticated families as well as senior executives and entrepreneurs through complex financial challenges.

Tune in daily at 9 am, 12 pm, and 3 pm PST, for new installments of Ask an Expert. 

Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the schedule, and hit the countdown to get a reminder so you don’t miss out. See you there!

Hey, Tech Savvy Self-Starters! Here's What to Expect at Our Money Moves Digital Summit

Photo: Angelica Marie Photography

One word we've heard a lot over the last few weeks is PIVOT! The world has changed, the way we do business has changed, and now, more than ever, we need to come together as a community. We’ve been spending a lot of time at Create & Cultivate brainstorming ways we can show up and support you during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. 

And while the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to host Money Moves Summit, our first-ever digital conference to help small business owners build, grow, and pivot in the new normal. We always bring our A-game but our lineup is stacked—Chelsea Handler is taking the virtual stage to buoy our spirits and get real about her career highs and lows, staying positive in a pandemic, and why humor is the best coping mechanism. You don’t want to miss this one! 

Read on to discover everything we have in store for this jam-packed day and get your ticket ASAP!

THE DATE

Saturday, May 2nd, 2020

TUNE IN FROM HOME

First things first! On the morning of the summit, Saturday, May 2nd, an email with your link and password to access the exclusive Money Moves Summit site will be waiting in your inbox. 

Money Moves Summit is made up of pre-recorded video sessions and live video sessions that will be hosted via Zoom. We recommend that you have a strong WiFi connection and find a comfortable place to tune in from home. Money Moves is optimized for desktop, so it is best viewed via a computer or laptop, rather than a tablet or phone.

While the live content is specifically designed to be watched in real-time, you’ll be able to access and view it for 72 hours after the event (Insiders, you have all-access even after the 72-hour cutoff!).

C&C INSIDERS’ PERKS

Our Insiders get a ton of perks at all our events—and our Money Moves Summit is no exception. As an Insider, you get free admission to our Money Moves Summit and you’ll have access to all of the panels and keynotes after the 72-hour cutoff via your C&C Insiders dashboard. 

Not an insider yet? Well, don’t miss out—you can sign up here. 

THINGS TO PREP AHEAD OF TIME

Here are a few things to prep before the big day so it goes off without a hitch:

• Install Zoom on your desktop computer or laptop and test it out

  • Zoom tips:

    • Find a quiet place to tune in. Try to situate yourself in a small room that does not have an echo. 

      • Try and stay away from noisy electronics and silence your cell phone and computer notifications

    • When possible, limit your internet connection to solely the device you’re using for the Zoom conference.

      • Set your phone to airplane mode, pause your television connection, ask others in your home to pause anything that may require a strong internet connection, etc. 

• Make sure you have a strong WiFi connection.

• Download the workshop downloads so you can follow along with the expert. Your exclusive workshop downloads will be available on Saturday, May 2. Be sure to download them ahead of the workshops so you can follow along in real-time.

• Grab a notebook and a pen—and keep your headphones handy just in case your roommate has other plans for the day!

• Jot down any questions you have for the live workshops and mentor sessions.

• Set aside your athletic gear and your mat (or towel) and fill up your water bottle for our morning moves session with Melissa Wood Health. (No equipment needed!)

• Gather the ingredients for the happy hour cocktail workshop. (Recipe in the section below!)

THE SCHEDULE

Money Moves Summit is built just like our in-person conferences, which, of course, you all know and love. We have a stacked schedule with an A-list line-up of speakers, so we suggest taking notes along the way. 

Want the full lineup? Check out the play-by-play schedule to map out your big day. It’s going to be HUGE so we recommend getting a head start on planning out your day now. 

Morning Welcome with Jaclyn Johnson, CEO and founder of Create & Cultivate 

8:50 AM - 9:00 AM PDT

Get Up & Go: A light workout to get your morning moving

9:00 AM - 9:30 AM PDT 

*Watch whenever*

Expert:

Melissa Wood-Tepperberg | Founder, Melissa Wood Health

Morning Moves: Intention setting for the day ahead

9:00 AM - 9:30 AM PDT 

**Watch LIVE**

Expert: 

Koya Webb | Celebrity Holistic Health Coach and Author of “Let Your Dreams Make You Fierce”

Morning Keynote Conversation

9:30 AM - 10:00 AM PDT 

*Watch whenever*

Panelist:

Payal Kadakia | Founder & Executive Chairman, ClassPass

Moderator: 

Jaclyn Johnson | CEO and Founder of Create & Cultivate

Financial Workshop Powered by SoFi

Get Your Money Right™: Financial Strategies That Aim to Help Your Business Thrive

10:00 AM - 11:00 AM PDT 

*Watch whenever*

Expert:

Lauren Anastasio | Financial Planner, SoFi 

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Mid Morning Keynote Conversation

10:30 AM - 10:50 AM PDT 

*Watch whenever*

Panelist:

Shay Mitchell | Founder and Chief Brand Officer, Béis 

Moderator: 

Jaclyn Johnson | CEO and Founder, Create & Cultivate

Roundtable Conversation

The state of content creation in COVID-19: How brands and creators are pivoting in this new era of marketing

10:50 AM - 11:35 AM  PDT 

*Watch whenever*

Panelists:

Marianna Hewitt | Co-Founder, Summer Fridays

Lauren Bosworth | Founder & CEO, Love Wellness

Courtney Quinn | Content Creator, Color Me Courtney

Marie Forleo | CEO & #1 NYTimes Bestselling Author, Everything is Figureoutable

Moderator: 

Reesa Lake | Partner and Executive Vice President, DBA

Roundtable Conversation Powered by Mastercard

Small Business Brainstorm: A meeting of the minds to chat through the state of being a biz owner

10:50 AM - 11:35 AM PDT

*Watch whenever*

Panelists:

Sonja Rasula | Founder, Unique Markets

Sarah Larson Levey | Founder and CEO, Y7 Studio 

Tonya Rapley | Entrepreneur & Bestselling Author   

Paige Midland | Owner and Buyer, Midland

Ginger Siegel | North America Small Business Lead, Mastercard

Moderator:

Sacha Strebe | Editorial Director, Create & Cultivate

Fireside Chat Sponsored by Dell Technologies

Post COVID-19: How do we lay down the foundation for success moving forward

11:35 AM - 12:05 PM PDT

*Watch whenever*

Panelist:

Cyndi Ramirez | Founder & CEO, Chillhouse

Moderator: 

Jaclyn Johnson | CEO and Founder of Create & Cultivate 

 Workshop

Organization tips for WFH while in quarantine to stay productive and focused

11:45 AM -12:15 PM PDT

*Watch whenever*

Experts:

Clea Shearer and Joanna Teplin | Founders, The Home Edit

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Fireside Chat Powered by Bümo

Mama to Mama: Surviving and thriving during the stay-at-home order

12:05 PM - 12:30 PM PDT

*Watch whenever*

Panelist:

Chriselle Lim | Influencer & Entrepreneur, Bümo

Moderator:

Sacha Strebe | Editorial Director, Create & Cultivate

Mentor Session

Live mentor sessions with experts who will be answering your questions in real-time via Zoom webinars

12:30 PM - 1:30 PM PDT

**Watch LIVE**

Mentors:

Arian Simone | Founder & CEO, Fearless

Maxie McCoy | Author, "You're Not Lost"

Jaime Schmidt | Founder of Schmidt’s Naturals and author of “Supermaker: Crafting Business on Your Own Terms”

Carolyn Rodz | CEO and Founder, Alice

Ginger Siegel | North America Small Business Lead, Mastercard

Katia Beauchamp | Co-Founder, Birchbox

Kristin O’Keeffe Merrick | Financial Advisor at O'Keeffe Financial Partners LLC

Wellness Session

Vision boarding and goal-setting for post-quarantine

1:30 PM - 2:00 PM PDT

*Watch whenever*

Expert: Camille Styles | Founder and Editor-in-Chief, CamilleStyles.com

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Pitch Competition

Three finalists pitch to win $10,000 for their small business. Each finalist gets 6 minutes to pitch and 4 minutes to answer questions from the judges—ready, set, go!

1:35 PM - 2:05 PM

**Watch LIVE**

The Finalists:

To be announced!

The Judges:

Maxie McCoy | Author, "You're Not Lost"

Jaime Schmidt | Founder of Schmidt’s Naturals and author of “Supermaker: Crafting Business on Your Own Terms”

Alli Webb | Founder, Drybar

Arian Simone | Founder & CEO, Fearless

Ginger Siegel | North America Small Business Lead, Mastercard

Financial Workshop Powered by Ally

Plan It Forward. Prepare For Your Best Financial Future.

2:15 PM - 3:15 PM PDT

**Watch LIVE**

Experts:

Lindsey Bell | Chief Investment Strategist, Ally Invest

Emily Shallal | Sr. Director for Consumer Strategy and Innovation, Ally Bank

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Roundtable Conversation

A conversation on how brands should be spending their marketing dollars during this time

3:00 PM - 3:30 PM PDT

*Watch whenever*

Panelists:

Tera Peterson | Esthetician & Co-Founder of NuFACE

Mari Mazzucco | Influencer Marketing & PR, OLLY

Steph So | VP of Digital Experience, Shake Shack

Nancy Twine | Founder & CEO, Briogeo

Cheryl Guerin | EVP, North America Marketing and Communications, MasterCard

Moderator:

Sherry Jhawar | Co-Founder and President, Blended Strategy Group

Workshop

From 0 to 100k: How to grow your following on a platform quickly and with authenticity

3:25 PM - 3:55 PM PDT

*Watch whenever*

Expert: 

Natalie Ellis | CEO & Co-Founder of BossBabe

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Afternoon Keynote

On pivoting and remaining positive as a business owner

3:30 PM - 4:00 PM PDT

*Watch whenever*

Panelist:

Bobby Berk | Interior designer and star of Netflix’s “Queer Eye”

Moderator:

Sacha Strebe | Editorial Director, Create & Cultivate

Digital Deep Dive

A conversation on the 5 things you need to know when transitioning your business to digital with Jenna Kutcher

4:00 PM - 4:30 PM PDT

*Watch whenever*

Panelist:

Jenna Kutcher | Podcaster and Virtual Business Coach

Moderator: 

Jaclyn Johnson | CEO and Founder of Create & Cultivate 

Wellness Session

Staying sane in small spaces and the hacks you need to thrive

4:05 PM - 4:35 PM PDT

*Watch whenever*

Expert:

Whitney Leigh Morris | Creator, Tiny Canal Cottage

Your exclusive workshop download will be available on Saturday, May 2. Be sure to download it ahead of the workshop so you can follow along in real-time.

Roundtable Conversation

The Three Rs: How to respond, recover, and reset to emerge stronger through the COVID-19 crisis

4:15 PM - 5:00 PM PDT

*Watch whenever*

Panelists:

Rachel Tipograph | Founder and CEO of  MikMak

Sarah Kunst | Managing Director, Cleo CapitalJeni Britton Bauer | Founder and Creative Director of Jeni's Splendid Ice Cream

Denyelle Bruno | President and CEO of Tender Greens

Babba Rivera | Founder of ByBabba 

Moderator:

Sacha Strebe | Editorial Director, Create & Cultivate

Roundtable Conversation

How the C-suite is coping with COVID-19 and what their strategy is for moving forward

4:15 PM - 5:00 PM PDT

*Watch whenever*

Panelists:

Ariel Kaye | Founder & CEO, Parachute

Alli Webb | Founder, Drybar

Morgan DeBaun | Founder & CEO, Blavity

Rebecca Minkoff | Founder, Rebecca Minkoff & The Female Founder Collective

Moderator: 

Jaclyn Johnson | CEO and Founder of Create & Cultivate 

Evening Keynote

5:00 PM - 5:30 PM PDT

**Watch LIVE**

Panelist:

Chelsea Handler | Comedian, Bestselling Author, & Activist

Moderator: 

Allison Statter | Co-Founder & CEO, Blended Strategy Group

Cocktail Workshop

Time to celebrate your successes! Join us for a cocktail workshop with one of your favorite influencers.

5:30 PM - 5:40 PM PDT

*Watch whenever*

Experts:

Adrianna Adarme | Founder, A Cozy Kitchen

Cassie Winslow | Founder, Deco Tartelette

Recipe: Pink Grapefruit and Chamomile Palomas from Floral Libations by Cassie Winslow

Makes 1 Cocktail

Ingredients:

½ tsp Rose Salt (recipe below) or coarse salt

1 lime or grapefruit wedge

Ice Cubes

¼ cup [60 ml] fresh Ruby Red grapefruit juice

2 Tbsp Chamomile Simple Syrup (recipe below)

¼ cup [60 ml] tequila

Splash of soda water

½ tsp freshly grated orange zest

Fresh organic chamomile flowers for garnish (optional)

1 grapefruit slice for garnish (optional)

Rose Salt

Makes approximately ¾ cup [5 g]

Ingredients:

¼ cup [5 g] dried rose petals

½ cup [100 g] fine sea salt

Directions:

In a food processor or spice grinder, grind the rose petals for about 10 seconds until the rose petals resemble small flakes. Be sure not to grind them into a powder.

In a small bowl, stir together the salt and rose petals. For optimal flavor, wait about 1 week before use. Store in an airtight container at room temperature for about 1 year.

Chamomile Simple Syrup

Makes approximately 1 cup [240 ml]

Ingredients:

1 Tbsp dried chamomile flowers (or 1 bag chamomile tea)

1 cup [200 g] cane sugar

½ cup [120 ml] filtered water

Directions:

In a saucepan, stir together chamomile flowers or 1 tea bag, sugar, and water, and cook over medium heat. Simmer until the sugar has completely dissolved and the mixture has thickened into a syrup, about 5 minutes. Remove from heat and allow to cool.

Strain the mixture through a fine-mesh sieve set over a bowl, then transfer to an airtight container. Store in the refrigerator for up to 1 week.

Recipe: Frozen Strawberry Margaritas from A Cozy Kitchen by Adrianna Adarme

Serves 2  

Ingredients:

1/4 cup water 

1/4 cup granulated sugar  

Kosher salt, for rim 

6-8 ounces tequila blanco 

2 ounces triple sec  

2 ounces lime juice  

2 cups frozen strawberries 

1 cup ice  

Directions:

In a small saucepan, set over medium heat, add the water and sugar. Mix and warm until the sugar has dissolved. Remove from the heat and allow it to cool, about 5 minutes. 

Add about 2 to 3 tablespoons kosher salt to a shallow plate. Run a lime wedge around the rim of both of your glasses. And then dip them in the salt and set aside. 

In a blender, add the simple syrup, tequila blanco, triple sec, lime juice, frozen strawberries and ice. Blend until smooth, about 1 minute. Divide amongst the two glasses and serve. 

Recipe Notes: 

Tequila: Use 6 ounces of tequila if you’re a lightweight and don’t love the flavor of tequila. If you’re a tequila lover, use 8 ounces in this recipe. 

Strawberries: You can use fresh strawberries if you like. Freeze them on a baking sheet for at least 2 hours. And then you can transfer them to a freezer-safe bag/container until you’re ready to use them. 

Music Session

10-minute Q&A followed by an exclusive three-song live performance!

5:40 PM - 6:10 PM

**Watch LIVE**

Artist:

Lennon Stella | Singer & Actress

Thank You & Pitch Contest Winner Announcement

6:20 PM - 6:30 PM PDT

GET SOCIAL

Stay tuned for exciting announcements and updates by following along on our social at @createcultivate. Tag @createcultivate and use the hashtag #CCMoneyMovesSummit for the chance to be featured in our Instagram Stories throughout the day!

Networking is a huge part of our event and our Create & Cultivate Money Moves Summit Attendees Slack Workspace is a great place to mix and mingle with your fellow Create & Cultivators before, during, and after the big day. We’ve created channels for every workshop and panel, as well as channels for international attendees, networking, and more!

TECHNICAL DIFFICULTIES?

Live chat with a C&C specialist on CreateCultivate.com. You’ll see a “Chat With Us” pop-up in the bottom right corner of your screen.

WE ARE SO EXCITED TO SEE YOU ONLINE! Who are you most excited to hear speak? Share in the comments below!

MORE ON THE BLOG

“It’s So Important to Pay Attention to What Scares You"—Lennon Stella's Debut Album Will Give You Goosebumps (the Good Kind)

Courtesy of Columbia Records

When Lennon Stella answers my call, her voice is soft and sweet, but from the moment she starts answering my questions, it becomes immediately clear that this talented musician isn’t afraid to push past her comfort zone and enter unchartered territory either.

In fact, what scares her is what drives her. The talented singer-songwriter releases her debut album today—Three. Two. One.—and despite her tour being canceled (thanks to COVID-19), Stella is feeling very optimistic, and despite initial concerns, her fans have rallied around her in support.

If the success of her new song (and accompanying video), Fear of Being Alone is any indication, this album is going to be huge. Read on for our interview with Stella as she opens up to Create & Cultivate about the new album, canceling the tour, a behind-the-scenes look into the filming of Fear of Being Alone, and what she’ll be singing for her exclusive live performance at our Money Moves Digital Summit on May 2, 2020.

CREATE & CULTIVATE: So first off, major congrats on the new album—Three. Two. One. How do you feel?

LENNON STELLA: Putting an album out is like getting to know somebody entirely—you get to know them through the album, as an artist, and as a person. I just wanted it to be telling different stories (in this album) than I had before.

Your U.S. tour was supposed to kick off in May and has been postponed due to the pandemic. What was your initial reaction to the news and what do you have planned for the launch instead?

It was really unfortunate and upsetting, but at the same time, I’m trying to trust in the universe. And honestly, I’m just glad that the music and the album itself can come out.

I was so happy with how the response has been. I think everybody was so scared there would be a big backlash but somehow everyone has been so understanding and completely reassuring that they will be there no matter what month the tour is. It’s really sweet and makes me feel grateful to have such a supportive tribe. It’s really rare to feel no hate and no negativity.

The silver lining in all of this is how much it has forced us to be creative. Your Fear of Being Alone video is a perfect example. Shot in your living room during quarantine with your mom and boyfriend, and friend CeCe who dropped off all the lights. Can you talk us through this video? How did you come up with the concept, what it was like to shoot, and what were some of the biggest challenges? 

“My friend, CeCe really understands me and the way I like things. So she came over, and then me, my mom, and my boyfriend were kind of just winging it and getting experimental and creative. We loved the idea of it being at night with the lights on the outside, so there was a shadow from the lights. It all came together as we were doing it—just having fun. We moved everything out of my living room and filmed it all in there.

Honestly, it’s my favorite video that I’ve done so far. It was so fulfilling. When I was thrown in the space to make a video all in one night at home and that we were able to do that was so exciting. I felt so much more love than I’ve ever received from a video. I think it’s because of how it was done. It’s obvious that there weren’t any other people pushing me—it’s very much just me. I think that’s why people were able to connect with it.

“Find the things that intimidate you, and know that’s where you should shoot towards because it scares you for a reason.”

Does this style of self-made video inspire you for the future? Do you think we will see more of creativity in the music space as a result of quarantine?  

I want to see now, and moving forward, what happens when I try to brainstorm on my own before I go to other people for their ideas and push myself a lot more creatively. I want to trust myself a lot more and trust my vision.

One thing that has been nice is seeing you film more acoustic videos on YouTube from home. This feels very authentic to where you began. What more can we expect to see from you during quarantine? Has it inspired you to write new songs?

I forgot how great it feels to play guitar and play the piano, and be alone with it for a bit. I don’t give myself that time or carve that out anymore. Being at home has been so nice, I’m doing acoustic versions for all my songs. What people respond to the most is when it’s really just me and the piano or me and the guitar and me not overthinking it. It’s been really nice to have time to do that and just be creative.

In an interview with you for our CC100, you mentioned that your writing process typically involves a session with you and a producer and another writer where you just write about how you’re feeling at that time. Are you still doing that via zoom now? How has quarantine changed your process or enhanced it?

I haven’t been writing because I’ve been busy putting the album out and doing all of the promo that goes along with that. I’m sure that as soon as the album is out in the world though I will immediately go back to writing.

This album proves you have really grown as an artist—you are so expressive in your vocals and the lyrics. How have you cultivated that confidence to be yourself and not be tied down by limitations? 

I think it’s so important to pay attention to what scares you and what you’re afraid of and to go for that. Find the things that intimidate you, and know that’s where you should shoot towards because it scares you for a reason. I think it’s about finding something that really rings true to you, that’s deep inside you—you have to trust that and follow that.

This is a particularly hard time for musicians who can’t connect 1:1 with their fans and their music. What advice do you have for your fellow musicians who are going through it right now and how can we, as fans, support them? 

It’s been really cool to see the way that we’re all connecting through social media. Because that’s what it’s originally all about. I think we’ve lost our way as far as Instagram goes and getting sucked into the toxic side of it. But ultimately it’s a way to connect and this time has really shown that.

To learn more or to purchase the new album (and exclusive merch!), visit LennonStella.com.

Don’t forget to buy your tickets to the Money Moves Digital Summit to see Lennon Stella perform three acoustic versions of her songs from the new album Three. Two. One.

Visit, createcultivate.com/money-moves-2020

Three. Two. One. Album By Lennon Stella

Shop Now

MORE ON THE BLOG

Sallie Krawcheck's Top 3 Smart Money Moves to Make During the COVID-19 Crisis

We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!

The coronavirus crisis has taken a serious toll on the economy, causing the U.S. stock market to have it's worst day since the 1987 stock crash and the OECD to cut global economic growth projections in half. Needless to say, money anxiety is at an all-time high as a result. In fact, according to a recent study, 67 million Americans anticipate they’ll have trouble paying their credit card bills due to coronavirus.

In an effort to help ease our financial fears during these uncertain times, we hosted a special Fireside Chat edition of our Instagram Live series, Ask an Expert, with Sallie Krawcheck, co-founder and CEO of Ellevest, a digital investment platform built by women, for women. Our founder and CEO Jaclyn Johnson virtually sat down with Krawcheck to answer all your most pressing money questions in the wake of the coronavirus, including how to cut unnecessary spending from your budget and how to fund your small business during quarantine closures.

Read on for three key takeaways from the conversation and head to the Create & Cultivate Instagram to tune into our next Live Ask an Expert segment. 

Tip #1: Don’t stop investing.

“The question we get the most at Ellevest, is, Should I be buying? The second is, Should I be selling?,” explains Krawcheck. “The answer is you should be investing steadily for your longterm goals. You should be investing a bit of your paycheck, after you pay off debt, because if you try to time the market you will fail.”

Tip #2: Watch your expenses.

“Watch your expenses,” Krawcheck advises small business owners who are doing everything they can to keep the lights on. “Use your values to determine what expenses are important, protect your company culture, and trim where you can without hurting your core business.”

Tip #3: Contribute to an emergency fund.

Krawcheck's rule of thumb for a healthy financial future includes breaking down each paycheck (a.k.a your take-home pay) following these general guidelines: 

• 50% of every paycheck should go toward paying for things you need (think: rent, utilities, car insurance, etc.)

• 30% should go toward fun (think: those extras that bring you joy, like that outfit your dying to buy or you’re favorite workout class)

• 20% should go toward future you (i.e., your emergency fund, 401k, IRA, etc.)

However, before you start contributing to an emergency fund, “get your credit card debt paid off because it’s leeching out wealth from you,” cautions Krawcheck.

Ellevest is answering any and all money questions that come in from the community on their blog. It's an amazing resource in these uncertain times.

Sign up for Sallie Krawcheck’s weekly newsletter, Money Monday, to stay up to date on all things women and money. 

About the Expert: Sallie Krawcheck is the CEO and co-founder of Ellevest, a digital-first, mission-driven investment platform for women. Ellevest is one of the fastest-growing digital investment platforms and has been named a #24 on CNBC’s top 50 "Disruptor" list and #14 on LinkedIn’s 50 “Most Sought-After Startups” (#2 in New York). Krawcheck is also Chair of the Ellevate Network, a 135K-strong global professional women’s network, and Pax Ellevate Global Women’s Leadership Fund, a fund that invests in the top-rated companies for advancing women. Before launching Ellevest, Krawcheck built a successful career on Wall Street: She was the CEO of Merrill Lynch, Smith Barney, US Trust, the Citi Private Bank, and Sanford C. Bernstein. She was also Chief Financial Officer for Citigroup.

Tune in daily at 9 am, 12 pm, and 3 pm PST, for new installments of Ask an Expert. 

Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the schedule, and hit the countdown to get a reminder so you don’t miss out. See you there!

Sharing Finances? Here Are 5 Ways to Do It Right

Photo: Retha Ferguson for Pexels

In April of 1975, Judy Hendren Mello created the First Women’s Bank in Manhattan.

It was the first bank in the United States to be run by and operated for women, during a period where women were highly discriminated against by banks. (Fun fact: Betty Friedan had an account there.) Just one year prior, banks required single, widowed, or divorced women to bring a man to co-sign any credit application, regardless of their income.

Thankfully, much has changed since then, and more women are household breadwinners than ever before, as well as finding ways to to split costs with their partners. Given that wedding season is rapidly approaching, we figured there’s no better time to break down five different approaches to sharing finances that have worked well for couples.

The 2:1 Approach

This is a scenario in which you keep most of your finances separate, but have one joint account you both contribute to equally.

You can choose to contribute a dollar amount or a percentage of monthly earnings to that account. With one joint account, you are taking baby steps to trusting your significant other with your money. You get to see how they spend and if you’re comfortable giving them purchasing power with your hard earned cash.

Most often, couples who live together and are fairly evenly matched when it comes to income and debt favor this approach. That way the joint account is what you use for household purchases—everything from toilet paper to a new couch.

The Solo Dolo

Some couples keep all finances separate, and it works for them. If each of you are financially independent, have no desire to share finances and would rather split household expenses in a way that makes you the most comfortable, this is an easy option.

Sometimes that means splitting things 50-50. Sometimes that’s not the case. If it’s not, we suggest having a conversation, especially if one side of the equation makes a significant amount more. What you don’t want is to commit to a living or a financial situation where you feel taken advantage of, or where you resent how much the other person is making and contributing.

If you really like keeping everything solo, but your incomes are vastly disparate—we suggest the next approach to avoid future disagreements.

The Pick-and-Choose

This approach is best for couples who share everything, except comparable salaries. When you don’t want to let one person “handle it all” (which, is certainly another way to go), but rather want each party to contributing their “fair share,” each person picks certain bills and expenses.

These don’t have to be equal shares.

For instance, if you own a house together, one person pays the mortgage and the other fills the fridge. Or perhaps, one of you pays the rent and the other handles electric, gas, and the WiFi situation.

This works for both unmarried and married couples. The most important part of this arrangement, is that each person is getting a fair shake, not a shake down.

With the pick-and-choose, and all the above options, individual debts remain the responsibility of the indebted, however, this could (and often should) be considered when splitting up costs.

The Spend One, Save One

This is an interesting approach being taken by couples who have not yet made those major life purchases, but are working toward them.

They will live on one salary—typically the larger—and save the entirety of the rest. This is also a useful approach for couples who haven’t yet been able to put away that rainy day money or save for retirement. It typically involves living below your means, but is a smart investment to make in your future.  

The Merge It All

This is an approach most often used by married couples who combine their lives, finances and all, entirely. Most often, neither party is entering into the marriage with significant assets—like a house—as this is a purchase that will be made together. Or debts, like student loans, that need to pay off.

However, even within “merge it all” it isn’t uncommon for couples to share one joint account while keeping individual checking accounts. What you put into those individual accounts? It varies. Bonuses or checks from grandma and grandpa could be considered “fun” individual money. Cash that doesn’t have to go toward life expenses and allows each person to feel like they’ve got some disposable income.

This post was published on May 23, 2017, and has since been updated.

15 Headache-Preventing Tax Tips You Can Use Right Now

Photo: Smith House Photo

Overwhelm. Cold sweats. Glazed-over eyes.

Every year, these are the emotions felt by many of us come April 15, a.k.a when it’s time to file our tax returns. It seems like tax season sneaks up on us every year, and no matter how hard we try to be proactive, to plan and prepare, most of us are left doing everything at the last minute. 

So to help you get a handle on your taxes this year—and better prepare for tax season next year—we asked Natalie Asghari, a CPA at NA Business Advisors and CPAs, Inc. (NABA), to share tax tips that we can all implement into our financial life. Whether you’re employed full-time, self-employed, or working several side hustles, scroll on to find out how to get your 2019 taxes in order.

Tips for Everyone

1. Gather all your records in advance.

Gather all documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support income or deductions you’re claiming on your return.

Always keep originals. Make copies of all valid documents that you will provide for filing.

Group together documents regarding mortgage interest payments, property taxes, charitable gifts, medical bills, and any other items that may count as deductions.

2. Keep track of important records.

The best way to do this is by staying organized throughout the year. Don’t wait until the end of the year to consolidate your documents. Gathering information at the beginning of the year will save you time and reduce the chance of omitting information and amending tax returns when it actually comes time to file.

Keep track of your expenses on a quarterly or monthly basis by record keeping, especially if you are self-employed.

Keep a record of tuition, books, computers, and fees that you pay because you may be able to claim an education credit or deduction for the amounts you pay.

Records need to be kept for at least three years (four for state of CA) from the date you filed the related income tax return. You should keep a copy of your actual tax returns, W-2s, 1099s, etc.

3. Decide how you’re going to file.

Be sure to consider different tax statuses if you are eligible for more than one. For example, if you’re married and can file either jointly with your spouse or separately, be sure to consider both options. This might be something for you to investigate throughout the year, especially if your circumstances change.

4. Review! Review! Review!

Don’t rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all Social Security numbers and other personal information on your return. Remember, you are the taxpayer signing the return and you are responsible for any missed information.

5. Keep up-to-date on tax laws.

While it might be a good idea to get expert advice regarding tax law, you should also keep an eye on the news for anything that might affect you or your business. A well-informed client can often help an accountant give the best advice, so make sure you know about any changes in tax provisions that could apply to you. Ask questions if you believe something you read or heard may affect you.

6. Hire an accountant or professional tax preparer to do your taxes.

Because constant changes make the tax code more complex each year, you may be more comfortable–and able to use tax savings strategies, pay fewer taxes or receive a bigger refund–if you have a professional prepare your returns.

Tips for the Self-Employed

7. If you are self-employed, you may have to make estimated tax payments.

This applies even if you also have a full-time or part-time job and your employer withholds taxes from your wages. Estimated tax is the method used to pay tax on income that is not subject to withholding. If you fail to make quarterly payments, you may be penalized for underpayment at the end of the tax year.

8. Keep a good record of income and expense for your business.

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business.

9. Set up a retirement plan.    

A retirement plan not only benefits you later in life, but it is also a method of reducing your current tax liability, and often reducing taxable payment on a set amount of money at any point in time. Your taxable income at retirement will most likely be a lower bracket than your working income.

10. Don’t miss the health insurance deduction.

The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents.

11. Deduct transportation costs.

You should be able to fully deduct any transportation costs (plane tickets, taxis, airport parking, etc.).

If you’re driving to meet a customer or conducting business travel, you will need to keep a schedule/log with dates, mileage, etc. If your trip was primarily for business purposes, you can deduct certain expenses, such as hotel costs for any business days; if you combine work and play, you can’t deduct lodging and meals for your personal days.

12. Deduct meals and entertainment for clients.

Paying for meals and entertainment for current or potential clients can be deductible, as long as the meals or entertainment was directly related to and associated with the business. Be sure to keep records such as the date, the purpose of the meeting, and the parties involved.

Tips for Employees/Employed Individuals

13. Collect all your W-2s and 1099s.

You’ll need these to file your tax return. Check and make sure your withholdings from paychecks are correct based on your situation–especially if you had life changes such as purchasing a primary residence, getting married or having a child.

14. Pay estimated taxes.

If you do not pay your tax through withholdings or do not pay enough tax that way, you might have to pay estimated taxes or you may have additional tax liabilities when it comes time to file your tax returns. You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rent, and royalties.

15. Deduct job-related expenses.

If you paid for expenses related to your job during the tax year, many of these expenses may be eligible to be deducted on your return if they are unreimbursed by your employer. Deductible unreimbursed employee expenses generally fall into one of two categories: job-specific expenses and travel-related expenses. Some examples of job-specific expenses are protective clothing required in your work, such as hard hats, safety shoes, and glasses; physical examinations required by your employer; dues to professional organizations and chambers of commerce; licenses; and regulatory fees, to name a few.

Don’t let tax season scare you into an anxious state this year. Instead, spend some time, plan ahead and follow the tips outlined in this article. I believe you can make it through tax season without pulling out your hair. Now, I ask you, what tip will you be following this tax season?

This story was originally published on February 12, 2016, and has since been updated.

Brittney Castro is the Founder & CEO of Financially Wise Women, an LA-based financial planning firm for women. She specializes in working with busy, established professional and entrepreneurial women who are passionate about life and want to finally understand money—how to manage it, save it, invest it, and protect it—in a fun and simple way.

Brittney has been featured in the Wall Street Journal, New York Times, CNBC, Glamour.com, Entrepreneur.com, KTLA, CBS, and more. Away from the office, you can find Brittney working out, drinking coffee with steamed almond milk, reading, playing with her fur baby Arya, and of course dancing!

Sign up to receive your Financially Wise Toolkit jam-packed with great tools and resources to help you on your financial journey at financiallywisewomen.com. Follow Brittney @brittneycastro.

Money Matters: Why "Being Close to the Financials Is Key" for Every Entrepreneur

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

“Great people make great companies, so you need to invest in people first and foremost. No one is successful alone!”

—Kim Perell

When Kim Perell sold her first company, the cash file was so big, it exceeded the space on the receipt at the ATM. But it took a lot of hard work and grit to get to that point. In fact, Perell’s first company actually went bankirupt and she fully self-funded her first startup so it’s humbling to know that not every success story has a fairytale beginning.

Now Perell is helping other women join the billion-dollar club as an angel investor but that doesn’t mean she has slowed down her own entrepreneurial pursuits. The reality is quite the opposite. A serial entrepreneur at heart, Perell is now a tech CEO, and author of the national best-seller, The Execution Factor which offers practical (and real) advice for the next generation of entrepreneurs.

In this edition of our popular Money Matters series, Perell gives all budding entrepreneurs a reality check with her best money advice and financial tips to get your passion project off the ground. Just be ready to dream big and hustle hard.

Where do you think is the most important area for a business owner to focus their financial energy?

“As my first company went bankrupt, and I self-funded my first startup, I relentlessly focused on the bottom line. As a business owner, you have to pay very close attention to all financials—incoming, outgoing, collections, cash flow—all the financial fundamentals, including growth and profitability.   

What was your first big expense as a business owner?

“Great people make great companies, so you need to invest in people first and foremost. No one is successful alone! We all bring different strengths, talents, knowledge, and experience to the proverbial table. The more we can recognize, nurture, bridge, and leverage these differences, the more effective, productive, successful—and, ultimately, the happier we will be.”  

How did you decide what to pay yourself?

“When I first started my company, I didn’t pay myself and I continued on that trend for a very long time, and continued to re-invest in the company.”

How did you decide what to pay employees?

“We would pay competitively based on market value in addition to equity, and I’m also a big believer in goals and paying on the achievement of goals. Setting specific financial goals for people and teams and the company creates a win/win. Everyone is successful and aligned.”  

“As an entrepreneur, being close to the financials is key.”

What are your top three largest expenses every month?

1. People

2. Rent (we have 21 offices)

3. Technology infrastructure investment 

How much do you spend on office space?

“My first office was my kitchen table and from there I moved up to a windowless storage room as our first official office. It’s a wonder anyone worked for us. We were extremely scrappy when we started. Big office leases have bankrupted many start-ups, so I encourage entrepreneurs to be conservative on big overhead commitments. Today, many years later, as a global tech company, the amount we spend on office space is significant, as we have 21 offices across the globe. Cost varies greatly by city and the number of people in a specific office. Our offices in the bay area, NYC, London, and Singapore are particularly expensive.”

How much do you spend on employee salaries?

“People make up the largest % of our overall budget.”

“For women to reach the highest levels of leadership, the ability to understand the numbers and metrics of a business (and the sector you operate in) is key, and women are generally exposed to this less. ”

How much are you saving? When did you start being able to save some of your income?

“I remember when I sold my first company in 2008. I was, ironically, in Vegas for a conference when the buyer wired the money into my account. I remember going to the ATM, and the cash file was so big, it exceeded the space on the receipt. I started jumping up and down just thinking, Oh, my gosh. I can’t believe this actually happened.’

“Then I went back to work. I worked so hard to get to that point and am so appreciative and grateful for the opportunity that I’ve been given, that I must ensure that I continue to live a very responsible lifestyle. That was really the biggest turning point in my life. Up until that day, I was investing every dollar back into my company and I was finally able to see the reward from all my hard work.” 

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A post shared by Kim Perell (@kimperell) on May 29, 2019 at 11:09pm PDT

What apps or software are you using for finances? How did you decide when to hire a financial advisor?

“When I first started the company in 2003, I used Quickbooks and I ran all the financials myself.  As an entrepreneur, being close to the financials is key, and I was especially aware as the company I was with previously went bankrupt. The keen understanding of the business metrics is also what enabled me to successfully sell the company later.” 

Do you wish you’d done anything differently in your financial journey as a business owner?

“Dream bigger. While caution can be a good thing, don’t let it stop you from reaching your full potential. Allow yourself to dream bigger and reach for greater success. Now I think bigger and dream bigger in every aspect of my life. When you dream, dream big!

“Follow the two by two rule: it’s going to take twice as long as you think to achieve your goals, it’s going to cost twice as much, and you are not the exception. ”

Why should women talk about money?

“Everyone should talk about money, and especially women who tend to talk about it less. I would encourage women to ask more. Often times, success starts with an opportunity, and then delivering great results leads to more opportunities. If you’re stuck and don’t know how to get that first opportunity, the best way to start is by asking for what you want.

“Ask for the promotion. Ask for the raise. Ask for the opportunity. If you don’t ask, you won’t get. The worst thing that will happen is you don’t get it, but I’ve found that most of the time just the simple act of asking opens up the door to even more possibilities.

“For women to reach the highest levels of leadership, the ability to understand the numbers and metrics of a business (and the sector you operate in) is key, and women are generally exposed to this less. Understanding the numbers lets you speak the same language as everyone else, especially in management and leadership.

“Objective metrics also reduce the potential of gender bias because they are data-driven. I would encourage women to run towards the opportunity to gain exposure and understand the P&L and the financial fundamentals of your business and the sector you want to work in. Focus on how to improve and impact it in your role and in your team. Every role has some financial or key metric impact—how are you helping to drive revenue/growth, or profitability, i.e. reducing cost or allowing the business to gain greater leverage or increase efficiency.”

Do you have a financial mentor?

“My Dad. My dad was an entrepreneur who often struggled and he taught me the concept of having “F YOU” money, which means you should strive to always have enough money (at least six months worth of savings) so that you never have to rely on a job that doesn’t suit you. If you are financially in a position where you are not dependent on each paycheck, it will allow you to make better life decisions that are more aligned with the vision you want for your life.”

What is your best piece of financial/money advice for new entrepreneurs?

“I’ve become an active angel investor and I tell all entrepreneurs and the companies I invest in to follow the two by two rule: it’s going to take twice as long as you think to achieve your goals, it’s going to cost twice as much, and you are not the exception. To this day, I continually remind myself of this in whatever I’m doing financially, professionally, and personally whether I’m going to remodel a house and it’s going to cost me twice as much and take twice as long. If I’m going to buy a business at a certain amount, it’s going to cost me twice as much. Just knowing that it is going to cost more and it is going to take more time than anticipated helps create both the financial framework and the mindset.”

What was the biggest money lesson you learned since starting your company?

“How true the 2x2 rule is. Everything is going to take twice as long and cost twice as much as you originally thought.”

This Month in Money Moves: The RealReal, Away Luggage, Revolve, Reformation, Madewell (and the U.S. Women's Soccer Team)

In this monthly series, we take a look at the female-owned or led businesses that are making serious moves in the $$$ department. From raising funds to going public, these women are showing us how it’s done and giving us all serious inspo to finish out this week like a true boss.

#SupportFemaleOwnedBusiness

The Real Real

Within minutes of debuting its initial public offering on Friday, stock for the popular secondhand luxury retailer, The RealReal jumped 50% raising $300 million. But this isn’t Julie Wainright’s first rodeo. The founder and CEO of The RealReal took Pets.com public in 2000. What a boss.

The U.S. Women's Soccer Team

The headlines have been blazing this week with news that the U.S. women’s soccer team are suing for equal pay after their historic win. Sen. Joe Manchin proposed a bill that would withhold funding from the 2026 men's World Cup—jointly hosted by the U.S., Mexico, and Canada—until the two teams are paid equally.

Here’s what ESPN told Broadsheet:
“FIFA will award $30 million in prize money for the Women’s World Cup. The men received $400 million last year. [FIFA president Gianni Infantino] said this week he wants to double the prize money for the women’s tournament by the next edition in 2023, but the gap between the genders could actually grow with FIFA expected to award $440 million for the men’s tournament in 2022.”

Does that seem fair to you? Sound out in the comments below.

Away Luggage

The founders of Away luggage are on a roll. Co-founder Jen Rubio was featured on the cover of Inc. Magazine after the brand became a unicorn after being valued at $1.4 billion after raising $100 million (they were also named one of Forbe’s 2018 Next Billion-Dollar Startups). This week Rubio and her co-founder Steph Korey are featured on Fortune's 40 Under 40 list. Congratulations, girls!

Revolve

One of our favorite online retailers renowned for their impressive social media and influencer parties (and trips around the world) surprised everyone this month when they announced their IPO and raised $212 million in their initial public offering. Color me impressed.

Madewell

In the spirit of IPOs, Madewell is also (reportedly) on track to announce theirs. According to a Reuters report, three sources confirmed that “J. Crew has hired banks to prepare for the public offering of the denim-centric brand, pegged for after Labor Day, as part of a strategy to revive the larger retailer.” This would position Madewell CEO Libby Wadle at the head of her own public company.

Reformation

While founder and CEO, Yael Affalo of Los-Angeles based clothing line, Reformation will remain CEO, the company will soon be majority-owned by private equity firm Permira Advisers. The brand is on track to deliver $150 million in sales this year.

Did we miss something? Share the money moves you’ve seen this month so we can add it to the list!