business

How Rihanna Won The Super Bowl – Business Lessons From A Billionaire

I was eager to write this post, after being one of the millions that tuned in to see Rihanna’s halftime performance at Super Bowl LVII. I’m fascinated by Rihanna because her brands, Fenty Beauty and Savage X Fenty, have propelled her to billionaire status. As I watched her perform, I thought about how many music artists have tried to do the same, but haven’t gotten this level of success. As a performer, it is to their benefit to have multiple business aside from singing: in many cases, these artists understand that they have a relatively short shelf life *if* they hang their legacies upon the preferences of a fickle public. So it’s always in their best interest to expand and nurture business aspirations beyond their singing careers. As far as performers go, no one in the past couple of decades has done this as well as Rihanna has.

So what can business owners and wealth builders learn from Ms. Fenty? Here are 7 business lessons from Rihanna:

  1. Don’t be afraid to have a “starter business”. In many ways, music has become secondary to everything else Rihanna has going on. Music was what opened doors for her, and she worked hard at her craft. However, she was strategic: music was never the final destination for her empire. So, if Rih had a “starter business”, that is, a business that opens doors until you can land bigger opportunities, why not you? Start with something that you enjoy but not necessarily plan to do forever, and use it to position yourself for the things that can catapult you into the spaces and income brackets that you desire.
  2. Weave your businesses together in unique ways. Most of us weren’t expected to see an ad for Fenty Beauty in the midst of the Super Bowl halftime show. Yet, here we are. When Rih dabbed her nose with her brand’s blotting powder, it set the internet ablaze, with Fenty Beauty’s website activity tripling its normal numbers. It was a simple move that got her brand the kind of additional press that most business owners dream of. Consider how you can weave two or more of your interests together, and then experiment with those interests – explore how they overlap, observe how they diverge, and see whether these interests have a common audience – until you hit your sweet spot.
  3. Consider starting a business in an area that others have complimented you on. Rihanna is a singer, but her beauty is undeniable, and she quickly became noted for her fashion sense. She took those compliments to the bank – literally. Her beauty and fashion brands are an extension of her, and for that reason, it’s only natural that she has made billions of dollars in this industry. Wherever others have complimented you, consider making it into your business. It doesn’t always look like what you’ve been paid to do in the past, and sometimes it’s in an area that you never believed could be monetized. And don’t worry if you can’t come up with a business idea based on those compliments: consultants like myself can help you with that. Click on this link to see how I can help you find your Marvelous Metier (TM).
  4. Have a bold opener to your business, so that you stand out immediately. When Fenty Beauty was launched, Rihanna didn’t start by peddling lipsticks or eye shadow. She took on the costliest – and riskiest – product in beauty: foundation. She launched with 40(!) shades of foundation, from the lightest hues to the deepest colors, and she didn’t cut any corners. She had the beauty industry shaking, after many cosmetic companies whined about their limitations in making complexion products that flattered darker skin. Rihanna’s risk paid off: the pale and deeply colored beauties of the influencer world sang her praises and confirmed, without a doubt, that there was ZERO reason for companies to ignore darker skin. If she, a newbie to the makeup world, could create a range that respect the varying undertones, overtones and depth of all skin tones, what was their excuse? That kind of bold opening is how she established herself as a cosmetic force to be reckoned with. If she can do it, you can, too.
  5. Be willing to do the unexpected. Perform at the Super Bowl visibly pregnant? Take a music career and spin it into lucrative cosmetics and lingerie businesses? Achieve billionaire status before turning 33? Rihanna has done it all, and did it well. NO ONE could have seen any of this coming, yet here she is, successfully doing whatever she wants. Rihanna has done many unexpected things in her career, and it has paid off handsomely for her. You can take smaller (or bigger!) risks, doing unexpected things and seeing where it takes you. Who knows: you may become a billionaire, too!
  6. When all eyes are on you, be ready to shine. The Super Bowl is one of the biggest stages available to musicians, and Rihanna didn’t waste any of her time. She employed fireworks, moving stages suspended in the air, color symbolism, and a host of other eye-catching elements to make sure that we focused on her through the entire performance. Wherever you go, be ready to shine. Have your elevator pitch and hook ready, keep your business cards ready, and always have a great story to connect with anyone you meet. You never know when the spotlight will be on you. Sometimes that spotlight happens when you least expect it, but if you stay ready, you don’t have to “get ready”.
  7. Giving 100% doesn’t look the same to everyone: just make sure you’re satisfied with what you’ve created. There were a lot of viewers that were disappointed in the performance: they expected more athleticism, guest stars, flashier production, etc.,. But, the understated performance had a certain charm to it, and it’s still memorable. I believe that Rihanna gave 100% to the performance, but how she defines her “best” is different from what viewers expected. She focused more on the details that may be lost upon those that are unfamiliar with what goes into such a large production. And in those details – the symbolism in the colors and dance, the tribute to Andre Leon Talley, the order of the music performed and the fact that she announced her pregnancy without saying a word – she gave 110%. So learn what 100% looks like to YOU, then aim for that. What others expect isn’t nearly as important as fulfilling the vision you have for yourself.

Did you glean any other lessons from Rihanna? I’d love to hear about them in the comments below!

My Review of ExodUS Summit 2022: Money Matters And Creating Joyful Lifestyles

Hello friends! I meant to tell you all about ExodUS Summit when I attended in October 2022, but I had so many other things going on at that time. I’m finally back to tell you all about ExodUS Summit, what I learned, and whether I recommend that you all attend future sessions.

ExodUS Summit is a weekend-long virtual conference, where speakers discuss a variety of topics all related to a central theme. The founders of ExodUS Summit, Roshida Dowe and Stephanie Perry, both live full-time outside of the United States, and they have built lifestyles around helping other Black women to do the same. The summit theme selected each year is focused on supporting Black women in creating their dream lives by moving abroad. The theme for the 2022 summit is Move Abroad Money, and the sessions within the summit were all centered around ways to generate enough money to relocate outside of the United States.

The topics this year ranged from securing remote positions, starting businesses, investing for profit, getting work in foreign countries, and more. I watched several sessions and I was so impressed with the variety of information offered, as well as the ease of implementing the strategies discussed. Each of the speakers excelled in explaining exactly how to get started on their recommended path to getting “move abroad money”, and I left the conference feeling confident that I could implement any of the plans that I found interesting.

The importance of ExodUS Summit cannot be overstated: a recent article published on Business Insider discussed how Black women are tired of discrimination and microaggressions in the workplace, and are leaving corporate America. This is creating a talent gap within industries and is expected to hurt “innovation and profits in corporate America”. ExodUS Summit speaks to women that are not just weary of corporate shenanigans, but who are also tired of living within a system that feels oppressive and unrewarding. The summit addresses the needs of women who are disillusioned with corporate culture, and are also seeking new levels of liberation and satisfaction. There are a lot of systemic and cultural implications that have to be unpacked when discussing whether an ExodUS is worth it, which I won’t explore in depth here (you can visit the YouTube channels of Stephanie Perry or Roshida Dowe for more details on those topics). That being said, many Black women are realizing that there are more satisfying ways to earn their living, and they don’t have to tolerate casual or targeted abuse in their personal or professional lives to support themselves.

While the conference is aimed at Black women, I believe some of the principles can be applied to anyone. There are always income alternatives that can be explored, and abusive work environments are a hazard to everyone. Making a positive change doesn’t have to be a drastic one, but if your health is at risk, taking the leap is better than staying put. In many cases, a smooth transition from a draining life to a rejuvenating one can be achieved with proper planning.

If you are part of the summit’s target audience (Black women residing in America), then I highly recommend that you attend the next summit. The discussions in this space are life affirming, inspirational and full of actionable tips. I feel that my ability to envision financial freedom was enhanced by what was discussed in ExodUS Summit. I’m confident that anyone that wants to create a life that delights them can benefit from attending the summit and taking action on what is taught.

Can ChatGPT Help You With Your Money? Of Course It Can!

I was hesitant to write this post, because I suspect that most of us have been inundated with information about artificial intelligence (AI). When it comes to new technology, I think most people feel a combination of excitement and overwhelm. With all of the conversation surrounding the capabilities of AI, particularly, ChatGPT, it’s easy to get lost in the sauce and feel like it’s all too much, too fast. The potential to create new income streams is now more accessible than ever, but everyone is (likely) asking the same question:

HOW?

Overwhelm makes it hard to see how this technology can benefit us. But here’s a simple guide (not written by AI, funny enough) on using ChatGPT to help you with your finances.

  • Ask financial questions and get pointed, easy-to-understand answers.
  • Find the “gaps” in your financial plans
  • Develop plans for income generation
  • Have the technology create documents, templates or questionnaires that can simplify your financial organization
  • Create schedules, systems and strategies for money management

There are many other uses for ChatGPT beyond the few mentioned here, but these are good starting points for exploring the capabilities within the platform. The sooner you familiarize yourself with what AI can do, the more skilled you’ll be when it is more widely incorporated into our daily lives. And if you think that you won’t have to be bothered with AI infiltrating your world, or that the integration of AI into our daily lives is far off, here’s a video from 1995, at the beginning of the Internet era. Just because something starts off unclear, doesn’t mean that it won’t one day be our norm.

That’s all for today: look out for more ChatGPT content in future posts. Take care!

3 Things To Do In February For Financial Health

Hello February!

On my end, it’s been a rather . . . intense start to this new year. I’m looking forward to calmer days in the weeks to come. That being said, I want to encourage you all to continue taking steps to improve or protect your financial health, even when life is hectic. This month, I wanted to focus on a few things that can be done quickly and that don’t take a lot of time. Taking care of your finances doesn’t require a ton of time-consuming projects.

Here are three things you can do to stay on top of your finances in February:

  • Pull your free annual credit reports. Annual credit reports are a right. This website will allow you to get free copies of your credit reports from the three reporting bureaus (Equifax, Experian, and TransUnion) for free. Just because you pull the reports doesn’t mean that you have to analyze them today: put them aside until you have the time to review them. If it helps, schedule the time needed to review them, so this task doesn’t fall through the cracks. Also, Equifax is currently allowing up to SIX free reports per year for anyone within the United States (these extra annual reports will be available until 2026). So after you make corrections to your report, you can allow a month or two, then pull the Equifax report to see if the changes are displaying.
  • File Form 1096 for information returns. If you or your business made payments that should be reported on 1099s, 1098s, W-2s, and a number of other information returns, then you have to file this form. Depending on the number of forms that need to be filed, this may not necessarily be a quick task. But it’s the beginning of the month: if you do paper mailed information returns, it’s still early enough to order this form from IRS (you can’t use the online version for submission). Form 1096 is the cover sheet for hard-copy information returns: you simply have to count how many of each information return you’re sending into IRS, then jot it down on the form. If you don’t have to file information returns, then of course you can skip this tip.
  • Move your savings to an account with a better interest rate. Bankrate has a listing of the current rates of both physical and digital banks offering high yield savings accounts. Do your research then move your coins.

That’s it for February: short and sweet, because your time is precious. Talk to you all soon!

What You Don’t Know About Industries That Attract The Ultra Wealthy

One way to acclimate ourselves to wealth is to become familiar with the patterns and traits of the wealthy. I enjoy reading research from a variety of sources, but one of my favorites is Wealth-X. This organization publishes several reports throughout the year, with information about the wealthy, including where they live, how they spend their time, and how to best connect with them if you would like to make them your clients and customers.

Recently, Wealth-X published their 2022 World Ultra Wealth Report, which gives a high level profile of the wealthiest individuals in the world. One of the fascinating parts of this report is the section on wealthy women. This is where I learned a less-known – but crucial – fact about the industries that attract the ultra wealthy.

On the whole, we tend to think of the wealthy in a very generic way. However, gender and source of wealth are highly influential when it comes to the industries that most attract the wealthy. According to the report, 55% of ultra wealthy women inherited some, if not all, of their wealth. On the other hand, 25% of ultra wealthy men inherited some or all of their wealth (75% are self-made multimillionaires). This exposes another trend: proportionally, individuals that earn some or all of their ultra wealth tend to be less interested in industries that don’t generate more profit for them. In the report, the top five industries that attract ultra wealthy men are: banking and finance, business and consumer services, real estate, manufacturing, and technology. Meanwhile, the top five industries that attract ultra wealthy women are: non-profit and social organizations, banking and finance, business and consumer services, real estate, and hospitality and entertainment.

This report shows that painting the wealthy with a broad brush will likely result in reaching inaccurate conclusions, or putting your focus on the wrong sectors. If your ideal client is a wealthy woman , it’s worth noting that more than half of them are heiresses, and thus won’t relate to the struggles of building their entire wealth from the ground up. So, if your product or service is designed to appeal to the bootstrapper, less than half of your female targets will resonate with this message. Likewise, if your target customer is a wealthy man, focusing solely on trust fund kids will reduce your target market by 75%! Most of your ultra-wealthy male clients are focused on generating more money, as opposed to finding ways to create social change through their spending. How the wealthy got their money reveals pertinent clues about where they spend their time and energy, and with this information, you can craft products, services, and marketing that are irresistible to your clients and customers.

That was just one of my takeaways from the 2022 World Ultra Wealth Report. If you enjoy analyses like these, let me know, and I’ll be sure to share more of them in the future! Also, if you want a breakthrough from your current financial situation, and a smooth transition into a new income bracket, contact me for a skills audit and values assessment. With these two reports, I show you the intersection between what you do well, what you enjoy, and what matters most to you. The sweet spot between these things is where money magic happens. Click here to learn more about these reports.

The First Step To Earning More Money

It’s the first month of the year. You have a money goal (hopefully an attainable one), you have your steps outlined, and you’re ready to launch. You’re aiming for one thing: more money to fund your dreams. After all, it takes money to make [some of] our dreams come true.

There’s a crucial first step that you need to take in order to earn more money. Most people immediately look for a second job, start applying to new positions, or pick up additional hours at their current job. Others will start having yard sales, falling into MLMs, taking paid surveys, or running to the local plasma center to generate some extra cash.

If you thought that the first step to earning more money is to work more, then you’ve probably spent a lot of time spinning your wheels and making little progress. Yes, you can absolutely earn more money by working more or working harder, but that is rarely a sustainable solution. Your energy and time are finite, and using more of both can leave you depleted.

I propose a gentler – but still effective – way to start on the path to higher earnings. It’s an oft-mentioned step, but I don’t think anyone emphasizes it as the best step to take before taking additional action.

Start your money making journey with two things: a skills audit and a values assessment. Most of the missteps that happen with side hustles, second jobs, and increased work hours involve leaning upon weaker or nonexistent skills, or, even worse, in scenarios where there are value mismatches. Knowing your skills and your values will ensure that you won’t pursue money-making opportunities that leave you frustrated, exhausted, or unfulfilled.

Is making more money supposed to be a fulfilling experience? Yes, absolutely! If you are having a miserable or even a lackluster time, then it’s not the right money-making option for you! There are so many ways to make money that are fun, fulfilling and enjoyable: you DO NOT have to suffer through miserable jobs just to make extra cash.

So, before you start the job hunt, or sign up for extra shifts, write down all of your skills, and determine which ones you most enjoy using. Then, get clear on your values, write them down, and only accept jobs or opportunities that resonate with both of these lists. If you’re tired of suffering to make money, or if you need help with getting a clear understanding of your skills and values, check out this page for support.

Have you ever done a skills audit or values assessment? Let me know about your experience in the comments below!

My Big, Dreamy Financial Goals for 2023

A few weeks ago, I wrote a post discussing how to plan your financial year, and the strategy behind reaching your big, dreamy goals in 2023. At the end of the post, I admitted that I didn’t have any goals for the upcoming year (quite surprising for me, the perpetual planner and consummate dreamer). I promised I would come back and share those goals when I understood what I wanted in 2023.

Well, here I am: I identified my goals, and I’m ready to share! Here are my 2023 financial goals:

  • Increase my income by 25% (using last year’s gross salary as a baseline)
  • Monetize my YouTube channel
  • Average 25 book sales per week
  • Remit 4 additional mortgage payments

I’ll add more details as I continue fleshing out all of the steps I need to take in order to ensure that I hit my goals. However, even now I can confirm that the goals I have feed into one another: monetized content and consistent book sales will feed into the overall income increase, which will make it possible to remit additional mortgage payments (shortening the length of my mortgage and freeing up resources to put towards my next large purchase). I have many other goals for the year, but these are the big ones when it comes to finances.

Here’s the thing about setting goals: they can be as big or as small as you like, so long as they delight you. If a small goal feeds into a bigger one, that’s fine, but a small goal – that isn’t necessarily part of a larger plan – is nothing to despise. If it’s what you want, then it’s worth pursuing, regardless of how big or small it is.

I’ll aim for quarterly updates, to show you all how I’m progressing toward my goals. I’d love to hear all about your goals: please leave me a comment, so I can cheer you on!

3 Things To Do in January for Financial Health

Welcome to 2023! I hope that the end of last year and the beginning of this year was enjoyable for you all. In the Mid-Atlantic region, we were delighted to get some warmer weather just in time for the New Year. It was a pleasant change from the bitterly cold temperatures we had during Christmas weekend. As the clock switched from 2022 to 2023, there were many things to celebrate and appreciate: I count all of you, dear readers, as blessings.

To start your financial year right, here are a few things that you can prioritize for January. It’s early enough to get a great headstart on a lot of tasks that can feel overwhelming once the calmness of the holiday break transitions back to business as usual.

  • Continue refining your financial vision and commit to eliminating any habits that don’t serve your financial health. I’d advise you reject the New Year resolution mentality (unless it works for you: in that case, do it!) If resolutions haven’t been successful for you in the past, it’s time to try something different. Instead of coming up with a large, dramatic change for the year, why not just spend a little time refining your vision for the year (I discuss this vision in December’s financial health recommendations). Even if you did a great job of creating your financial vision last year, or in other years past, it’s still a good exercise to review what’s working, see what isn’t working for you, and make sure what you’re currently doing is putting you on the path to what you desire. If you identify any sabotaging activities or habits, commit to eliminating the one that is easiest to drop. If you focus on dropping a simple but damaging habit, then you can get a quick “win” that gives you the momentum to take on bigger challenges as they arise.
  • Download a tax calendar and start putting the dates on your digital and paper calendars now. It’s so easy to pull up the calendars, print them, and forget them. Don’t do that! You can find IRS’s calendar here. You can find additional federal tax calendars for specific professions and businesses here, and you can search for “tax calendar” on your respective state and local websites to see additional dates that need to be recorded on your business and personal calendars. If you pay a financial consultant, accountant, or tax preparation service to manage your numbers, you can help them to help you, by knowing when certain payments or forms are due to be submitted. Little known fact: one of the penalties that IRS regularly enforces is failure to file timely, and it is one of their heaviest (non-criminal) penalties. You can avoid it just by keeping up with the dates!
  • Pay your last estimated tax payment for tax year 2022. This payment is due to be submitted by January 17 this year. Use Form 1040-ES to submit it. If you had a particularly successful final quarter of 2022, consider adding a little more money to your payment, to help prevent underpayment penalties.

Those are the three tips for January, just in time to help you all hit the ground running! Have a great day, and I’ll talk to you all soon.

3 Things To Do In December for Financial Health

The end of the year is almost here! This is the month leading into my favorite holiday, New Year’s Day! There’s something so exciting about opening a brand new chapter, and I’m thrilled every time January 1st rolls around.

After having several busy seasons, as well as a few slumps or slower moments throughout the year, you’re probably just ready to bring in 2023 quietly. I don’t blame you for wanting a tame intro to the new year, but there are a couple of things you can prioritize in December, to set yourself up for success in 2023 and beyond!

Here are my finance tips for December. These work well for both tax practitioners, business owners, or even employees that are looking for ways to increase their wealth now and in the future. To your continued success!

  • Send thank you cards and holiday cards to clients and customers. Sending seasons greetings, as well as heartfelt expressions of gratitude, is a wonderful gesture for everyone. The goodwill is multiplied if you’re an entrepreneur and do this with your clients and customers. If you aren’t a tax preparer or a business owner, then this is a fantastic practice to develop when showing appreciation to the people that you employ (think hairstylists and nail technicians, postal workers that you interact with regularly, childcare providers, housekeepers and other in-house staff, lawn maintenance workers, etc.,). Gratitude is an energy that always brings in abundance, so express thanks often.
  • Create and/or refine your business vision for 2023. If you haven’t done a business vision board, this is a good time to do it! I love how vision boards can help you crystallize the ideas, goals, and aspirations you have for your business. If you aren’t interested in a vision board, then writing down the vision is also powerful and can move you closer to your desires. If you’ve already done one or both of these steps, this time of year is also fantastic for reviewing those previous notes or boards, and seeing if it still aligns with you. If so, great! See if there is a way to expand on what you already have. If your previous vision no longer aligns, then refine that vision until it resonates with you again.
  • Schedule business activities for the first quarter of 2023. It’s never too early to start planning for the upcoming weeks and months, so set aside a little time this month to schedule things that you know you’ll need to handle in January and February. Take that scheduling time out to March, if it feels good. It’ll feel great to know that you’ve already gotten a head-start on the next year, and it will save you some time and frustration at the beginning of the year, when everyone else is scheduling activities and taking the best available time slots!

Those are my end of the year finance tips! I’d love to hear what money-related things you like to do in December in the comments below!

5 Income Sources You Can Create For Yourself Now

Happy Finance Friday! I hope you all had a great, prosperous week. If not, then I hope this post gives you some ideas for turning your money story around, and for majorly upleveling your finances.

Many of the discussions around money center around making more (which is what I’ll be talking about today) and spending less (to be discussed soon). These are the cornerstones to creating financial freedom, so the quicker you can implement them, the better your results. But when it comes to quickly implementing money-making strategies, there is usually this looming sense of overwhelm and a lack of clarity regarding where to start first.

Never fear: here are 5 income sources that you can create quickly, so you can start making more money NOW. I’m keeping it simple, giving you links and sources that you can explore right now, to start making money quickly and to give your finances a boost.

Tutoring – There are many online tutoring platforms, but I recommend Cambly for its ease of use. Once you’ve signed up and your profile is approved, you can sign up for Priority Hours, which guarantee that you will get priority student placements (basically, students are routed to you first) and you are guaranteed to receive partial payment for the hour, even if you don’t get any students routed to you (this is rare, but it can happen). It pays about $10 per hour, so it won’t make you a millionaire, but if you do one hour a day, that’s $300 per month that you can use to treat yourself, knock out debt, or invest in your future.

Make printables – if you’re creative, this is a fabulous way to make money without having to keep a bunch of physical inventory. Design cute templates and printable documents using free online software (like Canva), then upload the designs to your own website or to another platform (like Etsy). You can be making money within a few hours, if this interests you.

eBay store ownership – Sign up for an eBay account, take pictures of your stuff, then upload and set your price. Yes, there’s a little more to it (writing out descriptions, figuring out what has to happen once the items are purchased, etc.). However, this is one of the quickest ways to make money with what you already have.

Personal assistant work – Fiverr, TaskRabbit, and Upwork are just three of the platforms where you can advertise your skills as a personal assistant. Yes, even TaskRabbit has options beyond yardwork and furniture moving: you can find gigs for errands and clerical tasks. Once you set up your profiles on these websites, you can start making money.

Host virtual cocktails – This is great if you’re social and want to quickly monetize your popularity. Come up with a fun cocktail idea, set up a FB event page for it, work out the Zoom (or other meeting platform) details, then start selling tickets. Yes, it will take a few moments to set up a way to receive your payments, but that’s what PayPal, Zelle and CashApp are for. If you’re a fabulous hostess, you can make a memoral event happen from the comfort of your home.

These are just a few ideas for generating money quickly so you can start hitting your financial goals. Look out for another post in a few weeks, discussing 5 ways to spend less money, so you can hold on to more of what you earn. Have a great weekend!