If recent events have taught us anything it’s that life is ever changing and the financial market can be volatile without notice. While quarantined, this is a great opportunity to check on your financial wellness. Are you thriving or merely surviving? What are you doing well? What needs more work? Regardless of where you are, there are always opportunities to improve. The key to coming out of this even stronger personally and financially is the ability to be flexible and embrace change. Sheen Magazine linked up with 4 financial #bossbabes with practical tips to help you adopt a nimble mindset and navigate any change while running a business or your personal finances during this time.
Secure a few bags, sis!
Liane Membis is the Founder of BAUCE Magazine. The digital publication is dedicated to the a lifestyle self-made women working for financial freedom with content concentrated around making money and looking good while doing it. While her publication currently receives nearly half a million combined impressions on all of digital platforms, the first-generation American says her immigrant background instilled the value of creating financial options to build wealth and she encourages women to do the same.
Her motivation for financial freedom of her own consistently drives her passion to grow BAUCE into a community space where black women can come to learn on whatever stage they are on on their financial journeys. While hustle and grind are her mantras, she also notes one that systematic racial discrimination plays a large role in the financial inequality many black women and men face. She is dedicated to using her platform to help coach and teach women how exploring multiple incomes is necessary for financial freedom.
“I think one way that black women can overcome this is by committing to not having just one stream of income. Whether it’s stocks, real estate, a passive business, or a better savings/investment plan, I think every black woman should explore how they can set their finances up to make sure that not only they are good in the long-term,” she said.
Don’t forget about business credit
Khalia Cross is a financial specialist working to empower women by educating them on the value of building personal and business credit. A former employee at Merrill Lynch and Bank of America, she uses her extensive education and professional experience as the Co-Founder of Good Credit America and Business Credit Financing with her father. Together, the duo helps people maintain successful credit profiles to increase their financial situations within real estate and similar vehicles. Additionally, her work educates women on the benefits of building business credit to gaining access to resources and financing opportunities.
“Some black women lack the knowledge necessary to take advantage of available resources to move their further in their careers and businesses. Many also may lack confidence. I provide coaching, advice, and guidance.”
Stay down until you come up!
Melissa Lowery wants black women to embrace the concept of financial discipline and consistency. She asserts, “You can live your best life while also making smart money moves.”Her brand The Capital Woman teaches communities of black women online how to strengthen their relationship with money. Utilizing her previous finance experience as a Sr. Financial Analyst at Target HQ, she offers practical and actionable strategies for women to regain control of their finances as a tool to financial freedom. As a mentor she encourages women to value investments, teaches how to properly advocate for higher pay and more.
“The biggest obstacle, [for black women, I believe] would probably be discipline and consistency with so many distractions and temptations via social media. Everybody wants to travel, be swaggy, and eat GOOD! It takes us away from the importance of building a solid foundation.”
Get financially lit!
Sheneya Wilson is the Owner of Fola Financial, LLC. According to Wilson, Fola is a Yoruba name that means honor and wealth, where her business strives to accomplish for its clients. According to Wilson, within the past 2 years, Fola Financial, LLC has served more than 300 professionals, creatives, and entrepreneurs of color with a majority of this population being black women. In her experience, she says she noticed many black-owned businesses fail within their second year due to their lack of financial education and literacy. Her business is working to improve this statistic by helping entrepreneurs understand and navigate the financial aspects of being a business owner as well as teaching them how to secure their future and leave a legacy.
“I’ve seen how empowered individuals get after understanding how money works and learning how feasible it is to attain wealth. The entrepreneurs that I work with have been able to secure major lines of credit, sell their companies, and use financial knowledge to make other pivotal business decisions.”