This is part of a sponsored collaboration with Prudential and Black Enterprise. However, all opinions expressed are my own.
I recently attended the Black Enterprise Black Men Xcel (formerly Black Enterprise Golf and Tennis Classic) for the second time as an influencer and speaker for Prudential. The event is held at the Beautiful PGA National Resort and Spa in West Palm Beach.
Black Men Xcel is a multi-day celebration of enlightenment, empowerment, and excellence for men and women. There are empowerment sessions for men, women, and couples on finance, relationships, and business. The keynote lunches and celebratory dinners are highlights of the event.
It was so much fun and very relaxing! Don’t get me wrong, I learned a lot in the sessions especially about men and how they think, but boy did I soak up the sun and sink into the massage table a whole lot too. I needed that! Have you had an opportunity whether it was a business trip, speaking engagement, or a two-hour nail appointment when it was just what you needed at that time? Good, so you know exactly how I feel when I say, it was just what the doctor ordered.
While I did thoroughly enjoy myself relaxing, I was asked to come speak on the “Sunset Spa” Panel powered by Prudential. I was joined by ShirleyAnn Robertson, a Financial Planner with Prudential and our moderator, Michele Thornton Ghee, SVP of Sales at BETher. We spent an hour talking about the importance of financial planning for women. It was such an interesting and educational conversation, I’m excited to share a few of the questions from the panel discussion and my answers with you.
Name 3 things that you’ve done to become financially secure in your business as an entrepreneurial woman?
This is such an important question to consider. Cameka Smith, founder of The BOSS Network once told me, “if your business isn’t making money, then it’s just a hobby.” I quickly had to identify how I would become financially secure with my blog business….and I am still working on it.
I Created and Used a Budget – I learned the hard way with my first Motivated Mom Tour that ensuring that you have and follow a budget in business is critical. I was so passionate about the mission, I ended up investing $30,000 of our money into the Tour. My blogging coach, Elayna, told me early on with my blog to know what’s coming in and going out
I Identified Strategies for Monetization – It’s important to have several streams of income. I’ve been hosting the Motivated Mom Tour, and I am just now creating products to sell at my events. Be ahead of the curve with monetization strategies. Don’t wait until you need money to think about ways to get it.
I Treat My Clients Well – Treating people good is the best way to attract and retain clients. I may not always be a top performer, and that’s okay, but I always treat my clients well so that they come back.
What would you tell a Mom to consider before becoming a Mompreneur?
One of my favorite quotes by Tommy Tenney is “Passion makes complacency uncomfortable” from his book “God Chaser”. I considered this quote before deciding to become an entrepreneur. I wanted to have a business that I was passionate about and prospered from. I would tell moms to align their passion with this advice:
- Know Your Why – Know WHY you want to start a business.
- Don’t Give Up Before You Grow Up – Don’t allow your emotions to impact your productivity.
- Be Confident – Don’t allow your experience or lack thereof to deter you.
- Stay Focused on The Goal – Create strategies that will help you exceed your income goals.
- Learn More – Earn More – If you don’t know, hire someone who does. Have people on your team that believe in your mission, that you listen to, that you learn from and that you labor with.
- Stay Balanced – Balance starts with the notion that you can’t please everyone. As a mompreneur, it is important to remember that you are balancing your home and your business.
Do you have any financial tips for moms who are part of the ‘Sandwich Generation?’ They pay for today’s bills, save for their kids’ college education and take care of their aging parents, too.
While I didn’t “care for” my mom in the way that it is meant in this question, there have been a few times when my mom has lived with me as a single adult as well as married with a kid. I also have several friends caring for their parents while managing their own home. My suggestions are from taken from my key learnings from Prudential:
- Pay down debt. You may want to consolidate your debt where the interest rate is lower.
- Save for retirement. Enroll in your workplace plan or set up an individual retirement account (IRA).
- Ask your parents the tough questions. Find out if your parents have a life insurance policy, annuity, pension, will or estate plan, long-term care insurance, etc. Consult with a financial professional to see if there are any products that can help.
- Teach your children about saving. By educating your kids at an early age, you’ll increase their motivation to save later. Start by having them earn an allowance by doing chores around the house and setting up a bank account for them to keep their earnings.
- Practice Self-Care. Plain and simple if you don’t take care of yourself, you won’t be able to properly take care of others. It can be easy to forget about self-care when caught up in your daily jam-packed schedule.
- Share the Load. You may handle most of the caretaking duties, but that doesn’t mean you need to do absolutely everything yourself. Stop stressing and start delegating.
- Prioritize What Matters. You are one person and there are 24 hours in a day. Those two numbers won’t change. Make a list of all of the things you think need to be done. What can you cut out? How can you minimize your workload each day?
Whether we are starting a business or managing our home, being financially secure or financially well is important…especially as moms. Financial wellness is different from person to person and can be hard to define. Our goals, economic factors, and standards for living fluctuate. Prudential says, for most people, claiming financial wellness is based primarily on two things: feeling secure and sound money management.
There are so many of us who live in the moment rather than thinking about the future. We spend money on things we don’t need and tend to think that we will have time to save…until we don’t. It’s difficult to know where to being with a financial plan, that’s why I am happy to share these tips from Prudential.
Are you ready to create financially wellness? What are you most difficult financial challenges? Share them with me and share this post with those who need it. Let’s take control of financial wellness together and follow the tips provided by Prudential.
Great tips – not just for moms and mompreneurs.