Episode 29: Money, Money, Money
If you are looking for new or better ways to manage and work with your money, listen in this week as Nicole and Jess jam around the issue of people of color working with finances in ways which are different from the traditional norm in America today.
In this episode, Nicole points out that that in the US today, the majority of wealth is not held by women of color and also, that a good portion of the community of color in the US have immigrant parents, so there are some people who have a drastically different experience with money to that of their parents. She also mentions that, due to the large number of entrepreneurs within the community, the ways that the money comes in and how it is organized, can to be very different from the traditional 'get paid every two weeks with a 41K'. She explains that this community tends to design their own innovative ways with money and finds it possible to work through things by having conversations about them. Listen in to this week's show and find out about different ways thatmoney can be organized and managed in your personal and professional life and also get some actionable tools and tips, that you can take away and apply.
This week, Nicole and Jess discuss:
• How Jess, Nicole and their partners work with their personal finances and how they developed their budgets.
• The value of using a spreadsheet.
• How your cash flow can impact on your financial plans.
• How Nicole works with her business finances.
• The importance of keeping track of your monthly finances.
• Looking at who's funding what and considering switching to black owned, or small community banks.
• Looking for banks that don't support things that you don't believe in.
• The value of having conversations around shared finances, either personal, or in business.
• The importance of your projections being based on real numbers.
• Nicole explains why she works with an accountant to help her with her taxes.
• Why cash flow is a big thing.
• Why it's really important to save money.
• Jess explains how mint.com works for her.
• The benefit Jess finds in using the app splitwise.com.
• Why Nicole still finds herself using cheques.
• How many people still operate using cash only (or cheques).
• Why Nicole loves the 'So Money Podcast' with Farnoosh Torabi.
• The online tools that Nicole really recommends for you.
Live Black Sheep is to be found across all the social media platforms.
Resources mentioned on the show:
www.youneedabudget.com (For Business)
www.ellevest.com (For Women)