I was in the kitchen working hard on a custom order and dreaming about my cooking school. My dreams are BIG yall. The only way this was going to happen was by investing. Over the past few months, I kept thinking about the number of people I knew with access to the six figures I needed to open my school, but never had the courage to ask any of them for it. Then my thinking changed. I don’t want to ask other’s for the money, I want to be in a financial position where I can sow into others.
I’ve been following Tiffany Aliche aka The Budgetnista for over a year at this point. My spiritual BFF (in my head) Sarah Jakes Roberts had her at the Woman Evolve Conference in 2018. I watched several of her free webinars and Facebook lives before making the monthly investment to be apart of her Dream Builders Academy. Once in the academy, you have access to a private Facebook group…This is where my journey began.
I was randomly scrolling my timeline, as I often do, and saw a question where someone asked about custodial investing accounts for children. As a mom preparing to send one kid off to college, one enters high school next year and I someday hope to adopt, this sparked a little bit of interest. So I expanded the conversation and my rabbit hole ensued.
There were all kinds of references and conversations around a few specific companies. I’d never heard of anything these people were discussing. The discussion honestly was above my pay grade and I was prepared to close the thread until I saw a link specifically for women wanting to learn more about investing. I clicked it and the journey began.
Step One (for me)
Make the idea of investing a habit and start this process by making Goals. So Ellevest is the company that was highly recommended for women to essentially get their feet wet in the investing world. You don’t need a lot of money and you basically control how much you’re saving and investing based on your goals. First, you will need to pay off any high rate interest credit cards (bad debt). Your mortgage and student loans with low-interest rates are good debt so you don’t have to rush to pay those off.
I already had a goal to pay off my two credit cards within the next 90 days so this was already on my radar. Once I have the credit cards paid off, the next step was to build an emergency fund. (Pause) This is starting to sound very Dave Ramsey-ish right…well I’ve taken Financial Peace, I own all the books, I’ve watched the Youtube videos and always had the same response…..I’m an Entrepreneur. I work on a client to client basis. How do you expect me to build an emergency fund sir? Well with Ellevest, you build this emergency fund online, free of charge, and depending on how much you agree to transfer monthly it calculates how long this build-up will take. Ok-so this might work.
As a sidenote. I learned about Digit last year and while I use it to save for my short term goals like paying off my credit cards or saving for a family vacation. It’s also a wonderful tool for my teenagers with checking accounts. Digit is a service that automatically saves the perfect amount for you every day. Sign up with this link and we’ll each get $5.
Creating an Investment plan. Again, super simple on the Ellevest website. Once you sign up for an account, you are immediately taken into a series of questions that navigate you through a digital goal-setting process. If the idea of this scares you a little, no worries, grab a pen and some paper and DREAM BIG. Dream of what your life would like if money was no object.
For some people that lots of flashy cars or a butler and maid. For me its a nice sized home with a white porch and giant rocking chairs, a beautiful backyard patio and the most amazing kitchen anyone has ever seen. I know what I want, I can see it. I can hear the singing during the holidays and smell Sunday dinners. Now it’s time to develop the plan to get there. Earlier this year I met the founder and CEO of Fabrik, Dana Spinola, and her book really rocked my world. If you have trouble dreaming big grab the book Love what you do today!
Take advantage of any type of employer contributing tax offers. As an entrepreneur, that’s not really an option for me. So I wrote on my vision board to open an IRA. So here is something I want to point out. If you have the free money option with the 401k use that thang for all its worth. For those of us who don’t have that option, make contact with someone that helps explain what an IRA is and how to get one started.
The reality of our lives is this, at some point, we won’t be able to work. I’ve developed a habit of talking myself into doing things by saying “future you will appreciate this.” Future me will receive the benefits of making walking a habit in my life. Future me will reap the benefits of eating healthier and being more intentional with my time. The same goes for money. Our future selves will appreciate the time and effort we have put into our financial management now.
My reason why
At the end of the day, this all boils down to the legacy building. What am I doing right now that will make my children, grandchildren, and great grandchildren’s lives better? I want to open multiple cooking schools for children. I want to travel the world and I want to have a grocery budget whenever I’m hungry. My reason for investing supports everything I just mentioned. This week is my birthday and as I enter a new chapter I want to make sure I reap a tangible result in the long run.
Until next time Stay Sweet my loves!
**This post contains affiliate links, however, the Live Richer Academy, Ellevest nor Dave Ramsey are compensating me for my opinion. This is just me sharing how I, as an entrepreneur, homeschool mom, and wife on a serious budget started investing without a 401K.**