Resilience in the Face of Adversity

Tina Turner faced significant financial challenges after her divorce from Ike Turner. She was heavily in debt and had to restart her career from scratch. However, she didn’t give up, displaying incredible resilience and eventually achieving enormous success. The lesson here is that financial hardship, while difficult, can be temporary and can be overcome with resilience, determination, and hard work.

Invest in Yourself

Tina invested in herself by building her solo career, honing her unique performance style, and taking voice acting roles. These investments paid off, making her one of the most successful recording artists in the world. It shows the value of investing time, energy, and even money into personal growth and skills development.

Value of Independence

Post-divorce, Tina made a point to establish her independence, both personally and financially. She worked relentlessly to achieve this. This underscores the importance of financial independence and the freedom it can bring.

Smart Asset Management

Despite her challenging early career, Tina eventually acquired significant wealth. She managed it wisely, investing in real estate and other assets, which allowed her to retire comfortably. This teaches us the importance of smart asset management and diversification.

Legacy Planning

In 2020, Tina sold the rights to her solo music catalog to BMG, a strategic move to benefit from her life’s work and ensure her legacy. This serves as a reminder of the importance of estate and legacy planning.

Quality Over Quantity

 Tina Turner has been quoted saying, “I don’t need another hit record. I don’t want to be a show horse.” This suggests that she values quality over quantity, a lesson which can apply to finances as well. It’s better to have fewer, high-quality investments that you understand and can manage well, rather than a large number of investments that are beyond your understanding or control.

You can start implementing these lessons and more with my new book The Wealth Decision! You can start implementing these lessons and more with my new book The Wealth Decision! Pre-order by May 30th to get a signed copy and  my 4- Week Finances Demystified Bootcamp for FREE!

One of the greatest things about investing is the flexibility it affords you.

💥 Flexible schedule – you aren’t tied to requesting time off
💥 Flexible location – you can work from anywhere with an internet connection
💥 Flexible income – no hourly pay or salary caps in this world

All this flexibility is the perfect recipe for….travel!

Travel is one of the top reasons I hear my students say they first took interest in investing. So they could have the time and money to fund their wanderlust and earn money investing from anywhere.

I saw this thread on Quora the other day asking, “should I invest or should I travel?”

Most responses gave what I call bad advice. They enthusiastically responded that travel was the wise choice – because travel while you’re young and make money later! NO!

That’s a terrible mindset to have. Here’s a better one. One that I used to travel around the world while we were dating.

Invest first. Take the profits from your investments and travel with THAT money. It is possible (and recommended) to travel AND invest.

I promise you, it’s possible and preferred. It allows you to grow your net worth while also growing your worldly experience. It doesn’t have to be one or the other, but if you put travel first and investing second, your bank account and overall net worth will be kicking you down the road.

Keep reading for my top tips for being able to travel and invest!

1. Do your research and set financial goals
   Researching destinations ahead of time and mapping out all the costs give you a clear sense of exactly how much you need for your dream trips. From there you can back into how much you need and how long you are willing to take to accrue that amount and take off.

Without doing this research and setting goals, it will feel like you’ll never be able to afford to make your travel goals a reality.

2. Keep earning while you’re moving!
   Once you hit the road, the earning doesn’t need to stop, nor does it mean you need to work full-time. With just a few hours a day, you can keep your income flowing while you’re anywhere with an internet connection.

One of my student’s favorite things to learn about is the investing types that generate income on a regular basis through dividends and payouts. Check out my free masterclass if you want to learn more about how thousands of students are earning ongoing income daily through simple investing strategies.

3. Invest in Travel Companies
   When people ask me what companies I recommend they invest in, my answer is always the same, no matter what is happening in the market or if there’s a wild stock jump getting airplay, like GameStop did.

My answer is: invest in what you use! Look around your house, in your closet and driveway. Invest in the companies that you’ve trusted to be a customer enough that you trust that company will keep growing.

If you’re a traveller, living life out on the road, it might feel hard to look around at your closet or house. But you can still look at the products you use. From the sites where you book travel (like Booking.com and Expedia, both publicly traded companies) or places you stay (like Marriott or Choice Hotels) or airlines you fly (like Southwest or Delta).

By investing in companies where you are the customer, it is easier to understand and pay attention to the happenings that can lead to fluctuations in their stock price. You’re also more likely to be an excited proponent of that company, creating world-of-mouth business that helps their bottom line (AKA your stock value). Wouldn’t you rather follow news about an airline or hotel magnate than oil and gas or something you have no interest in or familiarity with?

Investing is a perfect way to fund your wanderlust and help you check off all the destinations that are patiently waiting to come off your Pinterest board and into reality. I’ve used funds from investing to take me around the world and support my family.

Check out more about investing and how you can get started from anywhere, with any amount of money by attending my free masterclass. Sign up today and stop dreaming, start traveling.

As a mother and financial planner, I’m hyper-focused on ensuring that financial limitations don’t hinder my kids from reaching for their dreams, whatever those may be. To make sure my kids are millionaires by the time they are ready to buy a car, go to college, start working, maybe start a business, travel – whatever – I’ve put several actions in motion which I’m now sharing here so you can do the same for your little ones – no matter how old they are. 

The Single, Absolute MOST Important Thing!

If you take nothing but one thing away from this article, I hope it’s this – the most important thing when investing for kids is simply starting. 

Whether it’s $5/week or however much you can afford – just start! Like, today. 

If you contributed $30/month from the day your baby comes into the world (that’s only $1 day!), they could have $13,169 by the day they turn 18th. Starting just five years after that reduces the overall amount to $7,740 (almost half!). 

That proves that the sooner you start, even a tiny amount has massive impacts. 

The amount you can accumulate for your kids is less critical than the financial knowledge, skills, and habits that you’ll be teaching them by starting – no matter where that starting line is. 

Developing kids into young adults who have the financial backing to kickstart their independence on a high note is seriously important. Don’t believe me? 

In 2021, only 38.1% of Americans under 35 owned their homes, and more than 50% of millennials aged 18-24 still live with their parents.

WHY?! 

Because young people cannot save enough for a down payment, whether that’s from crippling student loan debt, the rising cost of housing, or lack of financial literacy, the point is it’s seriously tough for young people to get ahead without a healthy nest egg and financial education. 

My Top Account Picks 

Specific saving and investment accounts are well-suited to benefit your kid’s long-term financial success. These accounts are better than simply opening a standard savings account (which offers such low returns they often don’t even keep up with inflation)!

Custodial Brokerage Account 

A custodial brokerage account is similar to a standard investment account that you may have for yourself. The most significant difference is that it is in your child’s name and, ultimately, their ownership. 

From parents to their family and friends, anyone can add money into a custodial brokerage account, up to $15,000 per year before a gift tax incurs. 

529 Plan

Investing in a 529 plan is all about education! 

When you invest money into a 529 plan, there are considerable tax savings when the money goes towards education – private school, college, trade school – for tuition, housing, and supplies. The tax benefits can equate to thousands of extra dollars that go to your child’s future. 

Roth Individual Retirement Account (IRA) 

A Roth IRA is an account that parents or guardians can open on behalf of a minor earning money. My daughter, Dawsyn, has already started earning a little money through an Instagram account we set up for her, so anything she makes from that goes straight into her Roth IRA. 

These accounts allow a minor’s earnings (plus you can contribute up to a matching amount) to grow tax-free! 

It’s a great way to teach kids the importance and benefits of investing income vs. spending it. 

Education, Pass It Along! 

The cornerstone of setting your kids up for financial success is education, education, education! I’m a huge proponent of financial literacy – armed with proper knowledge and know-how, anyone can transform their financial situation. 

According to the National Center for Education Statistics report, you can’t depend on the school system to teach your kids financial literacy, with one in five American 15-year-olds not understanding basic economic concepts. 

Make sure you are educating yourself, investing for yourself, and striving to meet your financial goals so you can reap the same rewards you want your kids to experience in their lifetime. 

Want to advance your financial education? Check out my free masterclass on how to start investing without having a fortune already saved. 

As a financial planner, I spend a lot of my time telling people how to save and how to invest. 

But, spending is a BIG part of your financial situation and how you spend your money will determine how much you can save and how much you can invest! 

Let’s face it – spending money can be fun, fun fun! I love a good Amazon spree, buying adorable baby clothes for my little one, and traveling. 

Thanks to bills, a lot of people find that by the time they pay everything and indulge in some fun spending there’s barely any cash left for saving or investing. 

I’m here to tell you that you can spend AND invest. It’s all about conscious spending and using your funds to strive towards the life you want. 

What Is Conscious Spending? 

Conscious spending is what it sounds like, being aware of the long-term effects that every single one of your daily spending choices carries. 

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A four-dollar drink three times a week becomes $624/year that could have been invested. That doesn’t mean you have to give up four-dollar drinks, but if you cut your frequency in half, that’s $312/year to be put elsewhere. 

Look For Alternatives 

One of the best ways to practice conscious spending is to look for less expensive ways to create the same results. Some ideas of alternatives could be: 

• Visit the public library instead of buying books
• Cut cable or unsubscribe to any streaming platforms you aren’t watching regularly
• Make your coffee at home 
• Use an app to do price comparisons and get the best deal 

Look at your bank account and around you to see where your money goes, then figure out possible alternatives to give you the same satisfaction for less. 

Spend For Your Goals 

Sometimes spending for your future has to do with spending more, not saving. An example of that is outsourcing things to save yourself time. The time that you can spend on yourself, your side hustle, your business, your family, your hobbies, or your education. 

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There’s something magically life-changing about outsourcing things like cleaning your house. If you can earn more than you pay someone by hiring help then do that! 

Continuing education is another area where spending can equal more money in the long run. Practically all of my Wealth Transfer students make their tuition back within weeks of starting to become knowledgeable investors, making the initial payment a wise spend towards lifelong financial stability. 

Avoid Debt 

If you don’t have the money to buy something, don’t put it on a credit card. Unless it’s an emergency, most purchases are not worth going into debt for in the long-run. To utilize conscious spending in your life you have to know where your money is going and that you are making more than you are spending. 

Staying mindful that the immediate reward of most impulse purchases is rarely worth the long-term effects.

Diversify Your Income Streams 

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“Side hustle” has become an everyday term with 1 in 3 Americans working some kind of side hustle. You can take on a side hustle, even if it’s just temporary to pay off your credit cards, build an emergency fund or save to fulfill a dream purchase. 

My favorite side hustle doesn’t involve working for money though. It involves making your money work for you. Yep, I’m talking about investing! 

Obviously, it’s my passion and my favorite way to generate wealth-building income! I built The Wealth Transfer Course to teach anyone who wanted to learn how investing could. No need to go to business school or work on Wall Street. You can earn serious money from your couch, in your pajamas, or from Bali, anywhere with an internet connection. 

If you want to learn more about investing, check out my free masterclass on how you can build a diversified, money-making stock portfolio with just $1,000. Click here to watch the masterclass on demand! 

Summary

Half the year is already gone, but there is still time for you to reach all of your goals. In this “Mini Podcast”, check out Dominique’s quick tips to finally reach your goals.

Resources

• Earn with Uber

Key Takeaways

• June is the best time for you to review and evaluate your money goals for the year. 
• You can earn with Uber with their rideshare-ready cars with rental options that are hourly, weekly or longer.
• It’s low stress and low risk – make money on your own terms plus it’s super convenient to sign up and pick up the car in a location near you. 
• You have 6 more months to make the year 2019 your wealthiest year by far. 

This podcast is sponsored by Uber.

Here’s how to pay down the debt, set smart money goals, and find a budget that works for your life, from Ellevest.

Ellevest create personalized investment portfolios based on your finances and a gender-specific salary curve. Get started here. 

Disclosure: We’re excited to be working with Ellevest to start this conversation about women and money. We will receive compensation if you become an Ellevest client.