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Save more, spend smarter, and make your money go further
Earlier this month I had a major #fangirl moment. It was a full #fangirl evening, in fact, when I teamed up with New York Times bestselling author and Girlboss founder Sophia Amoroso to share in a very special money event.
In partnership with Mint, Sophia and I hosted a panel of four trailblazing entrepreneurs to have an “impolite” conversation about money. The audience heard from Mackenzie Barth, founder of Spoon University (which recently got acquired by Scripps Networks), Lisa Price creator of Carol’s Daughter, a multi-million dollar beauty brand, fashion entrepreneur Nina Faulhaber and Wing Yau, acclaimed jewelry designer.
The only rule for the evening was to be brutally honest. So, we went deep. We talked about our financial hang-ups, our money mantras, how we spend and save, as well as our money wins and losses.
While there were many takeaways, as moderator, I picked up on a few common threads – impolite “rules” – that ran through many of the stories shared. Here are my 5 favorites.
<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?w=557" class="alignleft wp-image-66785" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="433" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-loganwide-2/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Inspriational quotes you see in a meme" data-image-description="
Inspriational quotes you see in a meme
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The panelists, a row full of successful entrepreneurs who seem to have a great handle on life and work, admitted that money can sometimes make them feel scared or anxious. In some cases it’s because, as business owners, they don’t always earn a consistent paycheck. In other cases they may not know the best way to save or invest. From time to time, they have doubts, insecurities and fears.
The room was full of nodding heads.
We all can get a little (or a lot) emotional over money, right? The topic triggers all sorts of feels, depending on our upbringing and life experiences. And that’s ok. Emotions provide context for how and why we the make decisions we do. On the panel, some grew up wealthier, while others remember living paycheck to paycheck. Each experience left them with a unique set of money emotions.
Rather than keep them bottled up, these women embraced their feelings. They shared them and through that discovered they weren’t alone and received acceptance and support.
<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?w=557" class="alignleft wp-image-66782" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="431" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-amelawide/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Resources for Someone Starting Out" data-image-description="
Resources for Someone Starting Out
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To help us jump over our emotional hurdles, we need to arm ourselves with facts.
The panelists talked about how they continuously seek knowledge and answers to guide their decision-making. They need to make informed choices around saving money, using credit, taking on loans and building financially sound businesses. If they don’t know something, they’ll ask experts and advisors to find out. There’s no sense in guessing.
The voices in our head may be telling us that we’re not good enough or smart enough with numbers to manage our money well. Ignore the noise and realize it’s not that difficult. You may face a learning curve when it comes to budgeting, investing and expense tracking, but sometimes the only thing getting in the way is a bad mindset.
Panelist Wing Yau, the founder of WWake, is an artist first and businesswoman second. Like fellow artists, she admitted that she wasn’t exactly hard-wired to know how to analyze a profit and loss statement or manage the financials of her business. Money was an overwhelming topic, at times. But Wing insisted on learning how to manage her company’s books through research and seeking help, as well as trial and error. The process not only left her more educated. It gave her the confidence to fully tackle her business.
<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?w=557" class="alignleft wp-image-66784" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="432" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-jessiewide/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Start Living My Dream" data-image-description="
Start Living My Dream
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You can’t possibly know it all. And you shouldn’t go it alone. Each panelist credited friends, advisors and partners in giving them the support and feedback they need to make smart money moves, as well as business decisions.
Having an accountability partner, someone to keep you motivated and on track, was also critical.
For example, Nina Faulhaber, co-founder of ADAY, an active wear startup, recalls meeting with Sophia Amoruso prior to launching her fashion business to ask a laundry list of questions. Nina was coming from the finance world but knew very little about the fashion industry. Sophia was more than helpful, providing feedback and connecting her with other key people in the clothing world to offer guidance and mentorship.
<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?w=557" class="alignleft wp-image-66786" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="434" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-lulibethwide/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LulibethWide.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Never Loan Unless You Can Afford to Give" data-image-description="
Never Loan Unless You Can Afford to Give
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So now that they’ve established successful businesses, are friends and family coming out of the woodwork asking for money or help? In some cases, yes, the panelists admitted.
But if there is one money rule Lisa Price, founder of the uber successful beauty line Carol’s Daughter, lives by, it is to never lend money. “Only give what you can gift,” she said. In other words, never give money to anyone with the expectation that it will be returned. Instead, offer it as a gift to avoid resentment or disappointment, since, as we know, many personal loans can go awry.
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Save more, spend smarter, and make your money go further
This Independence Day, as with each 4th of July, I’m reminded of the great leap of faith my parents took more than 37 years ago when they bought one-way tickets to the United States. Their move from their embattled Iran granted my brother and me a life of privilege and greater freedoms.
Their journey also encourages me to be a do-gooder and, as nerdy as it sounds, manage my money wisely. Because you can’t exactly say to your immigrant parents, “Hey, thanks for risking everything and moving here to give us a better life, but I have $80,000 in credit card debt and need to move back home.”
I want to be financially free, if for no other reason than to make them proud. That means living a debt-free life and supporting my family’s needs and wants both today and in the future. It means having my financial bases covered to avoid stressing over money. For me, personally, it also means have a little savings cushion for the day my parents might need my help for a change.
The term “financial freedom” signifies different things to different people. I was curious to learn more, so I took to the world of social media to crowd source the many definitions.
On Twitter, I ran a small, unscientific survey and discovered that one in three of us define financial freedom as never having to worry about money. I was surprised to learn that only 3% think making more and having more money is the exclusive path to financial freedom. A majority of us think that it’s a combination of being debt-free, having more money and never having to worry about dollars and cents.
On my Facebook page, feedback came from all over the country and overseas. Financial freedom is an aspiration for many of us, and we define it with terms like, “having choices,” “peace of mind” and “living in abundance.”
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What’s your definition of financial freedom? Share it with us in the comments section below.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at far[email protected] (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.
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