5 of Your Most Pressing Money Questions–Answered

Photo: ColorJoy Stock

COVID has shown us how quickly unexpected events can throw our plans off course. Now, more than ever, it’s important to plan ahead–especially when it comes to your finances. Whether you're bootstrapping your business, setting up your retirement fund, or simply learning the financial basics, it pays to pay yourself forward. Investing in your future will pay back dividends. 

To help you master your own financial future, we teamed up with Ally for our recent Money Moves digital summit to host a mentor power-hour with five financial experts to answer your most pressing money questions.

In case you missed it, we’re sharing a few of the Q&As from our Money Moves mentor session. Read on for some sage financial advice from our five mentors who know quite a bit about the importance of investing in yourself, your business, and your financial future.

Jack Howard serves as the Senior Director of Wealth Advisors Operations for Ally Invest.  In this role she manages the day-to-day operational processes of the Wealth Advisor business.  She is also responsible for the Ally Invest Inclusive Wealth strategy that is part of the Ally enterprise Financial Social Inclusion (FSI) efforts and serves as secretary for the Ally Charitable Foundation. Prior to joining Ally Invest, Jack served as Senior Director of Ally Corporate Citizenship.  She was responsible for the creation and execution of strategic programs for the organization’s financial literacy program, corporate giving initiatives and employee giving/volunteerism programs. 

Jack graduated from Michigan State University with a Bachelor of Arts degree in Journalism and is currently a student in Syracuse University’s Master of Science in Communications Management program. An active professional, Jacqueline is a member of Alpha Kappa Alpha Sorority, Inc. and Jack and Jill of America, Inc. She also serves on the national board of directors for the American Bankers Association Foundation and Society for Financial Education and Professional Development (SFEPD), as well as the Boys and Girls Club of SE Michigan.

Jacqueline has a deep passion for helping Brown and Black communities build wealth through economic mobility. Her work has earned her a spot as one of the 15 women on the inaugural Next list - an extension of the American Banker Most Powerful Women in Banking program.

Q: Investing can be intimidating–what advice do you have for someone who’s new to investing and doesn’t know where to start. How do I overcome the intimidation factor?

JACQUELINE: As a first-generation stock investor, I know what it feels like to be paralyzed with fear because you don’t know what to do first. I am the daughter of a police officer and teacher who had pensions to fund retirement, so the stock market was not a topic of discussion at my dinner table during childhood. After graduating from college, I realized the importance of owning stocks as a piece of my wealth building strategy. I started small and made a $25 contribution to the 401K provided by my employer. As my salary increased, I contributed more, hired a financial advisor, and opened a Roth IRA account.  I also worked hard to eliminate credit card and student loan debt.  Over time, I became obsessed with understanding money and wealth building.  Now, I am constantly listening to audio books and podcasts, watching CNBC or reading the Wall Street Journal and Barron’s.  All of those efforts helped me to better understand money and investing.  So, my top tips for new investors: start small, automate the process and make a commitment to learning.

Allyson Byrd is also known as the “Profit Accelerator™ and she is celebrated as one of the world's most trusted leadership advisors and sales experts for entrepreneurs and small business owners. Today, her and her team executive produce exclusive virtual membership communities for influencers with online audiences over 1 million in reach. Allyson’s clients generate a collective $33 million-plus in sales revenue annually. She and her team have coached 7500 entrepreneurial leaders to create $260 MILLION in NEW revenue over the past 9-years. You’ll be able to hear more of Allyson’s journey to success from an underprivileged life on food stamps, a dad in prison and single mom raising two kids to the ultra-passionate successful leader she is today and the undeniable stand she has for women rising into their greatness in her latest collaboration with Amazon Prime TV. Allyson’s press features include CNN, USA Today, NPR, Time Money, Forbes, Yahoo Finance, Business Insider, CNBC, MSN, Black Enterprise, Essence and Entrepreneur.com.

Q: If this last year taught us anything, it was the importance of planning for the unexpected. As a small business owner, how can I be better prepared financially for emergencies?

ALLYSON: The last year taught us many lessons and brought significant stress to women business leaders all over the world. We found ourselves questioning how to properly position our services, pivot our product lines and staff our teams amidst a global pandemic and a world-wide racial reckoning. This was not easy, but we survived. 

There are (3) things that I shared with our clients averaging $250,000+ annually to keep them on track and committed to success. 

1. When money stress hits, do NOT discuss the stress. Focus on the pivot. Ask yourself, “What is my lowest hanging fruit to sell and position to the market?” Your job is to sell with intention, sell fast and secure your cash flow.

2. Get LOUDER in your marketplace. Our tendency when stress hits is to go quiet and enter protective mode. Choose from a place of power and connect with your audience like never before. Do the things others aren’t doing so you can curate success for your business in ways others are not. 

3. Finally, as the business leader–center yourself. Know your numbers, meet with your accounting team (bookkeeper, accountant, heck… this may be you having a meeting with you) but whatever you do, don’t hide behind your numbers, stand on them. Have a clear picture of where you are so you know where you’re taking the business. 

Financial stress can cause us to take our mind off our business goals, slide away from leading with discipline and throw us quickly into a state of overwhelm and fear. 

Use affirmations like the one below to kick off your breathwork or meditation because if you’re riddled with anxieties and high-stress emotions, your business and your bottom line will soon follow.

REPEAT AFTER ME: I am a vibrational match for financial prosperity because I choose to only allow massive well-being. I stay in the place of already receiving monetary abundance from all sources that are for my highest good and greatest joy.

Stay the course. It’s the ebb and flow of business and keeping your mind centered, your energies focused and your intentions clear will get you through the storm and back into the sunlight of your success. 

Britney “Jeanine” Canidate is the owner and founder of Britney Jeanine & Co., a business coaching firm based in the heart of Atlanta, Georgia. Serving as the head Business Coach and Pivot Strategist, Britney believes that every entrepreneur should build a business they are most passionate about—even if it means slapping fear in the face and pivoting accordingly. Wife, mom of 2 and a business owner for over thirteen years, Britney has established herself as an industry leading business and brand strategist, and has supported clients across a multitude of industries. From corporate executives, high-ranking government officials and thousands of creative entrepreneurs, Britney has intently positioned her expertise in order to build a business focused on greater results, revenue and retention. Known for her spunky-tough-love approach, creativity, strategic mind and attention to detail, Britney is a proud graduate of Georgetown University where she received her Masters in Public Relations & Corporate Communications, and a Florida State Seminole with a background in Finance & Marketing. Using her signature system, you can find Britney working with experienced [yet transitioning entrepreneurs] who are ready to confidently plan their pivot without compromising their coins and credibility.

Q: I am currently working full-time for an employer but I plan to launch my own business soon–where is the most important area for me to focus my financial energy right now in order to take the leap?

BRITNEY: What a great question... and it's awesome that you're starting to think of this now. A mistake I often find those starting new businesses make is: investing based on what others are doing, and not based upon their OWN goals/needs.

So here is my advice:

• First define your brand by outlining your what, why, how, who and who not.

• Then focus on the who and determine how you can solve their problem(s).

• Now that you have the solution to their problem(s), package it up... is it a product, service and/or program...

• Now it's time to launch it into the world... who are the key people that can help you make this happen?

So to answer your initial question... your financial energy will go into "the key people that can help you make [your launch] happen".

 Maybe it's inventory samples? Maybe it's a business coach? Perhaps it's a brand designer or operations strategist... but the question still remains—who are the key people that can help you make the launch of your new business happen? Start there.

Alaina is an accountant, certified financial coach, author, and content creator. She helps busy people who struggle with budgeting and time management use a paper planner to get organized. She shares her easy approach to productivity & finances through her YouTube channel and has amassed over 75,000 subscribers and 3.5 million views on the platform. Her work has been featured in Yahoo Finance, Martha Stewart Living, Wired, The New York Weekly, The Huffington Post, and she was recently selected as one of LA Wire's 40 under 40. Alaina lives in New Orleans, Louisiana with her husband Torrey and their two daughters Tori Michelle and Alyssa Jade.

Q: I’m reevaluating how I split up my finances in the wake of 2020. How much cash should I keep in my savings and checking account?

ALAINA: Here is how I break down cash in my accounts:

Checking Account: I keep a small cushion in this account (no more than $200 - $500) just to cover any unexpected expenses from my daily spending. I don't like to keep more than that just in case my debit card is compromised.

Short Term Savings Account: With my short-term savings account, I am keeping money for any repairs or things that don't happen every month (like birthdays). In this account I keep one month of expenses. 

Long Term Savings Account: This is my emergency fund. I would keep 3 - 6 months of expenses in this account in case you may lose your job. If you have a very secure job or you can get a new job very easily, I would keep 3 months, however if you are self-employed or your job is unstable, I would keep 6 months of expenses.

Savvy Girl Money is a financial platform created to inspire women to reach their financial goals.

Q: I’m saving up to buy a home, but I’m worried that my credit score is too low. How can I increase my credit score and maintain it?

ASHIRA: The best way to increase and maintain your credit score is to start paying all your bills on time. A late payment can have a substantial effect on your score.

You want to keep your credit card utilization ratio under 30%. Your credit card utilization ratio is calculated by dividing your credit card balance by the total credit card limit. Make sure each individual credit card utilization is under 30%. Credit utilization makes up roughly 30% of your credit score, this makes it one of the most important factors in increasing or maintain your credit score.

You could also dispute negative or inaccurate items reported on your credit report. The best option is to write a letter to the three credit bureaus explaining why the information is inaccurate and provide evidence. Make sure to mail the letter certified mail with return-receipt requested as proof you sent the letter.

Mastercard's Ginger Siegel on Real Ways Small Business Owners Can Improve Pay Equity Policies

“Make sure that each employee is aware of expectations and those are equal expectations for equal jobs.”

—Ginger Siegel, North America Small Business Lead, Mastercard

Small businesses have been hit hard by the coronavirus pandemic—and women-owned small businesses have been hit even harder. According to the U.S. Chamber of Commerce, women-owned small businesses have less optimistic revenue, investment, and hiring plans when compared to male-owned small businesses. Still, even despite these challenges, there are a number of impactful ways small business owners—even those with limited resources—can help close the gender pay gap.

To help tackle all your burning questions about how small business owners should be assessing equal pay policies, measuring compensation biases, and retaining working mothers, we tapped Ginger Siegel, the North America small business lead at Mastercard to answer your inquiries in real-time. During a virtual mentor session at our Equal Pay Day Summit presented by Mastercard, she shared some #realtalk on real ways that small business owners can improve their equal-pay policies.

In case you missed it, we’re sharing a few of the Q&As from this eye-opening Equal Pay Day mentor session. Read on for Siegel’s sage advice.

Q: As a small business owner, how should I assess my pay policies and procedures?

“When you think about the assessment of your wages and what you're going to pay, it really should be done in the context of overall employee policy. You want to think through things that are of major importance to employees. Monetary compensation is one, but it's not the only factor. You want to ensure that you create an employee policy that takes into account issues like maintaining a balance between work and family, reducing job stress, and looking at the type of health and retirement benefits you offer. Then, as you structure your performance reviews, make sure that each employee is aware of expectations and those are equal expectations for equal jobs.”

Q: How should I communicate pay equity processes internally?

“Making sure your organization has a very clear view on how you've established jobs, how you've established duties, and how you've established overall functions is critically important. You should also review employee compensation on a regular basis and separate compensation reviews from performance reviews. As a small business owner, you need to understand how your compensation is going to be built in place to provide equal pay for equal work, disclose salary ranges for different positions and levels, and, of course, advocate for your people, encouraging them to be open and honest when these discussions take place.”

Q: It's no secret that women are exiting the workforce when they have children. What policies and procedures should I put in place to prevent this from happening?

“We know discriminatory hiring practices and promotion decisions that prevent women from gaining leadership roles and highly paid positions are actually sustaining the gender pay gap. And it's not only the pay gap—but it's also the opportunity gap. During COVID, 305 million full-time jobs have been lost, many of them held by women, so this issue is critically important. As you're building out your business’ policies, ensure that there's a lot of focus on helping female employees who may be taking more of the burden in terms of the home life, by creating a work-life balance to ensure that your female workers can have the access to help they need and can also have some flexibility.”

Q: How can I actually measure compensation differences to see if there's a bias?

“In order to ensure that there isn't bias, this can't be a one-and-done situation. There has to be a constant constant focus on looking at your pay, looking at all of your employees, and making sure that these things are consistently held equal. It really starts with job descriptions and really ensuring that your job descriptions are not based on who has the job but based on the job.”

If you’re experiencing FOMO and want to know the answers to all the questions Ginger spoke to in this session, you can join C&C Insiders to get access to all of the mentor sessions, workshops, panels, and keynotes from our Equal Pay Day Summit and all of our past events. (Yes, you read that right!).

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Meet The Mentors: Create & Cultivate DTLA

Create & Cultivate DTLA is going to be our biggest and best conference yet, which means we have another group of amazing mentors ready to give you the best tips to bring your business, brand, or blog to the next level.

If you're wondering what mentor is the best fit for you, check out of the ladies that will be sitting down with you this May at Hudson. Also, if you haven't gotten your ticket yet, what are you waiting for? Get your ticket now.

Paola Alberdi, Creator, Blank Itinerary
Best for: Social Media, Blogging

Since 2011, Paola Alberdi has been to document her versatile and flawless style on her blog Blank Itinerary. 5 years since its launch, Paola has been able to grab the attention of over 250k followers on all her social channels, and continues to grow her brand with strategic partners like ShopStyle, Aveeno, People Magazine, Tresemmé, and Neiman Marcus just to name a few. Get the best tips on how to step into the world of blogging at her mentor session.

Natasha Case, Co-Founder, Coolhaus
Best for: Entrepreneurship, Business Development

Natasha Case founded Coolhaus in 2009 with Freya Estreller. They launched their architecturally-inspired, gourmet ice cream sandwich company from their barely drive-able postal van at the Coachella Music Festival to an audience of 100,000. They built a loyal following over the festival weekend and returned to LA to an abundance of viral press and an eager foodie audience. Since then, Natasha has been named a Forbes 30 under 30 and Zagat 30 Under 30, and has also been featured in many national publications and TV shows including Food Network’s "Chopped" and "King of Cones". Learn how to jumpstart your brand and grow your product fan base by selecting Natasha as your mentor!

 

 

 

Erin Condren, Founder, Erin Condren Designs

Best for: Entrepreneurship, Graphic Design, Branding

Erin Condren started her stationery company after coming down with a terrible case of “cabin fever” and trying to find a way to search for new career opportunities that she could so from home as a “stay-at-home” mother of two. She then began creating note cards for friends, birthday gifts, new babies and hostess gifts, and after her friend encouraged her to sell her designs at a “shopping party” at her home in June 2004, the rest was history. Now, 12 years since its inception, Erin Condren Designs is thriving business, and has helped Erin build a business that fits into her life as a wife and mother. If you’re looking to launch a business but still need that inspiration to find your direction, or are running a business while raising a family, hear from Erin on how she has gotten to where she’s at during her mentor session.

 

 

 

 

Mara Ferreira, Creator, M Loves M

Best for: Social Media, Blogging

Mara Ferreira’s M Loves M is a lifestyle blog focusing on a classic, feminine and fun approach to style, food and entertaining, and living. This site started in 2009 as a creative outlet and online diary for her as she was working towards law school while working at a law firm. Since then, she transitioned from aspiring to be a public interest lawyer, and has moved to documenting her love of fashion, cooking and home design. If you’re in the same shoes as Mara was, and want to transition to fashion from law or totally contrasting field of work, be sure to pick Mara’s brain at her mentor session.

 

 

 

Chloé Watts, Founder, Chloé Digital

Best for: Brand Development, Tech, Web Design, Branding, Marketing

Chloé Watts is the mastermind behind Chloé Digital, the destination for premium Wordpress tech support for style publishers. As a fashion technologist, Chloé has been able to marry tech and fashion into a cohesive way that has allowed bloggers to present their blogs into dynamic and fully functional sites. Who said women in fashion couldn’t run tech? Learn from Chloé on how to tap into the world of tech, and bring your blog to its full potential during her mentor session.

Nicolette Mason, Creator, NicoletteMason.com

Best for: Social Media, Blogging, Strategic Partnerships

Nicolette is a Los Angeles native who lives and works in NYC & LA . She is a freelance creative consultant, contributing editor at Marie Claire, and pens her blog nicolettemason.com, where she shares personal style snaps, travel, and the many things she loves.

Since launching her blog and graduating from Parsons School of Design, she’s contributed to dozens of publications including Marie Claire, Vogue Italia, Brooklyn Magazine, The L Magazine, Refinery29, Glamour Italy, and more, and has partnered with brands like ModCloth and Addition Elle, where she has a cocktail dress collection launching this spring, to design collections. She has also partnered with Target on the heralded launch of their plus-size brand, Ava & Viv.

If you’re looking to start your blog, or are looking for tips on how to become a contributor for publications like Nicolette has written for, make sure to attend her mentor session!

 

Grasie Mercedes, Creator, Style Me Grasie

Best for: Blogging, Social Media, Acting, Modeling

Grasie Mercedes is an actress, model, and author of Style Me Grasie, a blog dedicated to all things style and Grasie’s personal life, which include her adventures in acting & beyond. You can call Grasie a serial multitasker, with having a seamless blog and a great acting resume that includes roles in NCIS, Criminal Minds, All My Children and Masters of Sex, just to name a few. However, her blog she’s able to keep her own character alive through her blog making sure it keeps its readers in the loop with current trends, style how to’s, beauty & lifestyle. If you’re looking to see how to balance being a multi-hyphenate boss or looking how to find your voice within your blog, sign up for Grasie's mentor session!

 

 

 

 

Danielle Yadegar & Heather Serden, Founders, Above The Glass

Best for: Entrepreneurship, Branding, Business & Career Development

Women are natural leaders, creative thinkers and problem solvers. We also get paid less than men for the same work while juggling family responsibilities. Every day, more of us realize that working for others no longer works for us.

That’s how it went for Above the Glass founders Heather Serden and Danielle Yadegar. From finance to business school to start ups, Heather experienced the effects of the glass ceiling that push so many of us into entrepreneurship: traditional careers that fail to meet our economic, personal and professional needs.

But even with her MBA and career experiences, Heather still wondered: Do I have what it takes? Finding the confidence she needed to launch her own business led right to her own pivotal moment. Heather realized her skills and knowledge could be just the edge so many women need to find the confidence to strike off on their own. She knew she could demystify intimidating things like business plans and fundraising. And she believed without a doubt that economic empowerment and the capability to start businesses should be available for all women.

Danielle’s experiences as a fashion editor, stylist and business owner were all preparation for her role as Co-Founder of Above the Glass. As an entrepreneur herself, Danielle faced many challenges in starting her business, primarily lack of understandable information.

She knew she could use the expertise acquired over the course of her career to communicate traditionally complex subject matters in an approachable way. By creating engaging content, she hopes to empower women to pursue their own entrepreneurial endeavors.

Childhood friends who noticed the same gap in the market knew that they could join forces to make business approachable and empower other female entrepreneurs. Sign up for these powerhouse ladies as your mentors  to give you the knowledge, the tools and the edge to own your working lives.

Promise Tangeman, Founder, Go Live HQ

Best for: Brand Development, Tech, Web Design, Branding, Marketing

Promise Tangeman, the founder and designer of Go Live knew there could be a fun, efficient, and helpful way to create your home on the web.

She envisioned a quick turnaround time, technical support at your fingertips, designers everywhere, and collaborating together in a fast-paced, energetic environment to create a site that you would be proud to call your own. And that is when the Go Live workshop was created in 2012. Creative small business come from all over the continent and we help them build, design, and launch their brand and website in person in two days flat. With rave reviews and thousands of websites launched through our brand our passion for fun, efficiency and web design has spread to several other avenues including our website themes, custom design services, and in-person experiences. If you’re looking to dive into tech, or find the best ways to make your website even more dynamic, let Promise give you the best tips on how to do it at her mentor session.

 

 

Jessy Fofana, Founder, LaRue PR

Best for: PR, Marketing, Social Media

Jessy Fofana is our go-to for all things PR. With her PR agency LaRue PR, she has a wealth of knowledge when it comes to utilizing PR to strategically grow brands and get them on the right radar. Not only that, she is our seasoned PR correspondent for the Create & Cultivate blog.

Jessy founded LaRue PR over seven years ago after successfully directing public relations initiatives for an impressive list of well-known fashion, lifestyle and cosmetics brands and retailers.  She brings a unique perspective of understanding what every player in the PR game needs.  Having worked in magazine publishing, she knows what editors are looking for, and as the co-creator of Femme Arsenal, an indie cosmetic brand, she understands what business owners need to grow to the next level. Get her advice in-person at Create & Cultivate Los Angeles!

 

Natalie Willis, Head of Business Development, ShopStyle

Best for: Business Development, Marketing, Strategic Partnerships

Natalie Willis leads ShopStyle Collective’s business development team. She partners with the industry’s leading influencers on scaling their business and growing their brand. In a market that is increasingly competitive and ever changing, Natalie and her team work closely with influencers on content strategy, brand partnerships and monetization. She is proud to partner with so many creative, intelligent women and support them as entrepreneurs turning their passion project into a business. Understand how you can inspire, be creative with clear business goals in mind with Natalie as your mentor.