by Solange Lopes | Mar 17, 2018 | Make More Money |
While you may love it when money piles up in your bank account, managing it to last and grow despite the onslaught of expenses you may face is challenging. If you add to it quite the busy schedule, keeping up with family, friends and the (not so) occasional social media binge, and you’re easily financially in over your head…
However, keeping track of your budget doesn’t have to make you wish for a root canal instead. Actually, successfully handling your finances in general may be right within your smartphone’s reach. As a Certified Public Accountant and a budget-conscious shoe-lover, managing money has always been on my radar. However, after marriage, a couple of kids, a busy career and business, I’ve had to find ways to streamline my money management process, while still paying close attention to my coins. That’s where my smartphone comes in.
Here are 7 of my most favorite apps to help you manage your money, minus the stress, overdraft charges and financial diets:
I can’t rave enough about my favorite digital saver friend. If you tend to “forget” to save, or just need more motivation to do so, this app will change your life! It basically monitors your spending habits, and puts away money for you in a savings account based on your financial patterns. It’s so refreshing to log into Digit and realize how much money you’ve saved, without even really trying!
Mint
You may have seen this app listed just about…everywhere! The simple reason for this is that Mint is simply one of the best, and most intuitive, budget apps out there! It helps you stay on top of your bills, all in one place. What I really like about it is that it’s personalized for you, and even allows you to get your own free credit score.
Acorns
Not sure how to invest? The Acorns app helps you save more by rounding up your expenses, and sending the extra change to an investment fund. It’s a great (and mindless) way to save and invest, especially when you have no time to do so.
Pocket Guard
Sometimes you just need someone to tell you how much you can spend without breaking the bank! The Pocket Guard app does just that. It will show you how much money you can actually use, after taking account of your bills, savings and spending goals.
YNAB
The YNAB app is your budgeting friend. It will import your transactions for your bank account, and helps you categorize every dollar you spend. This is more for the committed savers among us. While it does require an investment of $83.99 a year or $6.99 a month, after an initial free trial, it will help you deal with your money in a productive and efficient way.
Gas Buddy
If you commute quite a bit, then the Gas Buddy app will help you track the cheapest gas stations nearby. All you have to do is put in your location, and wait for the least inexpensive gas stations around you.
Honeyfi
For the couples around, the Honeyfi app is a collaborative tool that will help you and your partner stay on the same wavelength when it comes to your finances. It allows you to create a household budget, as well as link your individual and household accounts to the app.
Bonus:
Joy
Want to spend and save with joy? That’s what the Joy app can help you do. It uses a psychology-based approach to assist you in saving money. This in turn allows you to build a more positive, and happier, relationship with your money.
Which are your favorite financial apps for working women?
To your success,
The Corporate Sister.
by Solange Lopes | Mar 13, 2018 | Career
Our Workwear feature presents various pieces of work-appropriate attire at different price ranges and sizes.
This Rebecca Taylor slub suiting jacket from Nordstrom is the romantic yet professional addition to your work wardrobe you’ve been looking for. This supple, one-button blazer features a classic cut and elegant, fringy tiered ruffles. It’s available at Nordstrom in sizes 0 through 12.
It would be paired perfectly with this slub suiting fit and flare dress, or these simple Lafayette 148 Johdpur cloth pants.
In a similar style, I also like this Rebecca Taylor club suiting zip-front jacket, as well as this tweed knit jacket.
Cheers,
The Corporate Sister.
by Solange Lopes | Mar 13, 2018 | Make More Money
Congratulations! You’re ready to start your own business. Before you start planning for your upcoming millionaire status, you may want to consider the various tax implications of beginning your new journey as a business owner.
Understanding the basic tax consequences, as well as the benefits, that come with creating your own business can save you lots of money, and headaches, in the long run. From business deductions to startup costs, not to mention the effect on state and federal income taxes, here are some of the most important tax implications of becoming your own boss:
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Mind your deductions!
Good news! Most business expenses are tax-deductible, which also means that you can use them to reduce your gross and taxable income. Translation: less taxable income, less taxes to pay!
However, you may want to keep in mind that not all business expenses are deductible. Make sure whatever business expense you claim as deductible should be legitimate. Additionally, incurring an expense merely because of tax reasons isn’t always justified. Consider other factors before deciding to spend money in your business!
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Startup Costs
Got startup costs? Well, you may be pleased to hear that you can actually deduct up to $5,000 of start-ups and organizational expenses in your first year of business. The only caveat is that if your start-up and organizational costs exceed $50,000, any amount over $50K will reduce this deduction.
Now what are start-up costs and organizational costs? Start-up costs are costs you incur before you start operating the business. These include market analysis costs, training costs, as well as travel and ad costs related to new customers, suppliers and distributors.
As for organizational costs, they are made of accounting and legal fees, as well as licensing fees and any other fees involved in forming the entity.
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Depreciation
If your business has assets with a useful life of more than one year, these are considered capital assets which must be written off, i.e. depreciated over time. What’s important to remember as you start your business is that depreciable capital assets may allow your new business to take advantage of the Section 179 election.
This election means that you could expense up to $1,000,000 starting in January 2018 as a result of the Tax Cuts and Jobs Act of 2017 for qualifying purchases of capital, up to a limit of $2.5 million. After 2018, these limits will be indexed to inflation. It’s a particularly profitable election for new businesses, as the money can be re-invested in the business and used to avoid incurring additional income taxes.
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State Income Taxes
When it comes to state taxes, keep in mind that each state has its own tax rates and regulations. Make sure to check in with your local and state governments to ensure that you’re in line with the rules.
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Federal Income Taxes
As you create your own business, remember that a lot depends on the type of business you’re starting. Whether you elect to have a partnership, sole proprietorship, Limited Liability Company (LLC), S Corporation, or C Corporation, your choice will determine how your business is taxed.
For instance, if you elect to operate your business as a partnership or S Corporation, the business profit or loss will be passed through to you as an owner and included on your tax return. Be mindful of these distinctions when picking your business type.
Now your turn: Have you considered all the tax implications of starting your own business?
To Your Success,
The Corporate Sister.
by Solange Lopes | Mar 12, 2018 | Career
Our Woman of Impact feature presents women who are breaking barriers in their careers, businesses and lives. These women are inspiring us to do our best work and live our best lives. Today’s feature focuses on HR Business Partner and Career Strategist Dorianne StFleur.
I’ve been inspired by Dorianne’s work and her contribution to women’s careers. Dorianne is a career coach & salary strategist for women in Corporate America. She helps women leverage their unique strengths to increase their income and climb the corporate ladder, without sacrificing their impact. Dorianne is a sought-after speaker, writer and HR expert and her work has been featured in many online publications, such as Black Enterprise, BuzzFeed, Forbes, Huffington Post and The Muse. To learn more about Dorianne, head over to yourcareergirl.com.
Hi Dorianne!Tell us a bit about yourself and what you do.
I’m an HR Business Partner, and I’ve been in HR since 2010, both in Finance and Technology. Currently, I’m in Advertising Technology. Basically, I do everything after someone is hired, from performance and talent management, to compensation, career development topics, or if you’re having an issue with your boss, or co-workers, etc. My role is to partner with the employee and manager as well.
I’m also a Career Strategist, and Executive Coach. I help women who are trying to tap into, and align their purpose with their career. I give them the tools and resources they need to have the career of their dreams. We spend so much time at work, and to the extent we can do something that is fulfilling during that time, that is my goal.
What inspired you to go into HR?
That is a funny story. I started my career in Operations, for about five years. I got to a point where I was doing well, yet wanted to do something different. I was a manager, I was sent to Salt Lake City, Utah with my team, and got to do so many amazing things. It was great, but it wasn’t something that was utilizing all my skills. I wanted to go to school for Psychology originally.
In talking to my manager, and being in tune with my strengths and purpose, I had taken some courses at New York University on “Intro to Management”. It just really piqued my interest. I knew nothing of HR before. After taking that course, I realized there’s a lot of strategy, relationships, coaching, etc involved in HR. Through internal mobility within the same company, I was able to transfer to a generalist position on the HR team. Once I got there, I realized this was what I wanted to be doing. I was doing a lot of things to help employees while developing and honing my own skills. Since then, I’ve been in HR. It’s a place I really enjoy and continue to grow in.
How about starting your own business? Did you always want to have your own business, or did your current career inspire you?
My career definitely inspired my business. I’d never thought of myself as being an entrepreneur. I was never one of those people who grew up knowing I was going to own my business. I was totally fine having a 9-to-5, as long as it was something I enjoyed doing.
Luckily for me, I’d mostly been in situations where I’d done well, been promoted and got all the recognition. Friends and family would ask me for advice. They would ask me to write their resumes, help them with mock interviews, etc. It just organically happened, and about a year and a half ago, I decided to make it official and turn it into a business where I’d be strategic about the people I’m helping and have a broader reach. That’s how Your Career Girl was born.
How do you find the time and energy to balance your career and business, as well as being a mom?
It’s very challenging. I have really long days. I wake up at 5 or 5:30am, my husband and I tag team to get my daughter ready in the morning. My husband’s schedule is flexible, so he can do pick-ups and drop-offs, as well as any emergency. I’m in the City at work, so we just make it work.
In the evenings, I spend time with my family, and then late nights, I’m working. I’ve gotten a lot better at prioritizing things. During the week, it’s basically work and business time, but on the weekends, it’s family time, and I’m always doing something with my family and spending one-on-one time with my daughter. I don’t have it down to a science, some things do fall through the cracks. Some weeks I do really well with self-care, other weeks I don’t. It’s a give and take, and I’m more about work-life integration anyways. It really just depends.
As a woman of color, what challenges would you say you face in your career and business?
In the technology space I’m in right now, the biggest obstacle I’m having is having that support network. Looking around to see people that look like you is challenging, especially in the tech industry. Being able to look at senior management and not seeing Black women or women of color who look like you can be really daunting.
Sometimes, it’s really discouraging, as you ask yourself if there’s really room for you to grow, and if you can go to the next level. This is why I share all these inspirational and motivational tools with my client base, because I know it can be difficult when you don’t see people who look like you, or when you don’t have that support system, or when there is not a group of women at your work that you can go have lunch with and bounce things off of.
In my business, I’m happy to say that there are so many other women of color who are entrepreneurs. There are so many women out there trying to empower others and use their gifts to build businesses. What I do find is that it’s definitely harder to get that traction. When I think of top career coaches and top career sites, they’re mostly run by white women. When I think about Black women who have just as great things to say if not better, they don’t have the visibility, the network, or funding.
Where do you see yourself in the next 5 to 10 years?
By then, hopefully I’ll have one or two more children (laughs). My goal is also to see Your Career Girl expand to such a level that it’s not feasible for me to have my 9-to-5. I greatly enjoy my job, but I also can see myself devoting my time to Your Career Girl, speaking on stage impacting thousands and thousands of women all over the world.
I have ideas for apps, and a lot of things that can bring about this idea of career development to optimal levels. I’m thinking of really scaling and growing my business in the next 5 to 10 years.
What resources or tools do you go to help you be your most productive?
For productivity and efficiency, I read a lot of articles. I also listen to a lot of podcasts, but they tend to pile up. I use Medium a lot, as well as Feedly. I’m on the Muse a lot as well, which provides lots of tips on career management.
I’m also a believer in “Less is More”. I try to pare things down and tend to edit my to-do list down, and find what I can focus on for better impact. I’m also flexible, and am fluid about the tools I use.
What is the biggest mistake you see women make in the workplace?
Women’s biggest mistake in the workplace, is not negotiating. Not just money, but not negotiating for work arrangements, for more vacation days, for transition when coming back from maternity leave. Of course, for salary as well. We tend to say ok to a lot, while men will ask why when they’re offered anything, and negotiate for themselves for just about everything.
Most of the time, women are not asking the right questions and negotiating for themselves. They end up leaving a lot of money and benefits on the table.
I remember after my maternity leave, I was determined to breast-feed for at least six months. I made sure I blocked off my schedule for that. I was not going to be one of these people who did not do that because of other pressures. It’s harder for us to set those boundaries, especially for women of color.
What advice would you give your 20 year-old self?
I’d definitely say to be confident. The worst they can say is no. There are so many things I could have done when I think about how many opportunities I missed out on, how many networking events I didn’t go to, how many things I didn’t raise my hand for. I was worried I didn’t look the part or didn’t’ have any experience, or other negative talk that would go on in my head. It still happens, but I’m now able to shoot down the negativity, and talk back to myself. I’d love to have told my 20-year old self: “You’ve got this! Go in there, own the room, fake it ‘til you make it!”
What would you recommend for something who would want to follow the same path as you?
You have to be really clear on your why. Why do you want to be in HR? Why do you want to start your business? I know my why, so I’m able to power through at work and in my business when it gets tough.
Whatever you want to do in your career, the first thing I recommend to my clients, is: “You need to know why this is something that’s important to you”. Not just a surface reason, but what’s really at the core. When you’re really clear about it, then you’ll know whether it’s something you really want to do, or if it’s something other people want for you. You’ll also be able to power through when times get tough.
What music do you have on repeat these days?
Right now, I’m listening to a lot of gospel. I also listen to a lot of Beyonce, R&B, and pop in general.
What services do you offer and where can we find you?
You can find me at yourcareergirl.com. I offer one-time strategy sessions, as well as ongoing private one-on-one coaching. I also offer online courses, and I also have a free Facebook accountability group, called the Career Success Circle, where we motivate each other and setting goals to take our careers to the next level.
Thank you Dorianne for all these precious gems! For more info on Dorianne, please head to yourcareergirl.com!
To Your Success,
The Corporate Sister
by Solange Lopes | Mar 12, 2018 | Make More Money
One of the biggest obstacles women face at work and in life has everything to do with money. From not being paid on an equal scale with our male counterparts, to managing our own finances, dealing with money can present serious challenges for the modern woman. If you add to it the common stereotypes affecting women in all areas of work and life, establishing good financial habits can be quite the daunting prospect. Hence the need for some solid financial advice, as well as inspirational quotes about money from women who have mastered their own finances.
Here are 12 powerful quotes from famous women who have lived and shared some of the most inspirational money advice:
12 Quotes about Money From Famous Women that’ll Make You Financially Savvy
“Never work just for money or for power. They won’t help save your soul or help you sleep at night.” Marian Wright Edelman, Children’s Rights Activist
“I truly believe that women should be financially independent from their men. And let’s face it, money gives men the power to run the show. It gives men the power to run the show. It gives men the power to define value. They define what’s sexy. And men define what’s feminine. ” Beyonce, American singer and actress
“A woman’s best protection is a little money of her own.” – Clare Booth Luce, American Author and US Ambassador.
“Being rich is having money; being wealthy is having time.” – Margaret Bonnano, Author
“You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” – Maya Angelou, Author, Poet, and Civil Rights Activist
“Money follows art. Money wants what it can’t buy. Class and talent. And remember while there’s a talent for making money, it takes real talent to know how to spend it.” – Candace Bushnell, Author and TV Producer.
“There are people who have money and people who are rich.” Coco Chanel, French Fashion Designer
“By definition, saving – for anything – requires us not to get things now so we can get bigger ones later on.” Jean Chatzky, Journalist, Author and Motivational Speaker
“I do not think I am successful just because I have money. I’m successful becauseI love who I am and I have no regrets“. Suze Orman, Author and Financial Advisor
“People say that money is not the key to happiness, but I always figured if you have enough money, you can have a key made.” Joan Rivers, American Talk Show Host
“Automating some of your finances can be incredibly convenient and is a great way to save time, but automating everything makes it too easy to go on autopilot and forget to pay attention to your personal finances.” – Alexa Von Tobel, Founder of LearnVest.com
“To attract money, you must focus on wealth. It is impossible to bring more money into your life when you are noticing you do not have enough, because that means you are thinking thoughts that you do not have enough. ” Rhonda Byrne, Author of “The Secret”
What other powerful quotes from women about money would you recommend?
To Your Success,
The Corporate Sister.
