by Solange Lopes | Mar 9, 2018 | Career
Welcome to our weekly career, entrepreneurship, lifestyle and fashion news roundup! Think of it as your online watercooler/work gossip station/coffee break spot for now…Want to add anything to our list? Email us at corporate@thecorporatesister.com!
- In honor of International Women’s Day, Forbes Woman shares actions you can take to be a champion for yourself and other women;
- Black Enterprise reveals why you should never lend out your credit card;
- Business Insider shares the best new boarding games for families;
- Want to get men to understand gender equality? Forbes suggests a way to use Facebook Live for it;
- The Corporate Sister confirms you can make more money without leaving your job;
- Here are 8 TED talks by exceptional Black women you didn’t know you needed;
- Recruiter shares the 5 best cities for finding a new job;
- Ellevate Network shares 5 networking tips for your next conference;
- HR Bartender shares how to create a vision board on Pinterest;
- The Personal Branding Blog shares the benefits of co-working spaces;
- Ellevate Network tips you off on listening to your intuition and creating your dream life;
- The Glassdoor Blog shares 13 exciting companies hiring now;
- Corporette shares where to find suits with dresses instead of skirts.
To Your Success,
The Corporate Sis.
by Solange Lopes | Mar 9, 2018 | Make More Money
If you’ve ever considered paying off your debt, you may have balked at the thought of depriving yourself and living like a hermit for the rest of your life. Little luxuries like your Starbucks latte or your not-so-small shoe habit may seem like they would become distant memories on the horizon.
Yes, we could certainly start the business, pay the mortgage off, squash that credit card debt with a few financial sacrifices. Yet, for many, if not most of us, making a harsh and not necessarily realistic plan for our finances ends up having us hating life and splurging on the most expensive pair of Louboutins you can slide your feet in.
This is why it’s so important to tackle paying off debt in a realistic and sustainable way.
Here are 7 ways to get you on the path of debt repayment, minus the intense stress and social isolation:
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Start with a reality check
Ok, let’s begin at the beginning. It all starts with understanding and realizing where you stand financially. This means looking at your credit and debt history straight in the eye. While it can be easy to turn a blind eye to your debt situation, getting a reality check will get you started well on your debt repayment process.
Credit Karma provides you with a free credit report, in addition to detailing your credit history. It allows you to see your debt amount, as well as any debts in collection, and even your monthly payments and interest rates.
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Earn extra income
Here’s the thing: when you already are in debt and still have to pay for your normal expenses, saving money to pay off your debt can be challenging. This is where making extra income comes into play.
For many, if not most of us, one of the best ways to pay off debt is to have a profitable side hustle. Whether it’s selling Avon products, have a side blog, or being in network marketing, finding ways to create additional income can go a long way towards squashing your debt.
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Start with the highest interest rates
Once you have money available to pay off your debt, start looking at the interest rates on your credit cards and other debt instruments. You will notice that some of them have much higher interest rates than other, at times up in the 20% range. The cards or debt instruments with the highest interest rates will cost you more in the long run, as you will be stuck paying insane amounts of interest rather than directly paying off the principal or main balance you owe. This is also how credit card companies are making money, by having us pay loads of interest, which is basically free money for them.
My preferred approach is to tackle the cards or debt instruments with the highest interest rates first. For these cards, I plan to increase my monthly payments, and when I can, even double or triple them to pay them off faster. This allows me to limit how much interest I have to pay in the long run, and reduce my debt bill overall. The trick is to pay these off, and once you’re done, go on to the next credit card with the highest interest rate. And so on and so forth…
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Or pick the lowest debt amount
Another approach is to tackle the cards or debt instruments with the lowest amount to repay. This can be a gratifying process as it allows to eliminate small debt amounts first and faster. Many people are encouraged by this system, as it lets them see the result of their efforts earlier on.
Here too, the point is to reimburse your lowest debt amounts first, and move on to the next lowest amount.
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Put your savings on auto-pilot
Apart from earning extra income and choosing an approach for debt repayment, saving money also plays a role. However, when it comes to saving, automating the process can be more effective.
The Digit app monitors your spending habits, and easily withdraws money from your checking account into a rainy day savings account. The amount saved varies from person to person. The app takes into account your unique financial situation through your spending habits to do this. Another alternative is Stash.
Another tool that helps you save money is the Trim bot. It’s basically like a financial assistant in your phone. From canceling subscriptions you’re not using, to helping you negotiate your bills down, it just assists you in making better financial decisions and saving.
Another way to trick yourself to save on your credit card purchases is to use the Debitize app. Basically, you make purchases on your credit card, and the purchase amount is automatically deducted from your checking account in order to pay your credit card bill at the end of the month. This way, you reap the credit card rewards without the associated headaches.
Last but not least, earning cash back on your purchases and expenses is another way to save. Apps like RetailMeNot, Groupon, and Living Social, for instance, can help you score deals and save.
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Sell your extra stuff
Most of us have more stuff that we could possibly use. Sometimes, it takes a bit of humility and a lot of financial sense to use that extra stuff for the purpose of debt repayment. For bookworms like myself, Bookscouter lets you sell your old books.
Letgo is a great app to help you sell second-hand stuff on the go.
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Get it for free
Having fun while you’re trying to pay off your debt can be quite the challenge. For many of us, having fun is directly linked to spending money. Whether it’s a $5 latte or a $100+ night out with the girls, entertainment often comes with a bill.
However, there are many ways to enjoy life without getting off track when it comes to paying off your debt. You can enjoy public parks, public and free attractions at no cost. Instead of dropping your coins on books, how about going to your local library? Even better, you can become a mystery shopper and get paid to enjoy things you would normally have to pay for.
How do you manage to pay off your debt quickly and realistically?
To Your Success,
The Corporate Sister.
by Solange Lopes | Mar 8, 2018 | Make More Money
Many of us wonder how we can make more money without having to switch jobs, have a gazillion gigs, or sell our souls for that matter. Especially as working women, facing the glass ceiling is daunting enough without having to think about increasing our financial status right at our workplace. Yet, without the prospect of bettering our financial lives, our career, business and even lifestyle choices end up being very limited.
How many of us have thought about investing in a new business, buying a home, or putting our kids in private schools or extra-curricular activities, and have been limited by our bank balances? How many of us feel that we cannot pursue our passions, or take proper care of ourselves, because of money constraints?
While we may think that our financial status is limited to our job earnings, there actually are ways to make more money while at your job. It’s also important to keep in mind that increasing your financial worth at work doesn’t just have to be linked to your salary or pay. Basically, anything that can put money back in your pocket in the context of your work, whether it’s more vacation time, more flexibility, or even better health and work-life integration, counts. However, it takes more of a conscious effort to start thinking about and planning these in order to take advantage of these opportunities.
Here are 7 ways we can all make more money without leaving your job:
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Create more value in your work
Instead of feeling stuck at your current job, you have a choice. You can add more value to your work that makes you more marketable and increases your professional and business value. Don’t get caught into the vicious cycle of thinking that your current job determines your financial worth! The point here is to provide more than what is expected of you at your current level. If you’re not sure how you can do this, you may ask your manager and higher-ups. A good way to gauge how you can go above and beyond is to consider what is required of your next professional position or level, and start performing accordingly.
Take extra assignments, develop yourself, take classes, network more, learn an extra language, get a certification! These are only a few of the ways you can boost your professional value, and be in a position to ask for more, whether it’s money, time, or perks! As long as your presence at your job creates more value for your company, your financial worth is bound to go up!
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Score those promotions and raises
In line with creating more value, you can also increase your financial worth at work by scoring promotions and raises you rightfully deserve. It starts with performing at a higher level than expected. However, you must also be willing to ask for what you deserve.
As working women, we’re often afraid to negotiate for the salaries we deserve, or even the appropriate compensation package for us. With the advent of the new law that bars employers from asking about salaries in some states, it is easier for women to negotiate higher salaries with less pressure.
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Don’t be afraid to start that side hustle
Got an idea, a passion or hobby that you could turn into a side hustle? Why not start it? Many successful and very profitable businesses were started this way. It could be as easy as starting a blog you could monetize, or teaching classes at your local gym.
You can even use your current credentials to do business on the side, as long as it doesn’t infringe on your current job. Make sure to check in your company’s policies and procedures first. As a CPA, I started helping people with taxes and accounting matters, for instance.
This is a great way to make more money, without the pressure of having to find another job or taking a significant financial risk.
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Pay off that debt
Paying off your debt is one of the most powerful ways to increase your financial worth. Without even realizing it, you may be flushing your entire financial capital into simply paying interest. Not only are you putting extra money back into credit card companies’ pockets, but you are also not reducing whatever amount you owe.
By committing to, and working on, paying off your debt, you’re actually keeping more of your money. This in turn increases your financial balance. Additionally, you’re improving your credit score, which in turn gives you access to better credit deals on essentials such as mortgages, car payments, etc. All of this without leaving your cubicle or office…
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Save, save, save!
Repeat after me: “It’s not about how much money I make, it’s about how much money I keep!” Saving money is a surefire way of making more of it, without having to wave good-bye to your current occupation. Your job may actually be allowing you to save more, through its 401k programs, its health benefits and incentives, or other savings programs it may offer.
Saving on costs associated with your job, such as commuting expenses (why not carpool?), food expenses (bring your own lunch), or clothing costs (become a savvier shopper), can also help. At the end of the day, the less you have coming out of your take-home pay, the more money you’re actually making!
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Give more!
This may sound counter-intuitive, but giving money can help you make more money. Not only are you able to deduct any donations to qualifying charities, but you can also use what I like to call the “spiritual karma” of giving. Some of the wealthiest men and women in the world practice giving, whether through tithing, charity donations, or other forms of financial support.
Consider dedicating a portion of your earnings to causes, businesses or people you believe in. It goes a long way towards multiplying what you already have.
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Ask for more flexibility
As working women, flexibility is key to achieve our goals and dreams. As such, it is putting money back in our pockets in some way. Having the flexibility to work from home, for instance, allows us to save money on childcare.
Consider asking for more flexibility as a way to increase your financial worth at work. You will soon realize how much money it can help you save in the long run.
In what other ways do you save money without leaving your job?
To Your Success,
The Corporate Sister.
by Solange Lopes | Mar 7, 2018 | Career |
There is no doubt that mentorship is invaluable for working women. As a matter of fact, it’s good for everyone, especially considering that not only can it provide working women with the appropriate resources, tools, and networking opportunities to thrive at work; but it also grants them access to rooms that would otherwise be closed off to them. However, finding a mentor, and finding the right mentor at that, can be challenging for women.
In light of the recent #MeToo movement, an increasing number of men are admitting to being uncomfortable mentoring women. This adds to the pressure that many women face, as mentorship has been traditionally reserved to men. Not to mention the false view that there can only be so many women at the top.
I know as a woman of color at work, finding the right mentors has been a valuable learning experience. I’ve definitely taken away some precious lessons from it, which have changed my perspective when it comes to mentoring for women.
If you’re looking for the right mentor for you as a working woman, here are 7 steps you may want to consider:
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Get clear on your WHY
While you may be looking for a mentor to help you on your career path, it’s important to clarify what you need help with. Most likely, your potential mentor is a busy individual who only has a limited amount of time, energy and resources. In order to leverage these as efficiently as possible, you may want to get as clear as possibly as to why you need their help.
It starts with asking yourself what your career or business interests are. What drives you? What motivates you? What are your career and/or business goals? With a sense of where you are headed professionally or in business, it’s easier, and more rewarding, for a mentor to help you.
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Shop Around
There are many aspects to consider when looking for the right mentor for you. You can start with writing down a list of the people who inspire you professionally and in business, and whom you’d like to emulate. These may be people you identify with, or who may have a career or business path you aspire to.
Look around your team, department or organization to identify potential mentors. Ask your manager or co-workers for recommendations as to people who could serve you well as mentors. Yet, don’t limit yourself to your direct environment. You can scour platforms such as Linked In to identify individuals in industries or sectors you look to get into as well. Remember that you can have virtual as well as physical mentors. I didn’t meet one of my mentors until we were over a year into our relationship, as we live in two different states. It’s ok to have a long-distance mentor-mentee relationship.
In the same token, don’t discount the simple fact of following people who influence you as a great source of mentorship. You may not be able to get in touch with Oprah, but you can still be inspired by and learn from her.
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Pick selectively
Understand that picking a mentor is a serious decision that can have long-term impact. Hence, the need to selectively pick the best mentor for you. You may think that he/she is doing you a favor to serve as a resource to your career or business, which is true. However, being in a mentor-mentee relationship also requires you to be positively involved. As such, you don’t just want to pick someone you admire; but also someone you can trust, whose personality is compatible with yours, and who is also available.
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Refine your Ask
My very first mentor started our first meeting with this question: “What can I do for you?” At the time, I was unsure about what it meant to have a mentor. As you pick one, it will be crucial to refine your ask. This goes hand in hand with clarifying your why.
How can this mentor help you? What are you looking to learn from them? Which areas of your career or business are you looking for help in? What goals are you looking to achieve? These questions will help you narrow down your ask and identify areas that your mentor can help you in.
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Assess your compatibility
Picking the right mentor for you also means picking someone you can entertain a positive and fruitful relationship with. You will have to carefully assess whether your personalities are compatible, and you can actually communicate well.
While you may think that you may not necessarily have a say in picking a mentor, you actually do. Many companies will assign you a mentor, in which case your options may be limited. However, even in those instances, you may be able to diplomatically seek a different mentor.
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Know that it’s a give and take relationship
One of the biggest misconceptions about mentorship is that it’s a one-way relationship. Many are under the impression that it is solely the responsibility of the mentor to provide help, resources and assistance to the mentee.
However, as in any relationship, there has to be a flow and exchange of resources. As a mentee, you also have to provide the willingness, follow-through and accountability needed to make it a successful relationship. When in doubt, ask your mentor how you can positively contribute to your relationship and what their expectations are.
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Nurture the relationship
As mentioned earlier, mentorship is not just a professional exchange. It’s a personal relationship that requires frequent nurturing. As you find the right mentor for you, you also have to be prepared for regular meetings and frequent exchanges.
Entering this relationship with a clear intent of nurturing it will help you connect with the best mentors for you.
How did you find the right mentor for you?
To Your Success,
The Corporate Sis.
by Solange Lopes | Mar 6, 2018 | Make More Money
Having a solid and reliable budget is considered to be a financial must-have. However, it also requires to have a certain level of discipline, as well as time to keep track of several expense streams. When you’re a busy working woman looking for extra hours in the day, managing a budget may not exactly rank high on your list of favorite things to do.
Don’t get me wrong, budgeting works extremely well for many people. However, for others, it may feel like getting ready for a root canal. When you work hard for pretty much everything in your life, sometimes the last thing you want to do is work harder at your budget.
Even as an accountant by trade, I never particularly enjoyed rigid and conventional budgets. I resented having to check my budget often and monitoring my expenses closely. Doing it for work was enough. I had no desire to do it for myself. Instead, I thought managing the money I worked hard for should be more enjoyable.
If you happen to be an extremely busy working woman who resents rigid budgets yet still want to keep on top of your finances, here are some realistic, and even fun, tips:
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Start with your non-negotiables
Whatever you do, begin your budgeting process with your non-negotiables. These include your rent or mortgage, basic living expenses, utilities, emergency savings, debt payment, and retirement. While many may not consider emergency savings and retirement as non-negotiables, they actually are and should be accounted for in priority. These can be paid right at the beginning of the month or automated for ease of processing.
Starting with these essential expenses allows to get critical expenses out of the way. This takes a massive weight out of the process, freeing up time and resources to focus on other pursuits. Whatever money you have left over can be used more flexibly.
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Think about what will help you accomplish your goals
Once your non-negotiables are taken care of, focusing on your future goals should be the next step. It’s also more fun to think about what you want to achieve with your money. Make a list of your financial goals, according to what’s important to YOU.
Some of your financial goals may include setting aside some money to travel or bolstering your emergency savings. You may also be considering investing as a way to generate extra income in the long-term and build wealth.
This will require you to delay gratification and instead focus on how long it will take to reach your goals. Based on this, you can make a commitment to devoting your funds to these.
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Distinguish between your wants and needs
You may not have the time, or even the desire to spend more time than necessary on your budget. However, even for a realistic and flexible budget, it’s important to make the difference between what you want and need.
This distinction will help you save time in making financial decisions, and reduce the need for adjusting or constantly checking on your budget.
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Make a list of what you enjoy spending money on
Last but not least, make a list of what you enjoy spending money on. This is the last part of building a flexible and fun budget. It’s also a motivating factor when budgeting your money. However, this doesn’t mean you should be wasting money. The point of it is to spend money on things and experiences that truly bring you joy.
You will also feel more comfortable doing this as you would have already taken care of your essential expenses, addressed your financial goals and distinguishing between your needs and wants.
In Conclusion
Yes, you need a budget to manage your finances efficiently and productively. However, you don’t have to abide by a complicated budgeting model that takes all the fun out of earning (and spending) money.
Instead, you can still take care of your essential expenses. You can also satisfy your goals and be more intentional as to your wants and needs, while still being able to use your money for your enjoyment.
Do you have a hard time sticking to your budget? How can you make your budget more realistic?
To Your Success,
The Corporate Sister.
