Money Matters: Understanding the Equation

Once you've taken the time to discover where your money is coming from, where your money is going, and how your money is growing, you'll need to make a plan to get to where you need to go! This is where budget planning comes in handy! What are your top 5 financial goals? My goals are

1. Save for my son's college education (should he choose to go)
2. Save for retirement
3. Travel to at least 2 countries a year
4. Build a home
5. Build a strong empire/legacy to leave to my son

How can I achieve these  goals? I must set forth a realistic yet challenging budgeting and savings plan and know what options will get me to my goals in a way that truly suits my needs. The equation below is a very simplified way to understand your monetary goals:

Income = Expenses + Investments

 Although simple, if you understand what each component contributes and how to balance the equation, your financial goals are attainable.

Income: all funds flowing into your bank account from all sources. This includes wages, money received from business activities, unexpected gifts, interest, etc

Expenses: all fixed or variable outflows (rent, electricity, water, etc)

Investments: all money moved strategically and intentionally to a separate account to gain interest credit and the interest added to this account

If you've never created a budget or need a coach to guide you along the path, Start Young Financial Group and finance coach Latasha Kinnard are the place to be and the person to know! You'll have access to resources and tools that will help you create your best budget and live your healthiest financial life possible! The Virtual Budget Box is a great option for beginners or anyone who just needs help putting it all together while the 90 Day Income to Empire Intensive Course is a great option for people who are looking for a hands on, one-on-one coaching to not only reach their financial goals, but to surpass them! Get started on your path to financial freedom today!

Happy New Year 2016!

Happy New Year! I can't believe it's 2016 already! 2015 was a blur, but so many amazing things happened! I gained a new family/business, my cousin survived a vicious put bull attack, my son turned 4, and I am becoming more and more the woman that I was designed to be!

This journey has not been without its lessons, so I want to share three important lessons that I am taking into 2016:

1) there are no shorcuts to success

• consistency and persistency are key
• plan, try, fail, repeat, SUCCESS

2) it's ok if people say "no"; everyone isn't meant to be a part of your business or our message

• know your target audience and market to them
• brand your business and stick to it
• you have to sell yourself on your vision everyday; stay motivated so the rejections can be fuel

3) self-development is business management; you need to constantly improve for your business to improve

• my challenge this year is to read 1 book per month (not very high, but last year...)
• do a self inventory at least once a quarter to measure your growth
• the better you develop and manage yourself, the easier it is to do it for your business

What are some lessons that you learned in 2015 that will make you even better in 2016?

Manifesto!

Every entrepreneur should have a manifesto! A manifesto, as defined by Merriam-Webster dictionary, is a written statement declaring publicly the intentions, motives, or views of its issuer. Your manifesto should be a continuation of your businesses vision, mission, and values with a personal component to help your business become accessible to potential customers. I'm working on my company manifesto, and so far I'm pleased. It is a document that can be updated to reflect your company's growth and development over time, but you should always keep a copy of your first manifesto to mark your growth.

Your manifesto can be fun and engaging or serious and intellectual. Whatever you choose, make sure that your manifesto reflects the core of your business. I've drafted a few manifestos over the last few months. Our first and latest manifesto drafts are below.Take a moment to read and review them and let us know what you think. Then write your own manifesto. You can even write a manifesto for your personal life! With 2015 right around the corner, it may help you define who you are and where you want to take yourself during the year!

 Draft 1:When I wake up in the morning, the very first thought in my mind is: "Just 30 more minutes...." and after that, I roll out of bed and get to work, usually. My heart glows when I create a product or offer a service that customers love, and my heart breaks when I realize that I can't do everything at the same time *sigh* My customers are my life force. More than anything else I care about helping them live their best life possible! In my world, creativity (and innovation) is an absolute necessity. Innovation is always a fabulous idea. Mediocrity is overrated and stagnation is a definite NO! Fantasizing about Shea butter is totally reasonable. Striving for my goals is a must, but at the end of the day, my sn is all that really matters. When I die, I want to be remembered as a person who changed the world by positively influencing the people around me and who inspires others to dream, plan, and build too. ~Shanta

Draft 2: Everyday is an opportunity to be successful! My family, my relatives and my customers, keep me motivated to work at top capacity. My heart glows when i am able to deliver a product or service that a customer loves and needs. I experience heartbreak every time I try to take on too many projects at once and some or all don't turn out right. More than anything else, I care about helping families live their best life possible! In my world, creativity, innovation, and motivation are must haves. Innovation is always a phenomenal idea! Mediocrity is overrated and stagnation is DEATH! Fantasizing about Shea butter and soap is totally reasonable. Striving for and achieving my goals is a must, but at the end of the day, my baby boy is all that really matters. When I die, I want to be remembered as a person who conquered the world by positively influencing families and individuals to take a chance on themselves and build a future that is better than the past and present. Remember me as a woman who built companies to inspire others to dream, plan, and build too. ~Shanta
  

Education: MBA Entrepreneurship and Managing Innovation

On March 4th, I started my MBA program with Benedictine University online. There were several reasons that I chose this concentration, but most importantly I chose this option because I want a formal education on entrepreneurship. I started with the basics, of course, but I was finally able to take one of my concentration courses in entrepreneurship. I am very excited! The course sessions are 8 weeks long and run consecutively minus a short break for winter and summer.

Here's an excerpt from the Entrepreneurship course syllabus:

Course Description

This course deals with new venture management, examining entrepreneurial personalities, managing creativity, and establishing a successful enterprise.

Course Objectives

Upon successful completion of this course, each student will be able to:

• Develop an understanding of entrepreneurship and the entrepreneurial process.
• Assess the feasibility of new business concepts and ideas.
• Explain and analyze new business venture management principles including opportunity recognition, market assessment, and financial planning.
• Formulate a plan to identify resources and skills needed to grow a new venture business.
• Analyze various exit strategies for new business ventures.
• Create business plans for development and financing of new business ventures.

The weekly discussion posts were a great way to help me see other opinions and expand my thinking on the various subjects while the written assignments gave great opportunities for constructive feedback to help me improve my thoughts and processes. We also had a group project in this course. We chose to focus on developing a mobile app to search for lowest price textbooks and supplemental materials for graduate and undergraduate students. That was a challenge for me as I have no experience in mobile app development. However, it was a challenge that I now appreciate. We were also encouraged to create a business plan of our own or tweak an existing business plan, and this is what I will be working on continuously.

My next course started today, and I am very excited! This new course focuses on technology and innovation in business!! I am enjoying the learning platform and my instructors & classmates are amazing! Education is power!

Stumompreneurs Unite Part 2

Stumompreneurs (student, mother, entrepreneurs) are individuals who attend higher education institutions, run businesses, and raise a child or children simultaneously! We are a group of active and highly motivated individuals! As a stumompreneur time management is of the utmost importance (I know because I still struggle with it!!). We have to multitask and be able to do at least 3 things at once, but how can we manage to do all this highly important, life altering, necessary... STUFF! We must PRIORITIZE!

Yesterday we discussed the most important job of the stumompreneur, MOM. Today we will address the other two important facets of ourselves.

ENTREPRENEUR: Your business is your baby, and if it's a start-up... it's a newborn and requires constant care! Like a child, it takes several years to be able to stand up and pee on it's own and remember to lift the seat or wipe it off as it were. You have to be consistent here as well. Know your industry. Know who's prominent in your industry. Read about your industry. Talk about your industry. If you are a product creator, make some great products and market your products. If you offer services, tell the world and market you! Don't be cheap! You're in business to make an impact on the world and make money. This effort keeps you away from your family. That time can't be recovered, and it's expensive! Charge what you're worth and charge for your time. Knowing your industry will be a HUGE help here!

STUDENT: As a student striving for a post secondary or post baccalaureate degree, you have to be motivated and passionate about what you're studying! If you are studying an area that is directly related to your business or business goals, you are in the money! You can multitask and complete business and student assignments at the same time! Know your course schedule. I am attending Benedictine University online, and I know that the week begins on Monday. Initial discussion posts are due Wednesday. Written assignments are due on Sunday along with discussion responses. I also know at the beginning of each week how much reading, research, and studying that I need to do so that I can budget that time in as well.

Stumompreneurs Unite Part 1

Stumompreneurs (student, mother, entrepreneurs) are individuals who attend higher education institutions, run businesses, and raise a child or children simultaneously! We are a group of active and highly motivated individuals! As a stumompreneur time management is of the utmost importance (I know because I still struggle with it!!). We have to multitask and be able to do at least 3 things at once, but how can we manage to do all this highly important, life altering, necessary... STUFF! We must PRIORITIZE!

MOM: Our first priority is to family: our children, our spouses, and ourselves! Individuals outside of your household are not included into this category for consideration. Set a schedule. I know, it is so cliche and darn near impossible, but it will save you a lot of time and tension! I have a three-year-old son and a four-year-old niece. They are both currently home-schooled, so scheduling is of the essence! Be consistent with your schedule. Know what activities are coming up and make them a regular part of your week/month so that your schedule is not derailed. This includes Barnes & Noble story time, library outings, days at the park/zoo/gardens, whatever you want to do with your children.

Do not neglect spending quality time with your husband/wife!! This is not just about sex, although in marriage this area should not be left unattended without cause. Do things with your spouse: talk to each other with everything turned off, hold hands, kiss, do things that remind you why you fell in love with each other (especially if that includes watching anime and playing Sonic on Sega Genesis!!). Set a schedule for this. Scheduling does not make you a bad mother/wife! It makes you a superhero!

Spend time with your entire family as well. Children need to see mom and dad interacting happily with love and care! Again, turn off the world and enjoy each other. Most importantly, DO NOT NEGLECT YOURSELF! Self-care is the only way to stay sane and keep moving! Soak in the tub while your husband watches the kids, read a book, paint your nails, eat snacks ALONE, exercise, play music and dance around (my favorite), do absolutely nothing while the house is quiet at nap time, and most importantly CLEANING UP DOES NOT COUNT AS SELF-CARE! Do something exclusively for you!

Friends and other relatives are very important, but not more important than your family. After all, they are the reason you have this title and chose to do the work that you do. Stay tuned for part 2 where discuss our titles of student and entrepreneur.

VISION

I started this year in a dark place mentally and emotionally. Life was not going where I wanted it to. I had to move in with my mom. I didn't have a bed. All of my possessions were stuffed in boxes in the den, and I was empty. One day, I sat down and thought about it. I hated where I was... HATED IT! I knew if I stayed in that mental space I would be miserable and everyone around me would be miserable too! I decided then to create a vision. I chose to create my vision around my business and my son (my personal life was not even a thought at the time) and remember why I started this company in the first place.

I had been going through a lot trying to define my businesses and my dreams over the last 18 months. I went through a spot of hell last year with my ex-fiancee and father of my child and it really ripped me a part. My business was the last piece of me to survive that relationship. I had to pull myself together the best I could to finish undergrad and raise our son, so it is necessary that this business not only survives, but that it thrives and changes lives and lives beyond me!!!

From that moment, I made my vision (a successful lasting legacy for my son, my niece, and my family) the focal point of my life. I'd be lying if I said that it just happens and everyday is full of passion and happiness, but I have a vision of where I want my life to be. My vision is expanding and growing daily. Parts of the vision are being realized in ways that I never dreamed possible, and it's all because I decided to not only change my focal point but to create my focal point.