Money Musings 💭 the life-changing question we all need to ask
Recently, I was at an event and saw Tiffany Dufu speak. I talked about her book, Drop the Ball, in a previous Money Musing because it was such a game-changer for me as I adapted to the workload and expectations of a new Mom.
She shared that we, as women, often think we need to tackle life alone. We often approach a challenge or problem by thinking: “What am I going to do about this? How can I solve this?” But really, what we should be asking is: “Who can help me solve this?”
This really resonated with me because for so long, I believed entrepreneurship was a solo, lonely journey, and I felt guilty when I needed to ask for help. This kept my business and the resulting impact I was having much smaller than it could have been. It also made everything much harder and less fun.
I realized that over the years I’ve built an incredible support system of friends and colleagues, but I wasn’t actually asking them for help or sharing when I needed something. Apparently, that part is key! 😂
I’ve come a long way, but I’ve still got work to do (it’s a journey!). Sometimes I don’t even know what to ask for even though I know I need help. But as I’ve started asking, I’ve been blown away by the generosity and kindness that so many have shown me. I’ve also started to see how it opens the door for them to ask for my help as well. It can eventually become a win-win.
One of the most beneficial groups I’m a part of is a group of four entrepreneurs who all run mission-based businesses. We share a lot of similarities, but our businesses are at different stages and we have different skill sets. We’re in touch often (sometimes all day), and they have become some of my closest friends. It’s truly been magical to see what long-term accountability and support from peers has created for each of us.
Tiffany would call this group my crew. And she believes our crews are key to success in our goals and our overall happiness. She recently founded a company called the Cru in order to help women find their own crews.
I’d love to hear from you. Do you try to solve things on your own or do you ask for help? Any tips for a recovering ‘do it on your own’ gal?
Money Move of the Week
Use sinking funds or “vaults” to smooth out spending. Larger, infrequent expenses like our best friend’s bachelorette party, the holiday season, or even our quarterly haircut can throw our finances out of whack. We can make our lives a lot less stressful by setting aside money (automatically) each week, each paycheck, or every month for these expenses in advance so the money is waiting for us (and earning some interest!) when it’s time to use it. The key? Having specific accounts for each expense so each dollar we set aside has a purpose.
SoFi Money vaults make this really easy. Here’s an example. Let’s say I’m saving for a summer trip that I estimate will cost $2,000. I can create a sub-account specific to my trip: my “Azores Fund.” Then, I’d count how many paychecks I have until I need to pay for the trip. Let’s say 9. I’d set up an automatic transfer for $222 per paycheck to my “Azores Fund.” If you have to buy something in advance, like a flight, make sure you have enough in your vault by then. If not, you can adjust. Cue to me, chillin’ on the beach, money stress free. Bon voyage!
You Gotta See This
Monday, January 20th, is apparently a very depressing day. Some say it might be the most depressing day of the year. The third Monday in January has been dubbed “Blue Monday" because we’re getting all of our credit card bills from the holidays, the holidays are over (along with the festive vibes), and winter is in full swing (think short cold, dreary days). Given we’re in the thick of the Blue Monday week, I thought the best thing I could share was this feel good movie of a babies laughing hysterically at dogs. 😂