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Tashaya Singleton
January 15, 2025
INSPIRATION
Everyone thinks the principal thing to the tree is the fruit,
but in point of fact the principal thing to it is the seed.
-Friedrich Wilhelm Nietzsche (1844 - 1900)
WOMEN & SAVINGS
FINANCIAL WELLNESS: A PRORITY FOR WOMEN
Approximately 70% of women have experienced financial stress which has affected their health. Our finances impact every area of our life – mental, physical, emotional, relational and environment – so this should make Financial Wellness a top priority for us. Unfortunately, because many people are living paycheck-to-paycheck, Financial Wellness is frequently put off until sometime in the future
Even though money may be tight, to break the financial struggle cycle you may want to create a savings plan. Many of us have a traditional savings account but we treat it like an ATM, constantly putting money in and taking it out, without the account ever accumulating a significant amount money. However, creating a savings plan, and implementing it, is one of the key steps in achieving financial wellness.
Many think creating a savings plan is just setting a goal to save a specific dollar amount, but there is more to it. When creating a savings plan you will decide on not just accumulating a specific dollar amount but also the type of savings you want to focus on. There are different types of savings such as short-term, long-term, emergency fund, and retirement
Four common types of savings:
Short-term savings – putting money aside on a consistent basis for a planned purchase, like a new dish washer or a vacation.
Long-term savings – putting money aside for making a large purchase such as buying a house.
Emergency Fund – creates a cash cushion so that you have money to pay for unexpected expenses like a car repair without going into credit card debt
Retirement savings – setting aside money over a long period of time to be used when you no longer want to work and are ready to enjoy your golden years
When creating your savings plan you should incorporate the four common types of savings, by choosing your priorities and then setting milestone goals to achieve them. Doing this will help set you on the road to attaining your goal of Financial Wellness.
LEADERSHIP & BUSINESS
FINANCIAL WELLNESS AND YOUR BUSINESS
Because more business plans are written in the month of December than at any other time of the year, many people will be starting a business to help them achieve their goal of freedom and financial security this month. When starting a business there are a lot of things to do administratively before opening the doors to sell and service customers. If you’re starting a home-based business, you will want to check the zoning laws in your area to make sure it is legal for your type of business to be operated out of a personal residence. Next you will decide on your business structure, obtain a business license and open a business checking account in order to keep your personal finances and business finances separate.
After the business administrative essentials are in place, then it is time to focus on good business financial management. Setting up a proper financial structure at the onset of your business will help ensure that you manage your finances smartly. Here’s a financial checklist to help:
Create a budget and stick to it. Include all essential items first, then plug in other items as your budget allows.
Track your money - hire a bookkeeper or purchase accounting software to track your income and expenses.
When invoicing, create an invoice number to cross-reference them with payments in your accounting software.
When generating a steady income, stay frugal, do not spend all the profits today.
Allow your business to grow at a natural pace. Throwing a lot of money into growing the business too fast can backfire.
With marketing methods take it slow and build up to what you, your business and your wallet can handle.
If you're limited on funds, spend your money on projects that give you the highest returns.
This business financial management checklist is just the beginning, as your business grows and becomes profitable more items will need to be added. Now, whatever type of business you choose to start, you must still do your research and make sure you take advantage of free, or low-cost, resources offered by the Women’s Business Center, SCORE, SBA, SBDC, and your local economic development department to increase your chances of developing a successful and profitable business.
INSPIRATION
“It’s okay to be discouraged. It’s natural.
But in the discouragement, find your courage.”
-Tabitha Brown, Feeding the Soul
BOOK OF THE MONTH
“That Something” by William W. Woodbridge is our book of the month. This book is about finding your inner power and using it to create the success and life you desire and deserve.
We all experience challenges in life and business. The way we respond to these challenges will make the difference between one experiencing temporary failure or living the rest of one’s life in perpetual failure. Many of people make the mistake of thinking of failure as a final state instead of seeing it for what it is, a temporary setback.
After the temporary setback, that we call failure, every person must find their inner spark to continue moving forward towards their goals and dreams, in order to achieve their definition of success. “That Something” reminds us that our inner spark is faith, confidence, power, ambition, self-belief, and more. Many people think the difference between success and failure is either luck or connections. And anyone that has achieved any level of success will tell you that both luck and their network played a role in their success, but it was their determination and willingness to continue to work towards achieving the success they desired no matter what happened that played the major role.
Now, as many of you that listen to my podcast know, I have been experiencing challenges in business and life due to a serious case of Identity Theft. Re-reading “That Something” helped kick up my inner spark to a new level. I have had to pivot multiple times to keep moving forward towards my goals and dreams. I have had to ask for help from others and did two Lives on social media to correct some misinformation online, which also caused some issues for me offline. Instead of stopping and giving up, I continue to move forward. It is “That Something” that is inside of me that keeps me going. I have made the decision to keep going until I reach my definition of success no matter what.
We are all born with a gift inside of us, but we must find the courage and determination inside of us to achieve the life as well as the level of success that we desire. The books you read, the people you meet and the actions you take will make the difference in your accepting failure as your final lot in life or living the life of your dreams.
“That Something”, by William W. Woodbridge, is an excellent read. It gives you the inspiration and the essential steps you need to create a solid foundation for rebounding from failure so that you can create the amazing life, and business you desire and deserve.
Tashaya J. Singleton is a Financial Wellness Advocate and Business Consultant at TJS Financial Solutions LLC, with over two decades of experience in the financial services industry. She specializes in working with small to medium size businesses and has trained employees of Fortune 500 companies as well as a Global 100 company.
Here are ways she can help:
1. Signup for the free 5-Day Financial Wellness Challenge
2. Buy the book The Financial Wellness Reset Plan. It’ll help your take control of your personal economy and life
3. Subscribe to the Women, Books and Business newsletter
4. Email her with the subject line “Clarity” if you’d like help moving forward in the areas finance, business or leadership