“I’ll never forget the day I checked my account balance and the statement said $2.09”
Our second speaker this month is Pauleanna Reid. She shared her story on how she became financially free, what motivated her to change and provides tips that you can use to start your path to financial freedom.
Keep reading to find out the rest.
Tell us a little bit about yourself?
I’m a nationally-published journalist, author, motivational speaker, and mentor dedicated to empowering women to defy their limits and see beyond their circumstances. I began my professional writing career as a self-taught journalist at 22, launched my personal blog as a platform to educate, entertain and inspire, and penned my debut novel 4 years later. I’m also the co-founder and CEO of New Girl on the Block, a mentorship program but way sicker than your average. We equip millennial women with the tools to blaze their own trails, including life planning, career strategies and personal style. We’re currently serving over 100 queens in 6 different countries. I also recently founded a ghostwriting firm called WritersBlock, where my team and I write for celebrity clients and high-level execs.
Are there any books or programs you’ve used/inspired you to get your money in check?
Creating a successful business isn’t easy. It requires insane work ethic. But in order to achieve the goals you want, you have to clear your mental blocks around money. Below are some of my fave videos and books around mindset around life, career and money.
How To Use Manifesting To Get Anything You Want
I also highly suggest investing in the following books around mindset around life, career and money.
- May Cause Miracles by Gabrielle Bernstein
- Money: A Love Story by Kate Northrup
- Get Rich Lucky Bitch by Denise Duffield-Thomas
- The Law of Divine Compensation by Marianne Williamson
What was the worst experience you’ve had with money
I’ll never forget the day I checked my account balance and the statement said $2.09. I just wanted to cry because I felt so defeated. I had mountains of bills, creditors constantly calling me and no money to pay them. During my early twenties, my finances were such a mess and it was my best-kept secret. I was tired. I just couldn’t take the pressure of constantly trying to be someone I wasn’t just to fit in. I was depressed and had anxiety about my future … not only career-wise but my bank account was always in the red. Something had to change immediately.
I stopped collecting things and impressing others and started exploring and pursuing my goals and ambitions. I knew there was more to life than what some of my girlfriends had exposed me to. Interestingly enough, we were all addicted to the thrill of the chase whether that was men, money, material possessions or attention. My parents did not raise me to think this way, I have to add. But growing up insecure and with very little confidence I was easily influenced by whomever would accept me into their group. Girlfriend, that’s no way to live. Trust me. Life is so much more fulfilling when you stay true to yourself and do the right things, not the easy things. But despite the role my peers played, I take full responsibility for my actions. I wanted things I could not afford. I wanted to be apart of a crowd that I thought was super cool and I wanted to be well-known for bullshit reasons. I look back on this period of my life and can’t even believe it.
A famous rapper once said, “Mo’ money, mo’ problems.” But yo, when you have NO MONEY you’ve got even more problems to deal with. Especially as a young adult, it is a very tough situation to be in because all we see in the media are super fly chicks, entertainers who are ballin’ as if it is just a hobby and if you don’t have any other those things you are made to feel as if you are less than. What there needs to be more of is financial literacy. I believe forbes reported recently that 43% of the oldest millennials are still financially dependent on their parents. Goodness. We’ve got to do better y’all.
What are 3 tips/advice that you would give to someone who is starting a business and is scared to invest?
Seek professional help
It’s never too early or too late to start planning for your future. The best person to talk to is an accredited financial advisor. It is recommended that you interview two or three in order to find a professional who understands your goals and has your best interest at heart. The first step is to make a commitment followed by a plan of action. When meeting with your advisor, he or she will encourage you to consider contingencies such as a disability, critical illness, or death within the family. It’s important to reassess how these circumstances will impact your life and what you can do to protect yourself. You need three things to reach your goal: time, money and rate of return. Focus on the two components you can control, which is time and money. Set small goals and think big. I started saving only 50-100 dollars monthly four years ago. It’s not a lot but it’s more than a lot of people can say they’re doing right now. Today, I’m saving closer to 500 dollars monthly. Still, not a lot but it’s what I can afford and I’m proud of my progress. Besides a contingency plan, you need to outline a budget. You’d be surprised how much money we waste on morning coffee and other items. You DO have money to save, you just have to keep it real with yourself.
Don’t compare yourself (or earnings) to others
Do not watch social media and think to yourself “I want that too” because it is likely that the person you admire doesn’t own it or live it in real life. Your lane is yours and yours alone. Treat your finances as an individual case because you don’t know what goes on behind (anyone else’s) closed doors.
Spend time with world-class performers
Steve Harvey once said, “If you have 5 broke friends, you will likely be the 6th.” I really do think that is the truth. You can’t ask advice from someone who has never been where you want to be. On the regular, I hang out with people who earn 4x what I do.
If you can give one piece of advice to yourself regarding financial freedom what would it be?
Many of us are chasing something. Only you know in your heart what that ‘something’ is. For some, it may be confidence, acceptance from your girlfriends or your purpose in this world. It’s no secret; we feel the pressure from all angles. We experienced this as kids, and interestingly enough, as adults, we still face these same obstacles; the only difference is we are now better equipped and have more opportunities to succeed. Now, I fill my life with experiences that feed my soul, not my ego and after peeling off the mask I wore for so long, I’ve found that I’ve become a magnet to so many positive things simply because I have taken charge of my attitude. I rather stay true to myself instead of settling for the superstar status of being young, broke & fabulous.
You wrote an article discussing how much you made last year, discuss how that made you feel and what you had to give up to get that.
Super proud of myself and how far I’ve come. I’m very transparent on my blog about how much I earn and the choices I make around my business and money. I do that so I’m held accountable by my audience. I think it’s important to be open and I want to show that this journey is not easy. Many businesses close after 1 year. I’m happy to be doing what I love with whom I love and making money I love.
** You can view the article HERE**
Is there a money quote that you live by? If yes what is it?
If you don’t understand money, you’ll always be a slave to it. – Kimora Lee Simmons
Where can people connect with you?
Mogul Talk: https://mogultalk.biz
New Girl on the Block: https://newgirlontheblock.com