My name is Alicia Dunams, and I am a successful serial entrepreneur of 16 years, surpassing the national average for small business owners, and single mother, author of the bestseller, Goal Digger: Lessons Learned from the Rich Men I Dated, and the founder and host of Wealthy Girl Summit. Admittedly I have learned most of my money tips by making mistakes and learning lessons the hard way, which has enabled me to teach others from my mistakes. I firmly believe, “It didn’t happen to me! It happened for me!”
Among the valuable lessons I’ve gained from my experiences, I’d like to share with other women the following:
- Emergencies happen. Life throws you a curve ball—now what? Maybe you don’t have any savings or a family member who has your back. Use credit cards for emergencies/life transitions and pay the balance off monthly. Have the payment plan on autopay in case you carry a balance to ensure your payment is on time. If you have a high balance, reframe the situation, perhaps using this mantra: “My credit card company trusted me enough to loan me this money. I am grateful for this. In integrity, I will pay back what was loaned to me. I will keep the energy of money flowing.”
- In a perfect world, all women should own investment real estate, meaning you make money on it, beyond the equity. This could be a duplex, triplex, or four-plex. You live in one unit, while the other units pay the mortgage. This makes more sense than investing only in the stock market. After all, since you will be paying rent anyway, that money might as well go toward something you own. Now if you haven’t been able to save the money for a down payment on an investment property, you can get creative and start investing now as a tenant: Rent a 3 or 4-bedroom house and lease out the other two or three bedrooms to foreign students or by using AirBnb. I did this with the condo I owned in San Francisco, and one foreign exchange student’s dad gave me rent for the year. With this creative thinking, you can take a huge chunk out of your monthly rent or perhaps use the rent use receive toward a downpayment.
- Find the right partner. In my book, Goal Digger, I talk about the rich men I dated and how they created success. I learned a lot—they inspired me to be independent and create my own success. It’s been an interesting ride. I would not call myself a relationship coach or expert as I’ve been married once and engaged three times, lol, but in terms of partnership, I will say that you get to choose someone man who is your partner and holds space for you to be your independent and fearless self. This partner makes his own money, and you keep your money separate. I will never integrate money. I think it’s important as an independent women to have your own money … always. Then if you’re unhappy or a being mistreated down the road, you can leave immediately. At the end of the day, if you are operating from an abundant mindset, you will attract that from a partner. All others will fall away.
- Make Money. There’s more where that came from! This is my favorite, because we are abundant and limitless beings. You can make more money, without necessarily having to work more. First, lots of people have a side gig, such as Uber, AirBnb, selling clothes on TheRealReal or eBay, or makers selling their art on ETSY. Or maybe you have a 9 to 5 job, as well as a 5 to 9. We live in a world with unlimited opportunity. For example, I sell online trainings from $497, and if someone wants to talk to me for 30 minutes, it’s $97. This is available on my website. That’s what we will be talking about at Wealthy Girl Summit, how to generate more, rather than fighting over what’s left. We can create more wealth; we just have to get creative. Ask yourself, what are you an expert at that you can teach others? Also, create a brand. With the recent bankruptcy of Nasty Gal, founder Sophia Amoruso will still be worth millions because of the investment she made in building her #GirlBoss brand, including her book, speaking, and a Netflix deal. Building your brand is crucial … your brand directly affects your net worth.
- Money is like a child—you must watch it grow. You must measure it. Otherwise, things can get out of control. Use apps like Mint (I just use my Chase app on my phone) and Evernote to track charges. Have a “Money Maintenance” hour each week specifically for paying bills and reconciling accounts. I usually choose Sunday nights.Wealthy Girl Summit is a LIVE conference to support women to increase their net worth so they can increase their impact in the world. Women will learn:
- How to cultivate the feminine millionaire mindset
- How to develop leadership skills so they can lead a team
- How to make money online by creating experiential courses and raving fans
- How to turn a freelance hobby or gig into a side business and beyond
- How to invest your money in businesses or real estate
- Plus, how branding is the foundation of your net worth