Celebrate Beyonce’s Birthday by Getting your Finances in Formation
September 4 is Beyonce’s birthday, and what better way to celebrate than to be (Sasha) fierce with your finances?! Not only is Beyonce a superstar, but she’s also a powerful businesswoman and known for her personal finance prowess (her $400 million net worth speaks for itself) in a way that all women can be inspired by.
Taking these steps can help women follow in Bey’s financial footsteps.
If there’s one thing women can learn from Queen Bey, it’s that you’re in control of your own destiny. Celebrities in particular often have the tendency to be more blasé about what’s happening with their money, but Beyonce takes a very hands-on approach with her finances. In fact, Forbes named her to a list of the top 80 self-made women earlier this year. She’s even self-managed, serving as the CEO of her own company, Parkwood Entertainment. Whether you have Knowles-Carter level money or not, knowing what’s going on with your money is crucial. Make a conscious effort to really get to know your finances and what you can do to improve them. Go on a date with your monthly budget and learn it backward and forwards. Take a conscious and enthusiastic approach to managing your money. Being empowered to facing it head on will allow you to approach it with a positive attitude.
Be an independent woman
Beyonce has so many songs about not letting your partner run your life. This goes for your finances too. She may have married another superstar in Jay-Z, but she certainly doesn’t need his money or his success. When in a relationship, there’s nothing wrong with combining your finances, but it’s important that you’re included and playing an active role in the decisions being made with the money.
If you don’t wish to combine your finances, be confident in your decision to keep it separate and have a calm, diplomatic conversation with your partner explaining why. In any relationship, communication about your finances is key. Each relationship will be different, but feeling as though your voice is being heard and that you have autonomy over your finances is important as a woman. And on the other side of the coin, be aware of partners who simply want you to take control of everything and not put any effort in themselves (“Bills, Bills, Bills,” anyone?)
When it comes to her finances, Beyonce has been very open about the fact that she has been actively investing her money. For example, she was an early investor in Uber, asking for the $6 million she was offered for a performance back in 2015 in equity instead of cash. And now that Uber went public earlier this year, that investment was clearly a wise one. Once again, you don’t have to have Beyonce money to invest. Whether it’s your retirement fund or the stock market, investing your money can be a wise way to make some passive income. If you’re not sure where to start, consider seeking the help of a certified financial planner.
Beyonce spends time and money on charitable causes she believes in. One of the most prominent examples of her philanthropy is the #BeyGOOD initiative, which includes a number of different scholarships, mostly geared towards young women and students at Historically Black College and Universities. Even if money is tight, how you spend your money and time are often an extension of your values. And giving back to others, no matter what the amount, will help spread joy and enhance your own self-esteem.
Think like a BOSS
Beyonce has worked to make her name a global brand. Music was just the beginning. In addition to her role with Parkwood Entertainment, her athleisure line, Ivy Park, launched a collaboration with Adidas earlier this year. She is a co-owner of Jay-Z’s streaming service, Tidal, just to name a few. Now, with hands in all sorts of business ventures, following Beyonce’s lead in finances can lead to increasing your income through a side hustle, being your own boss, or simply stepping up and asking for that raise you know you deserve.
Know your worth
Beyonce is such a symbol of female empowerment. From “Independent Woman” to “Formation,” Beyonce’s discography is filled with girl-power anthems. She wants women to know their worth. And your worth is not always tied to your money – in fact, it shouldn’t be. This starts inwardly. No one else can tell you your worth. Talk to yourself positively. You’re so much more than your financial situation. Finding the things you love about yourself and channeling the confidence that Beyonce exudes will carry over into all aspects of your life – including your finances.
This year, celebrate Beyonce’s birthday by taking a page out of her financial book. She’s a boss in every sense of the word and encourages all women to be their best. Following her example when it comes to money management will have you hitting all the high notes.
For more financial tips, visit the Tayne Law Group blog!