Creative Partnerships Can Lead to Money Magic

Creative Partnerships Can Lead to Money Magic

Janell and Cori met in an ElleFactor Circle and weeks later, bought a house together. That may sound crazy. But it’s easier than you think. Cori and Janell had a lot in common, including the belief to buy a house, you need to have a spouse and/or a ton of cash. They both wanted to invest in real estate but didn’t know where to begin.

So how did they accomplish this? It’s been said that there are 3 key resources to any project: time, money, and talent. Once they combined forces, they had all three.

Read on to see how they did and take a look at the numbers..


Do You Want a Home or an Empire?

Do You Want a Home or an Empire?

If you've ever thought "schoolteachers don't make much money", think again. This week, we’re talking to real estate investor Steph Douglass, who started building her real estate empire while she was making just $35K/year.

Read on for some thoughts from Steph and then don’t forget to RSVP to April' 7th’s Coffee & Coin. There, she’ll share all the nitty gritty details of how she accomplished becoming a real-estate investor and business entrepreneur.

Let’s Talk Love & Money

allegra_moet_brantly_jake_grosek_ellefactor

In honor of Valentines, we’re curious?:

  • Do you currently share your financial life with a partner?

  • Have you done so in the past or plan to in the future?

  • Does the idea of sharing your financial picture with a significant other frighten or delight you?

Personally we’re a fan of sharing your financial life with a trusted partner (keyword: trusted!), because just like the saying “two heads are better than one” so are two incomes.

With more money to save and invest, plus more ways to minimize your expenses (like sharing housing costs or those Netflix & Amazon accounts!), it’s possible to move faster towards financial freedom.

The financial transparency in my relationship has allowed for me and my boyfriend to become each other’s champions in a way I couldn’t have imagined before.

Interestingly, we have already switched places as being the higher income earner (a few times!) which we see as a win-win for the team.  

In gearing up to launch the ElleFactor, we didn’t just talk about my idea for the company ad nauseam, we put a financial plan in place to allow for my transition out of w-2 life.

Here’s a few things we did to prepare for my entrepreneurial journey to become a reality over the last year:

  1. EMERGENCY SAVINGS: Typically we only kept 4 month of fixed expenses in cash so the rest could go towards investments that were growing our wealth with compound interest, but we increased our cash reserves to be more conservative while I launch a startup.

  2. BACK UP EMERGENCY SAVINGS: We discussed which brokerage accounts would be earmarked as our secondary emergency fund if we needed access to more cash.

    • Note: This is why having non-taxed advantaged accounts are valuable. Unlike tax-advantaged accounts (ex. 401Ks & IRAs), you don't get penalized for taking your money out early (before age 59.5) when you need it! We learn about brokerage accounts and how to up your investing game in ElleFactor Circles too.

  3. BOUGHT A HOUSE: Not only did buying a personal residence lower our monthly living expenses by 22%, it also increased our net-worth while building up our overall portfolio in the real estate department.

    • Note: We also house hack by renting out a private downstairs space to a tenant that pays half our mortgage (Learn about House Hacking and building RE portfolios in an upcoming ElleFactor Circle).

  4. STOPPED EATING LUNCH OUT. We went on a year long ban to get better at meal planning and preparing home cooked meals. This allowed for leftovers to become our lunch and wasteful spending on lunches out daily to cease!

    • Note: This has also made us healthier!

  5. GOT REAL HONEST WITH EACH OTHER AND OURSELVES. In talking through ways to significantly reduce our expenses, we focused on cutting out the things that didn’t serve us and keeping things that did.

    • Note: We recognized that we love eating dinner out 2-3 times a week so we built this into the budget to keep from feeling deprived. Now, we opt for fast casual restaurants and stick to a per meal budget which usually means foregoing either the drinks or the apps!

Drink the Coffee, Not the Kool-Aid

holli_hullett_allegra_brantly

On Sunday we had our 2nd Coffee & Coin event in Austin - the monthly forum where women talk wealth!

The room was full of inspired conversation and honest thoughts around how to set up our financial lives for success even when we hit roadblocks along the way.

A fearless woman named Holli shared her entire money journey (including the real numbers!) to a room full of supportive strangers.

It reminded me of something I come back to over and over again - there is a palpable sense of empowermentstrength, and love, in a room full of women supporting each other.

Holli shared her first money memory of learning her family wasn’t financially responsible after her dad got caught stealing cable (and the cartoons got shut off!) to:

  • Putting herself through school

  • Overcoming rocky relationships

  • Dealing with financial emergencies (that 10k bunny bill, though!)

  • Becoming the first person in her immediate family to own a home

  • Overhauling her career from earning 30K to 130K

  • And saving six figures in 8 years

All of which are great reminders that one event doesn’t define you and there is still time to take ahold of your financial future not by waiting, but by acting.  

The best time to take control of your financial future is when it feels:

  • Unclear

  • Expensive

  • Out of control

  • Confusing

  • Scary

  • Hard to navigate, etc.

That’s why ElleFactor Circles exist. To give you a place to design your financial future with a group of women by your side and all the tools you need for you and your new money crew to gain financial clarity, purpose, security and freedom.

Today, Holli is looking at creative ways to invest her money thanks to her experience in an ElleFactor Circle where she was encouraged to think outside the box, inspired to get her goals outlined, and supported to put them into action.

February's Coffee & Coin with Holli

At the next installment of coffee & coin:

You’ll hear from Ladies Get Paid ATX’s committee co-lead, Holli. She’ll share her:

  • First Money Memory of learning her family was not well off financially

  • How she bought a house as a single woman

  • How she saved 6 figures for retirement

  • And what her exact numbers are from income to savings to investing

Holli is an inspiring woman who’s actively involved in the Austin arts & financial wellness scene. On Sunday, February 3rd 11-12:30pm, come listen to her financial journey while enjoying a free cup of ‘Jo at Greater Goods on the Eastside. RSVP before tickets sell out like last time!