Building Wealth as Infamous Mothers: A Beginner’s Guide (Part 1)

financial literacywealth buildingpersonal finance for mothersentrepreneurshipinvestment strategiessaving and budgetingfinancial planning
Written By Sagashus Levingston, PhD

Breaking Financial Cycles

Introduction

Can I tell you something personal? I'm really good at making money, but I'm still learning how to build wealth. I’m masterful at earning cash actively, but I'm still learning how to make it grow passively…in my sleep. I can help you learn how to make big bucks, but I'm also learning alongside you how to keep that money safe and growing.

As Infamous Mothers who've faced tough times, we're strong and we're breaking old habits to build new ones, especially when it comes to money. We're leading the way in our families, going from struggling to thriving. But as beginners in building wealth, we often don't know where to start. Even when we figure it out, we're bombarded with requests and problems, making it hard to decide between helping others and keeping what we've earned. Without the right info, we could risk losing everything, and nobody has time for that. This post is here to add to your toolkit. It’s here to remind you of your power, help you build your financial know-how, and give you what you need to “slay the financial day”.

April is National Financial Capability Month, all about getting better at handling our money. This article kicks off our series on financial empowerment, setting the stage for what's ahead. Remember, I'm not a financial advisor, but I've mixed my own experiences with solid research to help guide you toward financial independence.

Building Wealth

Wealth Defined

What's the difference between being rich and being wealthy? Being rich means having a lot of money and stuff, while being wealthy goes beyond that. It's about having valuable resources and assets that keep you financially secure and free. Wealth means having lasting stability, not just depending on your income, and it includes things like having time for yourself, being healthy, and having good relationships. It might change what you aim for financially.

Recently, my family went through a tough time. Even though I had reached all my money goals and my business was doing well, life threw us some curve balls. We faced lots of challenges: losing loved ones, bad advice about money, dishonest business deals, health problems, and more. Everything came at once, and I had to stop working to deal with it all. In just eight months, I almost lost everything.

I don't want you to go through what I did, so I'm sharing my story and what I've learned to help us all. You're invited to join me on this journey to understand and secure real wealth.

Pillars of Wealth

In the previous section, we explored the distinction between riches and wealth, pinpointing that true wealth revolves around financial sustainability. But how do we achieve this? What are the steps to earning money passively, ensuring our finances flourish, and implementing the strategies often touted by financial experts? Let's delve into the foundational elements of building wealth.

Seven Pillars of Wealth: A Snapshot

  1. Financial Literacy: Knowing how to handle money is crucial for building wealth. It means understanding things like budgeting, investing, and how the economy works. With this knowledge, you can make smart choices about your money, helping you reach your financial goals in the short and long term.

  2. Savings: Saving money is the first step to financial security and building wealth. It's about regularly putting aside some of your income for future needs, emergencies, or opportunities. Having a good savings plan not only gives you a safety net but also helps your money grow over time.

  3. Investments: Investing is how you grow your wealth. It means using your saved money to buy things that can make you more money, like stocks, bonds, or real estate. Each investment has its own risks and rewards, so it's important to choose wisely.

  4. Asset Accumulation: This is about getting and managing valuable things that will increase in value over time. It's not just about saving or investing money; it also includes things like owning property or intellectual property.

  5. Protection: Protecting your wealth means planning for unexpected events and risks. This includes things like having insurance for your health, life, or property, and making plans for what happens to your money after you're gone.

  6. Inheritance: Getting assets from family members can give you a big financial boost. But it's important to manage this money wisely to make sure it keeps growing for future generations.

  7. Business Ownership: Starting or owning a business can be a great way to build wealth. It's not just about making money from your business; it's also about growing it over time through innovation and smart investments.

If you're anything like I used to be, you might be wondering, "How can I save money when I can barely cover my basic needs?" Or, "How can I start building wealth when I'm struggling financially and have no credit?" I was so focused on my current situation that I couldn't see the value in advice that could help me improve it. But looking back, I realize that was a negative mindset.

Looking at the above pillars, if there’s one more things I could add, it's the importance of adopting a mindset geared toward wealth. When combined with these foundational steps, it forms a solid plan for achieving and maintaining financial success. By finding the right balance tailored to your goals and the economy, you can pave the way toward long-term prosperity and stability.

Pillars of wealth

Building Your Financial Toolkit

A Curated Book List for Financial Empowerment

To further our financial empowerment journey, we spotlight books by black women who are both financial experts and mothers. Their insights offer profound guidance on wealth building from perspectives that deeply resonate with our community:

Financial podcasts

Podcasts and Experts to Follow

For continuous learning and inspiration, these podcasts and financial experts offer invaluable insights:

Tiffany Aliche (The Budgetnista)

Patrice C. Washington (America's Money Maven)

Bola Sokunbi (Clever Girl Finance)

Early Retirement

Jamila Souffrant (Journey to Launch)

Lynnette Khalfani-Cox (The Money Coach)

Dr. Shakkiah Curtis (The Pink Hustle)

Black Woman Millionaire

Rachel Rodgers (Hello Seven)

  • Founder of Hello Seven, a company dedicated to teaching women how to increase their income and build wealth.

  • Instagram: @rachrodgersesq

  • Podcast: "Hello Seven Podcast"

  • Book: "We Should All Be Millionaires"

  • Rodgers is renowned for her straightforward approach to creating wealth and advocating for women's financial independence.

Dr. Venus Opal Reese (The VenusOpal Brand)

  • Inspirational speaker and business coach for Black women entrepreneurs, Dr. Reese shares her journey from homelessness to earning a Ph.D. and building a successful business.

  • Instagram: @drvenusopalreese

  • Website: Dr. Venus

  • Known for her transformative coaching programs and speaking engagements that empower women to break free from economic limitations and embrace abundance.

Afra Smith (The Melanin Money Project)

  • Advocate for financial literacy and the founder of The Melanin Money Project, aimed at educating and empowering the financial lives of women of color.

  • Instagram: @theemelaninmoneyproject

  • LinkedIn: Afra Smith

  • Focuses on breaking down financial barriers and building generational wealth within communities of color.

Dr. Sagashus Levingston (The Infamous Mothers Coach)

  • Known for her work on empowering mothers to accomplish their “impossible” dreams through education, entrepreneurship and owning their stories

  • Instagram: @infamous.mothers

  • Books: "Infamous Mothers," “Covet” and “A Pot to P*ss In”

  • Game: Books, Bullets and Babies Card Game

  • Podcast: Books, Bullets and Babies (Coming in 2024)

  • Blog: Weekly Wench

  • Focuses on authenticity, personal stories, and education to remind badass moms who do extraordinary things of their power to achieve the "impossible," including financial independence.

Each of these influencers contributes significantly to the discourse on financial literacy, empowerment, and resilience. By following their work across various platforms—whether through Instagram, podcasts, YouTube channels, or reading their books—you'll gain access to a wealth of knowledge and inspiration tailored to navigating the complexities of financial independence and building wealth.

Financial Book Club for Mothers

Conclusion: A Journey of Continuous Learning and Growth

Conclusion

As Infamous Mothers, we often face personal challenges while striving for financial empowerment. Through strategic financial management, wise investing, cultivating a mindset for sustainability, and continuous learning, we pave the way for resilience, wealth, and empowerment for future generations. This journey is a marathon, not a sprint. Every step toward financial independence matters, guided by the wisdom of those who've walked before us. Use discernment and research to tap into the experience, knowledge, and sisterhood around you. Soon, you'll achieve figures you once deemed impossible and make them work for you, enjoying the freedom that wealth brings. Share your insights and let's build a supportive network together.

Engage and Share Your Journey

As we navigate our financial empowerment journey, we invite you to engage with our community. Share your favorite podcasts, books, or influencers that have inspired your path to financial independence. Your recommendations can empower another mother on her journey to building wealth and overcoming challenges. Let's create a vibrant community of learning, support, and growth.

P.S. — It’s Covet Season

In the Infamous Mothers Universe (IMverse), we're fully immersed in the transformative Covet season. This is the phase where extraordinary women in our world wholeheartedly dedicate themselves to becoming the versions of themselves that once seemed out of reach. During this season, women are achieving their health and wellness goals, increasing their bottom lines, and accomplishing things that were once deemed 'impossible'. Our mission is crystal clear: we exist to inspire, motivate, and educate you as you relentlessly pursue the very dreams you've longed for.

If you want to join us in Covet season, are ready to delve deeper into the enriching content of this series, we have more FREE content to offer:

  • Subscribe to our blog: Gain access to valuable content that can spark your personal transformation (complete the Weekly Wench form below).

  • Join our Wanted newsletter: Stay in the loop with the latest resources.

Join our growing Instagram community to connect with kindred spirits. We're here to empower you throughout Covet Season, guiding you to turn your dreams into a vibrant reality.

Photo Credit: Chris Charles

ABOUT THE BLOGGER

Dr. Sagashus Levingston is an author, entrepreneur and PhD holder. She has two fur babies, Maya and Gracie, six children (three boys and three girls), and they all (including her partner) live in Madison, WI. She loves all things business, is committed to reminding moms of their power, and is dedicated to playing her part in closing the wealth gap for people of color and women. She believes that mothering is a practice, like yoga, and she fights daily to manage her chocolate intake. The struggle is real, y’all…and sometimes it’s beautiful.

Follow her on Instagram: @infamous.mothers

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Sagashus Levingston, PhD
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From Pages to Practice: The Stories and Legacies of Badass Moms