Money Talksis an xoNecole series where we talk candidly to real women about how they spend money, their relationship with money, and how they get it.
As we are out here getting to these coins, I want to ask you all something really quick. If you could write down the first idea that pops into your head, how much is it worth to you? And I am not talking about how much money you THINK people would pay for your idea. But how much money do you honestly believe your idea is worth right now? I ask this because a lot of times, as creatives, when we are coming up with ideas, we struggle with being confident in knowing how valuable they are. Now, no idea is too big or too small. But, with so many possibilities in the world with how you make a statement, it can get a little cloudy with believing that your idea can stand out among the rest.
I believe the trick is to not focus on how much faith you have in other people to buy in, but to focus on having faith in yourself. Do you believe in yourself? Do you believe your idea is valuable because you are valuable? You should always be confident in your capabilities first to really push forward your ideas/dreams. Your ideas are an extension of you, so they will always be pretty expensive. It doesn't matter how you came up with the idea or if you feel it has been done before. When you take a chance on your idea and stay determined to see it through, you are taking a chance on yourself. Every time.
This mindset is something I learned from six-figure entrepreneur Afenya Montgomery. Last year in 2020, I was able to attend an event at a coworking space where I connected with other women who were pursuing different businesses in different industries. It was so amazing listening to all their stories, especially the host, Afenya Montgomery. When we met, I knew we would stay in touch instantly. Now one year later, Afenya reminded me of how important investing in yourself is when it comes to entrepreneurship.
"I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. I had this idea and I had to see it through. Nobody wants to look back years later and think, 'I should have done this or that.' I felt like if I was going to bet on anything, I was going to bet on myself. Always remember, when you are putting real money behind an idea, don't be in the talking stage or dating the idea. You have to be married to it."
Courtesy of Afenya Montgomery
Afenya Montgomery, born and raised on the south side of Chicago, started her professional career in the nursing field. Afenya was able to obtain her Master of Nursing degree and an MBA with a focus in executive leadership. In the year of 2017, Afenya felt that it was time for her to pivot. During that time, she started meeting up with her friends at local coffee shops and noticed that there was a lack of resources for people of color in entrepreneurship. That is all it took for Afenya to come up with an idea to help change that problem. Afenya mentions, "The idea began to form that it would be great to create a network of people that could act as accountability partners, potential business collaborators and resources for each other. Our first event was a panel discussion in June 2017 titled, 'Leveraging Your Network to Create Impact,' and we haven't looked back since."
Afenya is now the founder of The iCAN Collective. The iCAN Collective was founded on the pillars of Innovation, Collaboration, Accountability and Network. The iCAN Collective strives to give women a space to build a foundation of collaboration, authentic connections, and support as they blaze new trails on the path of entrepreneurship or in their careers. This company is a collaborative coworking space for women of color entrepreneurs, creatives, and game-changers, where it offers memberships, exclusive events, networking opportunities, and brand packages. Afenya wants to be a resource for creative entrepreneurs and celebrate them for going after their dreams.
When you chase your dreams and execute them no matter what, nobody can tell you nothing.
In this installment of "Money Talks", xoNecole spoke with Afenya Montgomery about how trusting your gut, being strategic, and building your business at your own pace are the keys to creating financial freedom.
xoNecole: How much money do you make in a year? A month?
Afenya: I usually make mid-six figures with my company in a year. My revenue breaks down to making around $15-20K a month.
What do you define as “wealth” vs “success”?
Success for me means you are setting goals for yourself and getting them accomplished. You create these milestones for yourself and they can be small or big. Either way, you are getting them done. As far as wealth, wealth to me is being able to have certain things you want in your life, but more importantly, leaving something behind for your children and building that legacy.
What’s the lowest you’ve ever felt when it comes to your finances?
The lowest point for me was back before I was in nursing school. It was during the Great Recession and I got laid off. At the time, I was a newlywed, I had just bought a house, and I was about to have a baby. So that was when I started to look at money differently. I realized you can't only depend on a job. You need other ways in order to sustain money. I didn't think about entrepreneurship at that time honestly, so what I did was, I started a blog about my journey. Then, I looked at what I was passionate about, what careers aligned with that, and thought about how I can have more control over my money.
How important is investing to you?
I have always been interested in investing and how I can save money better. Even before my company, I would open money marketing accounts and make sure I was smart about utilizing what I had for the things I needed at the time. When it comes to investing, I think it is really important to know which type of investments are right for you. Because let's be real, it is not easy investing thousands of dollars or 500 dollars into something that you want([laughs). I'm the kind of investor where I invest in myself and my ideas to watch them grow and flourish. But it is important to have a diverse portfolio and that you are married to this investment/idea.
When it comes to structuring your business, what are your streams of revenue and how did you go about establishing them?
Prior to having a physical space, The iCAN Collective was about creating workshops and networking events/opportunities for women of color interested in entrepreneurship. I found myself having these events in different spaces and figured why not create a space that was permanent. From there, I wanted to provide different things that a lot of spaces do not offer. So with this space, we provide membership, a coworking atmosphere, host events or intimate gatherings, and we offer brand packages. It's important to have something that is unique and stands out from the rest.
What are some unhealthy habits about money or some unhealthy mindsets about money that you had to let go of to truly prosper?
The first thing I had to change was this mindset about money as if it will never come. My brother would tell me these affirmations stating, "Money is always free-flowing. I am abundant. Money will come my way, etc." Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'
"Affirming to myself that money is always around me shifted my scarcity mindset. I think a lot of us think about money with this mindset and we cannot continue thinking, 'If I spend this amount or I go after this goal, I will never have money again.'"
Courtesy of Afenya Montgomery
What keeps you motivated?
If you are passionate about something, then build the strategy behind what you want to do. I have heard people say that when it comes to business, do not go after your passion. But why passion is important to me is because that is honestly what keeps me going. If I don't have any interest or drive to be in that space, then I can't innovate in that space. Entrepreneurship is not one of those things where you're going to get a check just for showing up. You have to be really good at what you do and also have passion for it to see it flourish.
What is the most important lesson you’ve learned through being a businessowner?
It is important to be flexible and roll with the punches when you're an entrepreneur. But more importantly, my main lesson has been trusting your gut and trusting God. If God gave you an idea/mission, it is already protected by Him. I always tell people that I never wanted to be an entrepreneur. It was more of a God-given assignment and I have faith in what I am creating to be aligned with my purpose.
What was it like learning to expand your business from one city to multiple cities?
We are looking to expand The iCAN Collective to New York, which is funny because I actually wanted to move to New York when I was 18 years old (laughs). I am so in love with the vibe of New York and I also have family who live there. What I learned about creating a space in a new city is to always poll your people. It is really important to build relationships with the people in the community. I try to look at it through the lens of what I can I bring to this space to support the community the best way I can? I ask myself, what is the main need and what can I provide?
Was it easy to become a well-respected businesswoman in your respective industry or did it take time?
In the beginning, I was letting people know 'ya'll better put some respect on my name' (laughs). The thing about Chicago is that we are known to be a little cliquish. So it is not that I didn't know people in the industry, they just didn't know me. I won't lie, navigating through the industry was hard. I would go to a bunch of events, hand out my business cards, and network, network, network. But as time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter.
"As time goes on, you realize that it is not about everyone knowing who you are, it is about the right people knowing who you are. You want to know the people who can speak your name in rooms that matter."
Courtesy of Afenya Montgomery
What’s the best advice that you’ve received about finance during your first year of entrepreneurship?
The best advice I think that helped me during my first year is to build slowly. There is this misconception where you see people starting their businesses and everything is happening so fast, so you feel you have to catch up in a sense. But you really have to look at your strategy for your business, intentionally, in order to scale. Another really good piece of advice I received is that, a lot of people talk about an individual having multiple streams of income. But I don't think we talk enough about businesses having multiple streams of income. I have learned that it really helps to diversify what you provide in your business. If you are trying to be a million-dollar business, make sure that every move you make feeds that desire.
To learn more about Afenya, you can follow her on instagram @afenyabsn. You can also check out her business website here.
Featured image courtesy of Afenya Montgomery
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The essence of effortless poise and refinement shines bright through the iconic university colors of indigo blue, red, and white. Every October, Howard University students, alumni, staff, and friends gather on the prestigious campus in Washington, D.C. to take part in time-honored traditions and events, which is Homecoming. This year's theme, “The Meccaverse,” was a week-long celebration of Howard University’s heritage, including the Homecoming football game and Bison Pep Rally, the Fashion Show, Greek Life Step Show, Homecoming Day of Service, Lavender Reception, and the iconic Yard Fest Concert.
As 2024 marked the 100th anniversary of the Howard Bison trek back to The Mecca and after two years of virtual events due to the COVID-19 pandemic, this was to be a celebration of a lifetime. We enlisted HU alumnus Sharmaine Harris, a luxury retail buyer, as she revisited her alma mater as eyes on the yard for fashion-forward outfits mixed with personal style and campus pride for the weeklong celebration.
Before we get to the looks, discover how attending Howard University impacted her career in fashion and her day-to-day style:
Credit: Sharmaine and Friends
xoNecole: Describe your personal style. Did attending Howard have any impact on developing it?
Sharmaine: Howard taught me that there’s no such thing as being TOO dressed. There’s always a reason to “put it on” and look presentable, even if it’s just for a day of classes. Standing out was celebrated and encouraged with my peers embracing the opportunity, giving me the confidence to try new styles and trends.
xoNecole: How did Howard shape your career as a luxury buyer?
Sharmaine: I studied Fashion Merchandising, through which I was fortunate to have professors who were very connected to the industry and able to give first-hand accounts of opportunities and what to expect post-college. I was also able to build a network through my peers and other Howard Alum, which has opened doors to endless possibilities both within fashion as well as daily life.
The same confidence instilled in me through my style has also been rooted deeply within me as I step into any role or project I’m faced with throughout my career.
xoNecole: This year marked Howard’s 100th-anniversary Homecoming celebration. Can you describe what the weekend looked and felt like?
Sharmaine: I’ve gone to many Howard Homecomings since graduating, but this year’s 100th anniversary felt like a huge family reunion filled with nothing but love. It was beautiful to see so many Bison return home looking great and radiating joy. It was beautiful!
xoNecole: What makes Howard fashion different from other HBCUs?
Sharmaine: Being that Howard is The Mecca, we have such a diverse population with each individual having their own spin on fashion. Getting dressed is second nature for us, but the layered confidence is our secret ingredient to make any look come together. Through that comfortability to push barriers, we have a legacy of setting trends, as indicated by the many alumni we have in the fashion and entertainment industry.
Keep scrolling for the top street style moments from The Mecca's Homecoming weekend:
Credit: Lacey Gallagher
Credit: Alan Henderson
Credit: JaLynn Davis
Credit: Dylan Davis
Credit: Caleb Smith
Credit: Kendall W.
Credit: Jordyn Finney
Credit: Vanessa Nneoma
Credit: Dr. Mariah Sankey-Thomas
Credit: Caleb MacBruce
Credit: Tiffany Battle
Credit: Teniola
Credit: Ilahi Creary
Credit: Nicolas Ryan Grant
Credit: Dylan Davis
Join us in celebrating HBCU excellence! Check out our Best In Class hub for inspiring stories, empowering resources, and everything you need to embrace the HBCU experience.
Featured image courtesy of Sharmaine Harris
These exit polls quickly became the object of Black women’s attention and ultimate disappointment. Because while Black women went out and reliably voted for Vice President Kamala Harris to the tune of 91%, white women handed Trump 53% of their collective vote, Latino women 36%, and women of “other races” 46%.
On the night of November 5, 2024, Black women were left in shock. This shock would morph into disappointment, and the disappointment was a consequence of what, some would begin to argue, felt like, well, betrayal.
Like Rome, though, this heart-wrenching disappointment wasn’t built in a day.
Screenshot from "2024 Exit Polls," NBC News, accessed Nov. 12, 2024.
The Set-Up
On Sunday, July 21, President Joe Biden announced that he would not be seeking reelection - a decision that followed the disastrous one-and-done debate against former president Donald Trump, the subsequent wavering of major donors, and growing calls for a new candidate to run on the Democrat’s ticket. Hours after Biden’s announcement, Vice President Kamala Harris would send Beyoncé's internet into a frenzy by announcing that she would seek the party’s nomination.
That July night, 44,000 Black women assembled via Zoom to stress test the limits of the meeting app, break historical fundraising records, and strategize - subsequently setting into motion a series of virtual meet-ups. As a result, more Zoom meetings cropped up, bringing together attendees connected through countless combinations of backgrounds, orientations, and genders.
One said meeting was held by and for 164,000 “White Women for Kamala” who’d come together to publicly declare that they’d regretted not doing more in 2016 and were ready to use their privilege for the sake of advocacy and allyship.
A woman wearing an anti-Trump button as she listens to Democratic presidential nominee VP Kamala Harris speak at a campaign event on Oct. 18, 2024.
Bill Pugliano/Getty Images
For months, white women made it a point to convince Black women that they were on board - ensuring us that they were ready to seize their second chance at pushing back on the pillars of the patriarchy. The same group who’d failed to answer the call of rejecting Trump’s racist, sexist, and xenophobic antics before swore, for months, that they’d seen the error of their ways and were looking for redemption. The alleged fix? Betting better. Doing more. Voting differently.
While there was an understanding undertone of apprehension from Black women, the rhetoric began to lend itself to hope — with some going so far as to lift the moratorium on cookout invites. There seemed to be a collective sigh. A brief moment of unity.
The Let-Down
Little did Black women know, they were about to be played like a fiddle by the same group who, like in 2016 and 2020, were more interested in their own self-preservation than in actual change. This short-lived hope was dashed on Nov. 5 as the true nature of performative allyship became evident.
Turns out, the Black women who’d served at the helm of the movement, bless their hearts, had been bamboozled. Hoodwinked. Swindled. Like a modern-day Boo Boo the Fool. Believing the hook, line, and sinker, it was almost cute, in a tragic sort of way. They saw the potential, the hope, and the promise, drinking the red Kool-Aid, so to speak, eagerly awaiting the revolution.
The excessive blue hearts and social media commentary pledging solidarity had turned out to be performative or had over-indexed the voices of the 44% who were actually in solidarity. Either way, the seemingly overwhelming allyship wasn’t there, reminding Black women that while they are constantly expected to stand on the front lines for so many, rarely is there any ally who will actually show up for them.
A History of Short-Lived, Self-Serving Allyship
The 2024 election wasn’t the first time we’d seen this type of performative allyship, though. While a noble concept in theory, the kinds of allyship that have been displayed in many movements across The States have far too often missed the actual point. In fact, throughout U.S. history, allyship has actually been used more as a tool to bolster a single group’s positioning in the social hierarchy rather than genuinely advocating for the progression of marginalized groups.
Think back to 2020. Just months after the COVID-19 pandemic forced much of the country into isolation, remote work, the acknowledgment of essential workers as, well, essential, and, for some reason, bread-making. For 9 minutes and 29 seconds, the world watched, helplessly, as a powerless George Floyd was slowly pulled away from the world, drained by Officer Derek Chauvin's knee to his nape. In a traumatic 8 minutes and 46 seconds, the world seemingly changed.
Ira L. Black/Corbis via Getty Images
Protests quickly spread across the globe, and along with it, a wave of “allyship” swept across America. Large corporations, scrambling to answer the calls of Black employees, consumers, and investors demanding that they use their financial prowess to do more to prevent the next Floyd, almost instantly began releasing statements of solidarity, pledging donations to “racial justice” causes, and promising to promote more Black employees.
However, as quickly as these gestures showed up, most were forgotten, with almost all proving to have provided minimal impact on the groups they’d pledged to help. While some companies, like Target, increased their spending on Black-owned businesses, others faced scrutiny for their lack of substantive change.
A study by Color Of Change found that only 17% of companies that pledged donations after Floyd's death had fulfilled their commitments. Data compiled by theWashington Post found that two years after America’s 50 largest publicly traded companies pledged a collective $50 billion to racial justice causes, just 37 had disbursed a collective $1.7 billion. What’s worse?
Ninety percent of the pledged amount - or $45.2 billion - had been allocated in the form of mortgages, loans, and investments that the companies themselves would more than likely benefit from. These companies said one thing and did another and still found a way to benefit from the delta.
Performative Allyship: Civil Rights & Women’s Liberation Movements
This type of allyship is new, though. It didn’t take long for powerful groups to figure out that the simple appearance of allyship was, for the most part, good for business and the bottom line. For decades, powerful entities have publicly supported movements only to be later found to have engaged in discriminatory practices, highlighting the consistent disconnect.
During the Civil Rights Movement, companies issued statements of solidarity and even donated to civil rights organizations, but behind the scenes, they continued to segregate their workforces and refuse to hire Black employees for higher-level positions. During the Women's Liberation Movement, advertisers capitalized on the feminist moment by incorporating imagery and slogans associated with women's empowerment into their campaigns, while the underlying message of many advertisements reinforced traditional gender roles and stereotypes.
The difference between what is said and what is done has time after time exposed the shallowness of allyship, highlighting how it has mostly served as a tool for public relations rather than a genuine commitment to social justice and to the marginalized groups who are most at risk by the upholding of the status quo.
For two election cycles straight, white women posed as allies and still voted in a way that upheld the power structure that they benefit from - with many understanding that the survival of white supremacy is of more value to them than sexism and misogyny is a threat. In 2016 and 2020, 52% and 55% of white women, respectively, decided that they’d rather keep their position of second place in the social hierarchy than risk dismantling it and being forced to find a new place in society.
Latino women and women of “all of the races” followed the trend - blatantly ignoring the warnings of the same Black women who have not only been on the front lines of social justice but who are often called into the lead movements in communities that are not there own - increasing their support for Trump between 2016 and 2025 by 13% and 15% respectively.
Screenshot from "2020 Exit Polls," NBC News, accessed Nov. 12, 2024.
The Blue Bracelets are Going to Be A “No”
On the night of Nov. 5, 2024, Black women watched their country look at a qualified, experienced, capable, and willing Black woman and say, “Nah, we good.” It was on this night that a group that had been denied democratic rights for centuries, but had still attempted to rescue American democracy far too many times, only to be let down, put away the warnings, and began issuing a new declaration - they were opting out.
Black women have decided to lean into rest and recuperation - uninterested in any additional work that will, more than likely, end in disappointment and betrayal. For many Black women, the suggestion to wear blue bracelets as a symbol of solidarity is patronizing and dismissive of a greater and more complex issue. It’s a way to absolve the women who let Black women down for failing to keep promises made while simultaneously positioning the wearer as morally superior.
It fails to address the historically deep betrayal that Black women have experienced at the hands of their country and, more specifically, their own countrywomen. The request reduces the fight for equality to a simple, superficial gesture when allyship isn’t aesthetic and Black women deserve more than a symbol.
While the blue bracelets may be the new fashion choice for white women attempting to set themselves apart, to symbolize that they were on the right side of history, for many Black women, it’ll always be difficult to trust. In fact, it may serve as a symbol of a hollow and fleeting promise for the Black women who have done the tireless and thankless work for justice and equality.
For now, Black women are choosing themselves. Anywhere between a few days and the next four years should be enough time to reset and recoup. And who knows, they may even find the excess capacity means energy to train as pilots, restart forgotten yoga practices, expand the business, or earn that second Ph.D.
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Featured illustration by nadia_bormotova/Getty Images