<![CDATA[ Marie Claire ]]> https://www.marieclaire.com Wed, 27 Mar 2024 00:59:27 +0000 en <![CDATA[ What "Reverse Ambition" Means to Three Multi-Hyphenates ]]> When we've outgrown one version of professional or personal success, pivoting to the next can feel daunting—especially when it's outside of our comfort zone. How can we align our ambition with our interests as we continue to evolve, both in our professional lives and as members of our communities?

During the second day of Marie Claire's Power Play summit in Los Angeles, Sophia Bush, Nia Batts, and Merrell VP Jane Smith came together to discuss just that—the idea of "reverse ambition"—in a panel moderated by WWW co-founder and Future SVP Hillary Kerr.

"Just because you start doing one thing doesn't mean you cannot pivot or flip the script," explained Kerr in her introductory remarks. "It doesn't mean that you are stuck in one thing. And our amazing panelists are going to talk through some of the very myriad ways in which they have enhanced their careers over time and ways that they've expanded their careers. And how, having lots of different things to draw from, ultimately, ends up helping in the long run.

Hillary Kerr, Sophia Bush, Nia Batts, Nikki Ogunnaike, and Jane Smith at the 2024 Marie Claire Power Play Conference

Bush, Batts, and Smith pose with moderator Hillary Kerr and Marie Claire Editor-in-Chief Nikki Ogunnaike. (Image credit: Ralphy Ramos)

You probably know panelist Sophia Bush from one of the over 40 acting credits under her belt. In addition to her work acting, producing, and directing, Bush is also the host of two podcasts ("Work in Progress" and "Drama Queens"); an activist; an angel investor; and the co-founder of voting rights organization I Am a Voter and sustainable luxury fashion retailer Fashionkind.

Nia Batts, too, has a wealth of experience in entrepreneurship and activism. Batts started her career at Viacom, working her way up to become one of its youngest executives. Alongside Bush, her longtime friend, she co-founded both Detroit Blows, an inclusive finishing salon, and Detroit Grows, a philanthropic endeavor providing support to local women-owned businesses. Batts then pivoted to become the Chief Operating Officer and Managing Director of Union Heritage, a financial services company based in Detroit. She and Bush are also senior advisors to First Women’s Bank, the only women-founded, women-owned, and women-led bank in the country.

For the Power Play event's Reverse Ambition panel, moderated by Kerr, Batts, and Bush were joined by Jane Smith, the VP of Digital Marketing at Merrell. At Merrell, Smith oversees a team of managers in digital marketing, influencer marketing, and social media; she's also a mentor at the Women’s Resource Center in Grand Rapids, Michigan, and a regular volunteer at women's homeless shelters.

In a wide-ranging conversation about "reverse ambition," the panelists discussed ambition, career pivots, being underestimated, the fear of failing, and more. Ahead, some of the most impactful quotes.

Sophia Bush

On building a community:  "Sometimes, I think you need the people who see you to hold you and say, 'I really love you, but you're playing small.' 'I really love you, but you're not living up to your potential.' 'I really love you, but you are in the wrong relationship with someone who's not nice to you.' There's a million versions of how that happens, and that is where I think community is important. I've learned that being a circus performer, I pick up, I move everywhere for a job, and it's like summer camp. I will invest my everything, and then, I have to go to the next thing.

"But I think when you have people, the one or two people where you might've given your love, your life, your local passion, the one or two people who stick with you off of every job or every city, that's your long community. And so, what I've learned about community is that you have seasons—lean into them and enjoy them—and you have lifetimes, and those are the ones you collect really slowly. And none of them are wrong, they all deserve to be cherished. But the lifetimes, the lifers, like we're in it forever. And it might be us alone on the porch at like 80 with a mimosa, but if it's me and her, I am down. Like we nailed it."

On being honest with yourself: “I think something that's really important too, is figuring out how to just be really frank about your skillset. I am an artist, for better or worse, which means, I have a lot of really good ideas and I also have the attention span of like a small insect. And that can be great when I'm sitting in a brainstorm and I can come up with things, and then, I go to the next one, and that's where I am. And I think it can be really great in terms of that like bloom where you're planted, and it requires a little bit of honesty for me to say, ‘Okay, I need somebody to help me track the ideas.’

"Because for 10 years, I tried to tell myself that if I just work a little harder, if I do a little more therapy, if I get up 30 minutes earlier and do the meditation, I can do it all. No, I can't. Nobody can. This is preposterous. We evolved in villages, we're not supposed to do it alone. Community really is everything. And if you admit what your strong suits are, but also, what they’re not, it doesn't mean you're a flawed person, it means you're an adult.”

Hillary Kerr, Sophia Bush, Nia Batts at the 2024 Marie Claire Power Play Conference

Hillary Kerr, co-founder of WhoWhatWear and SVP of women and luxury at Future, moderated the panel. (Image credit: Ralphy Ramos)

Nia Batts

On branching out: "I think that spending 11 years in New York, working in corporate media and entertainment has created a scenario where, now, I'm able to tell stories differently and I'm always looking at things from a different perspective. I'm always endeavoring to change my lens and that's how I see everything, how I see work, how I see relationships, where I see stories, where I see investments that other people overlook.

"I almost think that not doing the thing that I wanted to do initially has allowed me to come back to that work with a more seasoned perspective, but the journey and everything that I did along the way, I fully know is what has brought me to this moment where I feel embodied and powerful and excited and grateful."

On what ambition means to her: "I would say ambition to me looks like making Michigan and Detroit especially continuing to be the fastest growing startup ecosystem in the world, and making sure that the founders there can really feel it. We talk a lot about what the big impact is, but the older I get I become really interested in the hyper-local, what it means to really be where you are, to dig in, and to understand what it means to actually support the people on the ground, and listen to what they're saying and try and figure out how you can build and reflect back solutions and resources. So, to me, that feels like, in my gut, one of the most gratifying things that I can do. And also, where I think my talents are also aligned.

"That being said, I just think it's incredibly important to really dig in. And so, my ambition is to just go deep where I am and in doing that, I think what we're finding is there are opportunities beyond our beliefs that are now manifesting and coming to life. And so, I think the stillness is really, actually, empowering the ambition in a way that was unexpected, at least, for me."

Jane Smith

On the moment she embraced the pivot: “Becoming a mom was a real shift for me. So, I was really on this kind of rocket ship in my career and the trajectory was up really fast. It was very exciting, and I decided I wanted to be a mom and looked at a lot of the women around me that were working moms and thought, ‘I don't know if I can do that.’ They were so intense, and it was so hard and there was no balance. And I thought, ‘Okay, I've got to shift and start my own agency and business.’ And that was very scary, but really, it allowed me to find that balance and be able to be the mom I wanted to be and still be in business.

"And then, when I shifted and went back to work for another company, having the ability I have to start over, going at the bottom and work my way back up, it was tough. But I think just trusting myself and figuring out I can be both these things, I can be all these things, I just have to work to find the balance."

On the fear of failing after reaching success: “When I was younger, the fear didn't exist. I think there's that saying about the pain is in the resistance to change but not the change itself. And I think I learned that really early, that if there was change or if there was something I wanted to go after, I would just give into it.

"I think, often, we put ourselves in these containers and we stop ourselves from moving forward. And I think, as I get older and I see women getting older, it seems to be harder, actually. The more you become defined by something, the more you feel like, ‘Oh, I can't, I'm almost 50. I can't imagine starting over, or pivoting again.’ It seems so hard. I've done this for so long. And I find that really sad, because all of the women that are older have all this experience to offer and all of this ability to blaze the trail for the people behind them and to provide all this knowledge, but yet, I feel like they're more and more stuck. Like we are missing that sort of passion and agility that we had when we were younger."

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https://www.marieclaire.com/career-advice/reverse-ambition-panel-power-play-2024/ ywEQg4KRDyRyKrTyWBRPuP Wed, 20 Mar 2024 20:55:49 +0000
<![CDATA[ MAC's Newest Executive Aïda Moudachiro-Rébois Isn't Here for Performative Representation ]]> Aïda Moudachiro-Rébois may be MAC's newest C-suite executive, but she's far from a beauty newcomer. After emigrating from her home country of Benin to Paris, France, she set off on a professional track that led her to high-powered jobs at L'Oréal (where she spent over 15 years), Johnson & Johnson, and Revlon. Now, as Senior Vice President, Global General Manager of MAC, she resides in New York City, and admits that even before she started working with MAC, she secretly admired the brand—both personally and professionally.

"As a marketer, I was watching MAC because it grew very fast from being a super small brand to becoming the number one precision makeup brand in the world. And at L'Oréal, we were paying attention," she says. "It was a brand that I've always admired: I've seen them work on me, and I've seen them work on many people who were living outside of what the beauty standard was considered to be at the time. I believe in the brand values. So to be here now at the helm of the brand is kind of full circle."

Moudachiro-Rébois especially values MAC's commitment to diversity because of her own background: As both a Black woman and an immigrant, she is acutely aware of how lacking representation is in the beauty industry and at large in corporate America. Indeed, although Black professionals make up about 13 percent of the American workforce, only about five percent of chief executives are Black. The only African immigrant on MAC's executive team, Moudachiro-Rébois has come to symbolize hope for immigrants and people of color in the business world.

"I don't have the answers, because it's all a personal journey," she confesses, "but I'm happy to share my journey and a little bit of what my struggle or what my energy has been to lead me to this."

Moudachiro-Rébois' late February promotion is particularly poignant amid the refugee crisis escalating within the United States, which has sent a fresh wave of xenophobia across mainstream American society. With that in mind, the new executive shed light on her dynamic career, diving head-first into issues of identity, representation, and how to overcome when the odds seem stacked against you.

Aïda Moudachiro-Rébois with her family

Aïda Moudachiro-Rébois with her family in Benin, where she was born and raised. Today, Moudachiro-Rébois lives in New York, but the rest of her family still lives in the West African country. (Image credit: Aïda Moudachiro-Rébois)

On Her New Role

Oh, it’s a dream job. I’m leading the brand, which is a community of 14,000 people. It's a global role, so I have the fortune to work with every region in the world, and we are present in over 90 territories and countries. My team does everything to support the business, from innovation to the way we go to market, to the training of the artists, the artistry, the supply chain, and the finances. 

On Her Personal Journey with MAC

MAC was my first makeup brand simply because, at the time, there wasn't any brand I could personally use. Even if I was working with a beauty brand, I couldn't use their shade because there wasn't a shade deep for me. When I was about to get married, I was looking for my makeup look at a department store. I went to the first counter and people were like, "We don't have a shade for you." I got bounced around from counter to counter. I was quite disheveled because it'd been 45 minutes of speaking to people who didn’t have a shade for me, so I didn't feel like a person. The fourth counter in, I was a little bit desperate, and somebody was like, "I'm sorry we don't have what you need, but you can walk to that counter over there and they'll probably have everything you need and more." And that counter was MAC. 

The entire system is built to make you feel lesser than other people holding the same citizenship.

On Imposter Syndrome

You learn to live with it. It's important to be aware of it, but it's important to not let it define who you are. You put it aside, do what you have to do, and move on.

I define myself by my own actions and not by the perception that I think people have of me. Sometimes feeling like an imposter is only in your own eyes, and other people don’t actually think that about you. And sometimes, people do make you feel like you're an imposter, but it's okay.

For me, I always had to rebuild my community because I am an immigrant and I travel so much, and every time, I came without a community. So my advice about imposter syndrome is to find your community and speak to the people who can actually tell you the truth and make you feel at home. 

On Her Personal Mantra

I created this opportunity for myself, but I also was welcomed by a lot of people who actually made space for me and made sure that I could grow into that space. So now, where I am today, I'll always make space for people, whether they've been here for years or they just came here. Everybody is worth it. Everybody has worth. That's the number one mantra that I live by.

Aïda Moudachiro-Rébois with her husband and children

Aïda Moudachiro-Rébois on vacation with her husband and children. (Image credit: Aïda Moudachiro-Rébois)

On American Life

I was speaking to university students recently, and a young girl asked me, "How do you get ahead as a Black woman in corporate America?" And I'm African, I'm Black, but I think being African American is also being able to understand the story of this country and what the people before us have been through in this country. So I couldn’t advise the student on this, but I will say that it's super important that when you get to your first job, you don't let the potential of discrimination get in your way. Think about who you are, work as hard as you can be, and demonstrate as much integrity as you can. 

My grandmother was from a slave family that came back from Brazil. Benin, where I was born and raised, was one of the main importers of slaves in the world, so we have a very close understanding of slavery. But the difference between us in Benin and African Americans is that in Benin, everybody was Black. I did not grow up as a minority. When I went to Paris, I became a minority, and all of a sudden I was discriminated against. I could have made the choice to say, "You know what? This is not my country. I can go back to my country." When I think about African Americans, this is their country. That's the tough part. That's the difference. The entire system is built to make you feel lesser than other people holding the same citizenship. When I arrived in the US, my first job was working with SoftSheen Carson, which was an African American hair care brand. Right away I learned the nuances of what it is to be a Black person in the U.S. It was very eye-opening. We’re not a monolith. 

Aïda Moudachiro-Rébois as a toddler

Aïda Moudachiro-Rébois poses as a toddler in Benin, West Africa. (Image credit: Aïda Moudachiro-Rébois)

On the Intersection of the Personal and Professional

There is a big migrant crisis right now, so I’m acutely aware that I immigrated by choice. That's a big difference, versus having to immigrate by need. I was born and raised in Africa, and my family lives there, so I go back quite often. I remember all the humanitarian crises: Benin is a small country and we hosted refugees from different crises, like the civil war in Ivory Coast or the civil war in Nigeria. My day-to-day was impacted by those crises—seeing people who had to leave their lives, give up on everything, and start over. Yet when I left Benin, it was by choice. It wasn't a matter of life or death. I know the opportunity that this luck has created for me. My parents sent me from Benin, when I was 14, to boarding school in Paris.

From living in different countries, I learned that everybody has a different perspective, and there is no good or bad perspective. It's just about the context you live. And I think getting into a place where you don't always speak the language or you don't always understand the culture also makes you become very observant. It makes you ask questions and listen with all of your senses. And I think for me, if you transfer those skills to your professional life, it helps you become successful. You may have ideas, but you make sure that your ideas are relevant within context. That's what being an immigrant gave me, and in a global role like mine, that multicultural perspective is priceless.

Everybody is worth it. Everybody has worth. That's the number one mantra that I live by.

Aïda Moudachiro-Rébois at a MAC event

Moudachiro-Rébois with Jane Hertzmark Hudis, Group President of Estée Lauder, and Drew Elliott, MAC's Global Creative Director, at MAC's New York Fashion Week kickoff event in February 2024. (Image credit: Aïda Moudachiro-Rébois)

On What Drives Her

For me, I think it's always been passion. I have to love what I do. I spend so much time at work that it has to be worth it, especially as a mom. When you are away from your kids and you have to pay somebody to take care of your kids, it needs to be worth it. I don't chase anything—I only chase feeling good about what I do and coming back home with a feeling of being fulfilled or feeling that I've made a difference or that I've made some kind of impact. I look to grow as a human being, as a professional, and to learn something from the team, from our regions, from our competition, and from our partners. That passion is absolutely what has driven my success.

On True Corporate Representation

It's inside-out. It's not just outward. What I mean is, it's not just out of home advertising that has representation. Everybody who touches everything all the way to the outcome. It's formula, it's shades, it's the copywriters. Every aspect of the brand needs to be touched by what the world looks like. It's not just about having a box from light to dark and ticking them all. It's really understanding the undertone, the formulations, or populations who have a climate where oil control is important versus a cold climate that needs something hydrating. For instance, our number one mascara in Mexico is a mascara for downward lashes, and it came from an insight from our makeup artists there.

Aïda Moudachiro-Rébois at a MAC Viva Glam event

Aïda Moudachiro-Rébois at an event where MAC Viva Glam donated $200,000 to Broadway Cares/ Equity Fights AIDS. (Image credit: Aïda Moudachiro-Rébois)

On Her Next Steps

First and foremost, this is the brand’s 40th anniversary. This is a big year for us. So my goal is to really make sure that I write the next 40 years well. 

Then, from a personal perspective, sometimes I have to remind myself that I am a woman, a Black woman, a non-American—an immigrant—working in the U.S. And even if for me, everything didn't happen overnight, so I had time to digest it, but I still see myself in people's eyes. A lot of questions I get are, "How did you get there? How do you do it? You have two young kids, so how do you do it all?" I don't underestimate the role that I have in making sure that people understand that everything is possible and that representation matters. I want to make sure that I keep my door open for the girls who have all these questions about how I got here.

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https://www.marieclaire.com/career-advice/aida-moudachirou-rebois-interview/ Nfjtt82cjATuZNPZ7wVi4g Tue, 19 Mar 2024 18:41:33 +0000
<![CDATA[ The Founder of Bearaby Wants to Bring Nap Culture to Corporate America ]]> Before launching a weighted blanket brand, Kathrin Hamm worked for World Bank, one of the world's largest financial institutions. But constant travel meant constant jet lag and loss of sleep—a lifestyle that can lead to a long list of secondary conditions, like insomnia, irritability, headaches, and anxiety.

Then Hamm spent a Saturday afternoon beneath a weighted blanket.

Though weighted blankets were invented in the late 1990s, they were largely intended for medical use for children with sensory issues. Around 2017, weighted blankets entered the mainstream, becoming available in stores like Target.

Hamm first read about weighted blankets in a medical journal. After ordering her own, she discovered its benefits firsthand as a sleep aid. But she felt the product experience could use improvements—at the time, they were typically orange and blue monstrosities weighted with sand. Inspired by textiles she’d seen in her travels, Hamm began playing with fabrics and product development. In 2018, she launched her own company, Bearaby, with its signature Napper, having emptied her retirement fund. She promised herself a year to pursue the project. 

By the end of 2020—the homebound, anxiety-ridden first year of the pandemic—Bearaby had hit eight figures in sales.

While the blankets, designed to be pretty knits weighted with sustainable cotton instead of pellet or sand, gained fans with their unique look and feel, the isolation of the era also ushered a rise in touch-starvation and heightened anxiety—emotions that could maybe, just maybe, be alleviated by the gentle pressure of a well-made weighted blanket.

A woman lounging on a couch with a Bearaby Weighted Cotton Napper and coffee in hand.

A model lounges underneath a Bearaby weighted blanket. (Image credit: Bearaby)

With Bearaby now boasting 30 employees, Hamm names rest as one of its core values, encouraging staffers to find their own balance between work and rest.

“We find rhythms within the work week that keep us in sync and productive instead of implementing arbitrary mandatory online hours,” she says. “This practice allows our night owls to sleep in, and early risers a break in the afternoon to nap, exercise, or live their life.”

In the post-pandemic period, which has seen both the era of "quiet quitting" and the continuation of remote work—Bearaby itself boasts a combination of Brooklyn-based and remote workers—Hamm continues to advocate for nap culture, and for workers to find a daily rhythm in line with their need to rest.

Marie Claire: What was your career before Bearaby? What led you to develop a weighted blanket?

Kathrin Hamm: Before Bearaby, I was working at the World Bank as an economist. I constantly traveled and struggled with sleep due to the jet lag and time zone changes. I tried everything to help me get a good night's rest, but nothing felt sustainable long-term. My insomnia became chronic. I soon came across a weighted blanket… I remember vividly using a weighted blanket for the first time, waking up several hours later feeling rested and eager to share my experience with others. 

While weighted blankets have been used in the medical community for decades, I had a lightbulb moment to create a product that would bring the incredible benefits of weighted blankets to a much wider consumer audience. We prioritized the design, look, and feel of the products, and sustainability was crucial in all stages of product development.

MC: What did it take to invent and develop a material-heavy product? Where do you manufacture? 

KH: An important moment in the invention process took place at home in my mom’s kitchen! One day, my mom came into our kitchen with a big roll of T-shirt cotton. She started cutting the cotton into small strips and then stitched them together into a type of layered cotton yarn, and I realized how heavy it was. We tried knitting a mini blanket out of the layered fabric and found that it was heavy, soft, and made a beautiful pattern, all at the same time. That’s when I realized we had created something really special.

Most of our production is in India, with additional partners in Guatemala and Sri Lanka. Bearaby is a decidedly sustainable company from loom to lap. With every product we produce, every partner we work with, and every decision we make, we put the planet first, and we have about half a dozen certifications to prove it. 

MC: What was the biggest challenge you faced in getting the company started? How did you navigate that obstacle?

KH: Manufacturing. After talking to 48 manufacturers. I got 48 "No"s. So, after all those rejections, we rented a garage with two knitting machines and essentially launched out of my living room. 

MC: Roughly how much did you invest?

KH: To launch the business, I emptied my retirement savings to start prototyping, about $120K. As soon as the product was ready, I crowdsourced $250,000 on Kickstarter to fulfill my first orders. When what I thought would be a three-month supply of inventory ended up selling out in two days, I knew I was onto something! 

Rest should be guilt-free, and taking time in your day to recharge is crucial to staying productive. 

MC: Tell us about a major milestone and what was it like to achieve that as an entrepreneur.

KH: The Kickstarter I mentioned was one of the earliest signs that we were on to something meaningful, but it was followed by several other "pinch me moments" in the years that followed. When we launched the Tree Napper in 2019, it sold out almost immediately, and we garnered a waitlist of nearly 80,000–the demand for our product skyrocketed, and this was a huge milestone for the growth of the business. At this stage, we were still almost entirely DTC. 

There have also been a few milestones on the sustainability front that are really special to me. Bearaby is now proudly Plastic Negative certified. And because we use organic fabrics, we’re utilizing farming methods that require significantly less water than conventional methods–over the past five years our dedication to organic materials has saved more than 5.3 billion liters of water from our cotton and Tencel production.

MC: How did you develop a company that is very popular in the U.S. around napping culture, particularly as the U.S. doesn’t necessarily nap? 

KH: Growing up, it was entirely normal to take a midday nap, so when I moved to the U.S., it surprised me that napping, as an adult practice, was almost frowned upon. There’s been enormous progress in embracing rest as a driver for productivity and overall health, but sleep disorders and anxiety remain top health issues in the US. And that’s also why I believe in our mission to prioritize rest. 

MC: How have you incorporated napping in Bearaby’s company culture? 

KH: By implementing accommodating work hours and fostering a no-judgment culture when it comes to taking a nap when needed. 

I lead by example. I am transparent about the fact I take a nap almost every single day. Napping is important to me because as someone who has been in the throes of insomnia, I’ve experienced first-hand how sleeplessness can be detrimental to your everyday life. Napping is a natural, simple, and accessible habit that can help boost productivity and overall wellness. Everyone shouldn’t necessarily nap, but everyone should be allowed the option to rest when needed, without it having to be frowned upon, especially in the workplace. 

Kathrin Hamm of Bearaby posing with a Soothie

Kathrin Hamm of Bearaby poses with a Bearabuddy, one of the brand's weighted plushies. (Image credit: Bearaby)

MC: How can individuals incorporate napping into their daily routines? What are your tips? What works well for you? 

KH: The first step is to let go of the guilt that often comes from prioritizing napping. Rest should be guilt-free, and taking time in your day to recharge is crucial to staying productive. 

The best tip is to find a supportive sleep tool that works for you, whether that’s popping on an eye mask or cuddling with something soft. Find something sensory that tells your body it’s time to wind down and reset. 

And timing is also key—naps that are too short can leave you feeling groggy and dazed, whereas naps that are too long unsettle bedtime routines. For most people, a 20-30 minute power nap is the ideal, but everyone needs to find their own sweet spot. 

MC: How do you stand out amongst the dupes and copycats? How do you protect your business from this?  

KH: Patents! We hold more than a dozen patents and various trademarks. Patents are a lengthy process and expensive to earn, but it's so worth it to protect the proprietary design that we worked so hard to make in the first place. There's a massive "patent gap" in the U.S.—less than 13% of patents are held by women, and despite the increasing rate of female inventors, this gap isn't expected to reach parity until the 2060s. I want to shed more light on the patent process and encourage more female founders to engage.

MC: What are some of the exciting brand moments you are looking forward to in 2024? 

KH: Partnerships! We've seen great success in this last year in partnering with other respected companies in the wellness community, like Sage + Sound and The Well. These two partners in particular have also provided us with physical locations and activations where people can experience Bearaby IRL, which we're learning a lot from. I'm always energized when I see a great collaboration between brands, and I'm hopeful that 2024 will be the year we are able to flex that muscle. 

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https://www.marieclaire.com/career-advice/bearaby-weighted-blankets-kathrin-hamm/ KwhmCcxRCNiHV5SVBhV7j8 Fri, 15 Mar 2024 19:41:11 +0000
<![CDATA[ The Most Common Mistakes People Make On Their Taxes, According to Experts ]]> Taking the time to file your taxes every year is hardly anyone's idea of a good time. In fact, according to the Pew Research Center, a majority of Americans dislike doing their taxes; a reported 32 percent take it one step further and say they're actively dreading them, according to a recent survey by Credit Karma.

Whether you're laboriously looking over a year's worth of financial statements or carefully imputing deductions, it's relatively common for people to make more than a few mistakes when doing something as universally disliked as filing your taxes.

"The most common mistakes people make when doing their taxes are usually the most simple ones," Courtney Alev, consumer financial advocate and head of Tax at Credit Karma, tells Marie Claire.

"And these mistakes can be costly," Alev adds. "A mistake can lead to getting a smaller refund than what you’re owed, paying more than you owe, or a delayed refund."

From making simple math mistakes to providing incorrect bank information, here are some of the most common mistakes people make when filing their taxes—and how to avoid them.

1. Not Talking or Asking Questions About Your Taxes

"Talking about finances openly can help ultimately reduce the stigma around money for many people, whether that means discussing with friends and family, or following along with strangers on social media," Alev explains. "The more common it is to hear others’ lessons learned or helpful tips, the more attention people may pay to their own financial health."

According to one 2023 survey, 62 percent of respondents say they don't talk about money, including their own spouse. According to Alev, refusing to learn or talk about money creates a "ripple effect" that can have "lifelong consequences."

"Not asking for help or guidance around your finances can lead to often unintentional poor choices with money, or the inability to reach your financial goals," she adds.

2. Filings Your Taxes Too Early

According to the Internal Revenue Service (IRS) website, while people should make sure not to file their taxes too early, "they also should not file prematurely."

"People who don't wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to a processing delay," the site continues.

"The IRS opens tax season in last January.  If someone is using personal tax preparation software or the IRS Free File system, it may accept the return, but it won't be processed until the season opens," Jill M. Flinton, a certified public accountant who has helped individuals and small businesses restructure their finances for over 10 years, tells Marie Claire.

"Anyone with Earned Income Credits (EIC) or Advanced Child Tax Credits (ACTC) will have refunds held up for extra processing until at least mid-February, due to laws requiring those to be held for longer," Flinton adds. "The risk of filing 'too early' is that another document arrives after you have filed your tax return."

3. Entering Key Information Incorrectly

Alev tells Marie Claire that one of the most important steps a person can take when filing their taxes is taking the time to "get yourself organized."

The error rate for tax returns that are filed on paper is 21 percent, according to the IRS.

"Gather all of your tax-related documents before you sit down to file your taxes," she says. "It may sound obvious, but you’d be surprised how much time you can save if you have all of the necessary paperwork in front of you when you go to file."

According to the IRS, the error rate for tax returns that are filed on paper is 21 percent, so if you do make a mistake you're not alone.

“There’s no need to panic,” Laurie Kazenoff, a partner and co-chair of the tax department at Moritt Hock & Hamroff, told CNBC Make It in 2019. Most "small issues" can be fixed quickly, she added.

4. Making Math Mistakes

Look, not everyone is "math minded." (Hi. It's me. I'm "everyone.") So it's more than understandable that when tallying deductions, income, expenses and other taxable items, people will make a math mistake or two (or 10).

"The best way to avoid math mistakes is to use a tax software program," Flinton says.

"If you really want to do them by hand—really not recommended—use a calculator with a paper tape that prints out," Flinton adds. "Also, do the calculations several times to make sure the results are the same."

5. Providing Incorrect Bank Numbers

Choosing direct deposit when filing your taxes ensures that you will get your refund as quickly as possible. Unfortunately, it's not uncommon for people to use incorrect routing and account numbers, which can cause a significant delay.

If, again, you're not much of a numbers person, you can always ask the help of a local certified public accountant (CPA) or other financial adviser.

"You should definitely use a CPA when your tax situation becomes more complicated than you feel comfortable doing yourself," Flinton says. "Those with gig jobs or small businesses should use a CPA, EA, or other tax professional to ensure all the gig or business activity is being appropriately recorded." 

taxes

One-third of people dread doing their taxes each year, according to a survey by Credit Karma. (Image credit: Getty Images)

6. Correctly Identifying Proper Credits or Deductions

Tax credits and deductions exist for the benefit of the taxpayer, but they can also be confusing and lead to mistakes when you're trying to figure out things like the Earned Income Tax Credit, Child Tax Credit and more.

According to the IRS website, the Interactive Tax Assistant can help taxpayers determine if they're eligible for specific credits and deductions.

"Tax software will calculate these credits and deductions and include any required forms and schedules," the website states. "Taxpayers should Double check where items appear on the final return before clicking the submit button."

And again, as Linton states, if you're feeling overwhelmed or like you are unable to take advantage of all the credits and deductions you're owed, don't hesitate to reach out for help.

"There are many deductions that small business owners can take, but many don't know about them," she adds. "Partnerships, Corporations, and Fiduciary returns—like trusts or estates—should always use a CPA or EA to prepare their tax returns."

7. Not Signing All The Necessary Forms

"Don’t rush through the tax preparation process," Alev says. "It’s important to give yourself plenty of time to minimize stress and reduce the risk of errors. The best strategy is to create a focused, uninterrupted environment so you can concentrate while you file."

More often than not, mistakes can be avoided by slowing down, taking your time and double-checking all of your paperwork, whether it's physical or electronic. And as Alev notes, there's nothing wrong with reaching out to an expert and asking for help.

"There is no shame in asking for help on your taxes. You may be surprised by how few people feel confident filing their taxes on their own, and end up hiring help from a CPA, using expert assistance provided alongside tax software, or enlisting help from a friend or family member when filing," Alev continues. "Asking for help can help give you the confidence that you’re filing accurately."

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https://www.marieclaire.com/career-advice/common-taxes-mistakes/ 5iNn2rjcsWijggzvzVd5Uc Mon, 11 Mar 2024 17:52:19 +0000
<![CDATA[ This Marketing VP Swapped NYC for Gainesville, Florida to Afford a $250,000 Two-Bedroom Cottage ]]> How’d You Get That House? speaks to people across the country who are navigating a complicated housing market. Here, a woman in her late 30s who left New York City for Gainesville, Florida and stuck to her budget.

The Buyers

(Image credit: Future)

Erin Leigh Patterson, 39, vice president of marketing
Annual salary: between $150,000 to $200,000

The Home

(Image credit: Future)

A two-bedroom, two-bath, 1,200-square-foot cottage in Gainesville, Florida with an attached garage

Initial budget: $300,000

Actual amount spent: $257,000

Down payment: $12,850

Monthly mortgage: $1,800

The Reason for the Move

(Image credit: Future)

Erin Leigh moved from a one-bedroom apartment in New York City's Upper West Side to her hometown of Gainesville, Florida.

"I never planned on leaving New York, but after the pandemic it was really different for me. I had the chance to keep my job and be near family so I decided to move back to my hometown. 

I was single at the time—it was just me and my dog Poptart—and I wanted to take advantage of the market if I could. The interest rates were still low (it was February 2022), and since I had a chance to save money during COVID while I was living with my parents, I didn't want to "wait" until I had a partner.

I was totally okay with it if buying didn't work out, which I think helped me have patience for the process. I was ready to rent if that was going to be the best option."

The Hunt

(Image credit: Future)

"I wanted a two-bedroom, two-bath place that was move-in ready, low maintenance—assurance I wouldn't need to be fixing a lot of things right away—and a space to work since I work from home.

I didn't want to go from a small NYC apartment to some sprawling suburban estate I would have to care for—I don't want to own a lawnmower! I started looking for condos and my realtor convinced me to look in the neighborhood where I ended up buying. The neighborhood had an HOA for a lot of the maintenance, and the lots are small so I'm close to neighbors' houses; I don't feel so isolated, which was a fear of mine.

I only spent one real day looking—though I had been driving around and planning finances for weeks. Also, at that time you had to make an offer basically immediately before the house was off market, so I had to decide quickly which was a good thing for me since I tend to stew on decisions if I'm given too much time. 

I had a great realtor (a family friend) who told me about a house in my now-neighborhood going on the market. We went and looked at it and it was definitely my style and the size I wanted. I saw another one on Zillow in the same neighborhood having an open house which I also saw."

The decision

(Image credit: Future)

"I put in an offer on both of the homes I saw—and both offers were actually accepted. That felt wild to me because each house had gotten multiple offers. I ended up choosing the house I found on Zillow because I knew I liked the neighborhood, the list price was a little lower, and it had some updates which I appreciated—a newer roof, new A/C, and a new deck. But it also could use some updates, like new kitchen cabinets and countertops, which meant it cost less."

The financials

(Image credit: Future)

"Before I even started looking, I got approved for a mortgage. I let the lender know how much I wanted my monthly payment to be, including HOA fees, property tax, and mortgage insurance. That let me know my budget was about $300,000. I told my realtor I did not want to look at houses over that amount so I wouldn't be tempted to spend more. I was lucky to be buying in an area and at a time when that was realistic.

Where I bought, you really only need to put five percent down. If you can do 20 percent it's a little better because you can avoid mortgage insurance. However for me, it made more sense to put five percent down and pay the mortgage insurance because the equivalent amount in an investment account can make more money than I would save.

I had money for the down payment because (again!) I am very lucky—I want that to be very clear. Yes, I have worked hard with what I've been given, but I know many people aren't given as much as I was. When the pandemic hit I went to my parents' house to isolate with my family. This was the better option for me than working from home alone in NYC. I acknowledge that my parents are safe people and we get along well, and they had space for me to be comfortable and not everyone has this. I didn't pay rent for an entire year. I was able to save that money which gave me cash to use for the down payment."

The Post-Buy Reality

(Image credit: Future)

"I did have a situation with the plumbing after I moved in and had to pay $700. If I had been paying a higher mortgage payment, or needed to pay a bigger down payment, I would have been in much worse financial situation when that came up. I also had to buy a new washer and dryer, and a good bit of furniture due to gaining a lot more space than I'd had previously. While I could have afforded a little "more" house, I am glad I stuck with what I really wanted—a smaller mortgage payment.

I love owning my own home. It's fun to know that what I do to it is what I will enjoy—or profit from. I started to do renovations at first and got overwhelmed so decided to revisit that in the future. I also enjoy the fact that I'm not relying on a landlord to possibly change rent year over year. That said, I think renting is a great option for a lot of people and it was for me for many years—I only bought in my late 30s. If I couldn't have comfortably afforded what I have, I would have not bought and would advise the same for anyone thinking about it. Yes, rent can be "sunk cost" but so is property tax. I would always advise to prioritize the type of life you want to live versus "homeownership no matter what."

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https://www.marieclaire.com/career-advice/money/howd-you-get-that-house-gainesville-florida/ DofVtx6vcHoaFAWkyHCjuJ Mon, 11 Mar 2024 14:30:20 +0000
<![CDATA[ For Deepica Mutyala, Entrepreneurship Is Worth the Sacrifice ]]> The Cost of Starting Your Own Business talks to founders to get an honest look at what it really takes to create a company. Not just the financial, but the personal and emotional costs, too. 


When Deepica Mutyala joins Marie Claire to discuss the early days of her beauty brand, Live Tinted, she's experiencing the simultaneous high highs and low lows other entrepreneurs know all too well. Mutyala had just met Beyoncé (an all-time high) in person—and was also reeling from filling out a police report after her car was burglarized (an anxiety-inducing low).

"One day, you have a car break-in; the next day, you're in a room, shaking hands with Beyoncé, telling her about your beauty company, and she's telling you she wants all of us to win," she says. "These things happen as an entrepreneur, and it takes a certain kind of human to be able to handle it. But honestly, I feel like I was built for it, and it keeps life interesting."

Based on Mutyala's track record over the last five years, she certainly is built for the business. She became a household name since 2015, when she went viral for her makeup and skincare tips on her YouTube channel. Now, she's best known for her beauty brand, Live Tinted, and its inclusive, effective products made with people of color in mind. Her SPF has even gained a cult following—but Mutyala says the project was nearly scrapped.

three women holding Live Tinted products

Mutyala makes a conscious effort to include people of all skin tones in Live Tinted's marketing so that everyone can feel seen. (Image credit: Live Tinted)

Advisors told the founder creating a mineral SPF without a white cast—or even sunscreen in general—was a risky move for an early-stage business. "They said, 'It's going to take a lot of time. It's very expensive. Don't do it,'" Mutyala recalls. "But I didn't listen—and we've won several beauty awards because of it."

"More importantly," she continues, "we've connected with an audience, and it's become our bestseller because I created something that again made people feel seen."

That tenacity, dedication, and commitment to making people of color feel represented has taken Mutyala to heights some entrepreneurs only dream about. Still, she wants to make it clear that she has rough days, too. So do her heroes.

"For instance, I met Beyoncé yesterday. To me, I'm like, 'Oh my God, you icon.' But I'm sure she has her own versions of [self-doubt], the same way that maybe somebody's looking at me, thinking the same thing," she says. "Life is a journey and we have to find ways along the journey to find happiness and pockets of joy that keep us going."

Ahead, Mutyala opens up more about her entrepreneurial journey, including real talk about funding, self-doubt, and the physical and psychological costs of starting her brand.

The early days:

(Image credit: Future)

Step one, and the most important to say out loud, is funding. Receiving funding was really hard. Two percent of women get venture funding, 0.1 percent are women of color, and I experienced that in real time. I witnessed that with my own eyes. The hardest thing I had to go through when starting this company was that. There are two reasons it's hard: It's hard because you're actually just trying to start this business, and you can't function and create the company without the funding. And on the other side, it's an emotional journey because people are telling you no all the time.

You start to doubt yourself in ways that you actually never did [before]. Luckily for me, I have a delusional level of self-belief that it got me through it. 'Delulu' was the word, because when I think back, I think of the amount of people who were just like, 'Oh, cute, you have a viral YouTube video and you think you can start a business off of it.' It's like, no, this was not a cute viral YouTube video with me being like, 'Oh, let me just try this out.' This was a sixteen-year-old girl who never saw herself represented in the beauty industry who promised herself she was going to do something to change it. And everything that I've done is to that end.

I had this mindset of, 'If you're going to say no, let's go to the next person.' I just kept going and going. And now I'm proud that I'm a part of that stat of the two percent of women who's raised funding. I think the amount of women who've raised over 10 million dollars in funding is even lower than that, and that's what I've been able to do.

There were so many challenges, the emotional journey, the feeling that I have to make my parents proud as an immigrant daughter. Being first generation, you have all these things on your shoulders that you just want to prove to yourself, but also to your family to show that you can do something that hasn't been done before.

Her financial situation at launch:

(Image credit: Future)

At launch, we had raised a round of funding via friends and family angel checks, and it was a very small amount of money. My thought process was, How can I get people that I have built within my network throughout my career, who believe in me, to put in a check? I wanted more than just funding from them—I wanted their knowledge. How could I learn from them? Because so many of them were entrepreneurs, and I wanted them to then feel like they were going to benefit from my growth and feel more invested in my growth.

They were also the only people who would give it to me at the time. You have to go to the people who believe in you. So I'm very proud, and I really attribute so much of my success to the network I had built over my entire career. I went to these people who I had just gone to for advice and said, 'I'm building a company. I want you to be behind it with me, and I want to build this together. I'm so grateful for the knowledge you have given me over the years, and I want you to reap the benefits when my business scales and grows and makes you money.' I tried to position it as an opportunity for them.

woman holding Live Tinted products

Live Tinted's new Huegard Skin Tint is set to further the brand's reputation for providing premium sun protection without leaving white residue behind. (Image credit: Live Tinted)

A moment of rejection:

(Image credit: Future)

The one that really stands out to me is actually pre-me starting the company. It was when I was interning at L'Oréal. They didn't give me the full-time offer because they said I wasn't a strong enough marketer. It shattered me. I was like, What? The plan was: I was going to intern in a year, and then I was going to move to New York after college, be a brand manager for the biggest beauty brand, go to Harvard Business School, make my parents proud, and then start my own company. So I had to quickly pivot the whole plan and my brain.

Again, it was still this delusional level of being like, Well, it's still going to happen, but how is it going to happen? But it is very ironic because, since then, I have worked with L'Oréal as an influencer. I've been in a L'Oréal commercial. I've spoken to the head of the L'Oréal investment team about them potentially investing in us. And who knows? Maybe one day they'll buy us. I just think it's just that the definition of rejection is redirection. You have to have your pity party at that moment, but then get up and recognize that it's one person's opinion and they don't know you. You know you. Again, it goes back to this self-belief: I was like, 'I'm going to do this. It's happening. Get on board or don't. But it's happening.'

On the personal sacrifices:

(Image credit: Future)

I didn't really have a personal life. I am trying to figure out what it's like to be a woman in her 30s dating, because I didn't do it while I was building this company. I don't really know how to exert myself. I'm telling myself I'm in my 'soft girl era,' because I don't even know how to exert the feminine parts of myself. Going on dates—the whole thing is a whole new learning curve, because I didn't develop those skills in my 20s the way a lot of people do in their 20s. So I do think that everything does come a little bit out of sacrifice, but I also do really believe in chapters of life. When it comes to the whole 'you-can't have-it-all thing,' I don't believe you can have it all at once, but you can in different chapters and phases of your life.

I'm now at the stage in the business where I can hire the best talent possible and have them help run the business day to day. I can try to remove myself from the weeds a little bit and be more high-level and focused on strategy and hopefully be able to sleep a little bit better at night and have a personal life, because I just don't have one. But I don't have any regrets about it either. The other thing is that, for me, I don't think that I could be where I am in my career professionally if I had prioritized other things in my life simultaneously.

A big decision that made a big difference:

(Image credit: Future)

Right now, launching in a retailer and going to Ulta Beauty has been a game changer for our business. They are incredible partners and they're committed partners, and I've always dreamt of people walking into the biggest retailers in the world and seeing faces that look like yours, mine, and a whole spectrum right when you walk in [the store]. That way, when a little girl walks in, she's like, 'Oh my God, that girl looks like me.' That is my motivation. That is what gets me going. That literally fuels my fire even on the hardest days. I feel Ulta's commitment to what Live Tinted stands for by them putting us in the front of the store. It's a game-changer because of the 40 million beauty enthusiasts that they have as their customers.

Then hiring in a president who really knows how to work with that Ulta team has changed my life personally. Finding the person you feel comfortable delegating to is 90 percent of the journey, and you make mistakes along the way, but I finally feel like I can breathe, or at least like I have somebody to share the breath with.

woman holding Live Tinted products

Live Tinted's marketing puts women of color front and center—without depicting them in stereotypical, problematic ways. (Image credit: Live Tinted)

The day she almost gave up:

(Image credit: Future)

I don't think it's a day versus an hour of a day every day. Moments happen in a day that are high highs and low lows. I am craving just a steady, still state of happiness. I met with Carol Hamilton, this genius icon from L'Oréal who leads M&A, and she spoke about how the first five years [of starting a business] are just a bunch of figuring things out. Then the next five to seven are the hyper growth years. That's where I feel like we are, in that fifth year. The next two years are going to be critical for the business. I'm craving us getting to a place of steady happiness and joy.

About the emotional costs:

(Image credit: Future)

I went through a journey when I turned 30, where I thought I should I freeze my eggs, because I just did not see a near future of having kids. I do want to have them one day, but I also didn't want the pressure of having to do it just because of the biological clock everybody talks about. Maybe when we have this conversation in 10 years, I'll tell you, 'Man, that girl was full of shit. She was saying a bunch of things, but she didn't mean it.' But I have to say, at least right now, where I am in my life, I feel like I just handle things with just solutions. Like, I turned 30, I'm not having kids anytime soon, so I froze my eggs. I am not going on dates, so I thought, 'Okay, should I hire a matchmaker? Should I hire a president for my company so I have more time for a matchmaker?' Instead of reacting emotionally to all these things, I've built this sort of armor that is really more focused on problem-solution rather than leading with emotion.

I say that, but at the same time, when it comes to everything relating to my company as a founder, I take it so deeply personally and I do get emotional, and I think I've doubted myself a lot. There have several times in the past that I've doubted myself to be the CEO of the company, because I've wondered: Am I too emotional for this? But I've now come to the conclusion that my empathy is my superpower, and it's what makes people want to be here beyond just it being their job. I feel like people come in and feel like they're making an impact in the industry and that they're working for somebody who cares. But I don't think I also have it all figured out at all, to be very honest.

An “I Made It” moment:

(Image credit: Future)

When there was a Barbie made after me, that was just such a proud moment for me. It was the first ever South Asian CEO Barbie doll. There's been South Asian Barbie dolls before, but they've been in traditional wear, which is also really, really cool, by the way. So awesome that exists. But to see just a South Asian woman in a power suit and wearing her Indian jewelry and things like that, I was really proud of myself. I identify as Indian American. I'm Indian, but I was born and raised here. I'm American, and I think I'm proud, and I want to normalize that Indian girls see themselves in positions of power.

women smiling and holding Live Tinted products

Live Tinted's award-winning sunscreen stick is conveniently packaged so that users can take it on the go and apply (or reapply) anytime, anywhere. (Image credit: Live Tinted)

What's made it worth it:

(Image credit: Future)

Not every company needs to be built based on a strong purpose. To be honest, I used to look at companies and be like, 'I don't want to shop this brand, because it doesn't have something I believe in.' It's not that I don't feel that way now, but I now recognize as an entrepreneur and from a business perspective that it doesn't have to be everyone's journey. But I'm proud that it is my journey, because on the hardest days, I can walk down the street or go into an Ulta door or open my DMs, and consistently I hear, 'Thank you.' It's just, 'Wow I love your products,' but it's deeper to the people who buy our products. It's not just a product. It's a vehicle for them to see themselves and feel represented in an industry that's neglected them their whole lives. So I feel like I'm lucky that I get to be the person that makes them feel seen. I'm proud that the majority of people who know us, know us for that. It gets me through the hardest days because at these meet and greets, there are girls crying, shaking, saying thank you.

There's a girl I just saw an Instagram. She drove across the border to Ulta for two hours to go get the skin tint. That kind of loyalty is not normal for a brand. So I'm just really grateful for it. And now I just feel like I owe it to the community of people we've built to grow and build a massive global beauty brand, so they can walk in the doors anywhere in the world and walk into that retailer and say, 'Oh my God, I feel seen.'

Best advice she's received:

(Image credit: Future)

It's more feedback I've received from my mentors. They always tell me, 'You've got to stop listening to the noise around you. You're so distracted.' It's so hard, because I'm the CEO, but I'm also an influencer on social media. So I'm constantly having to look at what's online. But the constant feedback I've gotten from people that I admire that are entrepreneurs is, 'You've got to cut the noise. We didn't invest in you, bet on you, believe in you, to hear someone else's strategy. We are here to believe in your strategy.' So I think it's important advice for women in today's very, very, very noisy social media world: Really, really try to put blinders on and stay focused on your journey and your path.

Shop Live Tinted

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https://www.marieclaire.com/career-advice/the-cost-of-starting-a-business-deepica-mutyala/ biQAek4TZ7vNRjURYUXK45 Tue, 27 Feb 2024 20:05:38 +0000
<![CDATA[ Meet "Loud Budgeting," Gen Z's Answer to Smart Spending ]]> Move over, girl math, you’ve had your moment. There’s a new trend on the block, loud budgeting—and it’s taking TikTok by storm. 

Consider this: Your friends suggest dinner and a night out. You tally the cost in your head, and, in the name of fiscal responsibility, you decline, explaining you would rather stay in and save the money. This is loud budgeting. The trend is making it more acceptable to be vocal about personal finances—and it’s a good thing, especially in a time where it has never been easier to mindlessly scroll social media and doom-spend along the way. 

“This trend will help Gen Z change their relationship with money for the better, because it puts them in control,” says Courtney Alev, consumer financial advocate at Credit Karma. “By saying, ‘I don’t want to spend,’ or ‘I don’t want/need these things,’ you’re making a deliberate choice based on what’s important to you, and you’re spending within your limits.”

In a society where money conversations have long been taboo, loud budgeting has emerged as a way to unapologetically celebrate fiscal responsibility. It prioritizes a person's unique financial goals, setting smart spending boundaries, and encouraging open and authentic conversations about money. 

@mohaewithjennypark

♬ original sound - jenny park

Behind trends like loud budgeting is the financial pressure facing younger generations. A Deloitte survey reveals over half of Gen Z worry about living paycheck to paycheck and are considering taking on a second job.  

In addition to swinging the pendulum away from “stealth wealth” overspending, loud budgeting fosters camaraderie around spending less. A ton of humility and vulnerability comes with publicly admitting you can’t afford something. But loud budgeting rebrands the concept of frugality for Gen Z, giving it an empowering spin. 

“For younger generations dealing with rising living costs and higher house prices, they are getting more serious about improving their financial literacy and preparing for the future–making budgeting cool,” says Brent Reinhard, General Manager of Chase Freedom

“It’s almost more chic, more stylish, more of a flex,” says Lukas Battle, who first coined the term last December in a video that has since garnered almost 1.5 million views.   

Others have taken to TikTok to share exactly how they're loud budgeting in 2024. “Dinner OR drinks…not both,” says one user; another commits to only borrowing clothes this year. Some users provide financial education by way of money-saving and wealth-building tips, and others heap praise on the movement. Loud budgeting transcends frugality; it’s about stewardship and intentionality. As Battle explains, “It’s not ‘I don’t have enough.’ It’s ‘I don’t want to spend.’ 

@lorenrosko

♬ original sound - Loren Rosko

Loud budgeting could also help save friendships. Intuit Credit Karma recently found that 36 percent of Gen Z and millennials had a friend who caused them to overspend, causing 47 percent of Gen Z and 36 percent of millennials to consider ending those friendships altogether to avoid spending beyond their means. 

“The sooner people feel more comfortable talking about money with their friends, the sooner they can set realistic financial boundaries for themselves,” says Alev. “When conversations about costs happen before events like a vacation or a group dinner, you aren’t left with that sense of sticker shock in the end, or that sense of resentment toward friends who cause you to overspend.”

There is one caveat. Spending less is fine to a point, but financial experts caution against overly restrictive approaches that can undermine long-term success. “I think anybody who puts themselves on a new routine that is initially too strict will fail," says Reinhard. "They don’t learn their way into it."

Ultimately, though the trend may be new, the theme is intergenerational: Being smart about money deserves to be celebrated.

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https://www.marieclaire.com/career-advice/money/loud-budgeting/ WKp7UWmz3d9SoxEVToRhDU Fri, 02 Feb 2024 20:57:41 +0000
<![CDATA[ The SoulCycle Founders' Next Act? Tackling the Loneliness Epidemic ]]> Nearly two decades ago, Julie Rice and Elizabeth Cutler cofounded SoulCycle to reinvent spin. Unlike the massive gym chains that ruled the fitness scene during that era, their boutique concept took into account the mind and body connection by incorporating candlelight and top-notch playlists to keep members motivated. They managed to build a cross-country discipleship of dedicated indoor cyclists, and by 2014, SoulCycle had grown into a nine-figure business. In 2015, both women reportedly walked away with $90 million after selling their company to Equinox.

After some rest, they dove into three years of research for their next venture. In February 2023 they announced the buildout of Peoplehood. It offers and facilitates “Gathers” (digitally or at its Manhattan flagship) which are 60-minute conversations of no more than 20 people, led by a certified guide. The Gathers are categorized under topics like couplehood and motherhood.

Close-up shot of Julie Rice and Elizabeth Cutler, cofounders of SoulCycle and Peoplehood

Julie Rice and Elizabeth Cutler (Image credit: Peoplehood)

With Peoplehood, the cofounders are essentially taking the same studio model that fueled SoulCycle’s success and deploying it to tackle the loneliness epidemic among young adults. According to a study by the Bureau of Labor Statistics, today's young adults spend 1,000 fewer hours connecting with others in IRL each year compared to two decades ago. 

“The world has changed quite a bit since we started SoulCycle,” says Rice. Here, on the first anniversary of her latest venture, she chats with Marie Claire about what it’s like to be back in startup mode, what Peoplehood is, and what it isn’t. (Spoiler alert: it’s not group therapy.)

Marie Claire: Explain the transition from running SoulCycle to launching Peoplehood. Tell us how you came up with this second breakthrough idea?

Julie Rice: When we started SoulCycle, we thought we were launching a fitness business. People came for cardio, to lose weight, and to improve physical health—but that’s not what really happened. People initially showed up for fitness, but ultimately came back for the community and connection they felt to others and themselves in those dark, candlelit rooms.

As the world becomes increasingly disconnected, Elizabeth and I realized we needed to create a place where people could learn the relational skills we were not taught in school. Peoplehood is your classroom for learning how to listen and do relationships better. 

MR: How is it going so far? How many employees so far and about how many people are attending the virtuals and in-person Gathers?

JR: We’ve only been open for a few months, but we’re already getting great feedback. People who are coming consistently are learning to process their own thoughts while they’re in a Peoplehood session, but the skills they’re taking with them outside of the rooms are changing the conversations at their dinner tables, with their work teams, friends, kids, and partners. 

The interior lobby and cafe at Peoplehood, a wellness studio in Manhattan.

(Image credit: Peoplehood)

MC: Describe what it was like exiting SoulCycle. What experiences from SoulCycle do you hope to carry over to your new venture?

JR: At our core we are experience designers. Just like each SoulCycle class takes the rider on a musical, spiritual, and physical journey, we considered all of these elements as we created the structure for our Peoplehood Gathers.

Each Gather starts with music and breathwork architected to shift participants from fight-or-flight to a more collaborative brain space. Then we move on to some group sharing and begin our practice of Higher Listening. Higher Listening is listening without interrupting, offering advice, or giving an opinion. 

Last but not least, just like SoulCycle, we hope to build an amazing community, have people experience a-ha moments, and leave them feeling better when they leave than when they walked through the door.

A photo of 7 Peoplehood members sitting at a Gather at the flagship studio.

Inside a Peoplehood Gather, led by a certified guide. Each class kicks off with breathwork. (Image credit: Peoplehood)

MC: Is Peoplehood basically group therapy? How is it different?

Peoplehood is not therapy. We love therapy but that is not what we do. 

Peoplehood is a practice and the best way to think about it is as a workout for your relationships. In a time when 61 percent of American adults self classify as lonely, we believe this practice is more vital than ever.

We want people to leave feeling better than when they walk in and take that magic with them into their everyday lives. The hope is that we help people create new relationships, and strengthen existing ones. 

Peoplehood is a guided peer-to-peer, group conversation practice designed to improve our relationships. Our 60-minute sessions called Gathers have up to 20 participants, and a different intention every time. We speak freely and practice listening deeply. There’s music and breathwork to ease you into the experience.

Something that makes Peoplehood unique is our Guides. Our Guides are a diverse group of humans handpicked and rigorously trained to deliver an exceptional experience. They’re storytellers, super-connectors, conversational DJ’s, and ultimate empaths with big hearts and even bigger smiles. Real people who know what you’re going through because they’ve been there, too.

MC: How are you getting creative with programming?

JR: In a perfect world, people are practicing at Peoplehood weekly. We’ve created many different formats and types of cohorts—so whether you’re looking to work on existing relationships or create new ones, we’ve got the group for you. 

For example, people can come to Couplehood gathers with a partner and spend quality time navigating the joys and challenges of your romantic relationship. 

And for any singles feeling stuck in their dating life and need guidance for how to make effective progress, there is Singlehood where we talk dating apps, heartbreak, ghosting, and breadcrumbing as well as finding compassion around being single. There are also Motherhood and Female Founderhood gathers as well.

We are starting to work with companies at large and have some exciting news to share in the next few months on how we're helping employees, execs, and how people communicate at work.

The exterior of Peoplehood in New York City

(Image credit: Peoplehood)

MC: What has been the most challenging part of launching this second venture? What has been surprising to you as serial entrepreneurs?

JR: Being a second-time entrepreneur is much harder than creating something the first time. With SoulCycle we had a very simple business goal: to see 100 people a day. Each small victory was a thrill. And we were very focused on making sure that each customer left feeling like they were part of our family

After building and scaling a business like SoulCycle you almost have to turn off your peripheral vision and remind yourself to simply focus on the task in front of you. It can be frustrating to feel like things are not growing fast enough so it's important to continuously remind yourself that the goal is always to make each and every customer so happy that they simply have to bring a friend. 

MC: When it comes to tackling the mental health crisis, why are the traditional approaches not enough?

JR: At Peoplehood we’re focused on social health. We believe that loneliness and lack of connection are a real cause for the decline in people’s mental health. Our goal is to give people the tools to create fulfilling relationships which allows them to live happier and healthier lives. Research from the Harvard Study of Adult Development has proven that the strength of our relationships is the *best way to predict our long-term happiness and health–more than diet, sleep, exercise, stress management, etc. Peoplehood was the natural evolution from SoulCycle because it put relational fitness in the front row.

The U.S. Surgeon General also released an advisory in May 2023 raising attention to the public health crisis of loneliness, isolation, and lack of connection in the country. Surgeon General Dr. Vivek Murthy said, “Social connection is a fundamental human need, as essential to survival as food, water, and shelter.”

MC: Do you feel the pressure to grow Peoplehood into the same sensation that SoulCycle became?

JR: When you’ve experienced success, of course it's natural to want to top your last business, but the truth is when we think of success at Peoplehood, we hope that five years from now people look up from their phones when they are in conversations at the dinner table. We hope everyone has someone they can call if they need support or just someone to listen. We hope that people have the tools they need to work through conflict or disagreements. But we do know one of the keys to building a community is to make every person that walks through your door feel like they’re seen, heard, understood and appreciated—that they matter. 

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https://www.marieclaire.com/career-advice/peoplehood-julie-rice-elizabeth-cutler-soulcycle/ JakeHanQGGDnhiovrAJ78U Tue, 30 Jan 2024 18:56:59 +0000
<![CDATA[ Welcome to "The Big Stay" ]]> You’ve told yourself this is your year to find a new job. But the thought of starting a search seems staggering—especially when you sense that the job-hopping of the last few years seems to be on the decline, signaling that The Great Resignation is long gone. The latest numbers from the Bureau of Labor Statistics say fewer people are jumping ship, and more tech companies have announced layoffs as they right-size over-recruitment from the past few years. 

Although hiring is down, the costs of living are on the rise, and economic uncertainties remain rampant. This is forcing many to hunker down in their current roles. In other words, “The Big Stay” is here to stay in 2024. 

It’s important to note that quitting being at an all-time low does not give employers carte blanche to abandon workplace culture initiatives. Treating employees poorly only leads to less productivity, less creativity, and less output. For employees, The Big Stay doesn’t mean you have to give up; rather, it’s an opportunity to recalibrate–whether that means exploring outside roles or redefining your priorities internally. 

One way to jumpstart your way into action is to break it into stages. Lay out what you want to do before rush-applying to a million postings on Indeed and LinkedIn. Take stock, explore the market and your options, and consider what matters most to you now. 

So often, we don’t take the time to do this. We fall back on what was important to us in the past—like a specific job title or rigidly staying within the industry we majored in—and don't recognize who we are today and what we need now. As we grow our skills, we learn what we do and don’t aspire to, and the types of environments we do and don’t want to work in. So it’s helpful to take a fresh look at the recent past before launching into job search mode

If you need a clearer roadmap for recalibration, I recommend the following steps to guide your strategy. 

Understand your starting point

Recall your career to date. What were your most and least proud moments and why? Think about where you’ve performed well and not so well, and what you liked and disliked about your previous roles. What types of projects, people interactions, strengths leveraged, and roles felt best for you? 

  • Identify the situations that led to your growth and satisfaction or your disengagement and dissatisfaction. 
  • Consider the interactions you’ve had, and the feedback received from your colleagues. In what ways do they depend on you? How do you add value to projects, conversations, or team dynamics? How might they describe you as an employee or leader? 
  • Create 1-2 sentences that summarize your career starting point.

Brainstorm future paths

Given that starting point, do you dream of more of the same, a new challenge to continue that progression, or a more radical change? Assess the roles or companies that could match your interests, further develop your career, and benefit from your experiences. When you think about a role, focus on what you’d do and how you’d develop and make an impact more than on job titles, which vary widely across companies. 

  • Use your starting point summary to engage with friends or former classmates and colleagues. Learn about their experiences in different roles and industries. Ask how they navigated their job searches, whether their new roles offered staying power, and what they’d do differently next time. Learn how easy it was to navigate cultures and changing life stage situations. 
  • Recap what you learned from others’ experiences, which will probably include everything from incremental next steps to bolder big moves. What inspired you about others’ paths?
  • Review these examples and reflect on what excites you. Take note of the possibilities you don’t have the heart for, too, and use that knowledge to narrow your list of possibilities.

Create your priority list

Create a “top 10” list of your priorities for the next job. This includes the kind of work that you want to do and should also include aspects of the job that are important to your life. Your desired amount of travel, hybrid/flex policies, parental leave, retirement, and compensation are all fair game. 

  • Consider your ambitions and reflect on what characteristics of your next role could get you there. This might include factors like the size of the budget, a key skill set you’d utilize or hone, or the opportunity to manage people. The key is to list and prioritize them and assign a weight to each to total 100. 
  • Tally what your current job gives you and use this list as a screener of sorts to evaluate new jobs relative to both your current role and what matters most now. 
  • Identify your deal breakers to avoid falling for the exciting bells and whistles of some opportunities that hold surface excitement. While no job is perfect, it’s a good gauge of where we are and where we want to be. Keep this list handy and use it in your conversations to share what you’d value in a new opportunity.

Consider this first phase a time of discovery, giving yourself permission to be patient and rewarding yourself with each milestone of your search. Develop a mindset of curiosity to find something that sticks.

Once you're ready to move into the search and interviewing phase, leverage your recalibration as a strategic guide. Use your starting point to craft your narrative, recall your brainstorming to share how you can contribute in a new way, and speak to your priorities. Communicate how you're the best fit for your future employer, and vice versa. 

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https://www.marieclaire.com/career-advice/the-big-stay-essay-ellen-taaffe/ QjB9ArY8ppSeCMoZboQX3d Mon, 29 Jan 2024 23:06:35 +0000
<![CDATA[ The Money Issue ]]>
The Money Issue The Money Issue
Letter from the Editor

This month’s theme, Money, is a hot-button topic, one that may give you goosebumps in a good—or bad—kind of way. Conversations around money, especially amongst women and people of color, can be fraught, filled with emotion and shrouded in secrecy. That’s why last year, when we began planning this digital issue, we knew we had to take a different approach. After all, you can find content around how to save for retirement or max out your investments, just about anywhere. But at MC—in addition to providing the nuts and bolts on how to get rich—this month we’re getting into how money (having it and not having it) can put women in emotionally complicated situations, such as having to decide if they want to go into debt in order to finance their fertility (The Big Business of Egg Freezing).

We’re launching two new series on Marie Claire this month, too. In How’d You Buy That House, we go deep with a different subject—from how much they put down to how they used ChatGPT and manifestation techniques—to figure how they achieved their goal of owning a home. The Cost of Starting Your Own Business discusses both the financial and mental toll that going the entrepreneur route can take on a founder’s life.

Would you have a roommate in your middle age years? In Roommates After 50, we talk to those who do and report on how they’re challenging the norm that sharing a space is only for Gen Z and Millennials. Speaking of challenging the norm, we’re also illuminating the unique issues young people building wealth face (The Stigma of New Money and I’m the First Person In My Family to Be Rich).

Pen15 fans will be delighted to read our feature with actress Maya Erskine. Starring opposite Atlanta's Donald Glover as a spy in the reimagined Mr. & Mrs. Smith, the writer and producer is changing the game for herself—and others—learning to ask for what she wants, step into her power more, and recognize her worth. No small feat in Hollywood, and incredibly inspirational to those around her. I hope you enjoy this collection of stories as you continue to cultivate a rich and fulfilling life.

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Maya Erskine Cover

Maya Erskine Wants More

The actress is trying something different, playing the part of a spy in the new Mr. & Mrs. Smith. But as she tells MC, there are bigger—and more personal—things she hopes to accomplish.

The Stigma of New Money

The rules for being rich are changing. Why is that a bad thing?

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The Big Business of Egg Freezing

As the popularity of the procedure rises, so too, does the pressure to do it—even when it’s not financially feasible.

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This NYC Marketing Director Used ChatGPT and Manifestation Techniques to Purchase a $900,000 Home 20 Mins From NYC

A cash gift from family for a down payment helped, too.

Read More

Roommates After 50

Middle age can be a time of huge change: career shifts, empty nests, relationship transformations. For some, sharing a space with a housemate can be a welcome salve. It’s time we talk about that.

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Self-Doubt and Sacrifices—Dorsey’s Meg Strachan Gets Candid About Launching Her Jewelry Company

“Have we made it? From the outside, perhaps. Internally, we are working really hard to make it every single day.”

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I’m the First Person in My Family to Be Rich

Having more money than your loved ones can be complicated. As the daughter of immigrants, Sharon Pak describes navigating that reality.

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Gen Z and Millennials Are Losing Friends Over Money

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https://www.marieclaire.com/money-issue-2024/ Snxco7gUVbohcc6M5C9fGK Wed, 17 Jan 2024 19:54:51 +0000