“I spent money on myself to land a better job and the big raise I deserved.”
L’OREAL THOMPSON PAYTON, 36 EVANSTON, ILLINOIS
I was working in external affairs for a nonprofit, and I learned from some peers in similar roles in the same sector that I was underpaid by nearly $30,000. I tried to negotiate a raise, but I was told, in so many words, “Sorry, we’re a nonprofit. There’s nothing we can do.”
Determined to fi nd a job that would pay me what I’m worth, I decided to hire a career coach, which—at $100 an hour—was a hefty investment for me on my salary. She helped me update my résumé, make a five-year plan, and come up with a list of non-negotiables for my next job.
One day while scrolling LinkedIn, I found a listing for a director of communications role at a nonprofit that felt like it was created for me. The job description even stated that the ideal candidate should scroll X (Twitter at the time) every morning with coffee—something I still do to this day. Plus, when I visited the company’s website, I was thrilled to see that the staff was diverse (one of my non-negotiables!). After a few rounds of great interviews, I got the job and increased my salary by $30,000.
Receiving the offer and then quitting my job came with a surprising range of emotions. I was pissed that I had been underpaid for so long. That’s never a good feeling! But I was proud that I advocated for myself and didn’t settle for just any job.
“I diversified my investments to make progress toward my financial goals.”
SIANNA SIMMONS AFARI, 33 PEACHTREE CITY, GEORGIA
While my husband and I had been diligently saving for retirement, we also had big goals we wanted to achieve sooner. We knew investing could help us get there faster, so we started working with a financial firm recommended by my brother-in-law, who is also a client. We gave the firm some money (in the low five figures) to invest and put a chunk into a high-yield savings account. Next, we invested in real estate, putting a down payment on a house as well as two other properties.
The firm emphasizes goal-based investing, which means we tell our adviser what we want to do with our money, both today and in the future. Then they put together a personalized plan to achieve those goals through smart, diversified investments. We meet with our adviser annually to review our portfolio (a mix of low-cost exchange-traded funds and bonds), make sure we’re on track to hit our goals, and decide if we want to add or adjust anything. Since we started investing, in 2020, we’ve seen around a 30% return. We know there are ups and downs in the market, and we’re playing the long game.
On our list of short-term goals, we have some home improvement projects and continuing education classes we want to pay for. Long-term, my husband and I want to buy several acres of land and open a bed-and-breakfast. Last year, we crossed a major medium-term goal off our list: We bought a new-to-us SUV shortly before our second child was born. Because of our careful planning, we didn’t have to cash out any of our investments. We used money from our high-yield savings account (it has a 4.35% APY right now!) to make a down payment and took out a small car loan, which had a lower interest rate than what we make on our investments annually. Though I was somewhat nervous about the process, I felt really secure knowing we had the funds and our purchase wasn’t stopping us from achieving our other goals.
“I moved to a cheaper city to get out of debt and rethink my spending and saving.”
CHERIA YOUNG, 40 SAN FRANCISCO
I’m a California girl, through and through. But living in San Francisco with a mound of student loan and credit card debt was keeping me in a financial rut. Then, in 2017, I was in Memphis for a conference at my company’s headquarters when one of the speakers started talking about the power of the Mississippi Delta: “You’re sitting in this room because things grow here,” he said. And while he wasn’t specifically talking to me, I felt in my gut that I needed to move to Memphis to see how I could grow there. A few months later, my dream job opened up within the company, and I made the move to Tennessee. It seemed like fate pushed me to leave California so I could grow in the Delta.
I knew I had to make other big changes in my life. Before I moved, I sat down and looked at my finances and saw a clear path forward to free myself from debt. It was a little intimidating and empowering at the same time. My fresh start was a good excuse to get my money in order.
The new job didn’t include a substantial salary bump, but the cost of living is so much lower in Memphis that it allowed me to make big lifestyle changes. I moved into a less expensive apartment and downloaded an app called YNAB, which stands for “You need a budget.” It encourages users to think about every dollar they spend. Through the app, I started assigning each dollar a purpose. My dining-out budget was called “community building” because I knew that when I did eat out, I should make the time count. And I started carpooling with my work bestie. Being so mindful of my money let me pay off my student loans and all my credit card debt— close to $20,000 total—in the two years I lived in Memphis. I did move back to San Francisco (I told you I’m a California girl), but this time without any debt and with a better relationship with money. Also, I was able to keep my job, and I got a raise to account for the cost of living in my new (old) city!
HEADSHOTS FROM LEFT: COURTESY OF CHUCK OLU-ALABI; COURTESY OF SIANNA SIMMONS AFARI; COURTESY OF CHERIA YOUNG