Practice self-love: paying yourself first is an act of self-love. Asking for a higher rate is an act of self-love. Once you see nurturing your financial health as an act of self-love, the game changes for you.
I had the pleasure of interviewing Danetha Doe. Magic-maker. Money-maker. Dream-maker. Danetha is an example of a woman who uses grit and grace, intellect and intuition, muscle and magic to make her dreams a reality. Her social club, blog, programs and events through Money & Mimosas help women elevate their self-worth and net-worth. A former accountant, Danetha is the host of the Future of Accounting podcast, the #1 podcast for young CPA professionals, and a journalist covering women’s empowerment conferences and events around the world. She was named a millennial thought leader by the Hong Kong Institute of CPAs and a millennial entrepreneur to watch by the office of Congresswoman Barbara Lee. She is based in the San Francisco Bay Area.
Thank you so much for joining us! Can you tell us what brought you to the finance field?
I got into this field because I wanted to figure out how to become rich. Honestly! I wanted to be able to live a rich life, and I knew that understanding how money works — and how to make it work for me — was a big part of it.
Can you share with our readers the most interesting or amusing thing that’s happened to you in your career so far, and what you learned from it?
The most interesting thing that’s happened… I would say was filming a TV show. It was my first time working in Hollywood. I learned a lot about communicating effectively on camera, enjoying the moment and how easy it can be to lose yourself to appease others. Learning how to be secure in yourself is an important element of living a rich life.
Are you working on any exciting new projects now? How do you think that will help people?
I am working on a really big project that was just officially announced. I am in a reality TV show about millennials and money. As the host, I am a finance expert helping other millennials figure out their path to financial freedom. It is called “Going From Broke” and it was produced by Matador Content, Chicken Soup for the Soul Entertainment and Ashton Kutcher. My hope is that it helps people find the tools they need to be financially successful and gives them the confidence to pursue their biggest dreams.
What do you think makes your company stand out? Can you share a story?
Money & Mimosas stands out as a financial education company because we approach money from a holistic perspective. Yes, we care about financial education, and we also care about branding/aesthetics. I use PicMonkey when creating graphics because having clean, beautiful designs matter when communicating with my readers. When I talk about becoming rich, I am (yes) talking about money, but I am also talking about health, feeling strong & sensual in your body, feeling inspired, doing good in the community and living a life out of passion not fear. A great example is when I was working with a private client who wanted to grow her business to six-figures. As soon as we finished our first session, I knew that she was not going to reach six-figures because she was working WAY TOO MUCH. So, I told her to schedule one day off per week and to take a couple of weeks off. She thought I was crazy. But she listened to my advice which included taking time off, spending time with her soon-to-be wife, and enrolling in pole-dancing classes (which used to be a passion of hers until she started working like a crazy person). One year later, her business now earns multiple six figures, she’s married and feels good in her body. That’s what I call a RICH LIFE.
Wall Street and Finance used to be an “all white boys club”. This has changed a lot recently. In your opinion, what caused this change?
It’s changed, and it hasn’t changed. Wall Street and Finance is still very much white and very much masculine. With that said, companies like Ellevest and finance leaders such as Suzanne Shank and Mellody Hobson are shifting the status quo. This change is happening as more women and people of color are waking up to the fact that the financial system is built against them and the way to change it is to learn how to make money work for us, on our own terms.
Of course, despite the progress, we still have a lot more work to do to achieve parity. According to this report in CNBC, less than 17 percent of senior positions in investment banks are held by women. In your opinion or experience, what 3 things can be done by a)individuals b)companies and/or c) society to support this movement going forward?
The responsibility of changing senior positions in investment banking lies in the hands of those within investment banking. Individuals in the banking system need to advocate for change. Companies need to prioritize hiring folks of color and mentoring up & coming leaders such as Lauren Simmons, and society needs to feature more diversity so that we start thinking of women of color as financial experts.
You are a “finance insider.” If you had to advise your adult child about 5 non intuitive things one should do to become more financially literate, what would you say? Can you please give a story or example for each?
1. Practice self-love: paying yourself first is an act of self-love. Asking for a higher rate is an act of self-love. Once you see nurturing your financial health as an act of self-love, the game changes for you.
2. Define what a “rich life” looks like for you: look at your finances, health, relationships and desires and get clear on what your dreams are in each area. Only then can you create a life worth living.
3. Create a vision board of your rich life: if you can see where you’re headed, it’s much easier to get there. Create a Pinterest board or poster board of your dreamiest, richest life and look at it regularly.
4. Practice gratitude: Oprah says that when you practice gratitude, you are rewarded with more things to be grateful for. I’ve seen this happen in my life and every morning I write down 3–7 things I am grateful for.
5. Make emotional financial decisions: People say that you shouldn’t be emotional when you make decisions — which is true when you are in a destructive state. However, when coming from a grounded state, your emotions are the guiding light to your desires. I use anger, joy, sadness, happiness to guide my financial decisions.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful for who helped get you to where you are? Can you share a story about that?
There are so many people I am grateful for. At this moment, the person who comes to mind is my father. When I was 11, he started taking me to networking events. These would be gatherings at corporations or at bars. I learned really early the importance of being able to connect with people and this has been the foundation to my financial success.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
I love a lot of quotes. At this moment, my life lesson quote is a lyric from Mac Miller’s song, “2009.” He raps, “I struck the f*** out, and came back swinging.” It’s such a powerful line because it is a call to never give up. AND even if the rules of the game say that you can’t try again, forget the rules, make up your own and keep on going.
If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be?
That self-love is a revolution. If more of us felt good in our body, at peace with our environment and in harmony with ourselves, we would live in a brighter, happier, safer world.
Thank you for all of these great insights!