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Everyone has the ability to reach financial success. At least, that's what Ruby "SunShine" Taylor, founder and CEO of Baltimore-based financial education platform Financial Joy School, believes.
Taylor's new book, Unconventional CEO, chronicles her own financial hardship resulting from a car accident in 2012. The accident left her, a school social worker of more than 10 years, with a traumatic brain injury that kept her from being able to return to work. As the threat of homelessness loomed over her, she searched for answers.
"I realized that to bounce back, I needed to learn how to grow my money, invest wisely, and create a financial safety net for myself and my business," says Taylor.
She grew her net worth from negative $15,000 to over $487,000 over the course of eight-and-a-half years. Today, through the Financial Joy School, she helps Black and Brown communities invest in their financial education and create generational wealth. Here are her top three tips for how any founder or CEO can achieve financial well-being, regardless of their paycheck.
Taylor is staunchly anti-budget. Budgets focus on essentials, such as paying bills and saving for a rainy day. And while those are important, she notes, consistent budgeting can leave you feeling like you're swimming upstream in an endless battle to cut costs and put just a few extra dollars in the bank.
Instead, Taylor recommends CEOs "direct" their money. By this, she means using the extra funds typically stored away for another day and investing into yourself -- through a vacation, a dinner at a favorite restaurant, or attending a conference -- and in your future -- by purchasing stocks, bonds, real estate, or other investment vehicles. Regardless of the amount, it's about making your money grow and work for you, as opposed to sitting stagnant, she says.
"It's about being intentional, purposeful, and mindful about directing my money to create the life I desire," says Taylor. "It's a shift in mindset, and a commitment to living a life of abundance, both financially and personally."
Taylor firmly believes you don't need to be rich to invest. Even founders who can't yet afford to pay themselves a salary can start investing with just $100. Distribute those funds across different assets, such as index funds, investment platforms, and individual stocks, and over time, Taylor says, the funds will grow (if invested correctly). Of course, building wealth requires some management, which is why she says it's crucial to stay informed, keep an eye on your investments, and build them slowly and only when you're comfortable.
"Remember, investing isn't about getting rich quick -- it's about creating opportunities for yourself and your loved ones," says Taylor. "It's about transforming that $100 into a key to your financial freedom."
When Taylor was young, her father gifted her an abundance of Dominion stock, an asset she says could have laid the foundation for generational wealth, were it not for the fact that she didn't know the asset's true value, or how it could grow wealth over time. This is why, she says, CEOs interested in establishing wills, trusts, or foundations to facilitate the transfer of wealth across generations need to ensure their family members understand their true worth.
Taylor recommends educating not only yourself but also your family on financial management and investing. This can involve teaching children about directing their money, the power of compounding interest, and the benefits of long-term investing.
"Generational poverty can take root when assets are inherited without the vital knowledge or resources needed to foster their growth," says Taylor. "Hence, the secret sauce to successful generational-wealth creation isn't merely about amassing wealth, but also crafting an actionable plan anchored in robust financial education."
Taylor's book Unconventional CEO is available for pre-order on Amazon and comes out on December 12, 2023.
A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta
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