Ellie Diop -turns a stimulus check into a thriving business
Ellie Diop's journey from adversity to financial success is a testament to the power of determination and financial education. Her story illustrates how anyone can improve their financial situation, build wealth, and achieve their goals by following the principles of authenticity, transparency, and effective money management.
Diop's insights will guide your financial journey toward stability and success through entrepreneurship or passive income. Not everyone needs to be an entrepreneur, shares Diop. "You don't need a business and a team of fifteen people but everyone should know how to make extra money.” In today's world, financial goals and challenges are integral to modern life. We grapple with the complexities of the global economy to ensure our financial security. People like Ellie Diop, financial mentors and entrepreneurs, combine the acumen of a COO with a compassionate and humble approach when delivering financial guidance.
Her entrepreneurial journey began during a challenging period in her life. She had recently lost her six-figure career, moved in with her mother, and relied on stimulus checks and odd-jobs like DoorDash to make ends meet. Despite these hurdles, she remained determined and committed to her vision of connecting with people, primarily women, to teach them about effective money management. Diop's initial goal was to earn $10,000 per month, but when she received her first $500 in a single day, she realized that earning $500 daily would move to surpass her initial target by $5,000. This thrilling yet unsettling realization underscored the need for perseverance.
Gradually, Diop identified gaps and recurring trends within her community, particularly among women of color. She noticed a tendency to project a lavish lifestyle and an emphasis on having "high spending power" to acquire designer items. This, in her view, is placing women in a metaphorical financial "chokehold." Diop emphasizes, "Yes, you can certainly own those designer purses or shoes, but it's essential to formulate a plan, and establish a passive income stream. For instance, consider investing in the stocks of the very companies whose luxury items you buy, ensuring you don't put yourself into a financial deficit."
She developed educational frameworks that highlighted the significance of having a healthy relationship with money, even when you don't have enough of it. She suggested taking the following steps:
Closely examine where your money is going by getting familiar with your bank account.. How much are you spending at places like Starbucks or on groceries and dining out? This removes the mystery from your spending.
What expenses can you reduce while still enjoying life? Bills are typically stable but cutting some costs in half or more is often possible.
Consider creating additional income streams, such as becoming a delivery driver for services like DoorDash or selling items online.
Consider the practical skills you've been paid for in the past and what advice people frequently seek from you. This signals potential areas where you can create a product, service, or business.
In changing habits with your money, or growing your business, or developing a new income stream, Diop mentions that one of the biggest challenges is maintaining consistency. As the first in her family to step into business ownership, she notes, “I had never seen it done and had no reason to believe this would work.” Yet, her story stands as one of inspiration and her services are of value, particularly to our community.
Stay connected with Ellie Diop and access valuable financial insights by following her on Instagram at @Ellietalksmoney.
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