Making it in business is no small undertaking and making it as a women presents even more unique challenges to overcome. These 3 women all faced rejection and the notion that they should stay in their places in a male dominated world. But they all stuck to their guns and had the last laugh in the end; flipping societal norms on their ears. They defined their place, and took home bank. Oh and they're all college dropouts too, so boom.
Born in San Diego on April 20, 1984, Sophia Amurosa never had it easy. Struggling with a depression and ADD diagnosis, she would drop out of high school for homeschooling. Her parents split as she reached adulthood and she'd spend the next few years hitchhiking the west coast and doing whatever to survive. At age 23 she began to find her stride selling vintage clothing and items through and EBay store she dubbed "Nasty Girl Vintage". It was named after Betty Davis 1975 album and with Sophia doing all the styling, the photos, the captions, packaging, and shipping herself - success was soon too follow. Depending on who you ask she was either kicked off eBay for violations, or she left on her own terms due to limitations. Regardless the split would lead her to launch Nasty Girl Vintage in 2008 as its own online store. It did $223,000 its first year and by 2011 it was doing almost $23 million. With social media wizardry like no other, Sophia built a loyal and dedicated following of young women and would be hailed for cocktail of business acumen and tech savvy. She would go on to publish the successful book #GIRLBOSS and has since stepped down as CEO of Nasty Girl to enjoy her new found fortunes and plot her next takeover.
Born in poverty to an unwed, underage mother, Oprah Winfrey is the American Dream, refined and reclaimed. She'd overcome a childhood of hardship to become the first black woman on the news in Nashville, which she would parlay into an opportunity to co-host a show in Chicago. She would take the struggling, low-rated AM Chicago and transform it to Chicago's highest rated. This would lead to the show being changed to the Oprah Winfrey Show, and this is also where Ms. Winfrey would take a turn down the path towards being a billionaire. Oprah wisely took ownership of her show and started her own production company behind it. When the show went national, Oprah went millionaire. And she didn't stop there. Her network would invest in further talent, spinning off into such shows as Dr. Oz, Dr. Phil, and Racheal Ray. She would dive into film, radio shows, and her famous "O" magazine amongst others. She would start her television network "OWN". And while there's been some hits and misses as with anything, Oprah's empire sits today at $3 billion and who knows if she plans on slowing down any time soon.
Blazing a career across stage, film, and television is a true American classic - Julie Newmar. She's been crushing it since the '50's - one of her most iconic roles being Catwoman in the television series "Batman", and she snagged a Tony Award for her role as Katrina Svej in the 1958 Broadway production of "The Marriage-Go-Round". She even has a movie named after her and an iconic photo she signed, in which she makes a cameo titled "To Wong Foo, Thanks For Everything, Julie Newmar". But when she really started to boss up was in the '70's when she started making her money work for her. Receiving patents for "pantyhose" and a "nearly invisible" brassiere, and investing in L.A. real estate has ensured that in her golden years - as with everything else in Ms. Newmar's world, remain golden as well.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.