In this series we will be highlighting burgeoning entrepreneurs in the modern era. These are folks who have taken the risk of quitting their conventional jobs in pursuit of their passions. This is a difficult road that many never find the courage to venture upon, but the rewards are so worth it, and as you know, no risk, no reward, know risk, know reward.
This episode focuses on actress, recording artist and musical sensation Lynn Solar. After obtaining her masters degree and teaching kindergarten, Lynn decided to jump off the beaten path and follow her passion. She maximizes her time by using the gig economy to it's fullest potential and then enjoys the freedom to set her calendar based on her needs and objectives. We talk about time management and what it feels like to jump out there on your own. She's a powerful voice for women and entrepreneurs everywhere.
Which Apps Do You Use?
I use, FB, IG , Twitter, Soundcloud, youtube, Gmail, Google drive.
Do you Remember Your First Day? What Were You Feeling?
My first day I remember feeling like a deer-in-headlights! my eyes popped up early in the morning and I thought "oh my god! did I really just do that?! did I really quit my job?! am I really "full-time me". and then I said "Okay God what are we going to do today? and I took that day or two to just chill reflect, refocus and reset for the next stage of my journey. I was both excited for this new found freedom that i created and afraid. But I had developed this phrase " I am more Faithful than afraid." and truly I was more afraid of staying in a situation that no longer fit for me than anything. So i knew it was time to take the leap.
What Were You Doing Before? What Made You Want To Try Something New?
For the past 5 years I was working in the field of Education while simultaneously building my career in music and acting. I took on this artist life 6 years ago to fulfill my need to pursue a powerful living to be happy doing what I loved to do. so while I have been thinking all of my life it wasn't until I graduated with my Master's Degree and had been a Pre-K teacher for a year that I realize that that profession would not sustain me long term. So my sorority sister, sister-friend, who is also my business manager and I got together and created a plan which was the very beginnings of my brand development.
How Do You Balance Your Time?
Ha! not very well it seems sometimes laugh out loud. I use my calendar for everything from business items to social events to even my rest time. it keeps me from getting overbooked, although I still put too many things on my calendar. but generally I make sure that I don't go too many days without taking a break schedule rest times at random times of the day sometimes whole days sometimes just five or six hours at the end of the day. I use the Do Not Disturb function on my phone so in the evenings too late mornings my phone doesn't make any noises or interruptions from text messages or phone calls. And I make sure that after a few days and so that I schedule time to spend with family and friends.
Tell Me About Your Business...
My business I am a singer-songwriter artist and actress. my brand focuses on encouraging others to be their own superhero! That they have everything they need to have the life and to Chase the dreams they desire, right now. I encourage people to live fully and partly. Solar powered is what I call it. my brand is a " power brand".
How Much Time Per Week Would You Say You Get To Dedicate To Your Craft?
Unfortunately I do not spend enough time or as much time as I would like in my craft. I'm even embarrassed to say how many hours. I have been self-employed four eight months now and I'm still trying to figure it all out. Some days I'm so excited everything is going the way i want it, i am Slaying the day. I have these Amazing Music days where I start my mornings off just the way I want it where I don't have to go anywhere and all there is is just me in my home office- the "Solverse" listening to music, doing vocal exercises, learning new songs, learning how to play the guitar, And playing around with my vocal technique. And then some days I feel like I'm failing. my business tasks and odd jobs takes up a lot of my time and by the end of those day I'm often tired and stressed. If I had it my way I spend 40 hours a week at least on my craft. I want to sleep and breathe music!
What Else Do You Like To Do With Your Free Time?
In my free time I love trying to restaurants I love cooking new recipes. I love exploring my city like a tourist, I love spending full day's binge-watching movies. I reeaaaaally love solo travel it helps me clear my mind. And I love when I can take the time to visit with friends especially those with babies! Babies make me happy they make me feel like everything is right in the world.
Any Advice For People Wanting To Follow A Similar Path?
My advice would be to take your time exploring what you truly want to do. it will be the thing that makes your heart leap and soar! make the first step now, know that you have whatever you need to start right now. ask a lot of questions, connect with others in the music industry and connect as a make friends with them, find people that share and expand your mindset & interests. share with everyone you know about what you're up to it will help you find your tribe and guide you to someone or some resource that you may need. When you get overwhelmed stop and take a break. catch a breath do something you love to do and then get back to work. And if you ever question who you are or the next step in your process, pray, ask the universe, and then meditate on it. the answers will show up for you. Most importantly do not quit.
For bookings & inquiries, please contact Lo at Lo@Lynn-Solar.com or (872) 221-0077
Lynn Solar's debut single "I Am Enough" is available from her website (www.lynn-solar.com) or digital platforms where music is sold and streamed.
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.