Ankita Terrell is the CEO and founder of Intentional Money, where she helps her clients make a plan to earn, spend, invest, and donate money, in alignment with their values.
Side hustles are important — they help you diversify your income so that you are not reliant on a single paycheck anymore.
What is your vision and mission with Intentional Money?
My mission with Intentional Money is to enable the socially conscious individual to feel confident and in charge of their money. I do this by helping my clients align every aspect of their life to their values, so they know that their money is working for them, in harmony with who they are and what they care about. I’m here to debunk the notion that making money and being good to the world are at odds with each other. It’s possible to build the exact life you want — make money, to give back to your community, to go on the vacations you want, to invest for retirement — all while being true to who you are.
My vision is to scale the Intentional Money community so that tens of thousands of individuals can earn, save, spend, invest and donate in alignment with their values. My goal is to enable my clients to heal their relationship with money, and form new habits so that they feel at ease knowing they have a plan.
No matter where you started from, today is the best time to understand how your money can work for you while being good to the world we live in.
What services do you offer at Intentional Money?
At the moment, I work with clients in two formats — 1:1 and group programs.
The group program is a fantastic place to start: it strengthens your financial foundations so that you stop feeling overwhelmed (or bored) when you think of paying off debt or making a budget. The group program is capped at 8 people per group so that every participant feels heard and fully supported. We cover a wide array of topics from mindset and budgeting, to the basics of investing, and planning for retirement and beyond.
As part of the group program, I teach 8 sessions over 9 weeks, plus 3 office hours with experts (mindset, taxes, real estate). I also offer 1:1 services, which can be tailored to the needs of the individual. For 1:1, I work with clients for 10–12 weeks and tend to focus more on helping entrepreneurs scale their side hustles to be their full-time jobs, and help them plan their finances. I’ve also worked with people whose schedules do not allow them to attend a group program (or if they feel like they have nuanced questions and want my undivided attention and guidance).
Your views on why side hustles are important/necessary — now more than ever before?
If there is one lesson we took away from living through the Covid-19 pandemic, it was that life is very uncertain, and we cannot take anything for granted. Layoffs happen, and they should not ever be catastrophic.
I think side hustles are so important for many reasons — it diversifies your income streams so that you are not reliant on a single paycheck anymore. And even if you never stop working your 9–5, the multiplier effect of having a second income can accelerate your financial freedom (whether it’s by paying down debt, or investing for retirement, or even knowing you can support your children’s college education). There are great retirement accounts available only to entrepreneurs that can help with retirement planning, as well.
I will say, I understand that having a revenue-generating side hustle is not possible for everyone. It could be that your work schedule is crazy as is, or perhaps you’re in a job or visa that prevents multiple incomes. The goal of thinking about side hustles is not to feel overwhelmed. But at least think about what skill would you share with the world if you had to have a second income/ lost your job/ simply wanted to take a break and spend time with your family or kids?
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- Forbes — 10 Things To Negotiate Other Than Base Pay
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