Happy Monday, fabulous!
This week's money tip: Are you planning on helping your child with college expenses? Be sure to check out the 529 Plan. Similar to the ROTH-IRA, your contributions are not subject to tax once utilized. However, unlike the ROTH-IRA, your contribution limit is much higher. As high as $300,000. Click here for more information about the 529 Plan.
How was your weekend?
Before we hop into celebrity business news, I wanted to let you know about Self-Love Day coming up on June 19. Self-Love Day is all about putting you, your needs, wants and financial stability first.
Because we all know that we can't give what we don't have.
Click the image below to join the community of Self-Lovers.
In celebrity business, Jessica Alba received high praise from the queen of lifestyle business- Martha Stewart. At a recent event, Martha was asked to comment on Jessica's business, The Honest Company, and said "Jessica Alba has done a very good job. And I think she means very well especially in terms of children’s products.”
This is huge, given that Martha Stewart is known for being very critical of other lifestyle businesses including Gwyneth Paltrow's "The Goop".
With a valuation of nearly $1B and a large fan base of loyal users, what can we learn from Jessica Alba?
How has she built The Honest Company into such a huge success?
Credit: The Honest Company
What can you learn from Jessica Alba's approach to business?
If you are not familiar with The Honest Company, it is a membership e-commerce site that sells toxic free diapers and other baby products.
Jessica Alba was inspired to launch the company in 2011 after she gave birth to her first child. As the story goes, she asked her mom which laundry detergent would be the best for her daughter. Like most loving moms, she recommened that Jessica use the same detergent that she had used on her clothes growing up.
The detergent was a well known brand and explicity said "safe for children". However, when she first used the product to wash her baby's clothes, Jessica broke out in hives.
How could a product that was safe for children cause such a bad skin reaction on a grown adult?
This question led Jessica down a path of unsettling research. She found that most products on the market used harmful ingredients and didn't disclose their negative effects. And most of these products were made for children!
Jessica set out to create a product line that was safe for her children. And there's nothing that will stop a mama determined to protect her babies.
Jessica had a clear sense of her bigger why when she created her company. And she clearly conveys it on the company's website and in every interview.
In the words of Simon Sinek, "People don't buy what you do, they buy why you do it." And how could someone not support a company that's created to protect our innocent babies?
Take action now: What is your big why? Write it down. Then review your website. Is your bigger why clearly conveyed on your website?
Wishing you a week full of bliss and beauty.
For more tips on how to run your business like the rich and famous, click here to join my weekly newsletter.
Danetha Doe, @danethadoe, is a business strategist and creator of Money & Mimosas. She specializes in helping athletes and lifestyle entrepreneurs use their brand to create more financial opportunities.