- Business consultant Kendra Y. Hill has earned $2 million during the pandemic.
- Sex worker Jet Setting Jasmine earns six figures a year from multiple sources of income.
- Although they work in different industries, the two women share three financial habits that help them manage their high incomes.
- Find out how to find the right financial advisor for your lifestyle.
Sex educator and adult entertainer Jet Setting Jasmine earns six figures a year, but the stigma faced by sex workers makes it difficult to manage her money.
Jasmine told Insider: “The fact that I can’t use certain payment processes, it’s an automatic indicator that my money, my work is not welcome. During the pandemic, we were not allowed to apply for a small business loan, but we pay our taxes like everyone else.”
Jasmine and her husband, King Noire, own Royal Fetish Entertainment, which produces and produces adult entertainment content and hosts educational events. The couple also earn passive income from a range of sex toys made in their likeness, and Jasmine is a licensed clinical therapist with her own private practice.
To show that smart money management transcends industries, Insider compared Jasmine’s financial habits to those of millionaire CEO Kendra Y. Hill, a business consultant who earned $2 million during the pandemic helping businesses YouTube influencers to monetize their content.
1. They both create financial goals at the end of each month
Jasmine told Insider, “Our staff are paid on a monthly basis, so we do a full profit and loss analysis. We double-check to make sure what each of our revenue streams says we’ve done is well in our account.”
Similarly, Hill says, “At the end of each month, I plan what I’m going to sell through my business for the next month.”
The two business owners also check their financial plans weekly to ensure they are on track to meet their monthly spending and savings goals.
2. They rely on their accountants for financial advice
“We finally have an accountant, so that’s been really helpful,” says Jasmine. In the past, she and her partner used accounting software to file their own tax returns. Having the insight of an accountant took the financial pressure off so they could focus on creating more entertainment content.
Hill also leans on her accountant, with whom she has built a long-term relationship, for recommendations on personal finance books or business seminars.
3. They focus on earning more rather than cutting expenses
Instead of drastically cutting expenses to free up cash, Jasmine and Hill instead focus on increasing their income.
While King Noire is more conservative when it comes to savings, Jasmine prefers to pay for bulk purchases upfront and then focus on earning once her family’s needs are met. For example, she says she would prefer to prepay an independent contractor. “I spend anticipatively to get the money back with passive income opportunities,” she says.
Hill has a similar approach. She gives herself a discretionary spending budget of $30,000 every month, even though she doesn’t necessarily use all that money. “If I want to do something more,” she says, “I take it out of that money. I’m not someone who believes in depriving yourself of things.”