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MONEY DIARIES: A redundancy, two home purchases AND a small business · She's On The Money

0:00
Speaker 1: She's on the Money, She's on the Money.
0:23
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:26
Speaker 2: for millennials who want financial freedom. Welcome back to another
0:30
Speaker 2: one of our shop back money diaries, where this week
0:33
Speaker 2: we are flipping it around just a little bit, Jess,
0:36
Speaker 2: aren't we We have not got an email to read
0:39
Speaker 2: you out. This week, we have a diarist on the
0:41
Speaker 2: line that I have been snooping on in my DMS,
0:45
Speaker 2: and we thought we'd bring her and share her with
0:47
Speaker 2: you guys, because I know her story is honestly so epic.
0:51
Speaker 2: So Jess, you know nothing about this diarist. It's usually
0:53
Speaker 2: like the tables have been turned. But I'm really excited
0:57
Speaker 2: Money Diarist, you're on the line, You're already hanging out
0:59
Speaker 2: with us.
1:00
Speaker 3: Hello and welcome to the show.
1:02
Speaker 4: Hi, I'm so excited to be on here.
1:04
Speaker 2: Oh my gosh, I was saying to Jess before that,
1:06
Speaker 2: I was so so excited because your name has been
1:09
Speaker 2: popping up all in the community. I'm obviously not going
1:12
Speaker 2: to name and shame you, no shame, but you know
1:14
Speaker 2: what I mean. I'm not going to name you, but
1:17
Speaker 2: I've seen you in the group, I've seen you on
1:18
Speaker 2: our Instagram I see you in my personal dms like
1:20
Speaker 2: you are everywhere. So when you said that you were
1:22
Speaker 2: keen to do a diary, I was like, Yes, Jess,
1:24
Speaker 2: let's do this one. So we're both very excited to
1:28
Speaker 2: jump right in. So let's just take it from the
1:32
Speaker 2: top money dororist. Let's ask you the first official she's
1:35
Speaker 2: on the money money question, what is your attitude towards money?
1:40
Speaker 4: This is such a tough question, but I guess it
1:43
Speaker 4: comes from my money story, which I know you talk
1:46
Speaker 4: about all the time. And my parents are immigrants that
1:50
Speaker 4: came over to Australia with absolutely no money and started
1:55
Speaker 4: from scratch. So nothing has ever been handed to me
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Speaker 4: on a silver platter, and that's something I'm so grateful for.
2:03
Speaker 4: Like some of my friends turned eighteen and got cars,
2:05
Speaker 4: that just wasn't an option for me. So I've always
2:08
Speaker 4: known what it's like to start from scratch and to
2:12
Speaker 4: do everything within your own means. Yeah, and they've now
2:17
Speaker 4: got multiple properties and have done so well for themselves,
2:21
Speaker 4: but they're really humble about it and they only buy
2:24
Speaker 4: things with what they have, and that's something that I've
2:27
Speaker 4: kind of done too.
2:28
Speaker 2: Oh my gosh, to be a little bit pervy. What
2:30
Speaker 2: do your parents do for work?
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Speaker 4: So, my dad's a cabinet maker and he has his
2:35
Speaker 4: own business which has been phenomenal. And my mum looks
2:40
Speaker 4: after kids. So I'm one of four, which you can
2:43
Speaker 4: imagine being an immigrant, she didn't have any family over here,
2:46
Speaker 4: so she's done family daycare and yeah, done really well
2:50
Speaker 4: from that.
2:50
Speaker 3: How cool? I love that.
2:53
Speaker 2: And to hear your dad is a business owner kind
2:55
Speaker 2: of makes a little bit of sense as to where
2:57
Speaker 2: you might have got some of your drive. I'm not
3:00
Speaker 2: going to spoil the question though, so you're going to
3:02
Speaker 2: answer the next one for us money directs and what
3:05
Speaker 2: do you do for work?
3:06
Speaker 3: And how much money do you earn?
3:08
Speaker 4: So I work in digital marketing and events full time
3:12
Speaker 4: and I earn eighty six thousand dollars plus super and
3:17
Speaker 4: I also have a side hustle business called Dispense and
3:21
Speaker 4: that's an econ business that I run as well on
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Speaker 4: the site.
3:26
Speaker 2: Oh my gosh, so you've got your own small business
3:28
Speaker 2: as well.
3:29
Speaker 3: I want to ask you.
3:30
Speaker 2: I was about to say, talk us through how you
3:32
Speaker 2: got there, but I have to hold myself back. We'll
3:34
Speaker 2: get to that after the structured questions. You're very excited
3:37
Speaker 2: about it though, all right.
3:38
Speaker 3: Thank you.
3:39
Speaker 2: All right, money dice, what is your big money goal?
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Speaker 4: So, also cutting to the chase, my partner and I
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Speaker 4: have just bought a house that we're moving into in February.
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Speaker 2: Congratulations, how exciting.
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Speaker 4: Sold twenty four when I bought this house.
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Speaker 2: Oh my gosh, a baby buying property. I loved to
4:00
Speaker 2: see it.
4:00
Speaker 4: So my money goal is learning how to manage money
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Speaker 4: like an adult.
4:04
Speaker 2: Oh my gosh, it sounds like you already know how
4:07
Speaker 2: to manage money like an adult. Like you have a business.
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Speaker 3: I know you own.
4:11
Speaker 2: More than one property, like she's Queen Jess. Would you
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Speaker 2: say that she's already managing money like an adult. Adult
4:17
Speaker 2: adults buy properties. Sorry, she's managing.
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Speaker 5: Your money arguably better than me. So I'm impress.
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Speaker 4: But I feel like I've just had to learn on
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Speaker 4: the fly because no one teaches you anything at school.
4:28
Speaker 2: No, they literally don't. But trigonometry, But you got a
4:31
Speaker 2: lot of that much. I was so good at Math's methods,
4:36
Speaker 2: and then when it came to personal accounting, I was like, who, what, why?
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Speaker 4: What?
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Speaker 5: Already I'm going to jump in and ask the next question,
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Speaker 5: do you have any investments? We know you have property,
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Speaker 5: but anything outside of that.
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Speaker 4: Well, this is actually something well the business is kind
4:51
Speaker 4: of an investment for us. So at the start of
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Speaker 4: that we both put in ten thousand dollars, which was
4:57
Speaker 4: a lot of money. That's a lot, yeah, but has
5:00
Speaker 4: had incredible returns. And I guess my attitude to money
5:04
Speaker 4: is that having money in the bank doesn't really return
5:09
Speaker 4: a lot and to make money you have to spend money,
5:12
Speaker 4: which is something I learned quite late. But my partner
5:16
Speaker 4: and I have now set up an account that we
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Speaker 4: put two hundred dollars into a week and it's a
5:21
Speaker 4: joint investing bank account and at the end of the
5:23
Speaker 4: quarter we choose where we're going to invest it. So
5:26
Speaker 4: we've got some money at the moment in cryptocurrencies and
5:30
Speaker 4: are also looking to build our share portfolio.
5:33
Speaker 5: I love that you guys are doing that together. How
5:35
Speaker 5: long have you been together, if you don't mind me asking.
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Speaker 4: Six years. So we bought our first property together in Ballarat,
5:42
Speaker 4: like when we'd only been together for a year and
5:44
Speaker 4: we were still at UNI. And yeah, he's a lot
5:47
Speaker 4: of the driver of a lot of the decisions that
5:48
Speaker 4: we've made financially.
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Speaker 3: Oh my gosh.
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Speaker 2: So you're saying you're with someone at UNI and you're
5:54
Speaker 2: with them for a year and you're like, this is
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Speaker 2: the guy I'm going to buy a house with him?
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Speaker 4: Well, we it was purely an investment like that was
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Speaker 4: probably one of the biggest arguments we'd ever had because
6:03
Speaker 4: we were like Balarat. We walked into houses and here's
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Speaker 4: a cabinet maker, so he looks at houses like, how
6:10
Speaker 4: can we fix this? Whereas I looked at it like, yuck,
6:13
Speaker 4: this has disgusting, ugly old lady furniture.
6:15
Speaker 3: I don't buy it.
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Speaker 2: Literally, how I was looking at properties, yep, I feel
6:19
Speaker 2: you there.
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Speaker 4: And we bought it for two hundred and seventy thousand
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Speaker 4: dollars in twenty seventeen and it's now valued at like
6:26
Speaker 4: five hundred.
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Speaker 2: Ooh, she's a genius. Yeah money, Doris. I'm assuming that
6:32
Speaker 2: you didn't buy those properties in cash, so you probably
6:34
Speaker 2: have some mortgages. But do you have any other debt
6:36
Speaker 2: and can you tell us what debts you do have.
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Speaker 4: I have a seven thousand dollars hex stet, which I
6:43
Speaker 4: think most people have a hex step, and two loans,
6:46
Speaker 4: so one for our first property and one for our second.
6:49
Speaker 4: But I've never had a credit card, and that's all
6:52
Speaker 4: thing I'm hoping I won't need the time.
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Speaker 3: Being, tell me a little bit.
6:57
Speaker 2: I know that this is getting off track, but tell
6:59
Speaker 2: me a little bit about why you've never had a
7:01
Speaker 2: credit card. Is that just because of how you're brought up,
7:03
Speaker 2: or was that a conscious decision that you made, or
7:06
Speaker 2: was that just coincidence?
7:07
Speaker 3: Like how come?
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Speaker 4: I think there's always been a bit of a negative
7:12
Speaker 4: connotation around credit card debt in the way that I've
7:15
Speaker 4: been brought up. None of my friends really had a
7:18
Speaker 4: credit card, and I've always been taught not to buy
7:21
Speaker 4: things that you don't have the money for. But I
7:25
Speaker 4: know that now coming into having a house, it might
7:27
Speaker 4: be something that I have to consider when there are
7:29
Speaker 4: such big repayments on the house, and sometimes it might
7:32
Speaker 4: become a way to manage your money. It's just not
7:34
Speaker 4: something i've had to use yet.
7:36
Speaker 2: It's always so interesting talking to people about why they
7:40
Speaker 2: haven't ever gotten into debt, because some people will say, oh,
7:43
Speaker 2: it's because my mum was super against it, or they
7:45
Speaker 2: might go, oh, well, actually, my mum really loved credit
7:48
Speaker 2: cards and I could see how damaging that was. It's
7:50
Speaker 2: so interesting learning people's money stories. This is my favorite
7:52
Speaker 2: part of our show. All right, next question is do
7:56
Speaker 2: you use shop back? My savvy friend, I shot back.
8:01
Speaker 4: I use it on every single purchase I make, and
8:04
Speaker 4: I think that's probably one of my biggest saving tips,
8:08
Speaker 4: is that I always find something that I like and
8:12
Speaker 4: then I have to purchase it online because the process
8:15
Speaker 4: of giving myself that time distance and then having the
8:18
Speaker 4: effort of jumping online seeing if I can find discount
8:21
Speaker 4: codes using shot back, yeah, is amazing. And I've now
8:26
Speaker 4: saved over two hundred dollars on shot back, which I'm
8:29
Speaker 4: going to use to buy a coffee machine in the house.
8:34
Speaker 2: That's right, Oh, how exciting. I feel like you sound
8:37
Speaker 2: like as she's on the Money poster child, You're like,
8:39
Speaker 2: I love shot back. Also, just for the record, for
8:42
Speaker 2: anybody else listening, we just asked that question our money
8:45
Speaker 2: doors aren't paid to say that. They just genuinely love
8:48
Speaker 2: a shot back. Every time I ask, I'm like, no,
8:51
Speaker 2: this feels like an ad. It's totally not an ad.
8:53
Speaker 2: I'm like, what do you use support? How does it work?
8:54
Speaker 2: Because you guys are such fans of shot back, I
8:58
Speaker 2: mean Jess and I are as well, so like we
9:00
Speaker 2: get it. It is not hard to understand. I'm like,
9:03
Speaker 2: do people think that this is placed? Just not placed?
9:06
Speaker 2: Like we are just very excited about them.
9:08
Speaker 4: I have one more hot tip for Shotback is tell
9:11
Speaker 4: all your friends because you also get twenty dollars in credit.
9:17
Speaker 4: Six builds up. Like you tell three people, that's sixty bucks.
9:21
Speaker 3: Hundred percent.
9:22
Speaker 5: And if anyone does want to sign up, we have
9:24
Speaker 5: one that they can use if they want to cheeky
9:26
Speaker 5: twenty dollars in their account, which is SotM. And then
9:29
Speaker 5: once you've signed up, you can get that code to
9:31
Speaker 5: give to your friends to earn your own referral credit.
9:34
Speaker 2: Yeah, so you don't even have to ask, just use SotM,
9:38
Speaker 2: or you can ask your money dires friends for their code.
9:41
Speaker 2: Because the important thing to remember there is Jess, we
9:45
Speaker 2: don't get paid for that code when it's used, but
9:47
Speaker 2: you guys do, and I mean Shotbacks probably not going
9:50
Speaker 2: to be all that impressed that.
9:51
Speaker 3: We're like, go use your friends, don't use ours, Go
9:54
Speaker 3: use your friends so you guys get more money.
9:56
Speaker 2: But like, that's kind of how it works. We don't
9:58
Speaker 2: get paid for our codes. So if you ever your
10:00
Speaker 2: code in the she's on the money community. Please please
10:02
Speaker 2: please know that when you use it, we don't make
10:05
Speaker 2: a dollar. We never have and we never will, we promise.
10:08
Speaker 2: Next question, money diarist, what's your best money havebit? I
10:12
Speaker 2: feel like you probably have some hot tips for us,
10:15
Speaker 2: given your twenty five own two properties and are a queen.
10:18
Speaker 4: Is shot back, what is my money tip? I guess
10:22
Speaker 4: it's always trying to have multiple streams of income. I think,
10:27
Speaker 4: whether it's selling things on Facebook marketplace, or you know,
10:31
Speaker 4: working one day of waitressing or freelancing. Something that's been
10:36
Speaker 4: always been really important to me is having multiple streams
10:40
Speaker 4: of income, and that means that I never deny myself
10:44
Speaker 4: the things that I want because for me, that's surplus money.
10:47
Speaker 3: So you're like a full hustler.
10:49
Speaker 2: I feel like I'm talking to miss Jessica Ricci because
10:52
Speaker 2: just you're very similar to that, aren't you.
10:55
Speaker 5: I totally understand the if you're wanting something making it
10:59
Speaker 5: up with the street income. I think we're probably similar
11:02
Speaker 5: in the sense of having I guess your salary or
11:05
Speaker 5: your income is what you use as your budget, and
11:08
Speaker 5: then if you want something, you've got to work for it,
11:10
Speaker 5: you got to earn it. So I'm obviously a big
11:12
Speaker 5: fan of that mentality. I think it's really admirable.
11:15
Speaker 3: I really like it.
11:16
Speaker 2: But to contrast this and just bring the mood down, guys,
11:20
Speaker 2: what's your worst money habit?
11:22
Speaker 4: Okay, I am so poor with account organization like that.
11:27
Speaker 4: I would have no idea where my money is going.
11:31
Speaker 4: Oh what?
11:32
Speaker 3: Why not?
11:33
Speaker 2: And how not? You've managed to buy our house, tool houses.
11:37
Speaker 2: You have your own business and you don't know what
11:39
Speaker 2: you're doing with your accounts?
11:40
Speaker 4: How I have only two? It falls up to me.
11:43
Speaker 4: I would have just the two accounts, the account that
11:45
Speaker 4: I get paid in and the account that I save,
11:47
Speaker 4: and that would be all.
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Speaker 3: Why is it not up to you?
11:51
Speaker 4: I have a partner who is anal about money organization,
11:55
Speaker 4: So now I have automatic transfers that go into only
11:59
Speaker 4: our joint account. So my money's a mess, and our
12:02
Speaker 4: joint of money is immaculate.
12:04
Speaker 3: Oh gorgeous. I love that. How do you manage money
12:07
Speaker 3: in your business?
12:08
Speaker 1: Then?
12:09
Speaker 4: So we have a separate account that's just our business account,
12:14
Speaker 4: and the money that goes into there has stayed there.
12:17
Speaker 4: So all we've done with that is pay ourselves off
12:19
Speaker 4: and we make dispense purchases, so product supply, postage, all
12:25
Speaker 4: purchases related to the business come out of the business
12:27
Speaker 4: account and don't come out of that account.
12:29
Speaker 3: Yeah.
12:30
Speaker 2: I think that's really smart. One of the biggest I
12:32
Speaker 2: guess flow paths that I see small business owners doing
12:36
Speaker 2: in their businesses is actually spending their personal money and
12:38
Speaker 2: not creating that division and understanding it and just having
12:42
Speaker 2: a separate business account, one for accounting purposes, but two
12:46
Speaker 2: to make sure that you know what profit you're making,
12:48
Speaker 2: you know what costs are there.
12:50
Speaker 3: Because if you're using your.
12:52
Speaker 2: Personal debit card because you went to the shops and
12:54
Speaker 2: you're like, oh, I need to pick up a couple
12:55
Speaker 2: of more postage packs to send out, like that money
12:57
Speaker 2: just disappears, like you forget to transfer it or you
13:00
Speaker 2: forget to claim it at tax time. Like, just have
13:03
Speaker 2: separate business and personal accounts, please.
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Speaker 4: And thank goodness, because if we got to tax time,
13:09
Speaker 4: being last year was our first tax time with a business,
13:13
Speaker 4: and if we didn't have a separate account, it would
13:15
Speaker 4: have been an absolute disaster.
13:17
Speaker 3: Yeah.
13:18
Speaker 2: Look, I've seen it be really messy and having to
13:22
Speaker 2: print out all of your bank statements for twelve months
13:24
Speaker 2: and try and remember what they were, and see office
13:27
Speaker 2: works pop up and you're like, that was probably work,
13:28
Speaker 2: but then you can't find the receipts so you can't
13:31
Speaker 2: claim it. Like that is stressful. No one needs to
13:33
Speaker 2: put themselves through that have good account keeping from the
13:36
Speaker 2: Start Money Diarist. I'm going to hook you up with
13:38
Speaker 2: our budget cash flow mask class so that you can
13:41
Speaker 2: do that and get all of your accounts in order
13:43
Speaker 2: so that your personal accounts can look as squeaky clean
13:46
Speaker 2: and supreme as your shared accounts. Thank you, but we
13:50
Speaker 2: will get to that after we'll take this conversation offline.
13:54
Speaker 2: But I have one more question before we go to
13:56
Speaker 2: a very quick break and then get a deep dive
13:58
Speaker 2: into the superpervy stuff. And the question is what grade
14:02
Speaker 2: would you give your money habits if we forced you
14:04
Speaker 2: to give yourself a grade.
14:06
Speaker 4: I would give myself a B plus.
14:08
Speaker 2: There is room for my where my improvement.
14:12
Speaker 4: I want to be more in tune with where my
14:16
Speaker 4: money is going. I think I'm so bad at that
14:18
Speaker 4: and I'm gonna learn that it's detrimental to me. And
14:23
Speaker 4: I want to also be less conservative with my money.
14:27
Speaker 4: I think investing for me has always seemed risky, but
14:31
Speaker 4: it's something that I need to be more open to
14:33
Speaker 4: and just having more education about where to be putting
14:36
Speaker 4: my money.
14:37
Speaker 3: Yeah, that's absolutely fair.
14:38
Speaker 2: I think it's one of those things where we can
14:40
Speaker 2: never judge somebody else. And if I looked at your
14:43
Speaker 2: personal situation, was like, wow, money dist bought their first property,
14:47
Speaker 2: are twenty another one at twenty four, Like it sounds
14:50
Speaker 2: like you're really really good at money, but you're still like, look,
14:53
Speaker 2: I might be good at saving and hustling and getting
14:55
Speaker 2: there and you know, looking like we've got the big
14:58
Speaker 2: ticket things off, but you're like, I still don't know
15:00
Speaker 2: I know how to manage my finances when it comes
15:02
Speaker 2: to different bank accounts, or I don't really know what
15:06
Speaker 2: shares to pick, or I don't know how to invest solidly.
15:09
Speaker 2: I just think that everybody has such a different journey.
15:12
Speaker 2: And externally, I'm sure you look so fancy, like your
15:15
Speaker 2: friends would be like, oh my gosh, money, Iris is
15:17
Speaker 2: so good at money, so you owned so many properties,
15:19
Speaker 2: and inside you're like, no, I don't even know which
15:21
Speaker 2: bank account my pay is we're in right now. Like
15:24
Speaker 2: it's it's actually so interesting learning about people's money stories
15:28
Speaker 2: and how it works, because it's not always what it
15:31
Speaker 2: seems from the outside.
15:32
Speaker 4: That's exactly right. I'm good at saving, but not knowing
15:37
Speaker 4: what to do with that money.
15:39
Speaker 2: All right, let's go to a really quick break and
15:41
Speaker 2: then we'll jump into the pervy stuff. All right, we
15:44
Speaker 2: are back money diarist. You are, in my opinion, still
15:48
Speaker 2: a baby. You are twenty five years old, you own
15:50
Speaker 2: two properties, and you have started your own business. Can
15:54
Speaker 2: you tell us about the process of starting your own business,
15:57
Speaker 2: like why did you do it? How did you do it?
15:59
Speaker 2: What were the so I guess gateways to beginning that
16:02
Speaker 2: process if you always had that dream, like, tell us
16:05
Speaker 2: beIN nitty gritty about this.
16:08
Speaker 4: I'm so excited to share this story. And I guess
16:12
Speaker 4: it all just happened really naturally. I don't know how
16:16
Speaker 4: to explain it, but you know how they say things
16:19
Speaker 4: are meant to be, they happen. It was kind of
16:21
Speaker 4: that situation. So I was about three years out of
16:25
Speaker 4: UNI working at a marketing agency and I work in
16:30
Speaker 4: digital marketing and events. So when covid hit, that was
16:34
Speaker 4: quite a big hit for our business, especially all the
16:37
Speaker 4: events and all the photo shoots went down the drain.
16:40
Speaker 4: And after having the most incredible review with my company
16:44
Speaker 4: and actually getting a pay rise, a month later, I
16:47
Speaker 4: was made redundant, which, as you can imagine, broke mine.
16:51
Speaker 2: I wouldn't have seen it coming either, because you were like,
16:54
Speaker 2: they're clearly financially stable. I got a pay rise, like
16:57
Speaker 2: I'm killing it to go to hey, Bunny Darist. By
17:01
Speaker 2: the way, you don't have a job anymore.
17:04
Speaker 4: Honestly, it was so unexpected and it was just a
17:07
Speaker 4: zoom call. So my face was on camera and they
17:09
Speaker 4: were like, unfortunately, we can't keep you on.
17:14
Speaker 2: That is so rutheless, like, oh, look, I understand during
17:18
Speaker 2: COVID that it wasn't going to be anything other than
17:21
Speaker 2: a zoom call, but like, it.
17:22
Speaker 4: Was honestly the most awful moment of my whole life.
17:26
Speaker 4: And then after that, job Keeper came out, So this
17:30
Speaker 4: was just Ties getting cuts straight away before job Keeper
17:33
Speaker 4: was even announced. And then they called me and they said, look,
17:37
Speaker 4: we don't know if we'll be eligible for job keeper,
17:40
Speaker 4: but can you take five weeks of your annual leave
17:44
Speaker 4: and then at the end of that period, we'll see
17:46
Speaker 4: what we can do if we can keep you on,
17:49
Speaker 4: what can happen what the COVID situation is developed into anyway,
17:54
Speaker 4: So I did that. What other option did I have,
17:57
Speaker 4: And in that time, I was thinking about all these
18:00
Speaker 4: ideas that I could be doing to make some money
18:03
Speaker 4: in that time. But what it really taught me is
18:06
Speaker 4: that you can't really rely on other people for your income,
18:09
Speaker 4: and having something to back you and support you is
18:13
Speaker 4: so important and is why I've always tried to have
18:16
Speaker 4: some sort of side hustle or backup option, because feeling
18:20
Speaker 4: so secure in a role and then having it taken
18:22
Speaker 4: away from you really teaches you that lesson the hard way.
18:27
Speaker 4: I suppose, Yeah.
18:28
Speaker 2: It would have been a rude and unexpected shock, Like
18:31
Speaker 2: I can't imagine anybody in an employed situation would go, oh, well,
18:35
Speaker 2: I'll come to xhmorrow and I won't have a job anymore.
18:38
Speaker 2: And I mean that would be heartbreaking. I can't imagine
18:41
Speaker 2: how you felt, because you know, if you're employed, you're
18:44
Speaker 2: employed for a million different reasons, right, Like we're employed
18:48
Speaker 2: because we need income, but we're also employees a lot
18:51
Speaker 2: of the time because we want that security. We want
18:54
Speaker 2: the security of a consistent paycheck, and you know, small
18:57
Speaker 2: business doesn't afford you that.
19:00
Speaker 4: And at the time, it was really rough because my
19:03
Speaker 4: dad was having quadruple bypass, which was really unexpected, and
19:08
Speaker 4: when we went into hospital, this is where the idea
19:10
Speaker 4: came from. There were these automatic sanitizer dispensers and this
19:14
Speaker 4: was right at the start of COVID, and when my
19:18
Speaker 4: partner and I walked in, we thought, how cool would
19:21
Speaker 4: this be if every business could have one of these
19:23
Speaker 4: things that automatically dispenses and sanitizer. And then we did
19:28
Speaker 4: some research online and bound of suppliers. We got about
19:33
Speaker 4: ten to fifteen different samples sent over and we were
19:36
Speaker 4: testing them and trialing them and then we're like, wow,
19:39
Speaker 4: this is a really cool idea. And because my mum
19:42
Speaker 4: is also a family daycarer, we got the kids to
19:47
Speaker 4: test them these automatic cues dispensers because they're so quick
19:51
Speaker 4: to use, and they were like, wow, this is awesome,
19:53
Speaker 4: and all the moms loved them and everyone wanted them,
19:56
Speaker 4: and we were like, hey, this is a pretty cool idea.
19:59
Speaker 4: So after trialing them for about six months, we made
20:03
Speaker 4: the plunge of investing quite a significant amount of money,
20:07
Speaker 4: about ten K into this business.
20:10
Speaker 2: That's so much money given you were made redundant and
20:13
Speaker 2: had no job security.
20:15
Speaker 4: So much money and it was so scary for me because,
20:17
Speaker 4: like I said, I'm really conservative with my money, but
20:22
Speaker 4: we thought, at the end of the day, the worst
20:24
Speaker 4: thing that could happen is we'd sell them a marketplace
20:26
Speaker 4: or eBay for the cost that we bought them. And fine,
20:30
Speaker 4: So that was kind of our backup plan if it
20:32
Speaker 4: didn't work. And then it took off, like it really
20:37
Speaker 4: took off. We got really we really lucked out with
20:39
Speaker 4: some influences that we worked with, and I did a
20:43
Speaker 4: whole lot myself working in digital marketing, so I set
20:46
Speaker 4: up the website, I leaned on follow money diary friends
20:51
Speaker 4: to do my graphic design work for me, and yeah,
20:55
Speaker 4: it all panned.
20:56
Speaker 2: Oh my gosh, how sweet. I absolutely love that. And
21:00
Speaker 2: the thing that I love is that you've taken their
21:02
Speaker 2: skills and tools and things that you've learned in your
21:05
Speaker 2: day job and been like, I can actually apply these
21:08
Speaker 2: to my own business.
21:09
Speaker 3: And I think so many of us could do that.
21:12
Speaker 2: Like you go to work every single day and do
21:15
Speaker 2: that for somebody else, maybe you could do it for yourself.
21:18
Speaker 2: And if you've got an idea like that, like yours
21:21
Speaker 2: is absolutely taken off, We'll obviously give you a plug
21:24
Speaker 2: three sheets on the money when your episode comes out,
21:26
Speaker 2: because you mentioned it a couple of times, but it
21:29
Speaker 2: is so cool and I'm just so in awe of
21:32
Speaker 2: people who are like, no, I'm going to get it
21:33
Speaker 2: for myself. I'm going to set it up. Is this
21:35
Speaker 2: something that you think is going to become your full
21:37
Speaker 2: time gig, like you're going back to work, Like, tell
21:40
Speaker 2: us about what the future of dispense looks like.
21:43
Speaker 4: It's such an interesting concept because it worked out really
21:47
Speaker 4: well before because my partner was working in cabinet making
21:51
Speaker 4: for himself, and then when COVID hit, he had to
21:54
Speaker 4: go work for somebody else because of the fact that
21:56
Speaker 4: he couldn't quote or install jobs, which was really difficult.
22:00
Speaker 4: So at the moment, all I have to do is
22:03
Speaker 4: pack the orders and then he takes them to the
22:05
Speaker 4: post office and it's quite an easy process.
22:08
Speaker 3: Oh how good.
22:09
Speaker 4: Yeah, it works out really well, but now that it's
22:12
Speaker 4: ramped up, it can be difficult to manage.
22:15
Speaker 3: Yeah. Absolutely.
22:17
Speaker 4: My ideal scenario would be three days in the office
22:21
Speaker 4: and two days working for myself because I need that stability. Yeah,
22:26
Speaker 4: but I love the business, so.
22:29
Speaker 3: Yeah, how exciting?
22:31
Speaker 4: Yeah?
22:31
Speaker 2: And so are there other products coming out? Are you
22:34
Speaker 2: looking at expanding anything? I want to know all they
22:37
Speaker 2: needed gritty because I love small business and seeing you
22:39
Speaker 2: guys thrive.
22:40
Speaker 4: So we've we're working with the local business to create
22:43
Speaker 4: the soap that we have, and right now we're looking
22:46
Speaker 4: at an alternative with dissolvable soap, so it's better.
22:51
Speaker 3: I've seen similar thing still.
22:53
Speaker 4: And you can drop it in and it makes foaming soap.
22:56
Speaker 4: So we've been investing quite a bit of money in
22:59
Speaker 4: looking into that technology and seeing if that's something that
23:02
Speaker 4: we can replicate and testing it in all of our
23:04
Speaker 4: dispensers to make sure it'll work. Because it's more cost effective,
23:08
Speaker 4: it's better for the environment, there's total aging, and we
23:11
Speaker 4: really want to keep taking it further. So the first
23:14
Speaker 4: step was making a black version. When we first had
23:17
Speaker 4: a white, I did.
23:18
Speaker 2: See that that is very sleek. She would look very
23:21
Speaker 2: bougie on someone's kitchen bench or bathroom bench. I think
23:24
Speaker 2: it's very along the lines of Jessica Riadsche's style. I've
23:28
Speaker 2: also seen on your Instagram and you know this complete
23:31
Speaker 2: side note, people are like labeling them and Jessica is
23:34
Speaker 2: a wizard with a cricket, so like I just feel
23:37
Speaker 2: like this is a Jessica product.
23:39
Speaker 5: They're very cute very minimal. I was looking at them like,
23:41
Speaker 5: I definitely should buy one for my jump on their
23:45
Speaker 5: Instagram and check them out.
23:46
Speaker 3: They're super cute they are.
23:48
Speaker 2: Now we speak about the process of finding suppliers and
23:51
Speaker 2: how hard it can be over on the Business Bible
23:53
Speaker 2: podcast but Money, Dorris, can you talk us through a
23:56
Speaker 2: little bit about even how to start? Like if I
23:59
Speaker 2: have been a city at home and I listening to
24:01
Speaker 2: this pod now and I'm like, oh, I should look
24:04
Speaker 2: at it.
24:04
Speaker 3: Do you just google it? Do you just look it up?
24:06
Speaker 2: Do you find it on Instagram? Like where would you
24:09
Speaker 2: say a small business owner who wants to potentially create
24:11
Speaker 2: their own product should start looking or what due diligence
24:14
Speaker 2: do we need to do?
24:15
Speaker 4: Well? I guess the first part is finding out if
24:18
Speaker 4: the product exists. So for us, a touchless soap dispenser
24:22
Speaker 4: was so different, but it makes so much sense. So
24:27
Speaker 4: we started looking online and seeing if any other businesses
24:30
Speaker 4: in Australia were doing it, and it was quite a
24:35
Speaker 4: like an empty area that we could fill. So we
24:40
Speaker 4: went yeah, we literally did just google it at the beginning,
24:43
Speaker 4: and we saw people who were already doing it, and
24:46
Speaker 4: we got some sample sent over from overseas, of course,
24:50
Speaker 4: and we got about ten cent over We decided which ones,
24:54
Speaker 4: which parts of ones that we liked, which parts of
24:57
Speaker 4: ones that we didn't, and we worked on developing a
24:59
Speaker 4: model that we really loved, something that looked really sleep
25:03
Speaker 4: but was also really practical. And then of course we
25:06
Speaker 4: had to do all the logistical things, so setting it up,
25:10
Speaker 4: setting up a business name for it, registering it for GST,
25:14
Speaker 4: which we actually made a big mistake on because we
25:17
Speaker 4: didn't think it would make seventy five thousand dollars, so
25:20
Speaker 4: we didn't register it for GST.
25:22
Speaker 2: Wait, so you're saying that your small business, your launch
25:27
Speaker 2: during covid has made more than seventy five thousand dollars.
25:30
Speaker 3: Oh, kaween, that's so exciting.
25:33
Speaker 2: I didn't want to ask because I was like, oh,
25:35
Speaker 2: we're plugging her business and I'm going to post about it.
25:38
Speaker 2: She doesn't need to share the financial side of that.
25:41
Speaker 2: But oh, yes, how epic is that?
25:44
Speaker 4: Which we absolutely were not expecting. We would have been
25:46
Speaker 4: happy to have made, you know, twenty thousand dollars from it,
25:49
Speaker 4: and it would have been a huge money win for us.
25:52
Speaker 4: So for it to take off like that was crazy.
25:56
Speaker 3: How cool? I'm so proud.
25:57
Speaker 2: I shouldn't be proud because I just like I've had
26:00
Speaker 2: nothing to do with this, but like, I'm so proud
26:03
Speaker 2: to know that you're part of our community and like
26:05
Speaker 2: it's going so well. It makes me so happy, Like
26:07
Speaker 2: it feels my heart so much when we get to
26:09
Speaker 2: talk to money direst about their successes or even just
26:12
Speaker 2: what they're going through, because you go, oh my gosh,
26:15
Speaker 2: how have you done that? And like what did that
26:17
Speaker 2: look like? And I've said on the Business Bible before,
26:21
Speaker 2: like GST is really important, and there's yeah, it's really important,
26:26
Speaker 2: but it's also a really rude shock when you have
26:28
Speaker 2: to add it on and you haven't set the expectation
26:31
Speaker 2: with your clients to begin with. I can see your
26:34
Speaker 2: face because we're on zoom talk me through how that
26:37
Speaker 2: process went and how that impacted your business.
26:39
Speaker 4: So, like I said, we I'm a hufftler, but I
26:43
Speaker 4: do not understand what I'm doing and I'm learning as
26:45
Speaker 4: i go, which is probably not the right way.
26:48
Speaker 2: No, no, that is absolutely the right way. Fly by
26:51
Speaker 2: the seat of your pants, fake it till you make it,
26:54
Speaker 2: because the older you get, the more you realize that
26:58
Speaker 2: nobody actually has any idea what they're doing either, So
27:01
Speaker 2: it's fide.
27:01
Speaker 4: And you learn from your mistakes, like I've really stuffed
27:04
Speaker 4: it up the first time, but now I know what
27:06
Speaker 4: to do next time, which I think is a really
27:08
Speaker 4: important lesson. So when we went to do our GST,
27:12
Speaker 4: our accountant was like, do you have a tax file
27:17
Speaker 4: number for your business? I was like, here's my tax
27:20
Speaker 4: file number. She was like, no, that's not your tax
27:22
Speaker 4: file number. You should have one for your business. And
27:24
Speaker 4: I was like, I don't know. I want She said,
27:26
Speaker 4: do you register it for GST?
27:28
Speaker 3: And I was like, no, why would I do that?
27:31
Speaker 3: Philly Rabbit.
27:34
Speaker 2: And yeah.
27:35
Speaker 4: So that obviously created a lot of problems for us.
27:37
Speaker 4: So we had to pay quite a lot of GST,
27:40
Speaker 4: which we hadn't accounted for at the beginning, because that's
27:44
Speaker 4: just something that we didn't even know that if you
27:46
Speaker 4: earn over seventy five thousand dollars you have to be
27:48
Speaker 4: charging GST. So that was a rude awaye.
27:51
Speaker 2: And GSG for those of you following along, is ten
27:54
Speaker 2: percent and it is the Goods and Services tax, and
27:57
Speaker 2: if you set it up from the very beginning, you
27:59
Speaker 2: just collect it during the sale of your product and
28:01
Speaker 2: you go okay, cool, and GST is ten percent, and
28:03
Speaker 2: then the total comes to one hundred dollars and the
28:06
Speaker 2: client pays it and you put your ten dollars to
28:08
Speaker 2: the side for the government, and it's like you never
28:10
Speaker 2: got it. But if you didn't register, that ten percent
28:14
Speaker 2: is ten percent of your profit that you now have
28:16
Speaker 2: to pay to the government because you didn't collect it
28:18
Speaker 2: from your clients, So you would have had to pay
28:20
Speaker 2: that personally, didn't you.
28:22
Speaker 4: That's right? And there's just so much stuff that you
28:24
Speaker 4: don't even think about. All these businesses do doing discount
28:27
Speaker 4: codes for every influence that they have, and then they're
28:29
Speaker 4: doing free shipping, and then we got to the end
28:31
Speaker 4: of it and we were like, oops, what have we
28:34
Speaker 4: done when we had to pay another ten percent in GST?
28:38
Speaker 2: And it's so much money as well, and even just
28:41
Speaker 2: setting up affiliate codes and getting to work with influences.
28:46
Speaker 2: How's your experience with that being I know that people
28:49
Speaker 2: following the Shees on the Money podcast and listening have
28:51
Speaker 2: probably had some level of experience with influences. How's that
28:54
Speaker 2: gone from a business side of things?
28:57
Speaker 4: It's been really challenging, I guess because I understand how
29:02
Speaker 4: influencer works. From my industry, it was a little bit
29:05
Speaker 4: easier for me, and because I was targeting mummy bloggers,
29:09
Speaker 4: I guess some of them were nicer towards me, and
29:13
Speaker 4: I did get returned. But you just don't know what
29:16
Speaker 4: you're going to get when you look at them online.
29:18
Speaker 4: Sometimes you look at an influencer and they've got hundreds
29:20
Speaker 4: of thousands of followers and you think you're going to
29:23
Speaker 4: get the most amazing results, and they're just a complete
29:25
Speaker 4: full loop. And then you'll get someone so hard to
29:28
Speaker 4: thousand followers and they'll be incredible. So you really learn
29:34
Speaker 4: and I think in your life, relationships are so important,
29:36
Speaker 4: whether it's your career, your business, whatever you're doing. If
29:40
Speaker 4: you're a good person, people would do nice things back.
29:44
Speaker 3: Yeah, one hundred percent.
29:46
Speaker 4: That's something I've really learned and something I really value.
29:49
Speaker 2: I love that story and as I said before, I'm
29:51
Speaker 2: just so grateful that you wanted to share your story
29:53
Speaker 2: with us and be part of our community.
29:55
Speaker 3: And when you.
29:56
Speaker 2: Slid into my DMS, I literally jumped for joy because
30:00
Speaker 2: it was like, oh my gosh, I feel like I
30:01
Speaker 2: already know her, Like let's get you on the show.
30:04
Speaker 2: So thank you so much for joining us, but I
30:06
Speaker 2: do think that that is all we have time for today.
30:09
Speaker 3: So just before we head off, we'd like to acknowledge and.
30:12
Speaker 2: Pay respect to Australia's Aboriginal and Torri Straight islander people's.
30:15
Speaker 2: They're the traditional custodians of the lands, the waterways and
30:18
Speaker 2: the skies all across Australia. We thank you for sharing
30:22
Speaker 2: and for caring for the land on which.
30:23
Speaker 3: We are able to learn.
30:25
Speaker 2: We pay respects to elders past and present, and we
30:28
Speaker 2: share our friendship and our kindness.
30:30
Speaker 5: The advice shed on she's on the money is generally
30:32
Speaker 5: nature and does not consider your individual circumstances. She's on
30:35
Speaker 5: the money if this purely for educational purposes and should
30:38
Speaker 5: not be relied upon to make an investment or a
30:40
Speaker 5: financial decision, and we promise Victoria Divine is an authorized
30:44
Speaker 5: representative of Australia Pacific Funds Management Proprietary Limited ABM three
30:48
Speaker 5: four one three two four six three two five seven
30:50
Speaker 5: AFSL three three nine one five one.
30:53
Speaker 2: See you next week, guys, doing