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MONEY DIARIES: From Loungewear to Paralegal · She's On The Money

0:00
Speaker 1: Hello.
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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud your the
0:05
Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
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Speaker 2: get started on She's on the Money podcast, I would
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Speaker 2: like to acknowledge the traditional custodians of the land of
0:14
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
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Speaker 2: the elders, the ancestors and the next generation coming through
0:23
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
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Speaker 2: the storytelling of you to make a difference for today
0:31
Speaker 2: and lasting impact for tomorrow.
0:33
Speaker 1: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello, and welcome to She's the podcast for millennials who
1:01
Speaker 4: want financial freedom. Welcome back to another Shop Back Money
1:05
Speaker 4: Diary Monday, where we get to talk to one of
1:07
Speaker 4: our community members to learn all about them and more importantly,
1:10
Speaker 4: all about their money.
1:12
Speaker 1: Victoria, Hello, how are you going? I am very excited
1:16
Speaker 1: because you and Anna Lisa have been talking about this
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Speaker 1: being an exciting diary.
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Speaker 4: But I don't know why yet. All right, well, let
1:22
Speaker 4: me tell you all about it. Our diarist says, My
1:25
Speaker 4: summarized money story is that I'm twenty two, in the
1:28
Speaker 4: last year of my law degree and work as a paralegal.
1:30
Speaker 4: I got my first legal job three years ago as
1:33
Speaker 4: a paralegal where I was paid minimum wage for two years.
1:35
Speaker 4: Was a pretty horrible environment and I had a huge
1:38
Speaker 4: mental health crisis. I have recently gotten a new law
1:41
Speaker 4: job where I'm paid six figures.
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Speaker 1: What and she's twenty two? Are you joking?
1:45
Speaker 4: In lockdown? I started investing in shares and built a
1:48
Speaker 4: pretty solid stock portfolio. I also kicked off a huge
1:51
Speaker 4: goal in twenty twenty one by starting a landware business.
1:54
Speaker 1: Oh yeah, just because she has so much time.
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Speaker 4: I would love to share my story to that. She's
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Speaker 4: on the money listeners who are also in university and
2:01
Speaker 4: may feel taken advantage of in the corporate world.
2:04
Speaker 1: Hello, and welcome to the show. You absolute hustler.
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Speaker 5: Thank you, Hello, thank you so much for having me.
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Speaker 1: Twenty two has a six figger law job. Not finished, lawyer,
2:17
Speaker 1: you haven't graduated yet?
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Speaker 5: No, I only have one semester lab one semester.
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Speaker 1: You're so clothing and you have a loungewear business. Yes,
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Speaker 1: I do, are you? Oh my gosh, I cannot wait
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Speaker 1: to get into this diary. Let's start like we always do, though,
2:34
Speaker 1: money Diarist, can you tell us a little bit about
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Speaker 1: your money story?
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Speaker 5: Yes, So, growing up, money wasn't really spoken about in
2:42
Speaker 5: my family. It was something that a lot of the
2:46
Speaker 5: older people sort of kept to themselves and didn't really
2:49
Speaker 5: want to involve the children in. So my brothers and
2:53
Speaker 5: I knew that money was a thing. We knew that
2:55
Speaker 5: it was around us, but we didn't really get too
2:59
Speaker 5: involved in the big decisions that kind of came about.
3:03
Speaker 5: So as I started to make my own money, I
3:06
Speaker 5: realized that I was really struggling to save it because
3:09
Speaker 5: we weren't really taught how to save or how to invest.
3:12
Speaker 5: It was sort of up to us to decide what
3:15
Speaker 5: we wanted to make with our money. So it wasn't
3:18
Speaker 5: until I got older and I started to read about
3:21
Speaker 5: money and educate myself on things such as investing and
3:26
Speaker 5: salaries and superannuation and what a mortgage is, because a
3:30
Speaker 5: lot of that was sort of shielded growing up. And
3:35
Speaker 5: then I started working in law and I realized, like, Wow,
3:38
Speaker 5: I'm not actually making a lot of money. Everyone always
3:41
Speaker 5: thought lawyers make a lot of money, and so I
3:44
Speaker 5: sort of thought that when I started my first law
3:47
Speaker 5: job we'd get I guess a decent hourly rate. But yeah,
3:50
Speaker 5: I started on minimum wage and it was pretty well
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Speaker 5: worked to the bone for a lot of that time.
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Speaker 5: And then yeah, I started a business. Last year. I
4:00
Speaker 5: started investing and I started to have a really good
4:02
Speaker 5: relationship with money and got a new job.
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Speaker 1: So yeah, how exciting. I have so many questions that
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Speaker 1: I'm not allowed to ask right now. I am going
4:10
Speaker 1: to save them for later. Money diarist, tell us what
4:14
Speaker 1: exactly do you do for work and how much money
4:16
Speaker 1: do you earn?
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Speaker 5: So I work as a paralegal. I am on a
4:22
Speaker 5: one hundred thousand dollars package, So that is a salary
4:25
Speaker 5: of eighty five thousand and then plus seventeen percent superanuation.
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Speaker 1: Seventeen percent super. You are going to retire at like
4:34
Speaker 1: the age of twelve. It's going to be great.
4:37
Speaker 5: I'm really happy about that. Yeah. And then I also
4:40
Speaker 5: run my e commerce business that I get about five
4:43
Speaker 5: to ten thousand from a month.
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Speaker 2: What.
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Speaker 5: Yeah, depending on how much effort I want to put
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Speaker 5: into the month, considering university as well. I really try
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Speaker 5: to structure my output around how busy life is at
4:58
Speaker 5: the time. So on a good month, I can make
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Speaker 5: ten thousand, and if I want to keep scaling that up,
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Speaker 5: I definitely can.
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Speaker 1: Oh my gosh, I am mean, or so tell me
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Speaker 1: about how much like hits your personal accounts. Obviously owning
5:11
Speaker 1: a loungdry business, I haven't gotten into it yet, but
5:14
Speaker 1: I will. There's a lot of overheads and stuff like that.
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Speaker 1: When it comes to profit. Are you taking a profit
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Speaker 1: as like your salary or what does that look like?
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Speaker 5: At the moment, I'm reinvesting what I earn. I'm very
5:26
Speaker 5: happy with the salary I'm on from my job, so
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Speaker 5: I sort of want to live off that and use
5:32
Speaker 5: the money for my business to continue to upscale and whatnot.
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Speaker 5: But yeah, I haven't exactly allocated myself a salary. I'd
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Speaker 5: love to get into doing that. It's only been operating
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Speaker 5: now for maybe eight months, so I'm still kind of.
5:49
Speaker 1: Still a baby, still in startup a pace.
5:52
Speaker 5: Yeah, I'd like to enjoy the startup phase. I know
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Speaker 5: it's very hard and the cost of goods is just skyrocketed,
5:57
Speaker 5: and I just keep buying stocks, so once I sell it,
6:00
Speaker 5: I just keep buying and buying and buying, so it's
6:03
Speaker 5: kind of an ongoing cycle. But yeah, I guess that's
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Speaker 5: something that I do need to work on and kind
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Speaker 5: of be a bit stricter with. So I do get
6:10
Speaker 5: a bit of take home pay from that.
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Speaker 1: No, that's okay. I spent eight months in Not many
6:16
Speaker 1: small businesses are churning a profit to the point where
6:19
Speaker 1: you could potentially pay yourself. Like my friend, it took
6:22
Speaker 1: me quite literally years before I was profiting off my businesses,
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Speaker 1: And even now it's like, well, what can we take,
6:29
Speaker 1: what do we reinvest? How does this work? What does
6:31
Speaker 1: this look like? So to be a little bit more pervy,
6:34
Speaker 1: how much hits your bank account each and every single month?
6:37
Speaker 5: So every fortnight I get paid and I take home
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Speaker 5: twenty three hundred.
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Speaker 1: That is good. I feel like for twenty two you
6:46
Speaker 1: are making bank And then to think you've got a
6:48
Speaker 1: small business on the side of this, I'm still like,
6:50
Speaker 1: what this is ethic? All right? I feel like you've
6:54
Speaker 1: probably got a really good answer to this. So what
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Speaker 1: is your big money goal? What are we working towards.
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Speaker 5: At the moment, it's working towards my first property, which
7:03
Speaker 5: I hope to get in the next year.
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Speaker 1: I have no doubt she'll get that in the next year.
7:08
Speaker 5: Jessica I recently met with a broker in regards to
7:12
Speaker 5: getting alone, so I was really happy with how that
7:14
Speaker 5: meeting was. Kind of just now waiting for the market
7:16
Speaker 5: to settle down a bit.
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Speaker 4: Are you looking at doing that by yourself or with
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Speaker 4: a partner or a guaranteur.
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Speaker 5: So my boyfriend and I are happy to do property together,
7:28
Speaker 5: but we've also discussed the possibility of both of us
7:31
Speaker 5: purchasing our own at the same time and potentially seeing
7:37
Speaker 5: how that goes. But the broker was very adamant on
7:40
Speaker 5: just doing it together, and yeah.
7:43
Speaker 1: They always are. It does my head in Jess. You
7:45
Speaker 1: had an experience like that recently, didn't you. Yeah.
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Speaker 4: I think like as much as a broker is definitely
7:51
Speaker 4: an expert in their field, something like property is something
7:55
Speaker 4: that also is very personal. And if buying separately is
7:58
Speaker 4: what feels right for you, guys, I would courage you
8:01
Speaker 4: to look at both your options. Like, definitely take what
8:03
Speaker 4: the broker is saying under advisement, but if you're in
8:06
Speaker 4: a position and that's what you want, then there's also
8:09
Speaker 4: definitely something you shouldn't table just because somebody else told
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Speaker 4: you to.
8:12
Speaker 1: Yeah, I think a broker is a really important person
8:15
Speaker 1: in that property journey where they actually have to or
8:18
Speaker 1: you actually have to vibe with them and feel like
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Speaker 1: they're on your journey and want the best for you,
8:22
Speaker 1: not necessarily what's the easiest loan to process? And obviously
8:26
Speaker 1: the easiest loan to process would be the one where
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Speaker 1: you both buy together and it's all vanilla in easy
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Speaker 1: and she owns this and then your borrowing capacity is higher,
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Speaker 1: and like that's the dream client for a broker, I suppose.
8:38
Speaker 1: But it makes me a bit worried that they're pushing
8:40
Speaker 1: you or you feel like maybe they're leaning towards one
8:43
Speaker 1: way or the other, because it's just not how it
8:45
Speaker 1: should work. It should really be about you as the
8:48
Speaker 1: individual and putting you in the best possible position, as
8:50
Speaker 1: well as you being young, like you're twenty two, Like
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Speaker 1: I want to see you do it on your own
8:56
Speaker 1: first or right. Next question, money dire tell us about investments.
9:01
Speaker 1: Do you have any? If so, what are they?
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Speaker 5: Yes? So I invest in the stock market, and i
9:07
Speaker 5: have about fifteen thousand in shares that I've selected myself,
9:14
Speaker 5: and then I've got ATFS so I've got about three
9:17
Speaker 5: thousand dollars in those, and then I've got another raise account,
9:20
Speaker 5: which has two thousand dollars, So my whole portfolio is
9:23
Speaker 5: about twenty thousand dollars altogether.
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Speaker 1: Oh my gosh, how is she twenty two, Jessica? I can't.
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Speaker 1: At twenty two, I was up to my eyeballs in
9:32
Speaker 1: debt and definitely didn't even know where to start when
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Speaker 1: it came to investing. So you are miles ahead. I
9:39
Speaker 1: feel like I know the answer to this, but money, diris,
9:42
Speaker 1: do you have any debts?
9:43
Speaker 5: I don't have any debt other than my hextet.
9:46
Speaker 1: And what's your hex stet sitting on? Given your a lawyer,
9:50
Speaker 1: I feel like should be healthy.
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Speaker 5: So because I do two degrees, it's quite a bit
9:54
Speaker 5: of a lock sum. At the moment it's just under
9:56
Speaker 5: fifty thousand. But once I get through this degree, I
10:01
Speaker 5: also have to go to the College of haw Yeah,
10:04
Speaker 5: and that's an additional ten thousand dollars on top of that.
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Speaker 1: Ah, But it'll all be worth it in the long term,
10:10
Speaker 1: because you're already working in this space, and had you
10:13
Speaker 1: not been studying it, I doubt you would have flown
10:15
Speaker 1: as far as you have this early on.
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Speaker 5: Absolutely, and I think now that I'm actually paying my
10:20
Speaker 5: hex soft slowly. It feels a little less daunting because
10:24
Speaker 5: I can see that money slowly chipping away, and it
10:29
Speaker 5: feels like it's actually getting somewhere now, it's not just
10:32
Speaker 5: sitting there and not getting touch and occruing interest.
10:36
Speaker 1: I feel like that's actually a really good point you
10:38
Speaker 1: bring up, because a lot of people that I speak
10:40
Speaker 1: to about HEX that are most worried about it are
10:43
Speaker 1: still unique students or people that don't have an income
10:46
Speaker 1: where they're paying a lot off. So it does feel
10:48
Speaker 1: really overwhelming. You do really feel it when indexation is applied,
10:53
Speaker 1: whereas if you are paying it off and you are
10:55
Speaker 1: a full time wage earning employee, it's far less daunting.
11:00
Speaker 1: I guess the advice there would be it's okay, it
11:02
Speaker 1: gets better. UNI does feel really overwhelming because all it
11:05
Speaker 1: does is stack up year on year, and you've been
11:07
Speaker 1: doing it for five years. So it probably felt really
11:09
Speaker 1: overwhelming until this point. But I think that that's a
11:12
Speaker 1: really good thing to bring up right now, because a
11:14
Speaker 1: lot of people feel that money direst The next question,
11:18
Speaker 1: especially in e commerce, I want to know do you
11:21
Speaker 1: use shot back?
11:22
Speaker 5: I have shot back, I have unfortunately not used it yet.
11:28
Speaker 1: Hey, I mean she did the first step chet. Yeah,
11:30
Speaker 1: that's the hardest one.
11:32
Speaker 5: Yeah, I have it, and I love looking at the
11:34
Speaker 5: deals on it. And I think that when I know
11:37
Speaker 5: I'm going to be buying something, I will be looking
11:40
Speaker 5: at it and seeing if I can get a shot
11:42
Speaker 5: back on it. But I just haven't been able to
11:45
Speaker 5: do that yet, so it will happen soon.
11:48
Speaker 1: That is fair. Next question, I feel like she's gonna
11:51
Speaker 1: have some really good ones for us, Jess, what's your
11:53
Speaker 1: best money habit?
11:54
Speaker 5: I really think there's a few. One is just I
11:58
Speaker 5: always allocate my money I get paid, and I like
12:02
Speaker 5: to make sure that I've always allocated the same amount
12:06
Speaker 5: of money no matter how much I'm earning, and then
12:09
Speaker 5: whatever's left over from that. Now with this high paying job,
12:12
Speaker 5: I can save more. So I like to try to
12:14
Speaker 5: live off the same amounts of money that I've kind
12:17
Speaker 5: of continued to live off for the last year or
12:20
Speaker 5: two because I've found that that amount is quite good
12:23
Speaker 5: for my lifestyle. And I always like to use my
12:26
Speaker 5: money to make more money. For example, you know, when
12:30
Speaker 5: I make a lot of sales in my business, I
12:33
Speaker 5: would like to reinvest that into news stock, or when
12:36
Speaker 5: I get paid, i'd like to reinvest that into shares
12:39
Speaker 5: if I can that month. So generally, I'm always looking
12:43
Speaker 5: at ways I can push my money into the right
12:46
Speaker 5: direction that will help me, even with big purchases and
12:49
Speaker 5: stuff like that.
12:50
Speaker 1: I love that. I feel like you're going to make
12:52
Speaker 1: a lot of people feel like WHOA, this is a
12:55
Speaker 1: lot And we'll talk about that after next question. What
12:57
Speaker 1: is your worst money habit?
12:59
Speaker 5: I love nice things.
13:02
Speaker 1: I love point, don't worry.
13:04
Speaker 5: I absolutely love feeling good in what I'm wearing. And
13:09
Speaker 5: people who know me, they know that I love to
13:11
Speaker 5: dress up, and I claim that people will come over
13:14
Speaker 5: and rate my wardrobe because I've got all these nice
13:17
Speaker 5: dresses in there. And I guess I will always value
13:24
Speaker 5: wanting those things in my life because that's just something
13:27
Speaker 5: that I enjoy and that makes me happy. But in
13:30
Speaker 5: saying that, you know, when I want to buy something,
13:33
Speaker 5: I also can hire out dresses. So I can also
13:38
Speaker 5: buy a dress and make money on it. And that's
13:41
Speaker 5: what I do because I do also do that slightly
13:44
Speaker 5: on the side with everything else.
13:46
Speaker 1: Oh so you have a third job, You're hiring all
13:48
Speaker 1: of your dresses out. That is a lot of logistics.
13:51
Speaker 1: Just does that a little bit and there's a lot
13:53
Speaker 1: of postage and back and forth and communication like where
13:56
Speaker 1: are you finding the time for this? My friend?
13:59
Speaker 5: You know what? Instagram is great? Instagram, you get a message,
14:03
Speaker 5: you can pick up your phone and reply to them
14:05
Speaker 5: straight away. And that's how I run my e commerce business,
14:09
Speaker 5: That's how I run my dress high business. And it
14:11
Speaker 5: just works because I'm the type of person who doesn't
14:13
Speaker 5: like to take ages to reply. I'm a very quick
14:17
Speaker 5: replier because if I don't reply straight away, I'll probably
14:20
Speaker 5: forget about it. And I guess seeing if there's a
14:24
Speaker 5: notification on Instagram always keeps me in the loot of
14:27
Speaker 5: have I missed something or have I got a message
14:30
Speaker 5: to reply to. I think it's easy to fit that
14:33
Speaker 5: in while working because you can kind of just if
14:35
Speaker 5: you can sneak off, go on your phone, reply to
14:37
Speaker 5: or message, get back to work. So that's really helped
14:41
Speaker 5: me in managing that when it comes to dealing with
14:44
Speaker 5: you know, messages and correspondents and emails and stuff.
14:47
Speaker 1: I love that. I feel like you're just always switched on.
14:50
Speaker 1: I am so beyond impressed. I want to know, though,
14:54
Speaker 1: before we go to a very quick break, what grade
14:56
Speaker 1: would you give yourself. If you were forced to give
14:58
Speaker 1: yourself a money grade.
15:00
Speaker 5: I think I would give myself a B plus.
15:04
Speaker 1: I am throwing that straight in the binner. That is no,
15:08
Speaker 1: that's not acceptable in my books.
15:11
Speaker 5: I think that I have a lot to learn. For example,
15:15
Speaker 5: I need to learn more about tax as a small
15:17
Speaker 5: business owner. I do not think I understand tax as
15:23
Speaker 5: well as I should. I think I've kind of put
15:25
Speaker 5: it off a bit being a sole trader, and it
15:28
Speaker 5: scares me. And I think that once I work that out,
15:32
Speaker 5: maybe I'll reevaluate. But right now, I think I definitely
15:36
Speaker 5: need to teach myself more on how I can be
15:39
Speaker 5: more tax savvy.
15:40
Speaker 1: All right, way, all right, all right, I'll let that
15:42
Speaker 1: go if that's the justification, because that is very important.
15:45
Speaker 1: I thought you were grading your personal money habits, and
15:48
Speaker 1: I was going to be like, sur please sit down,
15:50
Speaker 1: but no, I really like that You're quite switched on
15:53
Speaker 1: about what you want to learn and what you want
15:54
Speaker 1: to grow in. So let's talk about all of that
15:57
Speaker 1: after this really quick break.
16:03
Speaker 4: All right, money diarist, I want to kind of start
16:05
Speaker 4: at the start. You said that when you were younger
16:09
Speaker 4: and you kind of first started earning your own money,
16:11
Speaker 4: you really struggled to save because it wasn't something that
16:14
Speaker 4: you were necessarily taught as a child. Skip forward to
16:17
Speaker 4: now and you have fantastic money habits, you own a business,
16:20
Speaker 4: you're obviously saving a lot. At what point did that
16:24
Speaker 4: change a curve for you? How did you figure out
16:26
Speaker 4: how to step those savings goals and meet them? Because
16:29
Speaker 4: I think that that's something that a lot of people
16:31
Speaker 4: really struggle with.
16:33
Speaker 5: Yeah. Absolutely, and I did really struggle with it. So
16:37
Speaker 5: when I was at UNI in my first year, I
16:41
Speaker 5: picked up the infamous Barefoot Investor. I gave it a read,
16:45
Speaker 5: and I think that while I don't necessarily follow it strictly,
16:49
Speaker 5: it definitely ticks something off in my brain. That meant
16:52
Speaker 5: that I understood how money was talked about. I knew
16:55
Speaker 5: what it meant to invest money. I knew what it
17:00
Speaker 5: meant to I guess be open about money, because in
17:03
Speaker 5: my family, money was a very sacred thing that no
17:05
Speaker 5: one touched on yeap. And when I read that, I
17:09
Speaker 5: then I guess looked around and I came across Chase
17:12
Speaker 5: on the Money, and I started listening to the podcast
17:15
Speaker 5: and I actually downloaded the savings guide. I think on
17:21
Speaker 5: the website. Yes, and I actually use that as a
17:24
Speaker 5: visual so when I would get paid, I would just
17:27
Speaker 5: like cross out, like, oh, you know, put one hundred
17:28
Speaker 5: and twenty three dollars in this week or you know,
17:31
Speaker 5: three hundred dollars the next week, depending on like you know,
17:34
Speaker 5: expenses and stuff. But yeah, that visual actually helped me
17:39
Speaker 5: stay on track, and that is what helped me save
17:42
Speaker 5: my first ten thousand dollars when I was earning not
17:45
Speaker 5: a lot of money at the time. So yeah, that
17:48
Speaker 5: really helped.
17:49
Speaker 4: Oh my gosh, that makes me feel so excited that
17:51
Speaker 4: we got to be a part of that change few
17:53
Speaker 4: And if anyone does want to download the savings track
17:56
Speaker 4: as we have them for a thousand, five, ten thousand,
17:58
Speaker 4: and twenty thousand, we'll put a link to the website
18:00
Speaker 4: in the show notes where you can check those out.
18:02
Speaker 1: I am obsessed with that. It makes me so happy
18:05
Speaker 1: that that is the case. But I do want to
18:07
Speaker 1: touch on something that I know a few people are
18:10
Speaker 1: going to be thinking, and that's privilege. So you are
18:13
Speaker 1: obviously in this epic position. You are making bank, you
18:16
Speaker 1: are twenty two, you have a loungewear business. How does
18:20
Speaker 1: privilege impact your life? Is this something. Obviously you said
18:23
Speaker 1: your parents didn't teach you how to save or invest,
18:25
Speaker 1: But what circumstances are surrounding you that enable you to
18:29
Speaker 1: be this super productive person that I know a lot
18:32
Speaker 1: of people are going to be like, Oh my gosh,
18:34
Speaker 1: I wish I could be like her, but I have
18:36
Speaker 1: to do X, Y and Z, and I just can't
18:38
Speaker 1: do that because I don't want people to look at
18:40
Speaker 1: your diary and go, oh my gosh, like I'm not
18:43
Speaker 1: doing enough, because they are. But you're probably in a
18:46
Speaker 1: situation I'm assuming where this is possible for you, whereas
18:51
Speaker 1: it's not always possible for everyone definitely.
18:54
Speaker 5: So I'm look at home. I don't pay really any rent.
18:59
Speaker 5: I buy my ownies and stuff, but I guess I
19:02
Speaker 5: don't really have that one overarching, big cost that I'm
19:06
Speaker 5: making every week towards my living, which I'm very appreciative of.
19:11
Speaker 5: And I suppose when you are wanting to save, not
19:16
Speaker 5: having those out payments coming out every week really does
19:20
Speaker 5: help you. And I tried to use that as best
19:25
Speaker 5: as possible for my situation earlier on. And I think
19:31
Speaker 5: where I am and being able to kind of store
19:34
Speaker 5: all of my stock in a spare room has also
19:38
Speaker 5: meant that I don't have to have a warehouse, and
19:41
Speaker 5: I'm very grateful for that as well. So you know,
19:44
Speaker 5: I didn't get any handouts from my family, and I
19:47
Speaker 5: think a lot of people assumed that I did because
19:50
Speaker 5: I started a business and you're in UNI and you
19:53
Speaker 5: aren't getting paid much. But I've always had the goal
19:57
Speaker 5: of wanting to start a business, and I would put
20:00
Speaker 5: one hundred dollars to five hundred dollars or whatever into
20:04
Speaker 5: a separate account. And if people are wanting to start
20:07
Speaker 5: a business, I really encourage doing the same. Even if
20:09
Speaker 5: you can't put that much money, put fifty dollars in
20:12
Speaker 5: and just build it up until you were ready to
20:14
Speaker 5: start the business that you want to do. Because I
20:17
Speaker 5: had that account building for maybe two years and really
20:21
Speaker 5: let me buy my first big stock and I could,
20:23
Speaker 5: you know, spend two thousand dollars on a bunch of stuff.
20:26
Speaker 5: But also I started really small and I keep scaling up,
20:31
Speaker 5: and I think, you know, even with my Laungejoy business,
20:33
Speaker 5: I did pre orders for some of it. Smart I
20:36
Speaker 5: couldn't fork out that amount of money at the time,
20:40
Speaker 5: and I had to do pre orders, and yeah, it
20:44
Speaker 5: was difficult because you're relying on a manufacturer to make
20:47
Speaker 5: goods after you've received payment, and people want their stuff
20:50
Speaker 5: straight away. Yeah, so that was a massive learning curve
20:53
Speaker 5: that definitely being from a home where I'm not paying
20:57
Speaker 5: rent and I'm not paying a mortgage right now, very
21:00
Speaker 5: lucky for that.
21:01
Speaker 4: How did you learn how to run a business? Because
21:03
Speaker 4: you're young, right, You are so young, but you know
21:07
Speaker 4: so much about how you're doing, and I, like, I
21:11
Speaker 4: wouldn't know how to I wouldn't even know where to
21:13
Speaker 4: begin with something like finding manufacturers or so, you know,
21:17
Speaker 4: looking after those logistical things like setting up pre orders
21:20
Speaker 4: and mitigating expectations of clients who want things immediately. How
21:24
Speaker 4: did you learn all of this information? Is there a
21:26
Speaker 4: resource that people can kind of look to if they
21:29
Speaker 4: are wanting to do the same kind of thing that
21:31
Speaker 4: you've done.
21:32
Speaker 5: What helped me was having business people that I looked
21:36
Speaker 5: up to and sort of looking at how they do things,
21:39
Speaker 5: how they run a business, and following a similar blueprint.
21:42
Speaker 5: There wasn't really one resource that I went to. I
21:45
Speaker 5: kind of knew that if I wanted to do eat commerce,
21:47
Speaker 5: I would have to open a shoperfy store. And then
21:50
Speaker 5: when I opened a Shopify store. I looked on YouTube
21:53
Speaker 5: how to build it, how to make it, and whatnot.
21:57
Speaker 5: And then you know, other lungework businesses around me were
22:02
Speaker 5: doing pre orders or they were doing drops, or they
22:06
Speaker 5: were marketing their products a certain way and taking product
22:09
Speaker 5: photos a certain way. And I think that because Instagram
22:14
Speaker 5: is such a big marketplace for small businesses, looking at
22:17
Speaker 5: how other people were doing theirs helped me sort of
22:22
Speaker 5: think about that. And I actually reached out to one
22:26
Speaker 5: of the people I look up to who she is
22:30
Speaker 5: the co owner of Booby Tape, and I just dmped
22:33
Speaker 5: her and I was like, Hey, how do I find
22:36
Speaker 5: people to make clothes? And she actually replied and was like, hey,
22:41
Speaker 5: just you know, start typing and stuff on Google and
22:44
Speaker 5: look for this type of composition. And I was like, well,
22:47
Speaker 5: how do I even design clothes? I don't know. And
22:50
Speaker 5: I think when I found a manufacturer, I was able
22:53
Speaker 5: to kind of work with them because they were so
22:56
Speaker 5: experienced and this is their expertise. So I would kind
23:01
Speaker 5: of like send them a design that I would make
23:03
Speaker 5: on Canvell and then they would be like, okay, but
23:05
Speaker 5: send this to us with these colors or what pantones
23:08
Speaker 5: do you want? To use, and I'm like, what is
23:09
Speaker 5: the pantone up? And I think definitely giving myself the
23:16
Speaker 5: opportunity to just give it a go and not want
23:19
Speaker 5: anything to be perfect straightaway helped because when I'd make
23:22
Speaker 5: a mistake, I'd learned to not do that again.
23:24
Speaker 4: Yeah, what a legend that the co owner of booby tape?
23:27
Speaker 4: Was it that she shared that information with you? Because
23:30
Speaker 4: I can understand that for some people, it's like a
23:32
Speaker 4: conflicting thing right where you don't necessarily want to share
23:35
Speaker 4: who you use with a you know with someone because
23:38
Speaker 4: ultimately you know they're a competitor or something like that.
23:41
Speaker 4: It's really cool to see a fellow female lifting up
23:44
Speaker 4: someone else who's trying to do their own thing in
23:46
Speaker 4: that stuff.
23:47
Speaker 1: What a queen. I feel like it's so cagey, and
23:49
Speaker 1: they see this on TikTok all the time, right where
23:52
Speaker 1: people are like, don't reach out to me and ask
23:54
Speaker 1: these questions like do your own research. An It's kind
23:57
Speaker 1: of like, Okay, I fully understand, and I'm very much
24:01
Speaker 1: subscribed to the notion of do your own research and
24:04
Speaker 1: work all of this out. But I think there's a
24:06
Speaker 1: very big difference between Hey, I'm really serious. I'd just
24:09
Speaker 1: love to have a chat with you, Jess, about what
24:11
Speaker 1: you do in your role, and it's really about how
24:14
Speaker 1: you operate and how you approach that circumstance because we
24:18
Speaker 1: get it all the time. People just randomly DM us
24:21
Speaker 1: and I'll be like, you don't even follow me and
24:23
Speaker 1: you're asking how to create a podcast. I'm not going
24:25
Speaker 1: to spend a whole heap of time telling you all
24:28
Speaker 1: the ins and outs of how this works and what
24:31
Speaker 1: this means and how to start and how to begin
24:34
Speaker 1: and what not. If you don't even engage with my content, Like,
24:37
Speaker 1: clearly you're just after one thing and it's to not
24:40
Speaker 1: do the work. Whereas I think you can tell a
24:42
Speaker 1: genuine follower if they follow you and have interacted with
24:45
Speaker 1: a few things and then they're like, hey, Jess, I
24:47
Speaker 1: was just wondering. You can always politely decline or you know,
24:51
Speaker 1: send them in a different direction and be like, oh,
24:53
Speaker 1: this is where I started. You don't always have to
24:55
Speaker 1: give away and I don't think anyone should have to
24:57
Speaker 1: give away quote they're manufacturer detail because that's proprietary information.
25:02
Speaker 1: But we can all help other women and go, oh
25:04
Speaker 1: this is how I started, or this is how I
25:06
Speaker 1: did my research, and to be honest, I do think
25:09
Speaker 1: that sometimes that load can be quite heavy and it's
25:12
Speaker 1: not another business owner's job to do that, and they
25:15
Speaker 1: can politely decline. But in your circumstance, you reached out
25:18
Speaker 1: to someone you really looked up to and given your
25:20
Speaker 1: beautiful email. I'm sure you were very polite and very
25:23
Speaker 1: kind and very like, hey, like I really look up
25:26
Speaker 1: to you. Is there any information or advice that you have?
25:29
Speaker 1: And I always respond so well to messages like that
25:32
Speaker 1: because I want to see other women be successful. I
25:35
Speaker 1: want to see you fly. And at the end of
25:37
Speaker 1: the day, I could give you every single step it
25:39
Speaker 1: took me to create Sheese on the Money, and it's
25:42
Speaker 1: actually about whether you're willing to do the work or not.
25:45
Speaker 1: Like I could tell you money dires my supplier and
25:48
Speaker 1: what I do and how I set up a Shopify
25:49
Speaker 1: store and what steps there were, But most people aren't
25:53
Speaker 1: willing to actually do the work because they think there's
25:55
Speaker 1: some kind of magic wand that doesn't include the hours
25:58
Speaker 1: of background coding and working out how to implement something
26:02
Speaker 1: on Shopify, or I do all of my websites money diarists,
26:06
Speaker 1: so I get it it is so challenging, but it's
26:09
Speaker 1: so rewarding. But I think the really big hurdle there
26:13
Speaker 1: is most people aren't willing to do that work. They
26:15
Speaker 1: just want to be given the magic wand or the
26:17
Speaker 1: magic answer of oh my gosh, this is the supplier,
26:19
Speaker 1: and then they think they've hit the gold mine, Like
26:21
Speaker 1: that's not it. It's all about marketing and branding and
26:25
Speaker 1: what you're doing on socials and how that works, and
26:27
Speaker 1: what your website looks like and what your flows look
26:29
Speaker 1: like and what remarketing are you doing. There's so much
26:32
Speaker 1: to it that I don't think people understand the work
26:35
Speaker 1: that's involved. So if they really think that giving a
26:38
Speaker 1: woman a tip on Instagram is going to sabotage their business,
26:42
Speaker 1: they've got rocks in their head. From my perspective, definitely.
26:45
Speaker 5: And I think I was very aware of how important
26:50
Speaker 5: marketing was in having a flourishing business, and so I
26:54
Speaker 5: did really want to reach out to influencers, and a
26:58
Speaker 5: lot of influencers reached out to me. And I would
27:02
Speaker 5: have people just reach out and be like, hey, can
27:03
Speaker 5: I get free hoodies? And they don't even follow my
27:06
Speaker 5: videos no, and it's just not it, Like, don't do that.
27:10
Speaker 5: If you want to be a good influencer, be passionate
27:13
Speaker 5: about a business and don't be in it to get
27:16
Speaker 5: free products if that's all you're wanting. Because your role
27:22
Speaker 5: in this relationship is to be a tool for marketing
27:26
Speaker 5: as well, and if you aren't passionate about connecting with
27:29
Speaker 5: your followers, you might not be good at that. And
27:34
Speaker 5: I've kind of learned how to assess whether someone is
27:37
Speaker 5: a good fit for my brand as well. I don't
27:40
Speaker 5: really do influence as much anymore, but I do a
27:43
Speaker 5: lot of business collaborations, So I reach out to like
27:45
Speaker 5: other business owners and people who I look up to,
27:49
Speaker 5: and it's so far worked and they've actually agreed to
27:53
Speaker 5: collaborating with me, so I think, yeah, it's just test
27:57
Speaker 5: and fail.
27:58
Speaker 4: The influencer space is really interesting. So I think, as
28:00
Speaker 4: you touched on before, with the rise of social media
28:03
Speaker 4: and people being able to replicate, you know, businesses, that
28:07
Speaker 4: you can look at the marketing of a similar business
28:09
Speaker 4: and see what they're doing. I think a lot of
28:11
Speaker 4: people have seen influencers doing their thing and have gone, oh,
28:15
Speaker 4: I want free stuff, and they've kind of tried to
28:17
Speaker 4: replicate that without putting in that time to build community
28:21
Speaker 4: or to create content that's authentic to the brand. So
28:24
Speaker 4: it's really interesting that that was your experience with these
28:27
Speaker 4: business partnerships that you're doing. What does that look like?
28:31
Speaker 4: Is it co branded product or is it giveaways? What
28:34
Speaker 4: kind of things are you doing to work with these
28:36
Speaker 4: other small businesses.
28:38
Speaker 5: So I only reach out to businesses that I'm genuinely
28:42
Speaker 5: passionate about. I have done three business collaborations. I reached
28:47
Speaker 5: out to a business person that I really looked up
28:50
Speaker 5: to who had other businesses such as a candle business,
28:54
Speaker 5: and essentially I sort of wanted to create a unique
28:59
Speaker 5: product with them. So her and I discussed colors for
29:04
Speaker 5: these candles that would compliment my limited edition slippers, and
29:09
Speaker 5: I proposed to her we selling this in a bundle.
29:12
Speaker 5: And I really didn't expect any reply when I first
29:16
Speaker 5: emailed her, and when she replied to me, I screamed.
29:19
Speaker 5: I was like beyond happy. It was such a businessman
29:24
Speaker 5: because I had previously gone to this person seminars and
29:28
Speaker 5: watched them talk about business. So it was really crazy
29:33
Speaker 5: to me that I was able to collaborate with them,
29:36
Speaker 5: and now I've got a really good relationship with them,
29:38
Speaker 5: and they just emailed me last night asking what are
29:40
Speaker 5: we going to do next? We love working with you.
29:42
Speaker 1: I love that that's massive to take that step into
29:46
Speaker 1: not only reaching out, but proposing something different and something
29:51
Speaker 1: that you're not sure if they're going to pick it up.
29:53
Speaker 1: Like when did you get this confidence? My friend?
29:55
Speaker 5: I think I saw somewhere to be delusional, and I
30:01
Speaker 5: was like, you know what, I'm just gonna give it
30:04
Speaker 5: a go, because if I don't do this, what's the
30:07
Speaker 5: worst that's going to happen. They might not reply. They
30:09
Speaker 5: don't know who I am, and I have like personal goals,
30:14
Speaker 5: and one of my personal goals was to work with
30:17
Speaker 5: this person. And I was just happy that they even
30:21
Speaker 5: replied to me in the first case. And we've you know,
30:23
Speaker 5: since done four business collaborations and I've just recently done
30:28
Speaker 5: another one with Bang and Body and they are amazing
30:32
Speaker 5: to work with as well, and so we're going to
30:35
Speaker 5: do another bundle together. So I guess me as a
30:41
Speaker 5: business owner, I look at other businesses that I see
30:44
Speaker 5: align with my own and being allowed for a business,
30:47
Speaker 5: I like to bring out products that relate to self care,
30:51
Speaker 5: that relate to I guess, looking after yourself and relaxing,
30:58
Speaker 5: so that aligns with all the brands that I reach
31:01
Speaker 5: out to.
31:02
Speaker 1: I love that. I feel like I'm just in awe.
31:04
Speaker 1: You're like twenty two and absolutely killing it and have
31:06
Speaker 1: this business brain. But I love that comment of I
31:10
Speaker 1: read somewhere to be delusional, Like that's me. I'm delusional
31:14
Speaker 1: all the time, ask Jess. I'm often like, yeah, but
31:16
Speaker 1: what if it happened though, Like we should just try?
31:19
Speaker 1: And I think that's it, right, Like, how are you
31:22
Speaker 1: going to be successful if you don't just give it
31:23
Speaker 1: a crack, Like give it a try. The worst thing
31:26
Speaker 1: that someone can say is no or just not reply
31:29
Speaker 1: and whatever. That says more about them than it does about.
31:32
Speaker 5: You, right, absolutely, And when you're reaching out to businesses
31:37
Speaker 5: that you truly look up to, it makes it so
31:41
Speaker 5: much more rewarding when you actually come out of that
31:45
Speaker 5: with a really strong business relationship and you're surrounded by
31:49
Speaker 5: people who are like minded and they understand how things work,
31:53
Speaker 5: and they appreciate how you do business and you appreciate
31:56
Speaker 5: how they do business, and you learn off each other
31:58
Speaker 5: and it's just amazing.
32:00
Speaker 1: I love that so much. It makes me so happy,
32:02
Speaker 1: especially knowing in the background who you're working with and
32:05
Speaker 1: collaborating with our money direst isn't talking about some random
32:09
Speaker 1: business only you've never heard about, Like we're talking about
32:11
Speaker 1: people you definitely have heard about, and you're basically still
32:15
Speaker 1: a baby. I cannot wait for you to check in
32:17
Speaker 1: with us in five years, in ten years and be
32:20
Speaker 1: like this is where I'm at, or Jess, you'll probably
32:23
Speaker 1: be too big and important and powerful business lady s
32:25
Speaker 1: to ever spend time with us. So busy exactly, Oh
32:29
Speaker 1: my gosh, I feel like that is unfortunately all we
32:32
Speaker 1: have time for today. Thank you so much for joining us.
32:35
Speaker 1: I feel like our community is going to learn genuinely
32:38
Speaker 1: so much from you.
32:39
Speaker 5: Thank you so much for having me, and I hope
32:42
Speaker 5: that at least one person from this could learn something.
32:47
Speaker 5: And if there's anything that you are holding back and
32:50
Speaker 5: you want to do, just do it. That's all.
32:51
Speaker 1: Oh my gosh, Yes, I am that one person. I
32:54
Speaker 1: took a lot from this, but Jess, it is time.
32:57
Speaker 1: Can you wrap the boring but important stuff of us?
33:00
Speaker 4: Don't forget the advice shared on She's on the Money
33:02
Speaker 4: is general in nature and does not consider your individual circumstances.
33:06
Speaker 4: She's on the Money exists purely for educational purposes and
33:09
Speaker 4: should not be relied upon to make an investment or
33:11
Speaker 4: a financial decision. And we promise Victoria divine and She's
33:15
Speaker 4: on the money. Are authorized representatives of Infocused Securities Australia
33:18
Speaker 4: Proprietary Limited ABN four seven oh nine seven seven nine
33:22
Speaker 4: seven O four nine AFSL.
33:23
Speaker 1: Two three six five two three. See you on Wednesday, guys.
33:26
Speaker 4: Bye,