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