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Speaker 1: She's on the Money, She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. Welcome back to another

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Speaker 2: one of our shop back money diaries, where this week

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Speaker 2: we are flipping it around just a little bit, Jess,

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Speaker 2: aren't we We have not got an email to read

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Speaker 2: you out. This week, we have a diarist on the

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Speaker 2: line that I have been snooping on in my DMS,

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Speaker 2: and we thought we'd bring her and share her with

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Speaker 2: you guys, because I know her story is honestly so epic.

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Speaker 2: So Jess, you know nothing about this diarist. It's usually

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Speaker 2: like the tables have been turned. But I'm really excited

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Speaker 2: Money Diarist, you're on the line, You're already hanging out

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Speaker 2: with us.

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Speaker 3: Hello and welcome to the show.

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Speaker 4: Hi, I'm so excited to be on here.

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Speaker 2: Oh my gosh, I was saying to Jess before that,

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Speaker 2: I was so so excited because your name has been

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Speaker 2: popping up all in the community. I'm obviously not going

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Speaker 2: to name and shame you, no shame, but you know

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Speaker 2: what I mean. I'm not going to name you, but

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Speaker 2: I've seen you in the group, I've seen you on

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Speaker 2: our Instagram I see you in my personal dms like

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Speaker 2: you are everywhere. So when you said that you were

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Speaker 2: keen to do a diary, I was like, Yes, Jess,

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Speaker 2: let's do this one. So we're both very excited to

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Speaker 2: jump right in. So let's just take it from the

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Speaker 2: top money dororist. Let's ask you the first official she's

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Speaker 2: on the money money question, what is your attitude towards money?

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Speaker 4: This is such a tough question, but I guess it

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Speaker 4: comes from my money story, which I know you talk

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Speaker 4: about all the time. And my parents are immigrants that

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Speaker 4: came over to Australia with absolutely no money and started

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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.

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Speaker 4: Like some of my friends turned eighteen and got cars,

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Speaker 4: that just wasn't an option for me. So I've always

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Speaker 4: known what it's like to start from scratch and to

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Speaker 4: do everything within your own means. Yeah, and they've now

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Speaker 4: got multiple properties and have done so well for themselves,

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Speaker 4: but they're really humble about it and they only buy

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Speaker 4: things with what they have, and that's something that I've

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Speaker 4: kind of done too.

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Speaker 2: Oh my gosh, to be a little bit pervy. What

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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

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Speaker 4: own business which has been phenomenal. And my mum looks

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Speaker 4: after kids. So I'm one of four, which you can

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Speaker 4: imagine being an immigrant, she didn't have any family over here,

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Speaker 4: so she's done family daycare and yeah, done really well

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Speaker 4: from that.

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Speaker 3: How cool? I love that.

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Speaker 2: And to hear your dad is a business owner kind

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Speaker 2: of makes a little bit of sense as to where

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Speaker 2: you might have got some of your drive. I'm not

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Speaker 2: going to spoil the question though, so you're going to

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Speaker 2: answer the next one for us money directs and what

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Speaker 2: do you do for work?

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Speaker 3: And how much money do you earn?

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Speaker 4: So I work in digital marketing and events full time

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Speaker 4: and I earn eighty six thousand dollars plus super and

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Speaker 4: I also have a side hustle business called Dispense and

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Speaker 4: that's an econ business that I run as well on

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Speaker 4: the site.

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Speaker 2: Oh my gosh, so you've got your own small business

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Speaker 2: as well.

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Speaker 3: I want to ask you.

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Speaker 2: I was about to say, talk us through how you

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Speaker 2: got there, but I have to hold myself back. We'll

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Speaker 2: get to that after the structured questions. You're very excited

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Speaker 2: about it though, all right.

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Speaker 3: Thank you.

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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

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Speaker 2: see it.

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Speaker 4: So my money goal is learning how to manage money

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Speaker 4: like an adult.

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Speaker 2: Oh my gosh, it sounds like you already know how

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Speaker 2: to manage money like an adult. Like you have a business.

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Speaker 3: I know you own.

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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

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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.

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Speaker 2: No, they literally don't. But trigonometry, But you got a

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Speaker 2: lot of that much. I was so good at Math's methods,

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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

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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

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Speaker 4: a lot of money. That's a lot, yeah, but has

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Speaker 4: had incredible returns. And I guess my attitude to money

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Speaker 4: is that having money in the bank doesn't really return

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Speaker 4: a lot and to make money you have to spend money,

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Speaker 4: which is something I learned quite late. But my partner

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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

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Speaker 4: joint investing bank account and at the end of the

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Speaker 4: quarter we choose where we're going to invest it. So

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Speaker 4: we've got some money at the moment in cryptocurrencies and

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Speaker 4: are also looking to build our share portfolio.

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Speaker 5: I love that you guys are doing that together. How

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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,

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Speaker 4: like when we'd only been together for a year and

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Speaker 4: we were still at UNI. And yeah, he's a lot

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Speaker 4: of the driver of a lot of the decisions that

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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

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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

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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

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Speaker 4: can we fix this? Whereas I looked at it like, yuck,

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Speaker 4: this has disgusting, ugly old lady furniture.

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Speaker 3: I don't buy it.

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Speaker 2: Literally, how I was looking at properties, yep, I feel

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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

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Speaker 4: five hundred.

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Speaker 2: Ooh, she's a genius. Yeah money, Doris. I'm assuming that

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Speaker 2: you didn't buy those properties in cash, so you probably

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Speaker 2: have some mortgages. But do you have any other debt

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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

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Speaker 4: think most people have a hex step, and two loans,

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Speaker 4: so one for our first property and one for our second.

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Speaker 4: But I've never had a credit card, and that's all

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Speaker 4: thing I'm hoping I won't need the time.

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Speaker 3: Being, tell me a little bit.

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Speaker 2: I know that this is getting off track, but tell

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Speaker 2: me a little bit about why you've never had a

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Speaker 2: credit card. Is that just because of how you're brought up,

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Speaker 2: or was that a conscious decision that you made, or

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Speaker 2: was that just coincidence?

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Speaker 3: Like how come?

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Speaker 4: I think there's always been a bit of a negative

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Speaker 4: connotation around credit card debt in the way that I've

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Speaker 4: been brought up. None of my friends really had a

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Speaker 4: credit card, and I've always been taught not to buy

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Speaker 4: things that you don't have the money for. But I

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Speaker 4: know that now coming into having a house, it might

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Speaker 4: be something that I have to consider when there are

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Speaker 4: such big repayments on the house, and sometimes it might

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Speaker 4: become a way to manage your money. It's just not

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Speaker 4: something i've had to use yet.

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Speaker 2: It's always so interesting talking to people about why they

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Speaker 2: haven't ever gotten into debt, because some people will say, oh,

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Speaker 2: it's because my mum was super against it, or they

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Speaker 2: might go, oh, well, actually, my mum really loved credit

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Speaker 2: cards and I could see how damaging that was. It's

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Speaker 2: so interesting learning people's money stories. This is my favorite

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Speaker 2: part of our show. All right, next question is do

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Speaker 2: you use shop back? My savvy friend, I shot back.

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Speaker 4: I use it on every single purchase I make, and

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Speaker 4: I think that's probably one of my biggest saving tips,

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Speaker 4: is that I always find something that I like and

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Speaker 4: then I have to purchase it online because the process

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Speaker 4: of giving myself that time distance and then having the

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Speaker 4: effort of jumping online seeing if I can find discount

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Speaker 4: codes using shot back, yeah, is amazing. And I've now

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Speaker 4: saved over two hundred dollars on shot back, which I'm

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Speaker 4: going to use to buy a coffee machine in the house.

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Speaker 2: That's right, Oh, how exciting. I feel like you sound

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Speaker 2: like as she's on the Money poster child, You're like,

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Speaker 2: I love shot back. Also, just for the record, for

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Speaker 2: anybody else listening, we just asked that question our money

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Speaker 2: doors aren't paid to say that. They just genuinely love

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Speaker 2: a shot back. Every time I ask, I'm like, no,

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Speaker 2: this feels like an ad. It's totally not an ad.

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Speaker 2: I'm like, what do you use support? How does it work?

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Speaker 2: Because you guys are such fans of shot back, I

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Speaker 2: mean Jess and I are as well, so like we

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Speaker 2: get it. It is not hard to understand. I'm like,

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Speaker 2: do people think that this is placed? Just not placed?

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Speaker 2: Like we are just very excited about them.

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Speaker 4: I have one more hot tip for Shotback is tell

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Speaker 4: all your friends because you also get twenty dollars in credit.

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Speaker 4: Six builds up. Like you tell three people, that's sixty bucks.

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Speaker 3: Hundred percent.

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Speaker 5: And if anyone does want to sign up, we have

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Speaker 5: one that they can use if they want to cheeky

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Speaker 5: twenty dollars in their account, which is SotM. And then

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Speaker 5: once you've signed up, you can get that code to

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Speaker 5: give to your friends to earn your own referral credit.

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Speaker 2: Yeah, so you don't even have to ask, just use SotM,

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Speaker 2: or you can ask your money dires friends for their code.

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Speaker 2: Because the important thing to remember there is Jess, we

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Speaker 2: don't get paid for that code when it's used, but

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Speaker 2: you guys do, and I mean Shotbacks probably not going

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Speaker 2: to be all that impressed that.

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Speaker 3: We're like, go use your friends, don't use ours, Go

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Speaker 3: use your friends so you guys get more money.

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Speaker 2: But like, that's kind of how it works. We don't

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Speaker 2: get paid for our codes. So if you ever your

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Speaker 2: code in the she's on the money community. Please please

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Speaker 2: please know that when you use it, we don't make

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Speaker 2: a dollar. We never have and we never will, we promise.

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Speaker 2: Next question, money diarist, what's your best money havebit? I

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Speaker 2: feel like you probably have some hot tips for us,

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Speaker 2: given your twenty five own two properties and are a queen.

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Speaker 4: Is shot back, what is my money tip? I guess

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Speaker 4: it's always trying to have multiple streams of income. I think,

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Speaker 4: whether it's selling things on Facebook marketplace, or you know,

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Speaker 4: working one day of waitressing or freelancing. Something that's been

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Speaker 4: always been really important to me is having multiple streams

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Speaker 4: of income, and that means that I never deny myself

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Speaker 4: the things that I want because for me, that's surplus money.

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Speaker 3: So you're like a full hustler.

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Speaker 2: I feel like I'm talking to miss Jessica Ricci because

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Speaker 2: just you're very similar to that, aren't you.

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Speaker 5: I totally understand the if you're wanting something making it

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Speaker 5: up with the street income. I think we're probably similar

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Speaker 5: in the sense of having I guess your salary or

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Speaker 5: your income is what you use as your budget, and

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Speaker 5: then if you want something, you've got to work for it,

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Speaker 5: you got to earn it. So I'm obviously a big

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Speaker 5: fan of that mentality. I think it's really admirable.

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Speaker 3: I really like it.

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Speaker 2: But to contrast this and just bring the mood down, guys,

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Speaker 2: what's your worst money habit?

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Speaker 4: Okay, I am so poor with account organization like that.

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Speaker 4: I would have no idea where my money is going.

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Speaker 4: Oh what?

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Speaker 3: Why not?

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Speaker 2: And how not? You've managed to buy our house, tool houses.

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Speaker 2: You have your own business and you don't know what

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Speaker 2: you're doing with your accounts?

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Speaker 4: How I have only two? It falls up to me.

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Speaker 4: I would have just the two accounts, the account that

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Speaker 4: I get paid in and the account that I save,

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Speaker 4: and that would be all.

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Speaker 3: Why is it not up to you?

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Speaker 4: I have a partner who is anal about money organization,

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Speaker 4: So now I have automatic transfers that go into only

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Speaker 4: our joint account. So my money's a mess, and our

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Speaker 4: joint of money is immaculate.

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Speaker 3: Oh gorgeous. I love that. How do you manage money

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Speaker 3: in your business?

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Speaker 1: Then?

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Speaker 4: So we have a separate account that's just our business account,

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Speaker 4: and the money that goes into there has stayed there.

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Speaker 4: So all we've done with that is pay ourselves off

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Speaker 4: and we make dispense purchases, so product supply, postage, all

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Speaker 4: purchases related to the business come out of the business

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Speaker 4: account and don't come out of that account.

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Speaker 3: Yeah.

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Speaker 2: I think that's really smart. One of the biggest I

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Speaker 2: guess flow paths that I see small business owners doing

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Speaker 2: in their businesses is actually spending their personal money and

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Speaker 2: not creating that division and understanding it and just having

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Speaker 2: a separate business account, one for accounting purposes, but two

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Speaker 2: to make sure that you know what profit you're making,

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Speaker 2: you know what costs are there.

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Speaker 3: Because if you're using your.

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Speaker 2: Personal debit card because you went to the shops and

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Speaker 2: you're like, oh, I need to pick up a couple

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Speaker 2: of more postage packs to send out, like that money

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Speaker 2: just disappears, like you forget to transfer it or you

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Speaker 2: forget to claim it at tax time. Like, just have

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Speaker 2: separate business and personal accounts, please.

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Speaker 4: And thank goodness, because if we got to tax time,

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Speaker 4: being last year was our first tax time with a business,

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Speaker 4: and if we didn't have a separate account, it would

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Speaker 4: have been an absolute disaster.

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Speaker 3: Yeah.

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Speaker 2: Look, I've seen it be really messy and having to

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Speaker 2: print out all of your bank statements for twelve months

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Speaker 2: and try and remember what they were, and see office

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Speaker 2: works pop up and you're like, that was probably work,

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Speaker 2: but then you can't find the receipts so you can't

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Speaker 2: claim it. Like that is stressful. No one needs to

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Speaker 2: put themselves through that have good account keeping from the

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Speaker 2: Start Money Diarist. I'm going to hook you up with

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Speaker 2: our budget cash flow mask class so that you can

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Speaker 2: do that and get all of your accounts in order

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Speaker 2: so that your personal accounts can look as squeaky clean

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Speaker 2: and supreme as your shared accounts. Thank you, but we

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Speaker 2: will get to that after we'll take this conversation offline.

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Speaker 2: But I have one more question before we go to

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Speaker 2: a very quick break and then get a deep dive

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Speaker 2: into the superpervy stuff. And the question is what grade

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Speaker 2: would you give your money habits if we forced you

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Speaker 2: to give yourself a grade.

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Speaker 4: I would give myself a B plus.

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Speaker 2: There is room for my where my improvement.

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Speaker 4: I want to be more in tune with where my

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Speaker 4: money is going. I think I'm so bad at that

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Speaker 4: and I'm gonna learn that it's detrimental to me. And

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Speaker 4: I want to also be less conservative with my money.

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Speaker 4: I think investing for me has always seemed risky, but

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Speaker 4: it's something that I need to be more open to

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Speaker 4: and just having more education about where to be putting

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Speaker 4: my money.

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Speaker 3: Yeah, that's absolutely fair.

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Speaker 2: I think it's one of those things where we can

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Speaker 2: never judge somebody else. And if I looked at your

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Speaker 2: personal situation, was like, wow, money dist bought their first property,

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Speaker 2: are twenty another one at twenty four, Like it sounds

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Speaker 2: like you're really really good at money, but you're still like, look,

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Speaker 2: I might be good at saving and hustling and getting

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Speaker 2: there and you know, looking like we've got the big

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Speaker 2: ticket things off, but you're like, I still don't know

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Speaker 2: I know how to manage my finances when it comes

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Speaker 2: to different bank accounts, or I don't really know what

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Speaker 2: shares to pick, or I don't know how to invest solidly.

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Speaker 2: I just think that everybody has such a different journey.

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Speaker 2: And externally, I'm sure you look so fancy, like your

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Speaker 2: friends would be like, oh my gosh, money, Iris is

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Speaker 2: so good at money, so you owned so many properties,

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Speaker 2: and inside you're like, no, I don't even know which

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Speaker 2: bank account my pay is we're in right now. Like

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Speaker 2: it's it's actually so interesting learning about people's money stories

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Speaker 2: and how it works, because it's not always what it

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Speaker 2: seems from the outside.

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Speaker 4: That's exactly right. I'm good at saving, but not knowing

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Speaker 4: what to do with that money.

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Speaker 2: All right, let's go to a really quick break and

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Speaker 2: then we'll jump into the pervy stuff. All right, we

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Speaker 2: are back money diarist. You are, in my opinion, still

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Speaker 2: a baby. You are twenty five years old, you own

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Speaker 2: two properties, and you have started your own business. Can

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Speaker 2: you tell us about the process of starting your own business,

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Speaker 2: like why did you do it? How did you do it?

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Speaker 2: What were the so I guess gateways to beginning that

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Speaker 2: process if you always had that dream, like, tell us

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Speaker 2: beIN nitty gritty about this.

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Speaker 4: I'm so excited to share this story. And I guess

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Speaker 4: it all just happened really naturally. I don't know how

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Speaker 4: to explain it, but you know how they say things

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Speaker 4: are meant to be, they happen. It was kind of

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Speaker 4: that situation. So I was about three years out of

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Speaker 4: UNI working at a marketing agency and I work in

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Speaker 4: digital marketing and events. So when covid hit, that was

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Speaker 4: quite a big hit for our business, especially all the

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Speaker 4: events and all the photo shoots went down the drain.

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Speaker 4: And after having the most incredible review with my company

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Speaker 4: and actually getting a pay rise, a month later, I

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Speaker 4: was made redundant, which, as you can imagine, broke mine.

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Speaker 2: I wouldn't have seen it coming either, because you were like,

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Speaker 2: they're clearly financially stable. I got a pay rise, like

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Speaker 2: I'm killing it to go to hey, Bunny Darist. By

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Speaker 2: the way, you don't have a job anymore.

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Speaker 4: Honestly, it was so unexpected and it was just a

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Speaker 4: zoom call. So my face was on camera and they

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Speaker 4: were like, unfortunately, we can't keep you on.

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Speaker 2: That is so rutheless, like, oh, look, I understand during

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Speaker 2: COVID that it wasn't going to be anything other than

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Speaker 2: a zoom call, but like, it.

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Speaker 4: Was honestly the most awful moment of my whole life.

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Speaker 4: And then after that, job Keeper came out, So this

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Speaker 4: was just Ties getting cuts straight away before job Keeper

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Speaker 4: was even announced. And then they called me and they said, look,

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Speaker 4: we don't know if we'll be eligible for job keeper,

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Speaker 4: but can you take five weeks of your annual leave

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Speaker 4: and then at the end of that period, we'll see

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Speaker 4: what we can do if we can keep you on,

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Speaker 4: what can happen what the COVID situation is developed into anyway,

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Speaker 4: So I did that. What other option did I have,

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Speaker 4: And in that time, I was thinking about all these

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Speaker 4: ideas that I could be doing to make some money

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Speaker 4: in that time. But what it really taught me is

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Speaker 4: that you can't really rely on other people for your income,

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Speaker 4: and having something to back you and support you is

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Speaker 4: so important and is why I've always tried to have

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Speaker 4: some sort of side hustle or backup option, because feeling

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Speaker 4: so secure in a role and then having it taken

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Speaker 4: away from you really teaches you that lesson the hard way.

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Speaker 4: I suppose, Yeah.

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Speaker 2: It would have been a rude and unexpected shock, Like

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Speaker 2: I can't imagine anybody in an employed situation would go, oh, well,

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Speaker 2: I'll come to xhmorrow and I won't have a job anymore.

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Speaker 2: And I mean that would be heartbreaking. I can't imagine

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Speaker 2: how you felt, because you know, if you're employed, you're

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Speaker 2: employed for a million different reasons, right, Like we're employed

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Speaker 2: because we need income, but we're also employees a lot

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Speaker 2: of the time because we want that security. We want

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Speaker 2: the security of a consistent paycheck, and you know, small

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Speaker 2: business doesn't afford you that.

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Speaker 4: And at the time, it was really rough because my

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Speaker 4: dad was having quadruple bypass, which was really unexpected, and

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Speaker 4: when we went into hospital, this is where the idea

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Speaker 4: came from. There were these automatic sanitizer dispensers and this

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Speaker 4: was right at the start of COVID, and when my

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Speaker 4: partner and I walked in, we thought, how cool would

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Speaker 4: this be if every business could have one of these

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Speaker 4: things that automatically dispenses and sanitizer. And then we did

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Speaker 4: some research online and bound of suppliers. We got about

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Speaker 4: ten to fifteen different samples sent over and we were

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Speaker 4: testing them and trialing them and then we're like, wow,

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Speaker 4: this is a really cool idea. And because my mum

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Speaker 4: is also a family daycarer, we got the kids to

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Speaker 4: test them these automatic cues dispensers because they're so quick

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Speaker 4: to use, and they were like, wow, this is awesome,

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Speaker 4: and all the moms loved them and everyone wanted them,

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Speaker 4: and we were like, hey, this is a pretty cool idea.

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Speaker 4: So after trialing them for about six months, we made

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Speaker 4: the plunge of investing quite a significant amount of money,

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Speaker 4: about ten K into this business.

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Speaker 2: That's so much money given you were made redundant and

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Speaker 2: had no job security.

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Speaker 4: So much money and it was so scary for me because,

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Speaker 4: like I said, I'm really conservative with my money, but

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Speaker 4: we thought, at the end of the day, the worst

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Speaker 4: thing that could happen is we'd sell them a marketplace

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Speaker 4: or eBay for the cost that we bought them. And fine,

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Speaker 4: So that was kind of our backup plan if it

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Speaker 4: didn't work. And then it took off, like it really

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Speaker 4: took off. We got really we really lucked out with

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Speaker 4: some influences that we worked with, and I did a

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Speaker 4: whole lot myself working in digital marketing, so I set

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Speaker 4: up the website, I leaned on follow money diary friends

427
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Speaker 4: to do my graphic design work for me, and yeah,

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Speaker 4: it all panned.

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Speaker 2: Oh my gosh, how sweet. I absolutely love that. And

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Speaker 2: the thing that I love is that you've taken their

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Speaker 2: skills and tools and things that you've learned in your

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Speaker 2: day job and been like, I can actually apply these

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Speaker 2: to my own business.

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Speaker 3: And I think so many of us could do that.

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Speaker 2: Like you go to work every single day and do

436
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Speaker 2: that for somebody else, maybe you could do it for yourself.

437
00:21:18,800 --> 00:21:21,160
Speaker 2: And if you've got an idea like that, like yours

438
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Speaker 2: is absolutely taken off, We'll obviously give you a plug

439
00:21:24,320 --> 00:21:26,479
Speaker 2: three sheets on the money when your episode comes out,

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Speaker 2: because you mentioned it a couple of times, but it

441
00:21:29,080 --> 00:21:32,040
Speaker 2: is so cool and I'm just so in awe of

442
00:21:32,119 --> 00:21:33,800
Speaker 2: people who are like, no, I'm going to get it

443
00:21:33,800 --> 00:21:35,800
Speaker 2: for myself. I'm going to set it up. Is this

444
00:21:35,880 --> 00:21:37,879
Speaker 2: something that you think is going to become your full

445
00:21:37,960 --> 00:21:40,320
Speaker 2: time gig, like you're going back to work, Like, tell

446
00:21:40,400 --> 00:21:43,040
Speaker 2: us about what the future of dispense looks like.

447
00:21:43,280 --> 00:21:47,320
Speaker 4: It's such an interesting concept because it worked out really

448
00:21:47,760 --> 00:21:51,600
Speaker 4: well before because my partner was working in cabinet making

449
00:21:51,640 --> 00:21:54,720
Speaker 4: for himself, and then when COVID hit, he had to

450
00:21:54,760 --> 00:21:56,920
Speaker 4: go work for somebody else because of the fact that

451
00:21:56,960 --> 00:22:00,600
Speaker 4: he couldn't quote or install jobs, which was really difficult.

452
00:22:00,720 --> 00:22:03,200
Speaker 4: So at the moment, all I have to do is

453
00:22:03,240 --> 00:22:04,960
Speaker 4: pack the orders and then he takes them to the

454
00:22:05,040 --> 00:22:07,840
Speaker 4: post office and it's quite an easy process.

455
00:22:08,119 --> 00:22:08,919
Speaker 3: Oh how good.

456
00:22:09,440 --> 00:22:12,360
Speaker 4: Yeah, it works out really well, but now that it's

457
00:22:12,440 --> 00:22:15,160
Speaker 4: ramped up, it can be difficult to manage.

458
00:22:15,520 --> 00:22:16,720
Speaker 3: Yeah. Absolutely.

459
00:22:17,320 --> 00:22:20,920
Speaker 4: My ideal scenario would be three days in the office

460
00:22:21,200 --> 00:22:26,000
Speaker 4: and two days working for myself because I need that stability. Yeah,

461
00:22:26,359 --> 00:22:29,359
Speaker 4: but I love the business, so.

462
00:22:29,600 --> 00:22:31,120
Speaker 3: Yeah, how exciting?

463
00:22:31,440 --> 00:22:31,800
Speaker 4: Yeah?

464
00:22:31,840 --> 00:22:34,480
Speaker 2: And so are there other products coming out? Are you

465
00:22:34,560 --> 00:22:37,040
Speaker 2: looking at expanding anything? I want to know all they

466
00:22:37,080 --> 00:22:39,399
Speaker 2: needed gritty because I love small business and seeing you

467
00:22:39,440 --> 00:22:40,159
Speaker 2: guys thrive.

468
00:22:40,440 --> 00:22:43,159
Speaker 4: So we've we're working with the local business to create

469
00:22:43,200 --> 00:22:46,320
Speaker 4: the soap that we have, and right now we're looking

470
00:22:46,320 --> 00:22:50,600
Speaker 4: at an alternative with dissolvable soap, so it's better.

471
00:22:51,320 --> 00:22:53,440
Speaker 3: I've seen similar thing still.

472
00:22:53,720 --> 00:22:56,320
Speaker 4: And you can drop it in and it makes foaming soap.

473
00:22:56,520 --> 00:22:59,119
Speaker 4: So we've been investing quite a bit of money in

474
00:22:59,240 --> 00:23:02,240
Speaker 4: looking into that technology and seeing if that's something that

475
00:23:02,240 --> 00:23:04,439
Speaker 4: we can replicate and testing it in all of our

476
00:23:04,480 --> 00:23:08,520
Speaker 4: dispensers to make sure it'll work. Because it's more cost effective,

477
00:23:08,560 --> 00:23:11,560
Speaker 4: it's better for the environment, there's total aging, and we

478
00:23:11,680 --> 00:23:14,120
Speaker 4: really want to keep taking it further. So the first

479
00:23:14,160 --> 00:23:17,160
Speaker 4: step was making a black version. When we first had

480
00:23:17,160 --> 00:23:18,119
Speaker 4: a white, I did.

481
00:23:18,000 --> 00:23:21,080
Speaker 2: See that that is very sleek. She would look very

482
00:23:21,119 --> 00:23:24,760
Speaker 2: bougie on someone's kitchen bench or bathroom bench. I think

483
00:23:24,760 --> 00:23:28,000
Speaker 2: it's very along the lines of Jessica Riadsche's style. I've

484
00:23:28,000 --> 00:23:31,200
Speaker 2: also seen on your Instagram and you know this complete

485
00:23:31,240 --> 00:23:34,560
Speaker 2: side note, people are like labeling them and Jessica is

486
00:23:34,560 --> 00:23:37,159
Speaker 2: a wizard with a cricket, so like I just feel

487
00:23:37,160 --> 00:23:38,880
Speaker 2: like this is a Jessica product.

488
00:23:39,600 --> 00:23:41,760
Speaker 5: They're very cute very minimal. I was looking at them like,

489
00:23:41,840 --> 00:23:45,199
Speaker 5: I definitely should buy one for my jump on their

490
00:23:45,240 --> 00:23:46,159
Speaker 5: Instagram and check them out.

491
00:23:46,200 --> 00:23:47,600
Speaker 3: They're super cute they are.

492
00:23:48,280 --> 00:23:51,280
Speaker 2: Now we speak about the process of finding suppliers and

493
00:23:51,320 --> 00:23:53,600
Speaker 2: how hard it can be over on the Business Bible

494
00:23:53,640 --> 00:23:56,600
Speaker 2: podcast but Money, Dorris, can you talk us through a

495
00:23:56,600 --> 00:23:59,199
Speaker 2: little bit about even how to start? Like if I

496
00:23:59,280 --> 00:24:01,720
Speaker 2: have been a city at home and I listening to

497
00:24:01,760 --> 00:24:03,960
Speaker 2: this pod now and I'm like, oh, I should look

498
00:24:04,000 --> 00:24:04,320
Speaker 2: at it.

499
00:24:04,400 --> 00:24:06,280
Speaker 3: Do you just google it? Do you just look it up?

500
00:24:06,440 --> 00:24:09,000
Speaker 2: Do you find it on Instagram? Like where would you

501
00:24:09,040 --> 00:24:11,760
Speaker 2: say a small business owner who wants to potentially create

502
00:24:11,760 --> 00:24:14,680
Speaker 2: their own product should start looking or what due diligence

503
00:24:14,680 --> 00:24:15,520
Speaker 2: do we need to do?

504
00:24:15,840 --> 00:24:18,640
Speaker 4: Well? I guess the first part is finding out if

505
00:24:18,640 --> 00:24:22,160
Speaker 4: the product exists. So for us, a touchless soap dispenser

506
00:24:22,480 --> 00:24:27,480
Speaker 4: was so different, but it makes so much sense. So

507
00:24:27,520 --> 00:24:30,720
Speaker 4: we started looking online and seeing if any other businesses

508
00:24:30,760 --> 00:24:34,040
Speaker 4: in Australia were doing it, and it was quite a

509
00:24:35,600 --> 00:24:40,400
Speaker 4: like an empty area that we could fill. So we

510
00:24:40,480 --> 00:24:43,720
Speaker 4: went yeah, we literally did just google it at the beginning,

511
00:24:43,760 --> 00:24:46,280
Speaker 4: and we saw people who were already doing it, and

512
00:24:46,320 --> 00:24:49,960
Speaker 4: we got some sample sent over from overseas, of course,

513
00:24:50,760 --> 00:24:54,240
Speaker 4: and we got about ten cent over We decided which ones,

514
00:24:54,440 --> 00:24:56,920
Speaker 4: which parts of ones that we liked, which parts of

515
00:24:57,000 --> 00:24:59,679
Speaker 4: ones that we didn't, and we worked on developing a

516
00:24:59,680 --> 00:25:03,440
Speaker 4: model that we really loved, something that looked really sleep

517
00:25:03,480 --> 00:25:06,840
Speaker 4: but was also really practical. And then of course we

518
00:25:06,920 --> 00:25:10,320
Speaker 4: had to do all the logistical things, so setting it up,

519
00:25:10,840 --> 00:25:14,480
Speaker 4: setting up a business name for it, registering it for GST,

520
00:25:14,680 --> 00:25:17,479
Speaker 4: which we actually made a big mistake on because we

521
00:25:17,520 --> 00:25:20,639
Speaker 4: didn't think it would make seventy five thousand dollars, so

522
00:25:20,680 --> 00:25:22,320
Speaker 4: we didn't register it for GST.

523
00:25:22,640 --> 00:25:27,080
Speaker 2: Wait, so you're saying that your small business, your launch

524
00:25:27,160 --> 00:25:29,720
Speaker 2: during covid has made more than seventy five thousand dollars.

525
00:25:30,720 --> 00:25:33,760
Speaker 3: Oh, kaween, that's so exciting.

526
00:25:33,960 --> 00:25:35,639
Speaker 2: I didn't want to ask because I was like, oh,

527
00:25:35,760 --> 00:25:38,080
Speaker 2: we're plugging her business and I'm going to post about it.

528
00:25:38,520 --> 00:25:40,720
Speaker 2: She doesn't need to share the financial side of that.

529
00:25:41,240 --> 00:25:43,720
Speaker 2: But oh, yes, how epic is that?

530
00:25:44,119 --> 00:25:46,639
Speaker 4: Which we absolutely were not expecting. We would have been

531
00:25:46,680 --> 00:25:49,919
Speaker 4: happy to have made, you know, twenty thousand dollars from it,

532
00:25:49,960 --> 00:25:52,280
Speaker 4: and it would have been a huge money win for us.

533
00:25:52,359 --> 00:25:55,480
Speaker 4: So for it to take off like that was crazy.

534
00:25:56,119 --> 00:25:57,760
Speaker 3: How cool? I'm so proud.

535
00:25:57,760 --> 00:26:00,640
Speaker 2: I shouldn't be proud because I just like I've had

536
00:26:00,680 --> 00:26:03,240
Speaker 2: nothing to do with this, but like, I'm so proud

537
00:26:03,280 --> 00:26:05,040
Speaker 2: to know that you're part of our community and like

538
00:26:05,080 --> 00:26:07,639
Speaker 2: it's going so well. It makes me so happy, Like

539
00:26:07,680 --> 00:26:09,879
Speaker 2: it feels my heart so much when we get to

540
00:26:09,920 --> 00:26:12,719
Speaker 2: talk to money direst about their successes or even just

541
00:26:12,720 --> 00:26:15,040
Speaker 2: what they're going through, because you go, oh my gosh,

542
00:26:15,119 --> 00:26:17,880
Speaker 2: how have you done that? And like what did that

543
00:26:17,920 --> 00:26:20,959
Speaker 2: look like? And I've said on the Business Bible before,

544
00:26:21,080 --> 00:26:26,080
Speaker 2: like GST is really important, and there's yeah, it's really important,

545
00:26:26,080 --> 00:26:28,800
Speaker 2: but it's also a really rude shock when you have

546
00:26:28,880 --> 00:26:31,200
Speaker 2: to add it on and you haven't set the expectation

547
00:26:31,400 --> 00:26:34,320
Speaker 2: with your clients to begin with. I can see your

548
00:26:34,320 --> 00:26:37,280
Speaker 2: face because we're on zoom talk me through how that

549
00:26:37,320 --> 00:26:39,360
Speaker 2: process went and how that impacted your business.

550
00:26:39,840 --> 00:26:43,520
Speaker 4: So, like I said, we I'm a hufftler, but I

551
00:26:43,640 --> 00:26:45,800
Speaker 4: do not understand what I'm doing and I'm learning as

552
00:26:45,800 --> 00:26:48,560
Speaker 4: i go, which is probably not the right way.

553
00:26:48,840 --> 00:26:51,880
Speaker 2: No, no, that is absolutely the right way. Fly by

554
00:26:51,920 --> 00:26:54,360
Speaker 2: the seat of your pants, fake it till you make it,

555
00:26:54,600 --> 00:26:58,080
Speaker 2: because the older you get, the more you realize that

556
00:26:58,280 --> 00:27:01,000
Speaker 2: nobody actually has any idea what they're doing either, So

557
00:27:01,080 --> 00:27:01,800
Speaker 2: it's fide.

558
00:27:01,840 --> 00:27:04,439
Speaker 4: And you learn from your mistakes, like I've really stuffed

559
00:27:04,440 --> 00:27:06,040
Speaker 4: it up the first time, but now I know what

560
00:27:06,160 --> 00:27:08,720
Speaker 4: to do next time, which I think is a really

561
00:27:08,800 --> 00:27:12,639
Speaker 4: important lesson. So when we went to do our GST,

562
00:27:12,760 --> 00:27:17,800
Speaker 4: our accountant was like, do you have a tax file

563
00:27:17,880 --> 00:27:20,560
Speaker 4: number for your business? I was like, here's my tax

564
00:27:20,560 --> 00:27:22,560
Speaker 4: file number. She was like, no, that's not your tax

565
00:27:22,560 --> 00:27:24,320
Speaker 4: file number. You should have one for your business. And

566
00:27:24,320 --> 00:27:26,480
Speaker 4: I was like, I don't know. I want She said,

567
00:27:26,960 --> 00:27:28,360
Speaker 4: do you register it for GST?

568
00:27:28,520 --> 00:27:30,639
Speaker 3: And I was like, no, why would I do that?

569
00:27:31,960 --> 00:27:32,919
Speaker 3: Philly Rabbit.

570
00:27:34,240 --> 00:27:35,840
Speaker 2: And yeah.

571
00:27:35,880 --> 00:27:37,959
Speaker 4: So that obviously created a lot of problems for us.

572
00:27:37,960 --> 00:27:40,600
Speaker 4: So we had to pay quite a lot of GST,

573
00:27:40,720 --> 00:27:44,480
Speaker 4: which we hadn't accounted for at the beginning, because that's

574
00:27:44,520 --> 00:27:46,000
Speaker 4: just something that we didn't even know that if you

575
00:27:46,040 --> 00:27:48,240
Speaker 4: earn over seventy five thousand dollars you have to be

576
00:27:48,800 --> 00:27:51,520
Speaker 4: charging GST. So that was a rude awaye.

577
00:27:51,800 --> 00:27:54,720
Speaker 2: And GSG for those of you following along, is ten

578
00:27:54,800 --> 00:27:57,320
Speaker 2: percent and it is the Goods and Services tax, and

579
00:27:57,400 --> 00:27:59,560
Speaker 2: if you set it up from the very beginning, you

580
00:27:59,600 --> 00:28:01,679
Speaker 2: just collect it during the sale of your product and

581
00:28:01,720 --> 00:28:03,800
Speaker 2: you go okay, cool, and GST is ten percent, and

582
00:28:03,800 --> 00:28:06,119
Speaker 2: then the total comes to one hundred dollars and the

583
00:28:06,160 --> 00:28:08,399
Speaker 2: client pays it and you put your ten dollars to

584
00:28:08,440 --> 00:28:10,600
Speaker 2: the side for the government, and it's like you never

585
00:28:10,640 --> 00:28:13,600
Speaker 2: got it. But if you didn't register, that ten percent

586
00:28:14,000 --> 00:28:16,320
Speaker 2: is ten percent of your profit that you now have

587
00:28:16,400 --> 00:28:18,439
Speaker 2: to pay to the government because you didn't collect it

588
00:28:18,480 --> 00:28:20,400
Speaker 2: from your clients, So you would have had to pay

589
00:28:20,400 --> 00:28:21,439
Speaker 2: that personally, didn't you.

590
00:28:22,359 --> 00:28:24,480
Speaker 4: That's right? And there's just so much stuff that you

591
00:28:24,520 --> 00:28:27,800
Speaker 4: don't even think about. All these businesses do doing discount

592
00:28:27,800 --> 00:28:29,720
Speaker 4: codes for every influence that they have, and then they're

593
00:28:29,720 --> 00:28:31,719
Speaker 4: doing free shipping, and then we got to the end

594
00:28:31,720 --> 00:28:34,199
Speaker 4: of it and we were like, oops, what have we

595
00:28:34,320 --> 00:28:37,720
Speaker 4: done when we had to pay another ten percent in GST?

596
00:28:38,960 --> 00:28:41,719
Speaker 2: And it's so much money as well, and even just

597
00:28:41,760 --> 00:28:45,640
Speaker 2: setting up affiliate codes and getting to work with influences.

598
00:28:46,080 --> 00:28:48,720
Speaker 2: How's your experience with that being I know that people

599
00:28:49,040 --> 00:28:51,280
Speaker 2: following the Shees on the Money podcast and listening have

600
00:28:51,360 --> 00:28:54,520
Speaker 2: probably had some level of experience with influences. How's that

601
00:28:54,560 --> 00:28:56,480
Speaker 2: gone from a business side of things?

602
00:28:57,160 --> 00:29:02,320
Speaker 4: It's been really challenging, I guess because I understand how

603
00:29:02,360 --> 00:29:05,480
Speaker 4: influencer works. From my industry, it was a little bit

604
00:29:05,480 --> 00:29:09,080
Speaker 4: easier for me, and because I was targeting mummy bloggers,

605
00:29:09,160 --> 00:29:13,720
Speaker 4: I guess some of them were nicer towards me, and

606
00:29:13,800 --> 00:29:16,560
Speaker 4: I did get returned. But you just don't know what

607
00:29:16,600 --> 00:29:18,320
Speaker 4: you're going to get when you look at them online.

608
00:29:18,440 --> 00:29:20,680
Speaker 4: Sometimes you look at an influencer and they've got hundreds

609
00:29:20,720 --> 00:29:23,000
Speaker 4: of thousands of followers and you think you're going to

610
00:29:23,080 --> 00:29:25,680
Speaker 4: get the most amazing results, and they're just a complete

611
00:29:25,760 --> 00:29:28,200
Speaker 4: full loop. And then you'll get someone so hard to

612
00:29:28,680 --> 00:29:33,960
Speaker 4: thousand followers and they'll be incredible. So you really learn

613
00:29:34,040 --> 00:29:36,600
Speaker 4: and I think in your life, relationships are so important,

614
00:29:36,600 --> 00:29:40,120
Speaker 4: whether it's your career, your business, whatever you're doing. If

615
00:29:40,160 --> 00:29:44,080
Speaker 4: you're a good person, people would do nice things back.

616
00:29:44,280 --> 00:29:45,280
Speaker 3: Yeah, one hundred percent.

617
00:29:46,040 --> 00:29:48,600
Speaker 4: That's something I've really learned and something I really value.

618
00:29:49,200 --> 00:29:51,880
Speaker 2: I love that story and as I said before, I'm

619
00:29:51,920 --> 00:29:53,800
Speaker 2: just so grateful that you wanted to share your story

620
00:29:53,840 --> 00:29:55,600
Speaker 2: with us and be part of our community.

621
00:29:55,840 --> 00:29:56,840
Speaker 3: And when you.

622
00:29:56,880 --> 00:29:59,880
Speaker 2: Slid into my DMS, I literally jumped for joy because

623
00:30:00,000 --> 00:30:01,320
Speaker 2: it was like, oh my gosh, I feel like I

624
00:30:01,360 --> 00:30:04,000
Speaker 2: already know her, Like let's get you on the show.

625
00:30:04,040 --> 00:30:06,560
Speaker 2: So thank you so much for joining us, but I

626
00:30:06,640 --> 00:30:09,320
Speaker 2: do think that that is all we have time for today.

627
00:30:09,680 --> 00:30:12,000
Speaker 3: So just before we head off, we'd like to acknowledge and.

628
00:30:12,000 --> 00:30:15,520
Speaker 2: Pay respect to Australia's Aboriginal and Torri Straight islander people's.

629
00:30:15,800 --> 00:30:18,800
Speaker 2: They're the traditional custodians of the lands, the waterways and

630
00:30:18,840 --> 00:30:22,240
Speaker 2: the skies all across Australia. We thank you for sharing

631
00:30:22,280 --> 00:30:24,040
Speaker 2: and for caring for the land on which.

632
00:30:23,880 --> 00:30:25,160
Speaker 3: We are able to learn.

633
00:30:25,480 --> 00:30:28,000
Speaker 2: We pay respects to elders past and present, and we

634
00:30:28,040 --> 00:30:30,200
Speaker 2: share our friendship and our kindness.

635
00:30:30,280 --> 00:30:32,479
Speaker 5: The advice shed on she's on the money is generally

636
00:30:32,560 --> 00:30:35,920
Speaker 5: nature and does not consider your individual circumstances. She's on

637
00:30:35,960 --> 00:30:38,680
Speaker 5: the money if this purely for educational purposes and should

638
00:30:38,680 --> 00:30:40,600
Speaker 5: not be relied upon to make an investment or a

639
00:30:40,640 --> 00:30:44,160
Speaker 5: financial decision, and we promise Victoria Divine is an authorized

640
00:30:44,200 --> 00:30:48,400
Speaker 5: representative of Australia Pacific Funds Management Proprietary Limited ABM three

641
00:30:48,440 --> 00:30:50,840
Speaker 5: four one three two four six three two five seven

642
00:30:50,920 --> 00:30:53,000
Speaker 5: AFSL three three nine one five one.

643
00:30:53,040 --> 00:31:01,960
Speaker 2: See you next week, guys, doing