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How to make $10,000 in 10 days with author and entrepreneur Rachel Rodgers
How to make $10,000 in 10 days with author and entrepreneur Rachel Rodgers
Main Insta- Rachel Rodgers ceo hello 7 we should all be millionaires (1).png

Rachel Rodgers is back! She has a new book "We Should All Be Millionaires" plus why broken kitchen cabinets drive her nuts and why she is throwing out her “shitty bras”. Rachel also updates us on the Rodgers Ranch and her company Hello Seven.

Rachel’s Tips

Tip #1- We have this thing where we want to be liked. Every human wants to be liked, this is not unique to women, but our culture has created this situation where women think they need to be nice and they need to be liked by all. Let me tell you something, that is a losing game. That desire to be liked really kills your ability to generate more money. I think, we think like, "Oh, if I make a bunch of money, people are not going to like me." You know what? People already don't like you, so who cares? Might as well make some money.

Tip #2- It's just little things like that, where we have shabby conditions around us that make us feel shabby inside. When you wake up and your environment tells you, "You know what? You must be a boss because look at this environment that you're in," guess what? You're going to go out there and you're going to make million-dollar decisions all day, every day. It really shifts your energy when you are in an environment that makes you feel really good.

Twitter Quote #1- Rachel Rodgers ceo hello 7 we should all be millionaires (1).png

Tip #3-Are you surrounding yourself with people who make broke decisions all day? Is your best girlfriend, Brenda, calling you to complain about her job every day, but never does anything to go get a better job or talk to her boss about it or deal with her situation? Or are you surrounded by people who when you say, "Hey, I'm thinking about doing this exciting thing. Hey, I'm thinking about buying a house. Hey, I'm thinking about making this money move," they're like, "Ooh, I wouldn't do that," and discouraging you and being very negative about it and making you feel bad about being ambitious? When you have those kinds of people around you all day, trust me, it is affecting your ability to make million-dollar decisions. This is literally nonstop. This is exactly how it works, and there's science to back it up. Harvard studies, where it shows that the people that you spend the most time with, 95% of your success or failure in whatever it is that you are trying to accomplish comes from the people you surround yourself with on a daily basis. If you are surrounding yourself with naysayers, people who are negative, people who are not ambitious at all, people who are discouraging, you are going to be discouraged and you're likely not going to make the moves that you want to be making.

Tip #4- Okay, a lot of times we say, "Well, I really want to upgrade my home, but I don't have enough money." One of the sections of the book, what we talk about is can we flip that but to an and? Can we say instead of, "I want to do this thing, but I can't afford it," what if you said, "I want to do this thing and I don't currently have the money." Cool, now that opens up possibilities. It makes you feel like, "Oh, okay. These are the facts of the case. I want to do this thing and I don't have the money right now, but what could I do to change the situation?" I could potentially change it. It creates opportunity. It opens it up, it expands the possibilities. Whereas when you say, "But," it's kind of like it closes the door on that being a possibility, it closes the door on that opportunity. I encourage you to be and people instead of but people. This goes to the peer group. Are you surrounded by people who can say, "Yes, that's true, and what could you do differently? Let's brainstorm some opportunities." Imagine if we had friends who would brainstorm business opportunities, money-making opportunities, networking opportunities with us, instead of talking about everything that's wrong with the world and just complaining all the time and commiserating. We could do that too, but let's make sure that we are also being expansive. If you change your but to and, that might open up some creativity for you to come up with solutions to the financial problems that come up.

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Full Transcript:

Bobbi Rebell:

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Rachel Rodgers :

We did a 10K in 10 Days challenge with 350 of our clients. The average was like $6,700 per person, and they, as a group, made $2.4 million in 10 days.

Bobbi Rebell:

You're listening to Money Tips for Financial Grownups, with me, certified financial planner, Bobbi Rebell, author of How to be a Financial Grownup. And you know what? When it comes to money, being a grown up is hard, but together, we've got this.

Bobbi Rebell:

Yes, my friends, $10,000 in 10 days, do you dare take the challenge? You want to hear about it though, right? Rachel Rodgers is back and the perfect guest for our newly updated format here on Money Tips for Financial Grownups. If you missed the bonus episode, it should be just before this one in your feed, but in short, we're streamlining the show to focus more on money tips to help us all be our best financial grownups. I lost count of all the incredible money tips that Rachel shares in our interview, but you're going to hear ... sound every time she drops one.

Bobbi Rebell:

Rachel, who is the CEO of HelloSeven and runs the Rodgers' Ranch, which you're going to hear about in our interview, has a new book out called We Should All be Millionaires. I read it cover to cover in one sitting and you should too, then you should also go back and make note of all the gems in the book. But first, let's get some extra money tips in our interview. Here is Rachel Rodgers.

Bobbi Rebell:

Rachel Rodgers, you're a financial grownup. Welcome to the podcast again, welcome back.

Rachel Rodgers :

Yay, I'm so glad to be back. I'm excited.

Bobbi Rebell:

Well, we're celebrating because your book, We Should All be Billionaires: A Woman's Guide to Earning More, Building Wealth, and Gaining Economic Power, is released today, the day that this episode is coming out. Tell us high level about the book and what we can expect.

Rachel Rodgers :

Yes. Well, you can expect some tough love and you can expect a guide to becoming a millionaire, making a million dollars. I think we need that. We shoot for six figures and it's not enough, I don't know if you've noticed. You probably have, because you're a financial grownup.

Bobbi Rebell:

And I live in New York City.

Rachel Rodgers :

Exactly, but I want women to be shooting for seven figures so that we can really make a massive impact. The reality is that 2% of women entrepreneurs ever hit the seven-figure mark, and when it comes to the world's billionaires, very, very few of them are women. I think we need to understand how to earn more, and that's what this book is about. It's not about what to put in your 401k or how to invest, what to do with your money on the backend. No, it's about how to get more of it in the first place.

Bobbi Rebell:

You challenge your clients to come up with a way to make $10,000 in 10 days. Let's just start with the results, and then tell me some of the ways that you could make $10,000 in 10 days.

Rachel Rodgers :

We did a 10K in 10 Days challenge with 350 of our clients, and they, as a group, made $2.4 million in 10 days.

Bobbi Rebell:

What was the average?

Rachel Rodgers :

The average was like $6,700 per person, approximately.

Bobbi Rebell:

Which is incredible.

Rachel Rodgers :

I mean, incredible, right? To me, it's not about the money. It's about the fact that what I'm trying to prove and what I want women to be able to prove to themselves is that you can earn as much as you want, whenever you want. You have the ability to generate cash whenever you need to. I think we have a money problem come up and we're like, "I don't know what I'm going to do. Let me start cutting things and slashing things. Let me start shrinking my life," and I'm like, "I do the opposite." If something comes up and I want to spend money on something, I'm like, "Okay, well, let me think about what are my different ways of earning more and which one am I going to choose? Okay, great. I'm going to choose that one, let me put it out there," and then I earn that money in 30 days or less and then I go do that thing I wanted to do.

Bobbi Rebell:

What are some of the best ways people came up with to earn money?

Rachel Rodgers :

Oh, it was amazing. There were people having yard sales, people were just reaching out to past clients who owed them money and they just hadn't reached out to them and said, "Hey, you owe me money. Hey, you hadn't paid your invoice, can you go ahead and take care of that?" They made all this money from clients that were like six months late, just because they weren't following up. I'm like, "Honey, we need to focus on our money and not let all of those dollars trickle out of our hands." That's what I see happening with women as a whole, and so I'm asking us to hold ourselves accountable to really pay attention to our money.

Rachel Rodgers :

That was some of the things that they did. They launched new programs, they created products. They had ideas for all these different ways that they could make money or they thought like, "Oh, one day maybe I'll do X," and I'm like, "I challenge you to go do X right now," and they would do it. They would launch a new program or launch a product and put it out there. They didn't even have to create the product or the program yet, they could just say, "Hey, this is coming. Would you like one? If you purchase it early, here's what happens. You have 10 days to say, yes, you want it," they buy it and then you have a little bit of time to go create the thing and deliver it.

Bobbi Rebell:

And it's also a proven idea. One of my favorite parts of the book, you say you have three ways that women make bad money decisions. What are the three ways that women make bad money decisions?

Rachel Rodgers :

Well, we have this thing where we want to be liked, it's like every human wants to be liked, this is not unique to women, but our culture has created this situation where women think they need to be nice and they need to be liked by all. Let me tell you something, that is a losing game. That desire to be liked really kills your ability to generate more money. I think, we think like, "Oh, if I make a bunch of money, people are not going to like me." You know what? People already don't like you, so who cares? Might as well make some money.

Bobbi Rebell:

Absolutely. Okay, number two, what was the second thing?

Rachel Rodgers :

Environment. We're in this broke (beep) environment. We have (beep) bras. I literally just bought 12 new bras because we've been in a pandemic and every bra has a busted strap, the wire is broken. I was like, "Honey, get your life together." It was just things like that. One of my clients used to have a cabinet in her kitchen that would not open all the way, and because of that, she had a small little kitchen and so it was all shoved into the other cabinets. Every time she opened her cabinets, all this (beep) falling out. She was just like, "This drives me nuts literally all day, every day," every time she's making coffee, every time she's preparing a meal.

Rachel Rodgers :

It's just little things like that, where we have shabby conditions around us that make us feel shabby inside. When you wake up and your environment tells you, "You know what? You must be a boss because look at this environment that you're in," guess what? You're going to go out there and you're going to make million-dollar decisions all day, every day. It really shifts your energy when you are in an environment that makes you feel really good.

Bobbi Rebell:

And then the third one has to do with who we surround ourselves with, right?

Rachel Rodgers :

Exactly. Are you surrounding yourself with people who make broke (beep) decisions all day? Is your best girlfriend, Brenda, calling you to complain about her job every day, but never does anything to go get a better job or talk to her boss about it or deal with her situation? Or are you surrounded by people who when you say, "Hey, I'm thinking about doing this exciting thing. Hey, I'm thinking about buying a house. Hey, I'm thinking about making this money move," they're like, "Ooh, I wouldn't do that," and discouraging you and being very negative about it and making you feel bad about being ambitious? When you have those kinds of people around you all day, trust me, it is affecting your ability to make million-dollar decisions.

Rachel Rodgers :

This is literally nonstop. This is exactly how it works, and there's science to back it up. Harvard studies, where it shows that the people that you spend the most time with, 95% of your success or failure in whatever it is that you are trying to accomplish comes from the people you surround yourself with on a daily basis. If you are surrounding yourself with naysayers, people who are negative, people who are not ambitious at all, people who are discouraging, you are going to be discouraged and you're likely not going to make the moves that you want to be making.

Bobbi Rebell:

Another money tip in the book that I love has to do with flipping just one word. Tell us about that.

Rachel Rodgers :

Yes. Okay, a lot of times we say, "Well, I really want to upgrade my home, but I don't have enough money." One of the sections of the book, what we talk about is can we flip that but to an and? Can we say instead of, "I want to do this thing, but I can't afford it," what if you said, "I want to do this thing and I don't currently have the money." Cool, now that opens up possibilities. It makes you feel like, "Oh, okay. These are the facts of the case. I want to do this thing and I don't have the money right now, but what could I do to change the situation?" I could potentially change it. It creates opportunity. It opens it up, it expands the possibilities. Whereas when you say, "But," it's kind of like it closes the door on that being a possibility, it closes the door on that opportunity. I encourage you to be and people instead of but people.

Rachel Rodgers :

This goes to the peer group. Are you surrounded by people who can say, "Yes, that's true, and what could you do differently? Let's brainstorm some opportunities." Imagine if we had friends who would brainstorm business opportunities, money-making opportunities, networking opportunities with us, instead of talking about everything that's wrong with the world and just complaining all the time and commiserating. We could do that too, but let's make sure that we are also being expansive. If you change your but to and, that might open up some creativity for you to come up with solutions to the financial problems that come up.

Bobbi Rebell:

Changing the way that you frame how you see things, so important. You also talk about taking certain tests to figure out basically where your talent is, where you're most likely to be the most successful.

Rachel Rodgers :

One of the things that we recommend is that we do an assessment, a skills assessment, to see what skills have I acquired over the years, what are my natural talents and gifts and strengths, what am I naturally good at, what do people come to me all the time to ask me for, where you can start to really hone in on the way that you add value in the world and then how can you capitalize on that skill, how can you start charging for that service, or how can you create a product based on that skillset that can increase your earning potential.

Bobbi Rebell:

And there are specific tests you recommend.

Rachel Rodgers :

Yes, exactly. You can take StrengthsFinders, Kolbe, DiSC. There's also a great book called The Big Leap by Gay Hendricks. Each one of these will help you assess for yourself where your natural talents and skills lie, and so you can figure out where is my money-making potential.

Bobbi Rebell:

You were waiting for a client's check.

Rachel Rodgers :

Yes.

Bobbi Rebell:

And you needed that money. It's very relatable in the last year, because we all learned how important having that cash cushion, whether you label it as an emergency fund or just savings, whatever it may be, you were in a precarious position waiting on money to come in. Tell us what you needed the money for, what was going on, and how it was resolved.

Rachel Rodgers :

Yes. This was years ago, I was probably two years into building my business. I was pregnant with my son, my daughter was one years old. I was trying to put her in daycare. I was working from home, my husband was in school at the time. My child had been home with us for a full year, there was zero childcare. My child was with her father or me or both of us for the whole first year of her life. I'm trying to grow a law practice, so I needed childcare, and searched for the right childcare, found a great place and her spot came up on the wait list. I'm like, "Great." Now, I'm waiting for this corporate check to come from a client. This was one of my first corporate clients and it was a big check for $5,000, which was the most money that I had ever received at one time in my life at the time.

Rachel Rodgers :

I'm waiting for months for this check to come, because we all know corporations, sometimes it's like net 30. I mean, they just pay you when they feel like it, basically. Three, four months later, finally the check shows up, I go to the bank to deposit, I'm like, "Thank God, I'm going to deposit this check and then immediately write a check for the daycare and go drop that off so that I can hold her spot," because it was like the last day to reserve her spot. I get to the bank, I deposit it, I'm all giddy and excited. I mean, I'm in my sweats, looking like crap, but who cares, I got money so I'm happy. I go to deposit it and the bank teller says, "Great, that'll be a two-week hold," and I'm like, "Pardon me? What?" I'm whispering to her because I don't want the other people in the bank to hear me and I'm like, "Is there any way you can make that available like today?" and she's like, "Nope, I can't because it's an out-of-state check."

Rachel Rodgers :

She sent me to go talk to the branch manager. I go talk to the branch manager, who's an older white guy. Here I am in my sweats looking like a broke (beep) college student and not a trustworthy professional. I go and talk to him and tell him I need the money right away. My face is getting red and I'm just absolutely mortified to be an attorney who has to go beg the branch manager to make her money available right away. It was a good wake up call. I was watching the branch manager and another banker looking at their monitor, I could tell they're scrolling through my account, looking at all my purchases. I'm sitting there and I'm feeling the hot tears come, my face is all red. As I sat there, I just had this moment where I was like, "Never again. This is my fault that I'm here right now and it will never, ever happen again."

Rachel Rodgers :

Luckily, they did release the check, I was able to put my daughter in childcare. That year I took that business from $60,000 a year to $300,000, so 5X'd my revenue, because I got focused because I realized the money was on me. Somebody else isn't going to make that money for me, it's not going to manifest out of thin air, and it's nobody's fault necessarily. Yes, there are systemic things at play. There is racism and sexism at play for sure, and at the same time, I also have a choice in the matter and there's also decisions that I'm making on a daily basis. I held myself to being a financial grownup, and that year, I really grew up and made a lot more money.

Bobbi Rebell:

Just one of the many, many incredible and inspiring stories in your new book. Tell us, we know the book is available everywhere, what else should people be looking out for from you? I know you have a course associated with the book and a lot more going on at the Rodgers' Ranch and so on. Tell us.

Rachel Rodgers :

Yes. Lord, I seem to have way too much going on. We have a podcast called the HelloSeven Podcast. We're always interviewing women, definitely women of color, who are making seven figures or more, because again, I like to provide my clients with evidence.

Bobbi Rebell:

And the Rodgers' Ranch, what's going on there?

Rachel Rodgers :

Yes, we have been fixing it up. It's so funny, my children are right outside my window. My little cottage is right next to the arena where we do horse training and lessons and stuff. My kids are out there right now, riding horses. Yeah, we're crazy up in here. We've also been renovating our retreat house. We're going to be opening up to be able to offer our retreat house up to people who want to come and have a little equestrian getaway here in North Carolina, in the next couple of weeks, so that's really exciting.

Bobbi Rebell:

And you have social handles for all these things, right?

Rachel Rodgers :

Yes. We are @therodgersranch, Rodgers with a D, on Instagram. Then my personal Instagram is @rachrodgersesq, and you can follow my company, HelloSeven, @hello7co.

Bobbi Rebell:

Thank you so much for coming back to the show.

Rachel Rodgers :

Thank you for having me. I love talking about money.

Bobbi Rebell:

Okay, my friends, let's review some of the key money tips that Rachel gave us. First of all, aim high. Rachel is all about seven figures, not six. Having high goals is a win-win. If you reach it, you win, but if you get closer than you would have with a lower goal, you also are better off and you still have more room to grow, win. One of the easiest ways to make money is to collect the money that you are owed receivables matter, get them settled. Sell before you create, that way you prove the concept and you have built in pre-orders when you do launch. Just be careful to manage timeline expectations for when customers will get the product.

Bobbi Rebell:

Get over getting everyone to like you and choose who you spend your time with very carefully. Be a friend, be a business colleague, do not be a therapist, unless of course you are a therapist. Make the effort to create a work environment where you will be your most productive. People are shocked that I wrote most of my book, How to Be a Financial Grownup, at a big ugly Formica table under bright lights at the Whole Foods across the street from my apartment. But you know what? There were no distractions and there was great wifi, it worked. Try to experiment a bit and find what works for you. And take a skills assessment test. We'll have the links to the ones Rachel suggested in the show notes.

Bobbi Rebell:

Friends, there is also a companion course to Rachel's book. You can find out more on her website, which we will also have linked in the show notes. Let me know how you guys liked the updated format. DM me on Instagram @bobbirebell1 and get more money tips by going to my website, BobbiRebell.com, and signing up for our now weekly Money Tips newsletter. Big thanks to Rachel Rodgers for coming back and sharing her money tips for financial grownups.

Bobbi Rebell:

The Financial Grownup Podcast is a production of BRK Media. The podcast is hosted by me, Bobbi Rebell, but the real magic happens behind the scenes with our team. Steve Stewart is our editor and producer and Amanda Saven is our talent coordinator and content creators, so yeah, that means she does the show notes you can get for every show right on our website and all the fantastic graphics that you can see on our social media channels. Our mission here at Financial Grownup is to help you be at your financial best in every stage of life. This year, we want to help you get there by giving away some of our favorite money books. To get yours, make sure you are on the grownup list. Go to BobbiRebell.com to sign up for free. While you're there, please check out our Grownup Gear shop and help support the show by buying something to express your commitment to being a financial grownup.

Bobbi Rebell:

Stay in touch on Instagram @bobbirebell1 and on Twitter @bobbirebell. You can email us at hello@financialgrownup.com, and if you enjoyed the show, please tell a friend and maybe leave a review on Apple Podcasts, it only takes a couple minutes. Join us next time for more stories to help you live your best grown-up life.


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Financial Grownup Guide: 5 Ways to Get Paid More with Ladies Get Paid’s Claire Wasserman
Financial Grownup Guide: 5 Ways to Get Paid More with Ladies Get Paid’s Claire Wasserman

Are you working harder than ever and not getting paid what you are worth? Claire Wasserman explains why so many of us get short-changed and shares 5 specific strategies that will upsize our income and compensation. Plus, Claire reveals the behind the scenes story of AOC’s decision to run for political office and her role in the gutsy move. 

Claire’s 5 Tips For How To Get Paid More!

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Tip #1-

Talk to real people about their salary. You could do research on Glassdoor all day, all night, it's just not going to be as accurate as it would be if you talk to a real person. Remember, every single person wants and needs money, and every single person is trying to figure out how much to charge. So, if you were the first person in your friend group to talk about money, you are actually doing them a favor.

Tip #2-

Have three numbers. I think too often we go into a negotiation with only one number prepared, or maybe even no numbers prepared and we just completely go off of what they say. This is a big problem because, first of all, we don't know if they're going to be giving an offer that is the highest offer. Oftentimes, it really is just a starting point. They're providing a number with the expectation that you will counter. So, what's your counter? And the counter should be at the very top of the range that you have researched. Then you have to have a comeback. Don't just stop after the first back and forth with them. Your second number, it's going to be the middle of the range. And the last number is your bottom line, and you hope to never have to get there. So start with the top number, they're going to counter, then you're going to counter, and hopefully, you get to some kind of compromise. I mean, that's the whole point of a negotiation is for both people to get to a place where they feel like they've gotten something.

Tip #3-

Talk about the whole picture. And this is especially important now when people are negotiating during a time of economic instability. You can negotiate for things other than money, things that bring you value, but maybe don't cost the company that much or nothing at all. So this could be career development, commissions, starting a signing bonus. If you're moving, moving costs, more vacation days. I mean, really anything that you think that you want, you just need to prioritize it, because you can't ask for everything.

Tip #4-

Talk about your value add. I think that's everything. The market research part is easy, but make the case for yourself. It's really about, "Here is how I've impacted the bottom line at this company." If you were in sales, or in other positions where it is just obvious how you've brought in money, lucky you. But for other folks, you need to do a little bit of sleuth work. So maybe it's, how much time did you save the company? Maybe you took over for another person who was on paid family leave, or your job really ballooned into multiple roles. You created efficient processes with your team. Discounts with vendors? Maybe you were able to negotiate. Saved time, saved money. That is making money for the company. Even things about how you've been a leader for your team. You've brought enthusiasm and energy. Maybe you've worked there for a long time, and you've become a mentor. This is helping the company save money, because it's helping people continue to work there. It is expensive for them to lose employees. It is expensive for them to find new employees. Have testimonials too. You should be tracking your wins. You should be forwarding your wins. When you have great feedback, let's say from a client, go ahead and forward it to your boss. Their success hinges on your success, so this is actually making them feel really good about what they're doing. And when you go into negotiate, you can say, "Listen, the client, Bob, gave me this feedback." It's like you're an LLC of you. You're a product, and this is a customer review.

Tip #5-

You have to ask with empathy. Especially for women, because there's this thing called the double bind. When women act outside of the social norm of how we're expected to act, we can get penalized by both men and women. So we are expected to be accommodating. If you go in and you ask for a lot of money, you're being assertive. So how do you address this? You use the word we. "I'm sure we can figure this out together." You've said your big number. You've been assertive, but then you caveat it with, "Well, I'm sure we can figure this out together."

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Full Transcript:

Bobbi Rebell: Question for you guys. Are we ever going to get back to that whole dress up for work thing the way we used to? I don't know. But one thing I do know is it is time to get out of those PJs and those grungy Tshirts, and we need to give ourselves an upgraded, but still super comfy, wardrobe that makes us smile, and ideally, makes our coworkers, our friends and our family smile as well.

Bobbi Rebell: I have so many friends that I've wanted to send a little pick me ups to, to let them know it's all good. And that includes you. So that's why I created Grownup Gear, a fun line of T-shirts sweats, pillows, mugs, totes, and more, that I guarantee will give you and everyone that you're Zooming with all day long, a good giggle. Grownup Gear is about saying the things out loud that we tell ourselves silently, like when you wake up and you look in the mirror and you think, "I can't believe I'm a grownup either." Or maybe you just want to be honest that you are still a grownup in progress, or you want to send a gift congratulating a friend for paying off their debt.

Bobbi Rebell: The most comfy sweatshirts, T-Shirts, tote bags, mugs, pillows, and more, give it to yourself or your favorite grownup or almost grownup friend. Go to grownupgear.com to check it out. For discount codes and sales, follow us on Instagram at our new handle @GrownupGear, and DMS with any questions. And thank you, because by supporting Grownup Gear, you help support this free podcast.

Bobbi Rebell: Financial Grownup Guide, five ways to get paid more with Ladies Get Paid's Claire Wasserman.

Bobbi Rebell: You're listening to Financial Grownup with me, Certified Financial Planner, Bobbi Rebell author of How To Be A Financial Grownup. But you know what? Being a grownup is really hard, especially when it comes to money. But it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell: Hey, grownup friends. Do you want to make more money? Yeah I thought so, and yeah, me too. The harsh reality is that the pandemic has been brutal, not just for our health, but also, yeah, for our wealth. Because how do you ask for more money from your boss, or how do you raise prices on your customers in a pandemic? I mean, we should be grateful just to have our jobs, just to have our businesses running if that's the case, which is true. That doesn't mean that we don't deserve to get paid more, and that doesn't mean that we can't get paid more. And we should not assume that those who make the decisions can't and aren't willing to pay us more. Right?

Bobbi Rebell: So I was thrilled to get to talk with Claire Wasserman of Ladies Get Paid about her new book aptly titled, Ladies Get Paid: The Ultimate Guide to Breaking Barriers, Owning Your Worth, and Taking Command of Your Career. So, if you are open to making more money, this episode is definitely for you. By the way, no need to take notes. As always, the show notes have a quick summary of the episode, and all the links that you will need, and even a transcript of the entire interview. You just go to my website, bobbirebell.com, and click on the Financial Grownup tab to bring you to the podcast section. There's also a search box on the top right if you want to search for this or a past episode.

Bobbi Rebell: Okay, my friends here is Claire Wasserman of Ladies Get Paid.

Bobbi Rebell: Claire Wasserman, welcome to the Financial Grownup Podcast, and congrats on your new book, Ladies Get Paid: The Ultimate Guide to Breaking Barriers, Owning Your Worth, and Taking Command of Your Career.

Claire Wasserman: Thank you so much for having me.

Bobbi Rebell: We're going to talk more about the book later in the show, but I want to get right into the five ways to get paid more that you brought for us. The first one is about talking to real people. And that sounds easy, but in this age, it can be complicated.

Claire Wasserman: Well, you could do research on Glassdoor all day, all night, it's just not going to be as accurate as it would be if you talk to real people.

Claire Wasserman: Here's the good news, if you are nervous, remember, every single person wants and needs money, and every single person is trying to figure out how much to charge. So, if you were the first person in your friend group to talk about money, you are actually doing them a favor.

Claire Wasserman: Now, you don't have to ask people specifically, "How much do you make?" Because sometimes that can feel a little uncomfortable. So instead, how about you bring them the research that you've done? "Listen, I'm an art director, five years into my career. I am working for a company that has 10 people." And please note here, I'm talking about context. Context is key. Tell them, "This is the research I did between X and Y. This is the salary. I think I should be getting paid. Am I off base, or, more abstractly, what's the ballpark that you're making?" Just remember, you want to talk to white men also, because they're the ones who are getting paid the most.

Claire Wasserman: And if any of them were trying to figure out how to be allies, which a lot of them are, this is a great way that they can support you. So don't be afraid to even cold email people, find them on LinkedIn, tell them you're trying to figure out your salary and you'd love for them to be an ally. How much do they make? Would they be willing to share, even just a ballpark. The worst thing that can happen is they just don't respond.

Bobbi Rebell: The second tip to get paid more is, "Have three numbers." What does that mean, Claire?

Claire Wasserman: Well, I think too often we go into a negotiation with only one number prepared, or maybe even no numbers prepared and we just completely go off of what they say. Big problem, big problem, because, first of all, we don't know if they're going to be giving an offer that is the highest offer. I mean, oftentimes, it really is just a starting point. They're providing a number with the expectation that you will counter.

Claire Wasserman: So, what's your counter? And the counter should be at the very top of the range that you have researched. Then you have to have a comeback. Don't just stop after the first back and forth with them. Your second number, it's going to be the middle of the range. And the last number is your bottom line, and you hope to never have to get there.

Claire Wasserman: So start with the top number, they're going to counter, then you're going to counter, and hopefully, you get to some kind of compromise. I mean, that's the whole point of a negotiation is for both people to get to a place where they feel like they've gotten something.

Bobbi Rebell: Even though you have those three numbers in your head, is it better to try to get them to make the first offer, or is it better for you to throw out the number first?

Claire Wasserman: I have a controversial opinion here, because I think when you do research, a lot of other coaches will tell you, "Never be the first one to say the number, because you might low ball yourself."

Claire Wasserman: If you've done the market research and they're paying in the market research, when you were the first person to say it, you're anchoring high. If they are the first person, they may be anchoring low. And it sometimes can feel a little uncomfortable to say, "Well, that wasn't really what I was thinking," or it might throw you off, maybe even demoralizes you. So start with the number you want, but back it up with the research that you've done. You can even say, "I've spoken to a number of other people," if they ask, "Where did you get this number?"

Claire Wasserman: And you can also say things like, "This is the number, the market research that I found, but what are you proposing?" So it's not like you're ending the conversation with that first number.

Bobbi Rebell: And a lot of employers, though, try to find out what you were making before and anchor to that. How should people handle that? Because it also depends where you live.

Clair Wasserman: Exactly. So some states have passed what's called the Salary History Ban. The thinking behind that is if marginalized groups are getting paid less than other people from the beginning of their career, and every time that they get a raise, if that's always based on that original salary, well then, the gap will compound over time and will never catch up. So you can decline to respond, or you can be abstract, or tell them how much you got paid, but listen, that's not relevant to the ask now.

Claire Wasserman: I mean, even think about this, look at the original job description, write a new one for what you did. You're going to see a lot of changes. You're going to see experiences, growth, maybe totally different work that you ended up taking on. So the salary that was originally given to you was based on what you knew then. Regardless of what this next job is, and the market research, just know for yourself that you have grown by leaps and bounds since that first salary.

Bobbi Rebell: Number three, "You want to talk about the whole picture."

Claire Wasserman: Yes. And this is especially important now when people are negotiating during a time of economic instability, full compensation. You can negotiate for things other than money, things that bring you value, but maybe don't cost the company that much or nothing at all. So this could be career development, commissions, starting a signing bonus. If you're moving, moving costs, more vacation days. I mean, really anything that you think that you want, you just need to prioritize it, because you can't ask for everything.

Claire Wasserman: So I would say, "What are the top one, two and three items for full comp you can bring up?" I would personally bring it up after the salary conversation is over, only because I don't want them to use your full comp ask as leverage to get that salary down. And you want to ask for this, regardless of whether or not it's a pandemic, just be prepared that you may need to ask for more things, more full comp, if a time like now, if they're not saying yes to the salary.

Claire Wasserman: If you're wondering, "Well, Claire, if they don't have the money to give me a salary bump, how are they going to afford to give me a signing bonus, or pay for me to go to a conference?" A lot of times these come from different budgets. I know so many women who were not able to get the salary they wanted, but the signing bonus actually got them to a place where their now annual salary was exactly what they wanted to begin with. And that was simply because different budgets from different departments.

Claire Wasserman: So if you don't ask, a hundred percent, you're not getting. Again, the worst thing that can happen is they say, "No," which in my mind is really a, "Not yet." And then you can continue the conversation later.

Bobbi Rebell: I like that. A "Not yet." Not a "No." Are there benefits that have evolved during the pandemic that people may not be aware of, that they can ask for?

Claire Wasserman: Well, make sure that you're getting cell phone and internet and anything that requires you to do work from home, which by the way, I think most of us are doing, or a lot of us are doing that.

Bobbi Rebell: Oh yeah.

Claire Wasserman: I wonder if it can even be your laptop, paper, pen, I mean, really pretend you're a freelancer, to be honest. Your overhead costs, they should be paying for. If you want to continue flexibility, you've really proven now to them that it is possible. So if this fits for your lifestyle and you want to do a hybrid model, be prepared to ask, and you can make the case, I think, pretty easily.

Bobbi Rebell: Is that something you should ask before you start, or is that something that you should wait? Because traditionally, people often said "Go in 100% and be extremely present. And then once you prove yourself and they know you and they trust you, then you can ask for a hybrid approach." What's your take on that?

Claire Wasserman: Yeah. I mean, if this is a deal breaker for you, then you definitely want to bring this up maybe during the interview, otherwise you're wasting your own time along with theirs. You can also ask open-ended question of, "Do you have a hybrid model? Are there other people doing this? I'm just curious." So you can get a sense from the very beginning of their openness to the conversation.

Claire Wasserman: And then in terms of proving yourself, sure, but just to remember that it's not necessarily all or nothing. You can ask for maybe once or twice a month, or once a week, or something where they can see how this is going to go. And also proactively address all the reasons that they might be hesitant, so you're not just, "Hey, can I work from home?" And letting them tell you, "No, no, no." It's okay if you're concerned about team dynamic or communication, "Here's a way that we can address that." Just making it really easy for them to feel good about saying yes to you.

Bobbi Rebell: Exactly. And make it easy to say yes. The fourth way to get paid more is my favorite. It's about your value add, really.

Claire Wasserman: I think that's everything. The market research part is easy, but making the case... So it's you say, "Well, Hey, I want top dollar." "Well, hold on now. You have to prove to me that you're a top performer." You don't get the money, because you deserve it, even though, I know you deserve it. And it's also not about, "Here's the work that I did," because guess what? It was your job. It's really about, "Here is how I've impacted the bottom line at this company."

Claire Wasserman: Now, if you were in sales, or in other positions where it is just obvious how you've brought in money, lucky, lucky you. But for other folks, you need to do a little bit of sleuth work. So maybe it's, well, how much time did you save the company? Maybe you took over for another person who was on paid family leave, or your job really ballooned into multiple roles. You created efficient processes with your team. I mean, discounts with vendors, maybe you were able to negotiate. Saved time, saved money that is making money for the company. Even things about how you've been a leader for your team. You've brought enthusiasm and energy. Maybe you've worked there for a long time, and you've become a mentor. This is helping the company save money, because it's helping people continue to work there. It is expensive for them to lose employees. It is expensive for them to find new employees.

Claire Wasserman: So if you're a part of contributing to the culture of the company, it means as much as if you were able to land a client, but you just have to make the case. Have testimonials too. So through all throughout the year, I mean, first of all, you should be tracking your wins. You should be forwarding your wins. When you have great feedback, let's say from a client, go ahead and forward it to your boss. Their success hinges on your success, so this is actually making them feel really good about what they're doing. And when you go into negotiate, you can say, "Listen, the client, Bob, gave me this feedback." It's like you're an LLC of you. You're a product, and this is a customer review. I mean, not to put it so... It sounds not great, but that's the same thing. It's like, "Don't just take my word for it. Take Bob's word for it."

Bobbi Rebell: Okay. The fifth way to get paid more, this is something I think is very hard for a lot of women, because you tell them to be assertive, but you also have to have empathy.

Claire Wasserman: You have to ask with empathy. Especially for women, because we are, this is terrible, but there's this thing called the double bind. When women act outside of the social norm of how we're expected to act, we can get penalized by both men and women. So we are expected to be accommodating, put others before ourselves, be nice, be good girls, don't disrupt.

Claire Wasserman: Well, hold on now. If you go in and you ask for a lot of money, you're being assertive. Well, what's the chance that they're going to now look at you like you're aggressive? And women of color, I know you're nodding. This is something that they even more. So how do you address this? Well, you use the word we. "I'm sure we can figure this out together." But you've said your big number, I want to be clear. You've been assertive, but then you caveat it with, "Well, I'm sure we can figure this out together." Or, "I know this is a company that pays women equitably." That's actually shaming them a little bit.

Bobbi Rebell: I like that one.

Claire Wasserman: Or, "This is a company that is very fair. I'm sure we can figure this out together." And you can always, at the very end, just say, "Well, what would you do if you were in my shoes?" Bring it around. And do remember that we're all negotiating in this environment. They will, I think, automatically have empathy with you if you have empathy with them.

Bobbi Rebell: I don't want to let you go before we talk a little bit about your book directly. Like I said, it's called Ladies Get Paid: The Ultimate Guide to Breaking Barriers, Owning Your Worth, and Taking Command of Your Career. What was your favorite chapter?

Claire Wasserman: I don't think I have a favorite chapter. I just have favorite stories. So for those of you listening, if you're not familiar with the book, I structure it by following the lives of nine real women from the Ladies Get Paid community. Each of them is going through a different professional challenge. And as I tell their story, I stop along the way, and I give advice.

Claire Wasserman: A woman who came to the second workshop that I ever organized about getting unstuck in her career, and all the way, for the next year and a half, she wanted to be in some kind of civic engagement role, maybe in politics. And finally, at a town hall that I hosted about reinventing yourself, she stood up and she declared to the whole room, "I have always wanted to run for office, but people who look like me don't run for office." And she was a young Hispanic woman. And this was in front of a room, this is a hundred women. She said, "But I am going to run for office."

Claire Wasserman: And everybody cheered. And I cried. I cried, because I knew her. I knew her since college. We were so excited for her, because of how brave she was. She declared that she was going to do something that she was probably not going to succeed at. She was going to be going against an incumbent who was 20 or 30 years older than her, of course, a white man. And so here she was, saying, "I'm going to do this thing. And the chances that I even seed are so slim." But that was why it was courageous, and that's why we were so moved by her.

Claire Wasserman: Now, of course, a year later, she wins. Then she became the youngest Congresswoman ever. And her name is Alexandria Ocasio Cortez. So that story is my favorite. I guess I just gave away the ending of that story. If that wasn't enough to have you read the book... Well, you'll read the book. I know you all will.

Bobbi Rebell: Yeah, the book was amazing. And by the way, it's important to know that even though the title is Ladies Get Paid, there is a lot of general career advice here. It's really powerful. And things that you haven't necessarily heard before are very original strategies that I think will be helpful to everyone.

Bobbi Rebell:My favorite chapter, by the way, was in level up section, you have different sections. I love chapter eight, Get Allies, because I think it's so important to have allies in your corner. As you mentioned, so many jobs are never publicly listed. And so it's important to have people that are looking out for you. And it's not always your direct inner circle. Sometimes it's your acquaintances that can be so valuable in helping your career.

Claire Wasserman: I have never gotten a job that I applied to online. I think I maybe got an interview once. My whole career has come from relationships that I've built over time. They've also been strategic. It's not mutually exclusive to be authentic and have a genuine friendship while also knowing how both of you are going to leverage each other's strengths and connections. And that, again, has been the key, the key to men, the old boys club that exists for a reason. And so we have to create the young girls club. How about that?

Bobbi Rebell: Yes. Well, it's the everyone club, really. And you have to... One of my favorite stories was the last one that you share, which is Madeline, who really investigated and was very upset to find that the men in her company were making multitudes of what she was making. I was a little bit upset by what the ending was, but it was a big lesson.

Claire Wasserman: So that name has been changed.

Bobbi Rebell: Yes.

Claire Wasserman: Her story is in the New Yorker. You can all figure it out.

Bobbi Rebell: Yeah.

Claire Wasserman: It is wild. It is even more dramatic than I put in the book, because my editor thought, "Well, the people won't believe this." So you know what? Truth is stranger than fiction, and I'm so honored by her and everybody else who so vulnerably shared their struggles with me. I think it goes a long way to showing folks out there that they're not alone, which is the first step, undo any shame that you have in order to be open to learning and to helping others. We're all going through something. It's so relieving. It's like you just alleviate this weight off of you when you share your story, and I'm just honored that these women did that with me and for you all.

Bobbi Rebell: Yeah. And thank you for sharing all of those stories. Tell us more about where people can reach you. We know the book is available everywhere. Where can people be in touch with you and Ladies Get Paid?

Claire Wasserman: I would love you all to follow me on Instagram. I'm @ClaireGetsPaid. You can also follow @LadiesGetPaid on Instagram, and join our Slack group. We've got 75,000 women from all over the world. They've exchanged more than two million messages since 2016. So very talkative in there, and it's free. So just join at LadiesGetPaid.com, and we'll add you. And thanks, Bobbi, for having me. I always love an opportunity to share my story, and as you can tell, I like to talk.

Bobbi Rebell: If you loved what Claire had to say as much as I did, I hope you will, first of all, go buy her book. It's great. And I also hope you will take a moment, while you are listening to this podcast, and take a screenshot of it and post it on Instagram Stories or other social media. And if you tag me @BobbiRebell1, that's B-O-B-B-I-R-E-B-E-L-L, and then the number one, you will be entered into our monthly giveaways. You can win books by our authors that are on the podcast, as well as merch from our new Grownup Gear store. You can see the merch, by the way, right on my website, BobbiRebell.com. You'll see it says shop grownup gear.

Bobbi Rebell: Thanks so much for joining me on this episode of the Financial Grownup podcast. So grateful for Claire Wasserman for helping us all learn to get paid like financial grownups. Bye, everyone.

Bobbi Rebell: Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media production.

Authors, Business, Career, Entrepreneurs, Get Paid More, Millennial Superstars, Money, Personal Finance, Podcasts, Women Entrepreneurs, Women Role ModelsGuest Userclaire wasserman, aoc, get paid more, political office, income, business strategy, ladies get paid, author
How to hold down two dream jobs at once with Cosmo Op-Ed Editor and novelist, Jessica Goodman
How to hold down two dream jobs at once with Cosmo Op-Ed Editor and novelist, Jessica Goodman

When Jessica Goodman landed a book deal, and later a TV deal for her debut novel “They Wish They Were us” many people though she would go full time on her side-hustle. But Goodman says that was never the plan, and explains why and how she blends the finances and demands of her two dream jobs.

Jessica Goodman -Insta (4).png

In Jessica’s Money Story she shares:

-How she started writing her e first book, “They Wish They Were Us.”after having the idea for years.

-How she researched what is involved in selling a book to a publisher, including getting an agent

-How she kept her employer, Cosmopolitan Magazine informed and supportive of her book writing side hustle

-How an advance works for an author, including the tax implications

-What she wishes she knew about being an author and how much they are paid before she wrote and sold the book

-How she was able to adapt her schedule to both her full time job at Cosmopolitan Magazine, and writing books

-What you need to know about how a full time job works compared to being a self-employed author, including quarterly taxes

-When you should think about bringing in an accountant.

In Jessica’s Money Lesson you will learn:

-Why and how you should re-evaluate the way you think about money

-The best strategies to manage money when you are paid inconsistently in chunks

-How she and her partner adapted their spending during the pandemic

-How to resist it when people who care about you give you bad financial advice

Jessica’s Money Tip:

-Even if you live in a small space it can pay to buy in bulk during quarantine (and maybe after!)

-Think of non-traditional items that you would not have used as much at home- like buying wine by the case

-Tips about ordering groceries online including having the heaviest items delivered

Bobbi’s Financial Grownup Tips:

Financial Grownup Tip #1:

Jessica shared that she regretted not taking the time and advanced to understand the financial impact of having both a W2 job, that's a full time job, and self-employment income. Whenever you start a new venture that might bring in revenue, check in with a tax professional. If you are at a full-time job, read through those benefits, go to your HR website because the truth is many companies allow you to enroll in a free or low cost legal plan where you can get that kind of advice in a very affordable way.


Financial Grownup Tip #2:

Get a system going and understand that you might miss out on things if you want to reach your goals. Jessica was pretty candid about her commitment to her writing routine. To get to what you want to accomplish, most of us are going to have to be deliberate and to make room for something like writing a novel, when you aren't at your day job, you probably will have to give some things up.


Episode Links:


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  • Twitter - @bobbirebell


    Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Full transcript of show:

Bobbi Rebell:

Part of being a financial grownup is making sure you have a plan for how you spend your money and how you pay your bills. And now we have a new tool for that. It is called Splitit. It will take a lot of the stress away from those big purchases and really allow you to plan ahead. Here's how it works. You shop online and when you're ready to pay, you just choose Splitit at the checkout to split your payment on your credit card and pay over time. There's no interest, no application, no fees. It is fast and easy. So if you buy something for $500, you can split it into five smaller payments of $100 a month without any interest or fees. Much more manageable and you're in control of your costs. By turning your payments into smaller installments over time with no interest, Splitit gives you more spending power.

Bobbi Rebell:

I know I don't like to have to pay interest if I can avoid it. And I also don't want to always be opening new lines of credit. Split your payments and live big with the credit cards you already have go to splitit.com today. That's splitit.com.

Jessica Goodman:

When I was like a little kid, I was like, oh my God. You publish a book and you become a millionaire. That's just like how it works. But in reality, I learned that was not the case.

Bobbi Rebell:

You're listening to Financial Grownup with me, certified financial planner, Bobbi Rebell, author of How To Be a Financial Grownup. But you know what? Being a grownup is really hard, especially when it comes to money, but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:

Hey friends, do you have a passion project or a side hustle? One you dream of doing full time one day and maybe getting to ditch that day job? Well, Cosmopolitan's Jessica Goodman had a passion project that she was quietly working on for years. And that was to be an author. Her debut novel, a murder mystery set in an elite private school called They Wish They Were Us ended up being such a hit that it is now being made into a TV series, starring Halsey and Euphoria's Sydney Sweeney. Fast-forward and Jessica has now scored a book for a second novel that is already coming out this summer. So all systems go on the dream career, right? Well, not so fast. To the surprise of quite a few people in her life, rather than ditch, she doubled down, staying on a Cosmopolitan magazine where she is currently the op-ed editor.

Bobbi Rebell:

In our interview, Jessica shares why she is sticking with the day job, goes through exactly how she manages her time and gets candid about what she wishes she knew about before diving into the book business, including, well, a lot of tech stuff. For those of you new to the Financial Grownup Podcast, welcome. I'm so glad that you are here. We talk with financial grownups here about money stories that impacted their lives and the lessons learned from those stories. We also ask them to bring along an everyday money tip that we can put to work right away. Spoiler alert. Jessica's has to do with how she and her partner buy their wine. So stay tuned for her tip on that. And with that, let's get to this week's interview. Here is Cosmo op-ed editor and author of They Wish They Were Us, Jessica Goodman.

Bobbi Rebell:

Jessica Goodman, I'm so excited to finally have you on the show. You are definitely a financial grownup. Welcome.

Jessica Goodman:

Thank you so much for having me. I'm thrilled to be here.

Bobbi Rebell:

And happy 2021, a year when your second, soon to be bestseller is going to be released. Before we get into your money story, tell us a little bit about each of your books just briefly.

Jessica Goodman:

So my first book, They Wish They Were Us came out in August and it is a young adult thriller that follows a high school senior, Jill Newman, who is in a very exclusive society within her Long Island prep school. And at the beginning of the book, she is reflecting on the fact that her best friend died when she was a freshman and she was also part of this society. And soon after the book begins, she starts getting text messages that say that her best friend Shayla didn't die the way that everybody thinks she did. And so what follows is kind of a whodunit, murder mystery set in this very exclusive prep school. And it's really an exploration of privilege and friendship and peer pressure. And I kind of like to say that it's like Gossip Girl meets Pretty Little Liars, meets A Secret History. It's really fun. And it's being adapted into a TV series, starring Sydney Sweeney and Halsey. So if those people are on your brain, I think you might enjoy.

Jessica Goodman:

And then I also have a new book coming out this summer. It's called, They'll Never Catch Us. It's currently available for pre-order wherever books are sold. And it is also a young adult thriller about two super competitive sisters who run cross country. And they're both trying to be the best on their team and in the state. And they threaten to kind of lose the number one and two spots when a new girl comes to town. And then soon after she arrives, she also disappears. And everybody in the town begins to suspect that the sisters had something to do with it. So that's where my brain has been for the past couple of months, which is really exciting.

Bobbi Rebell:

It is really exciting. What's amazing to me, and I think our listeners will really enjoy hearing about this is while you are doing this, this is actually really a side hustle to your primary job. You have been in a number of different positions at Cosmopolitan magazine. You're currently the op-ed editor. Did I get that right?

Jessica Goodman:

You did. And I'm very impressed that you didn't trip up over the ed editor because I always do when I say it out loud and I have to be like, oh wait, no, this is my job.

Bobbi Rebell:

That is your job now, you are still working there with one book out, another one on the way. So for your money story, I've asked you to kind of talk about how that happened, especially the money-related decisions that you had to make along the way to make this happen. Having a very full-time job at Cosmo. And then on the side, writing this book. It was a lot of choices you had to make I would say. Tell us your money story.

Jessica Goodman:

Definitely. Yeah, so many choices along the way. When I started writing the first book, They Wish They Were Us. And I really started writing it in earnest after having kind of dabbled with it for many years. In earnest, I started working on it in like 2015, 2016. I would say. I didn't get to the point where I thought I could actually sell it and be a professional author until maybe like 2018. And that's when I got connected with my agent and we started working towards being able to sell it. But I did a lot of research into how one becomes an author. I was literally Googling like, how do you publish a book? Like, how do you find an agent? Like what is a book advance? Like all of these kinds of really basic questions that I just had no idea what it was all about.

Jessica Goodman:

And I basically found out that it's really, really, really difficult to publish and sell a book. And that be your sole income or your sole career, like one book basically. And so it was never really an option for me to quit my ... Like I never thought about quitting my jobs in journalism while I was trying to sell the book. So it was always just like, how can I make both of these dreams come true at the same time? And so we sold the book, They Wish They Were Us, in the fall of 2018. And we got an advance, which is what they call the income that you make from selling your book. And publishers usually split it up into a few big chunks. For mine, it was like, I got a chunk of money when I signed the contract, a chunk of money when I turned in the book and then a chunk of money when the book came out. And when, at least when I was like a little kid, I was like, oh my God. It's like you publish a book and you become a millionaire. That's just like how it works. But in reality, I learned that was not the case. And it's certainly like a fantastic thing to have of course, but it's not the kind of financial gains that I originally thought it would be. And I think that a lot of people think about when they think of like someone getting a book advance. Like I said, it was always like a no-brainer that I would keep my job, but I really had to learn how to prioritize both jobs to be able to do them well. So my schedule when I'm being my best self is that I write in the morning before work, usually from seven to nine. And then I do my job from ten to whenever. And then I write on the weekends as well. It's certainly hard at some points, especially at my job at Cosmo, I cover the news, especially like elections and special elections and anything relating to, like having to do with politics. So obviously this past year was hard to balance everything.

Bobbi Rebell:

Were you open with your bosses about these efforts, or was it something you kept private?

Jessica Goodman:

When the book deal actually happened, I went in and told my boss, hey, I just want to give you a heads up that like this happened and it's not going to affect the work that I do here. Like, I really wanted to make sure that they knew that I wasn't about to quit basically, that I was just like, this is just something that I'm doing for myself and my personal dreams. But like, it's not going to affect my work or my productivity here. And I just wanted to give you like a courtesy heads up basically. And everybody was really supportive and they have been really supportive of the book. And so it's been lovely honestly, but I definitely have heard some horror stories at other companies. But I think when you work in a field that's somewhat like adjacent to whatever your side hustle is, it does make it a little bit easier for people to understand why you might be doing something or how it won't interfere with your responsibilities.

Bobbi Rebell:

What do you wish you knew in terms of the book business and the financial aspects of it? What do you wish you knew ahead of time? You mentioned that you get the bulk payments and you kind of had this idea as a child that authors become millionaires.

Jessica Goodman:

Yeah, I think something that I definitely wish that I knew was like taxes. Like I think if you're like me and you've really only had a job that you get a salary and benefits from your employer, it's really difficult to self-manage money that comes in chunks, whether you're a freelance writer or you're your own boss and you're not part of like a company. I think it's really difficult to know things like, oh, I have to pay quarterly taxes on this income. Or like, oh, I don't know how much money to put aside from this advanced check that I got, because that advance doesn't reflect the taxes I need to pay on it. So I ended up working with an accountant because I had no idea how to navigate this on my own. And I wanted to make sure that I was doing everything by the book.

Jessica Goodman:

And I wasn't going to get dinged at the end of the fiscal year because I have heard horror stories of people getting, like a $100,000 of their advance, spending it, and then not realizing that they needed to pay however many tens of thousands of dollars of taxes on that. And like, oh my God, what a nightmare. Or even realizing that I had to pay quarterly taxes on like freelance income was the real shock to me. So I got an accountant kind of like late in the game, I would say. And I wish I had got one, like even before the first check came in to like really help me navigate that.

Bobbi Rebell:

What is the lesson for our listeners, from this story? What's your advice to people thinking about whether it's writing a novel or any kind of side hustle where they're going to have to hold on to their job?

Jessica Goodman:

I think for me, it was really reevaluating the way that I thought about money. Like I think after having been in jobs where like I got a salary check every other week. That was like, okay, like I know what my monthly expenses are. I know how much my rent is. I know how much my utilities are. Like, I know how much I spend on groceries. Like all that stuff that they tell you. And I knew how to manage that money. Like I knew how much I might be able to save, how much I would need to pay my credit card bill, like all this stuff. But when you get these like big chunks of money, or even just smaller chunks of money from like freelance gigs or whatever, I think it can feel really tempting to just kind of spend it immediately. Even if you're the type of person who is really invested in saving and planning for your future, I think it's hard to conceptualize like how much money you might need for stuff. And especially this year, when I wasn't interested in spending a lot of money at all, based on the kind of times we're in, I splurged on a few things and those things I was thinking about them before we hopped on the call. Those are the things that I really splurged on this year where I turned 30 and I bought myself $80 worth of oysters that were shipped from Cape Cod and an oyster shucker. And that's how I spent my 30th birthday with my partner. We shucked like 50 oysters and save the additional, however many for the next day. And it was such a treat and it was so much fun and something that I'll remember forever. And I bought myself a $90 tie dyed sweatsuit because I am a millennial and on Instagram and it just looked really cozy. And those were like my two big splurges of the year.

Jessica Goodman:

And I know a lot of people, when they get like a book advancer or kind of achieve these really big milestones, they're like, I'm going to buy myself a really expensive piece of jewelry or a fancy handbag, or even like house or whatever. And I mean, I think all of those things are fantastic, but for me, the lesson for me, the lesson here was like, all right, I don't really have anything that I'm ready to splurge on that big right now. I really want to like, save all of this money as much as I can. And those are the things I'm going to splurge on, like oysters and a tie dyed sweatsuit. And knowing that like my big splurge might come later. Like I am saving up to buy a house with my partner. And I think that like my book advance will of course go towards that.

Jessica Goodman:

But realizing that like, I didn't need to spend it all right away I think was a huge revelation, especially because so many people were like, what are you going to treat yourself to? Like your book just came out, like, what are you going to do to mark the occasion? And I didn't really do that much because it just didn't feel right for me. Those were my splurges.

Bobbi Rebell:

I love it. I love the idea of oysters. So tell us your everyday money tip.

Jessica Goodman:

Oh yes. Okay. So this is one that I really got to be obsessed with during the pandemic. Like I am not the type of person that should or would traditionally buy in bulk. Like I live with one other person. We live in a one bedroom apartment. It's very small. We don't have a lot of storage space, but this year I became the kind of person that buys in bulk. Obviously, so many people are doing this during the pandemic, but I don't think I really realized how much you actually save when you buy in bulk and you know what you're going to use in those bulk quantities. And I think the pandemic has really shown people like what they actually use and what is actually important to them. And so for us, like there were a few things that really changed the way I thought about this. One was I started doing like subscribe and save Amazon paper towels and toilet paper. And actually I had done this pre run out of toilet paper in like March moment. So I pat myself on the back for knowing that would be a thing.

Jessica Goodman:

But I think I did the math recently. And it was like if I were to buy a few rolls every time I went to the grocery store, I would spend nearly twice the amount that I do just doing subscribe and save and having them shipped directly to my house. And even though they just sit in boxes in like a corner of our apartment. Because again, small one bedroom apartment, I think it's like totally worth it for us. And the other way that I found this to be really useful was we started buying our wine in cases, which a year ago I would have said like, are you okay? Like what's going on here?

Jessica Goodman:

But my local wine shop, they started offering a 15% discount if you bought a case of wine. And so we basically did the math and we were like, well, we'd be losing money if we didn't do this. And we don't go through them that quickly. I mean, it's no brainer how much money you save. We started looking for ways that you could buy in bulk and save like that. Like the fancy coffee shop near us. If you buy beans in bulk, it's like the same thing. And all these companies now do like subscribe and save membership things, like there's so many coffee ones where like every week they'll send you a bag of beans or whatever. And I think like looking for those has really been super helpful for us and certainly cut down on how we spend.

Jessica Goodman:

The other thing about like this buying in bulk grocery shopping thing is I heard this tip from Carla Lalli Music who used to work at Bon Appetit and now is she's like a chef home cook person on Instagram and has like a fantastic cookbook. But her big tip was always like, if you're ordering groceries, like order all the heavy stuff that's going to be delivered to your apartment. So you don't have to carry stuff, especially in an apartment. And that has been so helpful to me too, where it's like, every time I do like a big shop online or Instacart or Whole Foods or whatever, I get like 10 cans of beans, because like, I don't want to carry that. Or like four jugs of olive oil or like four twelve packs of seltzer because yes, you're buying in bulk. And sometimes you can get discounts that way, but also like who wants to carry that stuff home?

Bobbi Rebell:

Definitely good to always make your life easier. Especially if you are paying those fees to have it delivered. You want to get the most out of that delivery fee. Jessica, thank you so much for being with us, tell us where people can find out more about you. We know your books are available everywhere. We don't know when is the TV series coming.

Jessica Goodman:

TBD on the TV series, but you can stay up to date with all of that info on my Instagram, which is @JessicaGoodman or Twitter @JessGood. And I also have a website goodmanjessica.com. Thank you so much for having me.

Bobbi Rebell:

Okay. My friends let's do this. Financial Grownup tip number one, Jessica shared that she regretted not taking the time and advanced to understand the financial impact of having both a W2 job, that's a full time job, and self-employment income. Whenever you start a new venture that might bring in revenue, check in with a tax professional. And by the way, if you are at a full-time job, read through those benefits, go to your HR website because the truth is many companies allow you to enroll in a free or low cost legal plan where you can get that kind of advice in a very affordable way.Financial Grownup tip number two, get a system going and understand that you might miss things if you want to reach your goals. Jessica was pretty candid about her commitment to her writing routine. To get to what you want to accomplish, most of us are going to have to be deliberate and to make room for something like writing a novel, when you aren't at your day job, you probably will have to give some things up.

Bobbi Rebell:

I had so much fun talking with Jessica and her book was really, really a page turner. As I mentioned, it is a murder mystery. And for the record, I really was totally fooled. I didn't see the twists and turns coming. One thing that I've really loved during our forced stayed home time during this pandemic has been catching up on reading fiction and really getting lost in books. We're going to be giving away a few signed copies of Jessica's book to that end so please make sure you are on the Grownup list ASAP so you don't miss that. Just go to my website, bobbirebell.com, and you can sign up for free.

Bobbi Rebell:

Now while you are there, please check out my big project that I have been working on. I am so excited to see what you guys think. It is the new Grownup Gear Shop. It's a passion project of mine, and I hope you guys will all support it. Podcasts listeners can get 10% off if you use the code “Jessica” within one week of this episode dropping. So just go to my website, bobbirebell.com, and you'll see the word shop, click on there. Check it out. I hope you guys like it. Big thanks to author Jessica Goodman for helping us all be financial grownups.

Bobbi Rebell:

Financial grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.

Advice, Authors, Business, Career, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Financial Independence, Journalists, Millennial Superstars, Personal Finance, Money, Podcasts, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanJessica Goodman, They Wish They Were Us, bobbi rebell, new fiction books, new mystery books, new YA books, cosmopolitan, editor
Blood Money with Bethany Bayless of the Money Millhouse (ENCORE)
Blood Money with Bethany Bayless of the Money Millhouse (ENCORE)
 
Bethany Bayless Instagram

Bethany Bayless wanted to be a financial grownup when she was an 18-year college student. But when she couldn’t get a traditional college student job near campus, she got creative, earned the money she needed for expenses and found a way to give back to the community. Plus Bethany shares her favorite apps to make extra cash.

“There is a limit to how much you can cut back in your budget. You don’t have to limit your income. ”

Bethany's money story

Bethany Bayless:
When I graduated high school, I went off to college and as a grownup, I just turned 18, and I went to a college that was very small, and it was in a town of six other colleges. We were lots and lots of college students.

Bobbi Rebell:
What town?

Bethany Bayless:
It was Spokane, Washington. In Spokane, there's Gonzaga University, Eastern Washington, all these big universities. There were not a lot of jobs for college students there. It was very very saturated. I was very adamant that I wanted to pay my own rent.

Bobbi Rebell:
You are, by the way, one of five children.

Bethany Bayless:
That's correct. I am the only girl also, I just might add. I didn't want to ask my parents for money because I'm an adult, and that's what adults do is you make your own money. You pay your own rent and utilities, and food, and all of those things. What I did find was that I could go to a plasma bank and donate my blood plasma twice a week. That's exactly what I did. I made $240, and my rent was $240, exactly.

Bobbi Rebell:
Oh my god. Talk a using your god-given resources, Bethany.

Bethany Bayless:
Exactly. I also think, isn't the house rent supposed to be 25% of your income? It was about 100, and so definitely a lesson learned there. I had to do some other little things here and there. This was before side hustle nation. This was before Uber, before Insta Cart, or something else that I could do to earn money. This was the side hustle app of the age, if you will.

Bethany Bayless:
I just learned very very quickly how much money was worth, and even a quarter was the world to me. It was a chunk right there. It was a great experience because I learned to be frugal. I learned to cut back, and I learned to know exactly what I needed. It was a time that I had zero once.

Bobbi Rebell:
By the way, I used to give blood plasma a lot. My mother was sick at a point, and that was something that I was a regular there. One thing that I did learn was that they also feed you there, Bethany.

Bethany Bayless:
Yes. Cool.

Bobbi Rebell:
In addition to the money you could get meals, right?

Bethany Bayless:
Yeah. Basically the way the plasma works for people who are not familiar with this process, we will be talking about blood. Just give that disclaimer very quickly. What they do is they hook you up to a machine. They take out a certain amount.
Bobbi Rebell:
It takes a while.

Bethany Bayless:
Yes.

Bobbi Rebell:
It's a process. This isn't just donating blood. This is a different kind of thing.

Bethany Bayless:
Totally different. Because what they do is they put it in a ... It is a word for it. They put it in a machine where it separates it. They spin it really really fast, and it separates the platelets with the white blood cells, with the red blood cells and your hemoglobin, or whatever. Then they give you back your red blood cells.

Bobbi Rebell:
It takes about an hour sometimes. It depends on your blood pressure, believe it or not. Because I had low blood pressure, and sometimes I would not even qualify because you have to be at a certain level, which makes it a very special thing. People really should donate if you do qualify. It's an important thing to do, I should say. You are there for quite a while.

Bethany Bayless:
It is. I would be there sometimes ... Because you had to go in the waiting room first. Right?

Bobbi Rebell:
Right.

Bethany Bayless:
You have to wait-

Bobbi Rebell:
They set it up for you.

Bethany Bayless:
You have to go through this process. It was a chunk of time, but it was exactly what I needed. I went twice a week. I became friends with Rick, who was the guy who ever single week I would go to him. We became friends. He even had the bedside manner of House, very dry, sarcastic, hated the world, but he called me Sunshine. It was a great experience for me to really do it on my own, to do it myself. I thought, why not. It was the epitome of my desperation pretty much.

Bobbi Rebell:
Also, it is a giving thing to do, and I think it's wonderful that you did that, because even though that wasn't your primary motivation at the time, and I think it's important that people understand that, and that if they are eligible and can do that, it is great to donate plasma.

Bethany Bayless:
Absolutely. Also, I was a universal donor. My blood type is the rarest blood type. I'm AB negative, for anyone who wanted to know. We're finding out so much about each other in this conversation.

Bobbi Rebell:
So much.

Bethany Bayless:
I'm AB negative. It is the universal plasma donor, so anyone could take my plasma.

Bobbi Rebell:
That's wonderful. You didn't mention, what was your favorite snack when you were done? Because they did feed you, so you got food and money.

Bethany Bayless:
Yes, food and money, and I really loved the little cookies. They have little chocolate chip cookies.

Bobbi Rebell:
Yum. Do they have orange juice too?

Bethany Bayless:
Yes, and apple juice, I believe.


Bethany’s money lesson

Bethany Bayless:
The lesson is to do whatever it takes to get by, and to be a financial grownup.

Bobbi Rebell:
Within what is legal and what is reasonable. We need to qualify that, Bethany-

Bethany Bayless:
Absolutely. Do anything that was legal. Should I say that again, Bobbi?

Bobbi Rebell:
Well, I don't know that people should, for example, donate a kidney, that kind of thing. I think that things like plasma, and things like that, are good, but not actual body parts.

Bethany Bayless:
A kidney or another controversial-

Bobbi Rebell:
We want to be clear.

Bethany Bayless:
... another controversial is donating things like eggs.

Bobbi Rebell:
Yes.

Bethany Bayless:
That could have set me up for the entire year, but interesting.

Bobbi Rebell:
It's a personal decision. Just be thoughtful about what body parts and things that you give from yourself.

“I could go to a plasma bank and donate my blood plasma twice a week. So that is exactly what I did. I made $240. And my rent was $240 exactly. ”

Bethany's everyday money tip



Bethany Bayless:
Like I said in my story, there was a time when I gave plasma as my last option, it was a time that these apps did not exist. It was not the age of the side hustle, but now I feel like financial grownups have so many options, because you can cut back. There's a limit to how much you can cut back in your budget. There's a limit to how you can limit your expenses.

Bobbi Rebell:
You can only give plasma twice a week.

Bethany Bayless:
You can only give plasma twice a week, but the other thing is that you don't have to limit your income. That is something that there's no limit to the amount of money that you can make. One of the things that you can do is there are a list of apps, things that we've talked about, like Uber or AirBnb, or things like that. Those are already very well known. Other things like Insta Cart, maybe you want to go grocery shopping for people, and you can do it in your spare time. You can pick up times where you just go grocery shopping. It's a great tool to use. I love getting my groceries delivered. If you want to shop [crosstalk 00:10:29].

Bobbi Rebell:
But you can also be the person delivering the groceries.

Bethany Bayless:
Exactly.

Bobbi Rebell:
We want to be clear. For all of these, you're not the person getting in the Uber. You're the one driving the Uber.

Bethany Bayless:
That's absolutely right.

Bobbi Rebell:
That's where the income comes.

Bethany Bayless:
Exactly. We have Insta Cart. We have Etsy. Maybe it's time to make things online. There's also some other really great ones, like Rover. It's a dog-walking app. If you want to go hang out with dogs for a day, why don't you download Rover, and you're able to go. You can even teach your kids about being responsible, and take them along with you now that you're a financial grownup, if you have children. Those are some of my favorite apps that you can use.


Episode Links:

Bethany’s websites TheMoneyMillhouse.com and BethanyBayless.org

Apps we mentioned in the episode:


Follow Bethany!


Follow The Money Millhouse!

 

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Business, Entrepreneurs, Family + Relationships, Financial Grownup, Health + Fitness, Millennial Superstars, Personal Finance, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanDonate Plasma, Side Hustle, Apps, The Money Millhouse, Bethany Bayless, Speaker, Co-Host, Encore
Financial Grownup Guide: 5 essential ways to create a successful business from anywhere with Entrepreneur Cait Scudder
Financial Grownup Guide: 5 essential ways to create a successful business from anywhere with Entrepreneur Cait Scudder
Cait Scudder Instagram

Entrepreneur coach Cait Scudder built a 6 figure business while living abroad overcoming numerous obstacles. She shares her specific strategies to help build a grownup business focused on sustainable product growth and revenue streams. 

5 essential ways to create a successful business

Cait Scudder:
Well, thank you so much for having me. It's great to be here and I'm so excited to be talking about this. I think for so many entrepreneurs, creating a successful business, whether you're running it from a laptop or abroad or whether you're running it out of your living room, feels like it's this enigmatic thing. So, I'm really excited to break down some really tangible steps to help your listeners apply it to their own businesses.

Bobbi Rebell:
Yeah, and I'm a little bit of a snob about this. I don't like all this mumbo jumbo. You are specific, and focused, and I love that. So, you've got five tips and then we have some other special stuff after this. So, stick with us, guys. Number one is basically, figure out the problem that you're going to solve for people, right?

Cait Scudder:
Absolutely. So, the first thing I would say if you are looking to build a six-figure business, and scale it to multiple six figures and beyond, is you have to be so crystal clear on the problem that you help people solve. It is not enough to just say, "Well, I want to be a consultant for leaders" or "I want to be a health coach" or whatever other niche that you're in. Dial that right in to get so specifically clear on the problem that you help your clients solve and how you do that with the solution that you offer.

Bobbi Rebell:
So, what would be an example of a client that had this problem and how do they really figure out what problem they were solving for?

Cait Scudder:
So, one of the exercises that I lead my clients through, let's take a health-coaching coach, for example. If you are looking to build out a health-coaching business, somebody who helps their clients achieve either weight loss or higher levels of energy, the problem that you might help somebody solve is losing 15 pounds or losing 20 pounds. What you need to do if you want to dial that right in and then be able to build a compelling brand and a compelling message from that is, get super clear. Not only on that problem point as if it's a bullet point in your notebook, but what's the pain that somebody is experiencing as a result of having that problem? So, one of the things that I think happens a lot is entrepreneurs get stuck in this messaging spiral of, well, I'm listing out my client's problems, but they're not responding.

Cait Scudder:
I think the biggest thing that happens when we do that is that we're not actually speaking to the pain, the ripple effect pain I call it, that those problems caused. So, for example, if a client is struggling with low energy, they're feeling overweight, they're feeling not confident in their bodies, how is that actually playing out in their lives? Maybe they can't walk up the stairs without running out of breath. Maybe they can't bend over to pick up their grandchild and not feel like they have to sit down. So, really dialing your messaging straight in to the problem that you help people solve. The pain that it's going to help them get out of in painting the picture and creating offers that help somebody do that in a step-by-step way is such a powerful step for your business and for your marketing.

Bobbi Rebell:
Which brings us to your second tip, which is to figure out what exactly the offer is.

Cait Scudder:
Exactly. So, the second thing that you need to do is build out an offer. I always say to my clients, especially who offer their services, so consultants, any kind of strategists is, it's very, very important to be able to build a product in your client's mind as if it were a tangible product that you could put on top of your desk. So, if you're offering a six-month consultancy package or a retainer offer, what does that look like? What's the result that somebody is going to get? And the way that you want to think about your offers is in two different pieces. The first is the framework, and the second are the features. So, your framework might look like, for example, in my business coaching consultancy, I have a framework that's based on three different things: energy, strategy, and sales. When you can nail all three of those as a business owner, you are golden.

Cait Scudder:
So, the energy piece is, what does your vibe put out? How are you attracting your ideal client, how you are attracting your audience. The second piece of strategy is, what are the offers that you're building out? How are we marketing you in a way that is magnetic in a way that draws your people in? And thirdly, in sales, obviously, we need to make sales if we're going to be in business. So, what I really recommend entrepreneurs to do if they're struggling to build out an offer, is think about what's the framework that you move somebody through and what are the features? How long is your package for? What does it include? What's the scope of work? And when you can be so specifically clear on the process that you move somebody through, the framework, and the way that you do that in the tangible breakdown, the features, that's when you really have a rock-solid offer to bring to the market.

Bobbi Rebell:
The third thing is something I am so uncomfortable with myself, get comfortable with marketing. It is so hard, Cait. I feel this personally.

Cait Scudder:
Really, Bobbi? You're definitely not alone. And I have to be honest, at the beginning when I started my business, I felt so uncomfortable with it. I felt like, "Hang on, squawking about all of this stuff that I do for other people like this is so uncomfortable." Here's what I've come to see it as. When you are marketing your services or your products or your free content even, because let's be real, promoting a podcast or promoting a blog article, all of that is marketing. You are educating and you are empowering your audience with pieces of content, with pieces of information, and pieces of education that help them move towards a result. And I think that when you can have that internal shift as an entrepreneur from, "Oh, this is so self-indulgent. Who would want to read about this? This is so self-aggrandizing." And really flip that script to say, "Hey, me showing up and waving this flag loud and proud is helping somebody else who's seeing this achieve a result," and that is such an empowered place both for you and for your audience.

Bobbi Rebell:
The fourth one, also a pain point for me, confidence in selling. I always struggle with this, Cait. I really do.

Cait Scudder:
You know what? I hear you and especially for women, Bobbi, I personally think that we are not necessarily taught to move into a sales conversation or move into a sales context, with the same level of permission and confidence that for whatever reason I feel like men just intrinsically feel. I'm sure that's not the case for everybody, but I definitely know so many women who struggle with this piece.

Cait Scudder:
Here's my take on this. When you sell somebody your product or your service, you are giving them the pathway to a solution. If you don't sell, if you don't speak about what your offer is, if you never let somebody know how they can work with you and what's possible as a result, you are literally robbing from them the possibility for getting that result and you helping them. And I think when you really flip that script and look at, "Hang on, this is not just some selfish manipulative, greasy car salesman tactic. This is me showcasing the possibility that somebody has to achieve this solution with me." You really put yourself in the game, and you give your market confidence to buy from you.

Bobbi Rebell:
And the fifth thing is, be consistent.

Cait Scudder:
That is absolutely right. I think that there is no... One of the best pieces of advice, Bobbi, that I've ever been given in entrepreneurship is, don't get too high and don't get too low. When it comes to being your own boss and running things your own way, creating your own schedule, running your own team, there's so many opportunities to get knocked off your horse to feel like you just want to throw in the towel and crawl back into bed and you just don't want to do it. And that is the biggest thing that I think swipes entrepreneurs off their path is, feeling like I had a good day, I want to show up, had a bad day, I don't want to show up. Guys, if you take one thing away from this, let it be this. You are going to have great days. You're going to have hard days. It's your commitment to staying the course. That is the thing that's going to see you through. Just remember, you cannot fail if you just keep going.

Bobbi Rebell:
I also want you to share, it's kind of a bonus for our listeners. You have a lot of everyday things that you do. Some things I do too that really help in terms of the day-to-day, like the way that you schedule your week, which is something I do as well.

Cait Scudder:
Yes, absolutely. So, one of the best hacks, oh my gosh, this just saves so much time, so much mental bandwidth for me is scheduling a CEO day. So, on Mondays, I mean, I'm on the phone a lot of the time, whether it's on the phone with clients, group calls, individual calls, collaborators, I'm on the phone a lot. Mondays are my CEO day, which means I don't take any calls. Monday is my day to work completely on my business, and not be in anybody else's business. And that has been so helpful for not only block scheduling and batching out what I need to do in a week, but also for keeping me super on point when I'm coaching on the other days and just very, very focused on what I need to do. I think that as entrepreneurs and as CEOs, one of our biggest forms of currency is our focus and our attention. So, scheduling in a CEO day is going to massively help you feel organized and sane as you move into the week. And I recommend doing it on a Monday because who doesn't love moving into the week feeling organized and sane?

Cait Scudder:
The second thing I would say is, create a little routine for yourself on a daily basis. And I don't mean wake up at 5:00 AM, meditate, do power yoga, sit in lotus for 25 minutes. No, you don't have to do any of that. For me, one of the things that I have is a non-negotiable. I wake up, I have some water with lemon, I exercise for half an hour to 45 minutes, and I move into my day after doing a little bit of gratitude practice. And I might think about things in the shower. I don't spend hours journaling in the morning. But I think that if you can mentally and physically prime your body in the morning, you're really setting yourself up for success.

Bobbi Rebell:
You also talk a lot about the mindset that's involved because it's important that we be aware of what other people are doing. First of all, we learn from them and you should just always be aware of competition, let's be real. And also, I believe a lot of competition, it's actually expanding businesses. So, I believe in cooperation over competition in general, but it's also important not to compare too much, right?

Cait Scudder:
Absolutely. So, I think one of the biggest things that knocks us off our horse is this feeling of imposter syndrome of, "She's doing it better than me" or "they already have this established company" or "who am I to come into this space?" And I think whenever that happens, and let's be real, it happens for all of us, the most important way that we can shift out of that is moving your attention from comparison, from analyzing all of your flaws and your worthiness and your capability. Taking your attention off of all of that comparison and "not good enough" noise, and moving it back to a place of service, and moving it back to a place of all of the reasons why you and you alone are the best equipped to serve your people. Why you have moved through everything that you've been through in your life, in your business and your experience in order to be able to offer what you're doing.

Cait Scudder:
And just remember, if you are not showing up for your people, you're taking away from them the opportunity that they have to experience what's possible on the other side. So, the more that you can give yourself permission to let go of the comparing mind, which is our ego's way of keeping us safe, and go back to all of the ways that you're equipped to help somebody, you're going to be of so much more service and you're going to make a heck of a lot more money.

Bobbi Rebell:
I want to finally just touch on something that you have some strong opinions on. And that is MLMs, multilevel marketing. It's important. There's some really good ones out there, but you also have a lot to say about the fact that some of them are scammy. What do people need to know?

Cait Scudder:
I think that there are a lot of amazing people out there building a successful business in network marketing. I think there are great companies out there that offer possibilities for people, but do your homework, guys. I think it's very important to know what you're getting into and to really... And this is the case, whether you're in an MLM or you're building your own business or you're working for somebody else, quite frankly, is you need to be 100% behind the mission, the ethos, the values of whatever it is that you're selling.

Cait Scudder:
So, rather than just looking at a shiny object as a way to make a little bit more money in your bank account month after month, really ask yourself, "Is being affiliated with this community or this company something that I'm going to feel proud of in 10 years? Do I align with the values and the greater impact that this company is making?" Because ultimately, whether you are just one person in a rank or you are an entrepreneur under your own brand, you are representing a brand and that brand is yourself. And so, you really want to make sure that you align at a deep level with whatever it is that you're standing behind.

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Advice, Career, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Money, Millennial Superstars, Personal Finance, Podcasts, Productivity, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanCait Scudder, Business, Career, Career Coach, Ted Talk, Entrepreneur, Success Tips, Productivity, Build A Business, Six Figure Business
How to build buzz for your business with 305 Fitness’s Sadie Kurzban (ENCORE)
How to build buzz for your business with 305 Fitness’s Sadie Kurzban (ENCORE)
Sadie Kurzban Instagram

Sadie Kurzban won $25,000 in a college contest for entrepreneurs by using a strategy that has continued to drive the growth of her boutique dance fitness chain. The millennial entrepreneur shares her secrets to building a business on a low budget, along with her personal tips on how she manages healthy meals on a budget with her relentless schedule.

Sadie’s Money Story:

Bobbi Rebell:
For your money story, you're going to actually talk to us about how you got the funding to start this, because you were just in college.

Sadie Kurzban:
I was, yes. I started teaching aerobics classes really for fun in college because I was passionate about it. I had always loved group fitness and I thought, well let me take my hand at giving this a try. So I was teaching it for fun and when I was thinking about what I wanted to do for my career around graduation, that my senior year my friend turned to me and she was like, "Girl, like this is your passion, you need to do this" and I was like, "What? I'm not going to graduate college and go be a fitness instructor".

Bobbi Rebell:
You were at Brown University by the way.

Sadie Kurzban:
Yes, I graduated top of my class. Everyone around me was getting a job in consulting. They were going to medical school, going to law school and I was like, "I think I should go do something like that". So I was like, "How am I going to go?" I even, I remember I looked up in Brown alumni who's in fitness, even just as a category and there was like one alumni from the 70's like it's just not a very popular thing to do. So, I was like, "God, I'm not going to go. Yeah, I have bigger ambitions than being a trainer". So she said, "Why don't you just start a business?" I was like, "What?" I had never even thought about starting a business, truly. This was right before senior year.

Sadie Kurzban:
We started looking up in the course curriculum, entrepreneurship, accounting, really we were kind of scrambling and I ended up majoring in economics, which was really funny and unexpected. But I took every entrepreneurship related, business related, accounting related. It was my entire senior year I was filled with these courses, studying my tail off and I entered the big annual business plan pitch competition. So it's a 10 minute pitch. It's all students, almost all the teams were all male. A lot of the teams were graduate students who had invented like incredible things like medical devices, like really impressive businesses and here I was, I was like, "I'm going to start this dance cardio workout. It has a DJ. It's really fun. This is why I should win". It was really surprising at the end of the day that I won, but it really was the sign from the universe that I needed to move to New York and make this happen.

Bobbi Rebell:
Why do you think you won? What was the differentiator?

Sadie Kurzban:
Yeah, I'll tell you why I think I won was that it's held in the school auditorium and it's a pretty nerdy competition. A lot of business majors, a lot of masters students that I got hundreds of kids who would come take my class every week. I said, "I'm entering this pitch competition. If you love these fitness classes I've been teaching, please come and cheer me on". So I packed the room. I mean, honestly, with 300, 400 students that were screaming their heads off for me. So I think the judges, while they thought, well maybe, I don't know if they felt this was the most impressive business, but what they definitely saw was I had proven the concept and I had really gotten a handful of ... More than a handful of really passionate evangelists. So they knew I was onto something and getting people super passionate about this early on has been the biggest gift and the biggest way that we've grown so quickly, as you know with limited resources, getting customers to really evangelize us and tell their friends.

Bobbi Rebell:
Right, and then you got the $25,000 to get going.

Sadie Kurzban:
Yeah, it was enough to at least give me the confidence to move to New York and give myself nine months to try and make it happen.

Sadie’s Money Lesson:

Sadie Kurzban:
I think the biggest lesson there is, I didn't worry so much about all of the 'what if's' and the house and even moving to New York and all of these things and renting space. I just thought about how can I get every customer who walks in to really go back to their next dinner, to work the next day and talk about this like it's nobody's business, right? So with pretty limited resources, $25,000 in New York City is not a lot of money at all. I knew I didn't have a lot of room for error, but what I did have was customers in front of me every day and if I could get one person super jazzed about this, telling 10 people, that was free marketing for me. So I had to really deliver on the experience and most importantly stop worrying about all the 'what if's' and what could happen. Really think about that person in front of me and look at them as a real opportunity to keep just running through the doors that have been opened for me and breaking the glass ceiling.

Bobbi Rebell:
Your instructors are really brand ambassadors.

Sadie Kurzban:
They are, yes. We all live in Brea, 305 and we know how important that client in front of us is.

Sadie’s Money Tip:

Sadie Kurzban:
So yeah, I was thinking a little bit about this because they listened to your show and I have to admit I'm not great at saving. I'm a little bit better at just creating things and I tend to kind of close my eyes and drive at the same time when it comes to money. But the one way that I really do, I think successfully saved is again, in a city like New York where it's really tempting to do seamless every night or go to dinner, that can really add up big time, like $30, $40 every night. So instead what I do is, I cook and I eat a lot of homemade meals or I'll pack it to the office. But the best thing that I found is really, instead of, it would just be so daunting to get home late at night and cook for myself every night this [inaudible 00:07:48] meal.

Sadie Kurzban:
So what I do is I cook a whole bunch on Sundays, like a bunch, as much as I can. I refrigerate enough for three days and then everything left over I freeze. So by the time the weekend rolls around, unfolding and I'm cooking again. So it's enough what I make on Sunday to really carry me through the week and within that what I've found is another tip within that is, that if I put all this pressure on myself to make these gourmet meals and I'm chopping onions and all these things, I'm just not going to do it. I'm going to wake up on Sunday and I'm going to think no way, no way. So instead I'll splurge a bit on the pain in the butt stuff like chopping onions, chopping garlic. This stuff that I know is going to come up in every recipe, I'll get those precut so I'll spend the extra dollar at trader Joe's knowing that someone else's has cut or a machine has cut the onions for me and that way I know I can make the meal in five minutes instead of taking me 15 minutes to make everyone.

Bobbi Rebell:
Love it. That's so practical and it's also important because you aren't just sitting in an office, you actually go and teach these classes.

Bobbi’s Financial grownup tips:

Financial grownup tip number one:

Sadie won that first $25,000 in college by doing something no one else did. She literally brought her own cheering section of happy clients. They were there to cheer for her, but they were also there with her. None of us can do everything alone. Sadie doesn't, she brings others along for the ride. If you do that in your life with anything, not just business, but anything that matters to you, include others, make them stakeholders in your success and also you can hear it in her voice, it just made it so much fun.

Financial grownup tip number two:

I love Sadie's hybrid approach to cooking at home. You will not get a prize if you chop every single onion. It is more than okay to splurge and pay a little more to have some ingredients prepped for you so you're more likely to not only eat healthy but also not waste money ordering out and having food delivered. The key thing, and I'm still working on this myself, is the organizational element and the planning.

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Business, Entrepreneurs, Financial Grownup, Health + Fitness, Millennial Superstars, Money, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanSadie Kurzban, Encore, 305 Fitness, Fitness, Entrepreneur, Millennial Entrepreneur, Exercise
How to turn something you hate into a thriving business you absolutely love with Y7 studio founder Sarah Larson Levey (ENCORE)
How to turn something you hate into a thriving business you absolutely love with Y7 studio founder Sarah Larson Levey (ENCORE)
Sarah Larson Levey Instagram

Sarah Larson Levey is becoming a familiar example of millennial entrepreneur success, recently being featured on the cover of Inc magazine and her company Y7 studio being named one of the magazine’s most inspiring companies last year. Keeping her costs at extreme minimal levels helped entrepreneur Sara Larson Levey grow her side hustle yoga startup while still working her full time job for two years.


Sarah's money story:

I actually was really unsatisfied with the yoga experiences that I was having throughout the city. It left me feeling really frustrated and lacking in what I was looking for. I wanted something where I could still move and sweat and get a really great workout in, but at the same time get that mental clarity that is touted for yoga. I just really couldn't find that so I decided to start my own place to practice.

Bobbi Rebell:
Let's take it back a little. You're working in the fashion industry, you're married, you're in Brooklyn, you've got a job, you're busy, you're living your life. Most people, if they're not happy, they're going to fill out a form, a feedback form. You instead start a pop up. How does this happen and where does the money come from? Because you're 20 something, how old are you now?

Sarah L. Levey:
I'm 32 now. I was 26 at the time.

Bobbi Rebell:
Most 26 year olds are dealing with other financial things. How did you literally start this? Where did the money come from? What did you do?

Sarah L. Levey:
The money came from my job. I have always been really good at saving. It was really just supposed to be a pop up at first, right? We found a super, super cheap space. We hired teachers off of Craigslist who are willing to work just to get the teaching experience and that was kind of it. As soon as we realized that this was going to be a thing that there were other people who resonated with the kind of yoga that we are providing, that's when I started looking for a little bit more of a permanent space.

Bobbi Rebell:
One of the things, and I know this as a student, the space is unique. Can you talk a little bit about that and also how do you pay for that? Especially in a pop up because there's a heat element to it. The studios are darkened. It's a very different atmosphere, so there's definitely some investing that has to go on when you set up a space.

Sarah L. Levey:
Yeah, I think for us, we really knew what we wanted and we were lucky enough to find a space that already didn't have windows. We brought in our own heaters and we rented it out by the hour. This space was actually a very large recording studio that was not used during morning hours on the weekends, and that's where we went in.

Bobbi Rebell:
I think that's interesting because a lot of people don't think about that option to rent by the hour when you're starting a business. They might think you have to sign a lease for a longer period of time or come into a space. You were able to manage your cost that way.

Sarah L. Levey:
Absolutely.

Bobbi Rebell:
Then how does it go? You have this pop up, how are you getting the word out and how do you start expanding and funding that expansion?

Sarah L. Levey:
It was all word of mouth. We would go out at like 4, 5:00 AM and just flier all over Williamsburg and Brooklyn where the first location was and that's how people came in. That was really all we did. It was all Instagram, Facebook and flyering around the neighborhood. We didn't have budget for anything. There was no budget to spare. Everything was being funded by my job and my husband's job at the time.

Bobbi Rebell:
How did you get it to the next level? When do you feel you reached a critical point where you started thinking, this is really a thing and I might leave my job to do it? Because a side hustle doesn't always evolve.

Sarah L. Levey:
Right. It took a while. What's so great about New York is it is one of the few places where you can find a space that's willing to do a month to month or maybe do a split tenant kind of thing. We found a small 300 square foot space in an artist loft. All of the little suites were around 300 square feet. We paid a very, very small amount. Everything was included and we started out that way. The studio room could only fit 10 people maximum, and that's how we ran classes. We ran classes four a day before work and after work. I worked the front desk morning and night. My husband and I would switch off. The teachers were paid per student, so it was all dependent on them really getting the word out about their classes and bringing people in. We operated like that for a good nine months before we grew out of that space. Then we were fortunate enough to find another month to month space where we didn't really need to lay all this money out for security.

We were fortunate enough where the business was starting to generate enough cash that we could continue to float the business but that was it which is the reason that I continued working up until the spring of 2015. A good two years after we opened the studio.

Bobbi Rebell:
What kind of conversations were you and your husband having about money while this is going on? What was it like?

Sarah L. Levey:
It was interesting, it was the first time either of us had operated a business on a retail level. We didn't really know what we're doing, but I felt really confident that I didn't want to put classes on the schedule or do things around the studio that would put the vision of the experience in jeopardy. I wanted to always make sure we could pay rent, pay the teachers and also continue not to put pressure on ourselves so we could still do the things we wanted, have both really.

Bobbi Rebell:
Looking back, what is the best thing you did in terms of financial decisions with the business and what's something that maybe you would do differently?

Sarah L. Levey:
That's a tough one because I love our journey so much. I think it's super interesting and an ode to really the fact that you can self-fund a business. We didn't take on private equity funding until we were six studios in and that was a choice on our part. It was definitely a little bit stressful but it was a choice we made so we could really hone the experience and not bring on partners who just had ideas to make more money, have a better cashflow. We were able to preserve the experience of the business. We included mat and towel at first and our laundry expenses were really, really high. I would have started charging for those immediately because we always felt the pinch around that. Other than that, I can't really see doing in another way.

Bobbi Rebell:
How did things change when you did take outside funding?

Sarah L. Levey:
We decided to take on outside funding to really be able to sign nicer spaces. If anyone has ever been to the Flatiron studio or the Union Square studio, those were studios that I painted the walls. I was the one on Craigslist finding people who could throw up a devising wall. We did all the electrical. We commissioned people to build the front desk or things like that. It was super, super bootstrapped. The more people that were coming in and out of the studio, we really wanted to have a little bit nicer amenities because it is hot yoga. We wanted to be able to have showers if we needed to and those things were really, really expensive. Taking on capital for us was a way to really open the doors to higher end retail spaces and have the money to invest in the build-outs.


Sarah’s money lesson:


I would say be realistic. It is totally okay to do two things at once and it's important, that way you don't lose sight of what your actual vision is. I think that if you're stressed about your personal finances, you're always going to be looking for ways to have your business make more money, right? Because you're feeling the pressure personally of like, oh my gosh, how am I going to do this? How am I going to do that? I think that's when people tend to lose the passion for their business because it becomes more of like, it's not growing fast enough, it's not doing what I want to do fast enough. A lot of good concepts take time and they take consistency to work. I would say just be really realistic and don't assume anything when you're planning. Don't assume things are going to work out exactly the way you want. There's always going to be hiccups and you have to be ready to combat that.

Bobbi Rebell:
Is there an example of a hiccup that you can share?

Sarah L. Levey:
Oh yeah, of course. Our first Williamsburg studio was in the basement and there was a spring where we had a ton of snowstorms and then all of it melted and then it rained for like a week straight, the entire studio flooded. It cost us $20,000 which was a huge amount of money to us at the time. We had to replace all the floors, all the electrical. We had to redo basically the entire studio because of a flood. That's something that I never, I don't know, I'd never lived anywhere with a base. I don't know, it just didn't occur. It didn't occur to me and I was like, oh. I was like, I guess we have to close and do all this stuff. Then we had to get a mold check and just all of these things that you don't even think of. That was something that I was like, oh, okay, cool.

Bobbi Rebell:
Oh my gosh. Did you have insurance? Did you have insurance?

Sarah L. Levey:
Not at the time.

Bobbi Rebell:
Okay, but now you do.

Sarah L. Levey:
That is right. Lesson learned.


Sarah's everyday money tip:


Well, I used to all the time, purely out of convenience. I'm a big Postmates girl, I'm Postmating everything and then all of a sudden I was looking at my credit card bill. I was like, what am I spending so much money on? Everything was adding up. Once you do the delivery fee, you add the tip. I'm spending $30 on lunch every single day and it just adds up. Now I make a point where every Monday, I'm very lucky Whole Foods is directly across the street from our office. I stop at Whole Foods every Monday. I'll grab lettuce, vegetables, chicken, whatever it is so I have enough and I bring it to the office and I stick it in the fridge and it's basically like I have enough at the office to make lunch for myself every day. It takes so much pressure off of like making sure I order with enough time before I have to go to a meeting, being really stressed about it. It's here. I can make it when I need it and I'm set for the week.


Bobbi’s Financial Grownup tips

1.Create additional stakeholders in your projects. Sarah empowered her initial round of teachers by paying them per students. The first win is that it saved Sarah on her cost, but the even more important thing it did was it rewarded the teachers for the impact that they made on the business. The more students they could bring, the more they made.

2.Buy insurance if you need it. Sarah blew it at first on this one. The flood sounds like it was a nightmare. Insurance would have cushioned the blow.


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Advice, Entrepreneurs, Health + Fitness, Millennial Superstars, Financial Grownup, Money, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanSarah Larson Levey, Entrepreneur, Millennial Entrepreneur, Side Hustle, Yoga
When money is a life or death situation. A very candid interview and revelation with Whitney Hanson of the Money Nerds podcast. 
When money is a life or death situation. A very candid interview and revelation with Whitney Hanson of the Money Nerds podcast. 
Whitney Hansen Instagram

Money coach Whitney Hansen, who hosts the Money Nerds podcast, reveals how the pain of poverty and family instability almost led her to a tragic decision as a teenager. We also discuss how the challenges of true financial struggle can impact a family and inform priorities as an adult. 

Whitney’s Money Story:

Whitney Hansen:
I still get choked up about this too, even to this day. But it was a really tough time in my life because my parents were going through this divorce and they were married for a long time, six kids, so they had a really great life together. But my dad started a business and that business led to unhealthy habits. So he had really, I guess some issues with boundaries. It was a 365, 24/7 business. And so he turned to-

Bobbi Rebell:
What was the business?

Whitney Hansen:
Pallet distributing.

Bobbi Rebell:
What's that?

Whitney Hansen:
Pallets, you always see him on Pinterest when people make like coffee tables and furniture and stuff from them, but it's what carries goods across the country in semi-trucks. So it's the wooden like crates almost. That's what his business was, was fixing those up and selling them.

Bobbi Rebell:
Okay. And so had he had that business before your parents got divorced or was it a new thing, so that was another change?

Whitney Hansen:
So it was before they officially got divorced. He started the business probably about 10 years before they officially divorced. And so it was just a really consuming business. He was terrible at delegating, could not find the right type of help. So instead of trusting people, he put all of that pressure on himself. And that led to having to take pallet calls at like two in the morning sometimes. It was just a nightmare. It really was.

Bobbi Rebell:
So then something happened with a mattress?

Whitney Hansen:
Yeah, so with the mattress, after they divorced, my mom moved up to Boise and truly she left that relationship for her life. The abuse was getting so bad and it was just a terrible situation. And so she moved up to Boise making $7.25 an hour at a hobby and craft store and trying to support six kids in this little two bedroom apartment. And we were so broke, Bobbi, like we were broke. We didn't have any money at all, so we were sleeping on the floor.

Whitney Hansen:
My mom and I, one day we were walking and we found a mattress in the garbage can. So we went home, we grabbed her car, threw this on the top of the car. It's really that ridiculous. We both like had our hands out the window holding the mattress down and we took it home. But we were so freaking excited because for our family, that meant we didn't have to sleep on the floor. And it was such a sad moment, but such a powerful one. I was 16 and I will never forget that. It taught me my first personal finance lesson.

Bobbi Rebell:
Tell us more about that.

Whitney Hansen:
Well, I started to really reflect on that and what I learned is that there's really a difference between a want and a need. A lot of times we say that we need something. Oh I need to get this new shirt, I need to get this new mattress, I need to get whatever it is.

Whitney Hansen:
But there's a huge difference between what we truly want and what we truly need. So I always carried that with me throughout my entire adulthood and my being a grownup. I mean that's something that I've always looked at, is this truly a want, Whitney, or is this a need? Of course it's like giving yourself permission to buy what you want on occasion, but always putting that in that perspective.

Bobbi Rebell:
Tell us more about that time of your life. I mean, how did you survive? How did you get other things? Were you able to get it through people that were helpful to you? You were you working as a 16 year old?

Whitney Hansen:
Mm-hmm (affirmative). Yeah, so that's the sad thing. When you come from a really poor, poverty type situation, the families all working together to support everybody. So I had my own job. I had a job when I was actually 14 is when I officially started working. But I bought the family car when I was 16. My mom took out a loan, I made the payment, and I paid for the car insurance. That's just the way we did it.

Whitney Hansen:
We had a ton of help. Our church was super great. They were really helpful from that perspective as well. But I didn't deal with it well. I've actually never shared this publicly, but when I was 16 I was hospitalized for suicide.

Bobbi Rebell:
Oh my goodness.

Whitney Hansen:
Yeah, it was a terrible time. It really was not great. But what I started learning from all of this stuff was that when you have control over your money, you have options, and that's what I decided when I was 16, I was never going to be stuck in a really crappy situation because of money. I knew that was something I always wanted to have control over.

Bobbi Rebell:
What kind of conversations were you having with your mom? Because at 16 you're not that young. You know what's up.

Whitney Hansen:
Yeah, yeah. No, I definitely did know what was up. One of the biggest conversations that she shared with me was the importance of education. That was the one thing she had regretted her entire life. Her family did pretty well. Her parents died when she was really young. They did well enough that they left her some money for college, but she blew through it all with my dad. They just were very financially irresponsible. So that was one of the big conversations was Whitney, you need to get an education. You need to make sure you can take care of yourself no matter what. So that was always the focus of the conversation when I was a kid.

Bobbi Rebell:
Where were you in the sibling order? What were your other siblings doing at this time in your life?

Whitney Hansen:
Second oldest. My oldest sister, she had quite a rough childhood herself, of course. She ended up moving out of the house officially when she was 16. She moved in with her boyfriend at that time. She has four kids now, so she's doing super great. But she was running her own family. She got pregnant when she was 17 in high school.

 
“When you have control over your money you have options. ”
 

Whitney’s Money Lesson:

Whitney Hansen:
I think the biggest lesson is how much control you have when you have money. When you have that money instead of just immediately blowing it on stuff that we don't really need, if you start to prioritize your own financial responsibility, and as a woman especially, you have to be able to take care of yourself in some capacity.

Whitney Hansen:
Now that's not saying don't be a stay at home mom if that's your dream, do it. But make sure that you have some skills that you can fall back on. I think that's one of the biggest lessons I can impart for people is just make sure you can take care of yourself, whether it's divorce or death or disease, we don't know what's going to happen in life with our partners, so you have to be able to really financially take care of yourself and be a grownup.

Bobbi Rebell:
That's so impactful what you're saying and really hits home with so many people because we don't know it. It may be something like a divorce, but also sometimes people become injured. Your partner may lose their job. There can be a lot of unintended things that happen and things that you can't possibly plan for, but you have to always be able to have an income stream, even if you take it up and down at different points in your life. Having that ability and the education to do that is really important.

“Make sure you can take care of yourself..we don’t know what is going in life with our partners so you have to really be able to take care of yourself financially and really be a grownup.”

Whitney’s Money Tip:

Whitney Hansen:
Oh, I love this. This is such a nerdy one, but it works wonders. My favorite tip in the world is for any person that's trying to better their financial life and doesn't quite know where their money's going, to print off your past 30 days of your bank statement and or your credit card statement anymore, we have Venmo as well, that all counts. Print those off, have those sitting in front of you and then assign three different categories that you tend to overspend on. So for me it's eating out, it's coffee, and it's Amazon. Amazon's the worst for me. So I will print off those statements, I'll write those at the top, and I will literally go line by line and highlight each of the different transactions as a specific color to make sure that I am looking at every single transaction.

Whitney Hansen:
It works like crazy because you have to highlight those transactions and you have to remember I'm the one that swiped my card this many times. This is on me. I think it's so much more personal than just like a roll up thing. I love apps and software. I think they're amazing, but when it's just a roll up number, it's not the same as when you actually have to physically highlight those things. It really does trigger a lot of changes in your financial life.

Bobbi Rebell:
Give us an example of something, especially when you first started doing this, that you noticed that you were surprised by.

Whitney Hansen:
For me, I've always been pretty frugal because of my background, but what I can tell you is I did this in a group with a bunch of college students, actually. We were doing this exercise and one guy kind of looked up and he had this deer in the headlights look. He was all white, and I'm not a nurse, but I'm like "Dude, are you all right? Do you need to get out of here? What's going on?" And he's like "Well, I just finally realized how much I spent on eating out." I'm like "Okay, cool. Well, how much should you spend?"

Whitney Hansen:
"I spent $400."

Whitney Hansen:
Now I think you and I get that that's not necessarily good or bad, it's all a proportion of your income. But he told me his income was $800 per month.

Bobbi Rebell:
Oh no.

Whitney Hansen:
I was like "Well, homie, I think 50% going directly towards eating out is probably not great." But he had no idea because he was just mindlessly spending and not even paying attention. I think it's really normal.

Bobbi Rebell:
Yeah, a lot of us don't know. What about for you personally, what have you noticed?

Whitney Hansen:
For what I've noticed, this is really interesting, whenever I feel insecure or not so great about myself or I'm like dealing with some self esteem issues or whatever it might be, I'm not feeling as confident, I tend to spend more money on clothes and things that I don't need. I see this in my spending. If I'm having a crap week where I'm just not feeling great about myself, I don't feel like I'm cute enough. I don't feel like I'm skinny enough, whatever the heck it might be, I see that in my spending. So for me, I have to really pay attention to that and just monitor my spending to make sure if I do have a bad week, I'm not actually just blowing money because I'm not feeling super great about myself.

Bobbi Rebell:
Well, and what's good about that is with things like clothing, everybody, you can return it.

Whitney Hansen:
Yes, you can.

Bobbi Rebell:
If you haven't taken the tags off or anything.

Whitney Hansen:
That's right.

Bobbi Rebell:
So don't wear it. So versus like going out and eating, like the gentleman you were talking about, that can be at least corrected, right?

Whitney Hansen:
Absolutely. I think that awareness is key. So when you do this exercise, you're going to get that awareness. Then you can start to say, am I okay with these charges? Or if you want to fix it, you can. I think that's the beautiful thing.

Bobbi Rebell:
I love that. Let's talk more about The Money Nerds Podcast, because this is one of my go to's. I love it that it's three days a week and you do different things. So you do Mondays, you talk about just kind of what you like. Then another day you have your sort of normal format where you do interviews, and then Fridays are always these five tips that are things you can really do in your life right away.

 
“Whenever I feel insecure.. I tend to spend more money on clothes and things I don’t need.”
 

Bobbi’s Financial grownup tips:

Financial grownup tip number one:

If your financial problems are weighing on you mentally, you must get help. Please find the right professional. You are not alone. We've all been there and there are many organizations out there that can work with your budget, even if that budget is zero. Many employers also offer mental health counseling that is often a free benefits.

Financial grownup tip number two:

We talk a lot about apps and online resources for your finances on this show, and yes, there are a lot of resources also for mental health online. I'm going to give you links to some articles in the show notes that list options, but here are some that stand out that are pretty popular. One is Talkspace. Another one is BetterHelp, and then 7 Cups of Tea, which is more of a peer to peer resource where someone, maybe like you, can just be someone to listen to you and hear what's going on in your life. I want to caution you guys. I have no affiliation with any of these and I have not vetted them directly myself, but they are places to start and do your own homework.

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Business, Entrepreneurs, Family + Relationships, Financial Grownup, Millennial Superstars, Money, Personal Finance, Podcasts, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanWhitney Hansen, Money Nerd, Money Nerds, The Money Nerds Podcast
I scream for debt free- and then what? with Budget Girl Sarah Wilson
I scream for debt free- and then what? with Budget Girl Sarah Wilson
Sarah Wilson Instagram

YouTube superstar Sarah Wilson documented and inspired others with her journey to being debt free. But after she got to do the debt free scream with Dave Ramsey, she had a whole new set of challenges. Plus Sarah saves Bobbi from buying things she can get for free at the Fincon conference. 


Sarah's money story:

sarah wilson:
five years ago I was working in a newspaper for about $26,000 a year. I had deferred my student loans from college, and there were $33,000 of them. I lost my job. Suddenly I was extremely scared and I swore to myself that whenever I got a new job, I would figure this money thing out. Because being unemployed would've been so much less stressful had I not had $33,000 worth of student debt looming.

sarah wilson:
So, I got a new job making $26,000 a year at a newspaper, in a new state, and I started budgeting. I did everything possible to lower my expenses, increase my income, side hustling. And over the next three years, I actually documented it on YouTube. Every single week, I'd go on and tell people how much debt I had left and what I was doing that week to help fix it. It took me three years and a couple of different jobs where I raised my income a little each time, but I paid off all my debt.

bobbi rebell:
We're so proud of you for that. And also, what you're leaving out with your modesty is that while you were doing this, there was something about you. You have a relatability and an it factor that you also developed a huge following of fans and supporters while doing this. How many YouTube subscribers do you have right now?

sarah wilson:
A little over 56,000.

bobbi rebell:
Wow. And you also have monetized that. So, you actually have this side business of this YouTube channel, which is really inspiring and helping so many people. Then you hit a big milestone a year ago and that changed everything. We're going to start your story, your money story that you're going to share, with a big scream.

sarah wilson:
Yeah, I actually went on the Dave Ramsey show because I was a huge fan of his and I was following his steps to get out of debt. I was able to do my debt free scream live in studio. That was just incredible. It felt like closing and opening a chapter in my life.

bobbi rebell:
It's a big milestone and it brings us to what we want to talk about, which is what happens when you reach your money goal. Because your money goal was to be debt free. That scream was so symbolic. Then what?

sarah wilson:
The first thing I decided was to save up a giant chunk of money. Once again, ala Dave Ramsey. I saved six months worth of living expenses in case I ever lost my job again. I would be okay for a while. Or if I suddenly got into a car accident, or a medical thing, it just gives so much peace to know that I have 10 grand sitting in a interest earning bank that I can use if something terrible happens.

sarah wilson:
And then I also started investing, which is super fun and kind of intimidating for someone who was never taught about money.

bobbi rebell:
How did you start investing?

sarah wilson:
I did a lot of research, and procrastinated way too long. And then I just kind of jumped in. I bought a few index funds. I did a little robo-investing. Just kind of got my feet wet and figured out what was right for me. I'm still exploring that. I'm starting to purchase, actually, some single stocks and do some more exploratory stuff.

sarah wilson:
I funded my... I did more retirement funding for her, so I opened a couple of Roth IRAs. It's a really fun time now because I'm learning about all of that, which was not within my capacity when I was getting out of debt. I couldn't think about future dreams then.

bobbi rebell:
How specifically are you learning? What are your tools and how did you set up these things? I mean, if we get really basic, did you choose a robo-advisor? Did you just walk into a branch of a brokerage firm? I mean, what specifically did you do at that point?

sarah wilson:
Well, I tried working with a planner first and then I didn't like that. They wanted 5% of whatever I invested and I was like, "You know what? No. I can figure this out. I figured out how to get out of debt. I can figure this out on my own."

sarah wilson:
So, I've read every single thing that Bigger Pockets has ever wrote. I've watched so many YouTube channels that my friends are on. As they've learned, they've shared that information as well, which is incredible. And read a couple of books. Erin's Broke Millennial's Guide To Investing, TFD, all of it.

bobbi rebell:
The Financial Diet.

sarah wilson:
Yes.

bobbi rebell:
It's The Financial Diet.

sarah wilson:
Oh, I'm sorry, the Financial Diet. And of course, How To Be a Financial Grownup by someone you might know.

bobbi rebell:
Thank you. I think education is such an important message. As you go through the different phases of being a grownup, your phase one was paying off the debt. Your phase two is educating yourself to grow your money. So, you didn't go with a financial advisor that wanted to take 5%. What did you go with? Are you with a discount brokerage. Are you with a robo-advisor? How did you come to those decisions?

sarah wilson:
Right. I don't advise people who watch my channel to do this, because I think you should do things more simply. But I have, probably, 15 different investment accounts. I have accounts at Vanguard. I have accounts at different robo-advisors. Because I wanted to try everything, and I wanted to see the pros and cons.

bobbi rebell:
So, you're sampling?

sarah wilson:
Yeah, I'm sampling. I will continue to kind of narrow things as I figure out what is right for me. The different fee structures, pros and cons, that kind of thing.

bobbi rebell:
That's interesting. And so-

sarah wilson:
I'm not advising that. People ask me like, "Well, what do you think of Robinhood?" And I'm like, "I don't know. Let me go try it."

bobbi rebell:
Right. Well, one thing that people should... I just want to note. Very often, if you do consolidate your money and you get to a certain level, you can get benefits at these things.

sarah wilson:
Yes.

bobbi rebell:
So, I do advise you even though I don't... But I advise you to consider consolidating into fewer accounts than 15 at some point.

sarah wilson:
Yes.

bobbi rebell:
Because there are often benefits. People do want to reward their better customers. And also, from a question of just tracking your money and having those efficiencies. That might be something to consider.

sarah wilson:
I have a lot of spreadsheets right now.

bobbi rebell:
You mentioned in terms of your bigger picture life planning, what have you been able to do since paying off your debt?

sarah wilson:
The next big thing is going to be buying a multifamily property, and house hacking that into another stream of income. This is something I never dreamed of before. I never thought I'd be able to buy a house on a currently around $50,000 a year. But I have no debt. I live off of about 50 to 60% of my income, invest and save the rest.

bobbi rebell:
And explain what house hacking is. And that's a topic we're going to cover, actually, on a new Financial Grownup episode coming up.

sarah wilson:
Wonderful. House hacking is say I purchased a duplex for $200,000. Because I live in Texas and I'm very lucky. So, I move into one unit and then the other unit I rent out for say a little bit above what my mortgage payment and taxes are for the entire property. Suddenly, I've got essentially someone else, a renter, paying my mortgage for me. I've opened up another line of income and I'm also building equity in this home. In a couple of years, I can be saving the money that I'm saving on rent and do that again. Rent out both sides and maybe move into a different property, or maybe a fourplex.

 
“I was able to do my debt free scream live in studio. That was just incredible. It felt like closing and opening a chapter in my life.”
 

Sarah’s money lesson:

sarah wilson:
I think that money mastery is a muscle and that none of us are born with it. And if we had been having this conversation three years ago, it would've been like, "I can't talk about house hacking. I can't talk about investing right now. I can't. I don't have the capacity."

sarah wilson:
But by doing small things in the direction of your goals, whether it's cutting your grocery budget a little bit, or ballsing up and opening your first investing account, even though you're a little intimidated, making those steps is going to get you to the place where you are financially free. You just have to keep moving forward one step at a time. You can't just suddenly wake up and be you.

bobbi rebell:
You make a great point to not be afraid. And even though I do hope that you eventually consolidate your 15 accounts, I do think there's something to be said for just starting. If you open an account at a brokerage firm and you decide, for whatever reason, it's not the right fit, you can move that money to someplace that is a better fit. It doesn't have to be forever, but it should be starting.

 
“It just gives so much peace to know that I have $10,000 sitting in an interest earning bank that I can use if something terrible happens.”
 

Sarah's everyday money tip:

bobbi rebell:
I want to transition to talking about your money tip because this is something that I totally did not know. I am significantly older than you, but apparently other people do. My husband made fun of me now for not knowing this. However, I feel that I have to be honest that I did not know to do this all these years, and maybe there are other people out there that haven't.

bobbi rebell:
We were chatting earlier at FinCon and I mentioned that I'd forgotten toothpaste. I had a toothbrush, I forgot the toothpaste. You gave me this amazing advice because I was about to go buy one. Go for it. What's your money tip?

sarah wilson:
I told you to go down to the front desk and ask the concierge, or hospitality, or the front desk clerk, just tell them that you forgot your toothpaste and toothbrush and they will give you one.

bobbi rebell:
For free.

sarah wilson:
Yeah, completely free. Like 50 feet away from the gift shop where they sell a miniature size toothpaste for $4 and a toothbrush for 3. He'll just hand you one.

bobbi rebell:
Not only did they give me toothpaste, they gave me a toothbrush. A full size toothbrush, by the way, Sarah.

sarah wilson:
Yeah. Like an Oral B toothbrush and then like Crest mini toothpaste.

bobbi rebell:
Totally.

sarah wilson:
It's the good stuff.

bobbi rebell:
And apparently they give away other stuff. The concierge.

sarah wilson:
What else do they give away?

bobbi rebell:
My husband has informed me they give away combs. They can give you a razor. All kinds of things that you would go to the gift shop right next door and purchase.


 
“By doing small things in the direction of your goals, whether it’s cutting your grocery budget a little bit, or opening your first investing account, even though you’re a little intimidated, making those steps is going to get you to the place where you are financially free.”
 

Bobbi’s Take:


Financial Grownup tip number one:


I never thought about the fact that hotels and tons of other places that we visit, that we see throughout our everyday lives, have lost and founds. They do, guys. It's not just school.

When you're growing up, this can be very important. If you lose something, or misplace it, or maybe if you need a charger, like Sarah did. I know this is very basic, but just like I didn't know that you could just ask for things for free from a hotel front desk, that were for sale right around the corner. Make sure that if you misplace something, or you just maybe need to borrow something, again like a charger, you ask if there is a lost and found. Maybe the thing that you lost is there, or maybe something that you need to borrow is there.

I once left a pair of shoes in a hotel. Don't ask how I lost the shoes. I was wearing other shoes. Just trust me. And I called anyway. They looked in the lost and found. Sure enough, they were there and they mailed the shoes to me. All is not lost. Just ask.


Financial Grownup tip number two:


Financial Grownup tip number two. Sarah is all over the place with her investing. That's her thing right now. We're not going to judge. But I do want to caution that although I said in our interview that you don't want your resources too scattered, and that there are often perks that you get if you have larger balances and you consolidate in one place, it's also okay to have your resources in a few places. Maybe not, and I know it's an expression but, put all your eggs in one basket. Put all your eggs in just a few baskets. Not too many, but a few.

Maybe I'm a bit paranoid, but sometimes things do go wrong. There have been companies that have gone out of business, or sometimes something not so legal happens in some places that seem to be pretty above board until they're not. So, it's okay to have your wealth in a few places. Make sure that they have the appropriate protections in place. Whether it's a bank with FDIC insurance. Or SIPC, for example, for a brokerage. And understand what that protects.

For example, SIPC is not going to protect you from a stock's value going down. That's just the market. What it does protect you from is the custody function of a broker. So, if a brokerage firm fails, that's going to give you some limited protection. Take the time to understand the protections for your investments when you choose what entities to park your money in. Whether it's banks or brokerage firms, what have you, there's a lot of startups, make sure that they've been vetted, make sure you understand the protections that are in place. Made a deliberate decision about how many entities you're going to be parking in your money in. Again, 15 seems like a lot. Whatever works for you, though. I think it's your decision. Just make sure it is deliberate, as I said.

Episode Links:


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Advice, Entrepreneurs, Financial Grownup, Millennial Superstars, Personal Finance, Student Debt, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanYouTube, Sarah Wilson, Student Debt, Student Loans, Budget Girl, Dave Ramsey, Debt Free, Debt Free Scream
How to get a free family vacation with Park Place Payments founder Samantha Ettus
How to get a free family vacation with Park Place Payments founder Samantha Ettus
Samantha Ettus Instagram

When Park Place Payments founder and CEO Samantha Ettus was just getting started in her career, family vacations were not in the budget. But she found a way to get a luxury vacation for free, with a little creativity, and a sense of adventure.


Samantha's money story:

Samantha Ettus:
Oh my gosh. You're the first person I've shared this with on air, but this is a little bit embarrassing. That's okay. We go way back, so I'll share it with you. But I was pregnant with my third child, and I had two little ones, Ella and Ruby, who were both under age five at the time. And spring break was coming up. We were in a very small New York City apartment. It was 1400 square feet. And I was freezing and just exhausted, and I said to my husband, "Where are we going to go spring break when the kids are off?" And he was like, "What do you mean? You have a book coming up that you have to work on, and I have this business I just started, and there is no budget for a vacation." I kind of had my own version of like an adult temper tantrum where I was crying and emotional and pregnant, very pregnant, and just beside myself that there was no way to get out of Dodge basically.

Samantha Ettus:
So basically we got in this argument and he said, "Well, if you can figure out how to do it for free, I'll take the time off." I said, "Okay, I'm going to do it." The first thing I did was get online, and this is ridiculous, but I looked up-

Bobbi Rebell:
So this is basically, I can tell, this is basically how Samantha Ettus gets a vacation for free. Okay. Go.

Samantha Ettus:
Exactly. Yes. Thank you for titling it. So basically I quickly got online and just said I was going to enter a contest where you could win a vacation for free. That was a total dead end.

Bobbi Rebell:
Or just enter the lottery, Samantha. Why not.

Samantha Ettus:
Right, exactly. If we're going down that path. Good stats there. And then I went on these home-swapping sites and saw so many exciting homes. Then I thought, well I can [inaudible 00:05:52] to this apartment. I went to the flower store. I basically had completely [inaudible 00:05:57] the apartment and photographed it by the time the day was over, and that night we had 15 to 20 offers of home swaps. There's all these websites where you can just house swap. You have to sign up and do all the things, and you barter, and people will immediately start making offers like, "Do you want my flat in Paris if I can have your flat in New York City?" I mean, that's literally what it was like. And it has to be compatible dates, but you type in your dates. I mean, these sites are really sophisticated at this point.

Samantha Ettus:
So we ended up swapping. By the next week we had our spring break plan. We used frequent flyer miles to go to Newport Beach, California. There was a family there of five. They had a brand new home. I looked it up on Google. I even Googled the owners to make sure they were legit people. She was like a VP at some company, and so I knew she was like a real person and I could find her on LinkedIn. She actually left her car, which was an SUV, at the airport for us, so that when we landed we had her car for the week. The only thing I had to do was feed her fish, which my little kids thought was so exciting, and we had a one week vacation in Newport Beach that was completely free.

Bobbi Rebell:
And she let you drive her car?

Samantha Ettus:
Yeah.

Bobbi Rebell:
Oh my goodness.

Samantha Ettus:
And by the way, the one thing we did was we had a housekeeper come right before they came to our apartment and right after they left. So for us, you wouldn't have even noticed that they were there. It did not impact our apartment at all. We left their apartment in good shape and they left ours in great shape.

 
“I think prioritizing vacations as a family is a really good use of your money, because those experiences are more valuable than things.”
 

Samantha’s money lesson:

Samantha Ettus:
I think it was homeaway.com. But otherwise it was just the number one house-swapping site, whatever that is. You can just Google it.

Bobbi Rebell:
Have you done more, by the way, since then?

Samantha Ettus:
We haven't done more. And the other lesson I think is-

Bobbi Rebell:
Wait, why not?

Samantha Ettus:
Because we actually fortunately got into a position where we didn't need to do a house swap for a vacation. We found other ways to pay for the vacation. The other thing is we were in a New York city co-op, and like shh, but you're not really supposed to be house swapping in a New York City co-op. So it was a little bit tricky. But it's many years later. So I think I'm safe to share that with your listeners. But at the end of the day, it all worked out beautifully. I think in general we had a great situation. Their house was not as clean as I would have liked it to be. It wasn't as clean as a hotel would be. There were certain things that weren't perfect, but it was as close to good as you could get. I think the lesson is just you can always figure it out.

Samantha Ettus:
But the other lesson is to always keep that vacation money aside. Like figure out either a side hustle or figure out a way to put away money for a vacation. Because at least in my family, we are a two-income family. My husband and I are both working, and our vacations are so important to us because it's a lot of quality time with our kids. And so especially as our kids are getting older, we care so much about that time. And I think prioritizing vacations as a family is a really good use of your money, because those experiences are more valuable than things.

Bobbi Rebell:
And I'm so glad you said that. It reminds me of the question that Warren Buffet got from a child recently asking about how to suppress his desire to, for example, go on vacation. I think they were talking about Disney, or Warren Buffet brought up the idea of Disney that you can say you want to save up for a seven-day trip to Disney, but then by the time you've saved up for seven days, your child is not the right age anymore or the age that you wanted to go. So maybe it's better to go for a two or three-day Disney trip. Or in your case, maybe it's better to go on a home swap and go on the vacation rather than just not, rather than waiting for the perfect time when you're completely financially able to afford your dream vacation. You have to live your life.

Samantha Ettus:
And the other thing about that it's the same thing as people saying, well, it's not the right time to have a baby, it's not the right time to fall in love, it's not... The bottom line is life doesn't work that way. And if you fall in love, go for it. If you want to have a kid, you'll figure it out. There's no perfect time for any of this. But I do think that time passes really fast with people you love. And so the more time you can spend having those experiences now it's really worth it. Don't delay happiness.

Bobbi Rebell:
Don't delay happiness. Excellent point.

 
“Time is more valuable than any other thing you have so use it wisely.”
 

Samantha's everyday money tip:

Samantha Ettus:
Yes. I think it is critical to think of your time as money. So for example, I mean this is just a little small example, but part of my team yesterday was ordering in lunch because we had a big conference call, and one of my employees who focuses on the budget was like, "Oh my gosh, it's so expensive." And someone said, "Well I'll just go get it." And I was like, "Hold on. Hold on one second. The amount of money we're saving for you to go get it, for you to be gone from the office to go get it for 45 minutes is actually not worth the $8 we're saving."

Samantha Ettus:
And so sometimes we forget that time is money. And that's just a micro example at work. But then at home it's like I will meet so many people who think it's better to not spend $40 on a housekeeper once a week or $50 on housekeeper once a week, instead of doing it themselves. But what could you be doing in that four hours? Could you be working on a side hustle, or that business idea you've always wanted to start? Like there are so many things you could do with that time. Or is it maybe worth it to spend that time doing something alone with your child?

Samantha Ettus:
I think it's pivotal to think of time as money. And pretty much time is more valuable than any other thing you have. So use it wisely.

Bobbi’s Take:


Financial Grownup tip number one:

Samantha talks about the cost of being out of the workforce, but with so many entrepreneurial ventures these days, how that is defined is changing. So you may work for yourself and not be in a traditional job and think you are good to go. And you are good to go to an extent, but you need to make sure that if you are not working for a corporation that gives you benefits, you are also paying yourself the benefits that you would have had. And specifically I want to focus on retirement savings. Many full-time jobs have some kind of plan, often a 401k with a match. If you do something yourself, for example, for the flexibility, something like Park Place Payments, make sure you calculate more than just your salary when you are figuring out how much you are really making, and make sure you set up a retirement plan for yourself and you fund it consistently.

Financial Grownup tip number two:

Go on short vacations if you are on a budget. My family wanted to go to Iceland. It is crazy expensive. We went for four days. We had an amazing time. And if you can pay for part of it, by the way, with points and so on, do it. Don't save it all up for the most amazing round-the-world trip when you get old. Just use it now. Don't save it for when the time is perfect. Do it. I'm looking at my 12-year-old and wondering how he is 12 years old, and I am so happy that we have gone on the trips that we've gone on, and my only regret really is that we haven't done more adventures as a family traveling.


Episode Links:

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Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Entrepreneurs, Authors, Family + Relationships, Financial Grownup, Millennial Superstars, Personal Finance, Role Models, Travel, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanSamantha Ettus, Park Place, Home Swap, House Swap, Vacation, Family Vacation, Spring Break, Luxury Vacation
Financial Grownup Guide: 3 Money Tips for Living Abroad with guest co-host Tess Wicks Encore
Financial Grownup Guide: 3 Money Tips for Living Abroad with guest co-host Tess Wicks Encore
FGG - Living Abroad Instagram

There are lots of money challenges with living abroad starting with just how do you even manage your money? Do you need to open a foreign bank account? Tess Wicks joins Bobbi from Italy to co-host this Financial Grownup Guide

3 Money Tips for Living Abroad

  • Depending on your plans and the country you are traveling to, make sure you are legally allowed to be there

  • Why it's so important to know what the financial requirements are to move to another country

  • Why it's not only important to understand the currency conversion, but also to also find a credit card that has zero transaction fees

Episode Links:

Follow Tess!

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Business, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Millennial Superstars, Personal Finance, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanMoney Tips, Living Abroad, Travel, Ital
Financial Grownup Guide: 3 Tips for Living in Expensive Cities with Grant Sabatier (ENCORE)
Financial Grownup Guide: 3 Tips for Living in Expensive Cities with Grant Sabatier (ENCORE)
FGG - City Living Instagram

Big cities have a lot to offer- but can be expensive. Co-host Grant Sabatier, creator of Millennnial Money and author of the new book “Financial Freedom. A Proven Path to All the Money You Will Ever Need” recently moved to New York City despite the costs. He shares his three biggest tips to making it work for your financial grownup money goals, and still live life to the fullest.



Here are 3 tips for expensive city living

  • How you can plan for the big fixed expenses

  • Why you should balance the convenience of prepped vs non-prepped items

  • The importance of getting out of the city


Episode Links:


Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Authors, Entrepreneurs, Financial Grownup, Financial Grownup Guides, Financial Independence, Millennial Superstars, Money, Personal Finance, ShoppingBobbi Rebell KaufmanFinancial Grownup, City Living, Grant Sabatier, Financial Freedom
Financial Grownup Guide: 3 Tips for Scholarship Success with guest co-host The Scholarship System’s Jocelyn Paonita Pearson (Encore)
Financial Grownup Guide: 3 Tips for Scholarship Success with guest co-host The Scholarship System’s Jocelyn Paonita Pearson (Encore)
FGG Scholarship Success - Instagram

The secret to getting the most free money in the form of scholarships is in knowing the systems to use and the shortest, most efficient path to success. Jocelyn Paonita Pearson, creator of the Scholarship System joins Bobbi to talk specific strategies to get the most dollars to pay for your education or that of those you care about, without wasting time on dead ends.

Here are 3 tips for scholarship success

  • Dedicate a certain day to work on scholarships

  • Efficiency - apply all the way through the college and tweak your story that is working

  • Don't make excuses - there is money out there for for all gpa's and low income - Still apply - read criteria


Episode Links:

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Financial Aid, Financial Grownup, Financial Grownup Guides, Millennial Superstars, Personal Finance, Student Debt, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanScholarships, The Scholarship System, Jocelyn Paonita Pearson, Success, Money tips, Tuition
Blood Money with Bethany Bayless of the Money Millhouse
Blood Money with Bethany Bayless of the Money Millhouse
Bethany Bayless Instagram

Bethany Bayless wanted to be a financial grownup when she was an 18-year college student. But when she couldn’t get a traditional college student job near campus, she got creative, earned the money she needed for expenses and found a way to give back to the community. Plus Bethany shares her favorite apps to make extra cash.

“There is a limit to how much you can cut back in your budget. You don’t have to limit your income. ”

Bethany's money story

Bethany Bayless:
When I graduated high school, I went off to college and as a grownup, I just turned 18, and I went to a college that was very small, and it was in a town of six other colleges. We were lots and lots of college students.

Bobbi Rebell:
What town?

Bethany Bayless:
It was Spokane, Washington. In Spokane, there's Gonzaga University, Eastern Washington, all these big universities. There were not a lot of jobs for college students there. It was very very saturated. I was very adamant that I wanted to pay my own rent.

Bobbi Rebell:
You are, by the way, one of five children.

Bethany Bayless:
That's correct. I am the only girl also, I just might add. I didn't want to ask my parents for money because I'm an adult, and that's what adults do is you make your own money. You pay your own rent and utilities, and food, and all of those things. What I did find was that I could go to a plasma bank and donate my blood plasma twice a week. That's exactly what I did. I made $240, and my rent was $240, exactly.

Bobbi Rebell:
Oh my god. Talk a using your god-given resources, Bethany.

Bethany Bayless:
Exactly. I also think, isn't the house rent supposed to be 25% of your income? It was about 100, and so definitely a lesson learned there. I had to do some other little things here and there. This was before side hustle nation. This was before Uber, before Insta Cart, or something else that I could do to earn money. This was the side hustle app of the age, if you will.

Bethany Bayless:
I just learned very very quickly how much money was worth, and even a quarter was the world to me. It was a chunk right there. It was a great experience because I learned to be frugal. I learned to cut back, and I learned to know exactly what I needed. It was a time that I had zero once.

Bobbi Rebell:
By the way, I used to give blood plasma a lot. My mother was sick at a point, and that was something that I was a regular there. One thing that I did learn was that they also feed you there, Bethany.

Bethany Bayless:
Yes. Cool.

Bobbi Rebell:
In addition to the money you could get meals, right?

Bethany Bayless:
Yeah. Basically the way the plasma works for people who are not familiar with this process, we will be talking about blood. Just give that disclaimer very quickly. What they do is they hook you up to a machine. They take out a certain amount.
Bobbi Rebell:
It takes a while.

Bethany Bayless:
Yes.

Bobbi Rebell:
It's a process. This isn't just donating blood. This is a different kind of thing.

Bethany Bayless:
Totally different. Because what they do is they put it in a ... It is a word for it. They put it in a machine where it separates it. They spin it really really fast, and it separates the platelets with the white blood cells, with the red blood cells and your hemoglobin, or whatever. Then they give you back your red blood cells.

Bobbi Rebell:
It takes about an hour sometimes. It depends on your blood pressure, believe it or not. Because I had low blood pressure, and sometimes I would not even qualify because you have to be at a certain level, which makes it a very special thing. People really should donate if you do qualify. It's an important thing to do, I should say. You are there for quite a while.

Bethany Bayless:
It is. I would be there sometimes ... Because you had to go in the waiting room first. Right?

Bobbi Rebell:
Right.

Bethany Bayless:
You have to wait-

Bobbi Rebell:
They set it up for you.

Bethany Bayless:
You have to go through this process. It was a chunk of time, but it was exactly what I needed. I went twice a week. I became friends with Rick, who was the guy who ever single week I would go to him. We became friends. He even had the bedside manner of House, very dry, sarcastic, hated the world, but he called me Sunshine. It was a great experience for me to really do it on my own, to do it myself. I thought, why not. It was the epitome of my desperation pretty much.

Bobbi Rebell:
Also, it is a giving thing to do, and I think it's wonderful that you did that, because even though that wasn't your primary motivation at the time, and I think it's important that people understand that, and that if they are eligible and can do that, it is great to donate plasma.

Bethany Bayless:
Absolutely. Also, I was a universal donor. My blood type is the rarest blood type. I'm AB negative, for anyone who wanted to know. We're finding out so much about each other in this conversation.

Bobbi Rebell:
So much.

Bethany Bayless:
I'm AB negative. It is the universal plasma donor, so anyone could take my plasma.

Bobbi Rebell:
That's wonderful. You didn't mention, what was your favorite snack when you were done? Because they did feed you, so you got food and money.

Bethany Bayless:
Yes, food and money, and I really loved the little cookies. They have little chocolate chip cookies.

Bobbi Rebell:
Yum. Do they have orange juice too?

Bethany Bayless:
Yes, and apple juice, I believe.


Bethany’s money lesson

Bethany Bayless:
The lesson is to do whatever it takes to get by, and to be a financial grownup.

Bobbi Rebell:
Within what is legal and what is reasonable. We need to qualify that, Bethany-

Bethany Bayless:
Absolutely. Do anything that was legal. Should I say that again, Bobbi?

Bobbi Rebell:
Well, I don't know that people should, for example, donate a kidney, that kind of thing. I think that things like plasma, and things like that, are good, but not actual body parts.

Bethany Bayless:
A kidney or another controversial-

Bobbi Rebell:
We want to be clear.

Bethany Bayless:
... another controversial is donating things like eggs.

Bobbi Rebell:
Yes.

Bethany Bayless:
That could have set me up for the entire year, but interesting.

Bobbi Rebell:
It's a personal decision. Just be thoughtful about what body parts and things that you give from yourself.

“I could go to a plasma bank and donate my blood plasma twice a week. So that is exactly what I did. I made $240. And my rent was $240 exactly. ”

Bethany's everyday money tip



Bethany Bayless:
Like I said in my story, there was a time when I gave plasma as my last option, it was a time that these apps did not exist. It was not the age of the side hustle, but now I feel like financial grownups have so many options, because you can cut back. There's a limit to how much you can cut back in your budget. There's a limit to how you can limit your expenses.

Bobbi Rebell:
You can only give plasma twice a week.

Bethany Bayless:
You can only give plasma twice a week, but the other thing is that you don't have to limit your income. That is something that there's no limit to the amount of money that you can make. One of the things that you can do is there are a list of apps, things that we've talked about, like Uber or AirBnb, or things like that. Those are already very well known. Other things like Insta Cart, maybe you want to go grocery shopping for people, and you can do it in your spare time. You can pick up times where you just go grocery shopping. It's a great tool to use. I love getting my groceries delivered. If you want to shop [crosstalk 00:10:29].

Bobbi Rebell:
But you can also be the person delivering the groceries.

Bethany Bayless:
Exactly.

Bobbi Rebell:
We want to be clear. For all of these, you're not the person getting in the Uber. You're the one driving the Uber.

Bethany Bayless:
That's absolutely right.

Bobbi Rebell:
That's where the income comes.

Bethany Bayless:
Exactly. We have Insta Cart. We have Etsy. Maybe it's time to make things online. There's also some other really great ones, like Rover. It's a dog-walking app. If you want to go hang out with dogs for a day, why don't you download Rover, and you're able to go. You can even teach your kids about being responsible, and take them along with you now that you're a financial grownup, if you have children. Those are some of my favorite apps that you can use.


Episode Links:

Bethany’s websites TheMoneyMillhouse.com and BethanyBayless.org

Apps we mentioned in the episode:


Follow Bethany!


Follow The Money Millhouse!

 

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Business, Entrepreneurs, Family + Relationships, Financial Grownup, Health + Fitness, Millennial Superstars, Personal Finance, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanDonate Plasma, Side Hustle, Apps, The Money Millhouse, Bethany Bayless, Speaker, Co-Host
How to turn something you hate into a thriving business you absolutely love with Y7 studio founder Sarah Larson Levey
How to turn something you hate into a thriving business you absolutely love with Y7 studio founder Sarah Larson Levey
Sarah Larson Levey Instagram

Sarah Larson Levey is becoming a familiar example of millennial entrepreneur success, recently being featured on the cover of Inc magazine and her company Y7 studio being named one of the magazine’s most inspiring companies last year. Keeping her costs at extreme minimal levels helped entrepreneur Sara Larson Levey grow her side hustle yoga startup while still working her full time job for two years.


Sarah's money story:

I actually was really unsatisfied with the yoga experiences that I was having throughout the city. It left me feeling really frustrated and lacking in what I was looking for. I wanted something where I could still move and sweat and get a really great workout in, but at the same time get that mental clarity that is touted for yoga. I just really couldn't find that so I decided to start my own place to practice.

Bobbi Rebell:
Let's take it back a little. You're working in the fashion industry, you're married, you're in Brooklyn, you've got a job, you're busy, you're living your life. Most people, if they're not happy, they're going to fill out a form, a feedback form. You instead start a pop up. How does this happen and where does the money come from? Because you're 20 something, how old are you now?

Sarah L. Levey:
I'm 32 now. I was 26 at the time.

Bobbi Rebell:
Most 26 year olds are dealing with other financial things. How did you literally start this? Where did the money come from? What did you do?

Sarah L. Levey:
The money came from my job. I have always been really good at saving. It was really just supposed to be a pop up at first, right? We found a super, super cheap space. We hired teachers off of Craigslist who are willing to work just to get the teaching experience and that was kind of it. As soon as we realized that this was going to be a thing that there were other people who resonated with the kind of yoga that we are providing, that's when I started looking for a little bit more of a permanent space.

Bobbi Rebell:
One of the things, and I know this as a student, the space is unique. Can you talk a little bit about that and also how do you pay for that? Especially in a pop up because there's a heat element to it. The studios are darkened. It's a very different atmosphere, so there's definitely some investing that has to go on when you set up a space.

Sarah L. Levey:
Yeah, I think for us, we really knew what we wanted and we were lucky enough to find a space that already didn't have windows. We brought in our own heaters and we rented it out by the hour. This space was actually a very large recording studio that was not used during morning hours on the weekends, and that's where we went in.

Bobbi Rebell:
I think that's interesting because a lot of people don't think about that option to rent by the hour when you're starting a business. They might think you have to sign a lease for a longer period of time or come into a space. You were able to manage your cost that way.

Sarah L. Levey:
Absolutely.

Bobbi Rebell:
Then how does it go? You have this pop up, how are you getting the word out and how do you start expanding and funding that expansion?

Sarah L. Levey:
It was all word of mouth. We would go out at like 4, 5:00 AM and just flier all over Williamsburg and Brooklyn where the first location was and that's how people came in. That was really all we did. It was all Instagram, Facebook and flyering around the neighborhood. We didn't have budget for anything. There was no budget to spare. Everything was being funded by my job and my husband's job at the time.

Bobbi Rebell:
How did you get it to the next level? When do you feel you reached a critical point where you started thinking, this is really a thing and I might leave my job to do it? Because a side hustle doesn't always evolve.

Sarah L. Levey:
Right. It took a while. What's so great about New York is it is one of the few places where you can find a space that's willing to do a month to month or maybe do a split tenant kind of thing. We found a small 300 square foot space in an artist loft. All of the little suites were around 300 square feet. We paid a very, very small amount. Everything was included and we started out that way. The studio room could only fit 10 people maximum, and that's how we ran classes. We ran classes four a day before work and after work. I worked the front desk morning and night. My husband and I would switch off. The teachers were paid per student, so it was all dependent on them really getting the word out about their classes and bringing people in. We operated like that for a good nine months before we grew out of that space. Then we were fortunate enough to find another month to month space where we didn't really need to lay all this money out for security.

We were fortunate enough where the business was starting to generate enough cash that we could continue to float the business but that was it which is the reason that I continued working up until the spring of 2015. A good two years after we opened the studio.

Bobbi Rebell:
What kind of conversations were you and your husband having about money while this is going on? What was it like?

Sarah L. Levey:
It was interesting, it was the first time either of us had operated a business on a retail level. We didn't really know what we're doing, but I felt really confident that I didn't want to put classes on the schedule or do things around the studio that would put the vision of the experience in jeopardy. I wanted to always make sure we could pay rent, pay the teachers and also continue not to put pressure on ourselves so we could still do the things we wanted, have both really.

Bobbi Rebell:
Looking back, what is the best thing you did in terms of financial decisions with the business and what's something that maybe you would do differently?

Sarah L. Levey:
That's a tough one because I love our journey so much. I think it's super interesting and an ode to really the fact that you can self-fund a business. We didn't take on private equity funding until we were six studios in and that was a choice on our part. It was definitely a little bit stressful but it was a choice we made so we could really hone the experience and not bring on partners who just had ideas to make more money, have a better cashflow. We were able to preserve the experience of the business. We included mat and towel at first and our laundry expenses were really, really high. I would have started charging for those immediately because we always felt the pinch around that. Other than that, I can't really see doing in another way.

Bobbi Rebell:
How did things change when you did take outside funding?

Sarah L. Levey:
We decided to take on outside funding to really be able to sign nicer spaces. If anyone has ever been to the Flatiron studio or the Union Square studio, those were studios that I painted the walls. I was the one on Craigslist finding people who could throw up a devising wall. We did all the electrical. We commissioned people to build the front desk or things like that. It was super, super bootstrapped. The more people that were coming in and out of the studio, we really wanted to have a little bit nicer amenities because it is hot yoga. We wanted to be able to have showers if we needed to and those things were really, really expensive. Taking on capital for us was a way to really open the doors to higher end retail spaces and have the money to invest in the build-outs.


Sarah’s money lesson:


I would say be realistic. It is totally okay to do two things at once and it's important, that way you don't lose sight of what your actual vision is. I think that if you're stressed about your personal finances, you're always going to be looking for ways to have your business make more money, right? Because you're feeling the pressure personally of like, oh my gosh, how am I going to do this? How am I going to do that? I think that's when people tend to lose the passion for their business because it becomes more of like, it's not growing fast enough, it's not doing what I want to do fast enough. A lot of good concepts take time and they take consistency to work. I would say just be really realistic and don't assume anything when you're planning. Don't assume things are going to work out exactly the way you want. There's always going to be hiccups and you have to be ready to combat that.

Bobbi Rebell:
Is there an example of a hiccup that you can share?

Sarah L. Levey:
Oh yeah, of course. Our first Williamsburg studio was in the basement and there was a spring where we had a ton of snowstorms and then all of it melted and then it rained for like a week straight, the entire studio flooded. It cost us $20,000 which was a huge amount of money to us at the time. We had to replace all the floors, all the electrical. We had to redo basically the entire studio because of a flood. That's something that I never, I don't know, I'd never lived anywhere with a base. I don't know, it just didn't occur. It didn't occur to me and I was like, oh. I was like, I guess we have to close and do all this stuff. Then we had to get a mold check and just all of these things that you don't even think of. That was something that I was like, oh, okay, cool.

Bobbi Rebell:
Oh my gosh. Did you have insurance? Did you have insurance?

Sarah L. Levey:
Not at the time.

Bobbi Rebell:
Okay, but now you do.

Sarah L. Levey:
That is right. Lesson learned.


Sarah's everyday money tip:


Well, I used to all the time, purely out of convenience. I'm a big Postmates girl, I'm Postmating everything and then all of a sudden I was looking at my credit card bill. I was like, what am I spending so much money on? Everything was adding up. Once you do the delivery fee, you add the tip. I'm spending $30 on lunch every single day and it just adds up. Now I make a point where every Monday, I'm very lucky Whole Foods is directly across the street from our office. I stop at Whole Foods every Monday. I'll grab lettuce, vegetables, chicken, whatever it is so I have enough and I bring it to the office and I stick it in the fridge and it's basically like I have enough at the office to make lunch for myself every day. It takes so much pressure off of like making sure I order with enough time before I have to go to a meeting, being really stressed about it. It's here. I can make it when I need it and I'm set for the week.


Bobbi’s Financial Grownup tips

1.Create additional stakeholders in your projects. Sarah empowered her initial round of teachers by paying them per students. The first win is that it saved Sarah on her cost, but the even more important thing it did was it rewarded the teachers for the impact that they made on the business. The more students they could bring, the more they made.

2.Buy insurance if you need it. Sarah blew it at first on this one. The flood sounds like it was a nightmare. Insurance would have cushioned the blow.


Episode Links:

Sarah’s website - www.y7-studio.com


Follow Sarah and Y7!


Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Business, Entrepreneurs, Financial Grownup, Health + Fitness, Millennial Superstars, Personal Finance, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanSarah Larson Levey, Yoga, Side Hustle, Entrepreneur, millennial entrepreneur
The Google search that led Bravely Go’s Kara Perez to pay off her student debt
The Google search that led Bravely Go’s Kara Perez to pay off her student debt
Kara Perez Instagram WHITE BORDER.png

Kara Perez of Bravely go and The Fairer Cents podcast shares how she tackled more than $25,000 in student debt making between $9 and $12 an hour. Plus her go-to home recipes for making foods you normally buy in the store including bread, pickles and tomato sauce.

“I had 5 student loans total. Four of them were public. One was private. And zero financial education.”

Kara’s money story:


Kara Perez:
Yes, so let me paint you a picture. I'm 26; I'm living in Austin, Texas. The year is 2014 and I am crying about money every day, because I don't have any and I have a lot of student loan debt and it's ruining my life.

Bobbi Rebell:
Okay, just paint the numbers. What do the numbers look like?

Kara Perez:
Yeah. So, in 2014 I made $18,000. I graduated college in 2011 with $25,302, so flash forward back to 2014, I still have a little over $18,000 in debt. So, my income is equivalent to my debt. I'm making between $800 and $1,100 a month, working as a caterer for $12 an hour and as an MMA gym receptionist for $9 an hour.

So, the money is not really there.

Bobbi Rebell:
Right. And how did you feel?

Kara Perez:
Oh, I felt awful. I just was very much so treading water, if not falling backwards. I had to put one of my student loans ... I had five separate student loans ... I had to put one of them into deferment, because I couldn't make payments on it. I just didn't have enough money. And I was living in Austin, Texas with three roommates. I was trying to be frugal, but it was just ... the numbers quite literally did not add up, and I felt trapped, because I didn't know anything about money.

I didn't know how to use what I had. I didn't know how to get more of it, and I had no idea how to tackle my debt. It just felt like a weight on my shoulders everyday.

Bobbi Rebell:
And I just want to dial back a little bit. How did the debt come about in that, when you were taking it out, did you receive any financial education in the schools? Was it federal loans? Were they private loans? Were you consolidating them? What did this debt look like?

Kara Perez:
Yeah. I had five student loans total. Four of them were public; one was private, and zero financial education. I mean, god bless my mom in many ways, but growing up, we didn't talk about money, except for the fact that we didn't really have to. Single parent household. I have two siblings, and it was just very much so like, no we can't get that. We don't have the money for it. Not, hey, here's what the budget looks like and here's how much we're spending on rent, so we can't spend such and such ... you know, I just didn't have that break down. And in college, I also didn't get that break down.

And so, the narrative I heard was like, well, you'll take out loans so you can afford to go to school, you'll get a job and you'll pay them back. But of course I graduated in 2011, which was the aftermath of the recession and no one cared about my degree in English and jobs were changing and the workplace was changing. That path of take out the loans, get the job, open a 401K, pay back the loans, it wasn't really there anymore.

And so, it was just a whole lot of, "What am I doing?" in my mid-twenties.

Bobbi Rebell:
So, what was the Google search for? What did you search on Google for?

Kara Perez:
Quite literally, how to pay off student loans faster.

Bobbi Rebell:
And what did you find?

Kara Perez:
What was amazing is that a bunch of people who were blogging about personal finance popped up, and now I'm friends with many of those people. I fell into the world of personal finance blogging, where people were sharing their own stories in very casual ways of, "Hey, we're trying to pay off $100,000 in medical school debt," or "We're saving to buy our house in cash." And I thought, okay, this story features a cop and a teacher. If they can do it, I can do it.

For the first time, instead of feeling overwhelmed by money, this insight into other people's stories via their blogs made me feel like, oh, you're a normal person; I'm a normal person. If you can do it, I can do it.

So, from that, I spent two months just voraciously reading personal finance blogs, everything, anything. I was just crushing it. And then I started implementing some of the things I learned in my own life. So, even though I still had a really tiny income, I was able to pay off about $3,000 in 2014 in student loan debt. And so I was making $18,000, paid of $3,000.

Bobbi Rebell:
What specifically did you do? What were the first things that you learned?

Kara Perez:
First thing I learned was to sign up for automatic withdrawals from my checking account to pay my student loans, because I got a .25 percent interest reduction. So, even though it was a teeny amount, and even though I was scared because I didn't always have money in the account, I signed up for it anyway and just committed to always having money in the account. I was like, I'll just find a way. If that means I have to cut back on going out, that's totally fine. If that means I have to pick up an extra shift, I'll pick up an extra shift, but I want to get that reduction so I pay less in interest and I can get out of debt faster.

Bobbi Rebell:
Okay, what other things did you do that you learned?

Kara Perez:
The other biggest thing I would say was just getting organized about which debt I was paying off at a time, because I used to just make an extra $20 payment on this loan and an extra $20 payment on that loan, and my extra payments were kind of just thrown all over the place, and thus they weren't really making an impact.

So, I streamlined it. I used the debt avalanche pay off method, and made all my extra payments on my highest interest debt, and that really started compounding quickly, because an extra $20 every two weeks starts to add up, and then the more money ... I started also focusing on earning more, and in 2015 I made $32,000, which felt like, whoo, so much money!

I was able to put more towards the debt and make an extra $100 payment or something every two weeks, and it really, really started to go down quickly.

“With the right information and the right application you can change your life”

Kara’s money lesson:

The biggest lesson is, with the right information and the right application, you can change your life. So, even if you are really low-income or you're working part-time jobs, or you don't have access to a lot of tools that maybe you see other people having access to, find out what works for you. So, for me, again, it was signing up to get that interest reduction. It was getting very frugal. It was making more money via picking up other side hustles, so that I could funnel all of that toward my debt.

“It often is a healthier choice to make things at home, as well as a time saving and money saving choice”

Kara’s money tip:

Kara Perez:
Yeah, so I am a big ... well, I don't want to say a big, but I am becoming a big at-home cook.

Bobbi Rebell:
We're all evolving.

Kara Perez:
We're all evolving. I'm trying, because I spent so long in the food service industry, I would always take home leftovers. I didn't have any cooking skills. So, this year, I have really focused on making more things from scratch, and I know that sounds a little like, oh, bougie, like, oh you have the time, and you have the energy to do it.

Bobbi Rebell:
Right, and not only that, it's just intimidating also, because a lot of things that you think ... you look around the supermarket and things are made for you. There are things ... it's one thing to say, I'm not going to buy prepared food. I can cut up the cantaloupe myself. Okay, we know you can do that, but a lot of things that we buy, that I assume have to be made in a factory, apparently don't.

Kara Perez:
Definitely not. So, my big thing this year has been making homemade bread, which sounds, again, kind of intimidating, but it's actually so easy.

Bobbi Rebell:
Yeah, because what if you don't have a bread maker. I don't even have room if I wanted to get one for a bread maker.

Kara Perez:
Right. I don't have a bread maker either. You just put your flour, your yeast, your salt and if you want to put something like oats or something in there, you just put it in a bowl, mix it all up with some water, and then you let it rise over night.

The mixing takes two minutes max, you let it rise, and then you pop it in the oven for about 30 minutes, and then boom, beautiful, delicious bread.

Bobbi Rebell:
So, why does everybody feel they have to buy a bread maker? What do the bread makers do?

Kara Perez:
I honestly don't even know.

Bobbi Rebell:
I don't know. I hope the bread maker people don't come after us.

Kara Perez:
The bread maker lobby.

Bobbi Rebell:
Exactly, but there are appliances for every little thing that I don't think that I don't think we really necessarily need, because that's one of my hesitations is, I don't want to do that, I don't want to take out. Like I know I could make mayonnaise myself, but you have to take out the food processor or whatever.

So, there's a couple other things that you're actually going to tell us how to make by ourselves, without having to go to the store, which by the way, also, you're avoiding all the preservatives and all that yucky stuff.

Kara Perez:
Yeah, it often is a healthier choice to make things at home, as well as a time saving and money saving choice. So, I also have started making pickles at home, which is, again, just literally you cut up the cucumbers, you stick them in your jar with some vinegar, some herbs, water, garlic and then you put the top on, and put it in the fridge for 12 hours, and then you've got pickles.

Bobbi Rebell:
Great. I would never think about that. All you have to do take the cucumber and do that, and then it's pickles.

Kara Perez:
Yep.

Bobbi Rebell:
But we always just ... I don't know. It never occurred to me.

Kara Perez:
Yeah, it does work.

Bobbi Rebell:
You got one more.

Kara Perez:
And I make tomato sauce, which we eat a lot of pasta in my house, and so, that, again, it's just kind of stewing the tomatoes, the onions, the garlic, for about 30 minutes and then, boom, tomato sauce.

Bobbi Rebell:
And by the way, I know making pasta is actually not that complicated either. It's basically just making the dough, and you don't need the fancy pasta-maker. You could just cut it into spaghetti or fettuccine or whatever shape you want. There's even just, little rollers that can make different shapes. So, you don't need the fancy pasta machine, that you therefore don't have to buy, and in my case, also, you don't have to have counter space for, because I'm in an apartment. So, I think that's a big thing to remember, that these don't require special equipment.

Kara Perez:
That's such a good ... I didn't even know that. I've been intimidated to make pasta, but now maybe that will be my goal for the next month, make some homemade pasta.


Financial grown-up tip number one:

Be proactive and take ownership of your financial challenges, and don't over-complicate them. For Kara, just having the information by Googling it, and looking up the most simple stuff and then figuring out the tools to create debt re-payment strategies was enough to get her on the path to success.


Financial grown-up tip number two:

Think about the things that we buy from the store that we don't have to buy. We already kind of have them right there, just in a different form. Maybe the labeling is different, but we basically already have them. We don't have to pay up for the fancy brand name.

For example, a lot of cleaning solutions are made up combining products you already have. Sometimes, just adding water. So, for example, and I got this from the Good Housekeeping Institute, which I'll leave a link to in the show notes. You could mix four tablespoons of baking soda with a quarter of warm water and you have a cleaning solution that works on kitchen counters, appliances and the inside of your refrigerator, so you don't need to buy separately another cleaning item, which may even have more chemicals added, who knows what, and you're keeping it simple.

And if you aren't impressed with the money that you are saving doing that, which you should be in general, okay, think of it as keeping your home less cluttered, and your to-do list shorter because you have one less product in your life, and that is, as I said, much less clutter. Just think how proud Marie Condo would be.

Episode Links:

Follow Kara!

Advice, Business, Entrepreneurs, Financial Grownup, Millennial Superstars, Money, Personal Finance, Role Models, Student Debt, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanKara Perez, Bravely, Bravely Go, Student Loans, Student Debt, Frugal, Side Hustle
How to use social media to find supporters for your dream job with race-car driver Aurora Straus
How to use social media to find supporters for your dream job with race-car driver Aurora Straus
Aurora Straus Instagram

How do you pay for your passion? Race car driver Aurora Straus became a financial grownup early on when as a young teen she wanted to get into the very expensive business of race car driving. Straus gets candid about how she leveraged LinkedIn and brownies to get the sponsorship money to make her dream come true.

Aurora's money story:

Aurora Straus:
Yeah. I mean, the unspoken elephant in the room in the racing world is that racing, particularly getting your feet on solid ground, requires a lot of track time. And a lot of track time requires exorbitant amounts of money. That is one of the largest reasons that racing is very much a family sport is because it's passed down from generation to generation because otherwise it's virtually impossible to, or very hard, I should say, to raise the funding to get involved.

I was blissfully unaware of this which I think was a very good thing when I started racing. When I was 13 my dad didn't want me to race cars, but he wanted me to become a safer driver so he put me in a stick shift Mazda Miata with him-

Bobbi Rebell:
Wait. Just to interrupt here though. The driving age in both states is 16, and you're from Cold Spring, New York. So how are you driving at 13? Because I know people will want to know that.

“Sometimes going the distance is “oh my gosh I notice that you are working at 10 or 11pm and I’m going to stay with you and I’m going to buy you some dinner.”

Aurora Straus:
Yep. Depending on the insurance policy at some private race tracks, you can start driving at 13. So I started driving at Monticello Motor Club which was about 90 minutes away from New York City. I loved it. Long story short, decided I wanted to do this for the rest of my life, and my dad said, "That's great, but you're going to have to learn a lot of business in very little time.

To his credit he and my parents have both completely changed my life, and not just because of the opportunities they've given me, but because of the business sense that they've taught me.

My first sponsor came to me when I was 16, and I raced in a semiprofessional series for two years. Since then I've raised, oh gosh, hundreds of thousands of dollars in sponsorship money to make my own career happen. And I've just gone through this crazy journey. I started my own LLC. I've had to raise my own money. I've had to track metrics for my sponsors, and I think I grew up very quickly, but I wouldn't take any of it back. Because I've learned more about business from race car driving than I ever will from a summer job.

Bobbi Rebell:
Tell me more about the process. How do you first start out getting sponsors? What is that like?

Aurora Straus:
Yep. Interestingly enough, LinkedIn. I spent a long time trying to navigate through friends of friends of friends, but then I started reaching out to marketing executives at companies that I thought would fit my brand really well. For me the most important thing about a potential new partner, a new sponsor for me, is that I am completely confident that I can deliver, and that it makes sense with my other sponsors and the brand I'm building for myself.

Right now one of my biggest sponsors is Richard Mill, a luxury watch brand, and that for example, doesn't necessarily go well with a mass market workout brand for example. So I'm very much about finding the right fit, making sure that I can deliver to the right companies. I pinpoint one company, and then I'll reach out to probably 100 or 200 people on LinkedIn depending on how big the company is. Generally out of 100 people I'll get maybe five or six to respond to me which is still a pretty good turn around rate all things considered. Then out of these six people responding to me, one person will actually give me their email, and I latch on to that one person for all it's worth. There's a good chance they might not be the right person to write me a sponsorship contract, but they might know the right persons.

So it's all about being scrappy. Race car driving is not as glamorous as people think it is, but I wouldn't give it up for the world.

Bobbi Rebell:
What are the costs associated? Where is the sponsorship money going? Although I hope you also can take some a profit. That's perfectly fantastic, but what are the costs that you have to cover as a race car driver?

Aurora Straus:
The largest cost is just supporting the car. The racing industry revolves around teams who travel from race track to race track all across the country, all across the world depending on what series, and that costs money. Transportation costs money. What my coach said to me, I think three or four years ago, was, "Every time you turn a race car on at a racetrack, you can expect it to cost at least ten thousand dollars," and that's if you're trying to save money. That's if you're on a budget, you're not using new tires, you're not using new gas. And I've found that that's pretty tried and true. That in general, when I'm going to a race track I need to expect to spend at least ten thousand if not significantly more than that.

It's the tiny things that add up over time. A set of tires is a few thousand dollars. We use very specific race fuel that takes a long time to develop that costs a few thousand dollars.

The transportation might be five or six thousand. Race support, because you have a whole crew of guys that are there to support your car. You do hot pit stops so when you're in the middle of a race they've trained for decades how to take a tire off and put a new tire on in a couple of seconds. Those are also highly skilled individuals that need to get paid for a highly skilled job. So it adds up really quickly, and I also believe strongly that I never want to have to cut costs on a team just because your relationship with the team as a race car driver is crucial.

In the same way that you're developing business relationships in, let's say, the venture capital or private equity world, you take people out to dinner, you establish friendships with them. It's the same thing in the racing world. Those guys are going to be the people working on your car at two in the morning to make it a tenth of a second faster, and it's really important that you establish a good relationship.

Aurora’s money lesson:

Aurora Straus:
I'd say there are a bunch of different lessons. The main lesson for me is relationships matter. I've had to develop relationships in a really nuanced way with professionals in the industry including manufacturers at a company like BMW who I'm working with now, or guys on my race team, or team owners, or engineers. Sometimes, and I this is I think true in any industry, going the distance isn't necessarily giving someone a huge bonus or telling them that you care about them or giving them good feedback. Sometimes going the distance is, "Oh my gosh. I notice that you're working at 10:00, 11:00 PM, and I'm going to stay with you, and I'm going to go buy you some dinner or bring you some bake goods."

“Sometimes the best business decision you can make is to turn away deals that don’t value you like you think they should”

The second advice I would give, and I haven't really touched on this yet, but the sponsorship world and the racing world is very male dominated, and I'm also very young. It's taken me a long time to realize that sometimes the best business decision you can make is to turn away deals that don't value you like you think they should. And I've lost some deals because of that where I think these people are trying to take advantage of me. They see that I'm an 18, 19 year old girl, and they think that they could get the sponsorship contract for less. And I've walked away, and it's been hard, but I've also grown, and I've also realized that I get better deals because of that.

Aurora's everyday money tip:

Aurora Straus:
Yeah. My one main tip would be if you have to butter up a potential partner or just make someone happy or in my case, make friends. Come up with one kick ass brownie recipe. I love baking. I stress bake, so during midterms and finals I will almost always randomly show up to my dorm with huge batches of brownies, cookies, what have you. But it also is a lot more personal. I mean, part of my habit of gifting brownies to race teams and to friends came from the fact that I was 16 years old walking into business meetings, and I can't exactly bring wine. That would probably even more inappropriate.

“I started my own LLC. I have had to raise my own money. I’ve had to track metrics from my sponsors.. I’ve learned more about business from race car driving than I ever will from a summer job.”

It also just became a habit that I realized it's more personal than a wine bottle. It shows that you put time and effort into the relationship, and also there's nothing that bonds people more than sitting down at a table together and just talking about how your day was and eating a brownie.

Bobbi Rebell:
What could be better? No one could dispute that. Brownies are always a win.


Financial Grownup Tip Number One:

Sometimes it's a numbers game. It's just a numbers game. You have to put in the effort, let the numbers add up, face the rejection, and keep at it. A lot of the time the rejection is just silence. So many times in my life I have not done as much outreach as I could have because it's so hard. Nobody likes to be rejected especially again, the silence. So I really take Aurora's experience and her results to heart. Reaching out to so many potential sponsors and employees at these companies on LinkedIn, it really was a big project, but she got it done. And because she kept at it and she played that numbers game, she got the results that she needed.


Financial Grownup Tip Number Two:

Aurora talked about her love of brownies and baked goods. That would definitely work on me. I've used the same technique on various projects. For example, when I was writing my book I sent the 30 role model contributors customized baked goods with their picture on them or the company logo, and I also them to their team members that I worked with. Basically, the gatekeepers, the people that control their schedules to make it happen. They're really important so I sent them also thank you baked goods, marked separately, so that they knew that I appreciated the role that they played in making the interview happen. Showing your appreciation is always a great thing to do, and no matter how healthy we all aspire to be, baked goods are always a good call. I hope I don't get any flack for saying that, but come on guys.

Episode Links:

Blinkist - The app I’m loving right now. Please use our link to support the show and get a free trial.

Aurora’s website - www.AuroraStraus.com

Girls with Drive website - www.GirlsWithDrive.org

Follow Aurora!

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Business, Entrepreneurs, Financial Grownup, Millennial Superstars, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanAurora Straus, Race Car Driver, Race Car, success
How to know when you have outgrown your business, and it is time to move on with podcast host Jordan Harbinger (Encore)
How to know when you have outgrown your business, and it is time to move on with podcast host Jordan Harbinger (Encore)
Jordan Harbinger Instagram

After a nasty split from his 11-year business partners at the Art of Charm podcast, Jordan Harbinger found himself putting his own networking lessons to work as he started a new business from scratch with the Jordan Harbinger show and the Advanced Human Dynamics  platform.

Jordan's money story:

Jordan Harbinger:
Yeah, so it was supposed to be an amicable split. I got sick of being the dating guy, because I'm pushing forty, and I'm married, and I'm in a healthy relationship, and I just wasn't interested in that anymore. And a lot of the shows that I was doing were interviews with athletes, and generals, and all these really high-profile people, and they were always shocked, like 'oh, this is what this podcast is about?'

Bobbi Rebell:
Well the show was evolving, with you.

Jordan Harbinger:
The show was evolving with me. And my business partners were not super happy about that, and so they decided that we were going to split, and then when they proposed a split, we all agreed on it, and then later on, they decided, 'actually, we're not going to give you anything,' because ... I think that they had ... well it's only one guy, really ... I think he had hoped that I wouldn't leave, because I was doing all of the stuff that they needed to do to generate revenue.

Jordan Harbinger:
And so, I think he really, kind of had a little bit of an ego melt-down.

Bobbi Rebell:
When you say they didn't give you, is this about money? That he didn't give you the money, the buy-out?

Jordan Harbinger:
Right, I still own a third of the company.

Bobbi Rebell:
Right.

Jordan Harbinger:
But I'm locked out of everything. So instead of fighting for that, I said, you know what? I'm just going to start over. So I started my show, social media, email list, website, all from scratch.

Bobbi Rebell:
For people that don't know, can you talk a little bit about those assets, the value, and how they're created and what it takes to rebuild it?

Jordan Harbinger:
Sure. So, I had, essentially, created social media, Twitter accounts, since 2008 or whatever. An email list that had over, at that point, hundreds of thousands of people on it. A website that was getting millions of visits per month, and shows that were getting millions of downloads per month. And then, when all that was locked, I just basically ... I mean I literally created a new account on Twitter, called friends and said, 'hey man, can you whip up a website?' Put an email collection plug-in, in there, that was from a friend, Noah Kagan over at sumo dot com.

Bobbi Rebell:
Oh I love Noah Kagan, he's terrific.

Jordan Harbinger:
He's great. Yeah. And so, I started The Jordan Harbinger from episode one, after doing the other show for eleven years.

Bobbi Rebell:
Was there a way to make people aware of this, other than, you're suddenly not on this show? And they're just being silent about it?

Jordan Harbinger:
No, there was no way for me to tell anyone. The listeners all had to come and look for me. And that's actually what happened.

Bobbi Rebell:
Where does this stand now? I mean, is there any recourse when this happens. Because people ... it's unusual, but it's sort of not.

Jordan Harbinger:
It's actually not that unusual, yeah. Now that I'm telling my split story everywhere, almost every successful entrepreneur is like, 'oh yeah, this happened to me a while ago,' or 'that happened to me a while ago, and I've never been happier.' It's really, really interesting to see. And, I've actually never been happier, myself, either. It's strange, you never realize how toxic environments are until you're out of them, because, it's that whole boiling frog thing, right? If they turn the temperature up by a notch every year, you're there for ten years, you don't realize you're on some sort of crazy funhouse ... funhouse is not the right word, a funhouse mirror-covered crazy-house, more like.

So when you get out of there, you go, 'oh! This is how normal people treat each other on teams, and this is how people celebrate wins together, and this is how people reinvest in a company.' Instead of causing stress, and blowing it. And so, it's actually just really, really been nice, for me, to pull the plug and start over. It's been rough, but it was absolutely worth it.

Bobbi Rebell:
There's a human element to this. So you lost ... your website, you lost your branding, you lost your email list in that. But, you've took humans with you. Tell us about that.

Jordan Harbinger:
When everything hit the fan and fell apart, what I did is I made a list of people I wanted to call, and the first ten or twelve phone calls that I made were to people I know would say yes to helping me. CEOs and other entrepreneurs, and people that were really, really great to me, in the past. And they said, 'yeah, we're going to help you!' So I had this massive support network. I went on over a hundred other podcasts this year, along, well over that, actually, at this point. And rebuilt the show up to millions of downloads a month, from zero, in February. And now it's better than ever.

And it's just been so strange, because, oh! I also took a lot of the team with me. Because when I left, a lot of the other team, that was at the old company, was like, 'well, we came to work with you, man.' So they all left. And I said, 'I can only pay you half of what you're worth for the next foreseeable future,' and they said that's fine. So that's what happened, and I've made them whole since, but that was a massive vote of confidence.

Because all of this qualified staff left the old company. They all bounced.

Bobbi Rebell:
Well they followed you, more than they left. They went to where they saw the opportunity, and that's human nature.

Jordan Harbinger:
Yeah, that's true. I mean, I still have my production team, my [inaudible 00:08:14] team, everything. Everybody came with me.

Bobbi Rebell:
And, probably, many of your listeners are gradually migrating over, if they have not already. And because you have adjusted your format, and constantly evolve it, that's probably expanding what your opportunity is, and they see that.

Jordan Harbinger:
Exactly. There's been a lot of people that have said, 'oh, I didn't even know about the old show.' And I'm like, that's good. That's what I like to hear. Because, I don't necessarily just want to bring the same crowd, from the last show. There's great listeners from the last one, but The Jordan Harbinger Show is just a much better interview. It's a much more interesting project for everyone involved, and I've done a lot of the things that we used to do in the old company, like try to run live events, and do all this, and do all that. And I've realized, I actually don't like doing it.

So, it's pretty fun to just be on my own.

Bobbi Rebell:
How do you move past something like this? Or do you not? Do you just work it into your life, and use it as part of who you are now?

Jordan Harbinger:
You work it into your life and use it as a part of who you are now. And granted, look, this is ten months since this thing. The lawsuit is still in full swing. So, it's not exactly, something I'm going to forget about this year, or probably even next year. But, that's all fine and good, I mean, this is trial by fire in a lot of ways. And I've certainly been through worse with less resources. Losing a business is a problem, but it's not losing a kid, it's not losing a spouse.

In fact, I look at it this way ... this isn't just rationalization either ... when I look at this, I think, if the deal that I had signed with the old company, had actually been honored, I would have been forced to gradually disentangle with them, over the period of three years. I would have had to promote their stuff, their products, the low quality stuff that was coming out now, I would have had to promote on my new show.

Instead, since they didn't honor anything, I have no non-compete, I can do whatever I want, I can make money however I want to do it. I can do anything in any niche, they have no say in anything. I can run any ads that I want and I don't owe them anything. In fact, they owe me thirty-three percent of the company share value.

So, it really ended up being like, the dumbest thing they possibly could have done. And for me, it was really scary, and then it turned out to be the best possible thing that could have happened.

Jordan’s money lesson:

I'm here to tell you, dig the well before you get thirsty. Because, if you try, when this stuff all happens to you, to reach out to everyone, and you're going, 'hey, look, I'm having a really hard time,' some people will be understanding. But a lot of people will be like, 'we haven't spoken in two, or five years, or whatever it is. I don't know what you want me to do. Best of luck.' Right?

But, since I'd done such a job ... I won't say great job, but such A job ... building and maintaining network connections, giving value, offering people things that can help them, without the expectation of getting something in return, when I did need help, people were coming out of the woodwork.

I mean, it was just, people I didn't even know were like, 'hey, heard what happened. Let me know if you want to come on my show and tell the story.' 'Hey, can I write an article about this for Ink?'

Jordan's everyday money tip:

I see a lot of people doing things like, spending ninety minutes, round-trip, driving to this produce farm, because they get cheaper stuff. And look, maybe you like organic produce from that farm, that's fine. But I see a lot of people doing really silly things to save money. Little, I wouldn't say scams, because they don't elevate that far, but I'm going to move the car eighty-five times, instead of renting a parking spot in my building in San Francisco. I mean I see stuff like this.

And they're lucky to break even on the cost of parking tickets at the end of the month, let alone all the time they spent, getting up at 5 AM so they can move their car, or driving around for twenty minutes, and then going back to sleep. I mean it's ridiculous, right? Pathological in some people.

Bobbi Rebell:
Oh yes.

Jordan Harbinger:
But we like to focus on the big wins. And when I say that, what I mean is, the same people that will not rent the parking space in their building, in the city, so that they can park, and will drive around all day looking for parking spaces? These are the same people who will often keep credit card debt, so that their credit score takes a little bit of a ding, and then when they go to buy a house, they get a lower ... I should say higher ... interest rate, on that mortgage, and it ends up costing them sixty-eight thousand dollars. Right?

So we have to be really careful and focus on the big wins.

Financial Grownup tip number one:

Show up. Guys, we edit these podcasts, because, as you know, I really value your time. I want to keep them to around fifteen minutes. So, sometimes those edits are pretty severe. But we also edit out things, just to make the podcast better, not just for time. And in this case, we cut out a lot of Jordan coughing, and fighting to sound his best, for this interview.

Not that you would notice, he's a pro.

Jordan was battling a cold, and probably, at some level, exhaustion. He had just returned from a big speaking engagement, and was really not feeling well. But Jordan showed up. The man has done over one hundred podcasts promoting his new venture, not to mention, keeping to an aggressive appearance schedule, and other projects, building out his new business.

The guy shows up, and he works hard. No pity party, no year off, finding himself, blah blah blah. Jordan Harbinger works, and that is why his business is, and will continue to, grow, exponentially.


Financial Grownup tip number two:

Did I ever tell you guys I was married in my 20s, and got a divorce? And believe me, I was the one that always said I did not believe in divorce. But it happened. The best thing I did, was give stuff up, because you know what? You can get it back, or you know what? You really don't need whatever stuff you're fighting over, in the end.

So if you have a split, business or personal, of course, fight for what is yours, to some degree. But eye on the prize. Be like Jordan and move on. Take the long road, and most of all, get to work building your new life, or your new business. Do not let your ex walk all over you, but don't get stuck fighting for some material item, or every last cent, so much so, that you get caught up in your past, and don't move forward.

Bobbi and Jordan also talk about:

  • How Noah Kagan was instrumental in helping to get Jordan's business off the ground. To learn more about Noah, check out his website here - https://okdork.com/about/

Check out Jordan's website - www.jordanharbinger.com
Here is a link to his course we mentioned - https://www.jordanharbinger.com/course

Follow Jordan!

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Advice, Business, Career, Entrepreneurs, Family + Relationships, Financial Independence, Millennial Superstars, StartupBobbi Rebell KaufmanBig Wins, jordan harbinger, Noah Kagan, Business Relationships, Starting Over, Show Up
Losing your money but finding your purpose with Ms. Entrepreneur 2018 Talesha Carter of Foster Vitality
Losing your money but finding your purpose with Ms. Entrepreneur 2018 Talesha Carter of Foster Vitality
Talesha Carter Instagram

Talesha Carter lost all the money she had at the rodeo with friends. Fortunately she was only 9 years old.  But the money lesson stayed with her and created a money focus that is helping her to serve others.

In Talesha's money story you will learn:


I loved it, yes. I grew up in a small town. Rodeos were a big deal. This particular rodeo was actually down in Salt Lake City area, so about an hour and a half away from where I grew up. This was like the big rigs.

Bobbi Rebell:
The big time.

Talesha Carter:
Yes. It was so much fun. I went there with my friend and her family.

Bobbi Rebell:
And you were how old?

Talesha Carter:
I was nine years old. I was a little wee one.

Bobbi Rebell:
So cool. Okay, so this is sort of a little bit of independence that you're getting, and your parents gave you, really, your first taste of financial independence, and spoiler alert, you failed spectacularly. Tell us exactly what happened. What did they do? They entrusted you. They said, "Okay, you're a big girl, you're nine years old, we're going to give you this responsibility." What happened?

Talesha Carter:
Yes! So they gave me the money. It was $50, and they told me, "Be very careful with this money. Please don't lose it. We're trusting you that you can be responsible with it." Years before they had started to teach me about saving money and spending money, so I had my little buckets and everything, so I had a pretty good concept. I'm the oldest child, so again they entrusted me that I could do well with it. I was so excited that they would let me have my own money, and therefore I got to have my own wallet to keep the fancy-pantsy money in.

Bobbi Rebell:
So you're all organized, you've got your money and your wallet, and what were you going to spend it on? What was this money for?

Talesha Carter:
Yes. Oh, anything I wanted. It could be food, it could be souvenirs, it could be little outings that we were going to do, because we were also going to be going to Lagoon, which is an amusement park here in Utah. So lots of good things that we were going to be able to use with it, and so I was there, and just having so much fun. I was obsessed with the broncos, and just being able to watch the cowboys there and watching the bull riding, all that. I just was so entranced by it, and had a lot of soda beforehand, and about midway through, I was a little kid. You don't have much bladder control.

So I'm like, "Okay, I've got to go to the bathroom." I remember having this distinct memory of, "Oh, I have to take my money with me. I can't just leave my wallet here on the fence." Then the next thought was, "Oh, I'd better take it with me, because my parents said, 'Always keep your money with you. Don't lose your money.'"

Bobbi Rebell:
So you were being financially responsible.

Talesha Carter:
That's what I thought, yes. As a nine year old. So my friend and I, we went and found the bathroom, and I remembered, I didn't want to put it on the gross dirty floor, so I put it on the back of the toilet seat. I went to the bathroom, came out, washed my hands and everything, and I left it there on the toilet seat. Completely forgot that it was even there. Came back to our seats, we were enjoying the rodeo, and then I just had that sinking pit in my stomach of, "Oh my gosh, where is my wallet?" You know, as a grown up woman now, if you've ever left your purse somewhere and you have that moment of panic, that's what I felt as a nine year old, was that moment of, "Oh my gosh, I've got to go get my money. Where is my money? Where did I leave this money?"

And so we quickly went back to the bathroom, and of course, we went into every single stall, and nothing was there and no one had turned it in.

Bobbi Rebell:
Aw. You went to the lost and found?

Talesha Carter:
Yes. Yes, we did everything to try and find it, and you know, hopefully someone else enjoyed that $50.

Bobbi Rebell:
It's disappointing that somebody did not turn that in to lost and found. I mean, did you have your name on it, anything? As a nine year old, we tend to put name tags on our kids' stuff.

Talesha Carter:
Yes. Yes. You know, I'm sure I probably did, but I don't remember how that was. But I think one of the most disappointing things was that people could be dishonest. And that was a real big gut punch.

Bobbi Rebell:
Right, because you left it there, and I get it. That's irresponsible.

Talesha Carter:
Yes.

Bobbi Rebell:
It's a lesson when you're nine, but somebody also took it! And that's also a lesson, that if you don't pay attention to your money, someone might take it.

Talesha Carter:
Yes. So then from there I had to have that hard conversation and call my mom and dad, and tell them, "Hey, I'm really sorry, but I lost your money." I could hear their disappointment through the phone, but my parents are so amazing and incredible, and they just walked me through it. They said they were disappointed, but that they loved me and it was okay, and we could make that money back, and it wasn't earth-shattering, but I think for me the biggest thing is that nine year old was feeling that guilt that I had lost my parents' hard earned money, and then as well, feeling upset that someone would take it, and then me feeling like, "Oh my gosh, now I'm always going to lose my money."

So especially when I started my own business, that was where I started to see it come through a lot. I've always loved money, but that belief of, "Oh, I'm going to lose this money." So then I got really, I would hold onto it, and I almost created this scarcity mindset with money of, "If I don't keep it with me, or if I'm not tracking it 100% through my bank account, it's going to lose money," or some hacker is going to come on and take it.

So it made me almost shift into that scarcity greedy side of money, instead of just money flows to me easily, side of things.

Bobbi Rebell:
Right. And negativity about money, that money is not something that can empower you, it's something that you have to kind of hoard and protect and keep because someone else might take it from you. And that can really weigh on you.

Talesha Carter:
Yeah. It was a huge, that was probably one of the biggest lessons in that, is that I had to be able to let go of that fear that money was against me instead of for me.

“I had to be able to  let go of that fear that money was against me instead of for me” 

In Talesha’s money lesson you will learn:

Yeah, so I had to really learn how to identify my money beliefs. One of the ways I like to do that, and what I teach my coaching clients, is to start to look at the money that they have right now, and ask themselves, how do they feel about it? Are you happy? Are you sad? Does this overwhelm you? Does it stress you out?

And then from there, write letters to your money. Identify what your money is trying to tell you.

Bobbi Rebell:
Do you actually write letters to your money?

Talesha Carter:
I do. I do, yes.

Bobbi Rebell:
What do you say in your letters to your money?

Talesha Carter:
When I was first starting out, it was, "Why do you always leave? Why is there never enough? Why do I feel like any time I make money, it just quickly leaves?" The bills, whatever it is that you have. And so it first started out very negatively, like, "I don't like you. Why do you always leave me?"

Then it has slowly shifted into, "You're pretty awesome. Thank you so much for showing up in my life. This is really cool that I made $100 today by helping out a person, and now I'm going to turn around and utilize this to help my family or another family." Just writing like I would write to my best friend.

“ I had to learn how to identify my money beliefs”


In Talesha's everyday money tip you will learn:



Talesha Carter:
A lot of times we do things electronically, and so I like to cash my money, and put it into cash. And then I carry $100 worth of cash with me, and it's in the range from $2 bills all the way up to $100 bills. From there, I look at it every single day, and I'll say, "Thank you for showing up in my life. How can I help serve another person with this money?"

Bobbi Rebell:
So gratitude.

Talesha Carter:
Yes. So much gratitude.

“People could be dishonest and that was a real gut punch” 


Financial grownup tip number one:

Look out for your friends' money and possessions. It would be obvious for me to say, "Keep tabs on your own stuff when you are out and about." That goes without saying. But I'm going to share a story, and I still feel sick to my stomach about it.

I was in London with a friend in college, we were at a restaurant. She went to the ladies' room, and I did not realize it, but she had left her bag somewhere. Maybe it was on the floor, the back of the chair, I wasn't really paying attention.

She hadn't said anything, but I was at the table, and her bag was somewhere. The thing is, I wasn't paying attention. And when she returned, she didn't notice anything either. But when we went to pay the bill, we noticed the bag had disappeared.

I still feel bad. Someone obviously came by and swiped it while she was away, or maybe it was when we were just talking, who knows? The point is, we weren't paying attention. We need to have each others' backs.


Financial grownup tip number two:

You probably won't get a do-over, so come up with a do-next. What are you going to do next time, after something goes wrong.

I want you guys to give it some thought, and when you have time, please DM me and let me know how you have come back from doing something cringe worthy with your money, like leaving your wallet in the bathroom. Because as I said at the top of the show, we all have those moments that we wish we could get a do-over on.

Heads up, everyone. Financial grownups pay attention to the news and learn from it. Here is your shortcut.

Episode/Other Links:

Check out Talesha's website -

www.FosterVitality.com

Follow Talesha!

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Entrepreneurs, Family + Relationships, Financial Grownup, Health + Fitness, Millennial Superstars, Money, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanRodeo, Talesha Carter, Money Beliefs, Millennials, Money Lesson, Ms. Entrepreneur, Losing Money
Financial Grownup Guide- 3 actionable investing tips with "Broke Millennial Takes on Investing" author Erin Lowry.
Financial Grownup Guide- 3 actionable investing tips with "Broke Millennial Takes on Investing" author Erin Lowry.
FGG - Actionable Investing Tips Instagram WHITE BORDER.png

Broke Millennial’s Erin Lowry joins Bobbi with 3 specific things you can do today to upgrade your investing strategy, along with her take on how to be a successful investor.  For example: How much should you be paying for your investments? How long should you set it and forget it- when do you check in on your investments? What is an investment audit? Are all index funds the same? Plus a preview of her new book “Broke Millennial Takes on Investing’ . How to tell if your goals are in line with the investment choices you are making? And what to do if you don’t understand an investment term but don’t want to ask. 


Here are the 3 things you must know about actionable investing tips

  • Increase contributions in small increments

  • Pay attention to expense ratios- they matter so much

  • write down goals and check in once a year


Episode Links:


Check out Erin's website -

www.BrokeMillennial.com

Follow Erin!

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Financial Grownup Guides, Authors, Entrepreneurs, Investing, Millennial Superstars, Role Models, Women Role Models, Women EntrepreneursBobbi Rebell KaufmanErin Lowry, Millennials, Broke Millennial, Investing, Investing Tips