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Money Lessons for Grownups from the Netflix series "The Squid Game”
Money Lessons for Grownups from the Netflix series "The Squid Game”

The Squid Game is an intense look at the desperate measures people will take to get out of debt. While the story is fiction, the lessons we can take away about class divide, the reckless choices made when in debt, and the way money can reveal someone’s true character, are hitting home with so many of us.  ** spoiler alert**

 
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Money Lessons for Grownups from the Netflix series "The Squid Game”

  • You can’t judge people‘s wealth and success based on appearances.

  • Money makes us do illogical, and often illegal things.

  • Manage the pressure otherwise it will consume you.

  • Betrayal comes from the people you trust the most.

  • Strength is not always stronger.

  • Wealthy people can abuse the vulnerability of people who have financial problems.

 

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Full Transcript:

Bobbi Rebell:
I hope you guys are all celebrating some big adulting milestones this season and you know what? Finding the perfect gift for those celebrations can be kind of tough. I have the solution over at grownupgear.com. We have adorable hats, totes, mugs, pillows, Ts and seriously, the most cozy and comfortable sweatshirts.

Bobbi Rebell:
They're all on grownupgear.com and all at affordable prices. We even now have digital gift certificates if you can't decide. Use code grownup for 15% off your first order. Buying from our small business helps to support this free podcast. You know what? We really appreciate it. Thanks, guys.

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 grownup is hard but together we've got this.

Bobbi Rebell:
Hey, grownups, welcome back. We are going to do something very special this week, starting with having back my number one, most favorite ever co-host, Mr. Neil Kaufman, aka, my husband. Welcome back, Neil.

Neil Kaufman:
Back on popular demand and for those of you that sent me fan letters, thank you. I appreciate it.

Bobbi Rebell:
Yes, Neil is poised to become a regular co-host on this show. And speaking of regular, a lot of the regular listeners do know that you were featured in our summer watch series where we talked about money related streaming shows and the lessons from them. Well, as of now, we're not going to do a whole series for fall, but there is a show that everyone, including Mr. Neil Kaufman, I should say, everyone is talking about that has some pretty intense money lessons.

Bobbi Rebell:
That show is the Netflix series, the Squid Game. Neil and I have been watching the series. We've already had some pretty intense discussions about it and so of course, I recruited him to come back to the podcast. So Neil, welcome.

Neil Kaufman:
Thank you. We're here to talk about Squid Game, which for those of you that have been I guess living under a rock and don't know about the Squid Game or haven't seen it yet, because it's the most popular show in lots of countries, it's a nine episode series about the lives of 456 people, all who need money.

Neil Kaufman:
They need it for lots of different reasons. They come from all walks of life. Some of drowning in debt, desperate for not being able to pay off their debt. Some people are thugs. Some people are white collar. Some people are just unlucky. But what they all have in common is they need money and they are willing to participate, willingly, they want to participate in this game to try and survive.

Neil Kaufman:
And they've got to play six Korean children's games where if you're the winner you're going to get a large sum of money, $46 billion Won, which is $38 million U.S. dollars. It's a high stakes game.

Bobbi Rebell:
It's a lot of money. Okay. So I want to make sure everybody knows that we have watched all of the episodes and we are not going to be able to remember what to say and what not to say so there will be spoilers. So this is your cue, if we've interested you in watching the Squid Game and you haven't watched it yet, pause. Go watch it. It's nine episodes.

Bobbi Rebell:
So for most people they could binge it in a day or two. For me, because I fall asleep during everything, it took a little bit longer but Neil was patient. Go watch the Squid Game and then come back right here. This is where the spoilers are going to start. Starting with the fact that the main character is presented as sympathetic but a lot of eye rolls.

Bobbi Rebell:
I mean, he's massively in debt. He gambles away money that his mom ... By the way, he's 40 something and living with his mom, speaking of not being a financial grownup, of course. He's asking her for more money to buy his daughter a birthday present. He gambles it.

Bobbi Rebell:
All kinds of things happen but just the characters, it's not like they're all that sympathetic. A lot of them are basically making big money mistakes on their own and trying to find get rich quick schemes to begin with. Right, Neil?

Neil Kaufman:
He's a likable guy but he's a schlump. It's just the guy, he does everything wrong. He's divorced. He's a gambler. I mean, he's got all the classic tell-tale signs of just being a not responsible person, both financially and emotionally. I mean, he doesn't even maintain a decent relationship with his daughter. I mean, or his mother.

Neil Kaufman:
Yes, he lives with his mom and we've heard that story all too often but he betrayed his mom. He canceled the insurance, her health insurance, which no shock there, an aging woman, she needed the insurance.

Bobbi Rebell:
Yeah, that's another big spoiler. It comes up later. The other spoiler is that he wins money gambling. Okay, so now in theory you would think he would use this money that's he's gambled ... he wins on this horse betting, which is another thing that comes up. They're betting on horses. Is it different to bet on horses than humans? Think about that, everyone that's seen the show.

Bobbi Rebell:
But, he wins a huge amount of money and instead of using it to pay off his debt he starts gambling away with it again. He doesn't pay off the debt that owes. He gives a big tip to the person in the window and he wants to go shopping and buy extravagant things for his daughter that he's promising her all this stuff.

Bobbi Rebell:
Even when he gets her a present he does it through a gambling game, a children's game where he picks a present, which later on ... We don't have to spoil this but let's just say it's not a child appropriate gift that he ends up getting her and it's really just the ultimate symbol that this guy just can do no right and he's his own worst enemy really.

Bobbi Rebell:
So, Neil, we've set up the premise, we've got this guy, fast forward a little bit. He runs into someone who's effectively a salesman who convinces him to go into this game and he meets a van, gets gassed so he doesn't know where he's going. And he ends up in a dorm with 455 other people who are competing in this contest and basically they say that anyone that is not eliminated at the end of six children's games will win a huge prize of money. As you mentioned, the equivalent of $38 million. But there's more to it.

Neil Kaufman:
Yeah. So they're playing these games but they don't realize it until they get into the first game, what it's really all about. So the idea is some people win the game, some people lose the game. If you lose, by the rules that are put in place, you are effectively eliminated from the game. And elimination means death.

Bobbi Rebell:
Right. And note, for the very first game they don't know that. They just know you're eliminated and they assume, I think understandably, that they would just go home. It becomes clear very quickly and it's a very gory scene that being eliminated is death.

Bobbi Rebell:
So after that, through a little TMI, we won't get into it. The players do choose to go home. They end the game and they play one game and by going home they have forfeited the opportunity to win the money and they go back to their dreary lives. And we talked about the main character but many of the other characters have very unfortunate situations with money.

Bobbi Rebell:
They're all desperate for money, to either save face. There's an immigrant theme here, to get their relatives out of North Korea, into Korea, to feed their families. To pay off gambling debts. All kinds of different reasons why people need the money. As Neil mentioned, white collar crime and so on.

Bobbi Rebell:
They go back to their lives. What's shocking to me is that of the people that go back to their lives and have the opportunity to not die in pursuit of this money, 87% of them choose voluntarily to participate in a life or death game where it's pretty logical that most of the people are not going home with the millions of dollars.

Neil Kaufman:
I think it really shows the desperation. So they went into the game originally knowing or not really knowing that much about it but after they realize that it was a fight to the death and they would actually potentially sacrifice their life and they go back home.

Neil Kaufman:
They willingly reenter it a second time, knowing what the consequences of their actions are. It may cost them everything but they're so desperate they'll still go ahead and play the game. 87% of them come back, which is really ... it just ... it boggles the mind.

Bobbi Rebell:
It is shocking and it also is shocking how the characters evolve through this process because they're in this bubble and they're not in contact with the real world any more. They're just in this world where they're surrounded by their ... in some cases they try to form teams and this and that but who's on your team can be very confusing. And it's confusing to know who to trust. And that's something that also goes to the theme of money, right, Neil?

Neil Kaufman:
It's really interesting. I'll tell you, choosing who's on your team, who's not on your team, I mean, I thought there was a part of the show where they were choosing teams for tug-of-war and nobody, nobody wanted to choose either the women or the old man to be on their team.

Bobbi Rebell:
Wait, but spoiler, we didn't know it was tug-of-war when they were choosing. They did not know what the game was. There was a presumption that strength mattered.

Neil Kaufman:
There was. There was a presumption.

Bobbi Rebell:
Which is also a real world perception very often that the strong men were the most desirable teammates. That was the perception, which is often the perception in real life too.

Neil Kaufman:
Yeah, no doubt. No doubt. And shock, maybe not shock, the team with the three women and the one old man, won the tug-of-war game against the men's ... the all men's team. Not so much for any other reason than it was the wisdom of the old man. He had life experience. He had some knowledge that he brought to the table.

Neil Kaufman:
And there was also the women in terms of how they all worked together as one cohesive team. So it was the mind that won over the power of many on the other side. It was a David and Goliath story and I love that but the point is, you've got to think broadly, have a different perspective. It's not always the obvious answer that wins.

Bobbi Rebell:
Another thing that's also interesting is that there might be a perception that everyone in this dorm, everyone playing this game was poor, maybe because they were born that way or just things beyond their control. But one of the characters that you found most interesting was character 218.

Bobbi Rebell:
He is someone that was the pride and joy of his neighborhood. We see scenes of his mother bragging about how successful he is. The main character knew him as a child and he was the big success of the neighborhood. He was working in finance but in fact, he had lost his investor's money and he still was in the outside world portraying this veneer of huge success. Nobody knew that he had had this huge financial ruin.

Bobbi Rebell:
And that's something that really resonated because very often people appear to have so much money and so much success in life but underneath there's nothing and sometimes there's less than nothing. And it's not always clear but there's a lot of reason to believe that this very wealthy appearing guy had maybe committed some crimes and really betrayed his investors. He was a bad guy.

Neil Kaufman:
I hate that guy. I mean, I got to tell you, even the way it wrapped up with him in the end and I'll get to that in a second. But I think it speaks to, I mean this guy had a pedigree education. He had the pedigree job. I think the lesson in that is don't judge people's wealth or success based on appearance only.

Neil Kaufman:
I guess it almost goes to what we're talking about these days around mental health issues. People that you think are okay, maybe they're not okay. Maybe they're not doing great. It's like that Instagram moment. It looks great from the outside in but the inside out is just terrible.

Neil Kaufman:
I think the life lesson here is the person who said that it's better to look good than to feel good, that person is wrong. The person that said clothes makes the man. That guy is also wrong. It's mental health. It's inner beauty. It's health. It's relationships that matter, not what your neighbors think, not what the valet who parks your car thinks or the stranger who sees on the street wearing whatever you're wearing.

Neil Kaufman:
You need to define a level of success by, I guess I want to say pay it forward. By the good words and things that you do and the impact that you make on others. It's those things that matter.

Bobbi Rebell:
Yeah. This show also makes some big picture statements about the growing gap between the uber wealthy and the poorer people in society and the things that the wealthy do. About two-thirds through the show, the series, we learn that this is a game that wealthy people are staging for their own amusement and it's compared by many people to things like Battle Royale and the Hunger Games.

Bobbi Rebell:
You have a lot to say about this. I mean, they come in, it's wealthy people really abusing the lower classes here who have financial problems instead of helping them. It's very cynical.

Neil Kaufman:
It's interesting. So wealthy people can abuse the vulnerable who have financial problems. No shocker there. I guess it's the theme for the decade. People hurting people who are already hurting, instead of lifting those people up in reality as opposed to the appearance of reality.

Neil Kaufman:
In the end what I liked was I think the last lesson of the show was that humanity wins. It's best to be your best. It's the best lesson so far in the show, which is sometimes people in power, people who seem to be doing good are not always doing good.

Bobbi Rebell:
And it's also interesting though, it makes a little ... well, a big statement. The main character early in the show is betting on horses. Later in the show the wealthy VIPs are betting on the contestants in this game. Is it saying maybe that are the wealthy and the poor doing the same human behavior? Is it just our human instinct to do this kind of cruel game?

Bobbi Rebell:
Obviously, the horses, I sure hope are alive afterwards, unlike the people but they're setting them up similar because the VIPs are very much gambling on the humans in this game. They are making bets and they're enjoying it and it seems like there's some parallels that the filmmaker or the series maker is trying to make there.

Neil Kaufman:
They're talking about objectification of both men, of women. They're talking about the abuse of power. I mean, it's a real statement that they're making here in terms of who's good, who's bad and sometimes who's good and who's bad is just a matter of perception.

Neil Kaufman:
So to your point, people betting on humans versus people betting on horses, is there a differentiation between them? I don't know but there's so many lessons in this story. I don't even know where ... there's so much. I read so much online about it and what I thought was interesting is how characters changed in the story too.

Neil Kaufman:
Like 67, I forget what her name is. I'm just going to refer to the characters by their numbers. It's easier. But 67, she started off as a hard character. She became a soft character in the end. It gives me pause to think about how people fall into two categories sometimes.

Neil Kaufman:
When people are put to pressure some people are like bits of carbon. You know what I mean by that? You put enough pressure on somebody and some people, like a bit of carbon, you put enough pressure on them and they turn into a diamond. They really shine like 67. She was playing marbles and her opponent gave up her life for her, which I thought was a selfless act.

Neil Kaufman:
It was amazing. She literally sacrificed her and not only was that an amazing act of selflessness but it rubbed off on 67. That's what I'm saying with that whole pay it forward thing. She became a better person for it and she did pay it forward, by the way, because in the middle of the night when she was hurting and there was an opportunity for 456 to kill 218 in his sleep, she paid it forward and she course corrected 456.

Neil Kaufman:
She brought him back on the tracks. She gave him ethics, gave him values again, which I thought was amazing as opposed to the character 218. So my whole other viewpoint is some people are like bits of carbon that you can turn into diamonds and some people fracture and crack under pressure.

Neil Kaufman:
This guy, 218, I was really disappointed in this guy. He manipulated Ali, number 199, played upon his naivete, tricking him into losing his life. He also betrayed all of the players in the beginning when he basically he knew the game, the honeycomb game, and he wouldn't share his knowledge with anybody else. He just looked out for himself only and I get it.

Neil Kaufman:
It's a game to the death but it was to the point where this person fractured so much from the pressure that not only did he betray all of his friends and then betray Ali and then he betrayed everybody at some point in the games. And he even slit 67's neck in the sleep. She was already dying and he killed her. What's the point in that?

Neil Kaufman:
In the end, his self-sacrifice, I got to tell you, it left me hollow inside. Hollow gesture from a dying man and he didn't even do it to give to 456 to win. He did it to give because he wanted the money for his own purpose, which was to share it with his family. So I get it but I'm telling you, it's a whole microscope of life on the two different types of people there, those that are good and those that are evil.

Bobbi Rebell:
I think the lasting image, because we need to wrap up in a minute. The lasting image for me is the final character, which is throughout the show, the series, they have this giant piggy bank hanging above the dorm that every time someone else dies the remaining players see more money coming in to this giant glass piggy bank above them.

Bobbi Rebell:
So it's like they're being driven by this character of this piggy bank that they can never stop thinking about it and how that will solve their problems, make their life better but in the end, as we know, it doesn't. It really doesn't and that's, I guess, the final spoiler, really. That the money doesn't change anything for the winner.

Neil Kaufman:
I got to tell you, there was one theme in there that really resonated with me on a personal level because I have seen this person in every company I've ever worked with. Betrayal doesn't come from people more often than it comes from people that you trust most. Sometimes your friends are really frenemies. I love that word, frenemy because you got to find out who your frenemies are sometimes.

Neil Kaufman:
Fake friends like Deok-su, number 101 and Han Mi, number 212. They were friends. They were friends but when 101 left 212 scorned by not picking her for ... we talked about the tug-of-war, didn't pick her. He didn't realize that 212 would ultimately be the death of him. So he burned bridges with her and she wound up throwing him off the bridge, which is kind of funny. It took him to his death.

Neil Kaufman:
So my lesson out of that was the kindness you show to others will always find a way of coming back to you or maybe karma is going to sting you for being ruthless in the end and that's what happened to 101.

Bobbi Rebell:
So on point, Neil. You're brilliant, what can I say. All right. Final thoughts.

Neil Kaufman:
I'm thinking that there's going to be a second season, the way they left it at the end there. He didn't get on the plane, 456 did not get on the plane to visit his daughter. He let me down again. He turned around and I think it's a hat tip to a potential season two.

Bobbi Rebell:
Yeah. I think so too. I mean, the rumor is and we're just laying down all these spoilers here but the rumor is that a season two might focus more on the VIPs and the police and the people behind the game and what's going on behind the scenes because they show us a little bit but I definitely want to know more about how this came about and what's going on.

Bobbi Rebell:
And we've got the brother, the police officer and that whole thing. So I would love to hear more about that and I'd love to see more about what ... I'm going to research more about what's been going on in terms of class divide in South Korea. I think that's really interesting and something we can talk about in our own country as well.

Bobbi Rebell:
So final, final words, Neil.

Neil Kaufman:
Tune into the podcast. Listen on Spotify. Tell us what you liked, what you didn't like. I'd love to hear from you.

Bobbi Rebell:
We love that. All right. And everyone, you can follow me and support the show on Instagram @bobbirebell1, on Twitter @bobbirebell. Let us know what you thought about it. Let us know if you want to hear more from Neil and more of our money related content reviews. I don't know what we want to call it, a synopsis, whatever. But be in touch and thank you for being financial grownups.

Bobbi Rebell:
Money Tips For Financial Grownups is a production of BRK Media LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes which include links to resources mentioned in the show as well as show transcripts by going to my website, bobbirebell.com.

Bobbi Rebell:
You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free but I need to have your support in return. Here's how you can do that.

Bobbi Rebell:
First, connect with me on social media @bobbirebell1 on Instagram and bobbirebell on both Twitter and on Clubhouse, where you can join my Money Tips For Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcast. Reading each one means the world to me. And you know what? It really motivates others to subscribe.

Bobbi Rebell:
You can also support our merchant shop, grownupgear.com by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time and thank you for supporting Money Tips For Financial Grownups.

Neil Kaufman:
(Singing)

Advice, Money, Personal Finance, Reality TV stars, Student DebtBobbi Rebell KaufmanSquid Game, Money Lessons, Money Tips, Netflix
Money Tips on how to buy an online business with entrepreneur Tonya Rapley
Money Tips on how to buy an online business with entrepreneur Tonya Rapley

Who needs a start-up when you can buy your way into a business? My Fab Finance founder Tonya Rapley shares why and how she decided to buy an online business and her tips on what she would and would not do differently.

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Money Tips On Buying An Online Business

  • Learn the types of questions you should ask before buying a business.

  • Learn how Tonya increased the average order value and how you can do the same.

  • Learn what kind of things you can do in the beginning to prepare for the growth that comes later.

  • Why it’s so important to have a marketing strategy for your business.



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Leave a review on Apple Podcasts or wherever you listen to podcasts. We love reading what our listeners think of the show!

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Full Transcript:

Bobbi Rebell:
I hope you guys are all celebrating some big adulting milestones this season. And you know what? Finding the perfect gift for those celebrations can be kind of tough. I have the solution over at grownupgear.com. We have adorable hats, totes, mugs, pillows, tees, and seriously the most cozy and comfortable sweatshirts. They're all on grownupgear.com and all at affordable prices. We even now have digital gift certificates if you can't decide. Use code grownup for 15% off your first order. Buying from our small business helps to support this free podcast. And you know what? We really appreciate it. Thanks guys.

Tonya Rapley:
They were taking a significant loss. They were selling these loofahs for 4.99 and doing free shipping. Ridiculous.

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 grownup is hard, but together we've got this.

Bobbi Rebell:
Hi, friends. Okay, we all know starting a business is not easy, but the truth is you don't have to start a business to be a business owner. There's a whole lot of options out there if you want to buy your way in. But there's a lot you need to know before you get started, and we're going to share some of the secrets that you need to know.

Bobbi Rebell:
My guest today is Tonya Rapley. You may know her as the co-host of one of the shows we featured in our summer watch party, Going From Broke. We were a little obsessed with it. Anyway, it's executive produced by Ashton Kutcher. Check it out on the Crackle channel. Tonya is also the founder of My Fab Finance and the author of The Money Manual. She is a big deal, guys. She's been featured everywhere from Vogue, Good Morning America, and The Today Show. But what you probably don't know is that she's also a holistic wellness business owner. In 2019 Tonya purchased Club Loofah, an inclusive self-care brand focused on inspiring and supporting regenerative practices for all. She mentioned this to me in passing recently, so I roped her into a podcast interview to tell us more about buying a business and basically how it all works. It's really interesting, guys. Here is Tonya Rapley.

Bobbi Rebell:
Tonya Rapley, you are a financial grownup. Welcome to the podcast.

Tonya Rapley:
Thank you. I'm excited.

Bobbi Rebell:
I am so excited to have you. Long time overdue. I loved having you in my book and now here. You are the founder of My Fab Finance, which has an incredible community as well. You're host of Going From Broke, which was one of my favorite shows that I caught up on this summer. We highlighted it in our summer watch series. You have the 30-day shift program. And what we're going to talk about is your new online business, Club Loofah. Welcome, welcome.

Tonya Rapley:
Thank you so much. It sounds like I do so many things, and I do.

Bobbi Rebell:
So many things, and wife and mother and all the things. Before we get into your online business, tell us a little bit about My Fab Finance.

Tonya Rapley:
Yeah, I mean, My Fab Finance, I started in 2013. It was essentially my accountability partner, as I decided that I was tired of being inconvenienced by being financially insecure. My goal at the time was to improve my credit score so that I could get my own apartment in New York City and hopefully get free clothes from Macy's. I just wanted free clothes. I was like, "Maybe they'll see what I'm doing and send me free clothes."

Bobbi Rebell:
Free clothes, always a noble cause.

Tonya Rapley:
You know, you know. And here we are, I guess. Well, I've been a full-time entrepreneur. I was able to transition into doing My Fab Finance full-time in 2015. We've created so many different elements of My Fab Finance and different iterations, but today our goal is to create a safe space for women to talk about money, as well as we have a mission of helping 1000 people achieve at least one financial goal that they're proud of.

Bobbi Rebell:
When we were doing our interview for my book, which is going to come out in the spring, which, guys, I'll talk about another time, you kind of mentioned, "Oh, by the way, yeah, I bought an online business." And so I wanted to bring you on the podcast, because you mentioned this oh so casually, like, "I'm doing 100 things, and by the way, I bought an online business," and then you move on to something else. I need to know about this. So a lot of people, they're home during this extended version, unfortunately, this extended pandemic that's so much longer than we thought we would be home. Of course it's good to start an online business, but not everyone has to start from scratch. Sometimes if you have the resources you could actually buy something and give yourself a jumpstart. And it sounds like that's what you did. So tell us about this decision to buy an online business and what you did. What is it?

Tonya Rapley:
Yeah. So as a financial educator, I realized that a lot of my income was service-based. It was based on my ability to show up to coach my audience and everything else, and I wanted something that was easier to scale. That's how I thought about it before I bought the business, easier to scale. I knew I did not want to come up with a new concept, create a new brand and everything else. And so my sister, who had just closed her Shopify store, asked me... She said, "I know you're interested in potentially purchasing another business. Have you checked out the Shopify exchange?" And I hadn't heard of it, but I went to check it out immediately. And she then sent me this company, Club Loofah. And she just typed, "I think that you could really do something with this. It's a great concept."

Tonya Rapley:
And so I started to look into it more, and I thought to myself, "Wow, this is a really good concept." It is essentially a bath subscription business, a bath tool subscription business, because most people don't realize that you're supposed to replace your loofah every three to four weeks. Your loofah, your sponge, whatever it is you use in a bathroom, before it starts smelling, before it starts crumbling, you're to replace it. So we reached out to the owner, and he was about to actually close the doors, because he hadn't had any bites or anyone that had... He had a few conversations, but no one that was really serious. [inaudible 00:06:09], "Hey, the money's in escrow. Let's do this." So we ended up buying the business from him. He was actually based in Riverside, California at that time. We were living in Los Angeles, so we drove up to Riverside with a U-Haul, got all the inventory that he had on him-

Bobbi Rebell:
Oh, right, so you actually have to take inventory, because I have-

Tonya Rapley:
It is not drop shipping. Yes.

Bobbi Rebell:
I do drop shipping for my grownup gear.

Tonya Rapley:
It is not drop shipping. We do not have a fulfillment center just right now. And so that's the thing. We got the items from them. We just started learning the e-commerce business when it came to loofahs. When we purchased the company, one of the things that was attractive to me was that it already had subscribers. It was a subscription business. So the day that we purchased the company, they had new orders, because it billed monthly.

Bobbi Rebell:
Wait, why was he selling it? Presumably... I would always be suspicious. If someone's selling a business, you kind of go, "Well, why?" Because maybe if it's a good business, why would he sell it? So I would be wondering, what are the red flags?

Tonya Rapley:
So the reason he was selling it actually was because he inherited the business from the previous owner. So there was a previous owner who started the business for her daughters because she wanted to teach her daughters entrepreneurship. Then her daughters lost interest in it, and she didn't have the capacity to manage it, but he was already onboard as the marketing officer, the chief marketing officer, so he bought it. He believed in the business, thought it was a good company. He took it over. But then his father passed away, and he decided that he didn't want to do things just because anymore. He wanted to live a more purpose-focused life.

Bobbi Rebell:
So I have not seen this site before you, but it has a really nice editorial focus, and that's something that that is one of your strengths. Tell us more about the changes that you then brought in.

Tonya Rapley:
Yeah. Thank you very much, because when I bought the company, it was very fun and kitschy, and one of the things we realized was, if we're going to compete with the Targets... And we're not going to compete with Target and Amazon. We cannot drive our prices low enough to compete with them, so we have to appeal to a different demographic, someone who value self-care, who is willing to invest in their self-care and what's a higher end feeling product. And so we rebranded to go for a higher end. And so now the products that we're rolling out are more luxury-focused, or they're items that you can't find in your drug store. That was very intentional. And we wanted to clean it up a little bit. The company was based in California, so it was very beachy, Hollister... Yeah.

Bobbi Rebell:
When you look back, what would you have done differently? Are there questions you would have asked that you would advise people that are looking to buy an online business that's already somewhat established... What should they go in knowing that you wish you knew?

Tonya Rapley:
Absolutely. So when I bought the company, [inaudible 00:08:55], "Okay, it's bringing in revenue. You have XYZ subscribers. Cool. All right. Yeah, let's do this." Now I would definitely ask about their average order value, because the average order value determines if you can run ads. From my perspective, I was thinking, "All right, we're going to buy this company, and we're going to run ads, and we're just going to blow this out the water." But in order for ads to make sense, your average order value needs to be above what your minimum ad spend is going to be, or what it costs to acquire a customer.

Tonya Rapley:
They were taking a significant loss. They were selling these loofahs for 4.99 and doing free shipping. Ridiculous. So one of the things we did when I came in was changed the shipping model. We now charge 2.99 for shipping. And then we also increased the price point on some of the items. We allow the loofah, the classic loofah, to be the loss leader, but we increased the price points on some of the other items and introduced higher-priced items to the store as well, so that average order value and just the opportunity to bundle products... There wasn't really a strong opportunity to bundle products. So now we're in the final stages of developing a body care line so that you can bundle your body care with your loofah, since it's it's all body care anyway. So that's one of the questions I definitely, definitely would have asked, is average order value.

Tonya Rapley:
The retention rate was pretty good. Their retention rate... And that's a question, especially if you're buying a subscription business. How long does your average customer stay around? And do you have any existing customer service infrastructure in place? Because he was handling customer service inquiries. I found very early that I hated that aspect of the business, and we ended up hiring someone, but it would have been nice if there was somebody that came along with the company. So any personnel that would come that know the business outside of us going and doing training with you is another question that I probably would have asked. Those are the two big things we had to change, was... The average order value was a killer early on, because the company was basically losing money.

Bobbi Rebell:
And you really didn't know that when you bought it.

Tonya Rapley:
No, I didn't, and I should have asked for stronger financials, but I think that [inaudible 00:10:55] I was like, "It's a subscription business. How bad could it be? It's not to the point where they're searching for customers every month. I bought the customers with the business. How bad could it be?" Yeah, I didn't do the math on that one, Bobbi. I didn't think like, "Okay, this is a 4.99 loofah, and they're charging nothing. Free shipping. How much is shipping?" But we addressed that, and within the first year we increase the average order value I think by like 32%.

Bobbi Rebell:
How did you do that?

Tonya Rapley:
We introduced a candle line, so most people were buying candles. And our candles are not... They're high-quality soy candles. Our candles were about 20... I think $28 for a candle. And so that definitely drives up, if you're buying a 4.99 loofah and a $28 candle. We introduced two higher end products, the ayate washcloth, and we actually just dropped our Japanese smoothing brush. So those aren't terribly expensive, but they're 10.99 and 11.99. And then we started adding bundle options. So when people checked out, we offer the upsell of a shower hook for people who don't have any hooks in their shower, so we offer that upsell. And then we also invited people to buy our family bundle, which was essentially four loofahs instead of one, just in case it's a family of four, and quite a few people decided to do that.

Bobbi Rebell:
Now, you mentioned you wanted something that you could scale. Are you still bundling at home? Who is packaging this stuff up? You said you had no fulfillment center.

Tonya Rapley:
Yeah, so we still have a fulfillment manager. We do have a storage facility where we keep the things, and we have a facility manager, our fulfillment manager. So we are very hands-on still in that process. I don't pack the loofahs anymore, my husband doesn't, but our fulfillment manager does. And she's great. She's awesome. And that's something we had to look at when we were considering if it makes sense for us to place our products in a fulfillment center, which [inaudible 00:12:42] take about $2.80 to $3 per product, and our average order value just could not sustain that yet.

Tonya Rapley:
So maybe when we roll out the body care line... Our body care line is sulfate-free, microbiome friendly, and we've been really intentional about the body cream that we're creating. And we have a non-abrasive exfoliant that we're also rolling out a non-abrasive skin exfoliant, so it's papaya extract and natural fruit extract to help with skin turnover and cell turnover. So I think that once we roll those out, we might be in the zone of being able to send it to a fulfillment center, but maybe not. We have to see how our fulfillment manager feels, because we'll keep those profit margins... We'll grow them as long as we can, and we'll minimize the money that we're spending as much as we can.

Bobbi Rebell:
And I am impressed, as someone that started a small online business during the pandemic. The amount of detail that you're going into is incredible. You know all of your numbers. What is your best advice, before we wrap up, for people that are considering buying an online business? You went basically to the Shopify exchange, and you can look for whoever's selling a Shopify site. Is that what you advise? And what else?

Tonya Rapley:
It's work. It's work. And decide what works for you, drop shipping, or whether you're going to do the order fulfillment yourself. But you also have to ask yourself, "Do I have the endurance to grow this?" Because I think a lot of times we hear about these overnight successes when it comes to shop owners. They get placed in Oprah's most favorite things list and everything else. But what happens if it doesn't? What is your marketing strategy? My main advice would be, have a sound marketing strategy for how you're going to acquire customers and keep your customers, because if you don't have customers, you don't have a business.

Bobbi Rebell:
So true and such good advice. Okay. We know everyone needs to go to Club Loofah for sure. Where else can people find you and find out more about you and My Fab Finance and the community there? And also you have a 30 day shift program.

Tonya Rapley:
Yeah. Yeah, because I don't have enough things going on, right, Bobbi?

Bobbi Rebell:
[crosstalk 00:14:44]. You need more.

Tonya Rapley:
So I decided to launch a personal coaching company, because a lot of women who didn't fall into the scope of work we do at My Fab Finance but wanted to know more about, "How do I confidently take on my next life phase?" And so I created a program, 30 day shift, for women who are looking to powerfully move into the direction of their next life shift. So that's at my personal platform. It's Tonya, T-O-N-Y-A, .rapley, or tonyarapley.com. If you go to that website, it actually has all of my companies. So it has a link to My Fab Finance. It has the link to Club Loofah. But if you're interested in Club Loofah, that website is actually loofah.club, so L-O-O-F-A-H.club.

Bobbi Rebell:
I didn't know that. That's another question though. You got to get the URL there. That's another thing you got to be asking. Wow.

Tonya Rapley:
Clubloofah.com is not available. And one of the things I wanted to do was make sure that we were in it for the long haul before I invested in buying the domain from someone else. Actually, after this interview, we're finally finalizing our trademark application, because the business was not trademarked, or they abandoned their previous trademark, so we're trademarking. So now that we've been in it for almost two years now, I'm in a phase like, "Okay, let's do all the things that we need to do and probably should have done." So I'm going to... Hopefully in the next year clubloofah.com will be ours. I'm like, "Who had a Club Loofah other than us?" I don't know.

Bobbi Rebell:
And they're just squatting on the name.

Tonya Rapley:
They're squatting, waiting for someone like me to come buy it from them. Because that's a big business too. Think about it. Buying and selling domains is actually a big business.

Bobbi Rebell:
It is a big business. And when I named Grownup Gear Grownup Gear, I looked very carefully at what was available before I named a company. So that's also something to really look at, whether you start a company or buy a company. Look at the domain names that the company owns, because that's really important.

Tonya Rapley:
That is. That is.

Bobbi Rebell:
Tonya, thank you so much. Oh, you didn't say your socials.

Tonya Rapley:
Oh. So My Fab Finance, that's M-Y-F-A-Bfinance.com. And then Tonya Rapley, so that's T-O-N-Y-A.rapley. And then Club Loofah is Club Loofah, C-L-U-B L-O-O-F-A-H.

Bobbi Rebell:
Awesome. So you have that on social media.

Tonya Rapley:
Thank goodness.

Bobbi Rebell:
Thank goodness.

Tonya Rapley:
Yeah, we have that.

Bobbi Rebell:
Good. Thanks so much.

Tonya Rapley:
Thank you, Bobbi.

Bobbi Rebell:
Okay, my friends, there was a lot there, so much good stuff. I want to remind everyone full transcripts are available. Just go to my website, bobbirebell.com. Go to the podcast section. You'll get the show notes and the transcripts.

Bobbi Rebell:
My take here is that whether you're going to start a business or you're going to buy a business, you need to know that it's going to be a lot of work, probably more than you expect, probably lots of surprises, and probably going to cost you a lot more than that purchase price. Yes, Tonya had customers. They were subscription-based. That's all good. But it wasn't a profitable business, and then she had to deal with that. You need a lot of, frankly, capital runway to manage a business when you're dealing with it initially and you don't really know what's coming at you. So make sure you ask all the questions you need to ask and that you're happy with the answers. The good news with buying a business is you do kind of get a headstart. She already had customers. That's great. You start in the middle. You have a concept there. But you also have challenges that were created by someone else, and you may not be aware of all of them, and they come at you a lot faster because you're already sort of in the middle. Make sure you're ready.

Bobbi Rebell:
If you enjoyed this episode, please hit that follow or subscribe button wherever you get your podcasts. And of course, reviews are so appreciated. I read every one, and they mean the world to me. Let me know what topics you want me to cover. DM me. And please follow me also on Instagram at bobbirebell1. And go to my website if you want to get on my newsletter list. Just as I said, bobbirebell.com. Pretty simple, guys.

Bobbi Rebell:
Please, support Tonya. She is amazing. Check out Club Loofah. Follow it on all the socials. And, of course, My Fab Finance and Tonya Rapley as well. Say thanks to Tonya for sharing her journey and for helping us all be financial grownups

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Well. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of 100s of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complementary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media at bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me, and you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking out fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.

Advice, Authors, Business, Entrepreneurs, Financial Grownup, Health + Fitness, Money, Reality TV stars, Role Models, Startup, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanClub Loofah, My Fab Finance, Tonya Rapley, Startup, Business, Online Business, Marketing, Loofah
Summer Watch Party: Going from Broke
Summer Watch Party: Going from Broke

Our summer watch party kicks off with this endearing and often hilarious series from producer Ashton Kutcher staring financial expert Tonya Rapley and Chegg CEO Dan Rosensweig.  Bobbi is joined by Financial Wellness Expert Jason Vitug of Phroogal to share why they both could not stop binging this show and why you need to be watching it too!

Summer-Watch-Party-Instagram-Graphic-Going-From-Broke-with-Jason-Vitug.png

A Little About The Show

Bobbi Rebell:
I have a bunch of shows picked out for this summer watch series. Most of which are sort of, I would say under appreciated and undiscovered. And one of them that's definitely under appreciated is a show called Going From Broke. It is on Crackle, our mutual friend, Tonya Rapley is part of it. The show is in its second season. Fun fact, it is produced by Ashton Kutcher who does make occasional appearances. Jason, tell us a little bit about the show.

Jason Vitug:
Well, the basic premise for Going From Broke is that each episode features someone who is well broke. Basically they need an intervention, they need some guidance. It's hosted by Dan Rosenzweig, CEO of Chegg and our friend financial expert, Tonya Rapley, who helps young professionals, young individuals become the CEO of their own lives.

Bobbi Rebell:
Okay. So each episode is about a half an hour and it has kind of a classic reality TV structure and that the hosts come in, they do a little preview of what we're going to see. Then they do a debrief with the guest to figure out what exactly is going on. Then we see the person change their bad habits or make some tough decisions. And then there's progress reports at the end. Jason, okay, besides the fact that we both adore Tonya, what's your take on the show?

Jason Vitug:
It's really an amazing show. Just the great casting. One of the key things that I love about shows that talk about personal finance is when it humanizes the individual. And often we kind of look at the financial aspect, just the numbers, not the emotional or the personal side. And this show does a great job in choosing people with compelling stories. So they're not just broke because they made financial mistakes, they're broke because there's a ton of different aspects when it comes to their life that caused them to take on debt or to live above their means.

Bobbi Rebell:
Yeah. I mean, a lot of these people are doing amazing things with their life. I mean, one of the people featured is someone called The Donovan. So he's a musician. He's super talented at what he does. Huge personality, very giving, but yet behind the scenes, it's a mess. Right?

Jason Vitug:
It is. And I have to say that The Donovan needs his own show. He was endearing. And I was just laughing throughout the whole entire episode. He was so dependent on his income from his gigs. And when this gig stopped during the pandemic, well, what happens, there was no money coming in and he was relying on his savings and then relying on credit. And it was exacerbating his financial issues. And all of a sudden he was in a situation where he was unhappy with his life. And that's where I related.

Bobbi Rebell:
Yeah. And also he has a very colorful personality, very over the top lifestyle, but yet he didn't really see it that way. And it really was so as you said, I mean, endearing is just the best word for The Donovan. Because if he didn't have that personality, when things would come up, like his not being able to handle tasks that so many of us take for granted, like just basic cleaning your house, mowing your lawn. Although not that I've ever done that. Watching him sort of cave was so like, you just wanted to give the guy a hug because even though he was saying things that sounded crazy, watching him adapt his self care routine to more frugal approaches was the best.

Jason Vitug:
It was hilarious. And I was smiling throughout the episode and the fact that, yes, I've washed my own dishes. I've cleaned my own house. I've mowed my own lawn, but I can not play two pianos at once. And The Donovan can play two pianos at once. So that goes to show you where his talent lies and where he was using his money to help him in other aspects of his life. But when you get that financial situation where income isn't coming in, you're going to have to make drastic changes. And he was hilarious in terms of wanting to keep his routine when it comes to self care. The lawn was awesome at the final part of the show was just amazing. And I was cracking up and I couldn't wait to watch another episode.

Bobbi Rebell:
Oh, totally. And by the way, every episode you have to watch to the end because the closing credits, they put in the funniest clips that just leave you with this feeling where you were just rooting for them and so happy for them that they've achieved, whatever it is they achieved over the episode. And the other common theme that I saw in the casting was that these were people that were very successful and they were also generally very giving people. For example, there was someone in the first episode who had been an athlete and he definitely had a pension for buying expensive sneakers, but he was also paying tuition, I think for, was it his little brother? I mean, these are giving people.

Jason Vitug:
These are all giving people. So when that first episode of season one, his name was Obi, he was a former track athlete and a CEO of his own company. He felt in charge of having to take care of his parent and his brother who would be going to college. And this is just one example of the many episodes where it isn't selfish people or people who are broke because they're living way above their means. And they don't care about anyone else, but themselves. They're actually individuals who have responsibilities and they care about their family members, their neighbors, their community. And so part of their wellbeing when you think about it, that way is taking care of others. And they explore this. Well, what happens when your finances fall apart and you become broke and you still have these responsibilities? And so that was one. And one other show that got me was the mother with the special needs child. And she was in dire straits and she relied on credit cards to supplement her income. And so the first take is, okay, you need to stop using credit and you need to do X, Y, and Z such as rent out room for Airbnb. So these are practical tips. That's what I love. They give practical tips to help people manage their finances and kind of stop being broke.

Jason Vitug:
But then there's a point where she wanted to continue to spend eight weeks vacation in Mexico. Part of that was, you could say, okay, well that's luxurious spending. Why would you spend eight weeks, all that cash to go to Mexico? And she shares that is the only place and time where she sees her special needs daughter smiling and being happy. And so you have to connect with people in that human element where we make these financial decisions and we think it's just the numbers, but there's always something deeper behind it. And so for that place automatically, I said, okay, stop going. You can't go to Mexico. And that would probably be my advice, just like what they started with. And then towards the end, they're like, well, yes, that's how you should be spending your money, especially when it's helping your child.

Bobbi Rebell:
Yeah. I mean, like you said, they're very direct. They're very blunt. They're very understanding. I love an episode where they literally, I mean, this guy, he felt that he was a contractor basically. And he bought a Prius to save money because it's much more fuel efficient, but then he literally bought a truck because he felt that when he went to bid on jobs, no one would give him the job if he wasn't driving a truck and they convinced him to sell, I don't know if you saw this episode, they convinced him to sell the truck. And you know what, he was still closing the deals, but he needed an outside person to show him that. So having that outside perspective, and they do make people sell things. I mean, we were talking about Obi. Obi literally this is a spoiler, literally sells shoes that he is wearing. He bought some expensive sneakers. They made him take them off his feet. It's just an awesome show.

Jason Vitug:
It really is. And I'm a former sneakerhead. So I used to have those expensive sneakers. And so I related to him when the buyer wanted the shoes off his feet and he was going to give a pretty penny. And that is a tough decision. And some people might say, it's just sneakers. I'm telling you from a former sneakerhead, it's not just sneakers. There's a lot tied into it. And so for him to do that, just showed some growth. And I love that about the show.


Money Tips and Lessons Learned

Bobbi Rebell:
All right. Let's get to some of the lesson takeaways. Here's some of the money tips slash lessons from the show. First of all, I think there's a lot of perspective and understanding, for example, a lot of the spending that we see seems ridiculous, but it's brought to us in empathy and with love. And I think that's a great thing to understand that we're all human and we all have different values, right?

Jason Vitug:
Absolutely. And that kind of leads into that circumstances change. And season two takes place during the pandemic. And the pandemic has changed the lives of so many people and understanding that there are external factors that impact our finances.

Bobbi Rebell:
Totally. Debtors, a lot of us can be very judgy when it comes to people in debt. But the truth is a lot of the things that put them in debt are things that could easily happen to any of us. And they're very specific down to exactly where the money is spent and we can all relate. I mean, shutting down Amazon or not feeling like you have control over your life if you don't have that money to spend, who hasn't been there at some time, if we're all being honest.

Jason Vitug:
Yeah. I'm going to be honest. I've been there. And what's often necessary is doing these line by line breakdowns. And they do this really well from our friend, Tonya, who goes through the budget. And this is kind of like an indication that most people are successful with what they do and with their finances until something happens. And when something happens, you have to start asking the question, well, where's the money going?

Bobbi Rebell:
Yeah. And also look, they do tell the people that are sort of the stars of the show that they have to negotiate. They need to go in and get better deals. For example, if they have a lot of credit card debt, they need to figure out how best to manage it without just kind of continuing to pay it down. You can call up the people that you owe money to and make a better deal for yourself. And I think that's valuable too, to be your own self advocate.

Jason Vitug:
Yeah. It's really making those tough decisions. And sometimes those tough decisions are things like opening up your house to a roommate. And if you're used to living by yourself and having someone live in your house is quite a change. And so there's another person that we talked about, Obi selling his sneakers and others who decided to live with relatives and Airbnb that home. And so there are all these decisions that need to be made in order to get your finances from where they are to where you want them to be. And they're not easy, they're tough, but you need to make these tough decisions and they help them through that.

Bobbi Rebell:
Yeah. I mean, they had to sell stuff that was literally part of their identity. That's a really hard thing. There's a lot of tough love in this show. I mean, there's a great line from Dan Rosensweig to a guest who kept talking about how much money they make. And he was like, no, you don't make money. You generate revenue. There is a difference. And then this was the guy who had to sell his truck. Gary V yelled at him for a while and told him to Google the word profit. And he literally, Gary V starts yelling. It was such a great scene. Gary V is yelling at this guy, saying, sell everything you own. And then he said a lot of other mean stuff. So I won't spoil that. You guys can watch that episode. It's awesome because it really crosses a line that a lot of financial shows are just too polite to cross, but they get really kind of, they just... Let's just say that. I don't know. I'll leave it there.

Jason Vitug:
There's a lot of emotional intelligence in the show. There really is a lot.

Bobbi Rebell:
Yes.

Jason Vitug:
And I have to admit, I laughed. I cried. There was a lot of tears because I connected with these people and their stories. And it is really awesome seeing where they started in the beginning of the show and where they end. And as you mentioned, stay tuned till the end credits because you're going to crack up.

Bobbi Rebell:
Yeah, absolutely. And the other thing is there's sort of an Easter egg in this. I mean, look, it's not a surprise. It is produced by Ashton Kutcher's production company. So he knows people. So in addition to Ashton Kutcher, there's a lot of celebrity appearances. I guess we can spoil some of them. We won't say which shows they're in, but I know Demi Lovato was in one and Jewel was in one. Who else do you remember spotting?

Jason Vitug:
There were executives such as the executive for Airbnb was there. And so there are a number, but the Demi Lovato one when you get to that episode was great because it shows that people who have achieved success in their careers and have a spotlight on them, do have financial struggles and issues as well. And so it's all connected and I love that.

Bobbi Rebell:
Yeah. The show just makes so much sense. I wish I had discovered it earlier. I'm glad there's two seasons. I hope they do more. I also, as we mentioned, we're a fan of Tonya's. I also had remembered that I interviewed Dan Rosensweig when I was a reporter at Reuters, he was at Yahoo where he was, I believe the COO. He's the CEO of Chegg. The program, as I mentioned, produced by Ashton Kutcher is sponsored by Chegg and there's definitely corporate support. And I love to see that. I think it's great. Chegg's an educational company, and this is a wonderful way to both get their message out and also do some great [inaudible 00:17:07] content. Right?

Jason Vitug:
I agree. I think it's important for us to kind of get this tie... If a corporation understands the importance of financial education and can create content that entertains me and is educational, it is a win. We need more of that.

Bobbi Rebell:
Absolutely. I give it five stars. It is available. That's just a made up thing, but I'm giving it five stars. We don't have a scale. It's just five stars. That's going to be the most. And it's available on Crackle, which I also never watched. I had to download it just to watch this, but Crackle is free. There's some ads, but Crackle is free. Jason, your final thoughts.

Jason Vitug:
I recommend everyone checking it out. It is a free app, so you're not spending any money to enjoy the show.

Bobbi Rebell:
Awesome. So keep at it guys. We think you're doing great.




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Full Transcript:


Bobbi Rebell:
I hope you guys are all celebrating some big adulting milestones this season. And you know what, finding the perfect gift for those celebrations can be kind of tough. I have the solution over at grownupgear.com. We have adorable hats, totes, mugs, pillows, teas, and seriously, the most cozy and comfortable sweatshirts. They're all on grownupgear.com and all at affordable prices. We even now have digital gift certificates. If you can't decide, use code grownup for 15% off your first order. Buying from our small business helps to support this free podcast. And you know what? We really appreciate it. Thanks guys.

Jason Vitug:
And I have to admit, I laughed. I cried. There was a lot of tears because I connected with these people and their stories. It is really awesome seeing where they started in the beginning of the show and where they end.

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 got this.

Bobbi Rebell:
Welcome, my grow up friends to our first ever financial grownup summer watch party series. During COVID you guys, I had a chance to check out some streaming shows and there's a lot of uncovered gems out there that have really got amazing money lessons. So I thought what a great idea to highlight a few of them in a little summer mini series for everybody. So we're going to highlight some of my personal favorites, and then we're going to go over the money tips from them in the coming weeks. Now for this episode, I am so excited to be joined by my friend financial wellness guru, Jason Vitug author of You Only Live Once: The Roadmap to Wellness and a Purposeful Life. Also, the brains behind Phroogal spelled with a P-H-R-O-O-G-A-L. Did I spell that right Jason?

Jason Vitug:
You got it absolutely correctly. Thank you so much. I'm excited to be here.

Bobbi Rebell:
Jason wait, you joined the podcasting world. You just launched your own podcast.

Jason Vitug:
I have. It's Live Financially Well, so I decided let's just jump in it and have awesome conversations with myself. So I'll be reading articles and giving commentary and insights on the articles that I've written. So it's a new way to kind of digest the information and the knowledge that I've written about.

Bobbi Rebell:
Well, and a lot of people like to hear the audio of articles in that it's kind of like books on tape, Phroogal on tape, right?

Jason Vitug:
It is. And it's humbling when my brothers and sisters who are part of my target market, they don't read my articles or my blog and they call me or they text me. And so I was recording and sending it to them because they have busy lives and they prefer, or they're auditory learners. They learn listening as opposed to sitting down and reading an article. And I figure there might be way more people. And just like your listeners who learn through voice versus written word.

Bobbi Rebell:
And also through watching. I mean, I do a lot of book recommendations on this podcast and I guess that same idea inspired me to do the summer watch series because I think a lot of people like to consume content and maybe learn through video. I think that's something we learned over the pandemic with everybody learning stuff and having meetings over Zoom. Yes, there can be too much Zoom. Absolutely. But we also can actually learn a lot through video, right?

Jason Vitug:
We really do. That's why I'm excited about this discussion today because it's a different form of learning. So entertainment or edutainment. So this is going to be exciting.

Bobbi Rebell:
Edutainment. Okay. I have a bunch of shows picked out for this summer watch series. Most of which are sort of, I would say underappreciated and undiscovered. And one of them that's definitely underappreciated is a show called Going From broke. It is on Crackle, our mutual friend, Tonya Rapley is part of it. The show is in its second season. Fun fact, it is produced by Ashton Kutcher who does make occasional appearances. Jason, tell us a little bit about the show.

Jason Vitug:
Well, the basic premise for Going From Broke is that each episode features someone who is well broke. Basically they need an intervention, they need some guidance. It's hosted by Dan Rosenzweig, CEO of Chegg and our friend financial expert, Tonya Rapley, who helps young professionals, young individuals become the CEO of their own lives.

Bobbi Rebell:
Okay. So each episode is about a half an hour and it has kind of a classic reality TV structure and that the hosts come in, they do a little preview of what we're going to see. Then they do a debrief with the guest to figure out what exactly is going on. Then we see the person change their bad habits or make some tough decisions. And then there's progress reports at the end. Jason, okay, besides the fact that we both adore Tonya, what's your take on the show?

Jason Vitug:
It's really an amazing show. Just the great casting. One of the key things that I love about shows that talk about personal finance is when it humanizes the individual. And often we kind of look at the financial aspect, just the numbers, not the emotional or the personal side. And this show does a great job in choosing people with compelling stories. So they're not just broke because they made financial mistakes, they're broke because there's a ton of different aspects when it comes to their life that caused them to take on debt or to live above their means.

Bobbi Rebell:
Yeah. I mean, a lot of these people are doing amazing things with their life. I mean, one of the people featured is someone called The Donovan. So he's a musician. He's super talented at what he does. Huge personality, very giving, but yet behind the scenes, it's a mess. Right?

Jason Vitug:
It is. And I have to say that The Donovan needs his own show. He was endearing. And I was just laughing throughout the whole entire episode. He was so dependent on his income from his gigs. And when this gig stopped during the pandemic, well, what happens, there was no money coming in and he was relying on his savings and then relying on credit. And it was exacerbating his financial issues. And all of a sudden he was in a situation where he was unhappy with his life. And that's where I related.

Bobbi Rebell:
Yeah. And also he has a very colorful personality, very over the top lifestyle, but yet he didn't really see it that way. And it really was so as you said, I mean, endearing is just the best word for The Donovan. Because if he didn't have that personality, when things would come up, like his not being able to handle tasks that so many of us take for granted, like just basic cleaning your house, mowing your lawn. Although not that I've ever done that. Watching him sort of cave was so like, you just wanted to give the guy a hug because even though he was saying things that sounded crazy, watching him adapt his self care routine to more frugal approaches was the best.

Jason Vitug:
It was hilarious. And I was smiling throughout the episode and the fact that, yes, I've washed my own dishes. I've cleaned my own house. I've mowed my own lawn, but I can not play two pianos at once. And The Donovan can play two pianos at once. So that goes to show you where his talent lies and where he was using his money to help him in other aspects of his life. But when you get that financial situation where income isn't coming in, you're going to have to make drastic changes. And he was hilarious in terms of wanting to keep his routine when it comes to self care. The lawn was awesome at the final part of the show was just amazing. And I was cracking up and I couldn't wait to watch another episode.

Bobbi Rebell:
Oh, totally. And by the way, every episode you have to watch to the end because the closing credits, they put in the funniest clips that just leave you with this feeling where you were just rooting for them and so happy for them that they've achieved, whatever it is they achieved over the episode. And the other common theme that I saw in the casting was that these were people that were very successful and they were also generally very giving people. For example, there was someone in the first episode who had been an athlete and he definitely had a pension for buying expensive sneakers, but he was also paying tuition, I think for, was it his little brother? I mean, these are giving people.

Jason Vitug:
These are all giving people. So when that first episode of season one, his name was Obi, he was a former track athlete and a CEO of his own company. He felt in charge of having to take care of his parent and his brother who would be going to college. And this is just one example of the many episodes where it isn't selfish people or people who are broke because they're living way above their means. And they don't care about anyone else, but themselves. They're actually individuals who have responsibilities and they care about their family members, their neighbors, their community. And so part of their wellbeing when you think about it, that way is taking care of others. And they explore this. Well, what happens when your finances fall apart and you become broke and you still have these responsibilities? And so that was one. And one other show that got me was the mother with the special needs child. And she-

Bobbi Rebell:
Yeah. Go ahead.

Jason Vitug:
Yeah. So she was in dire straits and she relied on credit cards to supplement her income. And so the first take is, okay, you need to stop using credit and you need to do X, Y, and Z such as rent out room for Airbnb. So these are practical tips. That's what I love. They give practical tips to help people manage their finances and kind of stop being broke.

Jason Vitug:
But then there's a point where she wanted to continue to spend eight weeks vacation in Mexico. Part of that was, you could say, okay, well that's luxurious spending. Why would you spend eight weeks, all that cash to go to Mexico? And she shares that is the only place and time where she sees her special needs daughter smiling and being happy. And so you have to connect with people in that human element where we make these financial decisions and we think it's just the numbers, but there's always something deeper behind it. And so for that place automatically, I said, okay, stop going. You can't go to Mexico. And that would probably be my advice, just like what they started with. And then towards the end, they're like, well, yes, that's how you should be spending your money, especially when it's helping your child.

Bobbi Rebell:
Yeah. I mean, like you said, they're very direct. They're very blunt. They're very understanding. I love an episode where they literally, I mean, this guy, he felt that he was a contractor basically. And he bought a Prius to save money because it's much more fuel efficient, but then he literally bought a truck because he felt that when he went to bid on jobs, no one would give him the job if he wasn't driving a truck and they convinced him to sell, I don't know if you saw this episode, they convinced him to sell the truck. And you know what, he was still closing the deals, but he needed an outside person to show him that. So having that outside perspective, and they do make people sell things. I mean, we were talking about Obi. Obi literally this is a spoiler, literally sells shoes that he is wearing. He bought some expensive sneakers. They made him take them off his feet. It's just an awesome show.

Jason Vitug:
It really is. And I'm a former sneakerhead. So I used to have those expensive sneakers. And so I related to him when the buyer wanted the shoes off his feet and he was going to give a pretty penny. And that is a tough decision. And some people might say, it's just sneakers. I'm telling you from a former sneakerhead, it's not just sneakers. There's a lot tied into it. And so for him to do that, just showed some growth. And I love that about the show.

Bobbi Rebell:
All right. Let's get to some of the lesson takeaways. Here's some of the money tips slash lessons from the show. First of all, I think there's a lot of perspective and understanding, for example, a lot of the spending that we see seems ridiculous, but it's brought to us in empathy and with love. And I think that's a great thing to understand that we're all human and we all have different values, right?

Jason Vitug:
Absolutely. And that kind of leads into that circumstances change. And season two takes place during the pandemic. And the pandemic has changed the lives of so many people and understanding that there are external factors that impact our finances.

Bobbi Rebell:
Totally. Debtors, a lot of us can be very judgy when it comes to people in debt. But the truth is a lot of the things that put them in debt are things that could easily happen to any of us. And they're very specific down to exactly where the money is spent and we can all relate. I mean, shutting down Amazon or not feeling like you have control over your life if you don't have that money to spend, who hasn't been there at some time, if we're all being honest.

Jason Vitug:
Yeah. I'm going to be honest. I've been there. And what's often necessary is doing these line by line breakdowns. And they do this really well from our friend, Tonya, who goes through the budget. And this is kind of like an indication that most people are successful with what they do and with their finances until something happens. And when something happens, you have to start asking the question, well, where's the money going?

Bobbi Rebell:
Yeah. And also look, they do tell the people that are sort of the stars of the show that they have to negotiate. They need to go in and get better deals. For example, if they have a lot of credit card debt, they need to figure out how best to manage it without just kind of continuing to pay it down. You can call up the people that you owe money to and make a better deal for yourself. And I think that's valuable too, to be your own self advocate.

Jason Vitug:
Yeah. It's really making those tough decisions. And sometimes those tough decisions are things like opening up your house to a roommate. And if you're used to living by yourself and having someone live in your house is quite a change. And so there's another person that we talked about, Obi selling his sneakers and others who decided to live with relatives and Airbnb that home. And so there are all these decisions that need to be made in order to get your finances from where they are to where you want them to be. And they're not easy, they're tough, but you need to make these tough decisions and they help them through that.

Bobbi Rebell:
Yeah. I mean, they had to sell stuff that was literally part of their identity. That's a really hard thing. There's a lot of tough love in this show. I mean, there's a great line from Dan Rosensweig to a guest who kept talking about how much money they make. And he was like, no, you don't make money. You generate revenue. There is a difference. And then this was the guy who had to sell his truck. Gary V yelled at him for a while and told him to Google the word profit. And he literally, Gary V starts yelling. It was such a great scene. Gary V is yelling at this guy, saying, sell everything you own. And then he said a lot of other mean stuff. So I won't spoil that. You guys can watch that episode. It's awesome because it really crosses a line that a lot of financial shows are just too polite to cross, but they get really kind of, they just... Let's just say that. I don't know. I'll leave it there.

Jason Vitug:
There's a lot of emotional intelligence in the show. There really is a lot.

Bobbi Rebell:
Yes.

Jason Vitug:
And I have to admit, I laughed. I cried. There was a lot of tears because I connected with these people and their stories. And it is really awesome seeing where they started in the beginning of the show and where they end. And as you mentioned, stay tuned till the end credits because you're going to crack up.

Bobbi Rebell:
Yeah, absolutely. And the other thing is there's sort of an Easter egg in this. I mean, look, it's not a surprise. It is produced by Ashton Kutcher's production company. So he knows people. So in addition to Ashton Kutcher, there's a lot of celebrity appearances. I guess we can spoil some of them. We won't say which shows they're in, but I know Demi Lovato was in one and Jewel was in one. Who else do you remember spotting?

Jason Vitug:
There were executives such as the executive for Airbnb was there. And so there are a number, but the Demi Lovato one when you get to that episode was great because it shows that people who have achieved success in their careers and have a spotlight on them, do have financial struggles and issues as well. And so it's all connected and I love that.

Bobbi Rebell:
Yeah. The show just makes so much sense. I wish I had discovered it earlier. I'm glad there's two seasons. I hope they do more. I also, as we mentioned, we're a fan of Tonya's. I also had remembered that I interviewed Dan Rosensweig when I was a reporter at Reuters, he was at Yahoo where he was, I believe the COO. He's the CEO of Chegg. The program, as I mentioned, produced by Ashton Kutcher is sponsored by Chegg and there's definitely corporate support. And I love to see that. I think it's great. Chegg's an educational company, and this is a wonderful way to both get their message out and also do some great [inaudible 00:17:07] content. Right?

Jason Vitug:
I agree. I think it's important for us to kind of get this tie... If a corporation understands the importance of financial education and can create content that entertains me and is educational, it is a win. We need more of that.

Bobbi Rebell:
Absolutely. I give it five stars. It is available. That's just a made up thing, but I'm giving it five stars. We don't have a scale. It's just five stars. That's going to be the most. And it's available on Crackle, which I also never watched. I had to download it just to watch this, but Crackle is free. There's some ads, but Crackle is free. Jason, your final thoughts.

Jason Vitug:
I recommend everyone checking it out. It is a free app, so you're not spending any money to enjoy the show.

Bobbi Rebell:
Awesome. So keep at it guys. We think you're doing great. Jason, where can people catch up with you?

Jason Vitug:
You can find me on social media, Twitter and Instagram. That's where I'm most active @phroogal, That's P-H-R-O-O-A-L. And you can also converse with me via the website, Phroogal.com.

Bobbi Rebell:
Jason, thank you so much for joining me.

Jason Vitug:
Thank you. This was fun.

Bobbi Rebell:
Yes. And everyone follow Jason. Follow me on Instagram at @bobbirebell1 and DM me what other shows you want us to talk about on the show. We're going to do a bunch of episodes in the summer watch series. Thanks again. We'll see you next time.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart, guest coordination, content creation, social media support and show notes by Ashley Well. You can find the podcast show notes, which includes links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First connect with me on social media @bobbirebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my money tips for grownups club.

Bobbi Rebell:
Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple podcasts. Reading each one means the world to me and you know what? It really motivates others to subscribe. You can also support our merch shop grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind word so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.


Financial Grownup, Money, Personal Finance, Reality TV starsBobbi Rebell KaufmanGoing From Broke, Summer Watch Party, Crackle, Reality TV, Tonya Rapley, Dan Rosensweig, Chegg, Ashton Kutcher, Jason Vitug, Money, Phroogal
The Case for the Donut Wall and More Money Tips from the hosts of Netflix’s Marriage or Mortgage
The Case for the Donut Wall and More Money Tips from the hosts of Netflix’s Marriage or Mortgage

It is wedding season! To celebrate we talked to Sarah Miller and Nichole Holmes of the show that asks the engaged to jointly make a big choice: A solid starter home- or a lifetime of memories with loved ones at a big wedding. The choice may seem simple- but if you listen you will see it is both financial and emotional. 

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Sarah and Nichole’s Money Story

Bobbi Rebell:
I did my homework. You were both cast on the show. So you did not come up with the original concept. What was it like when they first came to you, and they came to you individually with this concept? What was your gut reaction?

Sarah Miller:
This is Sarah. I loved it. I honestly thought it was fake at first. I was like, "Am I getting scammed? What's going on here?" Because I've never been on TV or any of that stuff before. So it was surreal to me. But yeah, after they really pitched it to me, I loved it. It's just what I do every single day just with cameras added to it. So I signed on immediately. I loved it.

Nichole Holmes:
This is Nichole, and I was on board from the get-go. It was such a great idea. I was a little hesitant, not knowing how they would edit you and things like that, but I am blown away with the editing skills and how amazing the show looks. I'm super excited about all of it.

Bobbi Rebell:
This show teaches so many financial lessons, budgeting, making tough financial choices, money, values. What is your money script, a lot of people would say? Tell us about what you've learned in listening to all of the people on the show that makes you think, how have you guys evolved through all of this?

Sarah Miller:
This is Sarah. So I think it's just, you have to listen to your clients. I mean, this is something again that Nichole and I both do in every day life. So we're trying to fill somebody's dreams and trying to expand their budgets and really give them the utopia of what they're looking for. So I think with the show, the biggest part was us listening to really what was important to them and trying to bring that to reality so they could actually have a hard time choosing either the house or the wedding.

Nichole Holmes:
This is Nichole. It just reminded me about when I was younger and didn't make the smartest financial decisions because we have some fairly young couples on the show that did choose wedding, and I just saw myself in their eyes. I get it because I was given the option when I was getting married the first time. My dad said, "Are you sure that you don't want to take this chunk of money and put it on a down payment on a home or have two really nice cars in the driveway?" or whatever, and I was like, "No, Daddy, I have to have my big day." So now twice divorced and 47 years old, and now that I'm in real estate, I just cringe at how much money I could have made had I actually put it down on an asset rather than just a day.

Bobbi Rebell:
You guys both bring a lot of life experience to the show, and one thing that I love is that you don't judge. Nichole, you just talked about your own life experiences, your own really important money story. And yet you hold back a little, you give them some room. Is that hard? What's that like?

Nichole Holmes:
I want them to do the smartest thing financially that I think is the smartest, and then we've got Sarah thinking they need to invest in these memories. And so I always say this in almost every interview, "You can lead a horse to water, but you can't make them drink." So all I can do is present the best package possible, show them the best houses, hit all of their top wishes and wants, and hope that they make a sound investment in land or a house.

Sarah Miller:
Nichole doesn't hold back, by the way.

Bobbi Rebell:
Well, you're both really good about managing expectations. Can you talk a little bit about that? Because many of these couples have really saved up for many years, these amounts of money, which are generally about $30,000, that is their life savings. And yet they can't always get their dream wedding or their dream house when they're realistic about you can't get everything. You guys are good at that. Tell us a little bit about that and the psychology of managing expectations from a financial perspective.

Sarah Miller:
This is Sarah. Again, I think it's just all about smart money and dumb money, especially when you're planning a wedding. It's like, listen, put your money where it's going to shine the most, what's most important to you. Let's highlight those areas and scale back on the rest. Because, again, coming into wedding planning, if they only have a small amount of budget allocated to this, then we have to figure out what to do with it. If they put a chose a house and a wedding, they wouldn't be our clients right now. It's one or the other. So we have to make sure that we can maximize it in the right way that makes sense for where they're at in their life at that moment.

Nichole Holmes:
Right. And as a real estate agent, I have to listen to what's most important. There's no such thing as a perfect house, and you're never going to find that dream home, when you're on a budget, I should say. You can find it if you're not on a budget. But if you're working with a budget, I just have to take what's most important to them, just like Sarah said she does with the weddings. And if it's a yard that they want it, if it's the extra bedroom so they can have an at home office or the right school system, all of that goes into play and you just have to let them know that, "The list that you gave me isn't possible. I will show you on paper. Here is the house that you're talking about," and show them how much money that is and how much over budget. So then they get it. And it's, again, exactly what you said, it's managing their expectations.

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Bobbi Rebell:
You've both been in your field for a substantial amount of time. Nichole, you've been in real estate, I think, full time, for more than a decade. And Sarah, you're about the same, so what's up. But you also have seen the social media evolution and how that has influenced people's expectations. Tell me more about that. I mean, I think we had a donut wall in an episode. And to be fair, you have the wedding shows, but you also have these home shows where people have these dream shows. I mean, really, how has that changed people's expectations in terms of what they prioritize and how far their money will go?

Sarah Miller:
This is Sarah. I think on the show, we did a really good job with keeping in with our budgets. Again, we're not trying to over, I guess, over, what's the word, over show them anything that they really can't afford.

Nichole Holmes:
Over sell them.

Sarah Miller:
Over sell them, yeah exactly. We're trying to meet their expectations, but expanding those areas that were really important to them. So when you refer to the donut wall with that one couple, they wanted something unique that would run through social media. That's their era, their age. They were all about a show-stopping conversation piece at their wedding. So that's where that came in. But, again, I feel like the show in households nowadays helps viewers know that there are certain things that they can't afford. They just need to be open-minded about the other areas if they want their specific things.

Nichole Holmes:
Yeah, and this is Nichole. So when people are house shopping, they do a lot of it online now. So it's a good thing and a bad thing to a realtor.

Sarah Miller:
Yeah.

Nichole Holmes:
Because a lot of those websites that they go to, they aren't updated, and so they think that these homes are available and the market is so hot right now in middle Tennessee and Davidson County, specifically, houses are on the markets for hours and then they get snatched up. And so it's making our jobs as realtors a little bit harder because they will send you this list and you're like, "Well, stick with the list I sent you, because this is what's available. Whatever you're sending me and you're finding, you don't have access to the present, the real time houses." So that can get a little bit tricky.

Bobbi Rebell:
So the show was filmed before the pandemic. And, of course, some of the weddings were affected by the pandemic. A lot's changed, so you're still in touch with a lot of the couples that you worked with. Tell me what's been going on with them. Have there been regrets? Have there been, "Oh, I'm so glad I made that choice because of the pandemic and how I feel now"?

Nichole Holmes:
Yeah. From a real estate side, they're thrilled because housing prices are still going up.

Sarah Miller:
Mm-hmm (affirmative).

Nichole Holmes:
They already equity in their home and they've been in for less than a year or about a year at this point. So I don't have any of my couples that chose house that are upset with their decision.

Sarah Miller:
Yeah, this is Sarah. Same thing on the wedding side. I think, again, the pandemic had a lot to do with wedding changes and stress and all of that stuff, but all the weddings from the show, they actually did go through, they just had to shift around a little bit. So, but yeah, I think everybody had an amazing time, and no matter if it was eight people to 100 people.

Sarah and Nichole’s Money Lesson

Bobbi Rebell:
What lessons have you guys learned in this whole process about money and psychology and the emotion of it and the practicality of it?

Nichole Holmes:
I think we learned more negotiating skills-

Sarah Miller:
Than anything.

Nichole Holmes:
Yeah, and it's judging the couples and what's important to them when we make our final pitches at the end of the show. You can see in their eyes, like when Sarah mentioned the donut wall was going to get thrown in, that boy's eyes lit up. He couldn't have been happier had she offered him a million dollars, I think. He was just so thrilled he was going to get the donut wall.

Sarah Miller:
Yeah, we were just talking how amazing of a concept it is. It's so funny because, when I'm planning weddings every single day, the clients aren't saying, "Oh, well, I don't know if I can plan my wedding because we're about to choose a house." So this is great that we actually have to battle for this and really try to figure out what's really important to them and what they want to choose.

Bobbi Rebell:
And it's interesting because when people see the title, the logical intellectual one goes, "Of course, you would choose a house." But we're not wired that way as humans necessarily.

Sarah Miller:
I agree, and I love that. I get a lot of flack for being the wedding planner. They're like, "How could you? What are you doing?" I'm like, "Listen, love is love. It is what it is." If people didn't choose wedding, it wouldn't be a show.


Sarah and Nichole’s Money Tips

Nichole Holmes:
This is Nichole. So I think it's super important to find a seasoned realtor that knows what they're doing and who has closed a lot of deals, because the negotiations can get intense, especially in a heated market, like it is now. And a good realtor can negotiate and literally save their clients thousands and thousands of dollars by the time it's all said and done.

Bobbi Rebell:
So work with a human, and one that's the right fit for you?

Nichole Holmes:
Oh absolutely. The fun part is finding the house and that's easy. It's after you write the contract and get to the closing table that everything can go sideways. And it does a lot of the time. So you need someone who is seasoned and knows what they're doing to keep everything on track and going in the right direction.

Bobbi Rebell:
Sarah, what's your money tip?

Sarah Miller:
I dido Nichole's thing that she said as well. Hire a professional first. Hire a wedding planner, because going into planning a wedding, number one, you have to have a budget in mind. Number two, hiring a professional is going to save you countless hours over research and time. So if you can start with that and then also jump into it and talk about like your most important parts. Talk about smart money and dumb money. Put your money where you really want it to shine and scale back on those other things.

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Full Transcript:


Bobbi Rebell:
I hope you guys are all celebrating some big adulting milestones this season. And you know what? Finding the perfect gift for those celebrations can be tough. I have the solution over at grownupgear.com. We have adorable hats, totes, mugs, pillows, T's, and seriously, the most cozy and comfortable sweatshirts. They're all on grownupgear.com and all at affordable prices. We even now have digital gift certificates. If you can't decide, use code "grownup" for 15% off your first order. Buying from our small business helps to support this free podcast. And you know what? We really appreciate it. Thanks, guys.

Nichole Holmes:
When Sarah mentioned the donut wall was going to get thrown in, that boy's eyes lit up. He couldn't have been happier had she offered him a million dollars, I think. He was just so thrilled he was going to get the donut wall.

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 grownup is hard, but together, we've got this. Hello, my grownup friends. So as you heard in that cold open, Instagram worthy, show's stopping, sounds like, a donut wall at a wedding are a big part of what makes the Netflix series, Marriage or Mortgage, binge-worthy TV. And if you don't know what a donut wall is, well, go do that quick visit to Instagram. It'll tell you all you need to know. On each episode of Marriage or Mortgage, a couple with a limited budget, usually around $30,000, meets with each of the show's hosts, wedding planner, Sarah Miller, and realtor, Nichole Holmes, who show them what each option would look like within their budget. And yes, it is a contest and, yes, the hosts are competitive. They are out to win over the couple who have to make a choice.

Bobbi Rebell:
And the two hosts pull all kinds of stunts from customizing and staging homes in very personalized and eccentric ways to, yes, donut walls for weddings. And by the way, that was a big thing for that guy. Anyway, beneath all the icing on the cakes, Marriage or Mortgage actually has a very serious financial learning premise. What would you do if you literally could either have a home to start your married life in or a wedding where you have all your friends and family celebrating a huge adulting milestone in your life and creating a lifetime of memories, especially after this year that we've had, when we really treasure those memories? Gut reaction among you guys, I bet it's probably the house. That was my knee-jerk reaction too, but take a step back and think about how our culture has evolved.

Bobbi Rebell:
What about all that talk about experiences over stuff? Isn't a wedding where all the people you care about and love share an incredible experience? Isn't that important. And home is not always the best investment, let's face it. And in fact, many people don't want to own a home and renting has become a popular choice. Home ownership, by the way, can have a lot of hidden financial unwelcome surprises. So you see? It does get a little complicated, and there are definite parts of the show that reflect a weird experiment in behavioral economics. Can you tell I love this show? On that note, here are the hosts, Sarah Miller and Nichole Holmes. Sarah Miller, Nichole Holmes, you are both financial grownups. Welcome to the podcast.

Nichole Holmes:
Thank you so much for having us.

Sarah Miller:
We're so excited to be here.

Bobbi Rebell:
This is such a gift for me because I am a super fan of both of you and your Netflix hit show, Marriage or Mortgage. First of all, congratulations on all the success and the buzz this is getting.

Nichole Holmes:
Thank you so much.

Sarah Miller:
We love it. We love it. Thank you.

Bobbi Rebell:
I did my homework. You were both cast on the show. So you did not come up with the original concept. What was it like when they first came to you, and they came to you individually with this concept? What was your gut reaction?

Sarah Miller:
This is Sarah. I loved it. I honestly thought it was fake at first. I was like, "Am I getting scammed? What's going on here?" Because I've never been on TV or any of that stuff before. So it was surreal to me. But yeah, after they really pitched it to me, I loved it. It's just what I do every single day just with cameras added to it. So I signed on immediately. I loved it.

Nichole Holmes:
This is Nichole, and I was on board from the get-go. It was such a great idea. I was a little hesitant, not knowing how they would edit you and things like that, but I am blown away with the editing skills and how amazing the show looks. I'm super excited about all of it.

Bobbi Rebell:
This show teaches so many financial lessons, budgeting, making tough financial choices, money, values. What is your money script, a lot of people would say? Tell us about what you've learned in listening to all of the people on the show that makes you think, how have you guys evolved through all of this?

Sarah Miller:
This is Sarah. So I think it's just, you have to listen to your clients. I mean, this is something again that Nichole and I both do in every day life. So we're trying to fill somebody's dreams and trying to expand their budgets and really give them the utopia of what they're looking for. So I think with the show, the biggest part was us listening to really what was important to them and trying to bring that to reality so they could actually have a hard time choosing either the house or the wedding.

Nichole Holmes:
This is Nichole. It just reminded me about when I was younger and didn't make the smartest financial decisions because we have some fairly young couples on the show that did choose wedding, and I just saw myself in their eyes. I get it because I was given the option when I was getting married the first time. My dad said, "Are you sure that you don't want to take this chunk of money and put it on a down payment on a home or have two really nice cars in the driveway?" or whatever, and I was like, "No, Daddy, I have to have my big day." So now twice divorced and 47 years old, and now that I'm in real estate, I just cringe at how much money I could have made had I actually put it down on an asset rather than just a day.

Bobbi Rebell:
You guys both bring a lot of life experience to the show, and one thing that I love is that you don't judge. Nichole, you just talked about your own life experiences, your own really important money story. And yet you hold back a little, you give them some room. Is that hard? What's that like?

Nichole Holmes:
I want them to do the smartest thing financially that I think is the smartest, and then we've got Sarah thinking they need to invest in these memories. And so I always say this in almost every interview, "You can lead a horse to water, but you can't make them drink." So all I can do is present the best package possible, show them the best houses, hit all of their top wishes and wants, and hope that they make a sound investment in land or a house.

Sarah Miller:
Nichole doesn't hold back, by the way.

Bobbi Rebell:
Well, you're both really good about managing expectations. Can you talk a little bit about that? Because many of these couples have really saved up for many years, these amounts of money, which are generally about $30,000, that is their life savings. And yet they can't always get their dream wedding or their dream house when they're realistic about you can't get everything. You guys are good at that. Tell us a little bit about that and the psychology of managing expectations from a financial perspective.

Sarah Miller:
This is Sarah. Again, I think it's just all about smart money and dumb money, especially when you're planning a wedding. It's like, listen, put your money where it's going to shine the most, what's most important to you. Let's highlight those areas and scale back on the rest. Because, again, coming into wedding planning, if they only have a small amount of budget allocated to this, then we have to figure out what to do with it. If they put a chose a house and a wedding, they wouldn't be our clients right now. It's one or the other. So we have to make sure that we can maximize it in the right way that makes sense for where they're at in their life at that moment.

Nichole Holmes:
Right. And as a real estate agent, I have to listen to what's most important. There's no such thing as a perfect house, and you're never going to find that dream home, when you're on a budget, I should say. You can find it if you're not on a budget. But if you're working with a budget, I just have to take what's most important to them, just like Sarah said she does with the weddings. And if it's a yard that they want it, if it's the extra bedroom so they can have an at home office or the right school system, all of that goes into play and you just have to let them know that, "The list that you gave me isn't possible. I will show you on paper. Here is the house that you're talking about," and show them how much money that is and how much over budget. So then they get it. And it's, again, exactly what you said, it's managing their expectations.

Bobbi Rebell:
You've both been in your field for a substantial amount of time. Nichole, you've been in real estate, I think, full time, for more than a decade. And Sarah, you're about the same, so what's up. But you also have seen the social media evolution and how that has influenced people's expectations. Tell me more about that. I mean, I think we had a donut wall in an episode. And to be fair, you have the wedding shows, but you also have these home shows where people have these dream shows. I mean, really, how has that changed people's expectations in terms of what they prioritize and how far their money will go?

Sarah Miller:
This is Sarah. I think on the show, we did a really good job with keeping in with our budgets. Again, we're not trying to over, I guess, over, what's the word, over show them anything that they really can't afford.

Nichole Holmes:
Over sell them.

Sarah Miller:
Over sell them, yeah exactly. We're trying to meet their expectations, but expanding those areas that were really important to them. So when you refer to the donut wall with that one couple, they wanted something unique that would run through social media. That's their era, their age. They were all about a show-stopping conversation piece at their wedding. So that's where that came in. But, again, I feel like the show in households nowadays helps viewers know that there are certain things that they can't afford. They just need to be open-minded about the other areas if they want their specific things.

Nichole Holmes:
Yeah, and this is Nichole. So when people are house shopping, they do a lot of it online now. So it's a good thing and a bad thing to a realtor.

Sarah Miller:
Yeah.

Nichole Holmes:
Because a lot of those websites that they go to, they aren't updated, and so they think that these homes are available and the market is so hot right now in middle Tennessee and Davidson County, specifically, houses are on the markets for hours and then they get snatched up. And so it's making our jobs as realtors a little bit harder because they will send you this list and you're like, "Well, stick with the list I sent you, because this is what's available. Whatever you're sending me and you're finding, you don't have access to the present, the real time houses." So that can get a little bit tricky.

Bobbi Rebell:
So the show was filmed before the pandemic. And, of course, some of the weddings were affected by the pandemic. A lot's changed, so you're still in touch with a lot of the couples that you worked with. Tell me what's been going on with them. Have there been regrets? Have there been, "Oh, I'm so glad I made that choice because of the pandemic and how I feel now"?

Nichole Holmes:
Yeah. From a real estate side, they're thrilled because housing prices are still going up.

Sarah Miller:
Mm-hmm (affirmative).

Nichole Holmes:
They already equity in their home and they've been in for less than a year or about a year at this point. So I don't have any of my couples that chose house that are upset with their decision.

Sarah Miller:
Yeah, this is Sarah. Same thing on the wedding side. I think, again, the pandemic had a lot to do with wedding changes and stress and all of that stuff, but all the weddings from the show, they actually did go through, they just had to shift around a little bit. So, but yeah, I think everybody had an amazing time, and no matter if it was eight people to 100 people.

Bobbi Rebell:
What lessons have you guys learned in this whole process about money and psychology and the emotion of it and the practicality of it?

Nichole Holmes:
I think we learned more negotiating skills-

Sarah Miller:
Than anything.

Nichole Holmes:
Yeah, and it's judging the couples and what's important to them when we make our final pitches at the end of the show. You can see in their eyes, like when Sarah mentioned the donut wall was going to get thrown in, that boy's eyes lit up. He couldn't have been happier had she offered him a million dollars, I think. He was just so thrilled he was going to get the donut wall.

Sarah Miller:
Yeah, we were just talking how amazing of a concept it is. It's so funny because, when I'm planning weddings every single day, the clients aren't saying, "Oh, well, I don't know if I can plan my wedding because we're about to choose a house." So this is great that we actually have to battle for this and really try to figure out what's really important to them and what they want to choose.

Bobbi Rebell:
And it's interesting because when people see the title, the logical intellectual one goes, "Of course, you would choose a house." But we're not wired that way as humans necessarily.

Sarah Miller:
I agree, and I love that. I get a lot of flack for being the wedding planner. They're like, "How could you? What are you doing?" I'm like, "Listen, love is love. It is what it is." If people didn't choose wedding, it wouldn't be a show.

Bobbi Rebell:
Absolutely. You each brought a money tip for our financial grownup listeners. Who wants to go first?

Nichole Holmes:
Nichole will.

Sarah Miller:
Good.

Nichole Holmes:
This is Nichole. So I think it's super important to find a seasoned realtor that knows what they're doing and who has closed a lot of deals, because the negotiations can get intense, especially in a heated market, like it is now. And a good realtor can negotiate and literally save their clients thousands and thousands of dollars by the time it's all said and done.

Bobbi Rebell:
So work with a human, and one that's the right fit for you?

Nichole Holmes:
Oh absolutely. The fun part is finding the house and that's easy. It's after you write the contract and get to the closing table that everything can go sideways. And it does a lot of the time. So you need someone who is seasoned and knows what they're doing to keep everything on track and going in the right direction.

Bobbi Rebell:
Sarah, what's your money tip?

Sarah Miller:
I dido Nichole's thing that she said as well. Hire a professional first. Hire a wedding planner, because going into planning a wedding, number one, you have to have a budget in mind. Number two, hiring a professional is going to save you countless hours over research and time. So if you can start with that and then also jump into it and talk about like your most important parts. Talk about smart money and dumb money. Put your money where you really want it to shine and scale back on those other things.

Bobbi Rebell:
So well said. You guys are wonderful. I am waiting, waiting, waiting, and hoping for a season two. In the meantime, where can our listeners catch up with you and see what's going on in the meantime?

Sarah Miller:
Yeah. Hey, this is Sarah. And on Instagram, it is Southern Fine Co. We have a website as well, which is just SouthernFineCo.com.

Nichole Holmes:
And I am on Instagram. This is Nichole, and it's Nichole Holmes Realty. And it's Nichole with an H, N-I-C-H-O-L-E H-O-L-M-E-S Realty.

Bobbi Rebell:
Well, ladies. It's been such a pleasure to have both of you. Thank you so much. Continued success, and I hope to have you back celebrating season two very soon.

Nichole Holmes:
Us too. Thank you.

Sarah Miller:
Thank you guys. It was so fun.

Bobbi Rebell:
Okay, my friend, let's review some of the tips from the ladies and that we learned from the show. Budgets sometimes can't budge, so sharpen your negotiating skills. The hosts often go to bat for their clients, getting creative deals from vendors and getting home sellers to cut the price when they can. You should always pay people fairly, of course, but there's nothing wrong with advocating for yourself, or frankly, for your clients on everything you can. There are also times when you should not DIY, and that is especially true when there are large sums of money involved. That includes large events and homes. Don't make assumptions about what is right for you at a given stage in life. Don't get FOMO and don't let other people change your mind. Think for yourself. Take the time.

Bobbi Rebell:
As the show contestants do, actually look at the options and really talk it out with people that you care about. And if you look back and feel that you've made the wrong choice, well, you know what? Life goes on. Just like Nichole now has a sense of humor about her two weddings and how she wishes that she had taken the money and used it for something else. The truth is, every time we make a decision about where to allocate money, it is also not going somewhere else. Hopefully, we make the right decision more often than we make the wrong one. But forgive yourself and just move on if you mess up, because we all do. It is part of being a grownup, come on. Another part, celebrating life's grownup milestones. I hope people check out grownupgear.com when you are gift shopping this spring. It's perfect stuff for at graduations, birthdays, engagements, new parents, new home, all the good things.

Bobbi Rebell:
And as a special promotion, we are going to give away one $50 gift card to Grownup Gear each week until July 4th, which is Independence Day. And maybe we can also call it Financial Independence Day. There are two ways to enter to win. Number one, take a screenshot of this podcast, post it on social media, and tag me at BobbiRebell1. Also, email that screenshot to us at hello@financialgrownup.com. The second way to enter is to write a review of the Money Tips For Financial Grownups Podcast on Apple Podcasts, take a screenshot, and send it to us at hello@financialgrownup.com. And my close friends and my relatives, by the way, you guys, not eligible. Sorry. Big thanks to Nichole Holmes and Sarah Miller of Netflix's Marriage or Mortgage for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support, and show notes by Ashley Wall. You can find the podcast show notes, which includes links to resources mentioned in the show, as well as show transcripts, by going to my website, BobbiRebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup. The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First connect with me on social media at BobbiRebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my Money Tips For Grownups Club. Second, share this podcast on social media and tag me so I can thank you.

Bobbi Rebell:
You can also leave a review on Apple Podcasts. Reading each one means the world to me. You know what? It really motivates others to subscribe. You can also support our merchant shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this. Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips For Financial Grownups.

Women Entrepreneurs, Women Role Models, Reality TV starsBobbi Rebell KaufmanMarriage or Mortgage, Netflix, Money Tips, Money Tips for Financial Grownups
Money tips from Million Dollar Listing New York’s Kirsten Jordan
Money tips from Million Dollar Listing New York’s Kirsten Jordan
Kirsten-Jordan-Main-Instagram-Real-Estate-Million-Dollar-Listing-New-York.png

The newest star of the hit Bravo series shares specific tips on where to spend your money to get maximum impact in everything from real estate to your career wardrobe. Plus: how they filmed a reality tv series during a pandemic. 

Kirsten’s Money Tips:

Kirsten Jordan:
What I learned the most over the last year and a half is that it's very easy as a working mom to just bulk up on childcare and not bulk up on help anywhere else. And just think that you need to get more childcare so that you can work longer hours and work harder and just be further stretched and be crankier and angrier. And just you have that be your MO, which we've all been there. What I realized as soon as I actually had somebody helping me in the office and actually helping me with the backend of my business, that's when I realized that I don't need to be the one touching everything and doing everything.

Kirsten Jordan:
And why did I wait 12 years to get help at work. That made me be able to leverage myself into the areas that I really enjoy the most and that bring me the most money per hour. But also it made me a lot happier at home because I wasn't focusing on the stuff I didn't like doing. And I think this is a very benign, so elementary basic thing for people who are not entrepreneurs but I think it's very easy when you're an entrepreneur to be like, "I'm going to save money and not hire extra help. I'm just going to think about my bottom line," when it's very hard to scale, virtually impossible to scale, if you're not ready to embrace having some actual help at work as well.

Kirsten-Jordan-Twitter-#1-Real-Estate-Million-Dollar-Listing-New-York .png

Bobbi Rebell:
That makes so much sense. And people forget, in addition to childcare, you could get someone and it sounds almost luxurious, but to get a personal assistant to do all those errands and maybe then you have less childcare and spend that time with your kids, right.

Kirsten Jordan:
Right. And I have three kids. So for me, it's always the constant struggle. It's trying to figure out how to not only spend more time with my kids but be present when I'm with them, which is one of my main objectives in every area of my life. It is making sure that I am present in whatever I'm doing. So, if it's a podcast, if it's being with my kids, if it's being with clients, if it's meeting a new prospect, it is you get my undivided attention. Then when I'm done with it, I walk away and I'm done with it. The only way to do that, in my opinion, at least at my age, with the amount of kids I have and the amount of stuff I have going on is to get as much stuff off my plate that is not the highest and best use of my time.

Bobbi Rebell:
Give us a real estate tip that everyone can use.

Kirsten Jordan:
Throughout the country, we are in a sellers market. In order to be able to get any sort of opportunity, pretty much it means being flexible and knowing how much you can spend and how high you can bid. And making sure you evaluate the taxes on the property, your mortgage and what that's going to look like so you really understand what your monthly number is going to be. Because if you find something you really like, it's probably going to be going over the asking price or go to closed bids very, very quickly. So, the key is being ultra prepared when you go to see a property and understanding what you can spend, what that looks like on a monthly basis, speaking to a mortgage broker and being ready to take the advice of the real estate agent as to where to come in.

Bobbi Rebell:
A lot of young people, instead of starting their jobs in person have started their jobs at home in sweats behind a Zoom camera. And now they're going to go out into the world. Share some tips on how people can present their best selves as we reemerge into the office spaces. Assuming we do, which I think we will, at least to some degree.

Kirsten-Jordan-Instagram-#2-Real-Estate-Million-Dollar-Listing-New-York.png

Kirsten Jordan:
I completely agree with you. I've been in person with people since June 22nd. So, I have continued to hold myself together and dress up, which I even did during quarantine. I would say it breaks down to three tips. The number one tip is get a uniform for yourself in the sense that you have an idea of what your look is and how you can rotate that. I think people call that a capsule wardrobe. Whatever it is, for me, it's colored blazers. I wear a lot of different colored blazers every day with different kinds of looks. Whether it's a skirt or it's a pair of pants but that's my staple and it makes it really easy for me get out of the house in the morning and feel put together.

Kirsten Jordan:
The second thing is making sure that you have a routine around making sure that you're ready or have an idea of what you're going to wear the next day. It's super cliche but this idea of laying out your clothes like the way that I do with my kids, I think that that saves a lot of time and it really guarantees that you're going to have a nice look every day because spending a ton of time, preparing yourself in the morning is a waste of time because it can be really simplified. And if you stick with looking at the weather the night before, just pulling out an outfit that you plan on wearing and being ready to pull yourself together to get out the door, I think that's super important. And it cuts back on the time that you can spend with this idea of, or the burden of looking really nice every day.

Kirsten Jordan:
And the third thing is making sure that you are dressing for your audience. In New York as a real estate agent, dressing for downtown is different then dressing for uptown. Without over-analyzing it, I do adjust what I'm wearing based on what I have going that day.

Kirsten Jordan:
So, it is really important to value that and remember that people that spend time with you, they can't help but want to have some sort of aspiration about hanging out with you. And that's something I always have believed. I have clients who say to me, "I just love the fact that every single time you show up, you look nice. That's really important because I feel like you'll represent my property better because you're so put together." And you know what? That is something that I've gotten used to doing every single day since I was 10 years old. And it has gotten me really, really far. You just can't discount it.

Kirsten-Jordan-Twitter-#3-Real-Estate-Million-Dollar-Listing-New-York .png

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Full Transcript:


Bobbi Rebell:
Buying the perfect gift to celebrate life's big milestones can be tough. I have the solution with grownupgear.com. We have adorable hats, totes, mugs, pillows, tees and these seriously, most cozy and comfortable sweatshirts celebrating adulting on grownupgear.com. And yeah, of course, they're all at affordable prices. If you can't decide, we now have digital gift certificates. Use code GROWNUP for 15% off your first order. Buying from our small business helps to support this free podcast and we truly appreciate it.

Bobbi Rebell:
I have clients who say to me, "I just love the fact that every single time you show up, you look nice. That's really important because I feel like you'll represent my property better because you're so put together." And you know what? That is something that I've gotten used to doing every single day since I was 10 years old and it has gotten me really, really far. You just can't discount it.

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 grownup is hard but together we've got this.

Bobbi Rebell:
Welcome everyone to, Money Tips for Financial Grownups. This week's guest said what some people might not like to hear but is so true in grownup land. How you present absolutely matters. It can make all the difference, frankly, when it comes to how successful you are in life. That is just one of the no BS money tips that Kirsten Jordan, the new breakout star of Million Dollar Listing New York on Bravo shares in our interview.

Bobbi Rebell:
A reminder, we have deconstructed the podcast just a bit. So, the conversation is more free flowing and you get maximum money tips. Listen for the sound throughout the episode and you'll get what I mean. All right, let's talk about Kirsten Jordan. Her day job is selling extremely expensive real estate at Douglas Element in Manhattan. But just before the pandemic, she joined the cast of Bravo's Million Dollar Listing New York. We talk about what it was like to film during the pandemic and her secrets to getting all those lucrative real estate deals. So many of you loved our episode with her co-star Ryan Serhant, you will adore Kirsten, AKA, KJ as well.

Bobbi Rebell:
Here is Kirsten Jordan.

Bobbi Rebell:
Kirsten Jordan, you're a financial grownup. I'm so excited to have you on the podcast.

Kirsten Jordan:
Thank you so much for having me. I'm so happy to be here.

Bobbi Rebell:
Million Dollar Listing New York, just debuted. How exciting is this after filming in a pandemic all this time in secret?

Kirsten Jordan:
It has been a roller coaster because I started filming in the beginning of 2020. So, it was January of 2020. And here we are in May of 2021 and it's finally aired. We weren't allowed to film. So, everything was home footage. Then when we started up again at the end of July, there was major protocols in place to even start doing that. So, it was really just a very jarring stop. And then it was, you know, we're going to take a bunch of footage because I think we all were taking footage of our homes in general. And there's no secret about that.

Kirsten Jordan:
All of us were taking footage just because it was fun and interesting to record history. And then of course that was something that potentially could have been used. And then it got started again and it just hit the ground running when the real estate market wasn't really up and running fully yet in the sense that we were allowed to show but we weren't really... People weren't back and ready yet. They were really just not focused on real estate yet. They were just like, "Wow, I can't believe things are open again. Is it really safe to come see an apartment?"

Bobbi Rebell:
It's almost like this is really going to be a behind the scenes documentary of a two layer thing. It's what was happening in real estate but also what happens on a reality TV show when a pandemic hits.

Kirsten Jordan:
Right. And we weren't the only show that tried to figure out ways to be able to get footage during COVID. A lot of those shows have closed sets or able to shoot during a very specific time period where clearly, because ours is truly reality of following us around and seeing what properties we're pitching and we're selling, it's just much, much more complicated.

Bobbi Rebell:
The thing I love about you is you have already, before the show, you have a huge presence giving very no BS tips about the real estate market. We're going to get to those in just a minute but I want to hear what tips you picked up from your co-stars on the show when filming Million Dollar Listing New York.

Kirsten Jordan:
What you learned from the other cast members is they have been doing it longer than I have and they're very successful. I would say that I've learned how to be able to take it with a grain of salt and be able to have tension with them because I think we all are really competitive. And so, for me in the beginning, the hardest part was the fact that we all are going to be competing with each other because we do overlap anyway. That's just how the nature of the business is. This is a competitive industry. And so, I have a lot of tension with Tyler, a lot of tension with Frederick and you see that on the show. And I think for me, that was the first time I had something like this, where it's normal to have this in the industry but then this idea of like, "Oh, wow. And then everybody's watching." It took me a little bit to get used to.

Bobbi Rebell:
So, tell me what tips do you have for our grownup listeners?

Kirsten Jordan:
What I learned the most over the last year and a half is that it's very easy as a working mom to just bulk up on childcare and not bulk up on help anywhere else. And just think that you need to get more childcare so that you can work longer hours and work harder and just be further stretched and be crankier and angrier. And just you have that be your MO, which we've all been there. What I realized as soon as I actually had somebody helping me in the office and actually helping me with the backend of my business, that's when I realized that I don't need to be the one touching everything and doing everything.

Kirsten Jordan:
And why did I wait 12 years to get help at work. That made me be able to leverage myself into the areas that I really enjoy the most and that bring me the most money per hour. But also it made me a lot happier at home because I wasn't focusing on the stuff I didn't like doing. And I think this is a very benign, so elementary basic thing for people who are not entrepreneurs but I think it's very easy when you're an entrepreneur to be like, "I'm going to save money and not hire extra help. I'm just going to think about my bottom line," when it's very hard to scale, virtually impossible to scale, if you're not ready to embrace having some actual help at work as well.

Bobbi Rebell:
That makes so much sense. And people forget, in addition to childcare, you could get someone and it sounds almost luxurious, but to get a personal assistant to do all those errands and maybe then you have less childcare and spend that time with your kids, right.

Kirsten Jordan:
Right. And I have three kids. So for me, it's always the constant struggle. It's trying to figure out how to not only spend more time with my kids but be present when I'm with them, which is one of my main objectives in every area of my life. It is making sure that I am present in whatever I'm doing. So, if it's a podcast, if it's being with my kids, if it's being with clients, if it's meeting a new prospect, it is you get my undivided attention. Then when I'm done with it, I walk away and I'm done with it. The only way to do that, in my opinion, at least at my age, with the amount of kids I have and the amount of stuff I have going on is to get as much stuff off my plate that is not the highest and best use of my time.

Bobbi Rebell:
Give us a real estate tip that everyone can use.

Kirsten Jordan:
Throughout the country, we are in a sellers market. In order to be able to get any sort of opportunity, pretty much it means being flexible and knowing how much you can spend and how high you can bid. And making sure you evaluate the taxes on the property, your mortgage and what that's going to look like so you really understand what your monthly number is going to be. Because if you find something you really like, it's probably going to be going over the asking price or go to closed bids very, very quickly. So, the key is being ultra prepared when you go to see a property and understanding what you can spend, what that looks like on a monthly basis, speaking to a mortgage broker and being ready to take the advice of the real estate agent as to where to come in.

Bobbi Rebell:
A lot of young people, instead of starting their jobs in person have started their jobs at home in sweats behind a Zoom camera. And now they're going to go out into the world. Share some tips on how people can present their best selves as we reemerge into the office spaces. Assuming we do, which I think we will, at least to some degree.

Kirsten Jordan:
I completely agree with you. I've been in person with people since June 22nd. So, I have continued to hold myself together and dress up, which I even did during quarantine. I would say it breaks down to three tips. The number one tip is get a uniform for yourself in the sense that you have an idea of what your look is and how you can rotate that. I think people call that a capsule wardrobe. Whatever it is, for me, it's colored blazers. I wear a lot of different colored blazers every day with different kinds of looks. Whether it's a skirt or it's a pair of pants but that's my staple and it makes it really easy for me get out of the house in the morning and feel put together.

Kirsten Jordan:
The second thing is making sure that you have a routine around making sure that you're ready or have an idea of what you're going to wear the next day. It's super cliche but this idea of laying out your clothes like the way that I do with my kids, I think that that saves a lot of time and it really guarantees that you're going to have a nice look every day because spending a ton of time, preparing yourself in the morning is a waste of time because it can be really simplified. And if you stick with looking at the weather the night before, just pulling out an outfit that you plan on wearing and being ready to pull yourself together to get out the door, I think that's super important. And it cuts back on the time that you can spend with this idea of, or the burden of looking really nice every day.

Kirsten Jordan:
And the third thing is making sure that you are dressing for your audience. In New York as a real estate agent, dressing for downtown is different then dressing for uptown. Without over-analyzing it, I do adjust what I'm wearing based on what I have going that day.

Kirsten Jordan:
So, it is really important to value that and remember that people that spend time with you, they can't help but want to have some sort of aspiration about hanging out with you. And that's something I always have believed. I have clients who say to me, "I just love the fact that every single time you show up, you look nice. That's really important because I feel like you'll represent my property better because you're so put together." And you know what? That is something that I've gotten used to doing every single day since I was 10 years old. And it has gotten me really, really far. You just can't discount it.

Bobbi Rebell:
I'm definitely on the KJ bandwagon that we start dressing up a little bit more.

Bobbi Rebell:
Okay. Million Dollar Listing New York is now out on Bravo. So, everyone needs to be watching that. Where can people find out more about you, KJ?

Kirsten Jordan:
I have a website. It's called www.KirstenJordan.com. There you can find all of my press. You can also find all of the videos that I've created, all of my blogs and then you can click through. And then there's a way to get to my real estate website, of course, which is the www.KirstenJordanTeam.com that has all of my real estate listings. And then it also has all the historical sales that I've done. So, you can do a deep dive there as well. And then of course you can find me on Instagram @Kirsten.Jordan.

Kirsten Jordan:
If you look on Bravo's website, which is www.bravotv.com, there's a ton of stuff there too that shows what we're going to be doing on the show.

Bobbi Rebell:
And the show is amazing.

Bobbi Rebell:
Thank you so much.

Kirsten Jordan:
Thank you.

Bobbi Rebell:
I hope you guys enjoyed listening to that interview as much as I enjoy talking to Kirsten. Let's review a little bit of what we learned from her. When I asked her what she learned from her co-stars, Kirsten was honest. They are her peers but they're also the competition. And that doesn't mean you don't like them. It doesn't mean you don't get along with them but it is something to think about when you collaborate in your career. Sometimes there's only one winner. Make sure it's you.

Bobbi Rebell:
Another tip. Protect your time. That means thinking not just about outsourcing things like childcare if you're a parent, but maybe other things like your personal to-do list. So, you get to spend time doing what you want. That might be with your kids if you're a parent or if you're a parent, maybe that's not spending time with your kids and doing something else. Whatever it may be, you can free up your time. Think about how you allocate your resources and really make sure they reflect your priorities.

Bobbi Rebell:
When it comes to real estate, run the numbers before you fall in love with a property and listen to the professionals that you hire. You are paying them for their expertise. Get your money's worth.

Bobbi Rebell:
Kirsten also had great general advice about being successful in your career or in your business. First of all, she talks about coming up with a consistent look. Get your outfit ready for the next day. So, you don't waste time in the morning. It will really lower your stress levels. Dress for your audience. People hire people that they think have their act together. How you present yourself is often the first and biggest indicator, if that is true. Like it or not. Just saying.

Bobbi Rebell:
I am so excited to watch the Million Dollar Listing New York season unfilled. Kirsten is a total star and I am so grateful that she took the time to be part of this podcast and share with all of us.

Bobbi Rebell:
Make sure you follow her on all the socials and definitely check out the show. And if you are an M D L N Y super fan like me, DM me and tell me what you think of this season. I want to hear from you guys, seriously. I'm a little obsessed. I am @BobbiRebell1 on Instagram. Also, please support the show by checking out and hopefully making some purchases on www.grownupgear.com for all the gifts you need this spring. Including graduations, bridal showers, engagement parties and of course, M D L N Y viewing parties because really guys, what is more grown-up than being able to watch as much high quality, reality TV as you want.

Bobbi Rebell:
And in fact, next week, we're going to have the stars of another one of my favorite reality TV shows on. The ladies from the Netflix hit series, Marriage or Mortgage, Nichole Holmes and Sarah Miller. I have a lot to say about this show and the ladies really dish with some fantastic insider moments and money tips.

Bobbi Rebell:
Until next week. Big thanks to Million Dollar Listing New York's, Kirsten Jordan for helping us all be 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 Creator. 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.

Bobbi Rebell:
Our mission here at Financial Grownup is to help you be at your financial best in every stage of life. And 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 www.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. Stay in touch on Instagram @BobbiRebell1 and on Twitter @BobbiRebell.

Bobbi Rebell:
You can email us at hello@financialgrownup.com. And if you enjoy 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.

Reality TV stars, Money, Productivity, Role Models, Women Entrepreneurs, Women Role ModelsBobbi Rebell KaufmanKirsten Jordan, Money Tips, Real Estate, Million Dollar Listing New York
How to fund a work sabbatical when opportunity knocks with the Bachelorette and Bachelor in Paradise star and Laurel Road exec Derek Peth
How to fund a work sabbatical when opportunity knocks with the Bachelorette and Bachelor in Paradise star and Laurel Road exec Derek Peth
Derek Peth Instagram WHITE BORDER.png

Reality TV can be a job- but it often doesn’t pay like one. To film The Bachelorette and later Bachelor in Paradise Derek Peth had to take a break from his paying job in commercial banking. That’s where his emergency fund savings became the star of the show. 

Derek's money story:

Bobbi Rebell:
I'm so glad that you're here and so many of your fans are going to be tuning are going to be blown away by what they learn about you, because you're so well known as one of the ... first of all you were on The Bachelor on the JoJo season.

Derek Peth:
Right.

Bobbi Rebell:
You did not apparently live happily ever after with her. But you went on to more success on Bachelor in Paradise season four. And you even now continue a side hustle, which we'll talk about, host a podcast about Bachelor in Paradise and The Bachelor. But we're here because, and this got by the way this announcement of what you're doing now got over 16 thousand likes on Instagram. We're here to talk about what you do for a living right now, which is you are in the financial services sector. You are a Senior Vice President at Laurel Road. So congratulations on this career path as well.

Derek Peth:
Thank you. This is the original career path. Speaking of side hustle, I think that's kind of what The Bachelor became for me.

Bobbi Rebell:
Exactly.

Derek Peth:
Hey, more opportunities.

Bobbi Rebell:
Absolutely. And you're stilling doing that. We're going to circle back to that, but I want to talk about your money story because what you're going to share with us is something that is, on the one hand unique to you and the people that are on reality TV shows, but also very relatable to almost anyone that has ever dreamed of taking a break from their quote, real career, their everyday job. And asking our boss for a sabbatical so that they can do something, maybe a dream, maybe an opportunity for an interesting experience. Maybe financial opportunity down the road. But that's what happened to you. You were working, all of how many years ago? Four years ago maybe?

Derek Peth:
Yeah I think it was about four-ish years ago. I was working in commercial banking as a sales role down in Florida at the time. And actually it's a funny story how it all originally happened because I wasn't ready for it. I didn't signup or anything, I was very focused on my career, and I thought it was a prank call from a radio station at first. I made them email me, and I researched them.

Bobbi Rebell:
Wait. How did they find you? I just assumed people apply to be on these shows. You just get this call.

Derek Peth:
I know. My sister signed me up.

Bobbi Rebell:
Oh my gosh.

Derek Peth:
I didn't figure it out until three weeks later when finally I ... because I had been kind of quiet about it and then finally I was like, "Hey did you happen to sign me up for The Bachelor ever?" And boom. There we go.

Bobbi Rebell:
She didn't tell you? Oh my gosh.

Derek Peth:
No. Her friends watch the show and it was like they all got around the computer and sent my photos and information in. But when I started thinking about this, it was like this is one of those opportunities that are once in a lifetime that can change the course of your life completely. And luckily, my mom has put self-help books in front of me my whole life, and I've been very, always interested in making sure that things were setup so that ... I ran some marketing businesses on the side when I was younger. I had a nice foundation of rental income incoming constantly that put me in a situation where I was like, "You know what? I don't necessarily need to have this job." While I enjoy what I'm doing, and I have a great relationship with my boss at the time. He really tried and he was like, "Listen, you're a sales role."

Bobbi Rebell:
Well what happened? Can you go in and say, "Hey I'm going to be on a reality TV show can I have a sabbatical of I don't know how long?" How does it work?

Derek Peth:
Exactly. I called him up. I said, "Hey I really need to have a side conversation that needs to be pretty quiet because there's some legal matters." And he was freaked out so he called me right away. But the legal matter was that I couldn't really discuss what the situation was with a bunch of people. And I just said, "I don't know. It could be one week that I'm gone, it could be eight weeks, 10 weeks." That's how long they tape for, and you have no idea going in. He went back and he reached out to HR and they tried to figure something out, but in the end, the response was basically, "This is a little too much of an ask right now, Derek. The only option is, if you want to do this you have to leave and quit, or you can keep working here. And call us back afterwards." The truth is, there's no chance on us just putting and eight week paused on your role.

Derek Peth:
Like you said, I saw it as a sabbatical of sorts, because there was that open end coming back, which I built from working by butt off in my job. And I built that foundation that I could really use to support my living without a normal income by working my butt off on the side. And again, I think there's a lesson there that really gives you the opportunity to do some unique and different things sometimes in life that we all dream and talk about, but when you're forcing yourself into the bare minimums, that's where I think, like I said, luckily I've had some of that literature in front of me my whole life and it was just pounded in my head, "Make sure you have enough income to live for a full year with what you're doing."

Bobbi Rebell:
You had a full year of income saved?

Derek Peth:
I did.

Bobbi Rebell:
How do people support themselves on these shows? Do you get paid to be on, do you get paid more if you last longer on the show? How does it work?

Derek Peth:
Some of those work that way. The actual Bachelor, Bachelorette, the first one there's no income from it, but the second show that I did that you talked about, it works that way where it's a per day payment situation. And so, it depends on what show you're talking about. Obviously, as we both know, the Instagram ad game has become I think the goal for a lot of people after that. And that's where the supporting themselves, and being a public figure offers some cool opportunities to do some travel where, if you're going and doing speaking somewhere or just doing an event anywhere, a lot of times there's free travel or the event itself, I should say, takes care of the travel and the accommodations. It is a unique situation. It's a little bit different than having to jump on Spirit because you're flying all over the place.

Bobbi Rebell:
But people going on these shows are not necessarily paid. There are costs involved, and you often lose your income. I don't know that people really understand that.

Derek Peth:
Yes. And that's why a lot of the people end up on the show, I think, are entrepreneurs. When you really think about it, there's business people and some small business owners a lot of the time, and it's because they have the flexibility to do that, they don't have this fear of having to jump of a cliff with their job, because it's scary thing. Not to mention just the nature of the United States these days. I don't know the exact numbers, but the cost of college has quadrupled or more in the last few years, and when you really look at that and compare that to what you come away with, and what you need, we have to have that income in order to just survive, right? Just the environment itself has made it so hard for people to jump out and do anything unique like this without cutting away, and living at home, and dodging their student loans.

Derek’s money lesson:

I think that rule is so important for people to live by. Instead of focusing on how do I get to the next paycheck, you got to focus on a rule, a separate goal. And that maybe 5% of their income for some people, 10% of their income. That's a conversation, especially if there's relationships, there's other situations that come in, but instead of maxing out what you're making, there needs to be savings goal and then a long-term goal of course. One of my favorite sayings is, how do you eat the elephant? One bite at a time. You have your big goal, but then one little step at a time, each month, each week, you're saving that money away, and that's how you, I think, create that foundation to give you the opportunity to go and do some different things.

Bobbi Rebell:
And also because as much as these kinds of ventures can create opportunity, at the end of the day, you're not an actor.

Derek Peth:
Right.

Bobbi Rebell:
You have a normal life to some degree. It will never be quite as normal again, and you're still doing a lot of Bachelor related things, but you have an actual job.

Derek Peth:
There's a few very successful individuals. No different than professional sports. Honestly every aspect of business and any job in and of itself has high performers, and medium as well. But a lot of people in that quote, medium performance, which of course relates to how many Instagram followers you have now. But they really butt their head up against the wall and get sucked into this life with these hopes and aspirations without the understanding that it does take the work no different than your job to do some hustling, to make connections, to call people, to set things up for yourself. They do the bare minimum, and sometimes that's nice for a little while, but I mean, I think the people who have been very successful with taking this opportunity that The Bachelor presents you with and have treated it like a job. You see some of those folks who previously had jobs.

Derek Peth:
I have a great example from my season. Wells, great example. They were high performers in what they were doing already. And they pivoted everything into, all right, this is my new side gig. I can just take the same lesson I learned from working hard and taking care of business in my day-to-day life and apply it to this new opportunity.

Derek's everyday money tip:

My money tip, especially for millennials like myself is, first and foremost, within the marketplace we're in, there's an urgency to refinance your student loans. We ourselves we save over $20 thousand, on average, for people who refinance their loans, when you look at the life of their loans. I think knowing your rate in the first place is a great place to start. A lot of people, a lot of my friends even when I started working at Laurel Road they didn't even know what their rate was. And I started talking to them about the opportunities and they were just mind-blown at how much they could save each year.

I don't mean that facetiously. They were shooting, kicking themselves saying, "Hey, I'm an idiot. I haven't been looking at this. I didn't even know that. Here I am complaining about my income, and I could have saved it just by going online, doing a little bit of research." And to all those millennials out there, or anyone else who's recently gone through school and still has those student loans, go refinance them. There's no cost. It's very quick. I'm going to say, go check out Laurel Road's website because we are, I think, the best at this, but across the board, that's the number one thing we need to be doing.

Financial grownup tip number one:

Emergency funds aren't just for when bad things happen. In this case, a really amazing thing happened, a once in a lifetime opportunity. Literally life-changing experiences, and Derek had the financial resources available to cover up to a year. So when he was on The Bachelorette, not a lot of financial stress. And then even more fun on Bachelor in Paradise. And by the way, did I mention he hosts The Bachelor podcast, which is strangely addicting, even though I don't even know all the people that Derek, and Kay his co-host, are talking about. Don't be judgey. Derek has had a great ride. And I'm not saying that I know anything, or that Derek told me any upcoming projects, maybe when we kept talking after we stopped taping. But you want to stay tuned to what Derek is up to. Follow him on all the socials, and keep tabs on him at Laurel Road.


Financial grownup tip number two:

I joked with Derek about being judgey. We can all get judgey, myself included, about productivity, and joke that if we spend all day watching Netflix, or whatever, on Instagram, on our social media channels, we're not going to be building our businesses, our personal brand empires or whatever our goals are. So yes, we have to be mindful of our time. Go listen to the Laura Vanderkam episode for tips on that, by the way. But you know what, I really enjoyed Derek and his cohost on The Bachelor podcast. And the Bachelor shows are really fund. If that's your thing, enjoy it. Like all indulgences, chocolate, try to keep it under control. Maybe do a Bachelor in Paradise marathon over the holidays with your friends, get it out of your system for a little bit, then be more productive in the new year. Enjoy it. Don't feel bad. It's all good. And then of course, come back and listen to all the good advice here on Financial Grownup to get your finances in order for the new year.

Episode Links:

Follow Derek!

Want to learn more about productivity? Click Here to listen to our episode with "Off the Clock" Author @LauraVanderkam

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, Financial Grownup, Millennial Superstars, Role Models, Reality TV stars, Student DebtBobbi Rebell KaufmanDerek Peth, Reality TV, The Bachelor, The Bachelorette, Student Debt, Student Loans, Emergency Fund, Productivity
Shark Tank’s Barbara Corcoran on why you should spend money before you have it
Shark Tank’s Barbara Corcoran on why you should spend money before you have it
Barbara Corcoran Instagram White Border.png

Entrepreneur and Investor Barbara Corcoran explains why she believes spending money in a deliberate way even before you earn it is a smart business strategy, and shares the story of her first really big investment. And yes, she committed to it before she had the money.

In Barbara’s money story you will learn:

-How she bought her first house at age 29 (which had 8 bedrooms!)

-The importance of discussing big purchases with a significant other

-How Barbara saved $7,500 in three months

In Barbara’s money lesson you will learn:

-How she motivates herself to save money

-Why she chooses to ignore rational and take risks

-Her advice on committing to a goal

In Barbara’s everyday money tip you will learn:

-Why she spends money before she has it

-How she puts herself under pressure in order to produce financial results

In My Take you will learn:

-Why it's always good to listen to different opinions and take advice from successful people

-Two negotiation tips that will save you money and help your career


Bobbi and Barbara also talk about:

-Chef Boyardee and Ramen noodles, the quick dinner that helped save Barbara money and reminded Bobbi of her childhood

EPISODE LINKS:

Listen to Barbara Corcoran's podcast Business Unusual here, and on iTunes

Watch Barbara give more business advice on the multi-Emmy award winning show Shark Tank on ABC

Follow Barbara!

Twitter: @BarbaraCorcoran

Instagram: @BarbaraCorcoran

Facebook: @TheBarbaraCorcoran

 
Barbara Corcoran PINTEREST.png
 

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.

Transcription

Barbara Corcoran:
I always spend money I don't have. If I see money coming in new receivable, three months out, I committed that day, what I'm going to spend it on, and I start spending it even before it arrives.

Bobbi Rebell:
You are listening to Financial Grownup with me, certified financial planner, Bobbi Rebell, author of How To Be a Financial Grownup and 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:
Hello, my Financial Grownup friends, brace yourself Barbara Corcoran is here and she is going to give it to us straight up, no beating around the bush and she said some things that frankly I was pretty surprised with. They go against almost everything that I've been taught about building a solid financial foundation for your life, for your business, but she made it work. I'm still not sure I could make it work for me, but I'm thinking about it because she makes a good case and I'm interested to hear what you guys think after you hear her interview.

Bobbi Rebell:
So glad you are here. As I said, this episode is a really big one, so if you're new, you're joining it a really good time. We do something by the way called flex time for podcast, the episodes are kept pretty short, around 15 minutes. The idea is no excuses you can always fit it in, make it easy for you while you're running a quick errand, what have you, but if you have a longer commute, you can also stack them. We have a library now of more than a hundred episodes so you can listen to a few on your commute if that's what worked for you. Make sure that when you subscribe and hopefully you are subscribing, we really need the support that you set the downloads, go into the manual settings and set it so that you automatically get the downloads so that you don't miss any and you're good to go.

Bobbi Rebell:
And we love automation because that way things just happen and it's one less thing to remember. Alright, let's get to Barbara Corcoran and you know her from Shark Tank and now she has a new podcast called Business Unusual, also really short, so that's a good thing. She gives a lot of advice that seems shocking until you listen to it and listen to her reasons and then think that is part of how Barbara Corcoran is successful. It's the unusual. She approaches things in a different way from the way that we're always used to approaching it and it works for her. It may not work for you. The big takeaway from this episode, which you'll see I'm going to talk about after her interview. I don't know if I could do it, but I can see how it worked for her. So with that, here is Shark Tank's Barbara Corcoran.

Bobbi Rebell:
Hey, Barbara Corcoran you're at Financial Grownup welcome to the podcast.

Barbara Corcoran:
Thank you. Pleasure to be here.

Bobbi Rebell:
I am such a fan of your new podcast. For many reasons, of course also because it's a short podcast, but you have the best wisdom and you share so many lessons from your life, so thank you for that.

Barbara Corcora:
My pleasure. I enjoy doing it, but it's a scary proposition as I'm sure you will know, you have to earn people's ears while you're talking to them.

Bobbi Rebell:
You do, well you've been earning it for many years and you're going to share a money story from early in your life, your very first real estate purchase or I should say your first house and it sounds like it's going to be a story, but there's something that happened that I think people want to hear. Go for it.

Barbara Corcoran:
Yeah, and it has a valuable lesson. When I committed to purchasing my first home with my first husband. I was about 29 years old. I didn't have a pot to pee in as they say, but we sat across the dinner table for a man who said he was selling a certain house that was like a magical house from what I heard, and my mouth said, I'll take it. And why it was magical. It was a house that anybody would think you could only dream about, which was a house with eight bedrooms two guest cottages, a wet and a dry boat house facing a brand new lake.

Bobbi Rebell:
Did you have kids at this point, Barbara?

Barbara Corcoran:
No, of course not.

Bobbi Rebell:
Who was moving into this mansion?

Barbara Corcoran:
Listen, I figured I'd have fun with friends, but I had no rights saying we'll take it to which my husband was more startled than I was over my own mouth. Because we didn't have a dime to our name, we were struggling to just meet our bills. We're still kind of kids coming up the ranks, but-

Bobbi Rebell:
Wait, so tell me what happened. How did you buy the house?

Barbara Corcoran:
Once I said we'd buy the house, we had the problem of coming up with the down payment, 7,500. And so my husband and I started eating tomato noodles every night that I think they're chef Boyardee or something in a can and bring them lunch every day and we saved every penny of what we were earning in our lives, short of the rent we had to pay for our studio apartment. Well, three months hence we had most of the down payment but not quite and we're out for dinner with the same big boss of his and he mentioned that his father, he wanted to close, which was putting ... Was scaring me to death because I still didn't have enough money.

Barbara Corcoran:
But he said his father was reluctant to leave the house and I volunteered. Well, why don't you let your father stay there, but in trade for that, I got four months extra time. So we were able to save the down payment of $7,500. No problem. But when we got to the closing, the closing costs too, which I didn't have, but he was so in dear to us for keeping his elderly dad in the house that he paid for the closing costs for us. And we moved into that beautiful house and we had it for seven years until I decided to leave my husband and he got the house.

Bobbi Rebell:
Why did that happen? How did you let that happen?

Barbara Corcoran:
You know why? Because I got the apartment in the city by then we had bought a one bedroom apartment in the city and I sold that one bedroom that I paid $80,000 for two years later for 250. And he sold that house that we had paid $75,000 for two years after our divorce for $75,000.

Bobbi Rebell:
So what is the takeaway for our listeners?

Barbara Corcoran:
I'm a believer in always committing throwing it out there and say I'm going to do it. Because when you have that kind of pressure and you've publicly committed, you find a way to get there. If you can commit to something, you'll find a way of getting there. If I had said, give me a couple of months, let me see if I could save for the house, believe me, my rational side would have kicked in and said, what are you doing? But because I said I would, I found a way that could do it and that's the truth, and most people are better than they think. If they're willing to be courageous enough to state it as low as fact and then make it happen versus the other way around.

Bobbi Rebell:
And eat a lot of canned noodles.

Barbara Corcoran:
Oh yeah,[inaudible 00:06:40] Yeah, you can do anything if you know it's temporary.

Bobbi Rebell:
Tell us your everyday money tip because this is also a real Barber tip because this is something that works for you may not work for other people, but it is a strategy that people might want to consider. Again, for you it works it may not be for everyone. Go for it.

Barbara Corcoran:
It's a particularly good strategy if you're out to those your own business, and I'll tell you why. My strategy is this. I always spend money I don't have. If I see money coming in new receivable, three months out, I committed that day, what I'm going to spend it on, and I started spending it even before it arrives. The reason for that is I have no choice but to actually make it happen whatever I'm doing. Because I know I've already committed the money. It's like putting a gun to your own head where you have to produce. If instead you wait for the money to come in and then say, okay, I've got this little extra cash. We've had a profit this month. Let's see the best use of it. That sounds rational, but I'm telling you the fever with which you attacked the best use of it is nothing compared to knowing that the bank is going to come in and chop your head off if you don't produce.

Barbara Corcoran:
So. I've always consistently put myself under pressure by spending money long before I have it and I've never let myself down. There's something magical that happens in the universe when you really under fire when you have no choice that you find a way to get there, and so I'm a big spender and on top of that I can also say, although I was born a poor kid and have my thousand dollar loan from my boyfriend, thank God, or we have been able to quit my waitress job and starting a business nowhere. Okay.

Barbara Corcoran:
But once I had that thousand dollars, I just thought, you know what? This is found money. It's a gift from God and I'm just gonna run this thing up the flag pole until somebody stops me and my most assured policy of making sure no one stopped me was to spend money in advance of having it because I had no choice but to make good on it. I had no choice and ran like a devil with a limited timeframe and I was able to accomplish 10 times more than all my competitors simply because of the pressure I had put on my own back. All right, so it's not what you read in accounting book, but I can tell you when you're building a business, it's a smarter way to go than to be calculated and do it a step at a time.

Bobbi Rebell:
It's the real world. One other quick question though, did you ever have trouble and how did you handle it collecting those receivables?

Barbara Corcoran:
No, I wrote off about 10% of my receivables because you have to appreciate. My business was selling co-ops in New York City and we had about 10% of our deals that didn't approve the Co-op association. They were turned down by the board, so I knew what that average was the first year, by the typical may be the second year in business, I realized I lost 10% of my deals, so I just wrote off that 10%. So that was realistic in suddenly a good accountant would do, but that's where my relationship or any resemblance to an accountant definitely ended in my attitude to it and everything else.

Bobbi Rebell:
All right. I want to talk quickly about your, still relatively new podcast even though who would know it because it's always at the top of the charts where to I'm trying to climb, but you're there and that's a lot because your podcast is so good. It is a short one, so dear to my heart, but you also really deliver personal and as you have here very honest and straightforward advice about your life and the lessons that you have learned and your bold with it. Your most recent episode talked about quitting jobs. You quit 22 jobs Barbara, you also talk about negotiation skills. Tell me more about this podcast and why it is so different and people are really responding to it?

Barbara Corcoran:
I think people are responding well simply because I tell it like it is. And it doesn't mean if it's the person listening, but I think they leave trusting that they heard the truth and I also think I'm impatient by nature. So if you're gonna ask me what about negotiation? Most people can write a book on that. I can't. I can tell you in eight minutes flat, what the key to negotiation, what are the key moves and what doesn't work. And really I don't have more to say after the eight minutes. So I think because I have such a short attention span and because I'm so impatient by nature myself and listening, I want to know what you want out of me and what do I gotta do. And that's pretty much how I am with everybody. Get to the point and then tell me how you get there.

Barbara Corcoran:
So I do get to the point and then tell you how I get there and then the eight minutes are up and I'm signing off. I wish I was more verbose and had more great delicious detail, but I just say the main things that worked for me and I leave it at that and my sign off until the following week. So I hope it works. We'll see. It's very scary as I'm sure you know, to merit someone's eight minutes. I feel it's such an abuse or a trust that I feel like every word has to really, really count or I have no business doing its own. I'm Mostly scared, I'm scared to six days. Then I do the podcast, then I get scared all over again.

Bobbi Rebell:
Well you're doing a great job. I don't find you scary at all. I love it. I think you're worth investing every one of those eight minutes, so thank you for all that you do. Everyone knows where to find you, but just in case because I ask everyone, tell us where you can be found, where people can follow you on social and what else is important that's going on in your life that we should know about.

Barbara Corcoran:
Well, of course it's a Business Unusual, which is the podcast, my newest baby, but as usual, any social platform @BarbaraCorcoran is very easy.

Bobbi Rebell:
Love it. Thank you Barbara.

Barbara Corcoran:
I love you back. Bobbi. Thank you so much. And Go back to your real name, Barbara, it's such a pretty name.

Bobbi Rebell:
So if you're like me, you want to hit rewind and listen again. She's that good. And before I get to the financial bonus tips, just want to make a little comment about the food because we spend so much time agonizing over all of this organic fancy food and when we're saving money, everyone talks about the ramen noodles. I want to talk to you about the chef Boyardee that she and her husband were eating to save up money because you know what, that's fun childhood memories for me. My mom was a working mom and you know what? Sometimes we have something called spaghettios. Do you guys even know what that is? It's basically this like circle pasta in a can and tomato sauce and it's delicious. It may not have any nutrition, but if you see spaghettios in the store, I have no affiliation with them. Pick them up and try them instead of ramen noodles if you're trying to save money.

Bobbi Rebell:
Just for variety, be a little bit bad. Like I said, they're probably not nutritious at all. All right, let's talk about my tips. Finance grownup tip number one. Sometimes financial advice like Barbra's goes against common stereotypical things that we hear. Here's the thing though, always listen to different opinions especially when they're from someone like Barbara Corcoran who has been so successful in so many different fields, to not only real estate where she started out, but also now with Shark Tank. She's an entrepreneur investing in so many different companies, so listen to her and give it some thought. Now I'm not telling you to go out and spend money that you don't have or even to spend on receivables, which is really what she was doing. It was money that she had contracts for but had not yet received so she believed that money was coming, but I see her point and I also see how that can create a really strong motivation so before totally rejecting it or even accepting it, play out how that would work for you.

Bobbi Rebell:
How are you going to cover things for example, if someone does not pay or if they pay, but they are on a delayed schedule so they're not paying in 30 days like your bill says they're paying 60, 90, 100, 20 days out. How are you going to finance that? You have a line of credit with your business. Are you throwing that on a credit card where you might be paying interest, late fees? What have you, factor that in. Are you going to charge a late fee to them? Barbara factored in that 10% of her expected commissions receivables were not going to happen so even she was doing that.

Bobbi Rebell:
Financial Grownup tip number two, be creative and flexible. When you're negotiating. Barbara, let the sellers elderly dad stay in the house longer than originally planned. Again, you have to give Barbara props for being open minded and in return by the way, she got precious time and the goodwill was so strong and her gesture was still appreciated that the closing costs were paid by the seller.

Bobbi Rebell:
That is huge. Thank you all for being part of the Financial Grownup community. We bring this to you for free. The only payment we ask is that you share it with someone that you care about and that you believe would enjoy and benefit from the podcast. Your reviews and your feedback. I'm just going to tell you guys straight up there is really important. I read everyone, we don't get as many as I would like. There aren't that many there and I know a lot of you are out there. A lot of you are DMing me, which is actually really great. Still DM me, gave me the feedback, but if you can also leave reviews on Apple podcasts, that is also really helpful to get the show notice because that's how people discover the show.

Bobbi Rebell:
If you do want to also be in touch on social media, it's not either or guys. Follow me and DM me on Instagram @BobbiRebell1 that's the number one on twitter I'm @BobbyRebel and on Facebook, Bobbi Rebell as well. And big things of course to the amazing Barbara Corcoran, the ultimate Financial Grownup. Everyone check out her podcast Business Unusual and watch her on Shark Tank and thank you Barbara Corcoran for getting us all one step closer to being Financial Grownups.

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

Family + Relationships, Advice, Authors, Business, Career, Entrepreneurs, Reality TV stars, Women Role Models, Women Entrepreneurs, StartupGuest UserBarbara Corcoran, Shark Tank, Business Unusual, podcast, Saving Money, Spending Money, Spending, goals, real estate, real estate investing, ABC Network, negotiation
Million Dollar Listing’s Ryan Serhant on how his first business came crashing down
Million Dollar Listing’s Ryan Serhant on how his first business came crashing down
Ryan Serhant Instagram white border (1).png

Million Dollar Listing star Ryan Serhant, whose new book “Sell It Like Serhant” is already a best seller, and his younger brother Jack had what seemed like a brilliant idea for firewood a business at age 10. While the business went down in flames, the lessons formed a foundation for Serhant’s extreme success in the real estate and entertainment business. 


In Ryan's money story you will learn:

-Why he says he was not a natural salesperson

-How 10-year old Ryan and his 7-year old brother started a firewood business to make money on their family farm

-The challenges the boys faced including difficult customers, and uncooperative vendors

-Why they were literally left on the side of the road by a worker!


In Ryan's money lesson you will learn:

-How to deal with challenging customers

-Why you have to anticipate an be prepared with realistic expectations when you start a business

In Ryan's everyday money tip you will learn:

-How to use the faces app to motivate you to work harder for your future!

-The specific way that photo helps Ryan avoid overspending

-The impact that the failure of Lehman Brothers had on Ryan's outlook

Ryan and Bobbi also talk about:

-Why Ryan belonged to three gyms

-Ryan's daily routine and how can apply parts of it to your life

-Tips on how entrepreneurs can structure their days

-Why Ryan studies the top business leaders

-Ryan's Finder, Keeper, and Do-er system

-How many times you need to follow up if you want to work for Ryan!


In My Take you will learn:

-How to use the tips from Ryan's book Sell it Like Servant for both offense and Defense when it comes to sales techniques

-How to take Ryan's strategy of studying high achievers to the micro level and apply it to your own life meeting and learning from others



EPISODE LINKS:



Find out more about Ryan at

https://ryanserhant.com




Follow Ryan!!

Instagram @ryanserhant

Twitter @ryanserhant

Get Ryan’s Book "Sell it Like Serhant"

sellitlikeserhant.com

Check out Ryan’s Vlog! youtube.com/ryanserhant

Learn more about Ryan's hit Bravo shows!

Million Dollar Listing New York

Sell It Like Serhant



BIO:

Ryan Serhant began his first day in the real estate business on September 15, 2008 – the same day that Lehman Brothers filed for bankruptcy in the wake of the subprime mortgage collapse. While the real estate sector has steadily recovered, Serhant himself has quickly become one of the most successful brokers in the world, with agents under his leadership in New York City, Los Angeles, Miami and the Hamptons. The Serhant Team has been named by WSJ Real Trends as the #1 real estate team in New York for two years in a row, and the #2 team in the country, selling close to $1 billion in real estate last year. Ryan is consistently the youngest broker to make the Journal’s top ten list each year.

Ryan stars in the popular Bravo series “Million Dollar Listing New York,” which just wrapped its seventh season. On September 18, 2018 – the week of his 10-year anniversary in real estate – he will debut his first book, Sell It Like Serhant. When pre-sales were announced, Ryan was #1 on Amazon’s daily list of “Movers and Shakers.” As star and producer, this year he also debuted his new Bravo show, "Sell It Like Serhant," started a successful vlog (www.youtube.com/ryanserhant) and launched an app (Agent Empire: NYC). There is nothing Ryan can't do. His motto communicates his professional and personal philosophy, "Expansion. Always. In all ways."

 
Ryan Serhant pinterest.png
 

Transcription

Ryan Serhant:
We got into this fight with this one guy that wanted us to stack his would be in a strange way in his house around all the different fireplaces, because I also didn't prepare for how people wanted the wood actually delivered. And my delivery guy got really pissed off, got in his pickup truck and he drove off and left me and my little seven-year-old brother on the side of the street.

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 grown up 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 Financial Grownup friends, that was million-dollar listing star and newly minted author, Ryan Serhant, getting real about his first sale experience. It did not go well. Thanks everyone for joining me. This episode is a big deal, and not just because of Ryan Serhant. He is a big deal, though. It's even bigger because it is Episode 100 of the Financial Grownup podcast. We are also celebrating being a finalist for best new personal finance podcast at the Plutus Awards. And, the paperback of my book, How to be a Financial Grownup, is coming up October 2nd. None of this would be possible without my amazing editor and secret weapon, Steve Stewart. So, thank you, Steve. And thanks to all of you for joining us on this journey.

Bobbi Rebell:
Now, to the fantastic Ryan Serhant. When you read his book, Sell It Like Serhant, and if the title sounds familiar, yes, he has another reality TV show on Bravo called Sell It Like Serhant, you're going to learn more about this incredible guy. But of note, he says he was not a natural salesman. That came later after learning from experience. So, we talked about how he learned about sales and being successful in business. Here is Ryan Serhant.

Bobbi Rebell:
Hey Ryan Serhant, you're a financial grownup, welcome to the podcast.

Ryan Serhant:
Thank you for having me.

Bobbi Rebell:
And happy pub day, we are taping this on the day that you're amazing book, Sell It Like Serhant: How to Sell More, Earn More, and Become the Ultimate Sales Machine, is coming out. It's already a bestseller and comes on the heels of so much other success. Like million-dollar listing New York, and my new obsession, your vlog. So, congrats on all.

Ryan Serhant:
Oh, thank you. Thank you. I appreciate it.

Bobbi Rebell:
I want to talk to you about your money story that you brought. It has to do with the very first experience you had in sales, which makes perfect sense coming from the ultimate sales guy. Tell us about the firewood and your brother.

Ryan Serhant:
So, I wasn't a natural salesperson. And I think it's very hard for people to be born as natural sales people. And what that even means, I could write a whole nother book about it. But I was a very shy and little kid. All I knew was that in order to be able to have money to spend, I had to make money. And if my parents weren't going to give it to me and if I was in school and was too young to get a job, what could I do?

Ryan Serhant:
We lived on a farm outside Boston, and my little brother was seven. We were doing a lot of ... my parents were kind of like cutting down trees and making way for pastures and things like that. And I just saw all these trees laying all over the place. And asked my dad one day, "What are you doing with all of those streets?" He was like, "Wow, they get cut off, they get sold off. They get turned into malts. It just kind of gets recycled." And I was like, "Well, we have fireplaces in our house and we get firewood, don't you buy that from somewhere? What if we take the trees and we cut it up and I sell the firewood?" I had no idea how he's going to do it, I was not big enough to hold an axe. But my dad said. "Okay."

Ryan Serhant:
He said, "What's your company going to be called if you're going to be a firewood selling company?" And we took out a little ad in our local newspaper. I think it was called Ryan Jack, because my little brother's name is jack, Firewood Company. I think that's literally what it was.

Bobbi Rebell:
Who paid for the ad, Ryan?

Ryan Serhant:
We did out of our minimal allowance.

Bobbi Rebell:
Okay. So, this was your startup capital costs?

Ryan Serhant:
Yeah, that was our startup capital cost. Because they were doing all this tree clearing anyway, there was a wood splitter that was already there. And my little brother and I started splitting wood, and we bulk it up into chords, and we put it in the back of a pickup truck. And then we would get the guy that kind of was helping cut down the trees to be our delivery guy to then go supply people with their firewood. And that was our first little business. And it came crashing down.

Bobbi Rebell:
Yeah, that's what I was going to say. There were some challenges, things you didn't think about.

Ryan Serhant:
Well, I didn't think about customer service and how to deal with people who are unhappy with their firewood. All I knew was I live at this house down the street, there's a bunch of cut down trees, we're going to cut it up and sell it. What do you mean that there's different types of firewood, different types of trees, different types of drying, termites, all these things I didn't even think about?

Ryan Serhant:
So, we had some tough customers in the beginning, and I also didn't think about how I was going to get the word anywhere. So, I thought that the guy that was cutting down trees was going to help and just help us drop it off, we're little kids. But he wanted to cut, and then we got into this fight with this one guy that wanted us to stack his wood really really in a strange way in his house around all the different fireplaces, because I also didn't prepare for how people wanted to what actually delivered. And my delivery guy got really pissed off, got his pickup truck, and he drove off and left me my little seven-year-old brother on the side of the street which is random guy.

Bobbi Rebell:
You're kids. Oh, my gosh.

Ryan Serhant:
Yap. That was the end of our firewood business.

Bobbi Rebell:
Wait, in the end, was there a profit or loss when all settled in?

Ryan Serhant:
Definitely a loss. I don't know how much we lost, because I didn't really understand what my time was worth at 10 years old.

Bobbi Rebell:
Exactly.

Ryan Serhant:
And our capital cost was that one ad. We might have run two ads. I can't remember what they cost. Maybe it was 20 bucks and ad. It wasn't a huge loss, but it definitely was a ding to the self-esteem that maybe I don't want to run my own firewood selling business.

Bobbi Rebell:
Glad you moved on to real estate. What's the takeaway for our listeners?

Ryan Serhant:
The takeaway from that is anticipate and be prepared with realistic expectations. Just having wood to chop down and sell it is a very, very small part of actually creating a firewood selling business. So, you need to be prepared for all the objections and all the issues you're going to run into.

Bobbi Rebell:
Which are things that apply to all sales, which we'll get to in just a minute. I just want to get to your everyday money tip.

Ryan Serhant:
Yeah, there's something that I have in the office. That is a photo of myself as an 80-year-old man. There's this app you can get on your phone called the Faces App, someone just showed it to me. You take your photo of yourself and it realistically ages you, which is pretty crazy. But that photo is future Ryan. And every day, I think about that guy. Because I mean, it feels like just yesterday that I was that 10-year-old kid selling firewood or trying to sell it anyway. Before I know it, I'm going to be that guy. And everything I do today is for him. It's not for Ryan this coming weekend, it's not for Ryan next year. All of that is going to happen regardless. But I don't want 80-year-old Ryan pissed off at 34-year-old Ryan because he made poor money decisions or poor savings decisions, or he's just spent too much. That is my money tip.

Bobbi Rebell:
Which is a great one. So, is there a specific ... Can you remember maybe one example of you kind of not being that motivated and then looking at that photo and being like, "Yeah, I got to do this."

Ryan Serhant:
Every time I think about spending money on things that don't need, I look at that photo. It's just like I ... and I don't want to sound cheap. But I don't need that many pairs of shoes. I run around the suit all day long. I don't need that many suits. Little things where I could have spent money and just because I have it or just because whatever, it's just credit, I think about that like, "You know what? I should save it, because compound interest is a powerful thing." And it's better off just being saved because you never know what could happen.

Ryan Serhant:
And at the end of the day, I got into sales business the day Lehman Brothers filed for bankruptcy, and I will never forget the pain that a lot of people went through at the end of 2008. And that's going to come back again, I don't know when. But it's probably going to come back multiple times by the time that I'm that old man in the photo that I have by my computer screen.

Bobbi Rebell:
Let's talk about your book, because I'm learning so much. Not so much as someone that sells, but as someone that is sold to. So, it's quite eye opening, Ryan, the things that happen.

Ryan Serhant:
Thank you.

Bobbi Rebell:
It's kind of written as an offense, but it can also be defense. So, I want to go through some of my favorite things in your favorite things in the book. We talked before we started taping about your day. Tell us how a successful person at age, by the way, you're all of 34, you're always one of the journalist top sales people, you've been winning all kinds of accolades as a salesperson, and you're only 34. What do you? What's your day look like?

Ryan Serhant:
I start my day at 4:30, Monday through Friday. And it's just because I want to squeeze out as much of the day as I possibly can. I don't want-

Bobbi Rebell:
Are you sleeping at 8:00 or ... How much sleep do you get?

Ryan Serhant:
I try to go to bed by 11:00.

Bobbi Rebell:
So, you don't sleep a lot of hours.

Ryan Serhant:
Not Monday through Friday. I'll sleep in on Saturdays to like eight or so. A lot of people just wake up and go to a job or go to work, and they don't really sit down and try to game plan for their career. I only have a few things during the day that I do that I consider part of my job. Everything else I do is for growth and for my career as a whole to make that 80-year-old guy happy one day. And a lot of that goes down to how you structure your actual day.

Ryan Serhant:
And for any sales people who are listening, any entrepreneurs, anybody who really answers to themselves, I had to figure out, what do I do at 9:00 a.m.? Do I cold call? Do I go out on the streets? No one's telling me what to do. And so, I looked at the top companies in the world, even I was just one person and I said, "Okay, all just top companies have CEO, CFO, COOs, I need to have the same thing, even though I'm just one person. So, that means I got to do it all on my own, and not all the same time, I need to separate it. You know what? The CEO, I'm going to call the finder, because I'm not really my own CEO. But I can be a finder of new business, a finder of new leads, a finder of work that the rest of my company can do for the rest of the day. I'm going to do that from 8:00 to 10:00 a.m. 12:00 to 1:00 p.m., I'll be the keeper, so that's the CFO hours. That's when I would think about, "Okay, well, I've $10 to spend today. How many stamps can I buy with that $10?"

Ryan Serhant:
And I would think about kind of the financial health of my "company", which when I first started was nonexistent. And now it's really thinking about all the advertising budgets that we have, and the people and the moving and the salaries. And then the rest of the day, I'd spend being the doer. So, finder, keeper, doer is what I call it, FKD. So, finder, keeper, doer, and the rest of the day I'd spend as the doer, which is the COO. Sets operations, it's doing the work, it's doing-

Bobbi Rebell:
Which just a few can delegate more now.

Ryan Serhant:
Yeah, which now, the majority of my day is as the finder. When I started, the majority of my day was as the doer. I'd think for half an hour or an hour, because I didn't have that much to think about as to how I wanted to grow my business, I didn't have any money. So, that wouldn't take me that long to think about. And then the rest of the day, I put everything into action. Now, I have a team that can handle a lot of the doer work, and a team of accountants and bookkeepers that can handle a lot of the financials. And I spend 75% of my day as the finder, as that CEO trying to build the business.

Bobbi Rebell:
One thing I loved regarding Finder, and getting new business in the book was your strategy initially, and I don't know if you still do this. I can't imagine you have time to do this. You saw that it was working to meet people at the gym, potential clients. So, you expanded on that.

Ryan Serhant:
Yes. I think it's important to do what works for you, and then just to do it over and over again in as many different places as you can.

Ryan Serhant:
I knew when I first moved to New York City, I'm not from New York. It's not going to help me or be a good use of my time to go to school functions that other brokers are going to just because they went to school on the Upper East Side, or to go to the church, or go to the synagogue, just to say that I'm religious, but I'm not, just to meet people, which is what most sales people do. So, for me, I really had work, I would do to the gym. And the gym was a good place for me to meet people who had a similar interest, which was kind of general fitness. And if I go to a nice gym, maybe they also could afford a nice apartment, so they can afford a nice gym. And that worked. I saw it worked. And I said, "Okay, you know what? This is now my thing. So, I'm going to go to another gym as well. And then I'm going to go to another gym. And I'm going to go to as many jobs as I can, because that's what works for me. And that's going to be where I build my network." And then for the first couple years, that's really what I did.

Bobbi Rebell:
What is the thing that you make people do if they really want to work for you? It's not just about one follow up.

Ryan Serhant:
Oh, I make them follow up for a considerable period of time. Because the power of follow up is my whole business. Deals live and die by how persistent I am to get the deal done. And I tell everybody, I don't work for anyone. I work for the deal all the time as a salesperson. And my job is to get that deal done to everybody's benefit. And so, if people want to work for me, I interview them, for sure. I have them interview a couple people on the team. But then I just, I call them. I let them sit and I wait to see how often they're going to follow up with me. Most people will follow up once, twice, maybe three times. And after that, they let it go.

Ryan Serhant:
You know how many deals I would have lost if I let it go after three follow ups? Unbelievable. So, I can't have that kind of person on my team. They got to want to be on my team more than I want them to be there, because that's the person who's going to be hungry enough to get difficult deals done for me.

Bobbi Rebell:
So much amazing information in your book and on your vlog, by the way. We didn't really talk about that. That's million-dollar listing, I didn't really realize this until you talked about it in your book, it's only on for three months of the year. So, people need to be watching your vlog.

Ryan Serhant:
Yeah, I think so. I put it out there as a way to put out a lot of the rest of my life and a lot of things that just aren't on Bravo. Bravo is real estate focused and it follows the individual deals. It's not with me in the car 24 hours a day, kind of in my thoughts and in my mindset, and that's what the blog is for.

Bobbi Rebell:
Awesome. All right. Tell people where they can find you, follow you, find out more, get the book, all that good stuff.

Ryan Serhant:
The book just came out today, it's called Sell it Like Serhant, it's everywhere books are sold. Amazon, Barnes and Noble, you can find all the links at sellitlikeserhant.com. You can find me across all social media platforms at Ryan Serhant, and the vlog is @youtube.com/ryanserhant.

Bobbi Rebell:
Thank you, Ryan. This was great.

Ryan Serhant:
Thank you.

Bobbi Rebell:
Let's unpack some of the things that Ryan said. Financial Grownup tip number one. I read Ryan's book twice. The reason I went back was to take notes. Now, I'm not in sales, at least not in a direct way. But I think it is important for all of us to understand how sales work, and the specific techniques that are being used so you can spot them. I joke about offense and defense, but that is important too. Because if we're being honest, who hasn't bonded with a salesperson, and then because of that felt they should, and sometimes did buy something they maybe wouldn't have bought otherwise? Always know that a good salesperson like Ryan will be in it for the long haul. And you can just push back. And even if you aren't a customer, now, you may be in the future. Also, the next best thing you can do is refer them to friends and family as potential customers. It's okay to do what's right for you, even if you feel an allegiance to the salesperson. We're all human.

Bobbi Rebell:
Financial Grownup tip number two. Ryan talks about how he studied the most successful companies and what top executives do. Take this to a micro level and find someone that you admire and ask them if they will talk to you. It can be coffee, a meal, or going for a walk. And if you can, maybe even ask if you can shadow them for a day at work. I did this early in my career. Just observe and learn. And if they're open to it, ask a lot of questions. Most people are flattered.

Bobbi Rebell:
On that note, I am off to Orlando to FinCon and celebrating this 100-podcast milestone with some friends. I hope you guys will DM me and let me know what you want to see in the next 100 episodes. On Twitter, I am @bobbirebell, Instagram @bobbirebell1. I have some big changes coming that I will reveal soon, so please subscribe and make sure you go into settings and hit auto download so you don't miss any episodes. Until then, feeling really grateful to Ryan Serhant for helping us all get one step closer to being 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, Family + Relationships, Millennial Superstars, Reality TV stars, Role ModelsBobbi Rebell KaufmanRyan Serhant, Million Dollar Listing New York, MDLNY, sales, Sell it like serhant, author, vlog, first business, how to sell anything
Swimming in stilettos in the Shark Tank Alumni Facebook group with the Sole Mates
Swimming in stilettos in the Shark Tank Alumni Facebook group with the Sole Mates
Solemates Instagram- updated -WHITEBORDER- BRK.png

After appearing on Shark Tank, The Sole Mates’ Becca Brown and Monica Ferguson found their best business support came not from the sharks but from a resource that would become key to their growing success. 

In The Sole Mates money story you will learn:

-New details about their Shark Tank experience- including the awkward conversations they had with well-meaning friends before their episode aired

-What happened after their appearance as they became part of the Shark Tank Alumni group

-The role the private Shark Tank Alumni group plays in their current business strategy

-Specific examples of business opportunities that have come their way from being part of this exclusive group

-Details of how they were able to get a major national retail deal that elevated their business

-How they got involved with the NFL

In The Sole Mates money lesson you will learn:

-Specific ways to find entrepreneur groups that fit your business needs 

-Strategies to work to grow organic networks

In the Sole Mates every day money tip you will learn:

-Which luxury shoe brands best retail their value

-How to make sure you don’t lower the value of shoes you intend to sell

-The best strategy and what to look for when buying pre-owned shoes 

Bobbi and the Sole Mates also talk about

-The impact of the national CVS deal on their business

-Other ways they leveraged their Shark Tank experience

-The human element to big brands

In My Take you will learn:

-My strategies for buying gently work handbags and clothing

-How to apply re-sale strategies beyond shoes, to things like wedding dresses

EPISODE LINKS

thesolemates.com

Follow The Sole Mates!

Instagram @thesolemates

Twitter @thesolemates

Facebook The Sole Mates

Shark Tank 

CVS

Amazon.com

Facebook.com

Good Morning America

The View

The NFL

THEREALREAL.COM

Christian Louboutin

Gucci

Heidi Klum

Vera Wang

Oscar De La Renta

Here is an article from one of my favorite websites, The Knot, on used wedding dresses

https://www.theknot.com/content/used-wedding-dresses-buy-sell-online


Transcription

Becca Brown:
If someone says, "Hey, this person is a crook. Don't work with them," It's a warning to all of us, like, "Oh, I just got a similar call. Everybody be on warning. Don't take these calls."

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How to Be a Financial Grownup. And 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, Financial Grownup friends. We all need someone in our corner. Actually, we need as many people as possible in our corner. And for entrepreneurs, connections are everything, which is part of the appeal of the show Shark Tank. A deal with one of the sharks, in addition to money of course, opens doors. But a lot happens also after the cameras stop rolling that we don't hear about. More about that from our guest in a minute. You might be surprised.

Bobbi Rebell:
But first, we have some exciting news to share. Financial Grownup is a finalist for Best New Personal Finance Podcast from the Plutus Awards, which celebrate money-related content. And this October my book, How to Be a Financial Grownup, will be coming out in paperback. I hope you pick up a copy, if you have not already. And maybe tell me what you think, and send over some ideas for another book.

Bobbi Rebell:
Back to Shark Tank and our guests, those Solemates co-founders, Becca Brown and Monica Fergusen. They left their jobs at Goldman Sachs to start a company making heel protectors under the brand Solemates, and their products have become huge hits among celebrities. Names like Oprah and her buddy, Gail King, and countless women, including myself. As you will hear, some men as well.

Bobbi Rebell:
So they went on Shark Tank and they got a deal, but the deal actually didn't happen. However, a lot of maybe bigger things, longterm, long "tail", I guess we call it. Big things happened afterwards in a way that I had no idea even existed. Here are the co-founders of Solemates, Becca Brown and Monica Fergusen. Hey, Becca Brown and Monica Fergusen, you guys are financial grownups. Welcome to the podcast.

Becca Brown:
Thanks.

Monica Fergusen:
Thanks, Bobbi.

Bobbi Rebell:
You are the names behind the Solemates, which started with heel protectors, and now have a whole line of many, many things to help us keep our shoes in good shape and weather all kinds of hazards, like weddings. So congratulations on the success of Solemates.

Monica Fergusen:
Thank you, thank you, thank you. You know, we like to say that our goal is to make you more comfortable in your own shoes.

Bobbi Rebell:
Love that, and so does Oprah, by the way. You guys have got amazing press, so many big fans. You also got a lot of press because you were on Shark Tank, where you actually got a deal, after the fact though. And you've talked about this. The deal did not happen for various reasons. But the most interesting thing, I think, that you're going to talk about in your money story is what happens after. Tell us your money story.

Becca Brown:
Yeah, well, thanks for having us, Bobbi. This is Becca speaking. So obviously being on Shark Tank was an amazing experience. We were so thrilled to have that opportunity. But honestly, one of the biggest pleasant surprises to doing the show was what happened afterwards, which is we became part of this incredible, dynamic group of Shark Tank alumni companies; other companies that have been on the show. We are all part of this private Facebook group, and it has been literally the best resource for us to continue growing our business because it's like-minded individuals with, a lot of times, product-based businesses that are growing their companies. And we all are going through the same growth trajectories and sharing ideas and feedback and resources and it's been such an amazing resource for us.

Monica Fergusen:
Every time we would tell someone about what we did, the response was, "Oh, that sounds like something that should be on Shark Tank." And before you go on the show, you can't tell anyone you're going on the show, so it was a very frustrating time for us-

Bobbi Rebell:
Wait, so you knew ... How far in advance before you actually ... first of all, before the taping, and then before it aired ... did you know? How long were you this keeping the secret?

Monica Fergusen:
Well, it was probably only a tight, tight, tight secret for a few months. The application process is really long and really from the time you start applying, you're pretty tight lipped about it because there's no upside in telling people what you're trying to get on. So it was a lot of forced smile responses of like, "Oh, what a great idea. We had not ever considered that"

Bobbi Rebell:
Oh my gosh. So now you have this alumni group. Tell us more about the kinds of discussions and the kinds of advice that you've gotten from that and how has that helped your business?

Monica Fergusen:
The physical manufacturer of goods and the sale of goods comes with it a really unique set of problems including sourcing, including, web development, including your relationship with Amazon, including your PR, your social media, your relationship with influencers and traditional media, your relationship with employees. What kind of benefits do you set up? Do you have your own warehousing? Do you outsource it? There's so many things that come with every part of the business that to date we've kind of operated in a little bit of a vacuum where we leveraged them for everything daily. Being on the show it's a really cool and unique experience and I feel like it's also very much like a reflection of our culture right now, so in 25 years people will have no idea what we're talking about and Shark Tank is that right now and so it's cool to be a part of something that's so like of the moment culturally, which has also helped us grow our business in really unexpected and cool ways.

Bobbi Rebell:
Tell us more about the unexpected and cool ways the business has grown?

Becca Brown:
Well right after airing, we actually reached out to a couple of big mass retailers. CVS Pharmacies was one of them and the timing was perfect. CVS happened to be looking into building out a whole new category around fashion solutions and accessories and we had just had this massive exposure being on Shark Tank and so the buyer was willing to meet with us and literally like a month after Shark Tank, we went up to Woonsock at Rhode Island and met with the buyer and ended up launching in 5000 retail CVS pharmacies a few months later.

Bobbi Rebell:
Wow. Did you go into the Facebook group and tell them about this and what was the reaction?

Becca Brown:
No, it's not really a place where you go and brag. Okay, so if I post a query today saying, "Hey, does anybody happen to know somebody that is working in media covering women's shoes?" Chances are within an hour I would have several responses like, "Oh, I know this person. I know that person."

Monica Fergusen:
Right. It's really, has anyone had this problem or has anyone met this person who's so helpful? It's asking questions and sharing a best practice. So like, "Hey, do you know if you contact Amazon on Sundays and you get the help desk in Ireland, there are much more likely to help your brand do X, Y, and Z if you get, I will not name a country, country on another day, hang up. Because like if [inaudible 00:07:09]

Becca Brown:
And I want to add to that too because I used to rent zip cars and that the sort of ethos of Zip cars was the community takes care of itself and you take care of the car and you return it with gas so that the next person can use the car. And I feel like our Shark Tank group carries that same sort of ethos. We take care of each other. We're looking out for one another. If someone says, "Hey, this person is a crook, don't work with them." It's a warning to all of us. Like, "Oh, I just got a similar call. Everybody beyond warning don't take these calls." And so we all are only as good as what we contribute and we are genuinely wanting to help one another.

Bobbi Rebell:
Can you give me an example of wind that happened for you guys or for someone else in the Shark Tank alumni Facebook group that may not have happened without that network?

Becca Brown:
Good morning America and the television show The View. They do these really cool segments that are kind of like flash sales and on The View it's called view your deal and one of the. Actually two of the other Sharks Tank companies in our group have done view your deal before and they were so kind to introduce us to the group that runs that. So we did it in July.

Monica Fergusen:
And it was a great revenue generator and then more recently someone asked, anyone have products that would be interesting for NFL players in their fall training. So we're like, you know, we have products that we market for women but the product certainly work for men in hot pink packaging with high yield on it. If they're open to it, we're open to it and the managers looked at our product line and were like, "These products are amazing."

Monica Fergusen:
And so a 110 NFL players have been using our blister blocker and antibacterial spray as a result of some of the Shark Tank group The Newson sports managers who are looking for products for gift bags and looking to create relationships between celebrities and product companies and get nothing from it. Like the people in the group get, there no economic gain for them. It's more people they know have been put together with other people they know and that kind of goodwill you realize as you get older. It doesn't exist in that many places in the world people are often looking like, what can I get out of this? Or I can introduce you but like what's my take? And that is definitely not in line with the spirit of the Shark Tank group.

Bobbi Rebell:
What is the lesson for our listeners from that?

Becca Brown:
I think a lot of entrepreneurs, if they make a leap to start off their own business, they've come from a company where there's a lot of infrastructure, a lot of resources that you may have taken for granted and when you venture out on your own, as Monica touched on, it's very isolating and I think it's very important as soon as possible to start building a really strong organic network that is going to help you grow your business. And so obviously not everybody is going to be able to be part of the Shark Tank alumni group, but I mean looking at other entrepreneurs groups in your area, leveraging like the Chamber of Commerce, leveraging the small business administration. I think looking at your alumni network, a lot of times alumni networks do have an entrepreneur focus. There's like a sub network and it just can be so much more helpful to have that kind of a focus network because everybody's kind of in it to help one another, but also to expand and grow their businesses.

Bobbi Rebell:
You guys brought a fantastic shoe themed everyday money tip, do you tell?

Monica Fergusen:
Yes. So we're in the business of shoes and we are both appreciators and to some to be collectors of nice shoes. Not all high heels but many high heels, but something I think people should take in mind when they are considering a purchase of new shoes is that sometimes the more you spend, the more you can get back. And if you look at the success of the secondary market, the used clothing market for shoes, it's thriving, but in particular Christian Louboutin and Gucci are two brands that stick out as having the strongest bid for their gently used shoes. If you spend a thousand dollars, God bless you on a pair of shoes, the real real Mike Compu is several hundred dollars when you sell it again.

Bobbi Rebell:
What do you mean by Compu?

Monica Fergusen:
I mean they will have someone buy from you.

Bobbi Rebell:
Okay.

Monica Fergusen:
To make it simple. It's $500. So your net cost on that shoe is only $500. Whereas a lot of other designers that are not quite as high don't have a strong secondary bid. So you're unlikely to recoup any cash when you try to sell them. If you try to sell them, but Christian Louboutin and Gucci in particular, the real real has reported have done phenomenally

Bobbi Rebell:
So interesting. What about the fact that they are worn a little bit? Can you get them resoled? How does that affect the value, if you like with the Christian Louboutin, those are the shoes. Just so people know. I personally, by the way don't own any, but maybe some day they have the red bottoms, so what happens if you've worn it? Can you get them sort of resold? Because I resell a lot of shoes sometimes if I like them. Does that hurt the value? If you then put on new soles, can you paint them red? Does it matter?

Monica Fergusen:
It actually hurt the value. Done something like put on a new sole. They want the shoe to be in pretty good condition. I don't want to plug my own product too, but using things like a heel protector is a great start because the damaged heel-

Bobbi Rebell:
Which you should do anyway, whether you're going to sell it or not?

Monica Fergusen:
Well absolutely, but a damaged heel really can't be fixed. So you wear a little heel protector, keeping that heel in perfect condition, therefore it's so much easier to sell it. As someone who sells a lot of shoes, I can attest the lifetime value of the heel protector exceeds its retail value because it's a gold age-

Bobbi Rebell:
Well how much is, I mean they're not expensive. How much is a heel protector?

Monica Fergusen:
$10.

Bobbi Rebell:
Exactly.

Monica Fergusen:
And that $10 is probably generated hundreds of dollars in resale for me on my shoes.

Bobbi Rebell:
What about buying shoes secondhand? What do people need to know there, what should they look for? Any tips?

Monica Fergusen:
So it's actually great to buy a shoe secondhand. And I have no economic interest in the real real, but I'm a big fan of theirs.

Bobbi Rebell:
Oh, I've sold stuff fair. They're great.

Monica Fergusen:
Yeah. But you can feel comfortable buying stuff from them too because they do have a really sharp guy and discipline and what they'll accept and they'll take anything back for them. I mean they'll let you know before you buy it, if it's final sale, but for the most part things are returnable.

Bobbi Rebell:
All right. Let's talk a little bit about Solemates. So what's going on with you guys? You're everywhere these days.

Monica Fergusen:
We're trying, we're trying. I mean CVS has been a great boon for our business and brought us in so many new customers and such great exposure and it's also been really fun to meet the brands that were sold within CVS. I mean it's more, again, more like-minded people, non Shark Tank brands. But we reached out to the other brands that were sold with just to introduce ourselves. A lot of them are based in our area, so we've been able to actually get together and have coffee. I think people sometimes forget there's a human element to everything. And so these massive brands that have names are intimidating because they've got Heidi Klum on their packaging, but they're run by real people that have real jobs and do a lot of the same things that we do.

Bobbi Rebell:
So tell us more about where people can find you and keep up with all the new products that you guys will be putting out?

Monica Fergusen:
Yeah, so we're @thesolemates on Instagram and twitter and Facebook and our website is thesolemates.com where we're sort of up to date with all of our retailers and all of our products were sold at CVS, DSW, David's bridal, Von Mar, about a thousand independence all listed on our website. Always changing, always, hopefully, always growing our website and Amazon.

Bobbi Rebell:
Great. This has been wonderful. Thank you so much.

Monica Fergusen:
Bobbi. Thank you so much-

Becca Brown:
Thank you Bobbi.

Bobbi Rebell:
Hey friends. Not your typical everyday money tip, but personally I kind of loved it. There's nothing wrong with having fantastic shoes. If you can get them at a huge discount, barely worn even better, but know to buy. Financial Grownup tip Number one. So the same idea goes for other things that you may not think you can afford or want to spend big money on, but if you buy gently used ones, maybe they do fit into your mindset. For most of us, it's really about getting past that psychological barrier, whether it's the idea of buying something that has been gently worn or just the idea of owning something that is so expensive. Even if you didn't pay the original retail price, so it's important to look for niche sites that specialize in what you want.

Bobbi Rebell:
The Real, real that Monica and Becca referenced is luxury, especially shoes and handbags, but you can also look, for example, for wedding dresses, so according to The Knot a used wedding dress in great condition can sell for 50% of the retail price. Just as is the case with shoes. Some designer names like Vera Wang and Oscar De La Renta will get a higher percentage. So if you want to go really high end and you know you're going to sell your dress after your wedding, know what you're buying so you know what you're selling and you can maybe choose a designer assuming that you liked that designer because you're going to be of course wearing the dress, which is the most important thing, but maybe if you're selecting between two, select a designer that will have the higher resale value. I'm going to leave a link to The Knot with some websites that you can check out.

Bobbi Rebell:
If you want to know more, including or to possibly even rent a wedding dress, the show notes that will have all this information are @bobbirebell.com/podcast/the soul mates. Financial Grownup. Tip number two, turn lemons into lemonade like the ladies did. Their deal fell through, but in the end, Monica and Becca leverage the Shark Tank experience and grew their business from the show anyway. Setbacks are only that and while they are a mum about why exactly the deal didn't happen ultimately my sense is that it just didn't work for both parties when it came down to it and that's okay. No deal is better than the wrong deal and that's a great lesson from Becca and Monica.

Bobbi Rebell:
Alright everyone. Please be in touch DM me on all the socials. I am @bobbirebell1 on Instagram, Bobbirebell on twitter, and sign up for our newsletter@Bobbirebell.com and thank you for a great story to Becca and Monica. So much we didn't know about Shark Tank and for helping us all get one step closer to being Financial Grownups. Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.

Advice, Business, Entrepreneurs, Millennial Superstars, Reality TV stars, Shopping, Women Role Models, Women EntrepreneursBobbi Rebell Kaufmansole mates, becca brown, monica ferguson, shoes, heels, stilettos, shark tank, entrepreneurs, facebook, networking, media, therealreal, vera wang, heidi klum, gucci, christian louboutin, the view, good morning america, oscar de la renta, cvs, amazon, the knot, weddings
Celebrity blogger Perez Hilton reveals how he got top billing over Lady Gaga, and making $50k in 2 hours.
Celebrity blogger Perez Hilton reveals how he got top billing over Lady Gaga, and making $50k in 2 hours.
Perez Hilton instagram white border.png

Perez Hilton pioneered blogging as a profession, starting with his first $5 payday from Google Adsense. The once-bankrupt Hilton has built a multi-media business on that foundation, moving into YouTube, television and his latest venture, a guest stint at Chippendales in Vegas. 

In Perez’ money story you will learn:

-How Perez first earned money as a blogger, and the size of his first payment

-How he promoted his wesite perezhilton.com when it first started, well before social media existed

-How he realized he could make money blogging

-The big life failure that happened that led to his ability to focus on and monetize his blog

-The turning point in his career as a blogger when he was able to help his family

-What Perez tells his kids about his job

-Perez’s daily schedule and how he maintains productivity

-Why Perez wakes up at 5:51 every morning

-What was Perez’s biggest payday, and how much he has made in one day

-Why he is so excited talking about Lady Gaga!!

In Perez’s money lesson you will learn:

-The big warning he has to new business owners about the pace of growth

-Why he warns startup founders not to invest all their own money in their business when they can get investors

In Perez’s everyday money tip you will learn:

-How to negotiate better rates with the people that you have been doing business with for years

-How much you can reasonably expect them to discount services

-How to leverage your social media following to get discounts on products

In my take you will learn:

-Why it is important to note that Perez Hilton wakes up everyday at 5:51 am

-The significance of his regular, reliable schedule, especially as an entrepreneur and a parent

-How he is putting time management Laura Vanderkam’s strategies to work. 

-The importance of building out a brand in an intentional and focused way

-How Perez is integrating new platforms to expand his audience from his core platform

-The video on Perez’s personal youtube channel that I am personally completely fascinated by and why. 

Perez and Bobbi also talk about:

-How he has had to re-think his finances since having three kids

-Why Perez believes in diversifying financial assets, but also focuses on real estate

-The kinds of real estate Perez believes will be the best investments and why

-Where Perez is invested right now

Episode Links:

Check out Perez’s block perezhilton.com

Subscribe to Perez’ youtube channels

His personal channel The Perez Hilton

His regular content channel Perez Hilton

Here is more info about Perez’s Chippendales show in Las Vegas!

You may also be interested in Time Management expert Laura Vanderkam’s interview. You can listen to it at bobbirebell.com/podcast/lauravanderkam

 

Follow Perez!

On Twitter: https://twitter.com/PerezHilton

On Instagram: https://www.instagram.com/perezhilton

On Facebook: https://www.facebook.com/ThePerezHilton/

 

Listen to Perez’s podcast with Chris Booker:  http://perezhiltonpodcast.com/

Want to learn more about Perez? Check out his interview with Michael Dinich

Transcription

Perez Hilton:
I'll get anywhere from $25,000 - $50,000 a night for two hours just to show up and promote the club. And I remember one event it was 4th of July, I was the headliner. I decided, you know what I want to have a special guest, so my special guest was Lady Gaga billed underneath me.

Bobbi Rebell:
You're listening to Financial Grownup with me certified financial planner Bobbi Rebell, author of How to Be a Financial Grownup, and you know what, being a grown up 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. That was gossip blogging pioneer Perez Hilton dishing on some of his own finances and getting very candid about how much and how little other headliners really make. Perez has talked in public pretty candidly about some of his financial let's say adventures, including declaring bankruptcy and spending several hundred thousand dollars on surrogacy for his three kids. Go to his YouTube channel The Perez Hilton to hear more about that. His gossip YouTube channel is Perez Hilton, but I wanted to know more. After all, love him or hate him the guy started making money from blogging before it was a thing. And if you look at some of the ways we use social media now, like even the doodling people do on pictures and all that stuff he was doing it way ahead of us. He's made mistakes, which we talk about, but now that he's gotten older and wiser with three kids and a team that works with him, which includes by the way his mom, and his sister Perez Hilton is all about being a financial grownup. Here is Perez Hilton.

Bobbi Rebell:
Hey Perez Hilton you're a financial grownup, welcome to the podcast.

Perez Hilton:
Hello, I try to be. Actually I don't even try, I am. It takes work.

Bobbi Rebell:
You very much are. Oh, come on. Yeah anyone who watches you have two YouTube channels, you have your fun gossipy one and then you have your also fun personal one. And people that watch that they know you talk about your bankruptcy, you talk about spending hundreds of thousands of dollars on surrogacy and the financial implications of that. So you are definitely, you're a grownup Perez.

Perez Hilton:
Well not even that, you know last year at the beginning of 2017 when I knew I was having a third child and that was coming it was a huge push for me to completely re haul my financial life. Meaning, overtly looking at every possible way to spend less and make more. And shorter term goals are definitely to diversify, it's a key word especially given how everything changes so quickly in entertainment, and just the world. For me though, and I may have still been at this before but I'm still trying to make it happen. And I wish I would have heard this before, I wish I would have made it a priority younger, I really want to get into real estate. Like some people want to play the stock market, some people want to invest in startups, some people want to start new businesses, some people want to let their money sit in a savings account, I want to go old school and own land. Own property. Not commercial property, I specifically want to own like a duplex or a triplex or four plex because I think that, that will only go up and it will only win.

Bobbi Rebell:
Where do you keep your assets now? Do you own your home? Do you have some stocks? Are you diversified? Because if you do everything in real estate you're not diversified and we just heard you want to be diversified.

Perez Hilton:
Yeah, no I mean I have a retirement account and I have different thing for my kid's college. I'm making all of the smart moves but instead of going heavier in the stock market, which I was advised to ... I did not listen to that advice and I'm going to go more into real estate. If I keep most of my money in real estate I don't care. I don't mind.

Bobbi Rebell:
We talked before we started taping about the first time you were able to actually monetize blogging, because you were basically the first. You were blogging before there was social media. You were blogging you were just trying to promote it on something called Friendster, which most of my listeners probably never even heard of. When did you realize you could monetize this and what was the first memory you have of receiving money for blogging?

Perez Hilton:
Well I didn't make any money for the first year plus. It was really just a hobby. Thankfully I ended up getting fired from a job that I had during that first year of blogging, which I credit to my website becoming successful. Because as a result of getting fired during that first year I was able to collect unemployment. So I didn't have to worry about feeding myself and having enough to pay rent. Thank God that happened. Sometimes a negative really is a positive. So, when I finally started making money to pay rent ...

Bobbi Rebell:
So a lot of bloggers today they make money from ads, from affiliate links, things like that. How was the first way that you made money?

Perez Hilton:
The first way that I made money, of course Google Ad Sense, was probably less than $5 but I was like, "Wow this is something exciting."

Bobbi Rebell:
$5 for something you were doing as just a fun little side thing is money, right?

Perez Hilton:
Absolutely.

Bobbi Rebell:
Was there a pivotal moment where you realized, "This is actually my ..." It's not your whole career because you do a lot more, you first of all you went to NYU, you studied acting you did a lot and you do a lot. This doesn't just come from nowhere, and I think you make it look easy but it's not as easy as you make it look. But when did you realize that this in terms of your general identity was going to be it and that there was a way to monetize this? I mean reports are you've made many millions.

Perez Hilton:
I would say that by 2007 things got to a point where I was able to and I needed to get help. And I was able to help my family by doing so. I hired my mom and my sister with me and really made it a family operation. So, I moved them from Miami to Los Angeles and they still work with me today.

Bobbi Rebell:
Awesome. And how do you think you'll explain to your kids how you earn a living? Or will it just be kind of organic as they grow up?

Perez Hilton:
Well they already understand who Perez Hilton is. They've seen me on TV many times, the many different things I've done. They've been on TV with me. Last year I did a show for the Food Network called Worst Cooks in America Celebrity Edition, which I ended up winning by the way. I was the best of the worst. They got to be part of the show and they watched it every week with me. I do a lot of talking head commentary whenever I'm on like The Talk, or The Real, or local news here in LA. My mom will always record it and make sure my kids see it. Plus I make all my YouTube videos, they're in the background hearing daddy work and seeing me work as well on my laptop on my website. So they definitely have an understanding. They know I work so hard.

Bobbi Rebell:
Well tell me about that. Do you have a schedule or do you just keep going until it gets done? How does it work?

Perez Hilton:
I just keep going until it gets done, but I wake up at 5:51 every morning. I literally start working before I even get out of bed, before I even pickup my laptop I'm able to get some work done on my phone on Instagram. It's like you have to be doing everything everywhere. And I'll work, work, work. Then I'll take my kids to school, then I'll go to gym. Then I'll come back, catch up on work, do more work. Then I'll usually have a meeting or a filming or something in the afternoon. Come back home, catch up on work, spend early evening in dad mode. Put my kids to bed after getting them their shower and all that jazz, read their nightly book. And then get more work done, catch up on emails, and then usually get to bed like 11:30 maybe. I still love what I do, 14 years later. And I'm filled with so much gratitude that I am continuing to have fun and entertain people, and get new followers through different ways. Yeah, like even in a couple of days I'm heading to Las Vegas. I'm going to be doing the Chip 'n Dale show there.

Bobbi Rebell:
That's so wild.

Perez Hilton:
That's so exciting. I'm going to be the special celebrity host of Chip 'n Dales.

Bobbi Rebell:
Do you remember your biggest payday? What can you tell us about it and most of all how it made you feel?

Perez Hilton:
I remember like 2006 - 2012 before the rise of the DJ, which is where Vegas is now. It's all about the big name DJ's. You used to have a ton of celebrities hosting club nights in Vegas. And they would just throw ridiculous amounts of money my way and everybody's way. Now you'll have celebrities host Vegas, but because I know the market so well now, and I have so many friends that work in nightlife they're paying for the Vanderpump Rule for a housewife or whomever, five maybe $10,000. If you're a celebrity like Drake or somebody of that stature they'll make tons of money, but TV personalities five to $10,000.

Bobbi Rebell:
So let me ask you, how much would you make in those days in Vegas? And what was it like?

Perez Hilton:
Yeah. Well it depends on the venue, and the time of year, and a whole bunch of variables but I would say I would get anywhere from $25,000 - $50,000 a night for two hours just to show up and promote the club. And I remember one event I had back in 2008 it was 4th of July weekend, and I was the headliner. I decided, you know what I want to have a special guest. So my special guest was Lady Gaga billed underneath me.

Bobbi Rebell:
What are the lessons, the business lessons that you've learned from going from making $5 from Google Ad Sense, to Vegas at $50,000 doing DJ stuff, to now where you've got this multi-media empire that you are growing and building to invest in real estate as we know it for your kids?

Perez Hilton:
One advice I would give somebody is don't grow too much too quickly, which is a big mistake that many companies make. I would also say ... and a lot of this is just my experience, my advice, it probably maybe goes against what traditional business people might say. I would also say if you start making a lot of money on your business do not invest it back into your business or invest some but not a lot. Ideally to grow you can grow with other people's money. That's the goal.

Bobbi Rebell:
No, that's something a lot of people do. They leverage other people's money. Maybe put some of your own skin in the game, but it's also important to have some money set aside personally for you.

Perez Hilton:
Absofreakinglutely. Yep.

Bobbi Rebell:
Yeah. All right Perez, I don't want to keep you too long. Give me an everyday money tip.

Perez Hilton:
One simple thing people that you do business with regularly, maybe your pool cleaner, or trainer at the gym, or for me I get my meals delivered from this one company. So I reached out to a lot of these people I've been very loyal to for a long time and I'm like, "Can we work anything out? Can you charge me less if I promote more?" Even if you don't have a large social media following, if you've been loyal to a company for a long time and been paying them they'll probably say, "Sure we can give you five percent off, 10% off." Any savings anywhere is good.

Bobbi Rebell:
I love that. All right, where can we support you? You're heading to Vegas, I just watched your video today, you're packing everyone up. Tell us about that and everything else that you want us to be paying attention to.

Perez Hilton:
Well I am a busy dude, yeah I'm going to Vegas. I'll be staring in the Chip 'n Dales show at the Rio from July 26th through Labor Day Sunday. I've got two YouTube channels, The Perez Hilton for everything family and then Perez Hilton for everything pop culture. Of course my website. And then I've got a podcast, The Perez Hilton podcast with Chris Booker where we talk everything pop culture.

Bobbi Rebell:
It is an empire. Congratulations on it all. Thank you for doing this.

Perez Hilton:
Thank you.

Bobbi Rebell:
So Perez is a lot of fun my friends, and he kind of makes it look easy if you watch his content. But let's look at what is really going on with this business, and it is business.

Bobbi Rebell:
Financial Grownup tip number one, note that Perez casually mentions that he always wakes up at 5:51 in the morning, and that he does work before his kids get up. Getting up early is a common thread of successful self starter entrepreneur, in fact according to time management expert Laura Vanderkam who was a recent guest on this podcast the vast majority of successful executives wake up before 6:00 am on weekdays. So, go set your alarm clock and try it out.

Bobbi Rebell:
Financial Grownup tip number two, I love that Perez is always trying new things, but at the same time they are things that make sense with the brand that he has created. Perez still has his blog for sure and has expanded to different vertices, but he also knows that YouTube is very important to his audience as well. And so, he is growing there. One channel that extends his traditional gossip content, but he also now wants his audience to know him as a person. And he does very candid personal videos including a strangely amazing video by the way of how he brushes his teeth and keeps them so white. Watch it, you'll find yourself watching till the end, it's mesmerizing. Silly but mesmerizing. And now he's starting the Chip 'n Dales thing in Las Vegas, so this man is fearless but it is all on brand and all designed to appeal to his audience. Perez is consistent with his content and keeps his audience engaged.

Bobbi Rebell:
If you enjoyed this show please tell a friend. The best way for us to grow and keep bringing you these great stories is by sharing. You are busy but if you have time please leave a review and hit subscribe, and keep in touch on social media. We love it when you DM us on Twitter @BobbiRebell, on Instagram at BobbiRebell1 and on Facebook at Bobbi Rebell. And a big thanks to Perez Hilton who's having a great time in his very grownup life, for helping us all get one step closer to being financial grownups.

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

Advice, Business, Career, Financial Grownup, Investing, Money, Personal Finance, Podcasts, Entrepreneurs, Family + Relationships, Reality TV stars, Shopping, Get Paid More, StartupBobbi Rebell KaufmanPerez Hilton, The Perez Hilton, Chippendales, Caesars, Vegas, blogger, gossip, gossip blogger, bankruptcy, surrogacy, real estate investing, investing for college, parenthood, investing for retirement
The investing secret Shark Tank's Kevin O'Leary's mom kept from him
The investing secret Shark Tank's Kevin O'Leary's mom kept from him
Kevin O'Leary Instagram.png

Shark Tank’s Kevin O’Leary shares a story about his mother and a secret he learned about after she passed away. The Entrepreneur, who is also behind O’Shares and O’Leary Ventures  reveals in the story how his mothers choices informed his investing style, which is heavily focused on dividends. 

He goes on to discuss the two types of investments his mother chose, including her thinking and mindset in making those choices. 

O'Leary also talks about the importance of the tax changes and why that is something that will benefit investors who follow his strategy. 

In his money tip Kevin explains how people who can’t save can find the money to get on track. He also reveals another lesson from his mother that was a bit surprise. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich. 

O'Leary talks about an app that he launched  called Beanstox that allows investors to buy small dollar amounts of ETF’s and market-leading stocks. It gets people into investing without having to commit large amounts of capital up-front. 

Links to things mentioned in this episode

  • Kevin O’Leary’s financial literacy books the Cold Hard Truth series can be found here. 

  • His app to start investing can be found at Beanstox

  • To learn more about the companies he backs as well as his wine business and more, go to O’LEARY VENTURES

  • Kevin also talked about his ETF business O'Shares

  • In his story about his mom he spoke about Chanel and Gucci

Books I recommended in the episode: 

 

I also mention Fincon which is a fantastic conference for anyone who creates content about money. 

 
Kevin O'Leary explains how people who can’t save can find the money to get on track. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich and how you can save 10% even when you're living paycheck to …

Kevin O'Leary explains how people who can’t save can find the money to get on track. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich and how you can save 10% even when you're living paycheck to paycheck. #SaveMoney #MoneySavingTips

 

Transcription

Kevin O'Leary:
The executor called me and said, "Look, your mother has kept a secret account from both of your husbands her whole life, you should come here because you're not going to be executor of this".

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

Bobbi Rebell:
Hey friends, welcome to this edition of Financial Grown Up, and for those of you who have not guessed yet, yes that was the voice of Kevin O'Leary, aka Mr. Wonderful on Shark Tank. He is going to join us in just a moment to share a story about a secret, a financial lesson secret that he learned from his mother only after she passed away. It is a great story and it's gonna change your whole mindset about how you think about investing, so stick with me here. I just want to do a quick introduction to Kevin, tell you guys a little bit more about him for the maybe one or two people out there that don't know exactly who Kevin O'Leary is.

Bobbi Rebell:
He is a serial entrepreneur. He's got his own ventures including an investment company that focuses on dividend ETS. He also is in the wine business and of course, O'Leary Venture supports all the Shark Tank companies that he's invested in. Recent success of note, Plated, which he sold for a cool 300 million dollars. He's also got a really interesting app I want you guys to hear about and you will hear about it in just a moment. Here is Kevin O'Leary.

Bobbi Rebell:
Kevin O'Leary you are a financial grown up and I'm so excited you are on the podcast. Welcome.

Kevin O'Leary:
Great to be here. Thank you so much.

Bobbi Rebell:
And you are, of course, so special in my heart because you are such an advocate for financial literacy. You make it part of everything that you do, including your entrepreneurial ventures. Before we get to the financial grown up moment that you're gonna share with us, I do wanna have you tell us more about the app Beanstox. Tell us about Beanstox.

Kevin O'Leary:
You know, for the last few years I've been teaching at colleges and high schools and I've just been stunned by the fact that we teach young people in America pretty well everything about math and reading, geography, even sex education, but we never talk to them about financial literacy. We never teach them how to invest, and even when I teach graduating cohorts of engineers at places like MIT, Harvard, Notre Dame, Temple, I'm blown away that these young people going off in the workforce have never bought a stock or bonds.

Kevin O'Leary:
So, the genesis of Beanstox, and I've spelt it B-E-A-N-S-T-O-X, is an app. You download it and it allows you to buy fractional shares of your favorite stocks or exchange traded funds, which means if you only have $2 to invest, or $5, or $10 or whatever you've got, you can actually own a real share and learn about how the prices go up and down, when dividends get paid, and just to build a diversified portfolio. I find when you do that on your mobile device, you actually watch it every day. Some people go on 10 times a day, and I've just been thrilled.

Kevin O'Leary:
Hundreds of thousands of them have been downloaded now. People have set up accounts, even if they only put in 50 bucks a month, it's great to start investing because the truth about America is the average salary is $52,000 a year, and if you started investing just 10% of your income at the age of 22, by the time you're 65, if the markets do what they have done for the last 50 years, which is give you six to seven percent a year of return, you'll have 1.2 million dollars sitting in the bank for-

Bobbi Rebell:
Very nice, all right, everybody check out Beanstox now. I'm really excited for you to share your financial grown up moment money story because my mom passed away a few years ago and it's, in some ways, only in retrospect that I learned some really important lessons from her, and you learned a big lesson from your mom at that time.

Kevin O'Leary:
Yes, when she passed away, I was the older son. I'm two years older than my brother, so the executer called me and said, "Look, your mother's kept a secret account from both of her husbands her whole life, you should come here because you're now gonna be the executor of this" and when I got there, I was blown away. I mean she ... I had always wondered how she'd provided for my brother and I, her sisters, and her extended family. She always seemed to have money, and what she had done is she had done exactly that.

Kevin O'Leary:
She had put aside more than 10% of her paycheck when she was a young woman, and she invested in two types of securities. 50% of this portfolio were in large cap dividend paying stocks, and the other half were in Telco bonds, five to seven year bonds and her thinking was that nobody would ever let their phone be disconnected by not paying their bill, so she trusted Telco Company, and this portfolio, over 50 years, outperformed everybody else in the family's, so I did some research.

Kevin O'Leary:
It really changed my mind forever about investing. 70% of the returns of the stock market over the last 50 years have come from dividends, not capital appreciation, so I never buy a stock today that doesn't pay a dividend. I learned that from my mother, and her whole mantra was never spend the principle, only the interest. She was so right about that.

Bobbi Rebell:
And it's interesting because that really did inform your whole approach to investing and your whole business, when it comes to your ETF business.

Kevin O'Leary:
Yes. O'Shares is build around her philosophy. We don't have a single security in any of our O'Shares funds, including the new midcap one OUSM. The reason I'm really intrigued with midcap stocks in America today, the ones that pay dividends, is because of this tax reform. They used to pay 36% tax, now they pay 21, so their cash flows this year are going to grow up by 15 to 20% more free cash. And if you look at the Russell 2,000, which is the universe of all the small companies in America, 339 are profitable and pay tax, and they're all captured in OUSM.

Bobbi Rebell:
Wow, all right so, what is the take away lesson from that story? Do you wish, for example, that you talked to your mom more about her money philosophy and what she was doing?

Kevin O'Leary:
Basically the take away story is this. When you start saving, there's two aspects to your saving. There's the principal, the money you're putting away, and then there's the interest you make off the principal, or the dividends you get if you bought a stock. What she basically said was it's okay to spend and live off the dividends and interest, but it's not okay to spend the principal, because once you spend the principal, you never get it back.

Kevin O'Leary:
The principal is what makes the money for you, so that philosophy is, you live off interest, you live off dividends, and that's how you monetize your lifestyle, but you never dip in to your principal. Some people say, well I really wanna buy a boat, I wanna buy a bigger house, I wanna buy something and I can't because I don't make enough, and they spend their principal. That always ends badly.

Bobbi Rebell:
Wow, all right. Your mom was definitely a financial grown up and certainly we appreciate you sharing what she taught you.

Bobbi Rebell:
Before you go, give us a money tip for our listeners. Something that you do that maybe they can emulate that can make a difference in their financial wellbeing right now. Something they can implement today.

Kevin O'Leary:
I've learned this years and years ago, and again taught to by my mother. When you go out every day, the whole world is designed to take money from you. That's how they market and tell you to buy this or get a new latte or buy new jeans or a new pair of shoes. Every time you get tempted to buy something, and I do this even to this day, I ask myself, do I really need this thing, do I really need it because when I take it, I take my cash and I buy it, I'm basically killing those dollars in terms of them making me interest or dividends because I bought those shoes or I bought those pants or I bought whatever it was.

Kevin O'Leary:
People say to me, well I can't save 10% of my salary. I'm living paycheck to paycheck, and I always remind them what my mother said, yes you can. You buy so much crap that you don't need and anybody can look in their closet and look at all the stuff they don't wear anymore. The shoes they don't wear or the junk they bought, and so I've really, really learned, buy really good things once in a while. And I'll tell you the anecdotal story.

Kevin O'Leary:
When my mother passed away, the women in my family fought like cats or dogs because all her clothes were Channel and Gucci and really good stuff that she kept for decades, but she didn't buy any crap, and that was her lesson to me. Buy a good suit. Buy a great pair of shoes, but don't buy a bunch of junk. That way you feel good about what you own, but you save a lot of money, and I've been able to cut my spending by a ton because I don't buy crap, and because she taught me that.

Kevin O'Leary:
Even wealthy people I work with, I do this special test with them, I say get a piece of paper, just two sheets, you don't need any technology.

Bobbi Rebell:
Oh no.

Kevin O'Leary:
And write down all of the things you make money from in 90 days, and all the money you spend in 90 days, and even really wealthy people outspend their income, and they learned sobering basis. That's my lesson. Do your 90 day test, but don't buy crap. You don't need it.

Bobbi Rebell:
Thank you so much Kevin O'Leary. It was such a pleasure having you. We will all keep tuning in to Shark Tank and all your other ventures, thank you.

Kevin O'Leary:
Take care.

Bobbi Rebell:
I always love talking with Kevin O'Leary, he's an amazing advocate for financial literacy and such an inspiration. Here is my take and it probably won't surprise you guys. Financial grown up tip number one, talk to your parents about money, and yes, get their advice, but also try to get them to open up about what they did right and also, just as important, what they would have done differently. Get them to share their financial grown up moments, their money stories. When we're kids, our parents often shelter us from what is really going on behind the scenes in our daily lives.

Bobbi Rebell:
For example, I remember as a teenager, my family moved into a bigger and newer house. Now, I didn't think that much about it, when I saw my mom putting towels over the windows. It was a little weird, but you know parents can be weird. What I learned later on was that they had really stretched to buy the house, and they were waiting, holding off to buy the window coverings, so my mom was basically making due with what she had, and really, it was just fine, no big deal.

Bobbi Rebell:
All right, financial grown up tip number two, if and when you have kids, make a plan for how you want them to learn about money. There is no right or wrong plan here, every kid has different ways of learning and every family has different things that are right for them. Find out what works for you guys.

Bobbi Rebell:
Some resources though, I am a big fan of a book called The Opposite Of Spoiled by Ron Lieber. Another classic to check out, Smart Money, Smart Kids by Dave Ramsey and Rachel Cruise, and finally, Make Your Kid A Money Genius by Beth Kobliner. Check them out. And, for fun, I was recently gifted a book at FinCon by Scott Allen Turner called Money A To Z. It was a lot of fun to read with my child, and of course, don't shy away from business stories for kids, especially as they get older.

Bobbi Rebell:
Harry is now 10 and we are reading about Steve Jobs. The actual book title if you guys wanna check it out is Steve Jobs The Man Who Thought Different. It is by Karen Blumenthal. It's opening up a lot of discussions about funding a start up and all the different things that go into a business. It's also interesting to read about Steve Jobs and all of his personal quirks, so I will leave it to you guys to see if you wanna read that book with your children or just check it out yourself.

Bobbi Rebell:
Thank you all for listening to Financial Grown Up. We are new and we need your support. Please subscribe to this podcast and then of course, be sure to rate and review it on iTunes and especially please share this with your friends. And until next time, I am wishing all of you financial freedom.

Bobbi Rebell:
Financial Grown Up with Bobbi Rebell is a BRK Media production.

Reality TV stars, Family + RelationshipsBobbi Rebell Kaufmanshark tank, kevin o'leary, investing, money, debt, stocks, ETF, mutual funds, financial grownup, O'Leary Ventures, O'Shares, Scott Alan Turner, Beth Kobliner, Rob Leiber, Opposite of Spoiled, Dave Ramsey, Rachel Cruz, Steve Jobs, Apple, Fincon, money lessons