When Hint CEO Kara Goldin started getting calls from celebrities about investing in her company, she quickly learned to make sure she only partnered with those who were authentically aligned with her brand values. Kara shares the story of why she said yes to John Legend, but took a pass on another big pop star. 

Kara'’s Money Story:

Kara Goldin:
Well one of our investors, probably the most famous of our investors is John Legend. I mean, John Legend, every time he's playing he a bottle of Hint on stage with him. And people always say, "How do you get John to do that?" I'm like, "I don't." I mean, John does it on his own. John just brings it up there because he loves drinking our product.

Bobbi Rebell:
So I have to ask you, how did John Legend become an investor?

Kara Goldin:
So John, actually, it was almost 10 years ago now that he reached out to us. He had been drinking Hint, actually in Starbucks. We were in all 11,000 Starbucks stores nationwide, and he had picked up a bottle and really enjoyed it. Then reached out to us, and I have to be honest, I didn't know who John was, and you know he's grown a lot in the last 10 years.

Kara Goldin:
He called just trying to understand if this was a product of Coke or Pepsi. He was surprised to hear that it wasn't, and that he was like, "Gosh, this is really good. You're not using sweeteners of any kind. You're not using preservatives of any kind. I think that you guys have an incredible mission that is sitting in front of you to really help people get healthy."

Kara Goldin:
And he's said, "I am super curious if you guys are taking on investments, I'd be really interested." So when we did our next round, I reached back out to him and I said, "I'm not sure if you're interested, but you know, in addition I really want to meet you," because that's a whole other piece that I wanted to meet everybody who's invested in our company as well.

Kara Goldin:
And so, I might not meet them on a monthly basis, but I think it's also a very important thing to really understand where these people are coming from and do they buy into your mission. I think that's really important.

Kara Goldin:
So yeah, so that was how John came on, and he's just been a huge advocate, and has been, even called by people who were thinking of investing in the brand that knew him as well, even before when they found out that he was an investor. He's just a great advocate and good reference too for what we're doing.

Bobbi Rebell:
We talk about different stakeholders and different investors and what they bring to the table. So with a celebrity investor like John Legend, what does that bring to the mix that is complimentary, that's different from just your average investor?

Kara Goldin:
It's interesting. I think the key thing that I share with other entrepreneurs who are raising money, about celebrities, whether that's a sports figure or an actor, or performer, is that, do they actually believe in your product? Do they drink your product? Right?

Kara Goldin:
Because I think that if they don't actually understand what you're doing, and if they aren't a fan already, it's very confusing to the consumer, and it looks phony. And so, gone are the days where you can pay a celebrity to do an endorsement and throw it up on a billboard and people actually believe it.

Kara Goldin:
And so, I think that there has been a shift in, "Let's go invest in these companies." But I still think there's a lot of these celebrities that are really just doing it and then they're not actually ... They don't believe in it, and they'll be walking down the street and drinking something that is totally counter, in the case of a beverage company, to sort of what you're doing.

Kara Goldin:
If you end up on TMZ and you're not really living the brand, then I think it's just really phony. So I think there's confusion to so many, like, "Do I take the money from these celebrities or not?" The sniff test, as I call it is, do they love the product already?

Kara Goldin:
I mean, we've had calls over the years from a lot of celebrities, and I'm always willing to send them a case if they haven't had Hint, and just see what their response is. If the response is, "Yeah. You know, they liked it okay." Then I'm like, "You have to love it. You have to really understand why we're doing this." Because for me, again, it's not just about having a great tasting product, it really is about a mission to really help people drink better tasting water. That's like a huge thing.

Kara Goldin:
I mean, I also just don't want people involved in the company who are going to ultimately do something to tarnish the brand, and that's really the challenge I think with celebrities overall. So that's the key thing.

Kara Goldin:
I think another piece that comes up for a lot of entrepreneurs, and we've never done it this way, but I've heard that there are celebrities out there that just want equity in the company and they don't put any money into the company because they believe they can help the brand in some way. I don't know, I think you really have to have skin in the game and put some kind of money into the company too, because if you're just getting equity in the company, it's probably a deal that you ultimately want to pass on.

Bobbi Rebell:
I think it's interesting because a lot of celebrities ... I mean I think about Ashton Kutcher and Bono, and they've done real investing for real ... The ones that from what I know, have been most successful, are the ones that really are putting their money into it and their time and their attention, and they believe in it. And it sounds like that's something in your case that Mr. Legend does do.

Kara Goldin:
Yeah, and I think, I mean, very similar to successful entrepreneurs today, I think that if you have an investor who doesn't know why they're investing, then you should not have them investing in your company. It's such a key thing. Like, if they're just investing because they've seen that John Legend invested and they want to ride the coattails of John. I don't know, I just think that that's like, they're too high profile and they will be asked along the way and they will be watched along the way.

Kara Goldin:
So again, I don't want to do anything for them that's going to tarnish their image either. So I think that's such a key piece. I feel like just because you're saying, "I don't want your money," it doesn't mean that you can't have them, in the case of Hint, drinking the product. Right?

Kara Goldin:
I think basically having the conversation with these people like "Look, we want to create a win-win here for you too, and if this is going to be uncomfortable for you."

Kara Goldin:
I'll never forget this one quick story. We had a celebrity approach us, actually an agent approached us, and he said, this individual singer loved Hint, and called me, and he said, "He loved it, he thinks it's really great."

Kara Goldin:
And I remember going home to my daughter and I said, "Gosh," like the singer you know, who will remain nameless, "just loved our product and thought it was really great." And I said, "We might actually do something with him he wants to invest," et cetera. And my daughter, who is a teenager, she knew exactly who he was, but she said, "Oh, that's really interesting." And she said, "Well, last year he did a deal," an endorsement deal, not an investment, but, "an endorsement deal with 7 Up."

Bobbi Rebell:
Which has a lot of sugar.

Kara Goldin:
Which has a lot of sugar in it. And I said, "Huh," I googled it and saw it was true. And unless he was willing to actually say like, "I've seen the light and I don't want to have sugar anymore and I found Hint," and he's able to tell us why and speak to it, then I just think it's affecting your own brand ultimately, and it will be like he could be ridiculed.

Kara Goldin:
Here a 14-year-old was telling me this, and I went back to this guy's agent and I said, "I have to tell you the story." And I told him what my daughter had said and he said, "Well, no matter where this conversation goes, could I please hire your daughter because she really understands this stuff?" So being careful about where you're taking an investment.

“Gone are the days where you can pay a celebrity to do an endorsement and throw it up on a billboard and people actually believe it”

Kara’s Money Lesson:

Kara Goldin:
I think the big takeaway is know where your money is coming from and how it could ultimately affect you down the road.

“Know where your money is coming from and how it could ultimately affect you down the road”

Kara’s Money Tip:

Bobbi Rebell:
So for your everyday money tip, you have some advice of some basically free or almost free things that people can do and get discounts on right at their own company that many people don't even pay attention to.

Kara Goldin:
Yeah. So it's the beginning of the year and, maybe you're looking at a new job opportunity. Definitely look for jobs that have equity potential because that's ownership in a company, that's almost free money to have in addition to your salary. So definitely look for opportunities like that. But if you're also in a company that does not offer equity, there's often stock incentive plans at discounted rates that you can join onto and participate in.

Kara Goldin:
And then in addition to that, there's all kinds of benefits internally, that just makes sure that you know about those things at the beginning of the year so that you're not stuck at the end of the year realizing that you left a bunch of money on the table.

“John Legend, every time he is playing, he has a bottle of Hint on stage with him and people always say, How do you get John to do that? I’m like, I don’t. John just bring it up there because he loves our product. ”

Bobbi’s Financial grownup tips:

Financial grownup tip number one:

Has to do with taking money from investors or for just any reason from somebody where you need cash. Money has strings. That's why you pay interest to banks. They want something which they should get because they're lending you or giving you the money.

When you take money from someone or an entity, think about their angle. Are they giving you money to help you and/or what you are building, or do they have maybe an ulterior motive that you may not be in alignment with? Could they become a liability because you're affiliating with them, and depending on the terms, they could have a lot to say about the future of wherever that money is going.

Financial grownup tip number two:

There's a lot more to compensation than just the cash in your paycheck or from a client paying their bill. As Kara recommended, don't leave money on the table or wherever. Go read your HR website in full. It may not be boring and maybe kind of interesting.

Maybe take notes if you aren't going to do the things now, or if you are self-employed or a freelancer, read up on the tax code. Yeah, the tax code and what you can do to maximize benefits you may not even realize you were entitled to.

Look into groups that you can align with to get benefits. As an example, here in New York City, we have TDF, that stands for Theater Development Fund, and you can join if you fit a number of categories, one of which is freelancer, and that means you can get tickets for Broadway shows for as much as 70% off. That's a benefit, much like you would get when you work for a company. You also can get free membership, for example, to cultural institutions like museums by getting a New York City ID. So check what's available in your city.

Episode Links:

• Kara's website - www.drinkhint.com
  
  

Follow Kara!

• Instagram - @hint

• Twitter - @hint

• Facebook - @hint

• Pinterest - @hintwater
  
  

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.

Jason Wolfe sold several companies for huge profits, including  GiftCards.com for 120 million dollars. The gifting entrepreneur grew up as an orphan at the Milton Hershey School when his mentally ill mother could not care for him. The lessons learned at the school focused on not just a strong work ethic and structure, but also specific lessons on building businesses with a spirit of generosity. 

“As you grow your business.. relationships and networking become so so important to make you successful.”

Jason's money story

I grew up very poor, on welfare. Mother had some mental issues. My dad took off. We thought he was dead. So I grew up in a place I'm not sure how many of your listeners know. There's a person named Milton Hershey, and Milton Hershey was the man who started the Hershey Chocolate Company. He started an orphanage in 1909 and he had it in his heart, him and his wife, to give back to needy children. So in 1915 or somewhere thereabouts, Catherine, his wife passes away. Instead of remarrying, instead of going off and spending a bunch of money, he spent more time with boys in the orphanage and decided to give his fortune to the Milton Hershey School, which is owned by the trust. And in 1945 left $84 million to the trust. Today it's worth $13 billion. I mean I grew up there.

Bobbi Rebell:
So your mother, under these unfortunate circumstances, sent you to live in the orphanage?

Jason Wolfe:
Yes, Yes she did.

Bobbi Rebell:
And what age were you?

Jason Wolfe:
I was 10 years old. And I lived in sort of an agricultural environment with 16 boys. So I lived in a house and we milked cows and baled hay and straw and had that kind of life with two house parents and 16 brothers.

Bobbi Rebell:
Wow. Tell me about the lessons that you learned at the school as a young boy because that became instrumental in all of your success as an entrepreneur.

Jason Wolfe:
Well, I learned hard work obviously. Before going to Milton Hershey School, my mother being, you know, mentally disabled and not being able to take care of us, I was able to stay up until two o'clock in the morning wandering around the streets. It wasn't a hard town I lived in, but it was just one of those things. I didn't have structure or work ethic or anything like that. When I got to Milton Hershey School, I was not able to wander the streets til midnight or two o'clock. I had to get up at five o'clock in the morning, milk cows, get back from school, play sports, all the things that gave me structure in my life and hard work and taught me how to be more responsible.

Jason Wolfe:
What I also learned is I had something that I didn't realize I had until later in life, which is something that people are starting to measure now. It's not IQ and it's not how good looking you are, how good of an athlete you are, it's really that inside grit that you have. If you have grit, fortitude, I learned that that was something that I did have and I learned how to take that grit and form it into what it turned out to be a successful business career.

Bobbi Rebell:
Were they talking to you in the school about how you would support yourself as you grew up? Because that's something universally many parents struggle with. How to teach their children to be earnings-focused and in your case, entrepreneurial-focused. I mean where did that come from in the school environment?

Jason Wolfe:
Yeah.

Bobbi Rebell:
It's incredible.

Jason Wolfe:
Yeah, so they didn't teach us at that time, again, this is in the 1980s, okay. So today the school is different. They have programs to help kids that go through high school to graduate to transition to the real world. Back when I was in that school, they didn't have that kind of thing. So I graduated from that school with a suitcase of clothes and a a hundred dollar check, of which I couldn't cash cause I had no bank account. I learned real quick what a check casher was actually, and I got $67 and 50 cents instead of the $100.

Jason Wolfe:
No I went off and I actually built my own life. I wasn't given tools to figure out how to do it. I did it on my own and I went through some major spinal surgery and was recovering and it was 1995. I taught myself how to write software. I created the first coupon site in 1995, because I bought a book from CompUSA at the time. I'm not even sure how I bought that book to tell you the truth. I didn't have any money. I was living out of my car. I honestly was living out of my car.

Bobbi Rebell:
You were living out of your car?

Jason Wolfe:
Yes.

Bobbi Rebell:
For how long? And how did that happen?

Jason Wolfe:
It happened because I had a couple major surgeries, and I was living with somebody and I couldn't do what I used to be able to do. I was laid up. I was just not the same person. I became depressed after two major spinal surgeries. I just wasn't the same person, so she and I broke up. I had nowhere to go, of course. I grew up in the Hershey School. It's not like I had a family to go to, so I just basically lived in my car, and as I was living in my car, a friend of mine allowed me to use part of his office to put my computer, of which ... that's when I was learning how to build an internet business, and so I went from $4,000 that year in revenue to $35,000 the year after, to 1998 $180,000. '99 a million dollars. I raised a half a million dollars in venture capital in '99, and then I sold it right before the bubble burst in 2000 for $22 million.

Bobbi Rebell:
Wow. What was the tipping point that got you mentally from living in a car to what you just talked about to that progression of incremental progress that then led to where you are today?

Jason Wolfe:
You know, Bobbi, I'm not sure, like I was saying a little earlier, I think some people have what is internally fortitude or grit, and you know it's something that we really haven't measured in our country. You know, when kids are growing up, we don't measure how much grit does this kid have or whatever else. It's something that I had and there was a lot of it, so I was able to pull through things, and then I also have faith in God. And so I believe with my faith and my grit, I was able to pull through some of the things I think a lot of people would not be able to pull through. That's for sure.

Jason’s money lesson

You find a street to go pull your car down that you can sleep in, so nobody will ... you know, the police won't come and get you. You know what I've learned through this is not only about grit and about fortitude, but I also learned the lesson of giving, honestly. I mean, look at Milton Hershey who left his entire fortune to help thousands of children. If it wasn't for Milton Hershey School, not only would I be homeless, I probably would have been in jail or much worse, probably dead. So I look at the lesson to be learned here and probably one of the subconscious reasons why I'm in the gifting business is about giving. It's about giving back and it's about gifting to other people because you can create joy with those people and you can create changes in people's lives. And although I was homeless, and living out of my car, I had a foundation that I learned from Milton Hershey that has proven to be something that was like a cornerstone of my life.

Bobbi Rebell:
So are there specific things that you think you did that made the difference? Clearly mindset, the things that you were talking about, is very important. Are there specific things that you did? It sounds like you had relationships with people that were still strong that you were able to leverage.

Jason Wolfe:
What I learned as I started to grow that business was to find good people that wanted to help with the cause I was doing. I found my first employee. I paid her $50 a month. But she was willing to see in me something that nobody else was seeing. And then I found another person to work for me, and she saw something in me too and she was encouraging me. And so although it wasn't like these grandiose business connections, it was connections with real people that were able to help me pull myself out of that sort of depression and living out of the car and believing in myself. So as I became more successful in business, I started to realize that those networks and those relationships, as you start thinking about them, as you grow your business beyond 50 people or a 100 people or 200 people, that relationships and networking become so, so important to make you successful. Having the right people on the bus in the right seats, but also connecting with people as well.

Bobbi Rebell:
Do you have a way that you find those people?

Jason Wolfe:
Yeah, so in our hiring process, we have a very thorough deep hiring process. We're looking for specific people that are able to join our company with our specific culture that we have. 25 years of success building four companies and selling them profitably. We've been able to do it because the people that joined this company, because we go through a lot of effort to find the right people, but also the networking. I mean, so I'm on the Technology Council board. I try to attend social events. I try to connect with people. I try to connect other people with people and I try to give. And the more that you give, like we give to the tech council, I spend time helping people to grow, back in return comes much to me because of that. And I think as we can think of that, and then the listeners can think about the concept of giving as a financial resource to get back something for yourself. Not that you're doing it intentionally to get something, but it's just the way the universe works.

“When people give it .. makes them feel better, and actually uplifts them more than the person who receives the gift themselves”

Jason's everyday money tip

So I mean, I was looking into this and thinking about giving, and I was thinking about why does it make a difference? And it does. So for every act of giving, you could change the world for good.

I mean it's not like you're changing the world for bad. You're helping helping something. And it's been shown, I guess, and there's some studies, Harvard Business School did a study and found that when people give, it basically makes them feel better and actually uplifts them more than the person that receives the gift themselves.

Bobbi Rebell:
So it's almost ... I hate to say it's almost like the endorphins you get from exercising. I mean, giving to people really will make your life richer, not just theirs.

Jason Wolfe:
Absolutely. And there are studies about it and there's also some studies about ... I was reading about a study in the University of California about how gifting can become contagious, and it inspires observers to feel like they have to be generous, which then it turns them to give more. So it's a contagious thing too. So not only giving makes you happy, it's contagious. And lastly, here's the cooler thing. Here's a real cool thing. Giving actually makes us healthier. So there was a study I was researching also at the University of California Berkeley, found that older people that volunteer, two or more organizations, are 44% less likely to die than their non-volunteers. So it makes us healthier too.

Bobbi’s Financial grownup tips:

Financial Grownup Tip Number One:

Know the commission before any financial transaction and absolutely try to minimize or eliminate it. Jason kind of matter of factly gave the example of getting just $67 back after cashing a $100 check when he was young. I don't know how taking such a big percentage was even legal or the full circumstances behind that, but it is just not right. As an example in my life, my son and I recently went to deposit coins that he had saved. We found out that if you take those coins to one of those coin counting machines that make it, oh so easy, they count it for you, no muss, no fuss, except they take a commission of as much as almost 12% in some cases.


We ended up rolling the coins ourselves and bringing it to our bank's local branch, and we were able to keep all of the money. So it would have been $88. We kept $100 out of every hundred.

Financial Grownup Tip Number Two:

Take a step back and think about Jason's comments about generosity and how he believes that has driven his business goals, his strategy and yes, his success. Let's consider what we can do to support others often at no real cost to ourselves. Jason didn't focus on it, but the fact that his friend supported his early business efforts by offering Jason office space and resources, was a big driver in Jason's ability to start his first business.

Maybe you can make an introduction. Maybe you can offer someone a place to hold a meeting. Maybe you can just give someone your technical equipment when you upgrade. Maybe you can support them by saying something nice on social media. As Jason points out, generosity is a path to success.

Episode Links:

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

• Jason’s website - www.JasonWolfe.com

Follow Jason!

• Facebook - @JasonSterlingWolfe

• Twitter - @JasonWolfe

• LinkedIn - @JasonSterlingWolfe

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.

Ameliora Founder and CEO Adrienne Kronovet started paying close attention to clothing as a child shopping with her grandmother, and shares her timeless insights on shopping strategies and lessons learned. 

In Adrienne’s money story you will learn:

-The role the perfect pair of jeans played in her success

-Her strategy to determine value when deciding what clothing to invest in and more

In Adrienne’s money lesson you will learn:

-Her specific tips to find the best values when shopping

-The different ways you can leverage confidence to make the best financial decisions

In Adrienne’s everyday money tip you will learn:

-How to look at the cost-per-use of an item

-Exactly what to look for when purchasing a work-appropriate wardrobe, especially when you are first starting out in your career

EPISODE LINKS:

https://ameliora.com/

Follow Adrienne and Ameliora!

Instagram @Ameliorany

Facebook @Ameliorany

Pinterest @Ameliorany

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

Adrienne Kronov:
I found these jeans. They were bootcut, dark wash, denim. I think they were about $60. I put them on, and oh my gosh, I felt invincible.

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. How can you tell when an expensive clothing buy is really an investment piece and not just a splurge that you're trying to justify? There are specific things that you need to know, and our guest is going to educate us. First, quick thank you just for being here. Your time matters. We appreciate it. We try to keep the show around 15 minutes because you're busy. The show is also free to you. We've done over 100 episodes, and the only thank you that I ask is that you give back by telling a friend that you care about and helping them find the show. They may not even know how to listen to a podcast, so help them actually load it onto their phone or other device so that they can also benefit from the stories of these amazing high achievers that we get to speak to here.

Bobbi Rebell:
Now, to another high achiever, our guest. You guys are just going to love her. Adrienne Kronovet founded and self-founded her clothing company, Ameliora, remember that name, with a very clear mission that she's going to share, and she is already making a real difference. But it all started with some special shopping trips with her grandmother. Here is Adrienne Kronovet.

Bobbi Rebell:
Hey, Adrienne Kronovet, CEO of Ameliora, hopefully I said that right, all of 23 years old. You're already a financial grownup. Welcome to the podcast.

Adrienne Kronov:
Thank you so much, Bobbi, and you pronounced it all right. I'm such a fan, and it's so awesome to be here.

Bobbi Rebell:
I'm glad you're being honest. But we did practice that, so we do try.

Adrienne Kronov:
We did.

Bobbi Rebell:
I've botched quite a few names, so we got past that one. So I mentioned your company, Ameliora, and we're going to talk more after [inaudible 00:02:28] but just quickly, since you're all of 23 years old, this is a self-funded, beautiful clothing company, the most elegant jackets and pants-

Adrienne Kronov:
Thank you.

Bobbi Rebell:
... named after extraordinary women. Just tell us a little bit about it.

Adrienne Kronov:
Yeah, absolutely. So I started Ameliora almost a year ago, which is so crazy to say, to make clothes that would make women feel confident and empowered. I really wanted to have clothes you would take out for a special occasion. If you had an interview to go to or you had a meeting or you were giving a presentation, I wanted to create clothes that you would grab for that special moment and put on that would make you feel absolutely invincible.

Bobbi Rebell:
And they are. I am the proud owner of the Carmen jacket, which we'll talk about later. They are beautiful, down to the fabric.

Adrienne Kronov:
Thank you.

Bobbi Rebell:
Part of that is because you learned the appreciation of clothing. You're from a family that was in the clothing business back in your home state of North Carolina, where your grandfather had a clothing mill, and you actually have a lot of childhood memories of, for example, shopping with your grandmother and a specific pair of jeans. Tell us your money story about these jeans. I think you wore them for almost a decade.

Adrienne Kronov:
I did. So every year for my birthday, my grandmother would take me shopping, and she did this for all of her grandchildren. And we all looked forward to it because my grandmother has the most exquisite taste-

Bobbi Rebell:
Wait.

Adrienne Kronov:
Yeah?

Bobbi Rebell:
Was this an outing for all of you at the same time, like one big day, or was it your birthday day?

Adrienne Kronov:
It was our birthday day, but we always when it was coming up. Grandma Maryann would call us, we'd pick a date, and then we'd head off to the mall. It was something that I know myself and all my cousins really looked forward to.

Bobbi Rebell:
And what was a day at the mall like with your grandma?

Adrienne Kronov:
It was an event. So my grandmother, she would pick us up. We'd go eat at the food court and we'd make a map of where we wanted to go and pick the highlights and stores we really loved. Like for my male cousins, I think she took them to maybe Dick's, and I know for me and a lot of my girl cousins, we went to Hollister and American Eagle. And she really custom tailored where we would go depending on our own personal taste.

Bobbi Rebell:
Was there a budget, or this was just the ultimate shopping spree?

Adrienne Kronov:
I mean, of course, there was always a budget, but it was really interesting because she never framed it around money. It was all about how the clothes made you feel. So, yes, there was a budget, but it never felt like one.

Bobbi Rebell:
Interesting. So then tell me what would go on in a typical shopping trip and about these jeans you want to talk about.

Adrienne Kronov:
My grandmother, it was such this treasured experience that she and I shared. So we, one day, I think it was I want to say my 12th birthday, and the two of us, we ate at the food court, and then we immediately headed over to Hollister. I tried on a bunch of stuff, different shirts, dresses, and all the sudden I found these jeans. They were bootcut, dark wash, denim. I think they were about $60. I put them on, and oh my gosh, I felt invincible, and my grandmother, she took one look at me. She saw how I felt in them, and she said, "You know what? We're getting them." So we got them, and I wore them from 12 to 21.

Bobbi Rebell:
Whoa, and by the way, just remind everyone, you're 23 now. Okay, go on.

Adrienne Kronov:
Right. I'm 23. Yeah. I'm 23 now.

Bobbi Rebell:
Miss CEO.

Adrienne Kronov:
[inaudible 00:05:48] right. So I wore these jeans at every place I had to go. I wore these jeans because I felt super, super invincible. I knew that if I wanted to look good, I would wear these bootcut jeans. I wore them to my first day of college. I have pictures and pictures of me in the same pair of pants. I mean, I wore them for almost 10 years.

Bobbi Rebell:
Did anyone ever notice? I mean, they're jeans, so most people don't, right?

Adrienne Kronov:
People don't. None of my-

Bobbi Rebell:
Yeah. Then it's a good thing it wasn't a crazy top or something.

Adrienne Kronov:
Oh my gosh. Exactly. And that was the best part because they were such a great, universal pair of jeans that I could wear them with a blazer if I needed to be more formal. I could wear a T-shirt if it was casual. They would work with heels, with sneakers, with slippers. I mean, I loved, loved these jeans.

Bobbi Rebell:
So what is the lesson for our listeners from this?

Adrienne Kronov:
I guess the takeaway would be get a good pair of jeans. I think the big takeaway from this is to be thoughtful in your purchases, make your buying really deliberate. I'd bought these jeans. When I got them, they were pretty universal so I could wear them with a blazer, like I said. I could wear them with really anything. They were so versatile. They were a forever piece in my closet, and just having that to turn to was so amazing knowing that I had a go-to item that would make me feel super confident.

Bobbi Rebell:
And speaking of investing in clothing or items that are going to really last, I love your everyday money tip because it's something that is becoming more of a discussion topic, especially as Millennials, like you, are moving up the career ladder and becoming more successful in business and wanting to present a certain way among their peers and colleagues.

Adrienne Kronov:
Yes. Absolutely. I think when, as myself and my friends, as we get older, we really want to look professional and we want to look polished. And so that leads me to my money tip, which is rather than just the initial sticker price is to focus on the cost per wear, which is basically where the value of the item is directly related to how much you use it. So if you have a $30 dress and you wear it once, the cost per wear is 30 bucks. But if you spend $100 on a dress and you wear it 20 times, the cost per wear is $5. I mean, I think my $60 Hollister jeans, I think the cost per wear was in the negatives.

Bobbi Rebell:
Yes. Pennies. Pennies.

Adrienne Kronov:
Pennies.

Bobbi Rebell:
Yes, which is excellent. Try to get to pennies in your cost per wear. Let's talk more about Ameliora, because, as I keep saying, you're 23 years old. You basically founded this right out of school, self-funded, which is incredible. You did have a family background. Your grandfather operated a clothing mill in North Carolina. This is not just about the clothing, though. Tell us more.

Adrienne Kronov:
Yeah, absolutely. It's all about how clothes can make you feel, the feeling I got when I put on those jeans and I felt invincible. It's about creating blazers and jackets and different items that you put on and you feel like you can conquer anything.

Bobbi Rebell:
And they all go together. They're all coordinated, which is great.

Adrienne Kronov:
Yes. Absolutely. Everything is made in the same black, except I will give you a bit of an exclusive-

Bobbi Rebell:
Ooh.

Adrienne Kronov:
We are in the process of developing and launching a new shirting that will introduce white into the collection, which I'm really excited about.

Bobbi Rebell:
Wait. I think I read a little bit of a hint about this. You're sourcing unusual fabrics, so there's also some innovation happening here.

Adrienne Kronov:
Right. What we're trying to do is we're trying to elevate the regular suit. So in our suiting and in our shirting fabric, we're using performance fabrics. So imagine the same fabric that's used in Lululemon legging but as a shirt, a professional shirt.

Bobbi Rebell:
I need to see this. I'm going to have to track you down in New York and come down and see it. So where can people get your stuff? Where can people get everything?

Adrienne Kronov:
Yes. You can find us 100% online at Ameliora.com. We live on the web. We're accessible 24/7 from any device.

Bobbi Rebell:
And social media, where can people follow you?

Adrienne Kronov:
Yes. Social media @AmelioraNY.

Bobbi Rebell:
On all the channels.

Adrienne Kronov:
On all the channels.

Bobbi Rebell:
Awesome. Well, thank you so much. This was amazing.

Adrienne Kronov:
Thank you so much, Bobbi. It was such a joy to be on.

Bobbi Rebell:
I can't wait for all of you to check out Ameliora. The pieces are stunning. I own a Carmen jacket and love it, and I love that she's expanding beyond black. Who knows what's next? Financial Grownup tip number one, if you do splurge on something you love, and then you realize you were wrong, return it. Now, that may sound obvious, but as everyone who has cleaned out his or her closet knows, you probably found some items with tags on it. You know who you are. And in fact, go through your closet right now and see, or after you finish listening, and see if any items have tags on them, and if it hasn't been too long, return them.

Bobbi Rebell:
Financial Grownup tip number two, leverage what you know and who you know. I met Adrienne almost a year ago when she was just launching the line right out of college. Most people would say she should have worked at a fashion line behind the scenes and learned the ropes, but you know what? Because her family had been in the garment industry, she already knew the ropes, and she was able to use that to her advantage. A lot of people don't want to go into family businesses, but tapping into what those closest to you know and know well is a smart move, and that goes for friends who may have insights and connections in a given field as well. Use it. Life's tough enough.

Bobbi Rebell:
Hope you enjoyed this episode. We have some big new things planned that I will be talking about later this week, so be sure to subscribe and go into settings to make sure that you are in auto download mode so you don't miss it. Be in touch on Instagram @BobbiRebell1, and on Twitter @BobbiRebell and PM me what you want to see more of because we're making big changes here at Financial Grownup. And thank you to Ameliora's Adrienne Kronovet 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.