You hit the workforce, you work hard and in return you make money. In the immortal words of the L'il Kim (I think, it was definitely one of the pop divas) when she covered Lady Marmalade in 2008 - better get that dough, sisters.
The basics of that are simple enough, but what do you do once you make that money? What about if you want to start your own business? How do you even set a financial goal? What about the future and working out
where your Super fits into all of it?
In the moment it can feel like this doesn't matter, but in a year or so when you're looking back and realising just how much money you wasted, it can be really disappointing.
These kick-arse women have been in it, they've made the mistakes and they're now the definition of success. Let's learn from the wisdom they've gained to hopefully make better financial choices ourselves.
Lisa Messenger, The Collective
How anyone has the time and energy to write 24 books, headline events and conferences all over the country and found several businesses (the most well known being
) is beyond me, yet that's exactly what Lisa Messenger has done. How did she manage it? With determination and not a lot of money. The Collective Hub
"I had $4,000 to my name but I just jumped in and started," she says, "In my experience, there is never a right time. Just know your purpose, surround yourself with really smart people and go for it."
"Financial literacy is absolutely everything. With the extremely high growth...I took my eye off the ball for a while. Its 100% back on track now and I can only grow at the pace we are now BECAUSE I have daily financial pulse checks and data at my fingertips."
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Dr. Kate Adams, Bondi Vet
Dr. Kate Adams
is not only the owner of THE Bondi Vet, she's the new host of Bondi Vet on Channel 9, not to mention the owner of pet food company Vetlicious. So what has she learned between the time of just starting out to her current success?
"Watch and understand your numbers," Kate recommends, "If you don't know how or aren't good at this, you're going to need to put your big girl pants on and learn."
"If you don't understand your numbers you will go broke. You can only outsource so much. If you have a business you are trying to grow you need to review a Profit & Loss [statement] every single month."
"I wish I had hired a gun bookkeeper and accountant right out of the blocks," she says. "It's expensive but it's worth it. I was disorganised with my paperwork and keeping to a budget was hard because my numbers weren't right in front of me at the beginning."
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Adala Bolto, ZADI
created the concept for her female-only gyms, ZADI, after spotting a gap in the market for a strong female-focused brand that was results and technology driven. She now has two gyms around Sydney and a strong, loyal clientele.
"I have been very careful to spend our dollars where it counts the most, and that is on building a great product, brand and services," Adala explains. Although she does wish she'd thought through timelines a little better at the outset.
"Almost everything will end up taking longer and costing more than expected so always have a contingency plan," she suggests, "I wish I had thought through some of the timeframes and how long particular [things] may take so that I could align my expectations and minimize dissatisfaction."
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Rebecca Klodinsky, Frankii Swim
Image Source: Provided
Rihanna, Bella Hadid, Kris and Kylie Jenner all have in common, besides fame? They've all snapped themselves in Frankii Swimwear. Since it started up in 2013, the brand has achieved rapid success thanks to the hard work of founder Rebecca Klodinsky. She has zero regrets, taking any missteps as important learning curves, but she does pride herself on her financial management.
"I was a uni student when I started Frankii Swim, my savings were minimal - under $2k. I didn't have any financial backing and whatever I could put into the business, I did."
"While chasing your 'dream' is fun, its important to ensure you have proper tax and income advice.... Seek advice and always keep your future in the forefront of your mind."
"I keep everything in-house. I am smart with money and I manage the finances of the company meticulously. This is something I am proud of and it works well for me to be very hands-on with regards to the finances."
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Yetta Rawadi, Slyletica
is the co-founder and COO of Slyletica, the fastest growing apparel company in Australia specializing in the ethical manufacturing and brand development of activewear and swimwear labels.
Yetta explains that juggling personal and business finances was no walk in the park, even though she and her husband were lucky enough to start from a decent place financially.
"I had quit my corporate job (a little prematurely) and decided to get a part-time job in retail but within the first year of Slyletica, it took off and we needed to grow fast, so we ended up selling [our] houses and living off our credit cards," she explains. "We made some necessary initial sacrifices like moving into a smaller apartment and living off a really tight budget that consisted of two minute noodles and tinned tuna. Let's just say it wasn't great."
"Superannuation and other factors (both your own and your employees) can get complicated. These are things people won't talk about. It's important to get a financial advisor early on so you at least understand the basics."
"I wish we had the right accounting team with us who knew how to deal with a start-up (who we were then) and a scale-up (who we are now). We would have probably made some smarter choices and avoided some expensive situations."
This article was sponsored by
ING (ING Bank (Australia) Limited ABN 24 000 893 292, Australian Financial Service Licence 229823) and written by Popsugar. It's also general in nature and does not take into personal circumstances, objectives or needs. Make sure you consider the appropriateness based on what you need and your financial situation. So speak to the experts before making financial choices, ok?
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