We talk a lot about money, energetics, wealth building and prosperity here at Flow State Business so I wanted to bring on my amazing guest today, Molly Benjamin, to have a conversation around money from a much more practical point of view.
Molly is the founder of Ladies Finance Club, empowering women to take control of their financial futures and get money savvy without being an absolute bore. Her brand has absolutely exploded, featuring in a tonne of media outlets, including Mamamia, ABC, Money and The Courier Mail and continues to expand through money coaching, corporate workshops and numerous live events.
I know you’re going to love Molly’s energy as we dive into the origin story of how Ladies Finance Club began, realising she was terrible with money and deciding to do something about it! We talk about what Molly did to overcome a lot of the self sabotaging talk, and the driving force behind the work she does.
There is so much ground covered in this episode, including how to start a small account which grows into the ability to do big things with money. If you’re wanting to eliminate debt or you have a relationship with money that you want to change, I know you’re going to get so much out of this conversation.
We talk about navigating money and relationships and how to deal with partners who might have different financial values to you. Molly also shares her view on superannuation and saving for retirement, which is so powerful.
Every single one of us has a money story and as entrepreneurs, the way we manage our money plays so deeply into every aspect of our lives and businesses. This was such a great chat, you’re going to love it.
LINKS:
CONNECT WITH MOLLY BENJAMIN:
Send me a DM on INSTAGRAM 📸 here
Subscribe to my YOUTUBE channel here
Check me out on TikTok here
We talk a lot about money, energetics, wealth building and prosperity here at Flow State Business so I wanted to bring on my amazing guest today, Molly Benjamin, to have a conversation around money from a much more practical point of view.
Molly is the founder of Ladies Finance Club, empowering women to take control of their financial futures and get money savvy without being an absolute bore. Her brand has absolutely exploded, featuring in a tonne of media outlets, including Mamamia, ABC, Money and The Courier Mail and continues to expand through money coaching, corporate workshops and numerous live events.
I know you’re going to love Molly’s energy as we dive into the origin story of how Ladies Finance Club began, realising she was terrible with money and deciding to do something about it! We talk about what Molly did to overcome a lot of the self sabotaging talk, and the driving force behind the work she does.
There is so much ground covered in this episode, including how to start a small account which grows into the ability to do big things with money. If you’re wanting to eliminate debt or you have a relationship with money that you want to change, I know you’re going to get so much out of this conversation.
We talk about navigating money and relationships and how to deal with partners who might have different financial values to you. Molly also shares her view on superannuation and saving for retirement, which is so powerful.
Every single one of us has a money story and as entrepreneurs, the way we manage our money plays so deeply into every aspect of our lives and businesses. This was such a great chat, you’re going to love it.
LINKS:
CONNECT WITH MOLLY BENJAMIN:
Send me a DM on INSTAGRAM 📸 here
Subscribe to my YOUTUBE channel here
Check me out on TikTok here
[00:00:00] Ruby: Welcome to an interview episode today. I have Molly Benjamin, the founder of Ladies Finance Club. I love Molly's origin story. You'll hear it all on this podcast, and we cover a bunch of topics around finance. This is really something that I don't particularly talk too much about on this podcast.
[00:00:18] We talk a lot about money energetics, wealth building, believing in abundance and prosperity but I wanted to bring Molly on the podcast because she brings a really sovereign view around managing financials, the practicality of working with money and finances. So we covered a lot of ground today actually.
[00:00:41] We talked about things like how to start a small account, which grows into an ability for you to do big things with money.
[00:00:50] We talked about how to work through debt. So , if you are currently going through a relationship with money where you are working down debt, or you wanna eliminate it from your life and business altogether, an awesome segment on the inside. We also talk about money and relationships, so how to deal with partners who might have a different financial value system to you.
[00:01:13] That was so fascinating. We talked about money story, we talked about so many things to do with entrepreneurship and what to do with managing money and how that plays into your overall view as an investor and creating overall wealth from that perspective. So great chat today, all about money. It's a really good one to listen to no matter where you are at this time of year, wherever you're listening to this. I hope you enjoy it.
[00:01:44] Make sure you also follow Molly and all of her amazing pieces of advice on her Instagram account. I'll leave all the links below. And also, one thing I know we have a lot of people who don't reside in Australia. We reference something called superannuation a lot here, which is retirement savings.
[00:01:58] So if you hear that throughout the course of the episode, we are talking about putting money aside for retirement and the view that Molly has on it is really powerful. So enjoy this one and I'll catch you in the next episode.
[00:02:11] Molly, thank you so much for being here with all of us today. You are all in for a really incredible conversation about all things finance, all things money, and really coming from a place that, as I was saying to Molly before we went live on air, I don't really talk about this side of the energetics around money like Molly does.
[00:02:32] So I am grateful to have you here with us today. Massive round of applause and a welcome to the Flow State Business Podcast.
[00:02:39] Molly: Yay. Thank you so much for having me on the show.
[00:02:42] Ruby: Okay, so you run a brand called Ladies Finance Club. How did this start? Where, was the beginning for you and, and this amazing brand and business and movement that you've begun?
[00:02:54] Molly: I was living in the UK, working a corporate job and I realized that I was really bad with money even though I was working for a global bank. And I was like, oh my God. And then I kind of looked at the girls I was working with in the office, and they weren't great with their money either.
[00:03:09] I remember we got bonuses or one of the ladies goes, I'm gonna go buy a handbag. And I was like, Hmm, okay. And then my girlfriends didn't seem to be very good with money, so I was kinda like, who's good at this stuff? So I try to do self education and as I said, it was all very male, pale, stale, and blue. So I literally started running events in my living room with my girlfriends.
[00:03:29] I was like, right, instead of a book club, we're gonna do a money club, get over here, we're gonna make this space and make the time and create a safe space to talk about money
[00:03:37] Ruby: That is so cool.
[00:03:39] Molly: Cause I'm like, it's something we use every single day. Something we go off, we spend hours and hours of our lives working for this money and then we spend no time learning how to actually manage it.
[00:03:49] So yeah, that was kind of happened. We'd get a friend, I'd come in, teach us something about money, and then we would talk about it. And we had so much to talk about when it came to money and I was like, wow. Let's do this event. Let me make it public. Anyone can buy a ticket. Come along. We sold out. Most of the women worked in financial services and I was like, oh, I think there's something in this.
[00:04:08] And that's kind of where it started. And then kind of fast forward, three and a half, I think it's three and a half, four years. We have, you know, a membership we do corporate workshops for some of the biggest tech brands in the world. We've got one with Google next week. And we've got courses all about just creating a safe space where women can come together, we can talk about money.
[00:04:28] We just finished a road show around Australia where we had 1200 women come to events all about learning how to invest and understand their super. So yeah, it's just trying to make it fun and accessible. It doesn't have to be boring because learning about money and learning about investing, it's actually really empowering and you don't have to make massive life changes to actually get on top of it all.
[00:04:50] Ruby: I just love how, you know, we talk a lot about flow on this podcast. I'm sure that there were some moments in there that were wobbly and that were challenging without a doubt. But you know, for the most part, doors flew open for you as soon as you decided that you would just step up and do it. You know, it's, it's that whole thing about when you feel into your purpose work and your mission, it just is incredible to witness that.
[00:05:15] And, you know, your brand has been seen on Mama Mia, ABC, Financial Review, the Age, and now you are teaching some of the biggest global tech brands in the whole world and beyond, like your brand is just absolutely exploding. What did you do to overcome, because most of us are entrepreneurs listening to this to overcome a lot of the self-talk, that you are not the one to do this.
[00:05:39] Like, did you ever have those moments where you were like, I'm not supposed to talk about this. I, you know,
[00:05:43] Molly: All the time
[00:05:44] Ruby: Who am I to do this? Yeah.
[00:05:45] Molly: All the time. I just, I literally just wrote a book on finance and I'm like, who am I to talk about finance to women? You get that all the time. But you know, the, the thing I tell myself and the self talk and, you know, I've definitely had business coaching around this, and it's, it's all around like, I don't have to be the expert because I'm bringing the experts together.
[00:06:04] I'm the expert at bringing the experts together and breaking it down and helping communicate this stuff. So I don't actually need to be the expert because I'm never gonna be the expert in property, investing, in wills in all this. Like, no one could be the, the expert in that, but what I can do is bring the best people together.
[00:06:20] So yeah, there was a lot of, there was a lot of stuff out, but then there was also an element where I'm like, well just give it a go and if it doesn't work, I'll get a job. so, that was the other one.
[00:06:29] Ruby: I love that. I think that is absolutely the way that you can describe an element of the success mindset. Like there's no such thing as falling over and feeling like a complete failure because there's always going to be other opportunities and other options. Even if it meant like, okay, I gotta go back, get the job again for a little while, rebuild, it sounds like you are always just, oh, willing to take the risk and willing to go out there and, and do the thing. So I really admire that about you, Molly.
[00:06:58] Molly: Oh, thank you. Yeah, no, I just hated that morning commute so much, and I was like, anything to avoid doing this
[00:07:05] Ruby: It's so amazing. So what, along the way, you've been doing this for three and a half to four years now. What did you do to go from feeling relatively, you know, clueless about money and when you got your girlfriends together and you started talking about it in your lounge room to really stepping into that Financial sovereignty is what I like to call it, or just that like real.
[00:07:27] Groundedness around finances. Like what was the pinch point that made you realize that something had to change and you were going to do that, and then be an example of that to, you know, so many women around the world.
[00:07:39] Molly: I think one of the stats that gives me the biggest goosebumps and was a real motivator and drive of me to be like, yes, this is what, you know, I wanna dedicate the next year's to doing. Is that the highest growing demographic of homelessness in this country is single women over the age of 50
[00:07:54] Ruby: oh my gosh.
[00:07:55] Molly: I know. And so these are women who have like dedicated their life to raising children. They've had jobs, they've been doing it all, and now they're retiring into poverty. And I was like, that is so unfair.
[00:08:07] And I we're not doing enough about it, but like I was like, well, what can I do about it? I can help make sure the next generation doesn't become that statistic. And you know, even doing this road show, I've been getting messages from women being like, that changed my life. Like knowing, knowing that information has changed my life.
[00:08:22] Like I've started building an emergency fund. I've found my supers, I found all this money in lost super. Like the women actually taking action. Cause I think we do break it down. We make it super easy to understand. And then also looking at some of my mom's friends who are now in that situation. Whereas they had jobs, they had good money, but you know, there's been a divorce or there's been a separation, and now they're all of a sudden, you know, in this situation where the tables have turned and it's just so sad because they're such good moms, they're such good humans, and why should they have to, you know, now live this lifestyle that, you know, they just, it just, yeah.
[00:08:59] So it was an inequality, I guess, is that, what was my driving motivator?
[00:09:03] Ruby: I love that you've just got such a huge heart. It's more than just start a business and you know, sell a membership. You can tell that straight away. The membership is there to serve women, of course, but your entire vision is so much bigger and larger than that, and I really feel the weight of, it's a movement. Like you literally are starting a movement, doing a road show. Do you think you'll ever go international?
[00:09:29] Molly: Yeah, we would love to. I mean like I started in London so we do have like bits and pieces we do in the uk but I've really been focusing on Australia lately. But yeah, I would love to go because I got someone reaching out to me from Sweden the other day being like, do you have this in Sweden? Cuz we really need it. And I'm like, I would love to have this in Sweden. I'm sorry don't at moment.
[00:09:47] Ruby: I feel, you know, like there are certain brands, like whether it's like in different industries, but you could almost set up little pods all around the world that represent your philosophy, but it's like Ladies Finance Club USA. I mean, how cool would that be?
[00:10:02] Molly: Totally. Cause the thing is there's so many women who work in finance and the women I work with who work in finance, most supportive, most awesome. Most collaborative women, and they know, they see it on a daily basis. The inequality between, you know, women live longer, they earn less, uh, they're not investing, they're less control over their lives because of money, so they wanna help as well. So, yeah. Okay. Maybe we just needed to do that.
[00:10:27] Ruby: Oh my goodness. I totally understand. I came from finance as well. When I was working in corporate, I was like a financial accountant in superannuation
[00:10:36] Molly: Oh, wow.
[00:10:37] Ruby: And then I moved from that into like a compliance role dealing with a lot of like deceased estates and you know, lots of lost super or lots of people coming out of the woodwork and money being found out of nowhere.
[00:10:48] But, you know, one of the things that I sort of was like drummed in and I was quite, you know, I was in my twenties and it was so drummed into me that women just won't make more superannuation or have more retirement savings than men. It was just like the one thing, right, that, I guess it just depends who you spoke to.
[00:11:06] You had a party that was like, well, that's just it. That's the fact because you take maternity leave or women just don't work as long, or they don't get as much career progression. And then you have the other side of the the fence, which just like, well, do you know what? That's not my reality. I'm gonna choose to break that norm and that stronghold over what is just expected out of society for us to not be able to have enough in savings.
[00:11:30] And I just remember that was like a real turning point for me where I'm like, where is the conversation around financial empowerment rather than just dealing with it? And that's just how we're gonna have to sit back and rely on something else outside of our personal power to get on top of our financials.
[00:11:47] And that's what I really see in your brand. Like you really teach us how to do that. So, a question to you is, if someone's really listening to this and going, that's me, I've not taken any responsibility [00:12:00] around my financial power and ownership. What are some of the first few things that we can do just to get up and get comfortable with our finances?
[00:12:09] Molly: Yeah, so like practically speaking, the very first thing you can do set up a separate bank account. Call it, I call it an OMG fund. People like to call it emergency funds. Yeah. Cause if you need to use this fund, normally you're like, oh my god, shit has happened. set it up, separate bank account from your other spending.
[00:12:27] Call it your OMG emergency fund, F Off fund, whatever you wanna call it. And try and put a thousand dollars in there and then work up to three to six months worth of expenses. If business owners are listening to this, they have mortgages, families, definitely that's six month mark. And if they're kind of single, don't own property, you could do getaway with a three month mark.
[00:12:46] But that is the very first thing, and that's what any kind of financial guru, all the books are all say the same thing. It's just keep some money for a rainy day. This is like your safety net. This is for when shit happens. Cause life happens and shit does happen. And if you can have money sitting there, it will give you such security knowing that it's there and if anything happens that you've got some money there that handle that situation.
[00:13:08] And that's the first mind shift you get after you do that as well, you go, ah, okay. Money doesn't have to be as stressful. Cool. What's next? And then it's, yeah, about setting up your bank accounts, getting your goals, and you know, we, we set goals in all areas of our lives, but generally, we rarely set financial.
[00:13:30] And it's kind of like, well, what, you know, what am I saving for by when, you know, new Year's, everyone always says, I wanna save money and I'm like, great. What for? By when? How much?
[00:13:41] Ruby: Right. It's like, the intention behind it.
[00:13:43] Molly: exactly. And it's so much easier to say no to the things you don't wanna do because you've already chosen what you do wanna do and what you wanna put your money towards.
[00:13:51] And actually then treating your money like it's a bill. Okay, well I need to put $300 away each month because that's my savings bill cuz that's going towards my future property or that's going towards my investments or extra superannuation. But yeah, I think that OMG fund is definitely the first step I say to everyone.
[00:14:08] Ruby: What, what would be your advice or you know, point of view around someone who's like Molly, I'd love to do that, but I am like this much in debt and I can't even get across my credit card payments, let alone trying to get a thousand dollars into an OMG account. How do you, it's a mindset thing, isn't it?
[00:14:26] Right. But like how, how do you, you know, talk through that?
[00:14:29] Molly: yeah. So I would say you start.
[00:14:31] Ruby: Mm,
[00:14:31] Molly: So you can start with $5, with $10 a dollar, just money that you are putting away, that you are not touching because it builds and it's changing the habit. And then on the debt side of things, there's definitely some mindset work that needs to be done behind the credit card.
[00:14:45] So where is this spending coming from? Is it because you are unhappy? Is it because you're bored? Is it because you like to do it in the evenings? Cuz it gives you a sense of relief. Looking at, okay, well what's actually behind the behavior? Cause all the time it's always, there's an underlying behavior.
[00:15:00] A lot of it as well, our money mindset, it's made up by the time we're seven years old, heavily influenced with how our parents behave with money, how the environment of money was behind us, around us when we were growing up. But then I think with the, the whole debt thing, if you are struggling with debt, there's that snowball method, which seems to work really well with the way our brains work.
[00:15:19] Cause you get the hits of dopamine. So it's just simply listing out all your debts smallest to largest, making minimum payments and all, but really focusing on tackling that smallest debt first, whether that be a car park fine or money you owe a friend, and then kind of smashing, through them and kind of rewarding yourself when you finish each one going.
[00:15:39] Okay, cool. I'm on my way, I'm getting closer. So the snowball method seems to be a good one to
[00:15:44] Ruby: I actually have never heard of that method. That is so I've, I've heard of the idea of it, but I haven't heard the name like what it's called. So there you go. And that makes so much sense. I smiled when you said get rid of the car park fine, because that is, could not be more relevant to, you know, [00:16:00] way back when I had a really just toxic relationship with money.
[00:16:04] I had so many fines because me and my girlfriend would do this thing where we'd call it like the Rockstar Park. Like it was so silly. We would literally just park in loading zones if we couldn't find a park. And I grew up in Melbourne and you know, like there's Chapel Street and it's so hard to find a park.
[00:16:19] Then we would just be like, who cares? Let's just Rockstar Park. And by the end of it, I kid you not, we used to have like in the glove box, we'd open the glove box and like parking fines would just spill out. It was so bad. I know Molly.
[00:16:32] Molly: my gosh. Oh, but no, I mean, it happens.
[00:16:36] Ruby: It happens, but like the car park fine as a symbol was actually the thing that had me dig my just really just dig myself into a, a hole where I just didn't know how to get out of it.
[00:16:48] And then I paid the first fine. And I was like, okay, then the next one, then the next one. So just hearing you talk about the snowball effect, I'm like, ah, that's it. It's so cool to hear it. And then just to kind of look at how it was applied and ah, you must have seen so many women actually cut through their own debt because of this method.
[00:17:07] Molly: Yeah, and I think, I think that's also the thing with, when it comes to finances, personal finances, personal. So what works for one person might work slightly different for someone else. So other people like the avalanche method where instead of going on the smallest to largest, you go on the highest interest rate.
[00:17:23] But they do find brain wise when you get those small wins a lot quicker, it's gonna keep you much more on track. When you've got a big debt you're trying to tackle. It is harder to stay motivated.
[00:17:32] Ruby: you mentioned, you know, the, psychology behind money mindset and how we learn so much in the first seven years of our life.
[00:17:40] Molly: yeah.
[00:17:41] Ruby: I'd love to know what was yours? How did you grow up around money and also because you talk so freely about it
[00:17:47] now, how is it received within your own family unit?
[00:17:52] Molly: Yeah, so I think growing up, like my parents were quite open about that. My dad was always trying to get us to invest and understand [00:18:00] investing, but it was also this thing that was done behind closed doors, like bills were paid behind, closed doors. Dad always had a tantrum every time a light was turned on, which I never understood was because.
[00:18:14] I was just like, oh, dad's going crazy about turning on the lights. He's like, it's a waste of power. But what that actually stemmed to was he didn't feel appreciated cause he was going out to work every single day, running his own business, working so hard. And then he saw us as just not appreciating that by leaving the light on.
[00:18:29] And I was like, how do you just have that conversation? That would've been a whole new
[00:18:33] Ruby: Yes. Yes.
[00:18:34] Molly: thing as opposed to just turn the line up. Oh, sorry. So I think, you know, my parents did try, but it is that thing. Unless you really want learn it yourself. You know, it's not until you take those steps, but I know I've heard of very similar stories where, and this happened a few times in my house definitely, where like, you know, mom goes out, does the shopping, comes home, says hide it from your father,
[00:18:57] Ruby: Yes.
[00:18:58] Molly: A couple weeks later he asks if it's new, it's not. So you're not lying. And I've heard so many women say this about, you know, their experiences as well. And then they do it with their partners now and they don't see that that's just following like that role model and again, it comes to like that whole kind of the masculine feminine, like the man is the worker, he comes in, it's his money, but you know, we shouldn't have to be hiding yet So. Yeah, there's lots of different money stories I hear. But a really interesting one I put in my book was one, I was living in London.
[00:19:27] I was working with a couple of different women. One was from America. One was from Poland. So one grew up in communist Poland. One grew up in America during a recession. And so their money mindsets and the way they behaved with money was very different. Again, it just goes to show that money story of, you know, if there was lots of money when you grew up
[00:19:48] you know, you're gonna behave differently to money. If there wasn't much money. Again, you're gonna have a different money story. And I think especially as people get into relationships as well, it's so important to know what your partner's money story is, because if they're going out spending like there's no tomorrow, and you are like, I don't wanna spend any of my money because I didn't have much, now I have it.
[00:20:05] Or the opposite. There can be some real clashing points there.
[00:20:08] Ruby: Oh yeah, like one of my longest relationships that I'd had, and it was pretty much all through my twenties. It was exactly that. Like he loved to spend just and, and he didn't have very much growing up. So then when he got the money, it was always like in and out, in and out. And every time payday would come around, it would be like, Money in, money gone just like that.
[00:20:31] And over the years it just grinded down. And obviously that was one of the fracture points of the relationship. But you just don't know, like, you know, how do you sit down and be like, so babe, can you tell me your money story? Do do you ever come across those conversations with ladies inside of your membership who ask that question?
[00:20:47] Like, how do you broach that question with like in a new relationship?
[00:20:50] Molly: absolutely. Yeah. Or they'll be like, can you give me some conversation starters to have this conversation with my partner? So we're like, yeah, absolutely we will. But I think even like, especially when it's a new relationship. You know, you can learn a lot about someone's money story without being like, Hey, baby, in debt.
[00:21:06] What kind of, you know, don't wanna catch an SDI sexually transmitted debt. Like, tell me what you. but you can be like, oh, so are you saving for anything? What goals? You can also notice from like they'll be like, let's go to a restaurant.
[00:21:19] And if they pick like a really expensive restaurant, if they're like, let's get Uber every night. It might be, and not that these are bad things, they can afford it, great, but also there's some real telltale signs. We do have, I think we've got like a list of like 30 questions on our website that you can ask your partner about money.
[00:21:33] But there's some really important ones there too that like when you are ready to take it to the next level, it's like, cool, well what does our future look like? And what are our future goals together? And you know, what happens if I do take time off to have kids? Am I gonna have to ask you for money?
[00:21:49] Will I get an allowance? Like, how is that gonna work? Is our money actually our money? How are we gonna set up our bank accounts? Do we just have an a house account where we both put in? Or like if you are earning more dos that mean we split it equally, or will we split it by our ratios of how much we earn?
[00:22:04] Like there's a lot of these conversations that. Happen and need, I think definitely need to happen in relationships, especially around kids and just knowing what each other can spend without the other caring and having your own money always so important to have your own money or so expensive to have your own OMG account in your name.
[00:22:25] Ruby: I definitely agree with that. I mean, my husband and I, we, we both run the business together. We have a shared bank account. We have, you know, all the things, but I still have my own account because there's something about that, you know, if I wanna get my highlights done in my hair, I don't have to like draw it from the main account and be like, oh, I'm so sorry babe.
[00:22:45] We just spent whatever it is, $500. I've got long hair on the, on the hair and, and have to explain that, you know, there's something really. It feels so empowering to have that. And it's not about being secretive or anything like that, it's just what works in terms of Yeah, like your energy, but also how you can flow that really beautifully between a partnership, you know?
[00:23:06] So I've heard of a lot of stories inside of my client group where as we become more successful as business owners, we start to earn more than our partners sometimes. And that can cause, another sort of fracture in a sense and I really believe like when fractures happen, it's only there so that we can look at rearranging some beliefs and it's like a new playbook.
[00:23:27] You've upleveled, you've moved into a different stage of your relationship, wealth journey, money journey, all the things. So it's not always bad, but where it turns sour is when you don't speak about it head on. And I love that you've got that 30 questions on your website. We have to find that and,
[00:23:43] Molly: and like, I wouldn't recommend it for like the first date.
[00:23:47] Ruby: you watching?
[00:23:48] Molly: Yeah. Do you invest?
[00:23:51] Ruby: When I first met my husband, he was living on the couch of his brother's couch and had no home because he had come out of a, a [00:24:00] relationship, this is like two years prior, and he just got stuck on his brother's couch. He's like, whatever, I don't need to pay for it. And I was like, oh my God, is this guy like, Is he in debt?
[00:24:08] Like that was really my first thought, like, why is he living on a couch? Just turned out that he is just like, oh, well I was really comfortable. He saved a whole heap of money, so it's not always how you think it looks.
[00:24:19] Molly: But I went on a date last year with a guy and he was talking about how he uses buy now, pay later, and I was like, red flag. I was like, why? Like, I was like not trying to be judgey. And I was like, that's cool. How come? Like really curious to know why. And he is like, oh, I just thought I'd give it a go.
[00:24:36] And I'm like, okay, but you've got cash sitting there. And he is like, yeah. And I'm like, so you are choosing to go into debt? Oh, I just wanted to give it a go. And I was like, something's not adding up here.
[00:24:46] Ruby: I love that. I love that. Like to, to date Molly, it's like, has to have, you know, a certain level of financial
[00:24:53] Molly: just like, just like a little bit like, I think it's really attractive having their financial kind of shit together. And I'm not saying they have to be wealthy at all, but they've gotta have like, you know, like nothing sexy about credit card debt.
[00:25:05] Ruby: I to, I, I really agree. When you meet someone who just has like no drama around money and has a really good head on them about like making financial decisions, there is something really hot about that. You know, it's like, love that. I love that.
[00:25:21] Molly: Yeah
[00:25:22] Ruby: okay, so, oh gosh, I could just keep talking to you, but I just wanted to get a, a final sort of piece of advice from you, especially from an entrepreneurial perspective. A lot of the women who listen in are coming into, which is really awesome, you know, new levels of money, money flow, and often we get to a certain point and you just feel intimidated by what to do with it, especially when it comes to putting money aside for tax time, like the biggest one, but also when to invest or where to put the money, or often it's like, how do I even sort out, like the bank account thing is even a thing, right? Where it's like, do I have like many bank [00:26:00] accounts or all of that?
[00:26:01] Where do we go to, to really find information navigate through that? Do you have, advice on how to move through that as well.
[00:26:09] Molly: Yeah. Well I think, you know, this is something I'm definitely still getting better at every day. It is a journey, like it is a relationship. You've gotta work on it like every day, every week. But I think especially for business owners, like. I love my accountant. My accountant is the best, and like I like to talk frequently to my accountant.
[00:26:26] I like to check my business bank account every single day, but I think as you said, like the basic, basic stuff is splitting out that tax, making sure you have that tax put aside, making sure you are putting into your superannuation or setting up a super if you don't have one. Because I think for a lot of entrepreneurs as well, we're wearing so many hats.
[00:26:47] We're doing so many things. We go, oh, I'll sort super out later, or my business is gonna be my retirement. But we do sometimes that just doesn't happen. And COVID taught us anything. It's like random stuff you never thought would ever happen happens, and you need to make sure that your future is secure.
[00:27:03] So making sure you are putting money towards your retirement. It's not that hard. It's honestly like to set these things up. I think we can have real blocks, like, oh, it's gonna be really difficult. It's gonna take up so much time. You set it up once you set up some systems, it's done.
[00:27:20] You don't have to think about it again. I think with growing wealth as well, with investing, again, this is something that we think is like for the Wolf of Wall Street for white men in rich suburbs in capital cities, like it's just not. And there's so many apps out there and I always say to people like, dip your toe in the water.
[00:27:39] The best way to learn how to swim is actually to get wet. Like the best way to learn to invest is just dip your toe in the water. There's micro investing apps, so if you buy a coffee for $4 50, it rounds up your coffee to $5, it puts a 50 cents an investment for you. So there's some really nice basic places you can actually get started without feeling overwhelmed, just to get your confidence up until you feel like, okay, I'm getting used to this.
[00:28:02] And you know, we do a bunch of stuff on investing and courses and once you learn the basics, that information stays with you for life. I think the biggest myth I'm always trying to bust is if you can online shop, you can invest online. It's a very similar process.
[00:28:16] Ruby: I think we really need to like hear that, especially during this time of year that we're recording it.
[00:28:20] Molly: sometimes eBay is harder than placing an investment online. Honestly, it's, it's not hard.
[00:28:26] Ruby: think about like all the Black Friday sales, all the future Boxing Day sales that you're gonna be a part of, right?
[00:28:31] Molly: and think of all the research we do for Black Friday and Boxing Day sales like we are looking on, okay, who's got the best deal? What if we put that much effort into our finances for just five minutes? We'd be set. Just flick the Netflix episode off for like, just sorting out your super doesn't take long.
[00:28:46] Ruby: That I feel was like the note to end on that is like the biggest belief bender. That is fantastic. It's so true. So Molly, can you give us little summary of who the Ladies Finance Club membership is for? Because I'm sure that there'll be a bunch of us here going, oh, I'm really interested to learn from you, and how does it.
[00:29:05] Molly: Yeah, absolutely. So we have pink and diamond membership. So pink is just for women who are like, I wanna keep learning about money. So we do Monthly masterclass with a different expert in Australia, international expert each month. And then we have our diamond membership, which is for women.
[00:29:20] Something we hear a lot is like, oh, I wanna start a side hustle, but I don't know how. So it's for people who are really like at that stage where they're like, I wanna start a side hustle. But then also for women who just like want more accountability around their finances. So we have accountability group and it's so cool cause women are on the call and they set goals for like what they wanna do with their money and they'll be like, I wanna buy property one day.
[00:29:41] I'm like, cool. Cool. What would your next step be? Oh, I don't know. Okay. Well how about speak to a mortgage broker, see how much you actually need to put aside. And then you see them over the months actually get ready to buy property and then they've bought their property, which is really cool. People are setting up their emergency funds are like, or in credit card debt.
[00:29:56] So everyone's on like their different journey and it's a really supportive community. We do things like insurance reviews and we have like some foundational courses in there for women. But it's just a really nice community. We do like some side hustle coaching sessions and money coaching sessions.
[00:30:11] Tonight we've got a session on how to like prep for your Christmas budget. So all the things you need to think about that we never do. Like if I said, how much did you spend on Christmas last year? Most people are like, no idea so it's just kind like working out, okay, how much do you really need to be putting aside?
[00:30:26] And then what can you do for next year? So can you start putting some of that aside at the start of the year, each month, each paycheck. So then when it comes to Christmas, it's so not a stress cuz you're like, oh, I've got two K there for Christmas that I know I need presents for travel for holidays.
[00:30:39] Yeah. So we do a whole range of different things, but we focus mainly on investing in property and mindset a lot in the Masterclasses.
[00:30:46] BA classes.
[00:30:47] Ruby: I love that. I love that. So ladies, if that is just you and you've got all of this new focus and clarity for 2023, I will link all of the information in the show notes below. Thank you so much Molly. I just, what we covered so much ground today, which is just so fun and just following like where it would go, but I know that you just really are such a connector and a networker of amazing experts all around the world.
[00:31:12] So thank you so much again for just creating a space in a community like this where it's safe to talk about money as women, as you know, those of us who are really wanting to take more. Control over our money, but in a way that feels really great and feels really good, not scary and fearful, and needing to feel like there's a whole heap of drama.
[00:31:29] We need to capitulate over money. We really don't. And there are platforms like yours that really help us just get more sovereign with it. So thank you so much. What an amazing episode this was, and big love from everybody in the community.
[00:31:42] Molly: Oh, thank you so much. It's been lovely. It's been fab
[00:31:46] Ruby: thanks Molly..