I have a confession: I’m not great with money. And when I say not great, I mean terrible. I cut myself slack because I’m building a business, doing a Masters degree and the primary carer for two small humans, but I’m 40 and still don’t really have my $hit together when it comes to money.
I’ll preface this by saying that by national standards, my little family unit is probably considered ‘wealthy’. We own a home (well, half a home - we’re in a long-term relationship with the bank who owns the other half). We can afford to go to Woollies and buy pretty much whatever groceries we want, most of the time. But we also live pay cheque to pay cheque, and getting down to single digits in our daily account happens more than I’d like to admit.
My perception of wealth is probably skewed by the fact that I have a successful and affluent group of friends, so one of my favourite pastimes is beating myself up for my inability to create financial abundance (yay!). So, given our collective current financial hurt, I thought this episode we’d focus on financial wellbeing.
To guide us is Molly Benjamin from Ladies Finance Club. Five years ago, she invited a few girlfriends over to chat about money. Since then, they’ve moved out of her lounge room and into much bigger spaces, found 50,000 new friends and spoken with some of the world’s biggest businesses with one goal: to help women get rich.
In the era of the Kardashian-ification of wealth, and our warped perception of it, this chat couldn’t have come at a better time.
It's so powerful when women get together and we actually start talking about money. We can learn from each other because guys are doing it all the time. They're talking about what they're investing in. They're talking about money. They're talking about pay rises. We are not.
Molly Benjamin, Ladies Finance Club
I’ve always been clear that I want to build wealth not so I can buy fancy shoes (well, maybe some really dope sneakers) but so I can be generous with the people I love most and take care of them if they’re ever in a bind. But since I interviewed Molly, I’ve done a couple of things differently.
I downloaded a budgeting app and connected my bank accounts (which, if I’m honest, made me feel like I deserved some sort of medal or small trophy until I saw how much I was spending at the supermarket and then I felt unwell).
Off the back of #1 I got WAY smarter with my supermarket shop, shopping at the local green grocer and clearing out the cupboards, and I’ve shaved $150 off our grocery bill in the last fortnight.
I started really thinking about my financial goals and getting specific about them.
In short, I’ve actioned some of Molly’s simple, easy-to-follow advice and I feel much better for it. Here are my key takeaways from our chat:
[02:50] Are we unfairly tying up our self worth in our net worth? How money is emotional (and why it shouldn’t be)
[04:40] How do you feel about rich people? Hear me get vulnerable real fast… plus we chat through how stupidly secretive we are about money and the impact it has on comparison-itis
[07:10] What happens when women start talking about money, plus what Molly did to get on the Aussie property ladder as a woman on a single income
[09:00] What does the way you were brought up say about your money habits now, and - if you’re a parent - what money mindset are you passing onto your kids?
[11:00] ‘Rich people are…’ and other exercises to help you work out your beliefs around money
[12:00] Money role models for men versus women (one word - yikes), and the true power of wealth
[13:20] Do we all have to be entrepreneurs? Why side-hustle culture isn’t for everyone and how to get creative if you’re looking to bump up your income (and keep your 9-5)
[15:38] Opposites attract… Money, relationships and how to get you and your partner on the same page financially ASAP
[19:19] Financial stressors ahoy! Inflation, interest rates and insanity at the supermarket. Getting real during tough economic times
[23:50] Are you negotiating your bills? If not, Molly has a question for you: Why the hell not?!
[25:50] Molly’s favourite money apps
[27:20] I almost die of embarrassment with two big money admissions and how to better manage cashflow when you’re a freelancer (AKA feast one month, famine the next)
[29:50] Molly answers your questions! From paying down your mortgage versus investing the gains to setting up your kids for a financially healthy future
[32:20] What your kids are absorbing from your money language, and how to get them involved (and savvy) when it comes to your family spend
[34:00] Savings, super and becoming a super-investor - where to put your money
[35:35] Have you got sandy ears? If so, it might be time to get your head out of the sand when it comes to your wealth (and while we’re at it, your health)
[37:50] Stop ghosting money! How to get your money to be your BFF
[38:14] Molly’s plain Jane, ‘vanilla’ investment strategy anyone can copy
[40:00] Pumped to get your $$$ in order? Here’s where to start, tonight
Love Next Of Kin?! Forward this to your favourite people and tell them to join The Kinship so you can grow those money trees together.
Lastly, want to watch our chat in the most un-creepy way? Do that here 👇🏾
Connect with us:
⚡️ Register for the FREE Side Hustle Summit (happening tomorrow, Friday July 26!) https://www.ladiesfinanceclub.com/side-hustle-summit
⚡️ Check out Ladies Finance Club here: https://ladiesfinanceclub.com/
⚡️ Follow Molly on IG here: https://www.instagram.com/msmollybenjamin/
⚡️ Get Molly’s book Girls Just Wanna Have Funds here: https://www.audible.com.au/pd/Girls-Just-Wanna-Have-Funds-Audiobook/B0BTDTKXZH
⚡️ Follow Casey on Instagram: www.instagram.com/caseyberos/
⚡️ Find out more about Casey’s work: www.caseyberos.com
⚡️ Want more of Casey’s words? There are limited copies of The ‘Bad’ Girl’s Guide To Better out in the wild as well as Amazon and Audible, or hit this link for a signed copy sent straight to your door
⚡️ Missed an episode? Catch up here!
🎧 EP 1: CHANGE YOUR LIFE ONE HABIT AT A TIME with DR GINA CLEO
🎧 EP 2: WHAT YOU DON’T KNOW ABOUT TRAUMA with NIKKI HEYDER
🎧 EP 3: HEALTH ADVICE TO SAVE YOUR LIFE with DR MICHELA SORENSEN
🎧 EP 4: THE POWER OF PERSPECTIVE with MICHAEL CROSSLAND
🎧 EP 5: LIFE AFTER LOSS with AMY MOLLOY
🎧 EP 6: BUILDING A LIFE BEYOND BOOZE with SARAH RUSBATCH
🎧 EP 7: BIOHACK YOUR WAY TO BETTER HEALTH with NICK ENGERER
THE SECRET LIFE OF MONEY with MOLLY BENJAMIN