Money Stories: Molly Benjamin
Molly Benjamin was not very good with money. Although she had been working in the financial sector for much of her career as a communications and events specialist. In fact, over a glass of prosecco with her gal pals she realised they were all a bit #clueless when it came to their personal finances. Not one to sit idly with a problem, she decided to do something about it and She’s on the Money UK was born in London in 2018.
Since then She’s on the Money has educated over 3000 women through their events and workshops. They’ve also partnered with the likes of the Financial Times and Rathbones Brothers to run corporate events. In 2019, she launched Ladies Finance Club in Australia with the same mission to build a tribe of money savvy women.
Molly is passionate about empowering women to take control of their own finances so they have the freedom to live a rich and exciting life on their own terms. She’s got a huge heart, loves snacks and has a thriving TicToc channel that you should absolutely watch if you’re in need of a belly laugh.
What’s one of your earliest money memories?
I was gifted a $1 scratchy when I was 8 and won $25. It felt like so much money and I immediately spent all of it on a dress for my doll. What’s interesting is that 10 years later when I got money I would immediately spend it on clothes for me. So, you can see that I had to really work through my relationship with money!
Dad was always encouraging my sisters and I to follow and buy shares when we were little. He would make us pick some stocks in the newspaper (I always picked the names that I thought sounded cool - no expertise there) but we would have to watch and follow to see which one of my sister’s and my shares would go up or down over a period of a few months. Although we didn't really understand what we were looking at (because we were 8 years old) it started planting the seed for us to learn about investing, not be scared of it and it worked because now we all have share portfolios.
How would you describe your relationship with money?
It’s been a journey and, like any relationship, I have to work at it every day. Thanks to books like the Barefoot Investor and Automatic Millionaire it has gotten so much better. I resisted dealing with my finances for many years. My mum was always trying to get me to create a budget but I never made it a priority. As the saying goes “when the student is ready the teacher will appear”.
Was there a particular moment or event where you decided to make your financial wellbeing a priority?
When I decided to move overseas in 2013 I knew I had to really get on top of my finances because I didn’t want to be in a situation where I would be stuck overseas without money. I was working for next to nothing when I first moved to London but eventually I managed to work my way up the ladder and ended up on a good salary which meant I could save, invest and enjoy life. That’s when I also prioritised building my emergency savings (OMG fund) for the first time in my life - having money in a separate account and knowing it was there in case of an emergency. This was my first step into experiencing a healthy relationship with money.
Biggest money regret?
Not investing that $25 I won on a scratchy - haha! Having learnt about the power of compound interest in my late 20s I believe I could have made some very smart choices around investing and topping up my super.
To be honest, I don’t like the idea of regrets but I guess it would have been not learning about compounding interest earlier which, again, is why I am so passionate about LFC & She’s on the Money. Our events are filled with women in their 20s and 30s and I know sharing the knowledge we have can really make differences to their lives.
Best piece of money advice you’ve ever received?
My mother always used to say you need to spend less than you earn - I never really understood what she meant ...until I did. You can never get in front if you are living paycheck to paycheck. I worked for years and really never added to my wealth because I was spending it faster than I was earning it.
Favourite thing to splurge money on?
I love to travel so I used to spend money on that but I would do it frugally. My girlfriends and I would find cheap flights, do walking tours, we would get a big airBnB or private hostel room and then spend money on nice restaurants and activities. I am all about experiences over things.
Oh and massages! I love a good massage where you can really relax, let go of everything for that moment! To me, that to me is priceless!
Proudest Money moment?
My proudest moment was when my sister got sick and I needed to take time off to fly back to Australia and be with her through treatment. As I had set up my OMG fund with plenty of cash savings it wasn't even an issue. I literally didn't have to think twice about it and could just focus on my sister and supporting her.
Where or who do you go to when you wanna learn about money?
I am really lucky to be surrounded by brilliant women who are money ninjas at Ladies Finance Club and She’s on the Money. I wanted to create a place where women can go when they need help with their finances so (obvs) I would say LFC and SOTM haha!
What would you do if you won $100,000?
Invest it and also give - we have so much to be grateful for just by living in Australia. So, for me, it’s really important to remember that. I have been given amazing opportunities simply by growing up in this country and there are many women all over the world who still don’t have the same rights as me.
How do you use your money as a force for good?
Many women say they don’t need a lot of money or that they just want to help other people. The truth is that you can help more people when you have money. Women are change makers! When women have money they don’t just help themselves but their families, the community and the environment.
There is so much you can do when you have money - you can donate to the causes you are passionate about and make real differences in peoples lives. We donate a percent from every ticket sales to Share the Dignity - a charity we are passionate about.
You can learn more about Molly and her money savvy tribe through She’s on the Money & the Ladies Finance Club websites. She’s on instagram as @msmollybenjamin but you can also follow her via @ladiesfinanceclub and @shesonthemoney. And for laugh out loud TicToc videos you can find her at @BrionyBandMollyB
22 April 2020