The hot seat
What was your first job?
My parents were farmers and they grew strawberries, so my first job was to help them sell their product. My role was to wrap the punnets, add the sticky labels and sell them to customers who spotted my homemade “strawberries 4 sale” sign on the side of a main road. I think it was a pivotal time in my life when I gained my basic customer service skills and learnt the importance of product presentation. These talents were definitely key foundations in starting The Daily Edited with my co-founder Tania Liu. So I’ve moved from the side of the road to now selling fashion accessories globally.
What’s the best money advice you’ve ever received?
Don’t spend all of your money (even though I still do). I’m terrible at financial planning and saving money! So I wouldn’t go by my advice. Take my mother’s instead: if you earn $10, only spend $4. I’m more of the mindset, though, to own $10 and spend $12.
What’s the best investment decision you’ve made?
It was buying my house. Fortunately, my early career success allowed me to enter the market before the boom, when prices skyrocketed.
What’s the worst?
Thankfully, I have not ever had too much money to make a bad decision. However, I would say my kryptonite is buying clothes, particularly designer garments. What can I say ... I am a material girl. This may not be considered an investment by many but I am certainly investing a lot of my income into this cause at the moment.
What is your favourite thing to splurge on?
I think you can guess … designer clothing. Owning a high-fashion brand, I have to invest (not splurge) in clothing that matches my refined accessories from The Daily Edited.
If you had $10,000 where would you invest it?
I would invest that money in company shares, specifically Google. At this point I only have a few shares because they are so expensive but every time I see a little drop in price I buy more. Google is the world’s leading search engine with no competitors. I think the business is dynamic, agile and creative enough to stay on top of innovation and continue to be a leader in the space. I just cannot see a drop in value anytime soon.
What would you do if you had only $50 in your bank account?
This is where my splurge – investments rather – would come in handy. I would sell some of my designer clothes to generate funds to get me through until I can hatch another plan. In saying this, though, it would be my final option and my worst nightmare.
Do you intend to leave an inheritance?
I’m unsure. I don’t yet have any children so this is a difficult question to answer. I would never expect my own parents to leave me anything. I would rather they spend their hard-earned money and enjoy the retired life. Hopefully, if I have kids, they will feel the same way.
What would be your top tip for budding entrepreneurs?
Don’t compare yourself to others. It can be a killer. Run your own race at your own pace and set your own goals.
Finish this sentence: money makes ...
.... life easier, not better.