The hot seat

Money Magazine Australia - - CONTENTS -

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.

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