[00:00:00] Faye will give you some directions. I'll let Faye take the lead. Yeah, and don't feel that you need to look at me if it feels uncomfortable. Just feel free to look at whatever you like. Okay, no problems. Not that. She's not her. Yeah, no problems. Okay, so please introduce yourself. My name's Joyce Watts. I own Melbourne and Victoria's biggest family travel site.
[00:00:22] It's called Tot Hot or Not. I also own a digital marketing consultancy called Brightsmart. When you're comfortable, you can start your first question. Okay. Are you comfortable with money? Uh, the truth is I am now, but that's thanks to Fiona. Um, I would say that money was something that I did talk about because our family talked about it and it was very open, but I felt like I didn't know enough to feel really comfortable about talking to other people about money.
[00:00:56] Um, Um, what I found really interesting, uh, through working with Fiona is that I real, I didn't realize that everyone has a money story. And now I have a lot of clarity about what my money story is. But what is even more interesting is I talked to my husband about his money story and it's been very revealing for him, but also our relationships.
[00:01:16] So in a way, yes, I came to Fiona for business advice and finance advice for my business. But in fact, what she has shown me and taught me. has actually made an impact on the other aspects of my life because it's all one life, right? And it's all one lot of money in a way. That is so fascinating. I love it.
[00:01:36] Thanks Joyce. All right, second. So when you've got that one that you've just done, just put it out of shot and take the new one first. It's like the shot actually ends halfway through the peach bowl. Okay. So you don't have to push it that far. Okay. All right. Pretty comfortable. Okay. Are you a successful business owner?
[00:01:53] I like to think so. Um, I have been working for myself or working, owning a business for over 10 years now. Um, I don't treat it like a hobby. I treat it as a job. And while I do work from home, I still say to my kids, for instance, that I'm going to work or I have work to do. Uh, so all of those I think make for the mindset of being a successful business owner.
[00:02:20] Uh, Yeah, I think that's probably all I can say on that one. Sorry to sort of No, I love it. Yeah, it's great. Love you. All right number three How much revenue did your business make and or how much did you pay yourself last financial year? Well, this is interesting because last financial year I was actually still a sole trader So whenever the business made money I paid myself Uh, so that was very different to what is happening now Whereas my business is a company and so I have to pay myself a wage and I can't draw too much out of the business otherwise Well, then it's a business that doesn't do as well.
[00:02:59] It can't sustain itself. So, how much revenue did my business make last year? So remember, I have two businesses, but they're actually joined in one entity. Last year I made, let me think, close to 350, 000. And how much did I pay myself? I think I paid myself something like 200, 000 because I just kept drawing down on it.
[00:03:22] Uh, I don't recommend doing that by the way. Uh, my revenue this year looks like it will probably be the same but my actual take home pay will be much more modest. Um,
[00:03:44] Well, there's less of it. Last year it really felt like a windfall. The funny thing was, I had set myself a really, like, the year before that, I made about 150, 000. So I said, okay, well that's my baseline goal. My, um, sort of modest goal would be maybe 250, 000. My stretch goal would be 350, 000. And I just really had no idea how I was going to hit 350, 000.
[00:04:07] It felt like just Pulling numbers out of the air. And I don't necessarily believe in the woo woo of manifesting and so forth, but for whatever reason, I put 350, 000, felt completely out of reach, and it, I've managed to make 350, 000. So, um, getting back to your question about, you know, paying myself more or less.
[00:04:29] It was just, it felt like, oh my god, a windfall. How, how did this happen? I'm not even entirely sure, but I'm drawing down over and over again, and it feels fun. But also, it also meant that I actually made a substantial donation to Museums Victoria, which is something I've actually wanted to do. So, it felt good because I felt like I wasn't just being greedy and like, oh, all the money for me, but that I could support a cause or support an institution that I feel very strongly connected to.
[00:04:59] Um, that also actually aligns with what my business does, which is show families what they can do that's fun in Melbourne with kids. I love that, how you've linked those two things together. It's really powerful. What has helped you to take action in your business? Um, to be honest, I think it's a lot of my personality.
[00:05:21] I'm a bit of a doer. Uh, yeah, so you want things done, you get Joyce to do them. That kind of, um, personality has always been part of, um, I guess my identity. Um, what else? Clarity helps me take action in my business. There's nothing worse than being overwhelmed with the 500 things you could be doing as a business owner.
[00:05:42] Um, And it's like I say with decision fatigue, there's 500 things literally I could be doing. So it's having clarity as to what is the one or the two or the three things that I can do. Um, so yeah, I would say that's probably the most important thing for taking action. Oh, actually, no, I'd say one more thing.
[00:06:00] Not any clarity, but then having a clear path. So it's one thing to have clarity. I wanted to make 350, 000. It's another thing to go, well, what is my path of doing that? Um, and being clear about it and not again being Um, what's the word, uh, diverted from the other 499 things that also could, I could be doing in my business.
[00:06:23] So focus. Yeah, focused action, um, a focused path, and then clarity towards where you're going. Because there's nothing worse than even having a focused path and not knowing where you're going, right? You end up somewhere that you didn't mean to. So, yeah. That's my view on that. What does it feel like to ask for money from a customer or client?
[00:06:43] Oh, haha, depends on who it is. Uh, generally I'd say it's awkward. Um, I literally this afternoon made sales calls. It's one of the things, like I'm a talker, but it's actually one of the things I really struggle to do. Um, pick up the phone and talk to people and promote the fact that I'm here that they can advertise with me that there's going to be an exchange of money that I'm not going to work for free or advertise their business for free.
[00:07:11] So it, and I put that job off regularly and I know that it is, I know as soon as I do it that A transaction will occur, people will buy from me, but the feeling of asking, I put it off, I procrastinate. So, this is literally a job I did this afternoon, but I should have done it two weeks ago. And it's just been rolling and rolling because, whoa, it feels icky.
[00:07:36] But you did it anyway? I did it anyway because I know, and frankly there will be success that comes out of it. Um, yeah, it's just not my I don't know if it's ever anyone's natural thing to do, but it's just something as a business owner, I feel that you have to kind of get over, um, because yeah, you're not a charity.
[00:07:59] So yeah, I'll leave that one. How do you manage your money and how much is in your bank account? Okay. Uh, during the pandemic, I read the Barefoot Investor. And also during the pandemic, I started doing some digital marketing work for an online investment company. So those two things together and actually meeting Fiona meant that I started becoming really conscious about not only my money stories, but what I'm doing with my money, where it's going and how to build wealth almost not only for me, but for my children.
[00:08:36] So all of those things meant that. I think I manage my money pretty well now. That's not to say it's always been the case. It very much was a feeling of I earn the money. I spend the money, I pay my mortgage and I pay the bills, but I'm still not entirely sure where the money is going in my business. I'm a little bit more rigorous obviously, but certainly, yeah, my personal finances and the way I managed finances generally was a little bit loose.
[00:09:05] Um, how much is in my bank account? That fluctuates. Uh, I actually do not know, but let's just say that the way I've managed my money now means that my, that I can sleep at night. I know my bills are covered. I know that I can pay my staff. I know that I can pay myself. Um, and from a personal finance perspective, my husband has great anxiety about money and he would literally like wake up in the middle of the night and go.
[00:09:36] Have we made our mortgage payments? And so now because we manage our money better together, um, but mostly because I manage my money better. Oh sorry, I tapped the mic. Um, that anxiety is gone. Like we both just feel more comfortable about what is happening with our finances, that we don't have these middle of the night crises about, did we pay this bill?
[00:10:02] Do we have enough money to, you know, do X, Y, Z? So, yeah, sorry, I actually don't know how much is my bank account, but I know that it's enough.
[00:10:12] What has been your biggest money mistake?
[00:10:19] Probably not having clarity about where the money's coming in and where the money's going out. And this is the same for my business and for my personal life. Again, because of the lack of clarity, it just created a sense of anxiety. It feels like it's okay, but it feels like if I miss something or I've, you know, I've dropped the ball on something that things will go crashing down.
[00:10:43] So I'd say that is, yeah, definitely my biggest money mistake. It's okay, just a heads up, we're at 10, uh, oh 11 minutes, do you want to press A through all the questions? Let's just do this one. Okay. Or one more question. Alright. That one's not the right one for you. What is the best advice you've been given about money?
[00:11:05] Um, I like what Fiona said about money being a tool. Money doesn't necessarily need to have an emotional attachment to it. It's an exchange of value. So, for me, that really changed my thinking about how money works, um, in our society but also in my business. It's an exchange of value. So, alright.
[00:11:30] How much money did you expect to make in the first three years? How much did you make? I actually don't know the answer to that question, so I'm going to skip it. Do you want me to keep going? Okay, I've got two more questions. Do you want me to? Well, let's just answer them. What's the biggest lie you were told about money?
[00:11:56] That money is scary and that money is hard.
[00:12:03] Have you felt judged, ashamed or silly about money? I have to say no. But as I said, part of what I've learned over the years with working with Fiona and doing my own sort of personal finance journey is that people around me feel judged, ashamed or silly about money, which in a way that I had never expected.
[00:12:24] Um, And I guess has made me more understanding of how other people feel about money. Okay. Just leave it at that. Nice. Absolutely smashed it. Cool. Thank you so much, Joyce. My pleasure. Easy peasy. Unsurprisingly, you are amazing on camera . Thank you. Um, I'd like to interact with you somehow on camera. What do you suggest, Michelle?
[00:12:49] I think, do you want, um. Like the footage? Footage or stills? Whichever you feel is Let's just get a photo. Yeah, cool.
