Hi, I'm Alison, the co-founder of Wellthy, the business behind The Mindful Wealth Movement. I'm passionate about social enterprise (businesses that have a positive purpose and do good) as well as helping others create greater financial well-being in their lives.
What is your business about?
Wellthy is a social enterprise addressing the gender gap in money and finances. Women score less favourably than men on most economic and financial literacy measures. Our mission is to build women's financial capability and life skills around money so they can lead happier, healthier and wealthier lives.
What's the best piece of financial advice you've received?
"Pay yourself first". I loved the book 'The Richest Man in Babylon' which talks about putting aside 10% of everything you earn for your own goals and future before paying anyone else. If you try to save after expenses, there's often nothing left.
What would you tell your younger self about money? And why?
I'd tell myself to learn about the power of compound interest - that money can grow like a snowball over time if you don't spend the interest or dividends. It's never too late, but starting young with saving and investing makes an incredible difference.
What are some of your earliest money memories?
I actually have some fun childhood memories of money. I remember being in the Brownies and fundraising in the main street of the little country town I grew up in. We asked people to give loose change and created a long line of coins all the way up the footpath! I also remember enjoying myself playing at being a shopkeeper with a toy cash register and pretend money, and some long games of Monopoly as a family.
Please share a story that taught you something about money - what have you learned?
I got my first credit card when I was 20 just before I went travelling overseas - and my first purchase with it in an outdoor store has stayed in my mind. I spent ages choosing a new backpack, which at the time was one of the most expensive things I'd ever bought. I went to the checkout, handed over my credit card, signed a bit of paper and walked out with the backpack. I remember thinking "Is that all I need to do? This piece of plastic could be dangerous!" I think right from the start this gave me a healthy respect for how easy it would be to get in over my head with credit.
How would you define financial freedom?
If I can do what's really important to me and be who I really am, without my choices being limited by money, that's financial freedom to me.
Why not share your #moneystories too?
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