This post is based on an interview we conducted with Shia in July 2019.
Real Money Talk is our series where we interview Australians from all walks of life about their personal finances. The views expressed are those of the interviewees, based on their experiences with money, and as such are not necessarily representative of Spaceship's views.
We have changed the name of the interviewee for their privacy.
Overview
Name: Shia
Age: 23
Where do you live? Sydney.
Please tell us a bit about yourself.
I love partying so much I made a job out of it. I organise regular events. I love fashion and dancing.
What is your current net worth?
Savings: $5,000
Super: Don’t know
Debt: Student debt is $10,000, plus $600 on my credit card
How did you accumulate your net worth?
I put extra money aside when I can and try not to use my credit card too much, but I also definitely like to have fun and I’m not stingy.
Earn
Tell us a bit about your career:
I worked as a bartender while I was studying business at uni. I borrowed money from my partner to get my first couple events off of the ground, and they took off. I deferred my studies — my family wanted to kill me — and focused on growing my events. Wherever I could, I did things myself. I’m pretty good at social media and I’m also very sociable so I did all the marketing myself for my events. I made graphics on Canva and roped my friends in to help out wherever I could.
Do you have income sources outside of your job? If so, how much do you earn from each and how did you develop them?
Not at the moment, it’s just the parties. It can be hard budgeting, but I guess it’s not too different from someone getting a monthly salary. Except I never know exactly how much I’ll be getting. I’ve recently expanded to running my events in a couple of other major cities as well, which is great.
What advice do you have for people who want to earn more money?
Do something you’re good at and love. The two most motivating things ever are passion and success. If you can find work that you’re passionate about and you’re also good at, things will flow.
Save
What is your savings rate? And how has it changed over time?
I don’t have a particular savings rate. Whatever I don’t spend I’ll put away. Or if I know I have a big expense coming up or want to travel, I’ll try to put some extra aside.
Do you have a budget?
Nope. I don’t have a regular income, though I always live within my means. If I don’t earn that much one month, I’ll just eat cheaper food. My partner earns pretty well so we agree that if necessary, she’ll cover some more of the rent for me, but it hasn’t come to that.
How much do you spend per year?
Don’t know.
Do you make purchase decisions carefully, or are you loose with your money?
I’m pretty chill about it. As I said, I’m not stingy and I like having fun. I feel like I’m hitting that balance of enjoying my 20s and also building something for my future.
How is your work-life balance?
It’s great. I don’t have to work specific hours, so everything mixes together. Like I can be socialising or chilling and booking a DJ for my next event at the same time. I was never going to go into an office or corporate job, that’s for sure.
What is your favourite thing to spend money on?
Partying and clothes. Uber Eats for me and my friends when we’re hungover.
Invest
How do you invest?
In building up my events, I guess. Better venues, better entertainment, more social hype.
What has been your best investment?
It’s not really a financial investment but I poured heaps of time into Instagram and Facebook for my events. I’ve built a whole community around it and it pays off when it comes to ticket sales.
What's been your overall return?
Hard to say. I put most of the money from my events back into them, trying to expand. Ask me in a year!
How are you building wealth?
Building my events, networking in the entertainment industry. I’m playing the long game.
What are your main roadblocks? And how are you addressing them?
People underestimate me because I’m young. Or venue managers think twice about working with me because I’m young. It was hard at first but now I have history and I can show them what I’ve done and the successful events I’ve run and it’s better.
Do you have a target net worth you want?
I definitely want to live the good life. I like expensive clothes and cars, I’d like an apartment with a good view, and I want to be able to treat my partner right.
If you could start again, what would you do differently?
Nothing! I’ve made some mistakes, but it’s been a wild ride and I’ve loved it all.
What mistakes have you made along the way that others can learn from?
Be careful if you mix work and friendships. It can definitely strain relationships when money gets involved.
Do you have any worries about retirement? If so, how are you planning to address them?
Ask me in 20 years or so!
How are you learning about building wealth?
My family was pretty frugal growing up. I don’t think I learned much about money from them, but I definitely know how to cook for a household for cheap.
Do you give to charity? If you do, what percent of time/money do you give?
No.
