Women Talking Money #3 - Lucy Good
I attended a financial security forum last week and heard from a number of single mums - the struggle and the juggle is so real and huge.
With close to 800,000 single parent households in Australia and overwhelmingly most led by a mum - these women are serious super heroes.
One single mum who has created a movement to inspire positivity among the single mum community is Lucy Good. She shares insights on her business “Beanstalk Mums” and also amazing tips about how she stays F-Empowered.
1. Tell me a bit about yourself. Your loves, experiences, business.
Hi, I’m Lucy Good and I run a business called Beanstalk. It is about inspiring and supporting single mums throughout every stage of their journey.
My business… I am a workaholic which I think you have to be to have your own business.
My other loves - my daughters - 12 & 15 which I co-parent with my ex.
I’ve been in marketing my working life - from 5 star hotels in London to mobile phones and when came to Australia we built own business which involved allot of marketing.
2. What motivated you to start Beanstalk
Actually becoming a single mum motivated me to start Beanstalk.
Becoming a single mum was not part of my carefully laid life plan and my shiny new status didn’t sit well with me. But… I was so relieved to get out of my marriage.
When I became a single mum I was not happy, i felt socially isolated and had so much to learn. There was not anywhere encouraging and positive I could turn to for support.
In those early days I craved knowledge & community and yearned for empowerment from other women in the same situation.
So like other entrepreneurs, I created what I needed.
3. What money decisions have you needed to make, and what are some of the lessons you have learnt along the way?
Learn as much about your financial situation as possible - you need to know where you stand and address knowledge gaps
Get to a place of “financial sanctuary” - you feel safe with your financial situation - you know what you have, what’s coming in, whats going out and you have plan for the future
Have a financial plan - you don’t need heaps of money but you do need a plan. When I separated from my ex, I could not afford to buy milk for my kids and realised that I needed to make a big change to my lifestyle. We started living frugally and I actually was featured in Take 5 for my tips and tricks. I still use them - and feel really empowered when I do so - like cooking five meals out of one chicken. So clever ;).
Teach your kids about money - I live in Noosa, my kids go to private school which my dad pays for. We have smallest of homes (all my kids’ friends have mansions with pools) but my kids understand money better than any of their friends. My 15 YO is already looking for work and I believe this gives a stronger understanding of money.
Check your bills regularly make sure you are not over paying
We all have the capability to earn money. It does not need to be in a 9 to 5 job - When I was setting up this business, I was Uber driving, contracting and juggling many plates to get the business of the ground.
BUT think things through before making money decisions. Always have a safety net. When spinning every plate to set up the business, I left work too soon … I thought I’d set up this amazing business and it would be profitable straight away. But it takes a really long time. Around 8 months after leaving my job, I was Uber driving outside a bar and got a call from my boss offering me my job back part time. I went back, with my tail between my legs and felt like a failure… but it’s worked out amazingly.
Don’t borrow money (aside from for your home). I’ve never owned credit card, car loan or a personal loan. If I can’t afford something, I don’t buy it. Debt brings worries and unnecessary stress. For example, once my car broke down on the side of the road, I had to walk home. I later sold it on gumtree $200 from corner of the road and made do without a car until I saved up enough to buy off my neighbour. I still own this car today.
You are responsible for creating your own financial situation
I am financially independent from my ex and I don’t take child support or handouts from government. This is my mindset, I am responsible for myself and my family and it’s financially empowering.
5. What does F-Empowered mean to you and why is it so important?
Anything that empowers women is important to me. This is critical as women have allot on their plate in society today - we are expected to make the home, work, everything … and there can never be enough support. This is especially true around financial empowerment!
Article written by Lucy Good from Beanstalk Single Mums. Lucy works with hundreds of single mothers through her business and popular FB group, the Single Mum Vine. She sits at the centre of the think-tank of modern-day single motherhood and is a sought-after social commentator on single parent issues. As well as having her own blog and podcast series, she has appeared several times on national television, speaks regularly on national and local radio and writes articles for online and print parenting, news, lifestyle and business communities.
And there you have it, another amazing woman talking money.
If you want to share your story, please email me at firstname.lastname@example.org, I would love to hear from you.