Real Stories: Tara
What colour are you wearing?
Revenue!
Who taught you about money growing up?
The Commonwealth Bank Dolomites taught me the most about money. Within my family we had chores and as a teenager, I got a job. Regarding education I don’t think I got a lot. I had no clue and basically stuffed it up from that point onwards!
When did you become financially independent
I moved to England when I left high school and worked in a boarding school. I was paid a pathetic wage. It wasn’t until I moved back, lived in a share house and went to university, that is where it all started. I had to pay bills, manage a job and two degrees all while trying to manage my money.
What advice would you give yourself looking back?
Just learn about money and don’t be afraid of it! I had a lot of fear around money. I was scared to earn money. I felt that it made people make terrible choices. I had a bizarre idea of how it all worked. I knew it came in, it went out, it's there for fun. I didn’t have a sense of responsibility around it.
If I could go back, I would sit down with my eighteen year old self and I say let's talk about money! Let’s create power and knowledge around the truth of finance and how you can have a great story with it.
Do you feel in control of your money now?
I feel completely in control of my money. When my marriage fell apart, I became very risk averse. I had to take control, I had young children. That meant managing every single cent. I become very strict with myself, paying off the debt, trying to give the kids some opportunities. I learnt very fast. Now six years on, I’m great with it. And I just bought my first house!
BOOM BOOM! I didn’t think it was in the realm of possibility for me…a single mother!
I read the Barefoot Investor like many people and it gave me a road map about managing money. That was the first thing. And then I put away what I could, $15, $25 a fortnight into my super., knowing I had the opportunity for the First Home Owners Super Saving Scheme. I don’t know if this will happen for me, but it doesn't matter, it will go towards my super, which is my future anyway. I then had the opportunity to house sit for a year and this meant I could save! I cleared my debt, I withdrew my money in the scheme and I bought a property!
Do you worry about money now?
I don’t. It used to be a triggering space for me, but I’ve done a lot of work around my own mindset about money. Money is something I enjoy, it buys opportunities for my children.l I am not driven by money. I don’t have a negative attitude towards it anymore, it's my friend, it walks alongside me. I have no debt, apart from my home loan and no-one goes without. If anyone does, it's me, as I’m raising my kids and that's okay, it's part of life.
Do you talk to your children about money?
I think it's now very important to educate my children in financial literacy. Right from an early age, they know the cost of things, what they spend at the supermarket. Money is limited. I talk to my teenager about interest and my budget. I discuss these matters in a positive way, i don’t want them to be fearful. Knowledge is power, so I give them power!
“I would go back, I would sit down with my eighteen year old self and I say let’s talk about money! Lets create power and knowledge around the truth of finance and how you can have a great story with it ”
Tara
Tara’s new venture, Fabulously Normal looks at real and honest connections for people over 40. Check out her interviews on her Youtube channel - https://www.taracolegrave.com/