Molly Benjamin is the founder of Ladies Finance Club (LFC), which is an in-person and online platform for connecting women with each other — and their finances.
This Australian Finance Podcast episode with Molly Benjamin is hosted Owen Rask and originally appeared on The Australian Business Podcast because, in it, Owen asks Molly how Ladies Finance Club came into existence, why women meeting to talk about money makes sense and how she manages her business.
In the second half of the podcast, Molly shares some of the wisdom she has gathered from women in her community. Things such as money-saving tips, what holds women back from investing and so on. There’s something for everyone!
Building Ladies Finance Club
Growing up, Molly, did you have any first-hand experience with finance, investing or starting a business?
How did the Ladies Finance Club start and what was it like in those early days?
When did you go from ‘this is cool’ to ‘hang on, there’s a real business here’?
What was the business model in the early days (how did you make money, what did you need to do, who did you get involved, what were the key risks, etc.)?
What were/are the differences between starting a business in the UK versus here in Aus?
How big is the Ladies Finance Club today and what’s one thing you do every day or week to ‘check everything is working’? For example, I look at Google Analytics, membership sales and podcast downloads.
Where do you see Ladies Finance Club going in 2023 and over the next few years? Do you have an idea in your mind of how big you want it to be?
What’s the worst thing about being a business owner?
Money & investing
What are the most common reasons women come to you? And why and how does the club help them?
When it comes to paying down debt, what’s been the most effective strategy women have used for getting ahead?
What is the number-one reason women don’t start investing sooner?
When it comes to investing, I find a lot of males jump straight passed savings hygiene and goal-setting, to get stuck into investing — which is both good and bad. Why is having at least one goal, whether you’re male or female, a wise idea?
A great thing about the club is check-ins and using the community for positive reminders to achieve goals. If someone isn’t part of the club, what are some ways they can remain accountable?
Should people feel guilty about spending money? What do you think about the balance?
Money & relationships are hard and very individual. Some couples love combining their finances while others value their independence. But the first part is often the hardest: talking about money. What are 1 or 2 strategies to help get your partner on board?
Finally, if you could have done one thing differently — whether it’s business, finance, life or investing — what would it be?
