Maggie Sellers On Her Hot Smart Rich Money Mindset—Women Are Being Lied to About Money and It’s Making Men Rich

On this episode of Hot Smart Rich, Maggie Sellers sits down with her sister and former CFO of billion-dollar DTC brands, Katie Sellers, to talk about the Hot Smart Rich Money Mindset. The truth? Women are being lied to about money—and it’s making our boyfriends, husbands, brothers, and the men in our lives richer by default. They’re not smarter. They’re just in the room when financial decisions are being made. Meanwhile, women control 85% of consumer spending—we decide what to buy, where to shop, and which brands blow up. We are the market. But we’re still being left out of wealth-building conversations, especially when it comes to things like angel investing, equity, and financial freedom. This week, Maggie and Katie go deep on the real money rules that changed their lives—from the 50-20-20-10 budgeting framework to the mental blocks women face when managing money. It’s not just about spreadsheets and savings—this is about power, access, and confidence. In this episode, you’ll hear: How the wrong money mindset is keeping women from getting rich How women are unintentionally transferring wealth to men—and how to stop doing it Why 50-20-20-10 is the budgeting method for ambitious women who want to save, invest, and still live well Why “being good with money” isn’t about coupons or coffee—it’s about knowing your numbers and owning your worth What Maggie and Katie wish more women knew about cash flow, investing, and building wealth on your own terms This isn’t financial advice—it’s a financial awakening. If you’ve ever felt behind, ashamed, or confused when it comes to money, this episode will change the way you think about your bank account, your habits, and your power. Listen now and start acting like the investor you are. CONNECT WITH MAGGIE: INSTAGRAM: ⁠⁠@maggiesellers ⁠⁠ TIKTOK: ⁠⁠@maggiesellers_ ⁠⁠ YOUTUBE: ⁠⁠@hotsmartrich ⁠⁠ LINKEDIN: ⁠⁠Maggie Sellers ⁠⁠ CONNECT WITH KATIE: INSTAGRAM: ⁠⁠⁠@katiesellers_ ⁠⁠⁠ TIKTOK: ⁠⁠⁠@katiesellers_ ⁠⁠⁠ YOUTUBE: ⁠⁠⁠@hotsmartrich ⁠⁠⁠ LINKEDIN: ⁠⁠⁠Katie Sellers⁠ ⁠ READ THE NEWSLETTER: ⁠⁠HSR ICYMI ⁠⁠ SHOP HSR: ⁠⁠HSR MERCH⁠⁠ ⁠⁠SHOP MY⁠⁠ ⁠⁠AMAZON⁠⁠ This episode is produced by HSR Media, a division of Creative MES LLC, with support f... Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Maggie Sellers Reum?

  If you're starting a business, there are certain things that are so fun to think about. Y'all know I love a mood board, so everything that relates to the creative, the name, the brand, the website, the vision board. But then there are the things that make you pause and ask, am I even doing this correctly? Or do I even want to be doing this? Like forming your business, getting the right documents, keeping your personal information private. This is where our sponsor, Northwest Registered Agent, is so helpful. They're a one-stop shop for founders who want to launch and legitimize their business without turning it into a giant admin spiral. They help you form an LLC or a corporation, act as your registered agent, and give you tools like a business address, operating agreement, website, phone number, professional email, and free guides.

• 0:43Maggie Sellers Reum?

  They also have real corporate guides who know your local laws. Visit northwestregisteredagent.com/hsrfree and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com/hsrfree.

• 1:03Speaker 01

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• 1:37Maggie Sellers Reum?

  In case you missed it, you're allowed to be hot, smart, and rich. So let's get into it.

• 1:48Maggie Sellers Reum?

  Hi, angels. Welcome back to another episode of Hot, Smart, Rich the Podcast. I am back with Miss Katie Sellers. Hello. You have lipstick on your teeth. I do.

• 2:00Maggie Sellers Reum?

  Do you want us to restart?

• 2:01Speaker 02

  No, let's just roll.

• 2:05Maggie Sellers Reum?

  That is the best blessing of working with your sister is like you just have no filter and you can say whatever.

• 2:10Speaker 02

  Yeah, no, that's literally the best. I never once have to think about like, what are the words that are about to come out of my mouth?

• 2:17Maggie Sellers Reum?

  Well, I can't really say anything because I'm in my ugly era.

• 2:20Speaker 02

  Okay, we can't say that, Maggie.

• 2:22Maggie Sellers Reum?

  Yeah, we can. I'm in my ugly era.

• 2:25Speaker 02

  Okay.

• 2:26Maggie Sellers Reum?

  Like, I don't feel good, you know? It's like, I think I've worked so long, obviously, on inner confidence, but I would be lying if I said the way I look doesn't affect the way that I feel. And post-surgery, I just don't feel like myself. Like, I'm so swollen. I've definitely gained some weight from not being able to work out. Mental health has gone down, so I'm in my ugly era. I'm embracing my ugly era.

• 2:50Speaker 02

  You're in your post-surgery depression era.

• 2:52Maggie Sellers Reum?

  Yeah, but it's hard.

• 2:55Speaker 02

  It is hard.

• 2:55Maggie Sellers Reum?

  Which is why we just recorded a whole episode on my surgery.

• 2:59Speaker 02

  Yeah.

• 3:00Maggie Sellers Reum?

  And I don't know which one will come out first, but we're at the Spotify studios. We're still that podcast team that like, we wish we could do a podcast of all like my gossip trends on consumer news, like on a Monday and then put it out on a Wednesday, but we just like don't have the infrastructure yet. However, we just started getting managed by Spotify.

• 3:20Speaker 02

  Yeah.

• 3:21Maggie Sellers Reum?

  And like their creator team. And so we do have access to the microphones, the studio, a team here, an engineer. So like hopefully these podcasts can run out a little bit faster.

• 3:32Speaker 02

  Actually, I feel like we'll make it easier.

• 3:34Maggie Sellers Reum?

  Yeah, it is so much work to do a podcast.

• 3:36Speaker 02

  So much work to do one.

• 3:38Maggie Sellers Reum?

  And so expensive.

• 3:39Speaker 02

  Like, I think we've probably spent tens of thousands of dollars getting this thing off the ground.

• 3:44Maggie Sellers Reum?

  I think that that is actually something that we should do a whole podcast on. It's like, if you were to start a podcast, what do you wish you would have known? And how much money we've spent? And it's so fitting because like today, what we really wanted to talk about was money.

• 3:53Speaker 02

  Money.

• 3:54Maggie Sellers Reum?

  We were gonna do like 50, 20, 20, 10, which is our budgeting methodology we both live by.

• 3:59Speaker 02

  Yeah.

• 4:00Maggie Sellers Reum?

  But we were like, let's just do like a high level intro to money. Because I think that's what people have loved about the podcast so far.

• 4:08Speaker 02

  Women just don't talk about money. So like, it'll be an interesting episode.

• 4:12Maggie Sellers Reum?

  I also keep thinking I'm touching your leg under the table, but it's like a furry pole.

• 4:17Maggie Sellers Reum?

  I'm like, Katie really needs to get her legs back.

• 4:19Speaker 02

  I need to shave my legs.

• 4:20Maggie Sellers Reum?

  We're gonna get into all that because that's in our budgeting template as desires. But um, let's just start off. I've loved asking guests this question. What is the latest consumption habits that you've spent money on? So the last thing that you purchased and then the most expensive last thing that you purchased?

• 4:36Speaker 02

  Okay, well, I just did spend eighteen dollars on two drinks of coffee.

• 4:41Maggie Sellers Reum?

  That's disgusting.

• 4:42Speaker 02

  Disgusting. I was like, oh, my God, this is insane.

• 4:45Maggie Sellers Reum?

  On whole milk?

• 4:45Speaker 02

  On whole milk.

• 4:46Maggie Sellers Reum?

  Non-dairy milk is more.

• 4:48Speaker 02

  It is?

• 4:49Maggie Sellers Reum?

  Yeah, it's like eighty cents usually more.

• 4:51Speaker 02

  Yeah, so that was like, wow. And then the most expensive thing I've bought recently was for the first time in over three years, I redid my Botox.

• 5:01Maggie Sellers Reum?

  Yeah, I was wondering because obviously you didn't get Botox while you were pregnant and then you didn't while you were breastfeeding, but then why did you wait like a year and a half?

• 5:07Speaker 02

  I think it's like, you know, you're in your post-surgery depression era. It's like you're kind of just in your postpartum mom. I didn't have postpartum depression, but just like funk a little bit. We're like.

• 5:18Maggie Sellers Reum?

  But don't you want to like get back to what you were like before then? There's like postpartum body?

• 5:24Speaker 02

  You do, but it's also just like, it takes effort. And when everything in your life is effort with a kid, I'm like, I just put it off. I don't know why, but.

• 5:33Maggie Sellers Reum?

  So how much did Botox just cost you?

• 5:35Speaker 02

  I did like, I don't know, full face.

• 5:38Maggie Sellers Reum?

  You did a full face?

• 5:39Speaker 02

  Like I did, yeah, a full face.

• 5:42Maggie Sellers Reum?

  What is a full face? So tell us, like you got your elevens?

• 5:45Speaker 02

  I got my elevens. I got like a whole bunch in my forehead.

• 5:50Maggie Sellers Reum?

  I just like spit across the table.

• 5:51Speaker 02

  Um, my crow's feet. And then as I've aged, like I'm thirty-five, so my mouth has started to like.

• 6:01Maggie Sellers Reum?

  Droop?

• 6:01Speaker 02

  Droop down, so like.

• 6:04Speaker 02

  My mouth and then also in my neck.

• 6:07Maggie Sellers Reum?

  So this is actually something that I really have been waiting getting because I've noticed my neck has my skin's amazing for thirty two. I'm in my ugly era, but my skin is great. Like it's giving. But my neck, I I hate when people touch my neck. So I've always had like no to lasers, no to anything there. And now I feel like I have tech neck.

• 6:25Speaker 02

  What's tech neck?

• 6:26Maggie Sellers Reum?

  Tech neck is when your neck goes like this because you work so much.

• 6:29Speaker 02

  Oh, on a computer.

• 6:30Maggie Sellers Reum?

  And so you get link wrinkles. Tech neck could be like your phone, you're always down, your computer always down. So you're aging so much in your neck, not really on your face. So I have like a twenty five year old face, I'll say, and like

• 6:42Speaker 02

  Thirty two year old neck.

• 6:43Maggie Sellers Reum?

  Or like a forty year old neck. Yeah. So like, I really need to get my neck sorted. So, okay, all that botox, you don't know how many units you did?

• 6:49Speaker 02

  No.

• 6:50Maggie Sellers Reum?

  And then

• 6:51Speaker 02

  How much was it? It was nine hundred Canadian dollars.

• 6:53Maggie Sellers Reum?

  That's a lot.

• 6:54Speaker 02

  A lot. And then, so you know how you had gotten your jaw? Like, I was like, maybe I should get that too. And then the day of, she was like, yeah, we can add it on. It'll be another six hundred. And I was like, I think we're gonna have to wait on that.

• 7:07Maggie Sellers Reum?

  Honestly, though, it is the thing that has definitely changed the face, the shape of my face. I obviously have intense inflammation and swelling, so I wouldn't judge it right now, but I was noticing like my face was getting wider as I was aging and it's just from my anxiety, like I bite down on my jaw so much.

• 7:23Speaker 02

  Yeah.

• 7:24Maggie Sellers Reum?

  And so getting it in your masseter, I don't know what it's called, but like getting it in your jaw was the change of like slimming down my face.

• 7:31Speaker 02

  Yeah.

• 7:32Maggie Sellers Reum?

  So, okay, that's

• 7:33Speaker 02

  That's a pretty expensive botox bill.

• 7:35Maggie Sellers Reum?

  Yeah, it was expensive.

• 7:36Speaker 02

  Okay.

• 7:37Maggie Sellers Reum?

  Yeah. Um, my most recent consumption habits, the last thing that I bought was Goop Kitchen last night, which I had half of for lunch today.

• 7:45Speaker 02

  Yeah, which was a great salad.

• 7:47Maggie Sellers Reum?

  Did you have some of mine?

• 7:48Speaker 02

  Yeah.

• 7:48Maggie Sellers Reum?

  Before, like, I didn't have any gluten.

• 7:51Speaker 02

  Oh, you sn- you sn- you stole some.

• 7:55Maggie Sellers Reum?

  While you were in the bedroom. It's a really good salad.

• 7:57Speaker 02

  It's so good.

• 7:59Maggie Sellers Reum?

  But um, that's actually something I really, really, really want to focus on with my new living situation is cooking more.

• 8:07Speaker 02

  Yeah.

• 8:07Maggie Sellers Reum?

  I think it's so hard cooking for one person.

• 8:09Speaker 02

  So hard.

• 8:10Maggie Sellers Reum?

  Like not fun.

• 8:11Speaker 02

  Not fun.

• 8:12Maggie Sellers Reum?

  You don't, you can't experience new things with somebody and like going grocery shopping, the whole thing. It just like hasn't been a priority.

• 8:18Speaker 02

  Yeah.

• 8:18Maggie Sellers Reum?

  But I'm hoping that with living with my partner, it'll be fun again.

• 8:22Speaker 02

  Yeah.

• 8:23Maggie Sellers Reum?

  So I'm excited to cook because I spend so much money on food.

• 8:25Speaker 02

  Yeah.

• 8:26Maggie Sellers Reum?

  Like I eat breakfast and coffee at home every single day, although the Nespresso just broke. So I've had to like buy coffee every single morning. That's also eighteen dollars.

• 8:34Speaker 02

  Yeah.

• 8:35Maggie Sellers Reum?

  Um, the most expensive last thing that I purchased obviously was what I've talked about before, like my breast augmentation. Um, that those pants that I've been loving, that I've been wearing, though they're, it's so funny because like they are three hundred dollars. But I've worn them cost per wear down to like, I don't even know how much I would have spent cost per wear, like a dollar every time I wear them at this point.

• 8:57Speaker 02

  Yeah.

• 8:57Maggie Sellers Reum?

  I haven't worn them three hundred times.

• 8:59Speaker 02

  No, but you're down around like the five dollar range, I would assume because you lived in them for straight for like three weeks.

• 9:04Maggie Sellers Reum?

  Yeah, yeah. This is the first day I'm wearing jeans. So TBD when this podcast comes out.

• 9:08Speaker 02

  Yeah.

• 9:08Maggie Sellers Reum?

  Anyway, so we're going to talk about money today and I think it's such an interesting topic for two women to sit down and talk about. Because women do not think about money the same way that men think about money.

• 9:21Speaker 02

  Mm hmm.

• 9:21Maggie Sellers Reum?

  You're also a CPA.

• 9:23Speaker 02

  Yes.

• 9:24Maggie Sellers Reum?

  And you spent your entire career in finance.

• 9:26Speaker 02

  Yeah.

• 9:27Maggie Sellers Reum?

  So I think that also does a lot to your psyche, whereas like for me, being in the brand side and not being a growth marketer, like we were building brands.

• 9:36Speaker 02

  Yeah, you weren't spending dollars online.

• 9:39Maggie Sellers Reum?

  No, but it's like almost worse because there's not that conversion or like that CPM where you're, your mindset towards money as a brand marketer is very different than it is being in a finance or even a growth marketing role, right? And so I think we come at things from two different perspectives, but we have the same parents and like

• 9:57Speaker 02

  Yeah.

• 9:57Maggie Sellers Reum?

  their perspective on money, which is also just like so interesting. So we developed over the last few years, this fifty twenty twenty ten budget,

• 10:06Speaker 02

  Mm hmm.

• 10:06Maggie Sellers Reum?

  which was an iteration of what Elizabeth, Senator Elizabeth Warren and her daughter, wait, I need to get her name so we don't like X the daughter out of this. Her daughter is Amelia Warren Tagaji. Um, they developed this budgeting tool called fifty thirty twenty that was in his book, All Your Worth, The Ultimate Lifetime Money Plan. And when I was reading it a few years ago, when I was like starting to budget and owned my home, first home at like 26, when I was working at Salesforce and like tech money. I felt like there was such a lie in this book that it was missing is like truly the secrets of the wealth that nobody talks about, but like behind closed doors, they do. So I think like women specifically have been lied to a lot about money.

• 10:50Maggie Sellers Reum?

  And so I wanted to just like, I don't have a specific agenda, but I just want to like talk about money and ask you their questions and then get into this budget. But I think it's always good to start with like a mindset conversation. So I have like a few stories that I want to share around just like how I think women think about money.

• 11:08Speaker 02

  Yeah.

• 11:09Maggie Sellers Reum?

  So I remember I was at Freeze a few years ago and this woman who's now involved in the arts, who actually went to Harvard and Goldman Sachs funnily enough as well. She was like one of the first fundraisers at Harvard and she obviously had to call a lot of people and ask them for money. And she was like, it's so funny because like 30 years later, there people and women's mindset towards money is still the same that it was when I worked on the Goldman Sachs investment banking floor back 30 years ago. And she was saying that men that worked at Goldman Sachs, when they would leave and have a business idea, they would be like going around and every guy would throw in like 10, 15, 20, 25,000 dollars. Whether it was into like a nightclub or a brand or an alcohol business or whatever it is.

• 11:52Maggie Sellers Reum?

  And it was like norm.

• 11:55Speaker 02

  Yeah.

• 11:55Maggie Sellers Reum?

  You do that. It wasn't even a question.

• 11:57Speaker 02

  Yeah.

• 11:57Maggie Sellers Reum?

  It wasn't like

• 12:00Maggie Sellers Reum?

  an FBI interrogation on like exactly where it was going. And it was just like, you're going to go and start something. I'm going to bet on you and like, I'm going to make 25,000 more dollars. So like, I'm going to give it to you.

• 12:10Speaker 02

  Yeah.

• 12:11Maggie Sellers Reum?

  She's like, women need to know everything. Like they need to feel like they can ask a million questions. And I don't think that one is better than the other, but what she, her story was trying to illustrate to me was that like, women are so uncomfortable with the idea of investing money.

• 12:30Speaker 02

  Yeah.

• 12:30Maggie Sellers Reum?

  That like they hold on to their cash as if it's finite. It's not infinite. And like what she was trying to share with me is like 30 years later, women still think about money in a way where it's like. I'm giving thirty thousand dollars. I don't know when I'm gonna make thirty thousand dollars again. So like, I need to really like, think through everything.

• 12:52Speaker 02

  Yeah.

• 12:53Maggie Sellers Reum?

  But then it's like, we see women doing these like, crazy shopping halls and like, beauty halls on TikTok. And we're in this era where it's like,

• 13:00Speaker 02

  Consumption.

• 13:01Maggie Sellers Reum?

  Consumption driven, and it's all about having the next thing. And it's like, it's not a problem for women to go and spend on a twenty dollar lipstick.

• 13:07Speaker 02

  Mm-hmm.

• 13:08Maggie Sellers Reum?

  But when they think about these bigger investments,

• 13:11Speaker 02

  Mm-hmm.

• 13:11Maggie Sellers Reum?

  That is where it gets really nervous for them. And I think it's just like, we don't see women talk about money.

• 13:17Speaker 02

  Yeah.

• 13:18Maggie Sellers Reum?

  And then on the flip side, we have these women who have actually had these founder exits. Like, I can think of one story in particular where I met this female founder who had bootstrapped her business and sold it for hundreds of millions of dollars.

• 13:30Speaker 02

  Mm-hmm.

• 13:31Maggie Sellers Reum?

  She, again, bootstrap means you haven't raised outside capital. So if, even if she had a partner, she owns the majority of the business. And there was an opportunity to get her to invest into a venture capital fund that was aligned with her interests and focus and theses. And she decided to do pro bono consulting work and advisory and would rather like, help female founders.

• 13:54Speaker 02

  Yeah.

• 13:54Maggie Sellers Reum?

  Getting on the phone with them, consulting on their businesses, and didn't feel, she just didn't understand investing, she said, especially because she had bootstrapped her business. That she was like, I don't feel comfortable putting five hundred thousand dollars into the fund. And I always like, that story has stuck with me two years later because it's so backwards.

• 14:16Speaker 02

  It, when you told me that, I was, I was shocked.

• 14:20Maggie Sellers Reum?

  I'm not shocked, though. That's the thing. Like, the thing that we teach women is like, it's better to be a charity or to give, or to give back and be nurturing. And like, I love that. And I don't think it's one or the other.

• 14:36Speaker 02

  Yeah.

• 14:36Maggie Sellers Reum?

  But this is the problem that exists today. Women control 85% of consumer spend. We get 2% of venture dollars. I don't know what the exact number is recently, but it operates somewhere between like seven and 11% of venture capital partners at funds that make actual investment decisions are women.

• 14:55Speaker 02

  Yeah.

• 14:55Maggie Sellers Reum?

  So if you ever want that number of 2% of female founders to change, you have to have more people that are investing.

• 15:04Speaker 02

  Yeah.

• 15:04Maggie Sellers Reum?

  Make decisions to invest in female founders. It's not just going to magically happen.

• 15:09Speaker 02

  Yeah.

• 15:10Maggie Sellers Reum?

  The problem is if we have women that have real capital, like hundreds of millions of dollars in exits, and they are not willing to invest their money, but would rather give advice for free. It seems great, but it's actually one for one. It's not one to many.

• 15:23Speaker 02

  Yeah.

• 15:24Maggie Sellers Reum?

  It is actually a disservice to women in general to not have a broader approach and strategy towards money.

• 15:31Speaker 02

  And step up to the plate and educate yourself on like, okay, I've been able to accomplish success. I now have had this exit. I have capital and like, to your point, it is doing a disservice to these female founders. Because if she's not funding them, the men sure as hell aren't funding them.

• 15:45Maggie Sellers Reum?

  Well, and that's the other crazy thing about what I started noticing about women founded, especially consumer companies, is women are making their husbands and boyfriends rich. And they are not getting any of the money, especially if they have a prenup agreement where your husband is coming home. Like, I will never forget this, when somebody asked me to connect with a private equity person that was going to buy a business that's doing like $400 million. And I have access to this tool and I know the business. I know the industry really well. I was like, I'm so happy to jump on the phone and give you my insight as a female consumer into the business, plus the actual backend of the technology that I have. And this man knew nothing about the business. Like, his assumption was that it was dresses and X, Y, and Z for this specific scenario.

• 16:30Maggie Sellers Reum?

  Try not to get too much away with the business. And I was like, actually, no, their top products are X, Y, and Z. It's actually different. And this is how they're thought about in the market. And it was like, okay, I am definitely not as smart as that man at late-stage private equity and all the things that he knows to look at. But at the end of the day, his ultimate research is the consumer. And he's not the consumer.

• 16:53Speaker 02

  Yeah.

• 16:54Maggie Sellers Reum?

  And it's even like, what was the feedback that we got on our DMOMO for the investment that we're doing right now? Do you remember?

• 17:00Speaker 02

  They wanted the customer research and we didn't put it in.

• 17:03Maggie Sellers Reum?

  So they were doing an investment right now into a female founded company that's for females by females. I'm planning on using it. You already use it.

• 17:10Speaker 02

  I already use it. Yep.

• 17:11Maggie Sellers Reum?

  And we sent the deal memo across to our SPV syndicate. And it's a pretty fucking good deal memo.

• 17:17Speaker 02

  It is great.

• 17:18Maggie Sellers Reum?

  The only feedback that we got from male investors, because they don't understand the market or the consumer. They were like, where are your diligence call notes?

• 17:27Speaker 02

  Yeah, like with customer feedback.

• 17:29Maggie Sellers Reum?

  With customer feedback.

• 17:30Speaker 02

  Yeah.

• 17:31Maggie Sellers Reum?

  That we can see like how it stacks up in the market, why people are using it. And it was so funny to me where I was like, we didn't include that because we know the consumer.

• 17:41Speaker 02

  We are the consumer.

• 17:41Maggie Sellers Reum?

  We are the consumer.

• 17:42Speaker 02

  And then 90% of people that we sent the deal memo to were the consumer.

• 17:46Maggie Sellers Reum?

  Cause we're mostly investing women money.

• 17:48Speaker 02

  Yeah.

• 17:49Maggie Sellers Reum?

  I want to be really clear. This is not an anti-man podcast.

• 17:53Speaker 02

  No.

• 17:53Maggie Sellers Reum?

  Or syndicate. Like I love hosting co-ed events for investors and having multiple sexes in deals. Like I do not, I actually say no to most female founder events now because I'm like, the real world is men. Like.

• 18:08Speaker 02

  Yeah.

• 18:09Maggie Sellers Reum?

  We are, especially this deal that we're doing, you need a man and a woman to be able to create the product. Like it is in the fertility space. So like,

• 18:17Speaker 02

  Yeah.

• 18:17Maggie Sellers Reum?

  Whether, unless you're using IVF, like you need two sexes to be able to do that. So this is not the anti-man podcast. The reason I'm just being a little bit shock value is like, that is the difference between women and men.

• 18:31Speaker 02

  Yeah.

• 18:31Maggie Sellers Reum?

  And I think it drives me crazy because we as the consumer are taught to hide all of that when we're in the work world. Like you, we just had a, we just filmed another podcast about my surgery and how like if you were on Wall Street and you were like, I'm going to getting an NFTBA, natural fat transfer breast augmentation. You would be judged incredibly hard. And yet, if all these men on Wall Street in private equity are wanting to buy a medical aesthetics provider and roll it up and sell it off or go public with it, it's like, they're gonna call the yous and figure out like the space.

• 19:09Speaker 02

  Yeah, the customer research.

• 19:10Maggie Sellers Reum?

  How fucked up is that?

• 19:11Speaker 02

  No, it's so fucked.

• 19:13Maggie Sellers Reum?

  So I think the mindset of women towards money needs to shift. And I think it's interesting, like,

• 19:21Maggie Sellers Reum?

  growing up, what was your mindset towards money?

• 19:27Speaker 02

  Well, I mean, oh, this is so hard because like we did grow up in a risk adverse household. We didn't really talk about money that much.

• 19:34Maggie Sellers Reum?

  Never talked about money.

• 19:36Speaker 02

  So blessed to grow up in a situation where we never had to think about money being a problem. And I feel like that partially of like not talking about it has kind of done us a disservice later on in life where it's like it was never talked about.

• 19:54Maggie Sellers Reum?

  Yeah.

• 19:54Speaker 02

  But then our parents did a lot of great things where like we were putting control of our financial destiny very early. We're like six, seven years old and we're going to get an RBC debit card.

• 20:04Maggie Sellers Reum?

  Yeah.

• 20:05Speaker 02

  And we would get an allowance every week. We had to go and deposit it in the bank.

• 20:08Maggie Sellers Reum?

  Yeah.

• 20:09Speaker 02

  We went to college and our dad was like, I'm not paying your tuition for you. I'm depositing it into your bank account and you're responsible for making.

• 20:16Maggie Sellers Reum?

  For actually paying it.

• 20:17Speaker 02

  Yeah, for making the payments on time.

• 20:20Maggie Sellers Reum?

  And that's actually such a, I actually kind of forgot all of that. Yeah. I blackout a lot of stuff, I don't even know why. But it's interesting because I agree and it's one thing I never do or I try not to do, which is this term called ostraging.

• 20:33Speaker 02

  Yeah.

• 20:33Maggie Sellers Reum?

  Which is essentially ostrids like put their head in the sand and you pretend like you don't like see the problem. It doesn't exist. It's kind of like.

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• 22:11Maggie Sellers Reum?

  If you have a warning sign that maybe something's wrong with your body and you wait and you end up like with stage four versus like stage one, it's a lot harder to treat, you know? So similar with your financial health, it's like the number one mistake that you are making is like running away from your problems by not dealing with it and putting your head in the sand. So like my HSR rich girl tip number one is every single morning, wake up and check your bank account.

• 22:33Speaker 02

  Yeah.

• 22:33Maggie Sellers Reum?

  Like check your credit card statement. And I think that was something I've, I've tried not, I've always known, even if it's like, oh my God, especially when we were starting this business and like expenses were adding up.

• 22:44Speaker 02

  Yeah.

• 22:44Maggie Sellers Reum?

  I was like, it's not as if I can pay off my credit card. Like, let's just say I had 10,000 on it. Like maybe one month it was like nine. I would always try to not spend where it was like, we were going over, but there, when you are starting a new business, it's like there are expenses.

• 22:58Speaker 02

  Yeah.

• 22:59Maggie Sellers Reum?

  Especially when you're like, I looked at the Amex credit card bill the other day for the first time and it was like $18,000 for December because we were doing so many events for our company.

• 23:07Speaker 02

  And you're like, holy crap.

• 23:09Maggie Sellers Reum?

  Yes. But like, one thing I've never done on a personal finance level is like ostrich, because I think when you pretend like things don't exist.

• 23:17Speaker 02

  It's way worse.

• 23:18Maggie Sellers Reum?

  It's way worse when you have to deal with it.

• 23:20Speaker 02

  Yeah, yeah.

• 23:20Maggie Sellers Reum?

  And so if you're listening to this and you're like trying to become financially independent or smarter with your money. The number one mistake you're making is thinking like money doesn't exist because it's like a credit card or it's like TikTok shop. And I think going back to our upbringing, those little things that mom and dad did, actually, although it wasn't something I've thought about until this moment, it really did empower us to feel like we were in control of the destiny.

• 23:45Speaker 02

  Yeah.

• 23:46Maggie Sellers Reum?

  And I think we're so privileged to be able to sit here and like talk about that because so many people listening like didn't have the luxury where their dad is like, I'm going to send you money to put into your bank account and like you go and pay it. But it's like, we didn't have to do that.

• 23:58Speaker 02

  Yeah.

• 23:58Maggie Sellers Reum?

  Although, growing up, I had a job waitressing, even when we were away for school. It was like I had to leave and like go to be a waitress. Like go and do like all the odd jobs I had in college, which was like being a promoter, being a writer, like I worked.

• 24:12Speaker 02

  You always had a job.

• 24:13Maggie Sellers Reum?

  Always.

• 24:14Speaker 02

  Yeah.

• 24:14Maggie Sellers Reum?

  I was always a fucking hustler.

• 24:16Speaker 02

  Yeah.

• 24:18Maggie Sellers Reum?

  Also, like I liked, I knew I liked nice things super early on.

• 24:22Speaker 02

  Yeah.

• 24:22Maggie Sellers Reum?

  And I remember like dad and mom, mom still I don't think owns a designer handbag.

• 24:27Speaker 02

  She has a Gucci bag.

• 24:28Maggie Sellers Reum?

  She has one Gucci bag.

• 24:29Speaker 02

  Yeah.

• 24:30Maggie Sellers Reum?

  Mom and dad had, drove the same cars for fifteen years.

• 24:33Speaker 02

  Yeah.

• 24:34Maggie Sellers Reum?

  They are just not flashy people and didn't understand designers. So like for me, I liked designer. From a very early age. And so I remember when I bought myself my first Louis Vuitton bag and then I sold it. Mom was like, why would you have bought the bag?

• 24:51Maggie Sellers Reum?

  And I was like, cause I made a profit, mom.

• 24:53Speaker 02

  Yeah.

• 24:53Maggie Sellers Reum?

  And so I always worked because although we were really blessed in a lot of ways, it was like for what we're gonna talk about, which is like the needs that you have.

• 25:03Speaker 02

  Yeah.

• 25:03Maggie Sellers Reum?

  There was nothing that was there for desires. And as somebody that liked fashion and beauty.

• 25:09Speaker 02

  Yeah, there was no desires. Well, yeah, I know what you mean.

• 25:13Maggie Sellers Reum?

  There was desires. Like we can't sit here and act like we didn't have a lot of privilege, like going to summer camp and like.

• 25:19Speaker 02

  Going on trips.

• 25:20Maggie Sellers Reum?

  Going on trips twice a year. Like we did have a lot of privilege.

• 25:24Speaker 02

  Yeah.

• 25:24Maggie Sellers Reum?

  But I'm talking about financial freedom to do whatever I wanted with money. That was not there. So like, starting my first business at seven or eight. Maggie's pet business. From that day forward, I had a job. Whether it was like taking care of people's pets, literally like hustling around the neighborhood, trying to babysit for people. When I was like ten, cooking, like doing whatever.

• 25:42Speaker 02

  Yeah.

• 25:42Maggie Sellers Reum?

  And I.

• 25:43Speaker 02

  Flipping handbags.

• 25:44Maggie Sellers Reum?

  Flipping handbags, promoting in college, like writing, convincing you to wrap a million Christmas gifts. And like me sell people like wrapping services, like.

• 25:55Speaker 02

  And I was put to work.

• 25:56Maggie Sellers Reum?

  Yeah, I've always been the visionary entrepreneur that's like, I need to make money.

• 26:01Speaker 02

  Yeah.

• 26:01Maggie Sellers Reum?

  I think we come at this conversation from like a super privileged background where like our version of money has always been very different than a lot of people listening to this, but I think that's why we're so open about it. Because we're like, there are secrets of the rich that like, I want to democratize and mom and dad, they were like dad was a taxi driver, mom was a waitress to pay for dad's law school. And then dad worked his ass off to get to where he was able to have financial freedom from being a taxi driver.

• 26:32Speaker 02

  Yeah.

• 26:33Maggie Sellers Reum?

  I think that's why now that I'm even in a different circle in LA where like the wealth in the US is just so much bigger. And so different than Canadian wealth. It's like, I'm learning things that I also never experienced like, I'll give you a great example. So when I was like thinking about raising a fund a few years ago, I met with this man who had raised a hundred million dollar solo fund and he was like, the best way to raise money is being around rich people.

• 27:01Speaker 02

  Mm hmm.

• 27:02Maggie Sellers Reum?

  And I was like, what advice is this? Like, this is horrible advice. And then I kind of was thinking about it being like, business is built on relationships.

• 27:12Speaker 02

  Yeah.

• 27:12Maggie Sellers Reum?

  And being at certain things. And that's why business is so done on the golf course and like who you know. And you can really build a business if you have the chops and the skills based on relationships.

• 27:25Speaker 02

  Yeah.

• 27:25Maggie Sellers Reum?

  And he was like suggesting to literally like go and put myself at like this, I don't even know how to say it, this place in like the south of France to go and like raise money. I'm like, I'm not going to do that.

• 27:36Speaker 02

  Yeah.

• 27:37Maggie Sellers Reum?

  But I think it did make this shift in my brain, which was like, wait, like if you do open up access for yourself to certain things, like you are given opportunities that you otherwise wouldn't have. And that's why people pay to go to like Harvard and Columbia.

• 27:51Speaker 02

  Because their network.

• 27:52Maggie Sellers Reum?

  It's paying for their network.

• 27:53Speaker 02

  Yeah.

• 27:53Maggie Sellers Reum?

  And I think that there's a way to do it with our budgeting technique. And that is how I've been able to start angel investing. You've bought a home. Like, there's a lot of financial freedom that we've unlocked for ourself with obviously the understanding of like, we didn't have debt graduating college. And like, we did have a lot of financial privilege. But I hope that is not someone gonna hate on that. It's like, almost like, thank you for sharing like, what you've learned. And like, taking us with you on the journey. Hopefully. We can only, fingers crossed.

• 28:25Speaker 02

  Yeah.

• 28:25Maggie Sellers Reum?

  So, when you think about money.

• 28:29Speaker 02

  Yeah.

• 28:30Maggie Sellers Reum?

  What's the first thing that comes to your brain?

• 28:32Speaker 02

  I just see green.

• 28:35Maggie Sellers Reum?

  You see Bottega.

• 28:37Speaker 02

  I see like, a US dollar bill. Um, money, ugh. It's kind of ugh, sometimes what I think. Like, as a woman, I just, it is, even though I'm a CFO, I'm a CPA, I run the finances for our business, it's still kinda like, ugh, I don't wanna have to think about it.

• 28:58Maggie Sellers Reum?

  I am the opposite. I love money, and I think about money as a tool. So I've always thought about money as like, super infinite, and like, I've always had this underlying thought that I was gonna be successful.

• 29:12Speaker 02

  Yeah.

• 29:12Maggie Sellers Reum?

  And I think that adds a different level of pressure where I'm like, okay, I haven't made it yet. But, it's really interesting because I think that, as a female, not many females think about money as a tool, but I've always thought about it that way. And I've always bet on myself, and I think that's also another secret of the rich, is like, you can play it safe. But I remember dad saying, growing up, like, if you ever wanna be wealthy, like, you have to be an entrepreneur. And so I think there was a period in my life where I went from having a shit ton of savings. Like, I sold my house in Toronto, made like, let's, I don't even remember what it was, but like, let's just say it was like, $200,000 of profit.

• 29:50Speaker 02

  Yeah.

• 29:51Maggie Sellers Reum?

  And I, Canadian, and then I basically like, used that money and used it as a way to quit my full-time job. And get a visa, which like, was an investment of like, over a hundred thousand dollars into the US economy, to essentially like, start betting on myself. And it started as consulting, and then has turned into HSR and a media company, but like, I took what could have been a $200,000 profit and could have like, just done the safe thing. And completely was like, I'm going to drain my savings and like, bet on myself, and that I think I can like, 10x my money if I start things myself and can like, write my own destiny.

• 30:28Speaker 02

  Yeah.

• 30:29Maggie Sellers Reum?

  So I think, that's how I've started to really change my mindset and change other people's mindsets towards money. But as a CFO, does that make you like, so nervous?

• 30:40Speaker 02

  I think like, okay, actually, when I do think about it from a CFO perspective, I am the same. It's a tool. You like, you spend it and there's a result and you should be spending it on things that actually give you the biggest result of like the objective of what you're trying to do. And I've seen that in practice, like building a billion dollar business, like you have to spend money to make money.

• 31:02Maggie Sellers Reum?

  Wait, there was this thing on TikTok that I really wanted to ask you about that was like the CFO and the CEO. Remember it was like, how do you?

• 31:09Speaker 02

  Oh my god, I so resonated with that.

• 31:11Maggie Sellers Reum?

  So there was this TikTok video that was like this CEO with these grandiose plans. Very much me, like, we're gonna do X, Y, and Z. And honestly, I felt like this year, you really found your voice like reining me in. And being like, we actually can't invest in all of these things. Like, we have to pick one and like, see if it's gonna pay off. And I think that's what's like even been the most interesting. Like, we'll just be transparent. We just borrow on PR.

• 31:34Speaker 02

  Yeah.

• 31:35Maggie Sellers Reum?

  And it's an expense. Like, we weren't really anticipating or like, it's hard because like, can you measure a direct ROI with PR, right? And I think you were kind of like, I'm not sure. And I was very much like, I'm willing to make this bet that this is what the business needs at this time to like, bring the podcast to the masses and like bring financial freedom to other people and like spread the mission of HSR. And

• 32:01Speaker 02

  But I was very clear with you, then we can't spend on these other things.

• 32:04Maggie Sellers Reum?

  Exactly. And so there was this TikTok video that was like a CFO and a CEO that were like, really at odds with where the business was gonna spend money. And I think, it's taken us a year of working together or more to get to this place where I understand that we can't bet everything, which is what I've done in my life. Like, the business needs to have safety and security and like profitability, but it's just something that startups don't talk about, which is like, how close they are to like zero in their bank account all the time.

• 32:38Speaker 02

  And that was honestly, when you think about money and the anxiety that can come with money, for me being this early stage startup, because I've never been before, that was wild for me. And I have gone through like, Wild ups and downs where like you've had to talk me off ledges.

• 32:58Maggie Sellers Reum?

  It was like a meme I sent you last week because last year when we like we've talked about this on the podcast, but like it was so sketchy. We were like, how is this gonna happen?

• 33:07Speaker 02

  I like quit my full-time job. I have a baby. I have a mortgage.

• 33:11Maggie Sellers Reum?

  I've been dipping into my savings, obviously for like years now.

• 33:16Speaker 02

  Yeah.

• 33:16Maggie Sellers Reum?

  And I was like, I just believe in myself. Like I know that we're on to something. And then this year, like it just was such a different situation. Like we're recording at the Spotify studios. Like there's just so much stuff happening.

• 33:27Speaker 02

  Yeah.

• 33:28Maggie Sellers Reum?

  But you literally sent me a meme the other day of like a dog with his eyes, like with the fire.

• 33:33Speaker 02

  Fire all around. It's like, everything's fine. Everything's fine. And the room is on fucking fire.

• 33:38Maggie Sellers Reum?

  Yeah.

• 33:38Speaker 02

  Uh, yeah. I, I mean, I've gone through a crazy, I think, evolution of how I view money and like being comfortable in really uncomfortable situations. But honestly, one of the reasons that I no longer wanted to be a CFO was exactly what you're describing. The push and pull with the CEO and the whole executive team of constantly being the person who has to say no. It sucks.

• 34:08Maggie Sellers Reum?

  Yeah. That's actually one of the things I hate about being an investor. As much as I love like being in early-stage businesses and helping people grow. Your job is to say no.

• 34:16Speaker 02

  Yeah.

• 34:17Maggie Sellers Reum?

  And it, it's hard.

• 34:18Speaker 02

  It's hard. Like people resent you. They don't understand the full picture.

• 34:22Maggie Sellers Reum?

  They think you're not creative.

• 34:23Speaker 02

  They think you're not creative. Or like you, we were even talking about like a founder we know who's super secretive with money. And like the, the distrust that it like can breed through an entire team and how toxic it can be like. It's a really, really challenging thing for startups and like to figure out how they're even going to deal with it, communicate it. Like it's, yeah.

• 34:45Maggie Sellers Reum?

  But it's honestly so. Interesting like because I feel like there's more businesses that are especially early stage that are secretive about their costs to their employees than not because they're like if an employee thinks that I make if my let's just say my journal, how much did this cost us to make?

• 35:06Speaker 02

  I think like just the pure cost of goods is like $12 a unit.

• 35:11Maggie Sellers Reum?

  Okay. And then that's like including shipping and everything? Or no?

• 35:15Speaker 02

  No.

• 35:16Maggie Sellers Reum?

  Okay. So like, that's not including shipping.

• 35:18Speaker 02

  No.

• 35:18Maggie Sellers Reum?

  Then you think about like building your website, having your returns, having someone on customer service, like shipping it out to the customer. Like if you're selling a journal for $55 and you're

• 35:29Speaker 02

  We're basically covering our cost.

• 35:31Maggie Sellers Reum?

  Like we're making zero money on the journal and it's like a marketing tool.

• 35:35Speaker 02

  Yeah.

• 35:35Maggie Sellers Reum?

  And I think like our transparency with pricing is actually when we have a larger organization is what is going to empower our employees to like truly understand business.

• 35:44Speaker 02

  Yeah.

• 35:45Maggie Sellers Reum?

  Because I think so many founders that are like, I don't want my cus- my employees to know how much it costs me to make it. But like, if you just explain to your employees, like we have to pay your salaries and your healthcare and your insurance. And we have to ship customers their products and we have to cover customers. It adds up.

• 36:02Speaker 02

  It adds up. And so what we experienced a lot was like, it's the balance of the education to educate people. We're not making any money. And then that scares the shit out of some people because they're like, what do you mean? I work at a business that doesn't make any money. Am I going to have a job?

• 36:17Maggie Sellers Reum?

  Which again, it's like even in this environment, it's so, it's honestly interesting to figure out which businesses like won't be around.

• 36:24Speaker 02

  Yeah.

• 36:24Maggie Sellers Reum?

  And we just had somebody on our podcast that shared that they were at a $20 million top line revenue. They went through doing $20 million, hired 30 people, had to scale back to three people and fire almost everybody.

• 36:37Speaker 02

  Yeah.

• 36:38Maggie Sellers Reum?

  And like this is, I think, why money creates so much anxiety and why this idea of like this budgeting tool is actually, I think, the freedom, even just with your mindset shift of knowing that like you have everything you need on a personal level. And then like you don't feel guilty about the things you're going to Investing. So when we were developing this and like we spent literally months putting this together.

• 37:02Speaker 02

  Yeah.

• 37:02Maggie Sellers Reum?

  We really like laid out exactly what we just talked about, like our upbringing, our relationship with money. And then like what our method is compared to the original method.

• 37:11Speaker 02

  Yeah.

• 37:12Maggie Sellers Reum?

  It's outdated and we see all these videos on TikTok of like, the reason you can't afford a home is because you're buying Starbucks every single day.

• 37:19Speaker 02

  Yeah.

• 37:19Maggie Sellers Reum?

  And like, I think that there is some truth to that, but I also think that is a lie that's being told. Where it's just the cost of living is so expensive now. The cost of homes are so expensive now. But the original method of the fifty thirty twenty rule that was popularized by Senator Elizabeth Warren and her daughter Amelia Warren is you do fifty percent for your needs, thirty percent wants and twenty percent saves. And I feel like it missed this idea of investing in yourself and like betting on yourself and putting yourself into situations that would open up opportunities that otherwise wouldn't exist.

• 37:56Speaker 02

  Yeah.

• 37:56Maggie Sellers Reum?

  And so we developed it where it's fifty percent your needs, twenty percent your saves, twenty percent your desires and ten percent your goals. So when we're thinking about your needs, it's so funny. I wrote in here like, we all need things to live. You have to get clear on what exactly those are. And I bet you the list is shorter than you think it is. A place to live, your utilities, your cell phone, food, essential clothings, transportation, medical care, insurance, work related and minimum payments on your debt. It's actually like super simple.

• 38:26Speaker 02

  Like you don't need Netflix to live.

• 38:28Maggie Sellers Reum?

  You don't need Netflix to live, which we'll get into of like, what actually would you categorize that as?

• 38:33Speaker 02

  Yeah.

• 38:34Maggie Sellers Reum?

  Um, and there's actually a ton of questions in the workbook of like, these are questions to determine if you actually need something. If something is really considered a need. Can you live in safety and in dignity without this purchase? If you lost your job, would you continue to spend on this item? Could you live without this purchase for six months? Like if you actually asked yourself that question.

• 38:56Speaker 02

  You wouldn't spend on a lot.

• 38:57Maggie Sellers Reum?

  You wouldn't spend on a lot. So if you feel like your spending is out of control, ask yourself these three questions.

• 39:02Speaker 02

  Yeah.

• 39:03Maggie Sellers Reum?

  Can you live in safety and dignity without this purchase? If you lost your job, would you continue to spend on this purchase? Could you live without this purchase for six months?

• 39:13Speaker 02

  Easy.

• 39:13Maggie Sellers Reum?

  Easy.

• 39:14Speaker 02

  Yeah.

• 39:15Maggie Sellers Reum?

  Then we have your saves and savings are things like the future. So money, retirement, your traditional bank account, your debt repayment beyond your minimum payment. So like that's where your minimum payment actually goes into your needs and then your debt repayment beyond your minimum actually goes into your savings and that's at 20%. So I think that's, that's the biggest, no, no, no. They have saves there before too. They had 30% for once. So.

• 39:42Speaker 02

  And I will say saves is actually like a hack where you can be spending money to make money. And this is like what we were talking about before is women's mindset towards money. And even the fear of like, oh, I don't know what investment vehicles I should use. Start so simple and just find a robo advisor like Rocket Money or whatever it is.

• 40:02Maggie Sellers Reum?

  I don't think Rocket Money is a robo advisor, but.

• 40:04Speaker 02

  Oh, it's not. I don't know the US ones. I was gonna say Well Simple.

• 40:07Maggie Sellers Reum?

  So I was gonna say like, that's the first thing that I did was like Well Simple. I remember I took like some money that I had made at Salesforce and put it into Well Simple. And then it was so sad when Well Simple shut down their US business. I had to switch and now I use Betterment.

• 40:19Speaker 02

  Okay.

• 40:20Maggie Sellers Reum?

  And so Betterment is actually a female-led wealth management robo advisor.

• 40:23Speaker 02

  Yeah. So it's like, this is a hack. When you are investing money, it's making you more money. And sometimes you even get tax breaks. Like it's just something that even if you don't know where to start and you feel scared, open a robo advisor account and just start.

• 40:37Maggie Sellers Reum?

  Putting a hundred dollars.

• 40:39Speaker 02

  A hundred dollars in a month.

• 40:40Maggie Sellers Reum?

  Yeah.

• 40:40Speaker 02

  Just start there.

• 40:41Maggie Sellers Reum?

  Yeah. Okay. So that's your saves. Then this is like the big one. This is your desires. And I wrote in the workbook, like this is where the secret sauce is because I think that there is obviously non-negotiables of life. And then there are things that like you need and then there's things that you want.

• 40:58Speaker 02

  Yeah.

• 40:58Maggie Sellers Reum?

  And the desires is very different than what we have labeled as your goals. And that is like the big hurrah moment of this budgeting method versus the other. And the desires are, and I put this in here for me, like dinners out with friends, travel overseas, beauty treatments, seasonal wardrobe refresh, gel X manicure, Sephora. This is like obviously.

• 41:22Maggie Sellers Reum?

  Not all the time.

• 41:22Speaker 02

  That's like the whole kitchen sink of like everything.

• 41:26Maggie Sellers Reum?

  And like, you know, it's about me, like, literally, I wish I had my lip stuff in my pocket, but like, there is nothing left of my lip stuff anymore.

• 41:34Speaker 02

  Yeah.

• 41:34Maggie Sellers Reum?

  I don't go to Sephora and buy random beauty products.

• 41:37Speaker 02

  Yeah.

• 41:38Maggie Sellers Reum?

  I go twice a year and I do a

• 41:40Speaker 02

  During a sale.

• 41:40Maggie Sellers Reum?

  During a sale and do a huge haul.

• 41:43Speaker 02

  Yeah.

• 41:43Maggie Sellers Reum?

  And then, yes, like, maybe once every three months, I'll see a product like this primer that I just got.

• 41:48Speaker 02

  Yeah.

• 41:49Maggie Sellers Reum?

  That's the one thing I've bought in literally three months.

• 41:51Speaker 02

  Yeah.

• 41:52Maggie Sellers Reum?

  For, from Sephora.

• 41:53Speaker 02

  Mm hmm.

• 41:54Maggie Sellers Reum?

  So when you actually list out your desires, you can total up like how much it's actually going to cost you. And then, yeah, keep going.

• 42:02Speaker 02

  And the other thing I think with desires, and this is like, again, it goes back to the mindset of like, it, budgeting shouldn't be limiting. It should give you financial freedom to spend within your means, but it also is a tool for you to then manifest, like, okay, I'm actually also going to do, what's my laundry list of every single like wonderful thing I want to experience in this life? You can add that up and figure out, okay, how much money do I actually need to live that lifestyle? And this budgeting method also gives you the tools to then invest in your goals to hit those milestones. So you can achieve the desires that you want in your life.

• 42:37Maggie Sellers Reum?

  Yeah. And it's so funny because like, this is why I love this budgeting tool and like this worksheet is, I literally wrote here and let's see, this is from 2024, like early 24.

• 42:46Speaker 01

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• 43:16Speaker 03

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• 43:46Speaker 05

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• 43:47Speaker 06

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• 43:49Speaker 05

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• 44:00Maggie Sellers Reum?

  Or the desires, we actually have a worksheet where you rank the importance of it for you. So you say like, what is the most important? I put back then like Pilates was the number one because I love a strong body and a low impact helps me manage my PCOS. Like that's literally what I put. The last that I put in here of like order of importance, which again is still something that I want, but wasn't as important to me as a personal trainer. I said, I get the same results from my Pilates class at a quarter, a third of the cost. So it's like, if I could and I'm making enough money to validate that, sure, I'll bring it back in. But like, right now it's just not a priority to me based on my rank. So there's a lot of ways that you can actually like think through what you want to spend money on.

• 44:41Speaker 02

  And that goes back to the point of like, it's not the Starbucks coffee every day. That's like, why you can't afford a home. It's because people nowadays in this consumption society, they're spending on every single desire and thinking they're ostriching. Oh, like it's all just going to work out and then you're the dog with the fire in the back. Like it's all going to be fine and it's really not.

• 45:00Maggie Sellers Reum?

  Yeah, this is so fun getting to read this back, but like.

• 45:03Speaker 02

  It's a really good workbook.

• 45:04Maggie Sellers Reum?

  It is. We even made a pyramid of like, okay, here, this is sick. The hot, smart, rich desires, like be intentional with what you desire and spend money on the things that matter most to you. So I actually put in here, like, what are things that like, I'm rarely going to do, like only when you achieve a milestone. So for me, that's like a luxury good. I don't just go out and buy like Chanel.

• 45:24Speaker 02

  No, we never have.

• 45:24Maggie Sellers Reum?

  I will go in, if I achieve something, I will go and do that. But like, it's not something I'm doing on the regular. Then out here is something like that's never outgrown, smoking, which I can't believe I used to do, but like that also adds up. Vaping, um, hair extensions, hidden fees, like not actually reading a bill. Like all of these little things like Gab was saying in her episode is actually what adds up to like drain your bank account. Then things that I rarely do, alcohol, very rarely drink, um, parking.

• 45:56Maggie Sellers Reum?

  Uh, I really own like Courtney's talking like we don't valet.

• 45:59Speaker 02

  Yeah.

• 45:59Maggie Sellers Reum?

  Water bottles, like it's just like the things that you are like, what am I never gonna spend money on? What am I rarely, what's a necessity for me that is like a Gel-X manicure? Hard copy books I put in here, Botox. Then when it makes sense, so it just like helps you understand what is important to you? How much you should be spending on it and like how important is it for you against everything else?

• 46:24Speaker 02

  Like you have to go through the mental exercise for yourself of like, what do I care about?

• 46:29Maggie Sellers Reum?

  What do you care about? And if like you care about certain things, it's okay to spend money on it.

• 46:33Speaker 02

  Yeah, exactly.

• 46:34Maggie Sellers Reum?

  And then this is where the difference comes in with goals, which is like the 10% that I feel like is really the difference here is like this is the investment in yourself. And like we've talked about even with like Secrets of the Rich, it's like having access, paying for access.

• 46:49Speaker 02

  Yeah.

• 46:50Maggie Sellers Reum?

  Is a secret that like this is why people join groups like YPO or they join membership clubs. Or they go to certain cultural moments like the Super Bowl where they know that there's gonna be potential clients. And it was so cool, once we put the budget out, because one of the women that's followed me for years, she's the founder of a snack company. I made this video that was like the ROI of why I'm sending myself to Super Bowl. And it was like, we spent $3,000 getting me to Super Bowl, having like a hotel, flights, hair and makeup. Wardrobe, like everything that like needed to be, and again, like disclaimer that like we were invited to the right events.

• 47:25Speaker 02

  Yeah.

• 47:26Maggie Sellers Reum?

  But I was like very transparent about that.

• 47:28Speaker 02

  Yeah.

• 47:29Maggie Sellers Reum?

  And we got everything that we wanted. Our goal was to meet LPs to potentially invest in our fund or deals that we're doing with SPV. You need to be around people that have the money to be investing $10,000 minimum, ideally $25,000 to $50,000.

• 47:43Speaker 02

  Yeah.

• 47:43Maggie Sellers Reum?

  We wanted to meet big brands that had the money to like

• 47:46Speaker 02

  Yeah.

• 47:46Maggie Sellers Reum?

  underwrite all the content that we're doing with HSR.

• 47:49Speaker 02

  Yeah.

• 47:49Maggie Sellers Reum?

  Those brands are activating at Super Bowl and so it was like.

• 47:52Speaker 02

  And you got brand deals from it.

• 47:53Maggie Sellers Reum?

  And we got brand deals from it.

• 47:54Speaker 02

  Yeah.

• 47:55Maggie Sellers Reum?

  And so it was like, there was actually. An ROI to the investment.

• 48:01Speaker 02

  Yeah.

• 48:01Maggie Sellers Reum?

  And it was so cool because when this woman, this female founder followed my budgeting technique, she was like, I not only, when you're an entrepreneur, the lines are really blurred in terms of like, what's your business and what's your personal life?

• 48:12Speaker 02

  Yeah.

• 48:13Maggie Sellers Reum?

  And she was like, I use your budgeting even for my startup.

• 48:16Speaker 02

  Yeah.

• 48:16Maggie Sellers Reum?

  So she was like, I did an ROI on going to this conference that I otherwise never would have gotten to. It's literally the conference that got me my biggest investor and got me into Costco.

• 48:25Speaker 02

  Oh, amazing.

• 48:26Maggie Sellers Reum?

  And it's like, actually, you know, Scout, my portfolio company for to swap, she just disclosed online how much it costed her to actually go to Expo West.

• 48:34Speaker 02

  Yeah.

• 48:35Maggie Sellers Reum?

  And it's that type of transparency and then the follow-up from it.

• 48:39Speaker 02

  Yeah.

• 48:39Maggie Sellers Reum?

  Where it's like, these are now decisions that people can weigh of like, what do you want to spend money on to actually get what you want out of your life and be control of your financial destiny?

• 48:49Speaker 02

  Yeah.

• 48:49Maggie Sellers Reum?

  Like, if you feel like your spending is out of control and you feel like you're not making steps forward, you are not being clear about what you're spending money on and what's important to you.

• 48:59Speaker 02

  Yeah.

• 49:00Maggie Sellers Reum?

  And once you do that, the consumption and like the shopaholic behavior stops.

• 49:04Speaker 02

  Yeah.

• 49:05Maggie Sellers Reum?

  I think I've bought four things off of TikTok Shop my entire time being on TikTok.

• 49:09Speaker 02

  I just don't spend on that kind of stuff.

• 49:11Maggie Sellers Reum?

  No.

• 49:11Speaker 02

  I never have. I'm not an impulse buyer of random things I see online and it honestly, like, it makes me sad for the people who are stuck in that.

• 49:20Maggie Sellers Reum?

  Cycle.

• 49:20Speaker 02

  Cycle.

• 49:21Maggie Sellers Reum?

  Well, and the thing is, is like, the thing you have to do is like, you can't feel sad for yourself. You have to take action and take accountability and move forward to get yourself out of that situation. And like, even today, I'm asking like, can we please, like, if I order something from Amazon, I see so many people order stuff and then it not work out and they'll be like, it's only $10, I'm not going to return it. I save a box of things that I'm like, this didn't work. This HDMI cable that was $7, we ordered two of them. We need to return them.

• 49:50Speaker 02

  Yeah.

• 49:50Maggie Sellers Reum?

  And it's like, if you are careless about what you're spending money on, it's going to go away.

• 49:56Speaker 02

  Yeah.

• 49:56Maggie Sellers Reum?

  So the 10% of your goals is the investment in yourself. Oh, this is the best example as somebody that wants an Hermes bag so badly, like. I have goals of buying an Hermes bag one day, but that is not going to help me personally or professionally. That is not going to further my career having an Hermes bag. It's a desire. It's a desire. So I think that's where like language even gets really confusing around like, it's a great investment where it's like, if you are investing in yourself and your business and your career, it's probably not an Hermes bag. That can be a desire. It doesn't desire, doesn't mean it's like money down the drain. It's just, it's not an investment in yourself

• 50:36Maggie Sellers Reum?

  to further your professional or personal life, in my opinion. And so the things that I'm interested in putting 10% of my money towards are things like joining a membership club to expand my personal and professional network, learning to speak French, angel investing, obtaining a named role, and taking a Harvard Business Review class on consumer psychology, furthering my education. Like in this workbook, I literally talk about my personal goals. And it's a little outdated now. It's like from last year, but the reason I say that is I've gotten so much heat from people that I say angel investing is a horrible way to make money. The only reason I have ever angel invested is to bring companies to the marketplace that should

• 51:21Maggie Sellers Reum?

  exist and don't, and to expand my network, my knowledge, and my personal development in my career. There is no other, I am, I don't think I'll make money from angel investing. Like I honestly don't. But the opportunities that angel investing has provided me to further my career and my education is an expense that I am okay with. It's also why last year, when money was a bit tighter, I didn't make an angel investment. It wasn't in, like I don't want to make smaller investments now. Like I'm looking to like, now that I really know what I'm doing, it's like, I want to go and have an influential position in a company and really be able to like, do something with it. That like, it needs to be enough

• 52:03Maggie Sellers Reum?

  for me now. And last year, it wasn't the time for me to make angel investments.

• 52:09Speaker 02

  Time on both like it wasn't financially the right time and it also wasn't the place that you needed to be spending your time.

• 52:17Maggie Sellers Reum?

  Well, and I also think it's like going back to the reasons it's like I felt like I was at a place where it was so overwhelming last year with so many things going on that adding another investment to the Rolodex or like my pipeline would have just been.

• 52:31Speaker 02

  It was overwhelming.

• 52:32Maggie Sellers Reum?

  It was not again, we are so clear on what we're spending money on and there's always a conversation of like, is this going to matter? Is this the right time to do this? And it's not to say that we've never made mistakes, but like I think when you do make mistakes personally or professionally with spending money, it's like the ability to really sit with it, talk about it, make sure you learn from it and you don't make the same mistake again.

• 52:57Speaker 02

  Yeah, yeah.

• 52:58Maggie Sellers Reum?

  I think we could talk about money forever and this is definitely not going to be the last time that we do talk about money. But I just wanted to end this episode with some hot, smart, rich money affirmation. So you are going to repeat after me.

• 53:11Speaker 02

  Okay.

• 53:12Maggie Sellers Reum?

  And then if you're listening to this and you want to start taking control of your financial destiny as soon as this episode is done, respond when Katie responds to my affirmation. Okay. Money flows to me.

• 53:24Speaker 02

  Money flows to me.

• 53:26Maggie Sellers Reum?

  Life is always working out for me.

• 53:28Speaker 02

  Life is always working out for me.

• 53:30Maggie Sellers Reum?

  There are no limits to what I can and will achieve.

• 53:33Speaker 02

  There are no limits to what I can and will achieve.

• 53:35Maggie Sellers Reum?

  I am financially free because I am aware and in control of my life.

• 53:39Speaker 02

  I am financially free because I am aware and in control of my life.

• 53:42Maggie Sellers Reum?

  I am an excellent money manager.

• 53:44Speaker 02

  I am an excellent money manager.

• 53:46Maggie Sellers Reum?

  Everything will get better when I take inventory and action.

• 53:50Speaker 02

  Everything will get better when I take inventory and action.

• 53:53Maggie Sellers Reum?

  Money is a tool, not the solution.

• 53:55Speaker 02

  Money is a tool, not the solution.

• 53:58Maggie Sellers Reum?

  I spend my money with intention.

• 54:00Speaker 02

  I spend my money with intention.

• 54:02Maggie Sellers Reum?

  And money is a currency that flows in and out easily to me.

• 54:05Speaker 02

  Money is a currency that flows in and out freely to me.

• 54:08Maggie Sellers Reum?

  Mic drop.

• 54:09Speaker 02

  Mic drop.

• 54:10Maggie Sellers Reum?

  Thank you guys so much for listening. We hope that you loved this episode. If you want more episodes like this, please let us know. And as always, please rate, review and subscribe. And I hope that when you're done listening to this, you know and continue to build your worth. And then please make sure to review, subscribe. Love you.

• 54:34Maggie Sellers Reum?

  If you're starting a business, there are certain things that are so fun to think about. Y'all know I love a mood board, so everything that relates to the creative, the name, the brand, the website, the vision board. But then there are the things that make you pause and ask, "Am I even doing this correctly? Or do I even want to be doing this?" Like forming your business, getting the right documents, keeping your personal information private. This is where our sponsor, Northwest Registered Agent, is so helpful. They're a one-stop shop for founders who want to launch and legitimize their business without turning it into a giant admin spiral. They help you form an LLC or a corporation, act as your registered agent, and give you tools like a business address, operating agreement, website, phone number, professional email, and free guides.

• 55:18Maggie Sellers Reum?

  They also have real corporate guides who know your local laws. Visit northwestregisteredagent.com/hsrfree and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com/hsrfree.

• 55:38Speaker 03

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' health care to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee.