The MYNC Franchise Founder on Turning a Passionate Project Into Her Full-Time Job
What was the biggest money lesson you learned as an adult?
I always felt too busy to keep a close eye on expenses early on in my journey as a founder – I was already wearing so many hats. Besides, the company was busy and the money was coming in, so everything was fine, right? Learning to prioritize balancing books regularly has helped me gain perspective on where I should be spending and when I should retire.
Would you rather receive a large amount of money all at once or a small amount of money regularly for the rest of your life?
Big sum all at once. Think about investment opportunities.
What’s the biggest misconception people have about growing money?
That entrepreneurs must have high risk inclinations. Yuck – who wants something high risk in life? Franchising is an established business, with a recognizable brand name and a proven business model and strategy. It’s a smart risk.
Can you share a money regret?
I am not someone who regrets things. The obstacle is often the path and, at the very least, it is an education. Never let the fear of regret stop you.
What is the word “assess” mean to you?
Anything you hold in high esteem, and it’s not necessarily monetary or even quantifiable. I really don’t mind spending on something experimental. Particularly quality chocolate – I will always go for that.
What is the first major purchase you made as an adult?
My first house. I was 26 years old. I sold it several years later for what seemed like a good profit at the time, and started renting out, which felt liberating when I started my business. But, when I finally re-entered the market half a decade later, the housing market had changed dramatically and my buying power was reduced. So maybe there is a little regret.
What is your position on debt?
Debt is a tool. This means you have control of it, not the other way around. If it’s an asset that’s going to increase in value or allow you to earn a better living, it’s worth it, but racking up debt on consumer goods to impress other people who don’t probably laugh, why?
What’s the last money book you read?
The wealthy franchisee. I’ve read it a few times actually. I love it. It is so relevant and must-have for franchisees or anyone considering becoming a franchisee.