Tori Dunlap joins Jillian to talk about financial confidence and being comfortable talking about and handling money.
Business Savvy in High School
Ever since she was young, Tori was driven and ambitious. By the time she graduated high school, she owned 15 vending machines and saved the profits for her college fund. The experience she gained helped set her up for her future.
“It taught me how to run a business. I learned profit and loss, I learned how to pitch myself, I learned how to grow a business.”
Tori’s parents had conversations with her about money management and the actual expense of college. Not only did they talk with her about money, but they also put the things they said into practice with their own money.
Instead of brushing the cost of college off as an arbitrary number, Tori and her parents really broke down the cost and means to pay for it every semester. As a result, Tori was able to graduate from college debt-free.
Building Confidence in Your Finances
Tori is comfortable and familiar with her money, and this really benefited her on her journey to becoming an entrepreneur.
“In any sort of new area of your life, you have to get comfortable with being uncomfortable.”
For anyone who isn’t as familiar or confident with money, yes, it can be uncomfortable. But in order to overcome it, you have to sit in discomfort until you’re comfortable. That’s really what true self-care is—doing what it takes and putting in the work.
Your Relationship With Your Money
Tori recommends the idea of a money date—going through your money and really evaluating and assessing your financial status. By doing so, you become familiar with your money, how much you have, how much you need, and where it’s going.
“You’re asking your money, ‘How can I be working harder for you? How is this relationship going?’”
Ignoring your money or debt and pretending it doesn’t exist won’t help. Often, our relationship with debt and money is shameful, and we treat it like we do emotional eating; if we already blew it, what’s a little more?
Even if it’s intimidating and uncomfortable at first, knowing your money is empowering and gets easier over time. You start to see progress, and process and results become rewarding.
Here’s a breakdown of the episode:
[00:58] As a child, Tori started her own vending machine business. By the time she graduated high school, she owned 15 vending machines. The experience she gained and her parents’ guidance set the stage for her future.
[02:19] Tori’s parents were open with her about the money process, and they taught her money management both through explanation and practical application with their own money. With that knowledge and their guidance, she was able to graduate college debt free.
[06:00] In order to become comfortable with money, you have to be willing to be uncomfortable. A money date is a great thing to practice. Go on a date with your money every month and really evaluate where you are financially, what you have, and what you need to do to get where you want to be.
[08:07] A lot of times, we avoid our money problems as a way to cope with our financial situations or because we don’t understand the money. But that won’t help; it only creates barriers and holds women back from being comfortable and confident with managing their money.