Where’s My Money? Season 7, Episode 5
Where’s My Money? is back for Season 7 with a fresh new look and more money content to help Kiwis work through their finances and make considered moves towards financial freedom.
enable.me partners with rova to bring this podcast to life and stimulate the conversation about finances with everyday Kiwis. Where’s My Money? follows the story of Reagan – a man chasing the Kiwi Dream but feeling stuck living month-to-month – and his discussions with the experts about what he may be doing wrong and how to fix it.
One man. One million dollars of debt. One podcast to find a way out.
In this episode of Where’s My Money?, Reagan speaks to Aaron Styles, the founder of Kiwi clothing brand Just Another Fisherman. It’s a family-owned and family-run business, so the conversation casts a wide net, from working with a partner through to the unexpected perk of providing income to young people. Then enable.me financial coach Shelley Palman is back on the phone lines to answer another listener question in the Hotline segment.
Aaron Styles, founder of Just Another Fisherman talks about building an iconic brand
First up in the episode, Aaron Styles chatted with host Reagan White about growing a brand celebrating his lifelong passion for fishing.
In their conversation, the two discussed:
- Household budgeting and how it compares to budgeting for a business
- Working within a family-owned business with your partner
- Long-term planning for financial success – and brand success
- How storytelling and customer loyalty plays a major role in building a brand from the ground up
- Collaborations that make the difference and build community
- Lessons learned from years of owning a business and the ups and downs that come with it
- Supporting children to learn about work and money
Where’s My Money? Hotline with enable.me financial coach Shelley Palman
Each week in Season 7 of the podcast, Shelley answers a listener’s question as part of the Where’s My Money? Hotline segment.
There are two parts to the discussion that Reagan and Shelley have about redundancy:
- What you can do to strengthen your financial position and perceived value in your role.
- If you are made redundant, the steps that you can take to be as financially secure as possible and pick yourself back up again.
Shelley begins by acknowledging the “stressful vibe,” at the moment in the world of work with fears of AI taking jobs, redundancies and general uncertainty.
Her advice is to “stay informed,” but not to get “bogged down by it.” This is a poignant point, because worrying about things that are out of your control just compounds your worries, and doesn’t meaningfully help you navigate any issues that arise.
“If you do still have a job at the moment, okay, there’s some things that you can do to kind of take back control,” Shelley says.
From a workplace sense, these include keeping your workplace connections strong and making your contributions visible, strengthening relationships with your wider network, keeping your LinkedIn up to date and making sure your CV has up-to-date records of all your major work projects and any professional development you’ve had.
With your finances, “building your financial resilience,” is an important first step to handling any curve balls that may be tossed your way – such as redundancy. Building that resilience can look like reducing “short-term debt,” building “an emergency fund,” so you have a buffer in place, and then looking towards your long-term strategy piece, such as “focusing on paying down your mortgage faster,” to alleviate the pressure of interest rates.
As Shelley sums up, “the lower your fixed costs, the more resilient you are.”
Reagan also adds recognition of the, “silent investment we don’t talk about often enough, which is investing in ourselves and upskilling,” which can put you on the path to a new role if you’re able to fill a gap you may not have had the experience or skills to fill before.
If you are made redundant, there’s a few key things Shelley shares that can be useful to consider:
- Take time to process what has happened and seek any support if you need it
- Try to keep a positive, future-focussed mindset so you can be proactive with your next move
- Get a full, honest picture of your financial position: your assets, what you owe, your savings, how long your buffer may last
- From there, check your budget – the expenses you keep and the ones you might reduce while you’re searching for a job
- Get your CV prepared and updated, make sure it’s aligned with your LinkedIn and Jobseeker profiles (e.g. Seek), and tapping into your existing professional networks
Essentially, it’s using the tools and strategies that you have available to ensure “you’re making decisions around that next job from a position of strength, not necessity.”
Her final proactive tip is not to leave anything on the table with your employer if you’re made redundant. It’s important to “negotiate your exit,” so you get the support you need to make the next move in your career.
If you want to get your finances in order, or need support manoeuvring through job uncertainty or redundancy, consider booking a consultation with an enable.me financial coach (costs apply). They’ll help you diagnose your starting point, create goals you’ll feel motivated to work towards, and set a strategic financial plan that can help build your resilience to navigate any bumps along the road.
Watch Aaron’s interview and the full listener Hotline segment below:
Disclaimer: The Where’s My Money? podcast and the information shared by host Reagan White and his guests does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.
