385: Finding Financial Balance While Side Hustling w/ Tiffany The Budgetnista

Share this:

the episode is sponsored by:

Gusto offers modern, easy payroll, benefits, and HR to small businesses across the country. Sign up and give it a try at gusto.com/shp.

385: Finding Financial Balance While Side Hustling w/ Tiffany The Budgetnista

Share this:

Third time’s a charm with ‘The Budgetnista’, Tiffany Aliche. We’ve been able to witness her journey from unemployed and living with family at 30, to having multi-million dollar years as a full-time entrepreneur. She returns to the guest chair to discuss the maintenance of side-hustles while advancing as a business owner, and her focus on achieving financial wholeness and the critical role of intentionality in success. Her new book, Made Whole, serves as a workbook companion to her previous text, Get Good With Money.

 In this episode she shares about:

  • Her strategies to balancing her margins to maintain profit in her business
  • How she successfully transitioned out of the role of CEO in her subscription-based business, Live Richer Academy 
  • The importance of personal financial health while side hustling, and how living below her means helped her achieve that
  • Why transparency and creativity are key to continue providing for and retaining her team 

Highlights include: 

  • 04:17 Changing Dynamics in Business
  • 12:46 Navigating Low Income While Side Hustling 
  • 22:02 Transitioning and Scaling in Business
  • 24:01 The Importance of Having Integrity 
  • 35:44 The Importance of Personal Financial Health
  • 49:28 Transitioning Out of A CEO Role
  • 57:12 Transparency In Payroll

Check out episode 385 of Side Hustle Pro podcast out now on Apple Podcasts, Spotify, and YouTube

Links mentioned in this episode

Click here to subscribe via RSS feed (non-iTunes feed): http://sidehustlepro.libsyn.com/rss


Join our Facebook Community

If you’re looking for a community of supportive side hustlers who are all working to take our businesses to the next level, join us here: https://sidehustlepro.co/facebook

Guest Social Media Info

Tiffany’s Instagram: https://www.instagram.com/thebudgetnista/

Nicaila Matthews Okome 0:02

You're listening to side hustle Pro, the podcast that teaches you to build and grow your side hustle from passion project to profitable business. And I'm your host Nicaila Matthews Okome. So let's get started

Hey friends, welcome welcome back to the show. I'm back with another episode. And today in the guest chair, I have an update episode with one of my favorite guests. Tiffany Aliche aka the Budgetnista. Now, Tiffany is no stranger to the show. She has been in the guest chair from my very first few episodes, I think it was episode 11. And then she came back in 2021 2022. And now she's back again. And I just love the conversation we had today because we got real we got very transparent. And those of you who don't know, let me rewind it back and share a little bit of Tiffany's bio. So Tiffany the budget needs to Alicia is America's favorite personal finance educator and author of The New York Times bestseller get good with money. Through her live richer movement. She's helped over 2 million women save, manage and pay off hundreds of millions of dollars. A former teacher for 10 years with a master's degree in education. Tiffany was instrumental in getting the budget means the law passed in January 2019. Making financial education mandatory for middle school students in New Jersey. The budget Nisa is an NAACP nominee and the first black woman to grace the cover of Money Magazine solo. She's also the co host of Webby Award winning podcast brown ambition and has been featured on Good Morning America. The Today Show and more. Tiffany is also featured as a financial advisor in a Netflix documentary get smart with money. Today we talk about her New York Times bestseller get good with money as well as her brand new book made whole which is the companion workbook to get good with money. So let's get right into it

all right. All right, Tiffany. Welcome back to the guest here. I think you are in the Hall of Fame I think you have officially You are my guests that I've had on the most for me, and that's how informative I find what you have to say. So for those who don't know, you know, give us a brief update about what you're up to these days. Tiffany the budget Easter

Tiffany Aliche 2:34

Well, I have a new book that just recently dropped called made Hall. It is the companion book or the workbook if you will to my New York Times bestseller get good with money. And also to I don't know if the last time I came on that I had was a Netflix special out yet. It

Nicaila Matthews Okome 2:51

was out. Okay, what's it out? Now? Don't get me. I don't think it was out. I don't think okay, well, I

Tiffany Aliche 2:58

had the Netflix that will get smart with the money that came out and this most recently. It was part of a documentary with Kevin Hart. Oh gosh, don't get me live with that thing. It's called Oh, Heart. Heart to Heart. Heart. What was a girl I need

Nicaila Matthews Okome 3:18

you guys, that's why

Tiffany Aliche 3:25

nobody knows. It's only because someone tagged me like, I was like, Oh, wait, what? I remember that outfit. Just so you know. No one knows. So the lack of promo I mean, it's just out and I was like it's just so you know, it's all peacock go to Kevin Hart's heart of the matter. Heard of the man was like, Oh, cute to see us all here. But I looked at everyone's page and no one had posted it. I said oh, so it wasn't just me that didn't get the promo. But so y'all get to see the behind the scenes of shenanigans when you do projects, but right right. Yeah. So our girl even we won't even edit it this is what it looks like.

Nicaila Matthews Okome 4:09

Right? Right. It looks like okay, so yes.

Tiffany Aliche 4:13

Um, and yeah, I just been you know, this was I don't know for other people, but I've so many of my friends with businesses. This is was a really hard to your business. Yeah, it was a transitional and really strange year. Yes. That people I if I'm being candid, I made about half as much as I did last year was one of my businesses. The other one, you know, my online school, the budget needs to meet about half as much. My online school kind of stayed steady. But it was not an easy year. There is a shift in consumer spending. There's a shift in consumer sentiment. There's just a shift and you know, we have been able to weather the storm we still came out in the positive the budget needs to just barely and the literature Academy certainly better. And then brown ambition. My podcast was my friend Mandy. That was it went great. But so many of my friends in business so many my friends that have side hustles was like what is going on? Yeah. So yeah, that I mean, now I've just been trying to figure out how I want the next few years of my life to go because I am winding down certain ways like I don't want to what I call dance for $1 as much meaning like, I don't want you to see me I want to be behind the scene this Yes, yes. And so that's like what I've been really working toward, like, still having these great dynamic businesses that are largely run by the amazing women that are already on the team. And I'm still there, but you don't have to necessarily see me. It's

Nicaila Matthews Okome 5:41

interesting that you say that about your businesses making less. And I think it's strange, because sometimes as we're in it, it's like, Wait, this is going down, or Am I tripping? And of course, you know, about the recession, and people being more financially cautious. But there are times when it seems like some brands or you know, some areas are just thriving. So it can be confusing. What do you attribute it all to?

Tiffany Aliche 6:04

Well, I think that, you know, we all had this high, don't let that off. Many of us had this high during the pandemic, because people were home and they had access. One, they were spending less because they were home to that there was all this government money flowing. And three, there were like the mortgage moratorium, the you didn't have to pay your your student loan. So there was all this money pulsing, and people were like, I'll do that. I'll pay for that. Oh, get this. And I knew because that was when I had my biggest year. During that time, we made $10 million in that year. Oh, congrats, thank you. But I was like, Oh, my God. I knew, because I've been in business for 15 years now. So I knew that that's what the kids call hitting a lick. Right. And so I knew, Okay, that this is happening as a result of something unique happening in the atmosphere. And so, as I mentioned, and made whole, one of my favorite chapters is, um, is safe, like a squirrel, and squirrel save like this, like it's, it's fall here in New Jersey, where I live. And when the acorns are on the ground in the fall, that's when you see squirrels work the hardest and save the most. So during that time, my team and I were working really hard, but also setting aside a ton of money. I had read one place that Microsoft had one year's worth of savings saved. And so that was my aim, we got to six months. And so we felt good about it. And then the next year was a regular year. But then, you know, this year was a slow year, and we had to tap into that emergency savings. Thank goodness. Because before that I had maybe a month and a half, two months, I didn't think anything of it, but we use five months of the six months emergency emergency savings. So just imagine. So you know, what if you didn't have that, exactly, whether it is your personal finances, setting aside money when things are good, so critical.

Nicaila Matthews Okome 7:56

Thank you for that reminder. And speaking of side hustlers. So your journey began with side hustling you were an educator, and then you started testing out this financial education space. Yes. weren't making any money. Take us back to that. Tiffany, what were you trying to do at that point? While you were side hustling,

Tiffany Aliche 8:16

pay bills? No, you don't have these grandiose, I remember distinctly I was 29 going on 30 I just lost my job as a preschool teacher because my school closed down, they lost their funding. And I've had to move back home, which was so much fun when you have Nigerian parents who behave as if you're 12. I still had a curfew at 2930. They were like, I don't care. Bring yourself back to this house at midnight. I was like, oh my god, I can't see you. So I've been doing my sister, much to her delight to sleep on her couch in her one bedroom for four years. She was like, Girl, how long is this gonna be? I'm like, I don't know. And then a friend of mine, who was a teacher and a family. I know thank me, because I know everyone does not have the, you know, the ability and also to some people just won't let you so I'm really fortunate that they were willing to do that. And then a friend of mine who was a teacher in Newark, New Jersey said, Because Newark is also a college town. There's lots of colleges here, said that there was a woman who had this really beautiful brownstone, like these Brooklyn brownstones, but in Newark, like right in the heart of downtown between the museum and the library. And normally, she had it filled with students, you know, but then she was kind of renting it out to teachers buy the room. And it was $500 a month and I said if all that was my goal, I was like, I need to get off my sister's couch. I can't go back home with my parents. And that was a house full of teachers basically, who around my age a little younger, a little older. And if I can make $500 a month, I can cover the rent because the rent included and he's sort of utilities because it was just like all together. So we were each it was that one two, yes. 12345 bedrooms. So you imagine she's really making her money. Because five times five, she's making 2500 bucks a month, which is good money, you know? So yeah. And I remember that like, once we found that the trick was we were right next to the library. So if you sat in this one room against the wall, you got free Wi Fi. I was like, oh, try. Yes, because we had no money. But in the beginning, when I first started, I said, I need to make 500,000 were rough girl. When I say well, I mean, well, I wasn't some, you know, young, 21 year old, I was a grown woman at 30. You know? So

Nicaila Matthews Okome 10:30

everyone thinks you're supposed to make it at 30. Remember that pressure? You felt? Like you were supposed to have it all? To have your husband,

Tiffany Aliche 10:37

your baby? Oh, yeah, house at 30. I was like, if I could just make a living in the room, like I just came home to jail. And so I remember I was like, I mapped it out like this. I said, I was doing one on one budgeting kind of consultations with people. And I was charging between 100 and $150. So I remember I said, If I could just do five people a month, this will be able to cover. So that was kind of like my, yes, um, it wasn't a great business model. Now, I was only just for clarity, I wasn't only making 500 Cuz I also had unemployment. But that covered the rest of my bills. Not really, but this was just four so I could move out. So the problem was, I didn't realize but I didn't understand the marketplace when it came to that kind of one on one, that someone who, for the most part, the people that I was interacting with that needed that one on one, I usually was a woman usually was a woman of color, especially a black woman, it'd be like a friend of a friend, I would go to her house, sit down, she might have kids playing, and we go over her budget, and it would be like, you know, like, after, like reducing it down and everything else it would say like negative $1,000 a month. I look at the budget. I look at her. I look at the kids. I look at the budget. Look at her. She's crying. I'm crying now, because I'm a big old baby. So we just cried on each other. Like, it's gonna be alright, since now, how can I ask for $100? I did. I couldn't in my heart. And she's like, I mean, I made dinner you want to play? I'm like, Girl, okay. So I did that for almost a year. This business model is not working. Because the people that I'm serving, the financial burden is too much. It's not like, Oh, I'm working through your budget, and there's plenty because you're wasting it. It's literally like I cut down to the bare bones. I'll never forget a woman whose house I went to him. When I came over. She said, Okay, now that you actually see can actually talk to AC because I can't afford them utilities. She's She had turned it on. Just for me. That's for you. salutely. Absolutely. So how can I ask that lady? $450? Yeah, sleep well at night.

Nicaila Matthews Okome 12:46

Right, what you're touching on is relatable to so many of us. Because all of us start side hustling and not making any money. How did you pivot? And how did you figure out how to grow it into something that will make money. So

Tiffany Aliche 13:00

I said, Okay, this is not working. But what I didn't realize is that no experience is wasted. So me working four year with all those different women, and helped me to cultivate a specific plan of how to teach financial education. So I didn't realize that's what I was learning because they would give me feedback. And I would, I had a notebook that I carried, that I would like teach through. And they would give me feedback. And I'd update the notebook, they gave me more feedback, I'd update the notebook. So I called one of my mentors, and it was Christine Carr. And I said, I'm doing these one on ones. It's not making any money. I'm just living off unemployment. I had a condo at the time that I couldn't afford the mortgage for. And so I rented it out. And the rent that I was getting didn't cover the mortgage. So I tried to give the mortgage company what I did have, and they said, we only want it if you're going to give us all the money. I said, Well, I want my money then dang Are you? So like that's it? Because I think my mortgage was like I want to like they said, This is not how this works. Yes, I think my mortgage one was a $1,600 a month and I think I was able to rent the condo out for like 1200. And so that I just was like between the 1200 from the condo and my unemployment. That's what I lived off of as I was trying to figure out the budget nista you can imagine the phone calls that are coming in where's my money? Where's my money? Where's my money? And so I reached out to Christine and she said, You know what you need? You're right, that business model is not sustainable. You need contracts. Because Christine was the queen of getting contracts. I said, Oh my gosh, okay, this is what gotta go. I said, I'm sorry, what she said, That's it, I gotta go. I have a meeting. And I remember being like, that's all she said, You need contracts. And I just remember being like, I started to, like, get really upset. And I thought to myself, like, you know, like, I'm a praying woman. And I remember I was just lashing out. I was like, God, you told me. He was gonna look after me. You told me I had everything I needed to succeed. I don't have nothing. I started listing all the nothing that I had. I'm like I got this raggedy suitcase while living my sister's house and every day I got to open the suitcase to get my clothes. So I started listing and Anything sarcastically and one of the things I listed out loud was I got, you know, 20 emails on my Gmail list or whatever. And it was like a light bulb went on. I was like, I have 20 emails on my Gmail list. I said, you know, a lot of those places I had volunteered with. And so I just said, I'm gonna send an email out to all the emails, and I said, Hi, I'm Stephanie. I've done a lot of volunteer work. I teach financial education. I have my master's in education. And, you know, I've likely volunteered here before, but now I now have this as a service. I would love to talk about what it looks like to work together. So our emails all 20 held my breath. Only one person wrote back, Catherine Wilson at the United Way, as she said, The woman who you wrote Amy no longer work. Brooke no longer works here. I was like we were that's the only back was like, well, you weren't there. Can I meet you? Right? And Catherine was like, so I was so scared. I met with Catherine and we became fast friends. We were laughing in the meeting. I was giving her financial advice. I was like, Oh girl, because he educated me always pops up. So she was like, oh, you know, this is interesting. And she's like, honestly, Loki, I'm struggling with this. And I was like, oh, right away, I pivoted to just not I'm trying to sell myself, but to, you know, what you need to do is met if I get an opal, let me show you. And she was like, that was amazing. Huh? Can you do that for our staff? I didn't know what she was thinking. I want her to provide this for the United Way in the community. She wanted to test me out. Can you do this for our staff? And I said, sure. She said, How much do you cost? I said, $500 Because I want to, I want to give you that room. And she said, Okay, I said not to have 1000 girl. And she was laughing. She started laughing. I was like for real? So, you know, at the time, I was 32 by the 31 or 32. And they did and so but I came ready? Yes, I was at $1 store, I got folders. I printed out everything a friend of mine worked for like a school. So she printed out stuff for me. And when I say ready, that I one thing I do know how to do is to teach. So I taught the staff and went so well, the staff who missed out said that's not fair. And we didn't know what was coming. I want to take that class. She said, Can you come back and do it again? I say yeah, she prepared me that 500. So now within two weeks, I made $1,000. You couldn't tell me yep, that. So I did that. And she had to come back to me with her. And she said that was excellent. The United Way provides financial education for the community, we partner with a bank, that through us, the bank wants to give money to people who are struggling financially to buy a house, go to school or start a business. It's called the IDA program, the Individual Development Account Program. And the bank will give up to four times what that person saves with them. So if you save up to $500, you will get 2000 at the end of the program to put toward a business school or home. But she said the problem is I'm teaching a class girl, what do I know? We need someone to teach the class and I said, Okay. I said, Well, what's the cost? She's like, well, we need someone to develop it. You have a curriculum. I was like, yeah. She said, How many weeks I said, they're always making it up on the spot. I thought I was gonna slit later because Catherine, I was still friends because she was over my house for Friendsgiving. She's a girl. But she also was smart. So I knew you figured it out. Right? So she was like,

Nicaila Matthews Okome 18:21

Alright, there's two ways you could do. She saw what you could do, like, you know, when people just know what they're talking about.

Tiffany Aliche 18:28

Exactly. So she said, Come back to me. And so I had the six week curriculum. And she asked me how much and I want to say it was like between 12 115 $100 for the six weeks, six weeks, I believe so. And so I was like, wow. So you know, I started to make it's either six weeks or four weeks. So basically, monthly would be a group of students. The first group was five people. And then I was like, they're not gonna keep me to teach five people. So I asked her Can I like, basically market for you? Because I'm a really good marketer. She said, Sure. So I started to market on Facebook, there was no Facebook groups. There was no Facebook business, there was no Instagram, there was barely Twitter. And so on Facebook, I had already my little sister, it gave me the nickname budget nista. So I changed my name on Facebook or my personal page to Tiffany, the budget has totally changed. And I started marketing and saying, Hey, free class at the United Way, every Tuesday, you know, come join. And so the next cohort was 15 people, then after that 50, then 200, then even more, we had to get a bigger space. And so I raised my prices from you know, for the cohorts about to say, I hope you are raising those. And Katherine was great, because we became friends. She was like, girl got more money, you put yourself ask for more. Oh, that'll be 2500 for the cohort. And then she started to buy every book. So it was like the money for the cohort. And then oh, I wrote this book, the one week budget, my first self published book. So each of the you know, 100 people also got a book and I had my literature challenge and now they got two books plus my payment so I started to make a few $1,000 a month off this for three years. This is what I almost exclusively did. I was like, This is great. I went from one to one to what I call one too few, you know. And then one day, a few years into doing this cohort, I was at a friend of mines house, my friend Madhu. And his brother had just become the class president of his college. And we were celebrating like, Woohoo. And I said, Well, what does the class president even do after college? He said, Oh, we can hire people to speak. I said,

Nicaila Matthews Okome 20:24

sale more, right. And

Tiffany Aliche 20:26

I said, Really? What are the budgets? He was like? Well, obviously, if sometimes somebody is famous, sometimes it's 1020 $30,000. And like a regular person, like 1500, I say, I'm a regular person. And so he hired me, right with his board of kids, basically, to speak for 1500 light bulb went up, went from one to one at 100. bucks, went to went to one to a few at 1200 bucks, right? Then went to one to many at 1500 hours. But for 45 minutes, I said, Oh, you know, there's something about me, I catch on fast. I say okay. And then years after that, so many people because I was still doing the United Way. They kept asking me, people who lived in other states, because in the beginning, some of you are too young to remember. But on social media, in the beginning, it was really very local. So if I posted New Jersey, people saw people who were actually made, and then, you know, yes, more intimate. And then all of a sudden, someone from Florida Oh, it's just available in Florida. I'm like, Girl, how do you get here? And then that's available in Georgia? Is this available? And I thought, huh, how can I take what I'm doing at the United Way, and make it so that way people can do it, no matter where they are, you know, right?

Nicaila Matthews Okome 21:34

Without running yourself ragged travel everywhere. And that's

Tiffany Aliche 21:39

one to infinite. And so I started first, my literature challenge, which was free, just to kind of get a gauge of who'd be interested. And then I started my literature Academy, my online school, which we in the last seven years, since it started, we graduated over 100,000 students, we have about 1520. Amazing, yeah, they pay anywhere from 30 to 50 bucks a month. And so that's like the business that makes the most right now. So you see how I went from one to one, once a few, one to many to one to infinite. And that's what you call scaling. You know, I'm doing the same thing. But each time I make more, it's less time because the Academy, I pre record my course because I have all these other instructors. So I pre record my course. So I don't actually have to be it's not like me being on a stage where I'm getting paid. You know, what I love is that at each of those levels, I don't do one on ones anymore. But each of those levels, I now charge more. Like, if you want me to do a keynote, it's $100,000 Yes,

Nicaila Matthews Okome 22:37

you know, I heard you say that somewhere. And I was like, coach.

Tiffany Aliche 22:42

No, not not. Because I can't afford all that. afford it. Right. But

Nicaila Matthews Okome 22:46

you know, buddy, yeah, At that rate, you don't need everybody. Yeah. So it's just

Tiffany Aliche 22:50

like, it's just been such a journey from like, you know, side hustling to creating this, like hardcore business, you know, businesses, yeah, that have been here for a long time now.

Nicaila Matthews Okome 23:05

And I just want to give you your flowers. Before I unpack that a little bit, I love the integrity of the business that you have built and continue to build. I don't know if I've said this to you before. And I don't know if you ever talk about this, but I just really love that. When we see your work, we know we can trust it. And you know, there's a lot of stuff going on on social media. And it can be hard. It can be hard for me even when I select who to interview to know if people are for real, if they're legit, if they're scammers, and I just love that, you know, it always has been about impacting people really, truly teaching things that are helpful. And that will change people's lives and not just like, you know, trying to get money. And you're somebody whose business practices and the way you do your business is something that I strive to emulate. So thank you for that.

Tiffany Aliche 23:57

I appreciate that. I try we will try our best not to my dad would say when we were a kid, if we got caught telling a lie. He said it's not a little like he would say, oh, what wicked webs we weave when we practice to deceive. So yeah, in business, it's a slippery slope the moment you say well, like so for example, I don't sell credit cards. I'm not anti credit card, but I am not going to promote what I feel like is kind of like the gateway drug to like the slippery slope. Now I will teach about proper usage of like, Hey, if you have a credit card, here's how you pay it off. But you won't see me say hey, this credit card, I could I partner with a credit card company, go ahead and get it because I know that so many people in the audience might get it and then that was the opening to the downfall of their finances. You know, and so and I have this millions of dollars left on the table because a credit card company will pay you up to 200 to 500,000 person that signs up. You know we must win with my audience. My audience size is over 2 million Shawn imagine says 1000 of y'all said, let me get that credit card. Because if he said so, but I don't, because, like I said, I will teach you how to use credit cards wisely. But I'm not going to promote a specific one. Now, on the business side, I might say, and this is different with business owners, you know, I have not promoted any credit cards on the business side. But I might say, like, if Amex came to me and said, Hey, Tiffany, here's a because I use my Amex card, I think is great. And business owners. To me, it's a different audience. You know, so where I might say, actually, here's a great card for your business. And here's how best to use it. A credit card company hasn't asked me for that. But that would be something different if I was on the business side, but so of course, no finance side. No, just because I know how much I see it. I hear I see your posts. I hear y'all talking about it. And so I'd much rather leave money on the table and sleep well at night. Because I have fullest. You know, and I my dream catchers are an extension of that sisterhood. And how can I want something good for my own sisters? And not? What's something good for you? There's just no, it's possible, but hard to navigate with integrity? Because you have to say no, a lot. But just to give you context, and 15 years, especially the last, I want to say six years, my business has grossed about $50 million. Nice. So it's possible. I mean, like I said, I know there's some people I made that last year. Okay, keep for you. But, you know, like, what I'm just saying is then, you know, sometimes people think that navigating with integrity means that you don't get to make money or profit. Yeah, and that's not true.

Nicaila Matthews Okome 26:32

And I love how you say that casually, but it's not. It's not like, even I would call a humble stuff. It's just facts. It's just, but it's important to tell us that because it is possible to do both. Yes, you can have integrity, and you can make millions. And there's nothing unethical about being a millionaire because you are providing jobs for people. You are squirreling away money for the slow years, like you told us, and all of this is impactful. And all the while educating people and I will get to how you've educated me in a second. So, but let's unpack this side hustle thing, because one of the most important things I want us to emphasize here is it takes time. Nowadays, people are starting side hustles and that's your side hustle pros. But some people are starting side hustles and they want to make a million that year.

Tiffany Aliche 27:29

I mean, I guess

Nicaila Matthews Okome 27:35

the bar is set so high. Nobody wants to have the learning years no more. Just the whole reason we side hustle girls, you make $0 I

Tiffany Aliche 27:50

didn't make her my first year. I want to say I think I want to say I made 10,000. Now not even my first year zero. Yeah. Next year. I didn't make my first six figures gross. Business until year five, I believe. Yeah. So I remember I made $150,000 And my take home was 50,000. Yes, yeah. So I finally match what I made as a preschool teacher five years it, you know, and but to your point, people don't want to, they don't want to see that. And they think something is wrong. Because social media, which everyone's making a million is making

Nicaila Matthews Okome 28:23

me feel like something's wrong, because I'll be transparent too, right? So I get invited to a lot of panels, you know, seven figure, entrepreneur, like, I'm not a seven figure entrepreneur. I do well, and I'm growing, but like, Girl smoking, millionaire smokers.

Tiffany Aliche 28:41

When I tell you, I'm not gonna tell nobody's tea but my own. But I'll say this, that I call it the blue check for greed. Right? The blue check brigade. Right? Right. So you know, social media. Oh my god. I mean, you have the blue check people, especially the brown blue check people slide into my DMs slide into my DM they're not in a bad way. But do like Girl, I'm struggling. I'm like, but I just saw your post yet. That was gross times two plus a little extra for you like, so what did he help? You know? Right. So like, but I just say all that to say that not that people are outright lying. But if you spend 2 million anyone can make a million spend 2 million. Yeah, so lots of people. Yes, our seven figure businesses but are in the hole. Yeah, you know, or don't have a strong business model. You know, they don't have HR setup. You know, there's no benefits for their employees. These are things for me, there are years there was one year where I was like, this is the benefits here. And so we wanted to make sure we had everybody's a contractor contractor like it is when you first started out, and then it was like a couple people are full time but not really. And then it was a year like we're setting up benefits. So my employees have I don't know if that won't last i guess i insurance. I guess I don't have health insurance. They are we also have a matching program for our 401k You know, and so they have full benefits, we have HR, so if there's ever any issues, you know, so, but that did not happen, I'm gonna see probably till like year seven, you know? So like if you're wanting to be here for a long time now Good to hear yes. You know, as Drake said, Then, ya know, these are things that build over time and it's expensive. So every one year my employee said we didn't get a raise this year. And I said you didn't? Because this was benefits here. I spent 30% more for you. So if you make $100,000 from me, I'm now spending 130,000 for you here. They are, like I said you wanted benefits, which is I mean, should should you grow now? Like, yeah, no. And so it was, like, you know, that's a 30% Raise. So I had to be like, you know, that's what it kind of looked like for this year. So but I just say all that to say that like, me, too. You think I don't look at people and be like, Oh, I should have done that. Or like, Dan, they seem to be doing so much better than me. That's why I try to limit I muted all the personal finance people like my real friends I call them like Hey girl, hey, how you doing? How's the baby? Yeah, you know, but I don't want to see it because it will sway what I'm doing and I know that not all of it is presented in the most truthful light let's say people are outright lying but you know you know yeah, you know your angle

Nicaila Matthews Okome 31:24

I didn't realize how many people were bending the truth and but I've come to uncover that and also my husband moil loves scam content. He's always sending me like no this person is scamming

Tiffany Aliche 31:38

me to follow certain people that blow up scampi I'm like no. Because when I the reason why I like to follow Him is one just because I have like this like morbid fascination with it but to it because I'm trying to protect my audience. Because people ask me to partner to your point. You know, Nick, the same thing people asked me to partner all the time. And I'm like, is this you know, cuz I'm like, let me do my research on what we have so much due

Nicaila Matthews Okome 32:05

diligence, so much due diligence when I have scaled back significantly, we're having coaches on having just certain type of businesses on because of that, because you're not about to scam me.

Tiffany Aliche 32:18

We're not nothing that you will rarely see if you notice I used to partner all the time. I don't because unfortunately sometimes people start off great and then you know, just has more money that has happened to me I don't even take pictures anymore with people. Unless I know because what you're not gonna do is post see the budget needs to believe me. No, that's different this group Yep. Because girl last night will be at the event you will know I'm that photo pistol video. I'm like all at the event like taking the group photo. Photo. This is a real behind the scenes of what it is. You know, from the side hustle business perspective that like you have to be mindful of the company you

Nicaila Matthews Okome 32:58

keep have to be in the partnerships, you entertain Yes. If you're a small business owner, this is for you. Running a business is just plain hard, endless to do lists employees to take care of and you're ever present bottom line. So first of all, kudos to you for staying on top of it. And now I want to tell you about gusto. Gusto builds an easier and more affordable way to manage payroll benefits and more. They help over 300,000 businesses by taking the pain out of tasks like automated payroll tax filing, direct deposit, health insurance administration, 401k, onboarding tools, you name it. gussto makes it easy. And they really care about the small business owners they work with their support team is attentive and helpful. And since money can be tight, sometimes you'll even get three months free. Just go to gusto.com/shp and start setting up your business today. You'll see what I mean when I say easy. Again, that's three months of free payroll@gusto.com slash SHP. So, you know, the reason we got onto this tangent, by the way, just to bring us back a little bit is it's okay to start small and to be in this for as long as you need to be to build a solid foundation business. All right, like, yeah, I could do there a lot of things I could have done to you know, make a million in a year. But would that be sustainable? You know, and at what costs like misleading or misleading myself for people. That's not a sustainable business model. So you know, if you're just after dollars, that is not a sustainable business model. So as your side hustling, I hope you are encouraged by here and you know, Tiffany, start small make $0 Because the things that these things teach us is it gives us data right write every single thing you're doing even when you're not making money, you are collecting data, look back at that say, All right, what worked? What didn't work? What's going on? You're collecting emails, even 20 emails are now people you can reach out to, and either pitch a service, or ask for feedback on why they didn't buy, what they don't like about your service, and so forth. What else do you want people to take away from those early years of you side hustling.

Tiffany Aliche 35:27

So it's one of the critical components is that your own personal finances, that when you are stressed, I mean, you'll remember, you're like $500, the reason why I was willing to take the 500 is because my personal finances, I was in a state of desperation. And so when your personal finances are a mess, it does not allow you to think as critically as creatively as expansively where if I was good, I thought, Well, I'm not gonna take less than, you know, 1500. And she might have paid it one at a time, I was like, I'll take whatever. And so working on your personal finances, while you are side hustling, to getting to the place where you're more secure, is critical. That's why I wrote me at home, because there's something that I like to call financial wholeness, which are these 10 components to your financial life that you want to keep in mind. So that is budgeting, savings, debt credit earning, that's the first five and the first foundational five. And then as you get good at that investing, insurance, your net worth your financial team and estate planning, you know, that can come a little bit later. And so as you start to maintain and master these 10 things, you get better at it, it will allow you like to think more like creatively in business, because like in every area of business, at some point, you're going to have to pivot introduce new things. Like, I just had my end of the year, big call with my team, and we were all I told them, we have a team of like, there's five of us. And on the budget needs to say like five core members, and I told them, they each pick a project to do for next year, you know, and they're like, really excited about it. But it'd be very difficult for them to be excited about a project if all we're worried about is how are we gonna pay the bills? How are we going to, so I had to make sure like, when I told them, I was like the bonus is not as big this year, because we have to put money back in our savings account. And you know, normally it'd be like rain, you know, I'm sure but I'm very also open with my team Elysium. Everyone doesn't have to do this. Because I picked a really good team open every month, they get to see our monthly statement, like putting a beautiful Canva doc all color. And it's like, yeah, this is how much we made. This is how much we spent. This is what's leftover were negative or positive. Today, they got to see the end of the year report. And it was like, oh, there's even more money leftover than we thought. I said, okay, but half of that has to go into the savings account because we're down to one month. So it'll put us at two months worth of savings. And you'll still get a bonus but slightly less than last year, because I'm securing the perimeter with the savings and no one was like, they were like make sense makes it okay. But do you see like, but you can't do that. If your personal finances are in a mess. You can't think like that, because you're gonna be so worried about them. And so like working on financial wholeness working on being made whole is going to be a critical component to side hustles success.

Nicaila Matthews Okome 38:21

I'm so glad you brought in the book because you know how much I am a fan of your New York Times bestselling book get good with money. It is a money Bible for me. And I'm glad you now have made whole because I have literally been going through get good with money for what seems like forever, you know, because the steps take time. Yeah, the steps take time. Right? So it's made whole kind of like a companion workbook. Tell us a little bit more about how the two work together.

Tiffany Aliche 38:48

Absolutely. So yes, if I were to call get good with money, anything, it's just textbook to your money and made whole is the workbook to the textbook. So if you're someone who was like, okay, so if some people want to really get all the meat and potatoes and read and luxuriate in and to be like, Alright, now I'm gonna go back and get to the work. But with made whole, you don't have to wait, literally, you know, you go to the budget chapter, you read about here are the steps of budgeting, I show you a visual representation of what it should look like properly, then I give you a blank space to do that work. You know, and then on top of that, I also because it's the same 10 Financial wholeness steps from get go with money. I ask people who read that book, if they can give me their experience with that step, and how it transformed their life. So I included in an in real life story of someone who did the very step you're working through, because I know sometimes you like so you read it, you're like, oh my gosh, you know, like she was able to raise her credit score and help her mom buy a house. Okay. All right. Let me get to it. Let me do I could do it too. Because I knew people kind of needed that little bit of encouragement, it can be overwhelming. And the last thing that I added for many of the steps is something called a quickstart because I really wanted the workbook it'd be a place where you got to work. So in the beginning of overwhelmed

Nicaila Matthews Okome 40:03

by the steps, yeah, no way it can be daunting. And yeah, yes.

Tiffany Aliche 40:08

So I'll give you example of a quickstart. For budgeting. It's like before you start this budgeting chapter, I know it might be too much girl, here's a quick start. You can do a budget without budgeting, or what I call split it before you get it, go to HR tomorrow, and say, instead of putting all of my money into this one checking account, I want to split it into four accounts, to checking to savings, some money is going to go or most of it into my checking account for bills, do the math to figure out what that looks like every two weeks, some money into my checking account for spending. So this was like grocery nails done hair done, everything did right. And then a savings account, a high yield savings account, ideally, at an outside bank. I like online only banks for emergency savings or unexpected savings. And then the last savings account for goals like you want to buy a car or a house or something. And so this allows you to budget without budgeting. So if you don't do none of the budget steps, you're overwhelmed. You do a little bit of math and say, Hey, HR, hey, payroll, can you split my check into these four Carol's so when your money comes in, it automatically goes to those accounts. And you're like, look at me almost on a budget. And so that way the bill money to buy in my life? Yeah. So the bill money pays the bills for you, I mean, or you can go in and pay them yourself every two weeks, you want to detach your debit card from the bills account, you can do that. So that when when you're swiping your that's why being any bill money, you're only swiping from the checking account, where you're spending money is your savings, is that a separate bank, so you can't make those easy transfers? You know, but do you see like, that's the kind of Quickstart to do that in 24 hours. And then later, when you're ready, and you feel a little bit more confident, you can go do the full budgeting, you know, step and you're like, okay, the steps I really tried to make sure I had this quickstart is like if you don't do anything else, do this easy thing within 24 hours, and still transform your life in this step.

Nicaila Matthews Okome 41:57

That makes so much sense. The reason I always love having you back is because money dictates so much of what we do as side hustlers and business owners. Sometimes people are scared to make a move, even start a side hustle because they feel they may not have enough money, or they're just have these thoughts in their head around what is possible. So address it face on, you know, and it doesn't have to be one or the other. So what I like about this, your you know, both get good with money and made whole is you can do it in conjunction, like start your side hustle slowly, while also working on an area that you're worried about, okay, you want to build up more savings before you invest more, and you sign up. So let's set the amount that we're going to have auto deducted. Alright, cool. Now you can breathe. Now let's focus like sometimes you and I do this to where I get in this zone of just feeling so bad about how things are like, oh, man, like I don't have this setup yet. I don't have that setup yet. Life insurance, for example, right? Again, I'm being transparent. Like that's the part of your book that I was most focused on this year, because I really wanted to get those ducks in a row and I got to hook kids. I was like, I gotta get this together. And instead of getting stuck in like, Man, I can't believe I haven't set this up yet. Blah, blah, blah, I just focus on taking one step every day. So I started with the book you recommended, you know, two different marketplaces that I could go shop for. And I started out going into both and then figuring out which one I wanted to continue with. And that was so helpful, you know, so shout out to you for creating this because it is really helpful to have a place to start and a place to keep going back to, to do the next step. And the next step.

Tiffany Aliche 43:38

I love that honestly, that life insurance piece is so important. And as you get older, you just realize how important that state planning is. It's like, yes, you know, who are my beneficiaries? Let me keep them up to date. You know, do I have enough life insurance, especially if I've had children, or if I have dead and so and it can be really overwhelming. And so I tried to make sure to walk you through like the teacher and me like, I hope you recognize that each chapter is kind of starts with this lesson plan. Like here's what you're gonna do, like almost like a little syllabus right here, the eight steps don't worry about it. You know, right

Nicaila Matthews Okome 44:09

now one thing that's really important with life insurance, too, that you call out that I don't think a lot of people realize is even if you have some default settings from your job and you never think about it again, like that, if you change jobs like that goes away, so don't feel like oh, I got that setup. I don't have to worry about that. Because if you get laid off or what have you have your own insurance outside of a company? Absolutely.

Tiffany Aliche 44:30

Because you just never know. So like I just wanted to make sure like the teacher in me wanted to make sure because I know how y'all are like especially in kicker with money. If you go to the investment chapter I say I know you skip to

Nicaila Matthews Okome 44:46

know how to budget

Tiffany Aliche 44:50

call me I said are you know I'm gonna let you run for a minute but you have to go back at the other lessons. So I was intentional in both made whole and get you with money that each chapter stands alone as its own separate thing. But if done in order weave together beautifully. So you know, so you are allowed to skate, don't think like, I have to read this whole thing, no, jump to the chapter that pertains to you. And you know, you could do it that way. Or if you want to weave them all together, reading from beginning to end, it also works wonderfully that way. Because I wanted that you got to decide, choose your own adventure, how do I want to learn? What do I need? Because you might have been good at budgeting, and you're 21 right out of college. And then again, when you're like, 27, you get married, you're like, let me revisit that chapter because I'm somebody new now. You know. And so like, I just wanted to make sure that, like they call it differentiated learning and education, right, that everyone learns differently. Some people need, you know, like handholding. Some people need to hear it, some people need a space to practice it. And so I wanted to make sure that like, I thought about all the different types of learner and I could give you the tools you need for success.

Nicaila Matthews Okome 46:02

Yes, I actually like both like, I like being able to listen on my walks, I love being able to revisit things to make sure Okay, did I go over everything I need before I embark on these steps. But then also like seeing the physical book too. So I can say, oh, like, I don't know what it is, I like both. So I keep both of them here. And I just love that I have that option.

There's this idea you might have, and I used to have it too, like my five years in business, I'm gonna have it all together. Like you said, They're yours, you're like, I'm gonna focus on this this year, I'm gonna focus on that, like, I'm gonna get tighter in this. And that's the way I found has been helpful to approaching it, rather than, again, getting overwhelmed with oh, man, there's all these things that I still don't do that great that I don't have all ironed out, like no, really focus on one thing at a time, and just focus on getting better. Like, I don't think that there's a certain timeframe when you quote unquote, have it all together. As a business owner. You

Tiffany Aliche 47:06

know, remember, Sears used to be one of the biggest companies in the world where Sears, Lord and Taylor. So no business is too successful or too big to have hard times. That's just the nature of business. It is not because you're doing something, quote unquote, wrong. I'm not saying that we cannot be better. But business, personal finance, these things are cyclical. And your job is to learn when to lean in, to maximize opportunities, and when to kind of lean back and ride the wave until things are safer. And so and that's normal 15 years, and I don't have all I'm always pivoting pivoting, pivoting, a really great business owner doesn't just pivot, they do what I call the pre pivot. So sitting where you are now, you want to take time to fast forward in your life or pretend as if you were gonna get into a time machine, right? And go forward five years, 10 years, whatever, and say, What do I reasonably think is going to happen? You know, like, I noticed, I remember when my stepdaughter Alyssa was like seven or eight or nine and that age, and she was always on this thing dancing in front of her phone, like what is that? She said, It's called musically. And I was like, what's that? She was like, I don't know if this app or you could dance and I said, okay, then musically, Tik Tok bought musically, and it turned into tic tac. And I said, Okay, I wasn't paying attention. I should have been on that tic tac toe, I would have been dominating, right? But at the time, so you think like, oh, I can't No, no, you got babies, like these kids be on it before you even realize, you know, so like, I'm always from my space thinking, what seems so obvious, to me is probably not obvious to someone who's not in this space. You know, if you're a woman, you're like, Oh, child, like, I saw the natural hair movement coming, you know, or I could see them babies in this app coming, whatever. So wherever you are, you are able to kind of fast forward and look ahead. And then what I like to do is I start to transition and pivot now. Because pivoting in the moment, usually have six months to a year to figure it out. But if I start to transition 345 years out, I can kind of stroll my way into the change. And by the time everybody else is like I'm like girl, we've been working on that for the last two years. You know, and so I'm always in the process of like, looking ahead saying, What should I do now slight light work every year. So when the change likely happens, we're ready. And so you want to practice that pre pivot in your business but also your personal finances too.

Nicaila Matthews Okome 49:27

So the last time we spoke, it was actually episode more so focused on funnels, but you spoke about the fact that by next year and I think this was in 2021, or 2022, that you want to transition out of CEO of literature Academy done or shifted, done. Okay, so tell us about these transitions. How did you go about that? And you know, what does that look like today for you and your business?

Tiffany Aliche 49:50

So thankfully, I have the so I hired within that's awesome. Woman Tamra Landy, She is the CEO of the academy. Now. I never thought that could ever happen. So that was awesome. So we were able to do so because Tammy has been working almost from year one of the academy being open. She's been there, she was a manager and a director. And, you know, certainly, I remember her first year, so Oh, that's so cute. She said, I'm gonna double revenue, I was like, You're not, you're just gonna keep my business alive. She was like, you're gonna see us I know, you're gonna see short enough. She was like, it's hard, I know. But now you got to see legs. So I'm one year in as being a CEO. And your two she's like, this is the I'm going to double revenue, I said you're not. What you are going to do though, is you're going to look about tightening up the business. And she's done a great job lowered our churn significantly. So churn is how many people you lose month to month in a subscription from like, 12% down to 7%, which is excellent at Spotify. 9% churn for like, That is excellent. And then on top of that, she took our monthly expenses down, at one point, we spending $240,000 a month to run the Academy. And now we're down to 140. So that's significant out,

Nicaila Matthews Okome 51:01

I'm sorry, I'm stuck on that number.

Tiffany Aliche 51:03

It's like we were overstand. Me, I was the queen of oh, you need a job, girl, come here, because don't let you be a woman don't let you be assistant, we all have

Nicaila Matthews Okome 51:10

our financial weaknesses. Like, don't we get this

Tiffany Aliche 51:13

my sister, she don't have a job right here. Everybody gets a job 60,000 70,000 over employment. That was the issue, mainly, but also to we had tools and resources we weren't using. And we were kind of like, double layering was like, why are we paying for this twice this company does to those things for half the price. So we went line by line. And we were able to significantly lower and also to negotiate and you can negotiate all your vendors. So we did that. So I mean, I was shocked at how much money she saved us. So even though I'm with the Academy this year, like I said, our peak year and like I want to say 2020 2020 2021, we'd made that 10 million. And then slowly, it was like next year, like six and seven this year, we made just over 3 million, maybe three and a half. But because of all of that reduction, we weren't able to keep over 30% You know, which is a decent number, especially during a hard year. So we were able to retain, you know, have a profit margin of a million dollars, which is like, okay, you know, and so this was like I said, quote, unquote, a bad year for us, because we've definitely done better, but we actually didn't grow. That was the one part that we've been struggling with is that, you know, Tim was like, you know, I'm still trying to learn how to grow us. I said, but look, maybe you didn't grow as forward, but because you reduced all this loss. We actually had made more money this year than last year, even though we made more money technically. Maybe last year, we made like 5 million, 6 million, whatever. But we didn't get to keep as much because we were overblown, if that makes sense. Okay, you know, so it was a good lesson. Like sense. Yes. Like, you have to look at business on both sides earning but also what's that spending looking like? You know, and so now I want to leave keeping Yeah. What is your margin? Yes. So now I do believe for 2024. Now we're in the space that we can scale. Because now that was tightened up. Now. It's like, okay, Tam actually ever call with her on a few moments like, like, let's talk about what growth looks like, because you have taken up the back end. And so no, but this is business like, you know, I like to share numbers candidly, because it's easy to like, oh, I made 10 million like I'm a you make 10 million a year? No, I made 10 million that year. Because I want to see I mean, obviously 3 million is nothing

Nicaila Matthews Okome 53:17

to sneeze section two. Yes. Because yeah, every year is not the same. Anyone who says oh, I make this every year. No. These

Tiffany Aliche 53:23

are the lessons that we've learned. And so with a budget Nisa, it's been a struggle to step away because I am the budget Nisa. And so the team all year, we have been talking about what are ways to make money that Tiffany doesn't have to be on the forefront. So we had our big end of the year meeting where everyone kind of decided what projects are going to lead for. For 2024. I'm really excited. Like we've never really had merch, but we had this new young woman on our team to Jerry, who was like, I want to take over shop, but at least I was like, yes, you know. And so Logan is gonna be his charge of partnerships. Carol on our team, we have this partnership with this financial advisement company, where we send people to them and I really liked them, because we haven't really helped our high net worth individuals as much. So that's our avenue to do that. I Keisha, we have a Patreon, my mentor Tiffany, where I mentor women, black women in business. And so I Keisha on the team said, I want to lead that. And so these are great avenues where it's like, Tiffany is not necessary, but that doesn't happen accidentally, or making the plans now, and then we're mapping out the plan. So you know, we will see it through for the new year. And so that's the way with the budget nista. It's like everything in business just even in life. If you want to see a shift, you have to be intentional. And so yes, I was intentional. I'm going from literature Academy. I talked to Tim every other week or whenever she wants to call me if she needs any assistance. The budget needs to like I looked at our year end numbers. And last year spokesperson and speaking engagements, which means typically work was like 60 to almost 70% of our income. This year it was 38% so Like, okay, so even though we didn't make as much and partially voc was not making as much because I'm not dancer for dollar figure it out. It's because I pulled myself out I was like, okay, so you see other things getting a chance to push through. So sometimes in shifting, you have to be like, well, it's less money then, like we have to figure out a way that cuts could I come in and save the day and say, you know, let me dance and make a million dollars for now I'm not doing that down, you know, and so like, so you will see less in some ways of me. And more ways in the ways that I want to show up. So, you know, it's all learning. I mean, I just got here two people think like, I tell my team all the time that like when they're asking about decision making, oh, my grandma, when I say parenthood, you just got your child, you making the best decisions with the tools you have available? And I mean, I had the answers. I said, we're gonna try this. And if it don't work, we're gonna try something. Right.

Nicaila Matthews Okome 55:50

Like, I literally figure it out. And there's no model like this. Yeah, you can look at people who have similar businesses, but there was no budget needs to like you didn't go to college to be the budget. So you are figuring it out figuring it Hey.

So before we jump into the lightning round, I know you have side hustles as a business owner, so tell us a little bit about that. You know, what are you side hustling on these days? And you know, how does that work?

Tiffany Aliche 56:22

These are Tiffany things that I told the team, I'm taking off the table for budgeting stuff, but it will be for Tiffany. So one of them is speaking. Because I don't need the team for that. You know, and so before every single money that came to me, I just poured it into the budget into the pot, which didn't feel good. If I'm being honest. I was like, Well, Dan, what about me? So if I'm speaking, I don't need you know, this is not like social media. And just Tiffany. So one of my side hustles is speaking. And so if I decide to speak somewhere, Tiffany just gets that money. And if I decide not to, okay, it doesn't factor into the larger budget of the business. That's one of the things.

Nicaila Matthews Okome 56:56

So do you have a separate entity for that now, like the Tiffany Inc?

Tiffany Aliche 57:01

No, it's still because there's still a benefit of it being paid to the budget nista it's just a one, it's time to be factored into, like pay roll or whatever it doesn't get factored into, like, so I'm doing something for the first time in 2024, where we're doing kind of like a profit share with the team, because everybody wanted raises. And I said, let's look what the numbers say, thing ain't no money, you know, for everyone deserves a raise. And I said, I don't want to, because if I give everyone a raise, and we don't make enough money next year, what are we gonna do? So I said, we need a permanent solution to a permanent problem. And so now we do these profits here, the way it's gonna work is then everyone has their base salary, it's reasonably fair for the size company that we are, and the position that they have, you know, that's the key, because people are like, I'm a CEO. So as Jeff Bezos where's my trillion dollars? You know, because something like well, I work. Okay. Go work for Google. Because the account that Google is probably making a million dollars a year, but it's not the same thing that's in the count here at the bunch of these. Yeah. So when you're paying, that's when it'd be careful about giving away titles, because the girls love to do. Yes. The girls love a Google and not my team right now. We love y'all. But the old girls used to love a Google Well, according to Google, I should be Oh, sis, work with Google Glass. Yes. No. Are you comparing me to a

Nicaila Matthews Okome 58:22

multimeter? Yes, like, there.

Tiffany Aliche 58:25

So one said, here's what we're gonna do. Here's your base salary, which is a fair base salary for our size and the level where you are. And then I said, the way I get paid as an owner is I have a base out and I take the lowest base salary. So candidly, for the budget, nice, I take $50,000 a year as a base salary, okay, everybody else makes much more than that. Because I feel like as an owner, it's my job to make sure everybody eats, right. But then what happens is monthly, what would happen is, you know, we had a really good month set aside for savings and taxes, there's money left over. And I could take an owner's draw after savings after taxes after bills after payroll. And sometimes that owners job could be $20,000. Sometimes it's 5000. I remember one year during that 10 million a year it was $500,000 that month, so the owners jaw so I don't necessarily worry myself over the base salary for me. So their base salary is much more than mine, the average person on our team, well, everybody makes more than me as far as their base salary. But I told them, I want you to get paid like an owner. So you can navigate like an owner, you will also get a quote unquote owners draw, but every quarter. And so what I'm willing to do is whatever my owner's draw would have been, I'm setting aside 20% of it, and giving it to y'all. So if I was gonna get $100,000, I'll take 80,020% goes into a bucket. And depending on what tier you are the 35% to 25% to 15% depending on what tier you're on, then that's the percentage of the bucket that you will get. And so it means that I don't have to raise, you know, payroll because we can't afford to do that. I don't know what the year is going to bring. But it means that if you do what you're supposed to do you will make way more with this profit share that you would have went with like a $5,000 Raise, you know. So now the girls are creative you are. It took me almost all year and crying and fussing and call on my mentors and like it took forever to figure out how do I honor two things, my team deserves more. The company can't afford it. It's impossible. That's what it felt like I said, I'm just gonna lose my team, because they

Nicaila Matthews Okome 1:00:23

deserve to get a creativity. Because you could have easily said, I'm gonna stretch myself, and we're just gonna have to make it. We're just gonna have to I used to do that more. Yeah. And I just

Tiffany Aliche 1:00:32

said, we spent five months of our six months saving. We won't be in business next year. If I do that, if we had six months worth of savings. I might be like, okay, okay. Okay. It was what we can do? No, but what it told me is girl, you literally cannot afford to do this. And so it was like two things. One, it was I had to put the education piece in place, meaning every month, here's what it looks like. So every month a team see. So it slowed down the asking for money in this way, because they're like, obviously, I don't see it. And then it came with this was a solution when I tell you everyone is happy. Because now you could do the math yourself. You're like, no, look, it's an extra 10,000 this month. Okay, so 20% of 10,000 is 2000 into the bucket go oh, okay, so yeah, and you know, maybe you make 35%. And you're like, Oh, look at me already. I'm up, you know, so all of a sudden, you're making choices, that the way I make choices, like what's that bottom line look like? Because we're always in service. I told the team surface comes first, you know, but like, you know, we don't have to worry about are we serving our clients and customers, we always do that. But now they're thinking like a business owner. And I when I tell you that ideas to come up, I'm like, Well, where was that idea? Well, girl, was headed behind that I was making enough money. But I love this for them. And I love it for me when I tell you the level of stress that I'm like, I feel really good. Because it's never going to tank the company because it's always from the excess of what's leftover. There'll be some quarters, ain't no money, just like for me. I'm like, Yeah, welcome to the show, sometimes. And then there'll be some months where it's like, oh, my gosh, I got a huge bonus. And it's like, Yeah, welcome to the show. Sometimes that's how it looks. But yeah, that I shared that. Because if you're struggling depending where you are in business and side hustling as a potential tool that you can use, but it's critical that you have the right team, you can't do that with people who are not invested in the overall betterment of the company. Like I wouldn't be able to do that with a team that I had before. If I'm being honest, because it just wasn't a space where people cared about stuff beyond just like, give me mine, you know, so I have the perfect team to do that with Yeah,

Nicaila Matthews Okome 1:02:37

I just love that. And I wish that I worked for companies before where that level of openness was there. Because sometimes you just feel like you are at the bottom. The people at the top are just getting these fat checks. And it's like, Why, especially when I'm doing a lot of work.

Tiffany Aliche 1:02:53

Yeah, so it's like now we also fat check. You know, yeah, so.

Nicaila Matthews Okome 1:03:01

So let's jump into a quick lightning round. You know the deal, just answer the first thing that comes to mind. All right, so number one, what is a resource that has helped you, I'm gonna get even more specific that has helped you to write and be so successful with both of your books that you can share with the sign on Super audience. It really it was for

Tiffany Aliche 1:03:21

me, lesson plans. I just mimic the lesson plans that you get in school How To books to me should follow a formula. Now like so if you're writing a how to book follow a formula. And for me, it was like lesson plans that you get in school, and that was my, that was my go to it's the reason why my books

Nicaila Matthews Okome 1:03:36

do work. Right. And I know this is lightning, but I just need to stay on a side with that as well. I hate how to books that are like they need to fill up space. Like you could tell they have a word limit so they just fluffing in the beginning. But yours is not like that. So thank you for that. Number two, who is a black woman entrepreneur who you would want to switch places with for a day, non celebrity and why but

Tiffany Aliche 1:04:01

this is kind of a celebrity Tabitha Brown. Okay, no.

Nicaila Matthews Okome 1:04:05

Yeah. Why? Because she's well diversified

Tiffany Aliche 1:04:09

in her offerings. Toughness is on TV. She's got books, she's got hair. She's got scan she's got. So I'm just like, curious about how does all that work behind the scenes?

Nicaila Matthews Okome 1:04:20

Ah, yes. All right. I didn't even know she was doing all that. And number three, what is a non negotiable part of your day these days?

Tiffany Aliche 1:04:30

non negotiable Park taking a walk and weather permitting. Like I love to walk it brings me so much peace. And so I don't start my day until typically not until 10am. Because I like to take a morning work.

Nicaila Matthews Okome 1:04:41

Okay. Number four, what is a personal habit that has really helped you with your success?

Tiffany Aliche 1:04:49

Building relationships, meaning like really checking in on people on a human level. So many like business opportunities, or, I mean, I've had people buy 1000s of books for their organization. And just because we're cool, I'm like, wait, you work for her? She's just like, Hey girl, how you doing? You know, you looked a little fat in your last slide you got you know, George, I'm gonna call you don't like I want to take my walks, I do a lot of calls, just check in how you doing says you know, and then later on you find out she's the CMO of like Cadillac diversity, you're like, oh, you know, so yeah. relationship relationship relationships.

Nicaila Matthews Okome 1:05:23

And finally, what is your parting advice this time around for side hustlers, who want to be their own boss but are worried about losing a steady paycheck that

Tiffany Aliche 1:05:33

get practice living well below your means? You know, like, for as much money as I did not so much this year, but typically make I don't live to the extent of that, you know, and not that I live like, poorly, like I bought a condo earlier this year. $500,000 I paid for a cash so we're not talking about own way and poor Tiffany now. But when I was making sometimes I was taking home seven figures multiple seven figures in a year I was living off of 10% Imagine if I was living to the fullness of it were this year, maybe I made a few 100,000 How would I have managed in some ways, you know, so get used to living well below your means. It gives you peace of mind. You know, it allows your business to fluctuate. And it just it allows you to be creative without having to worry. And so like well below your means will look like something different depending where you are in business. But that has been one of the best practices because I have all the things that I want. I get to travel all those things, but I don't live ever to the max because it leaves me space and grace to navigate differently when I need to navigate differently.

Nicaila Matthews Okome 1:06:38

I love that. So Tiffany, thank you again for being here. As always, where can people connect with you and get your books after this episode?

Tiffany Aliche 1:06:45

So I am the budget nista on everything Youtube, Instagram, Facebook, tick tock although I'm not there that much. And the budget nista.com for any resources that you might need from me and my new book made whole it's available at made whole workbook.com and wherever books are sold.

Nicaila Matthews Okome 1:07:05

Alright guys, there you have it. I will talk to you next week. Hey guys, thanks for listening to side hustle Pro. If you like the show, be sure to subscribe rate and review on Apple podcasts. It helps other side hustlers just like you to find the show. And if you want to hear more from me, you can follow me on Instagram at side hustle Pro. Plus sign up for my six bullet Saturday newsletter at side hustle Pro, that CO slash newsletter. When you sign up, you will receive weekly nuggets from me, including what I'm up to personal lessons and my business tip of the week. Again, that's sign hustle pro.co/newsletter to sign up. Talk to you soon.

Transcribed by https://otter.ai

Meet the host:

Nicaila Matthews-Okome

Hi! I’m Nicaila, the Creator and Host of the Side Hustle Pro Podcast. I started Side Hustle Pro when I was a side hustler myself. I was a digital marketer at NPR by day, side hustler by night. Through the powerful stories shared on this show and the courage to launch my own initiatives, I was able to quit my own job and go full time with Side Hustle Pro.

Watch this Episode on Youtube

Play Video
201: I QUIT my Job! (REWIND)


Get more episodes like this delivered right to your inbox. Sign up below to get the weekly episode summaries.

get the free guide

The Ultimate Guide To Getting Your Side Hustle Up & Running!

More like this

Get the free guide
the ultimate guide TO GETTING YOUR side hustle UP & RUNNING