52. Lisa Conway-Hughes Goes On a Big Lifestyle Adventure

Listen to this Real Money Stories episode on your preferred podcast platform below.

This week I speak to rising social media star and financial adviser Lisa Conway-Hughes, aka Miss Lolly.

Lisa recounts her early dream of wanting to live in one of the beautiful big houses she passed on her way to work, but having no idea how she'd make that a reality. 
 
Juggling several low paid jobs, keeping a lid on her social spending and eventually carving out an accidental career in financial services, were the foundations of her later economic success.

Being resilient and adaptable was essential when Lisa's husband's work dried up a few years ago, while Lisa was juggling being a young mum and building her business. By examining her limiting beliefs with a performance coach, she grew her income by 50% in one year.  Lisa now has a waiting list to take on new clients and a rapidly growing social media business.

Lisa talks honestly and candidly about the importance of knowing what you want and value, and the importance of doing the hard work to get and keep the life you want. 

Check out Lisa’s website here: https://misslolly.com/
and her profile at Westminster Wealth here: https://www.westminster-wealth.com/lisa-conway-hughes 

Episode Transcript

Jason Butler 0:05 Hello, and welcome to the Real Money Stories podcast. I'm Jason Butler. And I invite you to join me as I have intimate money conversations with people from all walks of life. Whether you're just starting out and your money journey, or well down the track, there's bound to be something you can learn from these stories about taking more control of your money, so you worry less, and enjoy life more. Real Money stories is sponsored by Vanguard, bringing value to 30 million investors worldwide. Visit Vanguard investor.co.uk for more details. And remember, the value of investments can go down as well as up and you may get back less than you invested.

Jason Butler 0:06
Hello, and thanks for joining me on another edition of Real Money Stories. I'm your host, Jason Butler. And I'm the guy with probably one of the best jobs in the world. Because every week I speak to amazingly interesting people, people from really, really wide range of backgrounds. And today, I'm super excited, because I've got someone I really, really rate. She's all over social media. She's got a very, very interesting backstory. And she knows she's super smart. She knows what she's talking about. And that is Lisa Conway. No, I can aka Miss lolly. I should just say that. Yes, absolutely. Well, we'll get into that in a bit. Oh, Lisa, thanks for joining today really excited that you've been on? And I got lots of stuff. But before we go into your backstory, can you just tell everyone what it is you actually sort of do for your day job as it were?

Lisa Conway-Hughes 0:54
Yeah. So but Monday to Thursday, and I'm a financial advisor. I work at Westminster wealth. And I've been I've been a financial advisor now, for 15 years coming up. Now, I was going to have a big party this year.

Jason Butler 1:13
But you've only looked like you've been out of school a few years? Come on.

Lisa Conway-Hughes 1:18
Very kind.

Jason Butler 1:21
So that's Thursday.

Lisa Conway-Hughes 1:22
Yeah. And then on Friday, so do you mind me slowly day, which is where I'm, well, it started off just as a blog. And now it's progressed into so many more things than that. And I've also just recently joined and the she's on the money team as well. So, five days is my day of recording lots of content for social media, and doing lots of educational videos explaining money in normal language, hopefully, so that people can I suppose demystifying our worlds really, I think a lot of people have prided themselves on making finances seem difficult for far too long. So that's my Friday mission.

Jason Butler 2:05
Yeah. And I love what you're about. She's on the money well worth looking at. You've got a podcast, haven't you? Yeah, you're on Instagram, and you've got a YouTube channel, I think as well. So well worth checking them out. Whether you're a man or a woman, you know, always good stuff. I always like to look at what other people are doing. But I love what Lisa just knows what she's doing. There's a lot of people on Instagram, who talk about money who actually don't really know much about money. All right, and there's a lot of what are called charlatans. But Lisa is one of the good guys and girls can she actually is super smart. And she does know what she's doing. And she does make it simple. So really checked out well worth it. So Lisa, let's just go back in time, because I just want to know about how you develop your relationship with money and what you're sort of first, what can you remember what your earliest money memory was?

Lisa Conway-Hughes 2:48
To know. It's really funny, I think I was always really quite focused on money. And when I was really little so until my mom remarried, it was just me and my mom and I was always really conscious of what money we didn't, didn't have. And and I felt, well, I we could only have been four or five then. And then when my mom remarried. Still really, really young. I think my junior school days, there wasn't much there money around. So that's definitely where they say your money mindset is set by the age of seven. So maybe that's when I started to become bit obsessed with money. Now, I remember thing I'd watched I can't remember the TV program was but I've watched a program where the man was a solicitor and he had this really big house in the country. So I decided from then that's when I wanted to be a solicitor.

Jason Butler 3:38
Got the water laws being spared that one. So So okay, let's just be clear. So your mom and dad split up when you were young? You have siblings? And no. Okay, so it's just so you were the whole focus your mom's attention. So you were very aware that money wasn't it was a bit tight, but was it a really poor upbringing? Or was it okay, but you just didn't have access? What What was it sunlight? And how was that compared to your school friends.

Lisa Conway-Hughes 4:02
And we're in junior school, it felt very normal and normal upbringing, but there definitely wasn't lots of money around. But I mean, we weren't scrambling food on the table. And then when I'm when I was in secondary school, my mom and dad went to South Africa. So then I went to boarding school and I definitely felt poor then everyone had so much more money than I would ever and I didn't really ever even come across actually, that people were getting the flashiest cars, and before they could even drive and it was just felt very difficult. Well to me,

Jason Butler 4:36
how did that make you feel them? First of all coming from you know, modest upbringing. You know, you had enough food on the table you knew money was there was an excess. And then you went to a boarding school where everyone else would like a rock star.

Lisa Conway-Hughes 4:51
I think it's what made me really ambitious so soon as I was allowed to, like in the school holidays even before I would be doing paper out Just to try and get some money in. And then when I was 16, and I was always juggling two or three jobs at a time in the restaurants in the evenings, nightclubs and that kind of thing on the weekend, just just, I would do anything really like wash the pots, pick the glasses up, I was really focused on earning money. And then I think my next temptation into money and realizing what people had is I started working as a Saturday girl in Harvey Nichols. And that just blew my mind. I couldn't understand how people were spending all that money on fashion, and I love clothes. But that was just a new world to me, which I loved.

Jason Butler 5:40
So Harvey Nichols, you know is not exactly known for it some getting people to hold back and think about what's important in life is just you need it right. Carlo Karl Lagerfeld said we've got something no one needs. So that's the whole temptation thing. What did that teach you? or What did you take from that? You were seeing people spend money on enormous you know, that would have taken you a week to earn a couple of weeks to earn on stuff. What did you pick up from that?

Lisa Conway-Hughes 6:06
The honest answer, and it's not a nice sense, I just felt jealously motivated as I when I'm older, I'm going to do that.

Jason Butler 6:13
Ah, NZ. Hmm.

Lisa Conway-Hughes 6:15
And

but looking back, I really had a lot of restraint because I had, I think it was 40% discount, we used to get a car, it was a decent amount of discount that we could have had. And I had a student loan, I could have got into loan debt. And but I was really restrained.

Jason Butler 6:36
You didn't observe you observe the debauchery spending? Okay. Did you go to university or didn't? Yeah.

Lisa Conway-Hughes 6:45
And I was at uni in Leeds, I was working at Harvey Nichols. probably three or four, three days a week, probably something like that.

Jason Butler 6:56
So that was when you because I always think you look so young. But um, there was there was still we had to have student financing and stuff. How did you? How did you cope through uni? Did you continue to work through uni? Did you rack up debt? or How did you navigate that?

Unknown Speaker 7:11
Well, like

Lisa Conway-Hughes 7:11
I would always be. So in your first year, you're allowed a 500 pound overdraft thousand pounds and 1500 dollars always by the end of the summer term at the maximum overdraft. But the holidays, we went I would really go through and work really hard. I used to make myself Ill actually working so hard, I would have a normal day job. And then I would go and work in a bar or restaurant, really focusing on getting the tips and in the evenings. And then when I was at uni, my, my day to day living. So my student loan paid for my accommodation, then the score then the school fees, the uni fees were 1000 pounds, and my dad paid the thousand pounds, tuition fees and then my day to day living going out and having fun was by me working in a bar and working in harmony course I've always had lots of little jobs as a as a teenager and as a student. And then even when I started my sort of burst into financial services I was earning so poorly. I still continued. I actually was a tequila girl. The very first two, yes.

Jason Butler 8:20
A few stories there. Yeah.

Lisa Conway-Hughes 8:22
Well, I just never wants to go anywhere where my clients could possibly be.

Jason Butler 8:26
Yeah.

Unknown Speaker 8:27
messages.

Jason Butler 8:28
So you, okay, so there's this, there's this push and pull between the temptation of I want to be able to buy stuff. But you hadn't actually worked out whether that was going to make you happy, or that was the route the way forward. But you were seeing that and you were super motivated to earn money and you hustled and you understood the value. So what was your relationship with money? Like when you left university or when you came out?

Lisa Conway-Hughes 8:51
Well, I look back and cringe I was just so focused on getting a well paid job, but I would actually imply in the in the times for the krenzel adventure. But you know, they say that, well, females are meant to have a lot of imposter syndrome. It really really didn't. I was the opposite. Like I just thought I could do it and I bought them.

Jason Butler 9:13
So you thought like a bloke then.

Lisa Conway-Hughes 9:15
Yeah, well, maybe a bit more like spike, apply for that CEO job.

Jason Butler 9:22
Oh, this is really interesting, because I was just reading about impostor syndrome yesterday, because I've got this new book coming out. And we've been working on for 30 months. And imposter syndrome is an interesting one. And also it's linked to identity and it's linked to the role of work and earning. You didn't have that at all. You just thought you're going to start at the top and work your way down. Right? Yeah. And how did that how did that help you? So you put all these you know, you apply for these jobs? Did you get any bites? Did you get anyone saying that? You know what? This could be our future CEO

Unknown Speaker 9:56
and no, everyone

Lisa Conway-Hughes 10:00
correctly. So yeah, um, but I think I did, I did get a lot of like oil trading jobs and stock brokering jobs, mainly because I knew that that was originally where I thought the money would be. And that's purely what I was after.

Jason Butler 10:17
And we were interested at that time, I'd be interested because you're talking about the roles you are going for is purely about money. But what actually were you good at? And what did you enjoy?

Lisa Conway-Hughes 10:25
I didn't really know them, to be honest. And

Jason Butler 10:29
you were very left brain very bright brain mixed to the to you super creative, ultra logical.

Lisa Conway-Hughes 10:34
And I'm really logical, which is perhaps where the imposter syndrome doesn't come into it. Think about things. So. Yeah.

Jason Butler 10:44
high IQ. But EQ was being developed. Emotional. Like,

Lisa Conway-Hughes 10:48
yeah, just, I had a target, which was to have a nice house in London, and a good job, and I wanted to maximize a coat.

Jason Butler 11:02
All right, so tell us about so when you left uni there, and you were trying to get these jobs? Did you? Did you hustle and do just any job in between while you're finding the perfect job? Or did you wait, did you wait it out? And how did you navigate that? I think

Lisa Conway-Hughes 11:13
I was really lucky. So when, when the CEO jobs didn't even reply,

I then

my first job out of uni was for Yeager working in that merchandising department. And that was really, it's just the maths really behind the buying is the way that I used to look at it. And, and well, I don't think anybody can sue me for saying this. But I just it really, really disheartened to me, I started at the bottom, there was a girl who used to buying it do merchandising in another department, she was paid, I was paid 15,000, she was paid 23 both stay out of uni. But the difference between the two of us was her dad owned the factory, where a lot of the clothes were made. And I was furious with that. And I was also furious, because my job on a Monday is to start at 7am making all of the reports for the sales meetings. And the other person didn't have to come in for that job. It just felt immediately this pure dream that I had of, you could do anything with a little bit tainted by that. And, and I remember having a chat with my dad about how unfair It was exactly. So that's just real life, go for it. And it just, it broke my heart a bit. And I just became so unmotivated in that job. I just thought sod you. And I was a terrible employee there. I really didn't work hard. I didn't care enough. And as it scales here, because I can't start my career with this mindset. And then I went traveling for a year, Well, not quite a year, almost a year. And then I came back and

got my first job

working for a firm of financial advisors. And the very first firm was run, probably by the bad of our industry, really. And I was really ashamed by it once I've come out of the the end of it. I just saw that. So embarrassing. I can't believe I stayed there. But I learned so much I basically learned how not to be in my industry.

In a way I'm pleased that that was my first job.

Jason Butler 13:20
But how did you you did you decide that financial services was the kind of thing you wanted to work with numbers and people? Or did you just get that first job and you thought, well, that's a way into something we're gonna have money. But was there a clear career path? Or? Or was it just a hazy?

Lisa Conway-Hughes 13:34
And I joined purely because and I remember today, and very clearly, the the recruiter introduced me to a girl who was one year ahead of me. And she's like, she's taking home seven grand a month net. I was like,

What? And I remember thinking God, I could

I want I want that that was really helpful. I want that seven grand a month net.

Jason Butler 14:02
It was yours. You could see it was yours. Yeah.

Lisa Conway-Hughes 14:06
And so, I mean, I saw I was I fell for that line, hook, line and sinker. I didn't know she was radiating the 7000 a month. But I just remember thinking God if I if I get this job, I could take my I've been taking some of my family members extec take them on holiday I could care my student loan in no time. I could get that deposit for the house that I wanted. And I just started to build my the goals financial goals in my head around that seven grand a

Jason Butler 14:32
month you already had all the ideas you're gonna spend the money on the only issue was you weren't actually spending the money, right?

Lisa Conway-Hughes 14:38
Yeah, I didn't have any

Jason Butler 14:39
No. And what was your financial situation like as you went into that job? Did you have overdraft? Did you have credit cards or were you okay? They're just a few bits and bobs?

Unknown Speaker 14:46
No, I was

Lisa Conway-Hughes 14:48
I've never really been in debt because I've always worked all those different jobs. So when I first moved to London and got that and got that first job, I was at her I was living with my mom. My then boyfriend's mom and dad, so there's no rent pay. And then Wednesday, phi, Wednesday, Thursday, Friday, Saturday, I would work in a local bar restaurant to make sure that I could get my train ticket. And I remember my I used to have a Sunday night babysitting session, which was 25 pounds while they went to the cinema and at the time,

Jason Butler 15:20
25 pounds 15 years ago.

Lisa Conway-Hughes 15:23
Yeah, it was on five pounds an hour.

Jason Butler 15:26
Oh, yeah. Okay. Yeah, I was only watching Italian. Yeah.

Lisa Conway-Hughes 15:31
And that used to be my train ticket money for the next week, because my train ticket at that time was 25 pounds. So I was. Yeah, I was always.

I was never shy of working hard.

Jason Butler 15:44
So you always had money coming in? When were you good at spending it as well? Were you accumulating and saving it?

Lisa Conway-Hughes 15:49
No, not. At that time, I wasn't necessarily good at spending, I definitely have far more expensive tastes now than I did then. But so much I would never spend money that I don't have. And because I wasn't earning very much. In the first few months, well, first six months to a year really, because it was really safe. I wasn't expecting a real sales based role really commissioned driven. And I suppose it was just really from a cash flow point of view. Those waitressing jobs, were keeping me going and stopping me from going into debt. And then once I started to build a client base, I then I remember saving 1000 pounds a month for my deposit for the house. So then everything I was earning was going into this house fund the flat fund. And then my my lifestyle and my fun was funded by keeping our jobs.

Jason Butler 16:48
Okay, so you had a you'd like obviously socializing and you had your bits and bobs so you, but you're super focused on buying the house. So that was what the thousand pounds or so is that what you attribute the success of being able to save and not get into debt and still have fun was working hard to earn the extras for the fun you wanted? Having a clear goal. And just making it happen every month I'm focusing on that is that the

Lisa Conway-Hughes 17:10
I sort of divided the two like the day job was for me to save for the first flat and the evening jobs. My motivation for doing the evening Jobs was I could spend that money on whatever I wanted. That was fun money. That was my buying company very short dresses at the time,

Jason Butler 17:29
money. But you you compartmentalize them. So in other words, you made it easy for yourself to be good with money. And you indulge so it wasn't all about, you know, living on rye beaters and beans and rice. Right? Okay. All right. So we'll put some of the short dresses we'll move on from that. But the So how long did it take you to buy your first flight because that was the big milestone was it and how was the job of developing the income.

Lisa Conway-Hughes 17:54
So I my my deposit was 15 grand and I did it with my, my, my boyfriend, he's now my husband, my friend and her boyfriend. So four of us went in 15,000 each. So it took me 15 months to save the deposit. We bought a really nice two bed flat in right by the station in Wimbledon. And we bought I think we bought very sensibly really was was just what we wanted. And and then by that time work was starting to improve, but I definitely wasn't earning this 7000 a month net, and was my carrot.

Jason Butler 18:30
Interestingly, four of you were buying a flat in Wimbledon, low fat Soon, we will still expensive 15 years ago, that was presumably you weren't spending much more than 20 or 30% of what you're earning on your housing or, you

Lisa Conway-Hughes 18:42
know, what we used to do is each of us paid 1000 pounds a month, because that's what we were used to spending, we paid 1000 pounds a month into this joint pot. And we always had this in, it didn't work out in the end this way, because then we went our separate ways very friendly, but to buy our own homes separately after that. But the idea was that we would just keep saving this money, and then always having money for deposit for the next house. So the thousand would go in. And that would go into our joint account, and food bills, everything would come out. And essentially we're saving I think 500 pounds a month each. And

Jason Butler 19:18
without even thinking about it

Lisa Conway-Hughes 19:19
without even realizing Yeah, we were we were saving well. And that's obviously then what helped. Well, that that money helps pay for my wedding helped a little bit towards the neck that the house that me and my husband bought our first house.

Jason Butler 19:37
So that's a good point, then you've got into a very good habit early on buying the house, then you pulled resources with your now husband, which was then boyfriend strike, and also your friends. And you just kept on putting that money in. And it was always more than enough to meet the cost of the housing but also for extras that were built. And then how did the income was the income rising? Did it start to rise and beyond? You know how quickly So

Lisa Conway-Hughes 20:02
I remember a big turning point for me was I was 30. And I was walking along Wimbledon common and I don't know if you've been to Wimbledon common, but it's surrounded by these huge, huge, ginormous mansions. And I remember as a 19 year old having worked at Wimbledon, tennis, drinking dodgy cider only wood in common afterwards thinking I'm definitely going to own one of these houses. And, and I remember 30 be real, just really clocking how unambitious I'd become compared to 10 years prior because I sort of it, I knew that I wasn't going to live in one of them. And my I was starting to become what I felt was a bit too realistic. And I wasn't, I think I earned 40,000 in that 30th year and I thought, right, something's got to change. This is not the plan that I had in my head. And perhaps I've just been too loyal to a comp to a company in the past I've said I'm gonna do this on my own. So once I've got my and chartered status, that's when I went looking for other opportunities really in setting up on my own.

Jason Butler 21:19
That's an important point, before we go on to the what you then did is you you'd started out with ideals of wanting to do great stuff, and having high expectations of yourself but like a lot of young people do or some young people, then you kind of you've drifted into a kind of an accepting your law or where it now we're not saying whether this is right or wrong to have this massive house or whatever, it could be completely wrong for you. But But the point is, was that you your mindset, in terms of what you were prepared and capable of doing? You started adjusting it to be normal, or to be accepting, right? So okay, then you did you pinch yourself and thought no, this isn't right. You because You said something, didn't you? You said this isn't right. I'm not happy with this. What then happened? What was the Epiphany was or did it happen over several months?

Lisa Conway-Hughes 22:05
No, I just looked at myself to get brave again. And and we managed.

We managed I just got mad.

Jason Butler 22:18
Oh, discuss with your husband about the master plan right. Now,

Unknown Speaker 22:25
it's always many.

Jason Butler 22:28
He's a willing participant and is a willing bystander? Yeah.

Lisa Conway-Hughes 22:33
It was moved into a house that's taken to basically two years since buying to still not being completed. And the day we moved anytime you didn't really want to move anyway.

Jason Butler 22:46
Alright, so you're the driver, then you're the data. Yeah. So I just want to go back to this bit of 30. So you decided this isn't the plan, I'm going to change firms, I'm going to step up the income. I'm getting into the world that I believe I'm entitled to an ime deserve. So what did you do you changed your company you're working for? Did you?

Lisa Conway-Hughes 23:07
Yeah, so I left that environment really being with from an employed situation, and to being fat in my own little thing up within Westminster. And, and so it was, it was really, really scary. Because I knew that the old company weren't going to be kind of when people used to leave, and you've got sort of outcasts, no, will never speak to you. And they were my friends at the time. Well, they obviously weren't because they didn't stay in touch with me. And but I felt like they were my friends. And then and, and I was also really scared that what if no clients would come with me, and, but all of them did far too. And so I was very lucky in that way that they sought me out. And well, I was saying yesterday at one of my clients that he's been my client now for 15 years. And it's so lovely for me to see that that long journey with someone. And I really enjoyed that part of my job. I'm very happy. I'm very glad that a lot of those clients came with me. And then I've just grown in that financial advice business from from there, really. And it also coincided with me wanting to have kids so that was looking back it was a really stressful time trying to start the business and well and and have kids in time often try to get that under the hood work balance, right. This is quite tricky. I feel like I'm through that next step five and six, and they're at school now. But yeah, they my early 30s were

the hard work.

Jason Butler 24:48
I'm interested if I can just touch on as as far as you're comfortable to, because you said that you tend to be the CEO of the personal finances by the sounds a bit in the master plan. So when you got married, did you ever have chats with yourself? And to be all, when he was your husband about how how the money was going to be managed and how the day to day decision or did you just morph into it? Did you both assume the roles without actually speaking about it? Like, I'll do this you do that or, and and how does that happen? How is that developed over the years?

Lisa Conway-Hughes 25:16
And

so initially, the probably the only thing we would rally about was my husband's passiveness towards money. So we couldn't be more opposite if we tried about money. He's not motivated by it. But he does. He's very ambitious. But he's creative is arty. He. The only thing that's just as him out is spreadsheets and numbers. That we couldn't be more opposite. If we tried going with my wife.

Jason Butler 25:49
She hates a spreadsheet. I love a spreadsheet. I do. I know I sometimes sit in bed with my spreadsheets, I love them. Yeah, you don't have to be into spreadsheets right? To be good with money. Just let everyone be clear. You don't have to be a spreadsheet geek like us. It's just something that is what gives you a warm, lovely feeling. When you plan the spreadsheet. It fills your husband and my wife with dread and fear. So that was the only conflict of the only disagreement was was just you filming him not not engaging in it. Right?

Lisa Conway-Hughes 26:17
Yeah. So um, and I was I'm always doing the finances. I'm the one always making sure nothing gets paid. And so we I handed over that role to him, the joints count. And the first month the mortgage didn't get paid.

Jason Butler 26:35
Oh my god.

Lisa Conway-Hughes 26:37
I think he did it on purpose. So now, and the way we keep saying and don't argue about it is I just I just do it. And I set up the direct debits and every month. And he I tell him how much he needs to contribute.

Jason Butler 26:51
Yeah, don't count. It's interesting. I mean, we should just touch on this. There are differences in relationships, what we know money is a biggest cause of one of the biggest causes of divorce and and even if not divorced, conflict and suboptimal relationships. I've used that term right scratchiness, and I certainly have had that in my relationship with my wife. Because what you think is they're not wanting to engage, it's just their thought process. So the way they think is differently, and they had different upbringing. And I found it easier to so for instance, we don't have any credit cards now. I mean, I don't know how to do that for some years, but I just don't, I've got rid of them. And and you'll see for my smart spending system, it's just been updated on my website, it's, we've taken it to another level. Now automation partitioning, that all makes sense. But one of the things you can do is as long as your partner who seems passive knows what the boundaries are, and it's not seen as a control mechanism. So my wife knows how much to spend on groceries, she knows how much there's a different and if it goes over that it has to come from another part. She just wants to know, and I'm sure your husband's saying what the parameters are. And when you know what the guidelines are, and then it's just discussing with them the big stuff, right? Is that what you do you sort of not the minute you discuss the big stuff?

Lisa Conway-Hughes 28:04
Yeah. So like every month, every month, I will put money aside for holidays. The annual expenditure. Yeah,

Jason Butler 28:13
lumpy stuff. Yeah,

Lisa Conway-Hughes 28:14
yeah. And my husband's really, really sensible, his money's not flashy at all, but you're just not really at all. It doesn't even think about money, really. So the way the system works is he transfers to the joint account stuff to make life run, and then I allocate it and sort it and then whatever's in his account is what he spends.

Jason Butler 28:37
Okay, so it's simple for him, and it reduces friction. All right. So let's just go back then to so after you got married, you got started doing the big money, you then decided to move home? Is that right? I'm sorry? No, the bit I wanted to do is the transit this thing of moving home having kids increasing, because there's a lot of female listeners who do are struggling with the thought of how to do that, who who may be just before that or in it at the moment and just wonder you can share your experiences, what happened, how you navigated it?

Lisa Conway-Hughes 29:07
Well,

so I never felt that this plan would come together even two or three years ago. So we went from the flat to a house that was teeny and didn't have latest only had a front garden, a back garden. And I wanted a garden at the back for the kids. So we were in that house as building the business and I was still always in the hard graft of the beginning of the business really where your efforts aren't necessarily rewarded proportionately. And I had the kids and my husband self employed so it's always it felt a very emotional financial rollercoaster really. And, and then, I suppose like all things when you persevere, my business has become very steady. stable and very predictable. I actually for for new people wanting advice have a waiting list now that I can't book new ones in until January, which is a lovely position to be in. But two, three years ago, I could never ever have imagined that this, I'd be where I am now then that makes sense. And and then I think it was just about being determined not giving. Yeah, I suppose it was just determined. And I saw this house that we're in now. And it it was a little bit of a stretch. And it was a little bit of madness. But again, I suppose that and I went back to basics that right week, I can't afford to buy this house and menten of the house while they while they do it up. So it was almost like full circle. I went back living with my mother in law and

father in law rent free

Jason Butler 30:52
money. Okay, needs must.

Lisa Conway-Hughes 30:54
Yeah. And, and they were lovely about it. And very, very accommodating. I'm sure we made their house very messy, because it just no longer was as two as two plus two kids. And, but I suppose I was willing to make that sacrifice, as well.

Jason Butler 31:11
But it wasn't forever, right. And this is, this is a really important point. I want everyone to take on sometimes, like when I teach people about how to get out of debt, right? But you've got to just find a way and it but it's not forever, right? Even if it's not ideal, even if it's dis comforting, even if it's emotionally straining. If it's not forever. It's just a stepping stone. So you Okay, so you you you work with that's what we call growth mindset. You found the way you bought the house and and there was a bit of a stretch. So what did you learn about yourself in that transitional period from you had the children the house that wasn't big enough? You had to buy the new house moving with the in laws? What did you learn about your kind of relationship with money at that stage, because that must have been a massive strain on you?

Lisa Conway-Hughes 31:52
Well, so we bought the house

at the end of 2018 2019. My husband's work just dried up,

literally dried up,

and he makes tv adverts, and then so there's no money coming in. And and I learned so much about myself. In hindsight now. I'm really pleased that it happened. At the time, I was like, I literally I'm going to have a nervous breakdown. This because I didn't understand how to change. And using a lot of business coaching a lot of hypnosis, actually. So I managed to find that fifth gear. And so I Well, I grew my earnings on my own by nearly 50% last year because I had to I really didn't have a choice. It was either. If I was determined to reach the goal, something had to change. And so I really worked hard to make sure I could make that change when you

Jason Butler 32:53
either gotta cut expenses or grow income or both, right?

Lisa Conway-Hughes 32:56
Yeah, exactly. So I did both. And, and then I'm really glad that I did that because the same happened when Coronavirus happened, he wasn't able to work again. So no money coming in. And it didn't even remotely stress me out. And it was really interesting for me to see how much my mind set had improved. Because of the 2019 stress. It was almost like a

Jason Butler 33:26
like preparation for it. Right? So it's not the case that the rain is going to come it is going to come. And I think I think you probably you know, I speak to loads of people and I do lots of webinars for the employee groups and stuff. And one of the things that I've been going on about emergency funds and fixing the roof or the sun shining going on and on and on and on. And of course what Coronavirus did was actually expose the weaknesses in most people's financial bands because they were always assuming everything's gonna go great. Nothing's gonna go wrong. So, so you turned what could have been a drama or into just a mere inconvenience with the Coronavirus, right. Yeah,

Lisa Conway-Hughes 34:00
exactly. I mean, I know that that was lucky that we I could still keep earning and that we're not in the same industry. So that takes away some risk. But it Yeah, I learned a lot about myself.

Jason Butler 34:14
And what did you what was the big? What was the big learning from the 2019 situation that put you in the right shape for apart from growing your business? What did you What's the big learning about your relationship with money and how you handle it and how you approach it? I

Lisa Conway-Hughes 34:28
think I realized, you know, when I say that when I was 30 I suddenly looked around and I'd allow myself my my ambitious pneus to to become realistic and and resettling. Yeah. And then last year, again, this poor woman who had to catch me

and

I was really I was really resisting her coaching for the good first two or three months but I don't know I didn't understand where what was what she was trying to teach me. And, and I think and, and the conclusion that I drew was it was about getting that almost naive ambitiousness back that, what because I haven't done it before, does that really not mean that I can't do it. And, and then I spent the last the end of last year and a bit of this year being coached by an ex, and was someone who's very, very successful in sporting field, at the top of their game, and using his coaching skills to help me improve on that rarely, I suppose.

Jason Butler 35:39
So it's just believing and setting a lofty sort of thing that you wanted to achieve, but also thinking about what was important to you. So to what extent do you think about what's important about money to you? And your words? And also to what extent do you think about what makes you in your family happy and the role of money in achieving that? Because they're not always synonymous? Are they? No, square that circle,

Lisa Conway-Hughes 35:59
I think, want me You never know what's around the corner. But right now, I feel that if I were to go back three years, I've achieved what I want to achieve, which is I feel safe, but I've got my cash I've got my investments are taking over. I'm doing pension planning properly. And, and fed up feels like the basic mechanics of my financial planning are already are in place. But now I see money. I'm the billet and the earning of the money. That's the challenge. Really, it's the barometer for me at the minute.

Jason Butler 36:38
It's marking the school. Hmm. And

Lisa Conway-Hughes 36:43
yeah, it really motivates me. So at the minute, I don't necessarily want to grow my financial advisory business much more, because there is no more capacity unless I take on another advisor.

Jason Butler 36:56
And that's always on dramas isn't in Yeah,

Lisa Conway-Hughes 36:58
yeah. And I'm just different. How I would like things doing as the finance advisor might not be how another person would and so that I feel that sort of nice, that's, that's a nice business. Now, I don't want to rock the boat by taking on too many more clients, that

Jason Butler 37:14
section just keep turning a handle. Yeah.

Lisa Conway-Hughes 37:16
But then the interesting bit, and the bit that's really motivating me now is how do I make very good money out of Miss lolly, and she's on the money. And because Miss Lola at the moment has given me an income of of speaking. But it wasn't really giving me much more than that. And so I've spent probably the last four months with a coach really working in my head, that how can I make those businesses match what I'm earning, and

their financial advisory business?

Jason Butler 37:50
And presumably, that's also that's a bit like all of us are in the knowledge and content business. We make money while we're asleep. Because when we've created content, leadership, material courses, whatever it's working for us so so now we're just beginning with the end in mind in the sense that you've been very purposeful about this. And this is about funding your lifestyle, building your future wealth, but you also do enjoy what you're doing as well. It's not a labor.

Lisa Conway-Hughes 38:14
I mean, you couldn't work. I couldn't work as hard as I do if I didn't love it. And I do love it because I love it. so satisfying sorting out someone's money and the financial advisory side, I am almost addicted to it. And

Jason Butler 38:29
it's not like work then is it when you flow because you know what needs to be done. So look, I just want to sort of, because I'm mindful of the time here. And I'm just wondering, what do you see are the classic mistakes? We'll come on to your wise wisdom in a minute, but but I just wonder what the classic mistakes you see people make, particularly because you you come across a lot of people who have a high income but don't have much money. They're in the old illusionary wealth, aren't they? They're actually Horace church mice. So I'm particularly interested to hear your kind of what you've learned people do wrong, who earn a fair to reasonable income?

Lisa Conway-Hughes 39:02
Well, I think the bit the first I don't know I got into that world was I had a client who was earning what his bonus was over a million quid a year

Jason Butler 39:12
after tax at all. You know, what are these losers? Yeah.

Unknown Speaker 39:18
Yesterday

Lisa Conway-Hughes 39:21
in in the March, he'd got his bonus. And in the May he was 30,000 pounds overdrawn? No. And I just couldn't fathom it. I really couldn't fathom it. And the reason he became my client and got out of that mindset because it wasn't a loser mindset that he had and I've helped him change that and then become an excellent client now was we stripped back is out his outgoings were unbelievable. He was paying for things that I didn't even know you could pay for. And wardrobe. Specialist wardrobes fee for coats. For example, I did Even though that that was a thing, and so, so one is, however much you're earning you live with, you shouldn't live beyond your means. But also, I like to get my clients into the habit of when you get that pay rise, let's, let's make sure nothing changes. So yeah, spend that whole pay rise on planning properly. And so it's like it never happened. And I think doing that for a good few years can get you really far ahead. And I also think it's never too late. So a lot of people think, Oh, god, I'm whatever age and I haven't done any financial planning, I need to sort my life out. And it isn't too late. Well, assuming you're you're willing to keep working, and to get your your money in order. And

Jason Butler 40:48
so that big mistake there then was that people spending, what they're earning and more, and bonuses and future pay rises all in advance. So getting out of control, that's the big, that's the big one. It's the spending and getting out of control.

Lisa Conway-Hughes 41:00
You shouldn't plan your life on a bonus, because the clue is in the title. It's a bonus.

Jason Butler 41:05
So we're in this john lewis partnership, people are finding out right, there hasn't been bonus for a couple of years. Yeah.

Lisa Conway-Hughes 41:10
And a lot of clients aren't getting bonuses this year. And so the bonus needs to be the cherry on the top of your financial planning. I think rather than the it's the school fees, it's the car that's in your driveway, it's that's the of it, the bonus is a bonus.

Jason Butler 41:29
A taught extent do you think people might use their spending to make up for some other deficiency, they're having their life or their feelings or their emotions or their relationships or their sense of self worth?

Lisa Conway-Hughes 41:42
Well, I have to really keep myself in check with this, because I really love fashion clothes. And I have to just set myself a budget to make sure that I don't get carried away because I really, really could get carried away. And I don't think I'm doing that in a in a sort of self. I'm not doing it to show off. I'm just doing it because I do genuinely love it. But then my drive in my drive right now is a car that doesn't work. And the garbage is just ran out. And me and my husband got some quotes for cars. And I just can't believe that the cars that I see around me all day, every day costs so much. So he sent me for example, a Maserati 1000 pounds a month for this car, a regular

Jason Butler 42:31
if you have it on finance. Yeah, if you had it, why would you have a car on finance?

Lisa Conway-Hughes 42:36
Well, this is what I'm trying to work out in my head like natural reaction is to go and buy. bit like what we've just had a bit of a rubbish run around.

Jason Butler 42:49
Well, you know what Dave Ramsey says, and he's the guru who was a failure in his late 20s. And he's a multi multi millionaire. He says you never spend unless you have a million pound net worth. And I would say million excluding your property. You never buy a new car, right? You never buy on finance. And if you do buy a car, you always buy one that's never more than half your earnings ever. And always pay cash, because cars on finance and monthly payments is all part of that sucking out your ability to build wealth. And also when the the poor does hit the fan. You've got these monthly payments as everyone's finding they've still it's a liability on wheels. It's just an illusion. You know, when I go to the gym, I go to David Lloyd every day and I see all the cars parked there. Well, certainly, some months before Coronavirus. I'd see a lot more. And I just I never saw a brand new car. I just see 1000 pounds a month. 800 pound a month 400 pound a month to 1500 all I see. Right? Yeah, I drive my little car 20 Grand i paid for cash. My Mercedes is state park it all up? You know, it bought and paid for I don't care what anyone thinks dogs go in the back. That's my view. But that means that you've got again, it's other people living lie, isn't it? Really that's what they're doing monthly payments.

Lisa Conway-Hughes 44:00
It feels very normal to have a very very Spanky Chi. When you look around

Jason Butler 44:05
good not to be normal, though, right? Beyond.

Lisa Conway-Hughes 44:07
But it's been normalized that we spend. I mean, if I was just really thinking, well, if I were to even be spending 500 a month in a car, what's the impact of that? If I overpaid that into my mortgage?

Jason Butler 44:20
Yeah. And there's a price to pay for it isn't and the prices you're trying to impress people who don't give a flying? What's it? And that's the problem. It's Yeah, don't get me off on the car thing because, you know, don't get me wrong. I was hooked on cars. When I was younger, I thought it was all the answer. So I'm not saying I haven't made mistakes. I'm just trying to share with people please. Every time you sign up for a liability, you are reducing your ability to have flexibility and to be able to build wealth, you know, and say, really wealthy people don't have swanky big flash cars. They might do but they don't tend to. I know one bloke is worth about 80 million quid and he drives around a pickup truck, saying you've got to serve the sun. Ain't got to Have an old pickup truck. All that money you're earning you're putting about. So Alright, so let's just finish off then with your Why's your sort of top tips that you would share that life has taught you. And you've learned from all these wonderful clients you've met over the years, what you know, just you sort of your top, your top sort of money tips for getting ahead so that you feel comfortable and you get ahead and you're not exposed to financial vulnerabilities.

Lisa Conway-Hughes 45:23
So number one will be money mindset, really, I think that's the most important thing to get right. Because it doesn't need to bring on heart palpitations and make you feel nervous. Thank you, you need to teach yourself to be a positive thing. And being an ostrich never, ever, ever work. So face up to your financial bothers. And just don't ever get to a situation where you are having to pull your head out the sand. I mean, when the letter arrives to the door open immediately deal with it sort of mentality. And I think I'm Push, push harder for more income. We know that most people aren't. A lot of people are underpaid. We know about the gender pay gap as well. So I think never, ever be scared to talk about money. And then if you're new to money, I always encourage people to get the money buddy. So someone who you can always practice talking about money with so money becomes it doesn't become a subject you get used to the language of money coming out of your mouth,

Jason Butler 46:26
but also be an accountability partner currently, you know,

Lisa Conway-Hughes 46:29
the accountability part, I think is also extremely important. And just get used to dreaming because I think money, money should be there to be a tool to get your dream life. And whatever that is, rather than something that is restrictive, negative. I think money, money should be become your tool

Jason Butler 46:52
as an enabler, isn't it? It's not definer Yeah, great. Yeah. Lisa, you're a superstar, Miss lolly. She's on the money. We'll put all the show notes, links in there. Really appreciate you spending time at your busy day with us. Lots of great ideas and concepts. Aaron, thank you for sharing your own insights and journey. I know you're only really just getting going, aren't you? Because I mean, you're only young, you've got plenty to go. But you seem to have lived a very long life in a short number of years. So I appreciate your insights. And and we'll be watching you of interest.

Lisa Conway-Hughes 47:23
Thank you Jason.

Transcribed by https://otter.ai