Bronwyn White: Money Talks with Female Leaders
Bronwyn White is a recognized expert in the Talent Acquisition space, having led various international and domestic talent acquisition teams at Cisco (9 years), Facebook/Meta (8 years) and Harmon (1 year). Originally from Australia, Bronwyn has also lived and worked in the UK, California, New York, and now, Annapolis, MD. Her prior work in learning and development only strengthened her abilities to build processes, scale organizations and develop people in large recruiting teams. Bronwyn, her husband, Paul, and dog, Jake, live on the bay in Annapolis, MD.
Money Talks are hosted by Lisa Clements, owner of Clear Springs Wealth. (www.clearspringswealth.com)
Lisa is a financial strategist and investment manager who specializes in helping professional female leaders secure their financial future. She builds ongoing relationships with her clients, helping them save money in taxes, build wealth through investments, and make sound financial decisions for the future.
Lisa can be reached at: lisa@clearspringswealth.com
How To Connect with Lisa:
•Download 3 Free Savings Hacks 1 Page PDF
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•Submit a money question for Lisa to answer in an upcoming episode:
Email lisa@clearspringswealth.com
TRANSCRIPT:
Bronwyn White Interview
[00:00:00]
In Money Talks with Female Leaders, join us as we hear professional female leaders share their personal experiences with money. You'll learn we can speak openly about money, it's not shameful to want to make a lot of money, and that you're not alone no matter your money struggles. Together we will become stronger advocates for ourselves and other women through Money Talks.
Enjoy today's show.
[00:00:25] Lisa: Hello Bronwyn. How are you today?
[00:00:29] Bronwyn: Hello, Lisa. How are you?
[00:00:31] Lisa: I'm great. Thank you. I'm so excited to speak with someone with another incredible accent. I love it.
[00:00:39] Bronwyn: You know, I've been in the U.S. for 30 years and I still sound like this.
[00:00:47] Lisa: Really? 30 years?
[00:00:49] Bronwyn: 30 years.
[00:00:50] Lisa: Oh my gosh, that's so funny. Well, you and I know each other from working together at META.
And so it's great to [00:01:00] have the opportunity to reconnect. I would love for you to start off by telling our listeners, uh, just a little bit about where you are in life. Like, how old are you? Where do you live? Um, are you married? Single? Kids? Pets? And just give us the, the personal data first, and then we'll dig into your background.
[00:01:19] Bronwyn: Ah, so I have to give you my age first, do I? Fair enough. Actually, I'm 59. I'm going to be 60 this year. And I have been married to the same person for 40 years.
[00:01:36] Lisa: Amazing. Congratulations.
[00:01:38] Bronwyn: I think you've met Paul, no?
[00:01:40] Lisa: Yes, I have met Paul. He's fantastic.
[00:01:41] Bronwyn: So, we'll be 40 years this year. And we live, uh, in Annapolis, or just outside of Annapolis.
We live on the eastern shore of Annapolis, sort of, we're about an hour outside D.C.
[00:01:53] Lisa: Okay.
[00:01:54] Bronwyn: We've been all over the U.S. at various times, but we finally, we think we've fairly settled. [00:02:00] Yeah. So I've been working for how long must that be now? 40 years, 35-40 years. Yeah.
[00:02:08] Lisa: Now, when I was preparing for our conversation, I noticed that when you went to school, you did a Bachelor of Arts in History and Poli-Sci.
And I'm like, I did not know this about her. What, what was your intent? Like, what were you thinking when you went to school and chose that as a major? I'm curious.
[00:02:29] Bronwyn: Well, I don't know. Does an 18 year old going off to college have intent? Are you planning? Are you purposeful at that age? No, I followed my passion.
I just really liked those particular subjects. And so I went off and did a degree. Yeah, I don't know that was that intentional, but it was simply to enjoy my education. Um, and so I, I came out as a teacher. I did another year doing a diploma in education, excuse me. And, then I, I started teaching.
So I was a [00:03:00] teacher in my early career. That's about all you can do with the History and Poli-Sci degree. Yeah.
[00:03:06] Lisa: Got it. How many years did you teach? Like, and was it elementary or secondary?
[00:03:12] Bronwyn: Oh, I taught, wait for it, in a Catholic boys high school and, yeah, it was pretty strict environment. I taught for about six years, seven years before I got into recruiting.
[00:03:30] Lisa: Very cool. I did not know that. I love that.
[00:03:34] Bronwyn: And that I've taught in a Catholic boys private boarding school.
[00:03:38] Lisa: Yes. I would imagine that's quite an experience.
[00:03:43] Bronwyn: Oh yes. Oh yes.
[00:03:45] Lisa: So, how did you transition into recruiting from being a teacher?
[00:03:51] Bronwyn: Yeah, well, at that time, all of that experience was in Australia. My husband, Paul, got a work assignment.
He was working for [00:04:00] Honeywell, and there was a joint military project between Honeywell and eSystems Raytheon in Texas. So, we moved to Texas. And when I got to Texas, I couldn't get certified to teach. They wanted a U.S. accreditation, and so I kind of thought, alright, well maybe I have to retool and re-career.
And so I went to a recruiting agency in Dallas, and said, "While I'm waiting for my green card, or my, or permission to work, I'll work for free if you teach me the business of recruiting." So they said, "Fine, we will hire you as an intern." Have you seen that movie? The world's oldest intern? That was me. I was classified as an intern and after six months, I got my green card and then they brought me on full time and actually...
They were very sweet. They gave me a sign-on bonus, equivalent [00:05:00] to salary for the last, you know, the period of time that I'd worked for free. I was drawn to that industry because I just liked the sort of the marriage of jobs and people and their careers and skill-sets. And so I've never been back to teaching since, but that's how I sort of fell into recruiting when we got to the U.S., and I've been doing that ever since 1995 is when we came to the U.S.
[00:05:25] Lisa: Wow. And you have an extremely impressive career over almost 10 years with Cisco, almost three years with Microsoft, eight years with Meta, and then just recently you're coming up on one year now with Harman.
[00:05:45] Bronwyn: Yes.
[00:05:46] Lisa: Okay, so I'm so interested to hear your views on money. Um, really quick though... tell us... I know you've been escalating through all the different roles in recruiting and recruiting leadership. What [00:06:00] is your current role and responsibility? And what does Harmon do?
[00:06:04] Bronwyn: That's a good question because when the recruiter at Harman called me, I don't mind admitting that I said the same thing. Who? Who are you? Who's Harman? Harman International is, if you like, a parent brand of many brands underneath, which with
whom you would be familiar. So JBL, B&O, Bang and Olufsen on the car auto side. So essentially, they started off as a company that made the entertainment systems inside cars. And it's expanded much beyond that now. And so they also make entertainment systems for concert arenas and other consumer type party boxes and things like that.
It's a lovely company. And, yes, I am the Global Head of Recruiting for Harmon. So finally at age nearly 60, I'm running the show.[00:07:00]
And that's, that's kind of nice. And that might be a nice way to end my career, I think. What drew me to them, I think, was just their authentic culture, lovely people. They are headquartered, both sort of it's in, in Connecticut,but more in the, in Midwest, in Michigan, because we work with Ford and GM. And Munich is the other really big presence, because we work with BMW and Mercedes... and so all of the big auto companies.
So it's a lovely culture, authentic, a little bit Midwestern... if I'm allowed to say that... not quite as frenetic as a big, big tech company. So I'm very much enjoying it. Yes. And I've managed to just increase my responsibility, and I don't mind saying my salary, my compensation each time, as I've gone. So I'm very happy [00:08:00] with that career trajectory.
[00:08:02] Lisa: Fantastic. Okay, let's dig in. I am so interested to hear your answers to, uh, my, my litany of money questions here. So we'll just dig in and see where we go. Let's start off with why is money important to you?
[00:08:23] Bronwyn: Well, it is. And I don't mind saying. I don't mind admitting that.
Let's just be, let's get that on the table. It is.
[00:08:30] Lisa: Okay.
[00:08:31] Bronwyn: I'm not shy about admitting that. Money's freedom. Money's about the ability to have opportunity. Paul and I love to travel. And we do like to travel well. We like to travel in style. And you might hear the doorbell soon. I have a cleaning team of people that come on Thursdays.
[00:08:49] Lisa: Okay.
[00:08:50] Bronwyn: Money is that. Money is the, money is that, that ability to be able to enjoy your life and outsource some of your services. [00:09:00] Um, but more than that, I think intrinsically, it's a reflection of what you've accomplished. And so, although you can buy lots of nice stuff with it, it's a reflection of your hard work and success over the period of your career.
That's why it's important. That's why every time, you know, I've looked at moving companies... I feel like the company needs to pay me for the accumulation of my experience and not just for the job they want me to do. And so I, I don't have a problem with saying that to a company to say, "I bring to you 30 years worth of experience and that's really what you're paying me for," versus "yes, I know you want me to do this job and this is what this job pays, but you're getting more than that."
So it's a reflection of your, your success.
[00:09:49] Lisa: Okay. Was money talked about at home for you when you were growing up?
[00:09:56] Bronwyn: It was, but really under the guise of, "We don't have [00:10:00] enough." My parents were, I don't like to label them, but you wouldn't say they were rich in any, any way. Um, my father was born in the twenties and so he was a child of the depression and my mother was born in the thirties.
She grew up during the war, rationing and doing without. My father talks about times when often one of six children, they didn't have enough to feed everybody in the family for every meal. They didn't get three meals a day. So, um, when I was growing up, it was always talked about through the lens of being frugal.
Uh, never having enough... not being wasteful... accounting for every penny that you spend. We weren't, we weren't destitute, but my parents were careful. My parents were very careful. And so that, that impacted me, I think.
[00:10:57] Lisa: Yeah, what influence do you think that had [00:11:00] on, had on you as you grew up and entered your own, you know, adulthood?
[00:11:06] Bronwyn: Yeah, that's a good question. I think it's a, it's, it's a lot of the same. It's about being cautious with money, but at the same time, your ability to earn will impact your ability to get out of that cycle and maybe have a few luxury items. I don't think my mum and dad ever spent luxuriously on themselves.
They only spent when they needed to. Um, and as we might talk about later, I can be frugal, very frugal with certain things, particularly things around the house. I think that rubbed off on me always to account for your spending, spend it if it makes sense, but don't, don't fritter it away.
And particularly when you're younger, save. You know, prepare for later in life. Very much an impact.
[00:11:53] Lisa: That's a great answer. You, you already answered my next question, which was what are your current day money beliefs? [00:12:00] And so it sounds like you're saying be, be able to account for your spending, be frugal where you can be, but don't deny yourself luxury items, as well. Did I get that right?
[00:12:13] Bronwyn: I'm a bit of a cash spender versus a credit card spender, for day to day things. Because I, I like, like's a funny word, but I like the feeling of it disappearing out of my hand because I feel if I just, I don't like that, you know what I mean? I feel that I'm conscious when I, when I spend cash. I feel like if I go out and on day to day things, I just use a credit card, I get home, and I really don't know how much I've spent. You know, you can charge whatever you like. But I, I always keep cash in my purse and I spend cash because I feel that makes me more conscious of what I'm spending and where I'm spending it. So yeah, I'm, I'm a bit [00:13:00] of a dinosaur. I'm the cash gal.
[00:13:01] Lisa: Fascinating. That's great. Okay. When, you know, we talked about your career and, and just working for these incredibly impressive companies. As you've worked such a demanding career over time, how have you managed your finances? Is that something that you're in charge of or does Paul handle it or do you do it together? What's your approach been?
[00:13:28] Bronwyn: Very good question.
I control the finances.
For the same reason, it's this cash thing. I pay the bills, so I'm remaining conscious about how much we spend on things.
[00:13:44] Lisa: Is Paul much of a spender?
[00:13:46] Bronwyn: Oh yes, another reason it's that way.
[00:13:50] Lisa: Okay. Okay. So you kind of rein it in then.
[00:13:54] Bronwyn: Now, Paul doesn't spend on himself. Paul's extremely generous. Paul will spend on [00:14:00] me. And he'll spend on others, and he'll spend on the house.
He won't spend on himself. He's such a sweetie that he will buy gifts for other people. Most, mostly me. But, you know, I try and, it's this level of consciousness about what you're spending... so that I can splurge when I want to splurge. Like when we moved into this house, for two years, I did a tracker.
And I just kept a little Excel spreadsheet of every time we either paid the mortgage, paid the property taxes, insurance on the house, the cars, the gas, groceries, all the utility bills. And accounted for, at least once a year, one of your appliances is going to need replacement. And when you do that, I was totally surprised about just how much money you spend on a day to day basis and how that tallies up over the year.
I know I need to earn in order to maintain this kind of, this house and [00:15:00] this sort of lifestyle. So it really helps to inform you about how much you're spending. Again, it's been, it's this level of consciousness about money.
[00:15:10] Lisa: How has that influenced the, either the jobs you've taken or the companies you've worked with?
[00:15:18] Bronwyn: I think it's got to be a marriage between a company that values you and therefore pays you the right amount of money, but at the same time, a company that you have a passion for. I think once in my career, I went totally for the money. I kind of knew when I was interviewing that this company didn't grab me much, but they actually offered me a sensational package.
It was a good salary, very good salary. And then, to manage the recruiting team, uh, wait for it, they agreed to pay me $500 for every position we filled, where I didn't use an agency.[00:16:00]
Because the context was the recruiting team just totally outsourced everything to agencies and didn't do any of it themselves. So I sort of replaced, rebuilt the recruiting team. Every placement that we made without using an agency, because they figured spending $500 on me, versus spending $20,000 on an agency fee was, was good for them. Can you imagine? I had plans to buy a mega yacht.
[00:16:34] Lisa: Oh my gosh, no kidding. 10 positions and...
[00:16:38] Bronwyn: Uh, $5,000.
[00:16:40] Lisa: Yes. Okay.
[00:16:42] Bronwyn: They were horrible.
[00:16:44] Lisa: Oh.
[00:16:44] Bronwyn: I then realized that's the reason why they offered me this deal. Uh, because they thought that would keep me there in the face of... They weren't a company that operated with honesty, with integrity. It was horrible. And even all the leadership fought amongst [00:17:00] themselves. Within six months, I knew it wasn't going to last. But it was a lesson about not balancing both a great company and a great culture and environment and a company that values your expertise and pays you the amount... If you just go for the money, as I did in that one time, that can backfire a little.
[00:17:22] Lisa: Interesting.
[00:17:24] Bronwyn: Yeah.
[00:17:24] Lisa: Did you ever take a career risk for higher income? So, for example, you're, you know, performing well, loving the company, things are moving along fine. But you get approached and it's like, oh, do I leave (Yeah) what is so comfortable to take this risk to elevate? Yeah, were you ever in that kind of a situation?
[00:17:50] Bronwyn: I think it was that company.
[00:17:52] Lisa: Really?
[00:17:53] Bronwyn: And since then, I haven't done it. Since then, I've been able to blend the two of... a position that really [00:18:00] thrills me and excites me... and I feel passion for... and a bump in compensation as well. So I've been lucky to be able to do that.
But if you don't balance that, I think it will come back to bite you. So I was drawn by this big fancy title and the big salary and, "Hey, we're going to give you all this money every time you or your team make a hire and fill a "req"."
[00:18:25] Lisa: Yeah.
[00:18:26] Bronwyn: Yes, I was temporarily blindsided by it.
[00:18:30] Lisa: I would be too. I would be too.
[00:18:32] Bronwyn: Come on. You would have done it too. You would have done it.
[00:18:34] Lisa: I know. I, absolutely. Absolutely.
[00:18:38] Bronwyn: That's a bit too enticing to turn down, but now I learned my lesson.
[00:18:42] Lisa: Yeah. When you made your big moves... for example, Cisco to Microsoft, Microsoft to Meta, Meta to Harman. Did you negotiate your salary package as part of your hiring process?
[00:18:58] Bronwyn: Absolutely.
[00:18:59] Lisa: Did [00:19:00] you start off doing that right from the beginning of your career? Or was that something you learned to do at a certain point?
[00:19:10] Bronwyn: I think you learn it. I don't think you ever start off that savvy. And I think when you... well, certainly from my experience... When you first enter the workforce, you completely go for something that you love to do and you want to do.
Like teaching... which doesn't pay that much. Then you kind of get a little bit more understanding about, firstly, your level of experience, how has that grown and what value you can bring. But at the same time, you learn to be a bit more practical about balancing both the company and the compensation. But yes. I'm just trying to think back. I think on every role, I've negotiated a salary. Or it isn't always salary. It could have been stock. It could have been some sort of additional benefits. But yes, every time... with the exception of the [00:20:00] company that called me after that bad one. I was kind of like, "Well, how fast can I join?" And that was actually Cisco. They did end up, uh, paying me more, but I would have gone for less, cause I was just so desperate to get out of that.
[00:20:17] Lisa: Take me, take me now.
[00:20:20] Bronwyn: Exactly. Yes. And you shouldn't feel guilty about doing that. I think, I think we shrink away, a little bit, from doing that. And we feel like we're being ungrateful, because a company is presenting us an opportunity... and you may love the job, but you shouldn't miss the opportunity to negotiate... because it's really the last one you'll get for a long time. Because once you're at the company, you're "in the system." You're in the regular company's cadence of promos and merit increases. And there's not much that's negotiable about that. So take the [00:21:00] opportunity when you're first talking to companies and be... I still have things to learn. I'm not the perfect specimen. But at the time you bring expertise to the table, you should be paid for that. And you should negotiate for that. So, um, but it's, it's very hard.
[00:21:16] Lisa: Yeah. Yeah. Especially you don't want to go into a new company with them thinking you're greedy.
[00:21:23] Bronwyn: Right.
[00:21:23] Lisa: Or you don't want to go in like, "Oh, she's pushy. Hmm. Should we have extended an offer to her?" Um, but you're right. It's part of the process. Like we have to advocate for ourselves because those company changes are really where the biggest increases happen.
[00:21:42] Bronwyn: Yes. Like I said... I think once you're there, you have so little opportunity to influence your compensation. And the only way that you can do it is, well, you have to work hard and get promoted. Yes. Coming in at the start, is where you've got the opportunity to do that. [00:22:00] Yes. So yeah, absolutely.
[00:22:03] Lisa: Have you ever invested in professional development to boost your earning potential?
[00:22:10] Bronwyn: Good question. I, in the early days, yes. Probably less so more recently. But I went back to college to get additional degrees. In the early part, I got a post grad diploma and then I got a post graduate degree, as well. Um, so I pursued more of the education route. I know a lot of people think of MBAs and things like that. So I did more education that way. I went back to school and spent dollars that way.
[00:22:43] Lisa: Okay, nothing though you would recommend for mid career, to higher level professionals? No particular coaching or, leadership development classes that you'd recommend?
[00:22:56] Bronwyn: Yes, if you can get those through your current company, you [00:23:00] should avail yourself of those opportunities. Um, many years... and I know you did this too. For many years, I would buy every business book around and read them. And even if I just took one nugget or two nuggets from those, um, but most corporate environments now, if you're in one of those, will offer you those opportunities. So go ask, you know, go ask your manager to see what's available that you can, you can do.
[00:23:28] Lisa: Yeah, I agree. Have you ever tried a side hustle to boost your income?
[00:23:33] Bronwyn: Oh, yes. Um, I told you because you asked me very rudely at the top of the podcast. You asked me my age.
[00:23:45] Lisa: Very rudely.
[00:23:46] Bronwyn: Very rudely.
[00:23:48] Lisa: I'm sorry.
[00:23:50] Bronwyn: Yeah, this is on my mind. Because I feel being closer to retirement... Paul and I have worked over the last couple of years to, to start [00:24:00] other ways of generating income... that when we leave the corporate world, we can continue to be financially
self-sufficient.
[00:24:10] Lisa: Okay.
[00:24:11] Bronwyn: Um, and that's the way people should look at retirement now. Stopping going into an office every day in the corporate environment, doesn't really mean you're retired. People have all kinds of side hustles. So for me, the side hustle has been about continuing to generate income, so that I could leave the corporate world. We've done a few things. Um, I have quite the handbag collection, which I could sell on eBay and live for, you know, the next 20 years. But we've done a lot of small property investments. Apartments. Condos. We renovate them. We fix them up.
[00:24:47] Lisa: Ah.
[00:24:48] Bronwyn: And it's probably, you know, 10 years now... 20 years even. So that's our little side hustle, and Paul manages all of that. But that's something that we... I could leave the [00:25:00] corporate world and use that to supplement income. So that's our little side hustle. No, I've never been an Amazon influencer. I don't think that would work well... or an Instagram influencer. Uh, it's property. We always invest in property.
[00:25:16] Lisa: Okay. Fantastic. Have you ever experienced an unexpected financial setback?
[00:25:26] Bronwyn: Um, not, not hugely. Uh, when I saw this question, I thought... we're very, very, very protective of our financial identity. I know that's sort of not what you were asking, but so that we don't suffer financial loss.
[00:25:52] Lisa: Okay.
[00:25:53] Bronwyn: Identity theft. We're very protective of that. We don't give out [00:26:00] information. I shred absolutely every piece of paper that has our name on it. We don't, uh, we're very careful about doing credit checks, because you do that, a bunch of people now have your information and your credit score dips.
We take that really seriously, and we protect it. So hopefully... We haven't suffered a major calamity. Of course, I look at the stock market every day, and I suffer setbacks in terms of the stock market. But touch wood, and I hate to say that out loud... touch wood, but we're very cautious about our financial identity.
[00:26:38] Lisa: I think that's smart. What have you outsourced in your life?
[00:26:44] Bronwyn: The cleaning.
[00:26:45] Lisa: The cleaning. Outstanding.
[00:26:48] Bronwyn: The cleaning. I think as you achieve financial independence, why not? As you, as you get more comfortable financially, why, why shouldn't you enjoy your life a bit better? And that's why money is so important.[00:27:00]
You work hard, you can achieve, uh, some financial comfort and you can outsource things. So the cleaning. Uh, you know, that's big. If you want to scrub your own toilet, Lisa, come on. I
[00:27:16] Lisa: Oh, I hear you. I hear you. What do you wish you knew ten years ago? About money or spending or saving or investing, anything related to finance? Is there anything that you look back and go, "Ah, if I could talk to 40 year old Bronwyn, if I could talk to 20 year old Bronwyn," anything that, uh, comes to mind?
[00:27:45] Bronwyn: Yes, um, the latte doesn't matter. And instead of going to Starbucks, put that five bucks... well, is it five bucks still? Is it something else now?
[00:27:56] Lisa: I don't know. I haven't been in a while.
[00:27:59] Bronwyn: Come home [00:28:00] and put that in a piggy bank. There are some things that you think are trendy and fun and exciting, like going to Starbucks and walking around your office with the Starbucks in your hand. And they're not really.
So I have an example. It's not mine, but a friend of mine... He's like you, he's a financial whiz. He doesn't run a business. He's just a, he's a friend. He talks about cars and 401k. He said, that's the big thing. He said, if you're comfortable buying second-hand things when you're younger... Of course, we all want to tote around in a brand new car. But his view is... If you save half of that money, you put that in your 401k and you buy a second-hand car, you will be millions, millions of dollars richer by the time you retire. And that's when you can afford your new car, and you will be able to retire 10, 15 years earlier. [00:29:00] So his view always, and he would give me this coaching.. Make sacrifices when you're young, and then you won't have to make sacrifices when you're older. But if you spend, and you worry about driving a new car, and you worry about being seen in the latest fashion, and, uh, you will be working much, much longer. So, because he's coached me on that, I wish I'd been able to tell 20 year old or 40 year old Bronwyn that.
[00:29:29] Lisa: Right, right.
[00:29:31] Bronwyn: Everything doesn't have to be new and sparkly.
[00:29:33] Lisa: Thank you. Thank you for sharing that. So, I would love to transition into what I call the speed round.
[00:29:42] Bronwyn: Oh, gosh. Okay.
[00:29:46] Lisa: Very exciting. Some questions that I think are just interesting benchmark questions to see how each of us spend differently or what we're willing to spend on or not spend on. [00:30:00] Uh, so are you ready for me to dig into these?
[00:30:02] Bronwyn: Yep. Let's do it.
[00:30:03] Lisa: Okay. What is one thing you'll splurge on?
[00:30:09] Bronwyn: Ooh. Uh, I don't want to admit this on camera, but, I, oh gosh. I will splurge on my face. I often tell people I have the $500 face cream plan. Cause I do not want to splurge on a facelift. I do not want to splurge on anything cosmetic, and I'm pleased to say I'm all natural.
So I will spend dollars on good skincare and yes, some of that can be four or five hundred dollars a jar.
[00:30:46] Lisa: Wow.
[00:30:48] Bronwyn: But, but if it's working... That's my guilty splurge.
[00:30:51] Lisa: Yeah. And, and you, it's a good trade off between that...
[00:30:54] Bronwyn: And toilet paper! Never skimp on toilet paper.
[00:30:58] Lisa: Oh, really?
[00:30:59] Bronwyn: No going for the [00:31:00] cheap stuff. No.
[00:31:01] Lisa: Okay. Life's too short to use lousy toilet paper?
[00:31:06] Bronwyn: Yeah. That's right.
[00:31:09] Lisa: We're getting all kinds of pearls of wisdom today. What is one thing you're super frugal with?
[00:31:15] Bronwyn: Um, I do switch off the lights every time I leave a room.
[00:31:23] Lisa: Okay.
[00:31:23] Bronwyn: Um, the antithesis of the $500 face cream. I have a mania. I'm a little obsessed... a lot obsessed actually, with drugstore makeup. So once I've got my skin looking nice, I love to haunt TJ Maxx and Duane Reade and Walgreens and CVS, and pick up... because let's face it, a lipstick is a lipstick is a lipstick. That's something that I just won't spend dollars on. I go to all of the sort of cheaper drugstores and buy makeup that way. Is that too silly? [00:32:00]
[00:32:00] Lisa: That's impressive. That's where your spending is aligned to your values. Like I, I want my skin to look really nice. Now what color lipstick I have on... We can be flexible. And I want to try different things.
[00:32:15] Bronwyn: Yeah. Yes.
[00:32:17] Lisa: Uh, what's the right percentage to tip?
[00:32:20] Bronwyn: Oh, minimum 20%. Have compassion for people who are in service roles. It's not easy and particularly post COVID, it's even less easy. So have compassion for people in those roles. 20% is a minimum. And then go more... Go higher if you really did get good service.
[00:32:42] Lisa: What do you think is the right amount to spend on a car?
[00:32:49] Bronwyn: When you're younger, go second-hand. When you're older, you can buy the caddy of cars. In fact, I do have a Cadillac.
[00:32:57] Lisa: Nice! [00:33:00]
[00:33:00] Bronwyn: Yeah, but I've only had that for three years.
[00:33:04] Lisa: Okay.
[00:33:05] Bronwyn: In my 20s, I was driving around a little Mazda Cappella second-hand. I have this thing about not leasing cars, because I sort of think that's a waste of money. I will buy a car now. I will even, and it could be new or second-hand and then I will keep it for two years. It's a, it's a good one. It's in good condition, and then I'll trade it in. And then I only have to add a little bit more to top it up to, to upgrade. I don't keep them. Yes. I don't run a car into the ground. I have one for two or three years. Um, keep it pristine. Don't let the dog in it. Keep it really good. And then, three years later, you sell it for almost what you paid for it. And then you top it up with a little bit more.
[00:33:52] Lisa: Good advice. Ooh, you've got my wheels turning.
[00:33:55] Bronwyn: Well, you could explain it to me. But I can't justify spending two, three, [00:34:00] $400 a month on something you don't own. I find it hard to get my head around that. Again, it's this... You can sense my whole philosophy, which is... Spend money. Have a sense of loss. Be conscious about what you're spending. And I feel like a lease car sometimes is, it's a little, can I say this? It might be self-indulgent, because it's just about having a new car, but you never own it. You never own something.
[00:34:27] Lisa: Right.
[00:34:27] Bronwyn: So, it's just me.
[00:34:29] Lisa: Okay. Yeah. I too actually, am a fan of purchasing versus leasing, because I feel like at least... Even though the value of the car is depreciating, at least there's some of my money left when I go to trade it in. But I try to hold it for 10 years.
What's the right amount to spend on a bottle of wine?
[00:34:52] Bronwyn: Ooh. Well, am I paying?
[00:34:56] Lisa: Yes.
[00:34:56] Bronwyn: Or is someone else paying?
[00:34:57] Lisa: You're paying!
[00:34:59] Bronwyn: I'm [00:35:00] paying! Life's too short to drink crap wine. Although the market is flooded with decent, good, enjoyable wine. I'm going to say $25 to $50. More if it's a special occasion, a splurge. But on a regular basis, uh, you can get some good thing, good wine, good drinkable wine.
[00:35:25] Lisa: Okay. What's the right budget for a one week vacation?
[00:35:29] Bronwyn: Well, Paul does all of that booking. That's hard, because I don't have visibility into that. I can tell you, I never skimp on a hotel.
[00:35:40] Lisa: Okay.
[00:35:41] Bronwyn: Go to a nice hotel, because I have to lay in the bed and you know... Yeah, it's icky if it's a cheap hotel. But I will, skimp on say the airfare or something else. But when you get to your destination, I don't skimp on that. [00:36:00] That's all I know.
[00:36:01] Lisa: Okay. Okay. How much would you spend on a purse?
[00:36:05] Bronwyn: Well, as you know, uh, I've had this plan for many years, many years. Every time I got a bonus at work, I bought, my husband and I were allowed to spend 5% of that bonus. He bought things like golf clubs and, um, I always bought a bag, a designer bag or a designer pair of shoes.
For the reason that when you get the bonus, you don't miss that money. But if I took $2,000 out of my bank account now, and went to buy a designer bag, that would hurt. So I always...
[00:36:54] Lisa: Isn't that interesting?
[00:36:56] Bronwyn: But when you give me a bonus, I haven't thought or put it in my bank [00:37:00] account yet. So I'm going to take a little bit. And the other reason I do that is because it's a visible sign of the hard work that you put in to get that bonus. And so now I walk into my closet, and after 30 years of doing that... (I've stopped doing it more recently.) But I walk into my closet now, it's a little bit of a shrine of shoes and bags... which I could sell on eBay, and have done a couple.
I have spent, you know, $2,000-$3,000 on a handbag. I keep them, that's my, that's just my collector thing. I keep them in their dust jackets. I keep them very clean. I put them away.
I don't sling them in the closet when I get home. I have, I have, um, I have bags that I've had for 30 years and could sell them for more than I bought them for.
[00:37:52] Lisa: Wow.
[00:37:53] Bronwyn: Pristine. Yes. Yes. Classics.
[00:37:56] Lisa: I think I, to give you a heads up, I'm going to add your [00:38:00] closet to my bucket list of places I want to visit before I die.
[00:38:07] Bronwyn: Now the only thing sad about it now is, I equally have a good shoe collection. But COVID changed all that, didn't it? Like, do you even wear shoes anymore, Lisa?
[00:38:16] Lisa: Hardly. Yeah, I have on slippers.
[00:38:20] Bronwyn: And so, I've got all these beautiful Pradas and Manolos and again, I only bought them when I got a bonus. I did not buy them on a regular salary.
Um, as just a sign of thank you to myself, sort of thing. Um, I don't use them. I rarely wear shoes myself now. So they're all sitting in my closet. You can have some if you like.
[00:38:45] Lisa: Oh, that we were the same size. Hahaha. What's the most extravagant purchase you've ever made?
[00:38:54] Bronwyn: Oh gosh. Well, I've got some big ticket items like buying a house and buying cars. [00:39:00] I'm not... strangely enough, for all my bags and shoes, I'm not really a jewelry person. I don't expect jewelry every birthday. I don't have a big collection. Uh, but in my earlier years I have... can I say this? No one's going to rob me now, that's listening to your podcast, are you?
[00:39:17] Lisa: No, I don't think so.
[00:39:18] Bronwyn: I have a Tanzanite and diamond ring that Paul bought for me. It's beautiful. I've had offers to sell it, but I wear it twice a year, and it sits in the safe. And so I would regard that as extravagant. Because I don't think I'm getting my money's worth for it. I feel uncomfortable when I take it out of the safe.
It's not the biggest thing I've ever seen. But I think that's exciting because it goes back to my philosophy of spend on yourself and splurge. But if it's not something you're using, don't, don't buy it just for status sake. Make sure you use these things and you enjoy them. So [00:40:00] that's why I'm saying that's extravagant. It's a piece of jewelry that has to sit in the safe.
[00:40:04] Lisa: Got it. I think that's a great...
[00:40:07] Bronwyn: I'll bring it out for the next podcast, Lisa.
[00:40:11] Lisa: Oh, please. That would be great. All right. I know I need to let you go. As a closing question... Do you have a favorite money related quote or mantra that you would want to leave our listeners with?
[00:40:31] Bronwyn: It's not necessarily a quote or a mantra, but what I would suggest is... Be conscious about what you spend. Negotiate your worth for a job. And don't be shy about wanting more money. Like it's, uh, I think we're not supposed to say that, are we? We're not supposed to say that we want more money, but there's nothing shameful in it. And wait till you're [00:41:00] 60. It becomes very important to you. But part of that is... understand where you spend money in the first place. And make sacrifices when you're younger, so that you can live a little when you're older. That's, that's pretty much what's worked for us.
[00:41:16] Lisa: Oh, words of wisdom. Bronwyn, thank you so much for taking the time to talk to us.
[00:41:22] Bronwyn: Thank you, Lisa. It was so good to catch up with you and, and good luck to everybody out there. But, um, this was really good fun. Thank you. Great. Thank you.
Thanks for listening. Money Talks are hosted by myself, Lisa Clements, owner of Clear Springs Wealth. If you enjoyed this episode, share it with someone you think could benefit from talking more about money. Make sure you leave a rating, a review and subscribe so you never miss an episode. You can find show notes at clearspringswealth.com/moneytalks. Thanks so much. [00:42:00]
