Staci Dennett, Budgetista Extraordinaire and owner of Penny Wise (founded in 2011) is teaching young women how to create realistic budgets in business and in life. YFE has recently featured young, entrepreneurial women from London, Pakistan, and the East Coast of the United States and is honored to be featuring a fellow Seattleite as well. Read on to find out the why, how, and what she has to share with her peers when it comes to Staci and her business.
Website: www.PennyWiseBudgets.com Twitter: http://twitter.com/lifeofstaci Facebook: www.Facebook.com/BePennyWise
What is your business all about? What problem do you solve, service do you offer, etc.
We help you live a luxurious lifestyle…on a budget.
Penny Wise works with recent college graduates and professional women in their 20′s create goal-focused budgets that encourage you to spend your money in ways that make you the happiest while still feeling secure about your finances. And best of all, we teach you the skills and help you develop the mindset necessary to stick to your new budget.
Words we live by: “Your budget shouldn’t be a corset. It should be a sexy pencil skirt that fits you in all the right places.”
What does your background look like?
You would never guess it, but I grew up in a small town in Kansas just outside of Wichita. Even though it’s been 5 years since I’ve lived there, I still exude Midwest friendliness and I love good barbecue.
I moved to Asheville, NC for college, and in December 2009 I graduated from Warren Wilson College (Go Owls!) with a B.A. in History & Political Science and a minor in Philosophy.
Throughout school, I was a receptionist at a local salon & spa. It was that job that gave me the “entrepreneur bug” because I saw the amazing process of opening a business and watching it become a success. I was active in marketing the salon, both on and off line, and I knew that one day I wanted to build my own business – I just wasn’t sure what kind of business I wanted to start.
Why did you start your business, launch your first product, or build that community in the first place?
In August of 2010, I moved to Seattle so that I could start a financial advising practice. I was motivated to help young people, like myself, develop the skills to take control of their finances. After a few months at the firm, I realized that I was not in a position that would allow me to get at the root of the financial problems people face.
I left the firm and decided to take a break for a few months. During that break, I realized that my passion is really helping people use their money to improve their lives and give them the lifestyle they deserve. I absolutely believe that people should have something meaningful to show for all of their hard work, and one way to do that is through budgeting. So, I took a month to develop a business plan that would allow me to help people budget and would still be a sound business pursuit for myself. In June 2011, Penny Wise was born.
I’m so passionate about helping people take charge of their spending because I watched my parents blow their money every paycheck on useless things. At almost 50, there is really very little to show for all of the money they’ve made. My dad once told me that he’s probably made several million dollars over the last 20 years, but he still has very little retirement savings and continues to live paycheck-to-paycheck every month. Growing up, I couldn’t help my parents develop prudent money skills, but I refuse watch idly by while others repeat those same mistakes that hurt my parents. I have made it my mission to help as many women as I can learn how to take control of their finances and use their money in a way that makes them proud.
What are your favorite things about being young, female and entrepreneurial?
One of my favorite things is being able to work my own schedule. My boyfriend has Tuesdays and Wednesdays off from work, so I can set those days aside as “us time.” If I had a job, it would be hard to find a position that would allow me to take those days off.
I also like that I have no income ceiling and I am not dependent on working 80+ hours a week to get a promotion or make overtime. For a lot of women, they have to decide between a higher salary or spending time with their family. By being a YFE, I can do both!
Do you have mentors or people you admire that you think of when making business decisions?
One of the people that I admire is David Bach, a personal finance author. He has created a multi-million dollar information empire that helps people solve their money problems and “Finish Rich.” Whenever I start to think it’s impossible to get rich by helping people budget, I think of him and become incredibly inspired.
I also think about Lori Richardson, my sales coach, a lot when I’m doing my day-to-day business tasks. One thing she always reminds me to think about is whether or not what I’m doing will bring Penny Wise a sale or increased revenue. This is a great motivation for not wasting time on unnecessary tasks.
What have been the advantages of being young and female while building your business?
I break every stereotype about what a “finance” person should look and act like – I’m young, female, blonde, I don’t wear suits, I would rather tweet than read a finance magazine and I use words such as “awesome,” “Budgetista” and “LOVE IT!” when blogging and talking to clients. My girly, fun-loving yet professional, overly enthusiastic personality helps me relate to my target market of young successful women. A 26 year old woman is more comfortable approaching me to ask money-related questions than they are an older “Wall Street” looking man.
What are the disadvantages you’ve faced, if any?
Being young and owning a non-tech based business that focuses on budgeting certainly draws a few questioning looks from people when I tell them about Penny Wise. Other than a few strange looks and a rude comment every once in a while, I haven’t really faced any major disadvantages. I promote the fact that Penny Wise works with young people, so most folks accept that it makes sense that I’m young too.
What is your advice for a young, female entrepreneur just starting out or in the research stage?
Just go for it! Put your fears behind you and just take the leap into being a YFE! Don’t think about what will happen if you fail, think about what amazing things will happen when you succeed.
If you are starting your business or thinking about starting a business, be sure to surround yourself with amazing, positive people who will support you 110%. I’ve found that the key to my success is remaining positive despite any setbacks or negativity, and I’ve been able to remain positive because I have an incredible support system that surrounds me and keeps the negative out. Start finding friends now that will encourage you on your journey and just ignore those “friends” who are full of negativity and doubt. To find encouraging women, start joining groups like YFE, the Power Chicks or Networking in High Heels.
I love action oriented advice, so here’s a tip to help you build an army of supporters. If you want to find out if a certain friend supports you or not, share that your goal is to make a million dollars in two years, your friend’s response will let you know whether she is a keeper. This is the goal I shared with my friends, and I instantly knew who I was going to spend more time with because their response was supportive and encouraging. If their response was snotty or doubtful, I knew that I was only going to have limited contact with them because they were going to be a hurdle to my success. You can come up with your own lofty goal, but don’t be afraid to share it with others.
What is your drink of choice?
Gin & Tonic
What can we find you doing when you are not working on and in your business?
I carry a personal development book with me everywhere I go, so there’s a good chance that you would find me reading my book of the day.
I am also extremely passionate about volunteering, so look for me at a local soup kitchen.
I also blog about being a young entrepreneur on my Life Of Staci (www.lifeofstaci.weebly.com) blog, so you might find me writing a post or two.
Other things I might be doing include: making a fool of myself at the driving range, exploring fun, free things in Seattle, enjoying happy hour with friends, or marathon watching Law & Order SVU or Dexter.
{ 2 trackbacks }