Tracy DiNunzio
Appearances
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Also fair. I never hired people.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
And if you wouldn't hire them, why would you marry them? Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
I think that... Okay, so if there's a woman in the audience listening right now who fits this, how do they find you? We might have just saved you so much swiping.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
They can go to... Yes!
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Look at us matchmaking.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Tim.blog slash partner.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Okay, ladies, if you heard something that sounded like a fit for you, Tim is in the market.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
That's amazing. I love the clarity. I love that you come credentialed.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Yeah, exactly. Okay, Tim, we're unfortunately out of time. I feel like I could talk to you forever. But before we go, will you play a little game with me?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Okay, we're going to play Never Have I Ever. Normally we'd be drinking, but we're not drinking because you're in your no fun number.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Here's how we do it. Okay. We're going to hold up a hand like this.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Five fingers up. If the answer to any of these is yes, you just put one finger down. Oh boy. I'm going to play it with you. And when one of us all the fingers down, we're done.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Never have I ever maxed out a credit card.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Never have I ever split the check on a first date.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Yeah, you did? Do you always split the check on a first date?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
So what happened?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Okay. Are you a big crypto guy?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Oh, my God. Did we need a whole other episode for this?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
You got in early.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Wow. Okay. We have to have a drink after and I want to hear about this or not a drink after. Okay. Play the lottery.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Oh, yeah? Sure.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
It is a nice gift. Yeah. Lived paycheck to paycheck.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Oh, no. Okay.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
We're done because all your fingers were down, but it goes with... Yeah, yeah, yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Invested in a company that became a unicorn.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
And you were early in those companies.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
And this, ladies and gentlemen, is why Tim can afford to give away all of this golden advice for free. So keep tuning into the Tim Ferriss Show where you get more value than anywhere else. Tim, thank you so much for coming on Money Rehab with me. This was so fun.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Hi, it's Tracy D'Annunzio. I'm an entrepreneur and investor, and I'm also guest hosting Money Rehab this week while Nicole is off on maternity leave. Yesterday, you heard the first part of my conversation with Tim Ferriss. He's an investor, entrepreneur, author, and not just any podcaster. Tim has often been called the Oprah of audio. So if you missed yesterday's episode, cue it up. It was great.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
So yeah, this is your routine in the morning when you're single, when you're traveling.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
When you're home and when you're partnered.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Especially when you have kids. It's fine.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
That's going to be the pull quote.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Do you ever just get in bed and watch Netflix till you fall asleep like the rest of us?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Wow.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
You do it on desktop.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
It's my half an hour of meme absorption time.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
So Tim, you said you're going to dinner tonight. Do we have a date?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
But you are single.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
How is it going?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Today, you're going to hear the second part of our conversation. where we talk about Tim's current daily routine. And then we go super deep on relationships and money, all the juicy stuff, prenups, dating, who should pay, and how Tim might just meet his future wife through this very episode. We end our conversation with a game of never have I ever. Some of his answers really surprised me.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
I feel like it's better.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Do you know what you're looking for?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
A lot of city girls out there just went, aww.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Because it means...
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
And dedicate themselves.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Okay.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Okay.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Yeah, not like... Another headline.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
But not necessarily a no to that either.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Nice.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Here, without further ado, is the second part of my conversation with Tim Ferriss. Okay, so right now, what's like the morning and evening routine for you?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Yes, that's what a pre-nup is. You pre-negotiate your divorce before you get married. So are you going to have a pre-nup?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Oh, you are going to have a pre-nup.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Have you encountered that?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Do you think it's a ruse or do you think that it's like they like you and they want the benefits?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Oh, okay. So if life is always hard for them, meaning they perceive life as being too difficult or they perceive life as being too difficult,
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 2) on Easy Health Hacks, His Daily Routine and Dating
Break those apart. Long-term planning, no, because if you're flowing in the moment. Complex stuff, I think the feminine does that.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Why he thinks money is just a story that we tell ourselves and how to tell yourself a better one. And he'll separate fact from fiction when it comes to biohacking. Tomorrow you'll hear Tim talk about so much more. We'll get his current daily routine and then we'll go really deep on relationships and money and who Tim is dating and where he's finding matches now.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Oh, that's good. It's good. That's very good.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
What are some of the things that a bunch of wealthy, successful people tell themselves or tell each other that becomes unhealthy?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
But for now, let's start with part one. Tim Ferriss, welcome to Money Rehab.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
so much more generous that I need to hold on to my money right now.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
So Tim, what was it like for you? Did you have a number where you were like, this will be enough? Have you made enough?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah, you also rolled in here wearing shorts.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
It's so good to see you, my old friend. I am so excited to have you here, especially right now, because I don't know if you realize this, but we are almost exactly 10 years out from when you had me on your podcast on the Tim Ferriss Show.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Two turntables and a microphone. That's Tim's whole setup.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
So if you did video and had a whole studio and did a fancier production, you could probably be growing your audience and distributing across more channels.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Didn't you have a TV show at one point?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I remember seeing you on my Apple TV. Oh, yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
It flew, right?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Tim, this is good. I want you to say it again slowly. Anything beyond your basic needs is a game?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
It's so fast. And you were just getting started. I think I was something like episode 30.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You can play with yourself, like internal games.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
800 or something. Something like that. Yeah. So my first question is, do you remember that you were a little bit drunk? And you interviewed me.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Do you think most people are playing a game that they landed in by default?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Like not even really knowing what game they're playing or why?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Hi, it's not Nicole Lappin. This is Tracy DiNunzio. And if you listened to yesterday's episode, you know that I'm here guest hosting for our dear Nicole while she's on maternity leave. My guest today is Tim Ferriss. A man who needs no introduction, but I'm going to give him one anyway. Tim is a world-renowned expert on self-improvement and self-actualization.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Right. And also because if you want to feel good about yourself, you want to wake up every day and do what you know you're good at so you can win at something. It's very hard to switch gears when you've only developed that muscle.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
It's like a diversified portfolio of your identity. So you're not overly committed to one thing. And if it goes bust, you go bust.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I don't remember.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Do you think there was any area that as you were building your money, your fame, your career that you neglected?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You are quite good at that.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You got drunk in the episode. You had wine.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
That's a good thing to put in all of our brains.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Is there any chance that you remember what you were drinking?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I don't know. I'm going to tell myself now that not meditating is so gross. It's like not showering. Yeah, exactly. Because you're like, how could I not find 10 minutes a day? I don't find 10 minutes a day all the time. Yeah. And I'll get in bed and be like, oh, how did I not do that?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah, just get it in.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Maybe that's it. You flip the switch to doing it and then you build and
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
And it's like a little reward. You get to hear a song that you like. Sure.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay, so you were like the original or one of the original biohackers. And now all that stuff has gone super mainstream. We're all like, we're listening to Huberman and Peter T, all these guys you're friends with. And it's like we need to all be millionaires and have seven hours a day. It's like I have to cold plunge, but I have to also heat. I need my red light. I have to don't drink coffee.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
And the evening routine and all that. So help us separate the wheat from the chaff. If I'm not a millionaire, if I don't have a three-hour time span for my morning routine, what are the must-haves?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Cover your ears, Tim's family.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
And you have light eyes, right? So that kind of goes with the skin.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Your whole skincare routine is Dr. Bronner's and go in the sun sometimes.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Like more is more, but more is not better. And doing more, the temptation to do more.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I remember what you were drinking.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Your mileage may vary.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
K Brothers, Amory Vineyard, Block 6. Does this ring a bell to you?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay. You were into it. It was like a wine that you recommended.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
So I have a little gift for you.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
That's not what I expected you to say. I expected you to say that nobody should take metformin until or unless they've got their diet and exercise dialed in. We're adding all these things when 99% of the lifting is just doing this. But you're saying people should use it to compensate if they're not.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Or they do.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah. Oh, incredible. So this is the wine that you were drinking when we did our podcast. Holy moly. I was going to ask you. That's really cool. Isn't that wild?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Oops.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Wow.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
No, but in fairness, I have that. And it's super annoying. You have to put so much ice in it. It is annoying. Look, I've done it too. I've done it.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
It's not, and it's a good way to see if you're really going to do it. Try before you buy.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Does it benefit you a lot?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Because the thing about a cold plunge is that you're doing it for just a couple of minutes. And so for all that labor and all that work that you have to do to create the cold plunge or all the money you're going to spend, is that the highest return ROI?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay. So there's one difference though. This is a vintage 2013. You were drinking a vintage 2010. Do you remember what you paid for it?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
How do you figure that out? Do you not do the cold and then do the cold and see a change in your mood?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You run your own little experiment. Super obvious. It is super obvious to you.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay, the bottle of wine you were drinking when we did our podcast together 10 years ago cost about $100 when you bought it, but it now costs over $1,000. Really? Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
No. I sold early. Yeah, exactly, exactly. So this is 2013, because we love you, but not $1,000 worth. Thank you.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I remember that that book was like a little fringe almost at the time, and now it's all the stuff we've all been doing.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You're welcome.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Right, because they eat the smaller fish and they have, so it has what, more mercury?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Thank you. So booze fast, tell me about it.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Not eating tuna is pretty easy.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
So like the OG biohacker is saying diet, exercise, eat clean, skip the tuna. Yeah. Don't make it so complicated. Don't keep adding.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
So what other things are giving up?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Tim's getting rich off of telling you not to eat food.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You have a knack for giving out tips that make you no money.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
That's like a big thing you've been doing.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I think that's right. And another thing it's pernicious out there, right? Because you've got influencers who might be trying to sell you something. And even when they're not trying to sell you something explicitly, they're benefiting from making more outrageous statements than not because it's an attention economy too. And they're getting clicks and people are like, Ooh, what really?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Oh my God, I need rapid my center. I'm going to die. I have to click here and learn about it. And you never did that either. Like you refuse to traffic in outrage or sensationalism.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah, because the game you're playing is to be credible, to be like a reliable source of information.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
No, we do. We want to get into it.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay, you do. You think it's interesting.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
That was way ahead of when it entered into the... It was super, super early.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Which is the hardest? No booze.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Which is the most difficult. Really? Really? But there's benefits to that, I believe.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Have you done gymnastics?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
And give you information. Yeah, great. Hopefully for free.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
He's spent a lifetime studying and teaching the habits and mindsets of the world's most successful people. Tim has built, invested in, and advised huge tech companies like Uber, Facebook, and Shopify. He's written five number one New York Times bestsellers.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Totally. Hedonic adaptation.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yes, totally agree. How do I know when I am suffering from too much hedonic adaptation with all my little habits?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Is it hard in the beginning and then it gets easier?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Tim, every time I talk to you, I feel like I need to overhaul my life just a little bit in a good way.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Yeah.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
You've had conversations with hundreds and hundreds of the world's top performers. What are one or two of the biggest unlocks from guests that you've had in your years podcasting?
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
He's had his own TV show, and he's probably best known for his podcast, which has over a billion downloads, and where he's interviewed everybody from Jerry Seinfeld to Tony Robbins to the dude from My Octopus Teacher. Tim brings free, practical education into the lives of tens of millions of people across the globe.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Just pick out the top ones. No offense.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Okay. First thing in the morning.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
Good for you for before dinner. I'm like too distracted by hunger usually.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
I've been lucky to call Tim a friend and a mentor and an investor for over a decade now, and I feel lucky to know the very generous man behind the impressive resume. Tim and I got together in New York and talked for so long that we needed to split this episode into two parts. So today you'll hear Tim talk about the biggest lessons he's learned from that star-studded guest lineup over the years.
Money Rehab with Nicole Lapin
Tim Ferriss (Pt 1) on Biohacking Basics and Rewiring Your Money Mindset
TM, Transcendental Meditation, not trademarks.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I remember this. You were like the first to do a drop. Now that's a whole thing. But I remember when the RealReal was like, oh, it's a RealReal day.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I would have written a script that just said, sweep everything into my cart and leave it there. Something was going, people were doing that. Yeah.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Okay, so I have a fun question for you, considering that we spent the better part of a decade as leaders of organizations in the same category and as competitors. How did you think about the competition? I didn't.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
It's fun being here. So, Julie, you've had an incredible career with many acts, and we're going to talk about all of them, including your latest business, Ahara Med. But I want to start by saying you're one of the most successful women in tech. Full stop.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
How much money did you raise for the RealReal?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Very few women in tech. raise hundreds of millions of dollars, and then you eventually had an IPO, you took the company public. That is also very rare.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Isn't that sad? I know a handful of women who've taken companies public. And the one thing they all have in common is that when you shut the door and you start to talk about what was it like raising enough capital and pushing a company through all those phases of growth, they have a lot of horror stories.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So will you tell us some of your behind closed doors horror stories about fundraising and building your company? What are things that you haven't talked about publicly?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Okay.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I don't know why I thought I did.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So that's what we can expect.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
You have had a lot of success. You've run multiple public companies. You've been a founder, not just a CEO, but a founder. What do you think makes a great entrepreneur great?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Did you choose zip codes with like ultra high net worth people?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Oh, come on, Julie.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Warehouses. Yes. Was it Celine Dion?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
The answer's always yes. Always yes. It has to be yes.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Okay.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Oh, I get that. Nicole always tells me I'm not the best driver, too.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Hi, it's Tracy DiNunzio. I'm an entrepreneur and investor, and I'm also guest hosting Money Rehab this week while Nicole is on maternity leave, sort of. Today, I'm talking to Julie Wainwright, who's one of the most accomplished female tech founders of our generation. She's been on all the lists. Inc's Female Founders 100, Fast Company's Most Creative People, Forbes 40 Over 40.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
No, you're constantly managing the supply and the demand, the sellers and the buyers. It's such a complicated business.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
It's so funny to hear you talking about these kind of scrappy early days, because after that phase, after you had a warehouse with a crusty carpet and the French guy stepping into the toilet to photograph. Yeah. So after all of that, the business grew. Like you say, you raised hundreds of millions of dollars. You took the company public. What did it feel like to ring the bell?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Really?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Really? So on that particular stock exchange, was that the one that had 23 women? No, that was overall. It was anybody taking a company public. Wow.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
It does seem like more women's companies are getting to IPO, even though, like you said.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yep, and then also my friends over at Figs had a great IPO. Figs is a great product. Yeah, that's wonderful. So we're seeing it more and more. A little bit. Yeah. Yeah, a little bit, little cracks, little cracks. Yeah, and so you took the company public. It is the greatest victory for a founder to do that. It's fabulous. From zero to IP.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, that's not the pathway.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Everything was totally normal after 2019, right? COVID hit, yes. And so you were still running the company. Now it's a public company, which means that you have to report to the whole world how you're performing, right? It's different than when you're a private company. Nobody knows your business.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
But when you're public...
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes, you just have fewer eyes on you. If you have a bad quarter and you're private, your circle knows about it, but the whole world doesn't.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I remember.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Which is a good month for seasonality.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Because your warehouse is shut down, right?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And then COVID was like, shh.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
These are, by the way, all of your more politically conservative markets, areas where they didn't shut down. People didn't do COVID.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And how was your work-life balance during this phase?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, even that.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
There will be no shoes and purses transported.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, it was a bit crazy.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
That's wild. So a short seller, meaning somebody who had bet in the stock market against the company's success, was now putting their hand on the scale and trying to influence whether COVID would disrupt your business. Oh, it completely disrupted, but they were trying to make it even further. Even worse.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
it's so stressful and i think it's really helpful for a lot of our audience here they're early stage founders or they're young women in business and i think it's so helpful for them to hear that even when you get to the point that your business is a household name and it's big and it's public company you're still dealing oh no this was a nightmare because we could so we had to start buying product which the quality of the product was good where were you buying product from from
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Totally.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
What a nightmare. The whole thing was... It was tough. It was really tough. It turned out resale was better than off-price in the end.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
If someone bought it once, then people will buy it again. Yeah, absolutely. Yes. You took the company through COVID through some of its toughest times. And then in 2022, you left the company.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Oh, OK. We're talking about it. Julie, tell us what happened.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So after you went public, you got a whole new set of board members.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Oh, so they held on to their stock.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So you were a public company, but you still had a lot of room to grow, and it still needed to be run like... I think shared values is actually more important than... For a board member.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, I think you're right. And as much as we would all love work-life balance, I think we both know from experience, you start a company, you owe it to your employees, your investors, and your customers to do everything in your power to make the company better all the time. So you don't really get balance during those years.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And what were the values that you felt like you were bringing to the table that your board didn't share?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, there are a lot of differences.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
What do you think it was about your life or your personality that made you feel like that kind of life without balance with, you know, What made you suited to it?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
You brought people on for their subject matter expertise, but it turned out that because they had spent so many years in the corporate world.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Except for one.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So you were fired from the company that you started, that you built. I was. I mean, what did that feel like? It was very dark. When that happened, were you able to speak publicly about how it went down?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, I think that's also something that gets lost in the story of all the massive business success is that there was a sustainability mission for these businesses. And the idea, particularly for those of us in luxury, was you don't have to buy cheap, fast fashion that's disposable. You can afford really beautiful clothing and then pass it on when you're done with it.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes. And I think. that we completely changed the game in terms of making resale cool.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Totally.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And I think luxury customers at the time that we were getting started turned up their noses at used clothing.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Totally.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I'm glad that you shared the story of both how you started and how you departed the company. I think it's really helpful for people to know that Even when they see big success stories from the outside, there are a lot of ups and downs. There are a lot of challenges right from the first day till the last day. Now you're building something new.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
You weren't after the big corporate job.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Can you explain to people what is compounding?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
stamp yourself. Well, you do.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
How much does it cost per month to...
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Wow, and that includes having a nutritionist who helps tell you what to eat.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Wait, so for a lot of people, your insurance company will pay if you go to AharaMed.com
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Oh, wow.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
People don't shrink their stomach while they're on the drug. No. They tend to gain the weight back when they go off.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Julie, that sounds amazing. I have no doubt that Ahara Med is going to be another massive success for you. Before we go, will you play a game of Never Have I Ever with me? Oh, no.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Ready? Never Have I Ever. Paid on the first date. I've done it. Okay. How'd it go by the way? How'd it, how'd it work out with the guy that you paid on the first date?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah. Okay. Explain really quickly when you're the CEO, who do you ask for a comp committee?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes. Okay. Never have I ever.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Bought a fake bag.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Never have I ever bought a Birkin. Oh, I bought one.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah. Were you not using them?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I know.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And then I didn't like it when I carried it. It felt awkward.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah. What a mistake. For all of Julie's future potential suitors, just be warned. They're going to have to sign a prenup.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Goes in. Yeah. Okay. And never have I ever, this is the last one, maxed out my credit cards.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
You did. Thumb in or out. Of course. Okay. But it turned out to be a good bet.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
That was an understatement of the show. That turned out. It will go down in history. Okay, Julie, we end episodes of Money Rehab by asking guests for one tip. that they can take straight to the bank. So it can be about personal finance, investing, anything money related. Your best tip for our audience.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Okay, so never take your money out of a 401k unless you're going to use it to start a business that eventually becomes a multi-billion dollar company.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So that's more than one. Julie Wainwright, my former competitor and current dear friend, thank you so much for coming to Money Rehab. I had so much fun. Oh, I hope it's a good one. Thank you, Tracy. I think it's a good one. Thank you, Julie.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
It's been delightful. Me too.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I did. I thought, Julie, I thought about you a lot. I even bought a book you wrote a long time ago. And I read it many years ago that I bought it and read it. It was my first company. I didn't have a lot of background in business or any background in business.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And so once you guys pulled ahead and started growing faster than us, I wanted to know everything about what you were doing and how you were doing it.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
to learn and to catch up i thought about your business model all the time i thought about how you were operating as a ceo i hired people who had worked for you and i learned from them about how you operated the company and i really i had a combination of like fire to catch up and you know like win and win the whole market but also deep admiration and respect because more than anybody i think i knew how difficult that job was so
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Her amazing career included stints at Clorox, Real.com, and a rollercoaster ride as the CEO of Pets.com during the dot-com crash. After that, she started The RealReal, a luxury resale marketplace where you probably buy discounted Louis Vuitton and hopefully also sell things from your closet. And you're probably thinking, wow, that's an impressive resume.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
She started kicking as soon as Julie started speaking.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Like you can't go at anyone else's pace. You have to go at whatever pace you feel.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
No.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
You had that experience of being sexually harassed at work early.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes. Everyone. I would say. Yes.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
It stays the same and stagnates for a while and then there's a movement. It goes backwards.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So one of the big reasons that organizations form like this where there's disproportionate power with the men and some unfairness and sexual harassment tendencies is because historically the leadership has always been men. And that's usually because women don't raise as much capital to build big new companies.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
That's crazy.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yeah, same. I went to an art school.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Let's talk about so you've raised over a billion dollars in your career. Let's zoom in a little bit on the phase of your career where our paths crossed when you founded the real real. Can you tell the audience? I feel like everybody knows what the real real is. But for those who don't, can you tell everybody what the real real is?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I'd hate to have to be the guy who goes up against her. And well, I was that guy. My company, Tradesy, was in the exact same category and was a competitor to The RealReal. So today, Julie and I have some real talk about what it was like competing in a high growth category. We give advice for entrepreneurs starting companies and building in a competitive space.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes, and I heard you say it was not a self-listing site. For anybody who doesn't know, I had a website called Tradesy. It was a direct competitor to The RealReal. We were really, I think, two of the three largest in the luxury resale space, and it was a self-listing site. So on our site, our sellers listed their item directly, sort of like you would on eBay, and we virtually authenticated.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So early on, our companies were on a similar trajectory and then the real, real pulled ahead.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
And I remember reading something at the time that said that for people who shopped online, if they were within a five mile radius of a store, their conversion rate went up. Was that true also?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
So if you're looking at cities where you have dense population, exactly. It's just easy. It's easy.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Julie talks about the pros and cons of taking a company public and the future of fashion. And we get a very special guest appearance from Nicole at the very end, making sure that money rehabbers get all their questions answered. So you'll hear that at the end, but let's start at the beginning. Julie Wainwright, welcome to Money Rehab.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
I think it's easy to look at a business like The RealReal or TradeZ and think, oh, they're doing e-commerce. But it's not e-commerce. It's a two-sided marketplace. It's a marketplace. Which is 10 times more complex. So a SKU of one business is really hard to run. Especially when you're taking possession. Yes, which we didn't do.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
We had other challenges like when a seller shipped an item directly to a buyer, what if they didn't put the right item in the box?
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
In theory, you can have a free, like a net neutral cost wardrobe. Very close.
Money Rehab with Nicole Lapin
Julie Wainwright (Founder, The RealReal) on Facing the Competition and Taking Companies Public
Yes. And also I think the real, real and trades you before we sold it can be very addictive because it's skew of one. You have that timer on the shopping cart, which I know you came up with early and it's brilliant. It gives you a sense of, oh, I'm going to lose this if I don't get it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I mean, when you're young, your brain is such a sponge, right? And most people set their minds to learning whatever you're learning in school. And I just set my mind to learning like medical research and things like that. So I really got to flex those muscles. And I was like a voracious reader. So I think I have an ability to learn quickly.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
When I'm interested in something, I get a huge appetite for information and can process and digest a lot of it, which came in really handy.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Oh, OK.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, so... When I started my company, I made a very clear effort to hide the fact that I had a disability. I was very obsessed with, it was really important to me that nobody would see that anything was wrong with me. Why? Because part of what I needed to do to be successful was raise a lot of capital from investors and hire the best possible employees and appeal to customers.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
It was a fashion company. And I didn't see anybody with a physical disability able to do... I can't say I didn't see anybody, but it just seemed to me like... You certainly didn't see a woman. Right. I was already a woman without a business background. And now what? I'm going to march into the top venture capitalist's office and have an obvious physical disability?
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Like, it didn't seem like anybody would give me money or follow me in terms of wanting to join the company and take equity and believe in our future. if they thought I had anything slowing me down or distracting me.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And so I used to like go on TV to promote the business and I would tape chicken cutlet boob things to my legs because my legs are really skinny from the atrophy, but I wanted the shape to look correct to the cameras. And yeah, I tried really hard. If I really focused, I could not limp at all. So I worked really hard to make sure nobody saw it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And then I worked too hard, not just at that, but at everything. I was working seven days a week, 24-7. I overworked myself. I got really stressed out. My health got bad. And part of that was that I was not walking as well, and I had to use a cane for a while. And so that was maybe 2019. I started having to tell people that I had something going on. And I thought the world would end.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I panicked about this and I stayed up late nights and I thought about hiring a CEO to replace me because I really had made it in my mind. People would judge me and be disappointed in me and no longer have faith in me. And it was the opposite. I felt like my team and my investors were like, wow. We want to follow you even more. You're like a real human being and we believe in you even more.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
But also it was no big deal. It was like I had made it in my head like the whole world was going to care. And the number one rule of life is like nobody actually cares about you that much. People were just like, oh, wow. That's wild. Sorry to hear. Moving on with my life.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
But I don't know if I could have been as transparent about it earlier in my career and actually gotten over the early humps to bring on support for the business.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, it was very important to me that nothing ever be like influenced by that so that I could compete on the same playing field as everybody else, whatever, however they were coming to the field and win on my merits. And I don't think it really changed anything.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, I don't know if I won. My company was very successful. It got very big, and then it sold. It was not the biggest company in our category. There were companies that did even bigger and better, but there were also maybe 50 companies that completely failed. And so it was extremely competitive, and I'm very proud of how we came out, how we placed.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Thank you.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, yeah, we do see a lot of that. I've been like, shocked as I've made my way through the world and gotten to know more and more successful people. There's like a culture in the US where everybody swears that they're a rags to riches story that they started at the bottom. And then you get to know people more and more. And it's not always true.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Of course. It's really fun, I think, to demystify. One of the things that I noticed when I came into the world of building big companies, building venture-backed startups, was that there was so much lingo. And I initially felt like such an outsider.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And then I learned that people were just using big words for simple concepts, which might be a way that business schools get to charge tuition or something. But it's really not that complicated. I think anyone can Pretty easily understand business fundamentals and build a great business if they have drive and vision and work really hard.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And so I love making it simple because it actually is simple.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
The biggest thing you need to fundraise is confidence. And if you don't have confidence, you need to have the ability to fake confidence, which was what I had because I felt very unsure and very insecure and very out of my depth when I first started meeting investors for all kinds of reasons. And it just wasn't my world initially, but I was good at faking it, at putting on a bit of a
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
mask and putting out big CAC energy. I can tell you a bunch of other things that are helpful for fundraising, but those are all things you can Google, right? You can look up like the standard 10 slide deck that you should have and all of that. But investors are just human beings.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And as a human being, when you feel like someone is holding on to a magical secret and they're on a magic carpet ride, you just want to be part of it. And I think your energy when you go in to pitch an investor is so much more important. You have to have your T's crossed and your I's dotted. Your numbers have to fit. Your plan has to make sense. You have to know your business.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
You have to understand your category. But you also have to walk in like you know the future. And it's so good that you can't even believe you might share a piece of it with these guys. And that's contagious. And that's actually what gets them to fund it. Did you instinctively know that or did you go in timid to start? I wrestled with getting my mask on straight.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So I had an investor tell me early on when I was in this incubator program, you feel defeated. And I was the last out of the 10 companies in the program to raise capital. I did feel defeated. I had pitched all the same investors that everybody else had pitched, and nobody wanted me. And everybody else was raising money.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And we had a bell that you could ring when you closed capital, and I just wasn't ringing the bell. So I did feel very defeated and he basically told me like he could smell it on me. And I took my business very personally. I felt like it was an extension of me for better or worse. It's not like a great way to live your life, but it is a great way to put all your heart and soul into your business.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So, yeah, I felt really bad every time an investor didn't jump at my pitch, but I got really good at hiding it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Mm hmm.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Interestingly, it's totally the opposite in Europe. When I went to work for a while in Europe, because I sold my company to a French company, I would say, oh, yeah, and I don't come from this world. I had to work my way up and people would be like, oh, it's okay. So yeah, that plays differently. Yeah.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah. And it's nice to, I don't write big checks. I write little checks into promising companies, mostly with founders who I really believe in. And I look for the founders who are like how I was hungry with a chip on their shoulder and like very determined mostly in the AI space. But I have a broad variety of investments.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Totally. Yeah, it's such an asset. Like most founders, CEOs, business builders, people who just overachieve. tend to have a chip on their shoulder. And now I'm part of all these groups of CEOs and founders and have gotten to know people really deeply. And we're all a little bit crazy. We all had something that made us feel less than or different or not good enough. Something to prove.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, we had to come and prove ourselves to the world. I don't know if that's personally as a human being, I'm looking to move away from that feeling. And I don't want anybody to feel that way, but I do believe that for people trying to build something where it's a very uphill climb, that's good fuel.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, of course. Only with you. Yeah, I feel like why not at this point? I don't feel like I have anything to prove anymore. And if it's useful or helpful, then great. Yeah, I'm happy to talk about anything. Really? Yeah. What do you want to know?
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Most of the stories are like me doing dumb and risky things to either get ahead or have fun and it backfires.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
For me, those founders are probably not the ones that I'm gonna invest in. All types of founders have succeeded. So you can't like rule out or negate any, but for me personally, like I always viewed my business through the numbers, right? What else is there in a business? And I had the mental map of all of the mechanics of how money flowed through the various parts of the business.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And so when somebody would come up with an idea, I would float the idea through my mental map and see how the money moved through the system and whether enough came through. And that was based on understanding what assumptions drove our revenue.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And so when I meet founders who don't understand what the levers are in their business, from a math perspective or a money perspective, I have a hard time having the most exciting types of conversations with them because it's a different lens. So, yeah, that was always just my lens.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Totally equal or the same or you understand it all because you understand different worlds. I was flummoxed by personal finance for a long time. I was so busy building these like large complex businesses with massive P&Ls that once I had some money in my own bank account, I really called you and I was like, I don't know what to do. I'm afraid to let any of it go or put it anywhere.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And I didn't know the lingo. And it felt very, very challenging to dive into a whole different world where the money, the mental map and the money map flows a little bit differently. And frankly, I wasn't used to managing money that was mine personally. I was used to managing investor capital. And so it's a different mind frame when it's your own money.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I'm not allowed to disclose, but you are free to speculate. It was a nice outcome.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, I am super excited to temporarily take over while you bring our bundle of joy into the world. So, okay, we are how far along right now? We are seven months. We're third trimester. And you're about to go take off and let me take over.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I don't know what plan you were operating on, but I was planning and hoping for this all along. You did. And you were the first person. You knew that I was pregnant before I did. I did. You looked pregnant in your eyes. I still will never understand that.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And I said, you think I'm fat. Yes. And I was like, okay, I'm not going to say this anymore. But you were only like two weeks pregnant. And you were like, no, it's not possible. It's not possible. I thought so. Yeah. Maybe TMI. But I think everybody knows you're ovulating.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
All the time. I can bring all of the sort of business and starting a business and getting your ambition for money in order and how to chase that. And you really without you, I would not know how to manage my money at all.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I'll diversify.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I raised $150 million of venture capital over about a decade to fund the growth of the company.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Totally. So I'm bringing Julie Wainwright, who was the founder and CEO of The RealReal. She's a phenomenal entrepreneur. I feel like she doesn't get enough press for how successful she's been. one of the only women who's been the CEO of multiple public companies. She's extraordinary.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
We were direct competitors for years. And we like luxury fashion resale. Like we had the two, I think, biggest companies in the category. And we viciously competed. And for the first half of that year, We're neck and neck. And then the real, real took off and started growing a lot faster than we did.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So, yeah, she was on my dartboard for a while, but then we became friends and I'm very excited for her to talk to the money rehab audience. And you're even a customer now, which you never thought. I am. I am because my company trades. doesn't really exist anymore.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
It got folded into Vestiaire Collective after they bought us, and I love Vestiaire Collective, too, and I shop on there, but now I'm free to shop and sell wherever. Yeah, you guys were neck and neck.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, Team Photo would have been Tradesy and The RealReal in the luxury zone and Poshmark and ThredUp in the more mass market zone. With a special shout out to Fashionphile, which was also a really big company in the luxury zone. But they weren't... We were all part of this era where...
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
sustainable fashion and fashion resale became a very hot category and got extremely heavily funded by Silicon Valley venture capitalists. So you could think of it as a decade long race, the way Uber and Lyft were, where
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
everyone was just raising a ton of money and spending a ton of money to grow as quickly as possible without worrying about being profitable and that era is now long behind us and companies have to operate differently right now but that was our i raised 150 million to to grow tradesy it sounds like so much but out of all four companies that was by far the least that any of those companies raised
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So, yeah, so it was a wild era of... Scrappy $150 million entrepreneur. Yeah, you know, I made it work with just a tiny budget while everyone else had big budgets.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, I got really lucky because I really started without having any connections and then somehow, managed to get some of the most storied investors in Silicon Valley and beyond to put money and time and effort into my business. And I learned so much getting to work with people like that was like, I was pinching myself the whole way through.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, I think I almost feel like an obligation having come to this point in my career and my life to drop the mask, even though it's hard to do that and actually say, yeah, I had to really work my way up. And yeah, I did it with a disability because I really needed to hear that when I was starting out and I didn't hear enough of it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So I think we just have to show up and say we clawed and scratched our way here and you can do it, too.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah. Oh, no, you're so unemployable if you go to school for fine arts. It's crazy. It's worse than not going to college, I think, in terms of getting an actual job. I went to art school. I always wanted to be an artist. My wonderful parents encouraged me to do that. They were like, whatever makes you happy.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
But as I was nearing 30, it became clear to me that making a living as an artist was going to be very risky and very challenging. And I was tired of not knowing if my work was good consistently. Because you can make beautiful art, and it still won't sell sometimes. And so I turned my last art project into a business. But I had no business experience.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I had never worked at a company or done business before.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
It comes out when I'm drunk or angry. And I don't know how I lost it, but I do know that I, there's one video of me in high school where I clearly had the accent super heavy. It just faded over the years.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I also have been told that it puts people to sleep. And pretty much every relationship I've ever had, my partner, if we were talking at night, would just kind of doze off and be like, but your voice, I can't help it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I will, but I want to say one thing first about the voice. I don't think I did this consciously, but when you're a woman in business and you don't have credentials and you want to be taken seriously, every single thing matters. And I do think that probably over time I evolved my voice to be calmer and deeper, not to compare to Elizabeth Holmes, but I understand why she did that because it's...
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Sometimes when I put you on hold, I'm taking a quick shower. I just thought you should know. Headphones and all.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
A little bit less feminine and a little bit more digestible for the men who write you checks that allow you to build your business. It wasn't conscious, but I feel like that's how my voice is. Everyone says, oh, you sound so calm. And I'm not. But I know that I can put that out.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
I do. I have a poker voice. And it's weird because the more stressed out I get, the calmer the voice gets. So, yeah, it's okay. It's cool. It serves me.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
yeah it's definitely served you and i want to hear more of your voice which is a tease for what we'll talk about yes at the end of this yeah okay so take you back so i grew up like you said on long island i was an only child i didn't know if in long island on long island depends if you're from there you say one or the other what do you say if you're from there on you say in long island okay yeah
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And if you're not from there, you say on Long Island. I don't know why.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Totally. And we say online for when you're waiting in line. We also drive on the parkway, not the freeway. And park in the driveway. But I think everyone parks in the driveway, so that's not unique to Long Island. But yes, we do all those things back home. So yeah, so that's where I grew up. And I was the only child and...
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
on one level you could just say like normal childhood both of my parents really like nice normal people grew up in a little house that was like a square with a triangle on the top of it but i did have one thing that was different or unusual that was tough so i was born with spina bifida it's a birth defect where the bones in the spine don't fully form
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
That's how you know you're really good friends.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So the nerve column, where all the nerves are that make your stuff work, is exposed. Through a bunch of sort of medical miracles, you could say, I was able to receive a few operations at birth and when I was a baby that helped me be able to walk. And my parents laughed because they, I guess they sent my parents home from the hospital with me and they were like, we don't know.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Anything could happen from here. sat up I just went from laying down to crawling everywhere and they were like we think she's gonna be okay but she's weird she doesn't do things in order which ended up being my whole life and so yeah so I grew up spending a lot of time in hospitals and doctor's offices I had
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
more surgeries than I can count to address all kinds of different problems that happen from spina bifida, mostly related to my legs and feet and just trying to preserve my ability to walk. I had spinal surgeries that were very risky and complicated to try and alleviate nerve issues in my
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
bladder and my hips and so my life as a kid was like going between phases of being normal and then going back into a hospital phase where we wouldn't know if I was going to come out of the next surgery able to walk and there'd be a lot of like pain and difficulty and big risks and just like trauma right and people talk a lot about trauma now and I've known my whole life that I had
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
A lot of childhood trauma. So I've been working on it for a long time. And yeah, and then I still have to do a lot like medically to stay walking. And I have a lot of kind of chronic pain and areas of weakness that I have to manage.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
so when i think about building my business that was my second job my first job has always been like managing the body i was born in and when people asked me about being a ceo i didn't used to talk about this but what i always wanted to say was like it's easy you should see my first job my second job is really easy compared to my first job but really both jobs not that easy
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So that's the other things happened. Like I went to summer camp and I had a first love and I had a lot of the normal milestones in life. And I was like a big partier as a teenager because I had to let all that energy out. But I did deal with a lot of medical challenges.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, the prognosis isn't, well, it's getting better. So before I was born, historically, most people born with spina bifida did not live into adulthood. And if they did, they were often institutionalized, lived limited lives, not necessarily because of their limitations, also because society didn't really make accommodations for people with disabilities back then. So it was a pretty, you know,
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yes. Currently in my belly. Yes, I did encourage it by getting a little too drunk at your birthday dinner and telling you and the mister to get to it. And I didn't think you would listen to me. And here we are.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
tough thing to be born with. Around the time that I was born, there were some surgeries developed and interventions developed that would help people live into adulthood and maybe get some mobility. And since then, there have been a lot of advances. So today, a lot fewer babies are born with it.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Those who are have a lot of options for surgery in utero, interventions and surgeries all through childhood that are much better than when I was young. But for me and the other people of my
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
generation who have spina bifida were medical mysteries in a way because nobody ever did research on adults with spina bifida so every doctor I go to has never seen an adult with spina bifida so I have to be my own doctor and I always was like even when I was a kid eight or nine years old I used to go to the public library after school and read medical journals on microfiche and
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
try to understand what my doctors were saying and what the decisions were because it was all like a mystery. So yeah, it's serious. And I mostly think I've just been lucky. But I have also worked really hard to train myself to walk and to try to keep a really positive mental outlook because that's a big part of dealing with it too.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
Yeah, I'm involved with a few different groups trying to get research done, trying to create community for people who have spina bifida. And even now I'm getting involved in things beyond spina bifida, just understanding that there are so many under-researched medical conditions where people are living with difficulty that can maybe be solved with technology.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And that's just like the entrepreneur in me. I want to use AI and understand what little data exists to help improve life. Life for everybody. I have gotten involved in the community.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
It's like you are generally neurologically compromised because there's a mechanical issue at the part of the spine that's affected. So different people who have spina bifida have different systems affected because it depends at what level of your spine the defect or deformity or... It's a hole, right? It's a hole.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And you have to one thing my mom taught me growing up being out of the hospital is you have to laugh, right? You have to laugh. So we joke all the time. Oh, sorry, I'll be right there. It's just the hole in my spine is acting up. And I have another friend who will go on a really slow hike because I can only hike pretty slowly. And he'll just look at me and be like, why are you still faking it?
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
And yeah, it affects primarily your neurology. So for me, it's like my calves and my feet and certain muscles in my hips don't get nerve signal. So the muscles in those areas are really atrophied and weak and I can't feel my feet at all. So I walk using my eyes and my ears to balance.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
So if you ever want to like mess with me, you can just turn the lights off or play a really loud noise and it'll completely throw my balance off.
Money Rehab with Nicole Lapin
Tracy DiNunzio on Resilience, Raising Money, and Guest Hosting the Pod
having to think about they don't most of the time I'm very happy with my life I feel like I cheated a bunch of worse potential outcomes and got to live a very full life and still get to but every now and then I look around and I'm like man everybody should just stop and be really grateful for how you can just walk around and not think about it
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, I'll check that out. Because venture is, they know nine out of 10 businesses are going to fail.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
They're gambling hard. Yes. Private equity is gambling a little less hard, but still hard, right? They can have... Agreed.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, so you sold to private equity?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
heart that they wanted to get into it? Or do they have a theory that like female led companies were going to outperform?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
We're going to hear from Jacqueline on why she became a Boomerang founder. and how she's created tons of wealth through both building businesses and angel investing, and how you can do the same. We also talk about managing the personal side of being an ambitious woman, how we deal with rising money and beauty standards that seem to get higher and higher all the time.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Totally.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Wow. When you said we should buy this business back, did it feel like something from your gut coming up and being like, get me my baby?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah. So she's the CEO.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So Jacqueline, when you sold your business, can you tell us how much you sold it for? But not just that, can you tell us how much of it you owned when it was sold?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Do you hear? That's amazing. Congratulations. And it's interesting, right? Because $22 million is a lot of money. But you often hear about exits that are for like $200 million or $2 billion, but the founders don't make money.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So what's different about that versus what you did?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And at the end, we play a really fun game of never have I ever. So without further ado, here's my conversation with Jacqueline Johnson. Jacqueline Johnson, welcome to Money Rehab. I'm so excited to be here. I'm so excited to have you here. I want to talk about everything with you. But let's start with the company that made you famous and financially free, Create and Cultivate.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So my business was in a category that was very capital intensive. Like all of the competitors were raising hundreds of millions of dollars. I raised $150 million, which meant $22 million would have been a failure.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
We had to sell for much more. But I also had a smaller single digit ownership in my business by the time we sold.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
It's very, very different. So when you hear the headlines about how much someone sold a business for, is it really even related to how much the founder made?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
It's also really noteworthy, like your story is not uncommon. I know so many founders who made X from their business and then some random thing that they did on the side.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah, I hope so too. So when you bought back Create & Cultivate from the private equity firm that had purchased it, how much did you buy it back for?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, you can't say.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I'm so excited for the next chapter of Create and Cultivate. What's gonna be different in V2?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Will you tell our audience, for anyone who has been living under a rock and doesn't know what Create and Cultivate is, when you started it, what it does?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
That sounds like so much fun. And so that's for all founders, early stage, thinking about getting something launched. It's funny, I hadn't told you this, but I met a woman who has an amazing business, $20 million of revenue. And she told me that she's going to one of your events. And I think it makes sense, right?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
You've got like the top of the funnel, which is everyone who's thinking about starting and trying to get it off the ground. And then it gets fewer and fewer of us as we move on. Until when you're at the point where you're a woman with a business doing $20 million or $100 million, It's a bit lonely.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah. I always tell women that your best mentors are like one or two steps ahead of you.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And because someone who's just sold their business can be really helpful to someone who's got like a series C or a very mature business, etc. Interestingly, so seven figure problems are their own thing. Eight figure problems, nine figure problems. Let's switch a little bit to personal life. Yeah. What are the again, same thing.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
We know that being a woman with financial freedom, a wealthy woman, a young age is mostly great. What are some of the things on the personal side?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
What do you think it is?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Oh, my God. It's so true.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Amazing. And I have heard you say, so we've known each other a long time from back when we were both in the trenches. And what I always remember is that when you were building Create and Cultivate, you said, I'm building it to sell it. And you don't hear that all the time. A lot of founders say, I just love my business. But you said you were building it to sell it. Why?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I love that because I think that's true. If you're, let's say, dating another founder who's a few steps behind you and their business is struggling and you're like booming or you've already had a lot of success, it just introduces a lot of opportunity for like weird tension that doesn't work in a romantic relationship.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
But if you date someone who's like in a blue collar job and they're just like, check out my girl. She's so cool. She's like really rich.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, but you just said you're solo. So you're single and you're dating. Yes, trying, yeah. Okay. Are you planning on going young or old, richer or poorer?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Would you ever do a matchmaker?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Listen, we're counting on you.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
also hard right so did you tell your matchmaker to like cast a net farm wide travel we'll travel for love so i don't know we'll see okay i hope it works out i'll give you updates you have trailblazed so many things for women for ambitious women can you please trailblaze this too we are counting on you um what about friendships have you been able to keep the same friendships over the years as your career has taken off
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Do you feel like it's complicated to navigate the same types of things like vacations, et cetera, with friends? Or is it easier than?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I do know people who have weirdness with their friends, but I always think they're weird. I'm around my friends and then they're like weird with money. I'm like, what?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
OK, one more thing on the like personal living life as a successful woman side. This might just be L.A., but I don't think it is. I feel like it's spread everywhere I go now. Most of the women I know who are successful are myself included are being sucked into a world of constant aesthetic treatments that are expensive and time consuming and risky. But it's like the bar keeps moving. Yes.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So how do you deal with that?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
It does look good, but it's the same face.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I always felt when I had my company and I had a lot of women in my community, customers and employees, I felt like this obligation to resist the pull to all of that stuff. But then I would like go on TV to promote the business and be like, oh, I don't look good next to all these people who've had all this stuff done. And so it's really tricky.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah. And I hope more women start to resist the pull so that there are more examples of people who are just aging a little bit.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
That said, we're all, you know... Striking the balance. Okay. You mentioned that in between selling Create and Cultivate and buying it back, you were working for a family office. You started investing. You got to be on the venture side. Tell me a little bit about creating wealth through, tell me about angel investing. Yeah. What is angel investing?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Or on platforms, various platforms.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So what was it valued at when you invested?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I know.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Are like weird with angelic.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, I'm going to go on the record and say I predict this is going to be your biggest success yet.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I'm so excited about this. Having been on both sides, like I raised angel funding for my company a million years ago, and it was such a painstaking process. hackneyed process of just trying to hear the name of someone who had money to invest and hunt them down and take a million meetings. So streamlining it for the founders is great.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
But on the other side, what you just said about having made a $10,000 investment and then what? Seven figure exit.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So that opportunity should be available to more people.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And so bringing angel investing to more people, to more women as a wealth creation tool. Now, of course, it's super high risk.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Totally. And like you said, you have 25 angel investments. So when you come in really early and you invest and you can, I write five and $10,000 checks too. Like that's, I just feel like it's fine. And I don't have to put pressure on the founder then. I don't have to worry so much about my outcome. And when you invest like that, you have to invest across a lot of categories and companies.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
What are your favorite categories right now?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And around what year was this that you started it? You had sold your last company.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And if you were going to start a company right now, other than all the companies you are starting, like for anyone listening who's, I've got the appetite of it, but what are the right ideas and sectors right now?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, AI productivity tools. That's what's going to get everybody their 100x return. Perfect, yes. And we'll find those deals on Cherub. Yep, perfect. And Cherub is like open to everyone. Just go to investwithcherub.com. Amazing, Jacqueline. Okay, before you go, do you want to play a game of Never Have I Ever? Yes, let's do it. Never have I ever lent money to a friend. You have?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Good.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Never have I ever treated myself to a six-figure gift.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Oh, what kind of car?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Oh, okay. Good. I like that for you. Okay. Never have I ever had money stolen. Mm-hmm. Oh yeah.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay. Check out the details and work party. Never have I ever signed a prenup. Oh yeah. Okay. Took me a minute to think about that. Do you, it's good that you didn't remember. Do you advise that? Yes. Everyone get a prenup. I think so. Yeah. Okay, cool. Never have I ever paid on a first date.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I was like, I got this. I see. Totally. I feel like it's the same for me.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Yeah.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Is that like a signal to men that if you pick up the check?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Well, if it comes from us, it's a sign that we're not.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay, Jacqueline, we end Money Rehab episodes by asking our guests for one tip that listeners can take straight to the bank. It can be anything personal. What is your big money tip for our audience?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Amazing. Jacqueline Johnson, thank you so much for coming to Money Rehab. But I'll be back, maybe as a guest host, maybe as a guest, all depending on what Nicole and her baby daughter need. Thank you all for giving me your ears this week. It's been a lot of fun, and I look forward to seeing you again soon.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So what made you an ambitious woman?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I can't even picture you being a corporate girl.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
It was like pre-tech. Totally.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
No, but it's a reality. It's like a reality, especially for venture backed companies.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Did you so for Create and Cultivate, you grew this big events business over time. Did you ever raise capital for it?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
I hear founders ask a lot, struggle with how much to pay themselves. So founder or anyone who starts a business, even if it's a small business, how did you figure out what to pay yourself?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
You had already made some money prior to that, right? So were you able to afford to live the lifestyle you wanted even while you were making $100,000 a year? Yeah.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay. So you were profitable, you're making money and every now and then you'd be like, we're going to hand out some of this money to ourselves, the people who run the company. Okay. And so what do you advise for young women starting businesses who maybe haven't had a prior windfall? How do you recommend that they navigate what to pay themselves versus put back in?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Totally. Okay, I want to go back to you said that you sold your first business and you made some money and then you had an angel investment that also worked out well. How old were you when those things happened?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
So that's huge. You were like a very young woman who was creating real wealth. Yeah. That's very unique, right? That doesn't happen all the time.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
You built, create and cultivate to sell it. then you sold it. Tell us about what happened when you sold it and what's happened since you sold it.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
For people listening at home, that's a lot of LOIs.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
An LOI is a letter of intent. And it's a buyer of your company who's saying, I'm informally making you this offer. And as long as your numbers check out, when I do diligence, I'm going to buy the company for this amount.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Vast majority of deals fall through. In my business, we went through three separate sales processes. Each time we had what they call inbound, we had a buyer who came to us. And then it's incumbent upon you to go out and go to all the other buyers and say, hey, are you also interested? See if we can get higher bids. And we did that three times. The third time it culminated in a sale.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
But the first two times I was sleeping under my coffee table.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
We've all heard of Boomerang employees, but have you heard of Boomerang founders? Hi, it's Tracy DiNunzio. I'm an entrepreneur and investor, and I've been your Money Rehab guest host this week while Nicole is on maternity leave.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
It's kind of mind blowing.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
Okay. For people who don't know what private equity is, can you sum it up in a nutshell?
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And so when private equity works, it's amazing. You get all these smart new partners. They take a majority interest in your business. They help you grow it. And then you as the founder, you get some money, you keep some stock. And then in a few years, you guys sell it together again to another buyer. And you make even more money. And that's the good story of private equity.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
The bad story of private equity and the reputation that private equity gets when it doesn't work among founders is that a bunch of guys in suits come in and they start squeezing the margins of your business and taking the heart and soul out of it. And instead of making it more valuable, they make it less valuable because they don't understand the founder mindset and growth mindset.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
And you can end up then with an asset that's less valuable because And so you do see in some circles of founders, an eye roll happen when you talk about private equity. And when you see that, it's because people have had that experience.
Money Rehab with Nicole Lapin
How to Build Wealth by Founding Companies and Angel Investing with Jaclyn Johnson
If you've been tuning in, you heard my episode with Nicole, as well as a two-parter with Tim Ferriss, the Oprah of audio, RealReal founder Julie Wainwright, who was my direct competitor in my business, and now today you're going to hear from my good friend Jacqueline Johnson, the founder of Create & Cultivate, who started her company, grew it, sold it, and then bought it back later.