Bailey Schneider: When you work hard, you should be able to play hard.

by - July 01, 2016

Radio and TV presenter, Bailey Schneider needs no introduction. Having started her radio career at the age of 17 when she joined campus radio, before moving on to Johannesburg’s commercial airwaves.  Currently she works for Cape Town’s fastest growing radio station, Smile 90.4FM. She also writes a popular lifestyle blog, called Vanilla Blonde where she shares her adventures, photography and favourite items, brands and experiences. We talk to her about her money habits.

Congratulations on you marriage. How are you navigating the singles mentality of “it’s all mine” to applying the “ours” approach when it comes to money?

Thank you so much! Nothing has really changed when it comes to our finances; we still have our independent bank accounts and savings. We share the responsibilities of payments and both have a really healthy respect for money.

How do you define financial independence?

Financial independence to me, is living comfortably, having enough for my day-to-day expenses and also having savings for a rainy day and my retirement.

Are you feeling the impact of the rand?

Most definitely. I love to travel and I also have my little sister who lives in London. The current state of the rand makes it far more difficult to visit her now. It also affects petrol prices and certain products that are imported.

How do you remain positive about your financial well-being during these tough times?

I believe that money is energy, so I do my best to stay positive and grateful for everything I have. I believe that the more you worry about what you don’t have, the more you’’ll keep attracting not having enough.
I also did a money/abundance course through financial guru, Linda Smith, and it was incredible in changing my mindset and attracting more wealth.

How did your childhood influence your attitude towards money?

On one hand I was told that money doesn’t grow on trees and on the other hand I was taught a valuable lesson: “You’re not rich enough to afford second best”, which is something that has stuck with me. Until Linda’s course, I didn’t realise how our money story is created during our childhood and how I have to change some of my money story so that it’s far more positive. I’ll definitely be teaching my future children to appreciate what they have, be grateful for what they have and to believe they can create wealth!

Have you ever been broke and how did you did deal with that period of your life?

I went through a tough financial time a few years back and it was an incredible stress in my life, but it was also a great life lesson! As a freelancer, I didn't have the financial stability that comes with a full-time job, but that taught me to always have some money in my savings, to spend responsibly and to not put all my eggs in one basket. I had the faith that I won't always be in that situation and it was true! I created an opportunity for myself and other opportunities opened up! Luckily, I haven't been in that same situation and I’d like to think I learned an invaluable lesson.

If you have the choice between buying a home or investing in shares, which would you choose and why?

Wow, that’s a tricky one, because they both have merit. I currently have investments in shares and the stocks and I am looking to invest in property. I’m looking for an investment property at the moment. To choose right now, I’d go with property because that’s my next step. I’ve always said you hardly ever go wrong in property.

What are your guilty pleasures?

My guilty pleasure financially is gadgets and photography. I’m also a girly girl and love cosmetics, shoes and fashion. I wish I didn’t have such an expensive hobby/passion, but at the same time, they bring me joy. When you work hard, you should be able to play hard.

Do you have a favourite money-management app (s)?

Not really, I’ve seen a few, but they’ve never really stuck with me. The only apps I use is my online banking app and Snapscan.

What are you doing to increase your financial literacy?

I’ve just taken Linda Smith’s Abundance Course – it was absolutely invaluable and has taught me so much.

What are your rules for lending money to friends or family?

I’ve never been in the situation where I’ve been asked to lend money and I suppose each situation would be unique to how I’d handle it. I always want to be able to help out my loved ones and I think it would be important to treat it as a business deal, setting boundaries and having a clear understanding from both parties.

If you could go back in time and give yourself one piece of financial advice, what would it be?

Start saving earlier and set up a retirement annuity as early as possible! It’s never too late to start though. I’d love to have started earlier. When we are young we don’t really think about getting older and what that actually means. I’d also love schools to start teaching us how bonds, taxes and so on work and focus on important financial life lessons.

You can follow Bailey on Twitter.

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