"Money is a loving relationship that needs work just like every relationship does."

An interview with Leonie Dawson

Hi and welcome to The Ladybird Purse, my weekly newsletter about women and money. I’m not a financial advisor and am in no way qualified to give financial advice. I’m just a girl woman who spent last weekend in Denmark and can’t stop thinking about smørrebrød.

This week’s interview is so great - and longer than usual - that I’m not going to give my usual money update. Also I just had three days in Copenhagen and so I have no money left to update you on (what a gorgeous place, but gosh, all the people who told me it was £££ weren’t wrong). Worth it though.

I’ve admired and enjoyed Leonie Dawson for years now, so I was thrilled when she agreed to answer my questions. Since Leonie talks so openly about money, including being a millionaire, I asked my subscribers what they would want to ask a millionaire (without telling them who it was) and Leonie generously answered some of those questions too! Enjoy!

Paid subscriptions enable me to keep writing these newsletters and buying herring from Lidl to make my own smørrebrød at home (except they didn’t have rye bread, bugger). If you’re not a paid subscriber already, I’d love it if you’d consider upgrading. (And if you are, thank you, I love you.)

If you would like a paid sub, but can’t swing it right now, email me and I’ll sort it.

If you’d prefer not to subscribe, but would still like to support me/this newsletter, you can buy me a coffee.

An interview with… Leonie Dawson

Leonie Dawson is an internationally best-selling author of the 2024 My Brilliant Year workbooks (formerly known as the Goal Getter workbooks) which have been used by over 500,000 people worldwide.

A multi-passionate entrepreneur, Leonie has generated over $14 million in revenue while only working 10 hours a week. Leonie has been recognised for her business acumen by winning Ausmumpreneur’s People’s Choice Business Coach, Global Brand & Businesses Making A Difference Awards.

Leonie has spent the last 10 years living in some of the most beautiful places around Australia. She currently lives with her two daughters and husband on the Sunshine Coast.

https://leoniedawson.com/

What is your relationship with money currently?

Money is a loving relationship that needs work just like every relationship does.

I wasn't born good with money but I realised in my early 20s that if I wanted to have the life that I wanted and the freedom and the creativity that I wanted I needed to have a strong container to take that into the world.

That meant learning how to be good at business and money. It doesn't mean I have to be perfect, but it means I need to allow myself to extend my brain. To know that we can do hard things, learn from people who already know this shit and learn from people who speak in a way that makes sense to us and makes sense to our souls.

It was such a big insight to recognise that money doesn't make you anything but more of what you are. And so money really has made me more creative, more free and more generous. I love that I’m able to use abundance to have really good self-care and to invest in my creativity and my children and our time together as a family.

What's your earliest money memory?

I grew up in a fascinating money story. My parents were farmers and from a really early age, I could see how hugely stressful money was for my parents. I remember my earliest prayer; one that I just said over and over every single night for years and years was:

Please, God, please don't let my parents go bankrupt. Please don't let anyone in my family die. Please don't let my parents divorce.

They felt like the really big fears that were always hanging over the top of us. The fact that I even knew what bankruptcy was at that age is a really interesting experience that I was having as a kid.

The last part of that prayer; please stop the cattle rustlers from stealing any more cattle, was because on that farm we lived next door to people who stole cattle professionally and that was such a big thing. So in lots of ways, I saw money as being this deep source of struggle, a huge amount of work.

And then as well I could see the capacity for huge paydays. When a buyer purchases a whole herd of cattle, that could be $40,000 (back then, at least) which felt like (and is) an extremely large amount of money. I think my childhood made me very aware of what I didn't want to experience in my money story growing up. I didn't want it to be stressful. I didn't want it to be full of pain. I wanted to craft a new story for myself where it could be gentle and loving. And I have, and I'm really proud of that.

What advice would you give your younger self about money?

That it can be a really fun experience; learning how to create money and learning how to spend it in a way that aligns with your values and ethics and dreams and purpose. And that even if you're not born good at it, it's totally fine. You can be a creative, airy-fairy, hippy-dippy person with your head in the clouds and still work out a way to be good at money.

What's the biggest money mistake you've made?

I think the biggest money mistake I made was when my company was growing really quickly and I felt like the only thing that I could do to keep up with that rate of growth was to hire more people. I ended up having 20+ staff and revenue was great, but expenses were just getting so high. I don't feel like I paid enough attention to the profit margins and had to really focus on having a conscious spending attitude instead of just flinging money away. So that was a really hard transition to have and also hard to recognize that having a large team wasn't actually my dream business. It didn't feel like the thing that I wanted to do for the rest of my life.

So right-sizing my business, simplifying it down and getting it to a place where it was still very abundant and even more profitable than ever is and always will be the goal. While doing it in a way that really serves my lifestyle and my gifts and my neurodivergence as well.

What's the best thing you've ever spent money on?

I think anything to do with my kids and anything to do with making memories is brilliant. I love going away on holidays, even if it's just a staycation just 20 minutes down the road.

Some of my favourite memories will have been like going to a house on the river with a little jetty with my family and watching a storm roll in over the water. I think that's beautiful. Those kinds of experiences just mean so much to me.

What does it mean to you to be a millionaire?

I’ve heard people say things like “in this economy being a millionaire is nothing,” which I think is totally wrong. Don't we all need to be millionaires to afford houses now? Have you seen the cost of living recently? A million dollars is an absolute game changer for most people. To me, being a millionaire means I've learned some of the rules of playing the game of money. It means I can afford to be philanthropic and support my family. It’s an extraordinary privilege.

Is it true that you can live on the interest?

No, not from being a millionaire. It really depends on how much money you have and how much you want to spend. So for me, I'm not at a point where I could live off the interest of my investments.

You probably wouldn't be just putting it in a savings account. It would likely be in a term deposit or in an index fund or some other kind of investment.

So what you would be looking at is; OK, how much is your income, how much do you need to spend per year in order to live. What are your living costs? And then multiplying that by 25. That’s how much you need to save. This is from the FIRE movement, the Financial Independence Retire Early movement.

Their rule is that if you can live off 4% of your investments (and that doesn't include your main house) that’s something that you can likely maintain for the rest of your life.

I'm not at a point where I could live off the 4% yet, but I'll get there soon.

Is your social circle made up mostly of other rich people or are you a lot wealthier than your friends? And if the latter, what effect has your wealth had on your friendships?

I do have a lot of business friends, but the vast majority of my social circle are non-millionaires and non-entrepreneurs. There isn't much of a change that happens because I like friends who like me for my personality, not because of who I am or what I do or how much I earn.

A lot of my friends are also long-term friends that have known me long before I had a business or got rich and I was just some freaking weirdo. They thought that was cute and genuinely couldn't give two shits about what I do.

I even have one very good friend who has known me for about five years recently say to me, Oh, do you have a website? Do you? Congratulations. I'm so proud of you. She's genuinely thrilled that I've managed to get my life together enough to have a website.

I like that kind of irreverence. I like that my social circle genuinely couldn't give less of a shit about my career or my money and that they're just here for fun and laughter and love and support.

Are there any luxuries you spend your money on?

Yes, I like having a nice house that feels comfortable for me and my family. I like being able to go on little holidays, even though we've only really gone on holidays like 30 minutes from our house.

Maybe one day we'll extend our wings further. If we do travel, I'd like to travel business class at least, particularly for my neurodivergence, sensory issues and back problems. If I can walk at the end of the flight, then I’ll be thrilled.

I like that I can afford to invest in my kids' education, their creativity and things that fill them up.

I like spending $10,000 year on books and courses. I'm not somebody who gives a shit about fashion. So I'd much rather allocate that to books instead.

Do you find the work-life balance easier due to your wealth?

I've always been very dedicated to work life balance and prioritizing my life around my kids. So I've only ever worked 10 hours a week or so in my business because I was busy parenting. That was a big value for me.

I seriously appreciate that I have a cushion. If I need to do even more self-care or take time off for a life kerfuffle, I can do that without freaking out so much about the income.

How does your wealth connect to a sense/experience of freedom?

I love the freedom to craft my days however feels best to me and my family. I love the freedom to decide where we want to live. I love the freedom to craft a more neurodivergent friendly life for myself.

I have a plan to get to a point where I'm financially free and could retire if I want to. On one level, I think I'd be really good at that because I've got a lot of hobbies. There's a lot of books that need to be read and they're not going to read themselves. There's a lot of games of Mario Kart to play, there's a lot of paintings to make, there's just a lot of life to live and love. So I think I could be a really good full-time lover of life.

But I’m also not sure if the call to create and teach in a public way will ever go away.

I spoke with the author SARK recently and she said that she doesn't have plans to retire because it's less of a career and more calling for her. I think I probably would fall into that category too. But never say never, I could also just be the world's greatest retired person ever. I don't want to make big claims or anything, but I definitely have the capacity to be the number one retiree.

What are your future goals with regard to money?

To keep building up our investments in a way that feels ethical and kind to us. To be fully financially free, and to continue looking after my little family as much as I can.

Do you feel like you have enough money?

At the moment, yes. Enough to live off for the rest of my life? Not yet, but it will happen.

I would also like to mention that there’s a huge amount of unearned privilege dripping off my answers. I believe that every single person deserves to be housed, should be able to afford education, health care, groceries, holidays… There is a huge connection between wealth, white supremacy and capitalism; all of which needs to be dismantled so that every person (especially BIPOC, LGBTQIA+ and disabled people who often experience higher rates of harm and discrimination at the hands of these systems) can live safely and successfully.

Resources: https://leoniedawson.com/racism/ and https://leoniedawson.com/gender/

If you were me, what would you want to ask women about money?

I would ask: how much money do you need to retire and be fully financially free right now?

RELATED POSTS:

Earning money, losing money, loving money

"I’ve never seen a bloke slated for buying a Rolex, but woe betide a woman who boasts about splurging her bonus on Louboutins."

Something's coming...