Money Stories: Lyndi Cohen

Lyndi Cohen is a dietitian and best-selling author of The Nude Nutritionist book. She is also a regular on Channel 9's TODAY show. Healthy eating hasn’t always been easy for Lyndi. She started dieting at the age of 11 and spent the next decade obsessed with food before realising that it’s not worth giving up 95% of your life to weigh 5% less. Now Lyndi helps others break the ‘start a new diet every Monday’ trap via her Back to Basics App. And her successful Keep It Real program has helped thousands learn to stop binge eating and feel normal around food.

I first met Lyndi at a Love Your Peach event hosted by the team at Peaches Pilates. Her story about struggling with her body image and working to create a healthy relationship with food resonated with me so much. I battled with Bulimia from age 15-22. It took years of committing to my mental health and wellbeing to overcome it. Like Lyndi, one day I just thought to myself - “Wow, imagine if I redirected the brain power I use obsessing about food to something productive. Imagine what I could achieve?”. Lyndi and I bonded over our shared belief that there a parallels between money and food. Both are something you deal with every day. Both can be a source of stress and anxiety for many people. Both, when used well, can help you to thrive and build a life you feel great about.

I’m delighted to share with you Lyndi Cohen’s money story.

What’s one of your earliest money memories?

When my grandfather died suddenly, my grandmother had to take over their family investments. She was 70 years old, knew nothing investing but taught herself what she needed to know - plus more. She became a total investment legend and read the Financial Review newspaper everyday until she died at 98. Money was always healthily spoken about around me (and with me) as a kid. During dinner, my dad would patiently talk to us about investing and teach us how to look after money. 

How would you describe your relationship with money?

I don’t think I really appreciated money growing up as it was assumed that I would always have enough. When I started working at 15, the value of money increased because I realised how much work was needed to earn $15. I have an incredibly healthy relationship with money now. 

Was there a particular moment where you decided to make your financial wellbeing a priority?

My grandma passed away in 2016 and we lost my dad to cancer last year. They were two of my biggest financial educators and leaders. Since then, I’ve realised that I need to step up and make my financial wellbeing (and education) a priority. I’ve since joined an investing group and my brothers and I now have a family investing whatsapp group which is cool. 

What do you wish you could tell your younger self about money?

Instead of having a big 18th birthday party like my brothers had, I asked my parents to rather invest the ‘birthday party fund’ money into Apple shares. I wish I’d done that for every birthday. Also - in hindsight, I also think eloping would have saved a lot of money but I guess I really wanted those pretty wedding photos like everyone else had! 

What’s the best piece of money advice you’ve ever received?

Whether you enjoy managing finances or not - looking after your money is something you are going to have to do for the rest of your life. You can avoid it and dread tax time each year - or you can choose to invest in your financial education so it’s something that feels more enjoyable and easier with time. Looking after money is inevitable. Might as well learn to enjoy it through practice and education. 

What’s your favourite thing to splurge money on?

Groceries! I’m happy to spend more on fresh produce, high quality meats and fish and seeds and nuts. It means I cook at home more, so ultimately I’m saving money. I think most people think eating healthily costs a lot but eating out and getting takeaway is way more expensive. 

As for saving, I definitely save money on clothes. I love to shop at Vinnies. I can wear an item a few times and re-donate it so my wardrobe is constantly changing. 

Tell me about your proudest money moment?

In the first year of running my business, I didn’t earn enough to pay tax (so that’s <$18,000). I was pretty disheartened about that. I had made some common mistakes but that first year taught me the value of having low overheads in business (e.g. rent). Year on year, my business has had consistent growth and I have always been profitable. My husband works full time with me in my business and that work/life balance is priceless. 

Do you have any money regrets?

I wish I started having conversations about money and investing with my girlfriends earlier. When I noticed that my husband and his friends often talk about money, investing etc. I wondered why I didn’t have those conversations with my girlfriends. I think men and women have historically been taught to think differently about money. 

If you won $100,000 what would you do with it?

Invest it in shares! I could choose to pay off my mortgage but I think I can earn more through smart, conscious investing than the reduction in interest repayments I’d get from putting it into the house fund.

How do you use your money as a force for good?

The money I earn from my business is reinvested into product development, research and development and smart people. Ultimately, my business is a purposeful, meaningful business that is centred around helping people (especially women) feel good in their bodies and themselves. I found a way to make money and help people. It’s so rewarding.

If it wasn’t already obvious, I have a complete girl-crush on Lyndi. She’s authentic, warm and built her business on helping others. I love her instagram page not only for her recipes but insights and laugh out loud instagram vs reality posts. You can get to know Lyndi either via her books, website, facebook, youtube or instagram pages. And of course, keep an eye out for her on TV too!