Money & Me: ‘I’m grateful for the money perspective my parents instilled in me’

Former Australian Paralympic swimmer and children’s author Jessica Smith learnt crucial lessons about saving, earning, debt and financial independence when she was growing up

Jessica Smith, 37, moved to Dubai three years ago with her husband and three children. She says one should be aware where money is coming from and where it is going. Photo: Antonie Robertson / The NatShow more

Former Australian Paralympic swimmer Jessica Smith is a children’s author and internationally recognised advocate for a positive body image, diversity, inclusion and disability awareness.

Her Just Jessica books are written around themes of disability and acceptance, inspired by her own personal journey into parenthood.

Ms Smith, 37, moved to Dubai three years ago and lives in Umm Suqeim with her British husband, a regional director with an engineering company, and their children, aged 6, 4 and 2.

Did money feature in your childhood?

We relocated from Sydney when I was 8 for my dad’s job in local government. Both parents were passionate about their careers. My mum owned businesses and is now working in HR. I saw some of the hardships she went through raising four young children.

We had to work hard, to save, but also knew we were fortunate; I can’t remember not getting something we asked for. There was a strong perspective around how we save and manage money — doing chores and earning pocket money, and making sure we understood that if we spent it all, we would have to start again.

My mum always referred to A$1 equalling one brick — you can build your house or career based on starting with one. That was something I’ve taken into everything around career and finance.

How did that shape your attitude?

There wasn’t this idea that loans were an option, it was always “you pay for it to begin with”. That’s something I have done no matter what “it” was — groceries or buying furniture. I’ve always been able to pay for what I want as I go.

Being part of a generation who wants everything right now … I’m grateful for the perspective my parents gave me.

Sitting here today not having debt is something most people my age are not able to say.

Did you earn growing up?

I was working in a fashion shop, babysitting, tutoring … then my career as an athlete saw me spending most time at the local swimming pool, so I worked there, behind the desk, cleaning the pool, everything, for A$10 ($6.79) an hour.

Something else instilled from my parents is it didn’t matter what the job was, we had to show our ability, apply ourselves and commitment to see something through. That served me as well for my swimming career.

Was having your own cash important?

It was that sense of independence and freedom, even though if I wanted to go to the movies I knew mum and dad would give me the money.

Also a sense of validation and belonging as a young girl with a disability growing up, especially in a small town where I didn’t see disability — to be in the workplace and the community, not just as a customer but also serving other people, was a big stepping stone in my self-confidence.

It was more about that than the money.

What led you to represent Australia?

I won my first swimming race when I was 10, beat all the girls and boys with two arms. There was a sense of realisation that I was being acknowledged for what I could do, rather than what people thought I couldn’t do.

Swimming gave me the opportunity to push boundaries, to prove to myself and to everybody that I could do something, and do it well. I represented Australia for about eight years.

As a Paralympic athlete, there was no money, (but) during my swimming career, I graduated with a science degree. There is a moment when every athlete retires where it can go one of two ways.

How did the books happen?

I wanted a platform where people could feel comfortable talking about their differences and was able to create my own business as a speaker and consultant.

That’s what I’ve been doing for the past 15 to 17 years. My job is to go into corporate settings, schools, any environment to educate about diversity and inclusion.

The books came to fruition after realising it’s imperative we also have these conversations with children at a very young age.

Are you a saver or a spender?

A bit of both. I want to be able to enjoy my life and to celebrate when I have worked really hard. You have to find balance.

Having young children, there is a priority to make sure there’s something for them in the future.

We’re mindful that Dubai is perceived to be luxurious and didn’t want our children to grow up in a world where they couldn’t relate to friends and family living a very different lifestyle.

How do you manage your money?

It’s a continuous flow. We have one investment property in the UK, the rest is in the bank.

You have to be aware where money is coming from and where it’s going, so we aren’t in a position where we have to take out a loan.

I’m not about overspending on luxurious items that don’t add value to myself or my family for longer than a moment.

What is your best investment?

The books, because of opportunities that have come as a result. When you’re writing a book, you have the mindset that it’s not to make money.

The books were a launching pad for a business I co-founded, Touch talent management and consultancy, to make sure people with a disability have pathways to employment to gain financial freedom and independence.

How do you feel about money?

Generally, I’m comfortable with money. I don’t want to get caught up in obsessing about money because I believe that just generates anxiety.

As long as I can be content with my lifestyle and work hard to create that, then I’m OK.

Are you fiscally wise?

The best financial lesson is to be patient. What I would probably have perceived to be hesitancy, I now appreciate is patience and research, knowing before you make that leap into purchasing something that’s not going to fulfil you.

I spend too much money on coffees and breakfasts, but we make excuses. Am I more productive? Absolutely. So it’s finding that balance.

When does spending bring you joy?

I would much rather go for dinner or travel somewhere than spend on a handbag. It’s about experiences (rather) than things.

In my swimming career, I travelled overseas every year since the age of 13. I was able to see how rich in culture, food and experiences the rest of the world is. I would rather put money towards that than anything else.

We don’t go to the most expensive places, but we do a lot of stuff so that they (the children) are immersed within the culture. That’s something money can’t put a price on … but you obviously have to have funds to begin with.

What are your goals?

I want to retire early, mid-40s and be able to live a comfortable life. The next step is to make a plan and work at it.

I don’t think I’ll ever not be doing something, though, so if I can get flexibility, create a path for myself where I can contribute and give back, from young people all the way through to the C-suite.