Tyler Mahoney, a 29-year-old entrepreneur from Kalgoorlie, Western Australia, has earned the title of “professional gold digger” through both her family’s legacy and her own entrepreneurial spirit. As a fourth-generation gold prospector and owner of a gold dealership in one of the most iconic mining regions in Australia, Mahoney exemplifies the grit and resilience that comes with working in one of the country’s toughest industries. Her journey as a business owner started at the young age of 19, and through her various ventures, she has gained invaluable lessons about the importance of cash flow, financial literacy, and the value of hard work.
In this exclusive interview, Mahoney reflects on her financial journey, her experiences in the gold industry, and the lessons she’s learned along the way.
A Glimpse into Her Financial Landscape
When asked about her current financial situation, Mahoney describes herself as fortunate. “I am extremely privileged,” she begins, acknowledging the low cost of living in the outback town where she resides. “I run a company that can afford to pay me a good wage.” Despite this, she remains keenly aware of the financial pressures that come with running a bootstrapped business. “I own a start-up with two employees plus me, and we are completely bootstrapped. So I do feel the pressure of managing cash flow,” Mahoney admits.
While managing cash flow in a start-up can be challenging, Mahoney’s ability to balance expenses and ensure her business stays afloat is a testament to her financial acumen. Running a company in a sector as volatile as gold prospecting adds an extra layer of complexity to her financial situation. But Mahoney, who has learned the ropes of business since her teenage years, is no stranger to overcoming financial hurdles.
Growing Up with Financial Lessons
Mahoney’s financial values were shaped by her upbringing, which was marked by a strong emphasis on hard work and financial discipline. “When I was young, we grew up with not a lot of money, so we definitely learned the value of a dollar,” she recalls. “We were always taught the difference between a want and a need.”
Her parents’ decision to move into the outback when Mahoney was just 11 years old had a profound impact on her. They left behind their urban lifestyle to become full-time gold prospectors, a decision that would shape the family’s future. “We lived in a caravan in the bush while they found a house,” she says. “I watched them work extremely hard to get ahead in life. There’s no sick leave or annual leave being a gold prospector. If they weren’t out hunting for gold, there was no money coming in!”
Mahoney’s parents took significant financial risks to pursue their dreams, something that she says influenced her comfort with taking financial risks later in life. “They took a huge risk, but it was worth it,” she reflects. “I think watching this made me comfortable taking financial risks.”
Her parents’ hard work and their focus on gold as the cornerstone of their financial strategy left a lasting impression on Mahoney. However, she was not taught much about investing outside of gold, so she took it upon herself to educate herself on financial literacy as she grew older. “I worked hard to educate myself to make sure I am financially literate,” she says.
The Early Days of Business: From Credit Card Debt to Entrepreneurial Success
Mahoney’s entrepreneurial journey began when she was just 19 years old. At that time, she started a jewelry business in Melbourne, but it didn’t come without its financial challenges. “By 21 years old, I had over $20,000 in credit card debt!” she exclaims. “My boyfriend and I moved to Melbourne so I could start a jewelry business. Long story short, I decided to use a company to build my website before the days of Shopify, and it was incredibly expensive. That got me into a lot of credit card debt!”
This experience was a crucial learning moment for Mahoney, who realized the importance of balancing outsourcing and self-sufficiency in the early stages of a business. “It taught me a lot,” she says. “I learned the value of balancing outsourcing and the ability to do things yourself when you’re starting out.”
Despite the debt, Mahoney was confident in the success of her business, which gave her the mental fortitude to keep going. “I would tell anyone that would listen about my credit card debt because I was so confident in the business succeeding that it never stressed me out,” she recalls. “Very delusional, but whatever you have to do!”
A Life of Financial Simplicity in the Outback
Mahoney’s current lifestyle reflects a sense of financial simplicity that she credits to living in a small outback town. “My partner and I split our mortgage 50/50,” she says. The couple resides in a modest home that cost just $180,000. With the mortgage set at $600 per month for each of them, Mahoney is able to enjoy financial stability despite the humble nature of their living situation.
The low cost of living in Kalgoorlie allows Mahoney and her partner to focus on their business ventures without the pressures of exorbitant living expenses. However, despite this affordable lifestyle, Mahoney still faces the typical financial burdens of managing a growing business, particularly one in an industry as unpredictable as gold prospecting.
Embracing the ‘Cash is King’ Mentality
As a gold prospector and dealer, Mahoney has learned to embrace the adage “cash is king.” She admits that in the outback, where she operates her business, cash remains the primary form of transaction. “I pay all my prospectors in cash as well. Prospectors living out in the bush don’t have online banking, so they wouldn’t accept much else,” she explains.
This commitment to cash is also reflected in Mahoney’s personal banking habits. She manages a number of different accounts, each designated for specific financial purposes. “I have a joint bills and savings account with my partner, Jake; I have a business bills account; a payroll account; a tax/super account; my business savings are kept as gold nuggets and bullion; a personal spending, personal savings, and an investment account,” she details. “It’s a lot, I know!”
Despite the challenges of juggling multiple accounts, Mahoney feels confident in her ability to manage her finances. It’s a necessity in her line of work, where cash flow management is paramount to ensuring the success of her business.
Balancing Lifestyle and Financial Goals
Mahoney admits that she has a few guilty pleasures, one of which is online shopping. “There aren’t any clothes shops in the town I live in, so online shopping is definitely a vice,” she confesses. However, she justifies the splurge by pointing to the savings she makes by living in a town without the usual temptations of city life, such as expensive restaurants and delivery services like Uber Eats. “I do save a lot of money because we don’t have Uber Eats, açai bowls, or nice restaurants in Kambalda,” she says.
While online shopping might be her one financial indulgence, Mahoney’s focus remains on her business and financial goals. Her experiences with managing cash flow, dealing with debt, and navigating the unpredictable nature of the gold industry have equipped her with the tools needed to succeed in her entrepreneurial ventures.
The Road Ahead
Looking forward, Mahoney is determined to continue building her business and expanding her knowledge of financial management. Despite the challenges, she remains committed to growing her gold dealership and learning from every experience. Whether it’s negotiating with suppliers or managing employees, Mahoney is always looking for ways to improve her financial literacy and business acumen.
As a self-made entrepreneur, Mahoney’s journey is a testament to the power of hard work, risk-taking, and financial education. While she continues to prospect for gold and navigate the ever-changing business landscape, one thing remains certain: she is a force to be reckoned with in both the gold industry and the world of entrepreneurship.
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