31-year-old Jasmine Taylor from Amarillo, Texas, is no stranger to business failures. Before becoming successful, she tried and failed at a few entrepreneurial ventures in the past, an experience that has guided every entrepreneurial move she now makes.
Her struggles for survival date back to when she lost her job and was getting by on side hustles; like delivering prescriptions for pharmacies, and food for DoorDash. She also owed about $60,000 in student debt and another $9,000 in medical and credit card debt, according to CNBC Made It.
The turning point in her life came when she turned to Youtube to search around for some business ideas, and that was how she discovered “cash stuffing,” a money management strategy that changed her life.
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“I found cash budgeting and I literally stuck to it,” Taylor says. “I would only spend what I had in cash.”
And to hold herself accountable, she decided to post on TikTok of her managing her finances by stuffing cash into envelopes. Her posts soon went viral and people started reaching out to her on how they could also fit into her cash-stuffing model.
According to Taylor, within one year, she was able to get her money in order, pay off $23,000 in student loan debt, and wipe out her medical debt and credit card balance.
Following the growing interest in her cash-stuffing posts, she decided to turn it into a business by establishing Baddies and Budgets, where she sold money courses, budgeting supplies, and other accessories.
CNBC Made It reports that the business brought in about $850,000 in 2022 and is on track to pull in $1,000,000. Prior to that, the business brought in $250,000 from April through year-end in 2021.
Despite being on track to make $1 million this year, Taylor is very frugal with her spending. She pays herself $1,200 a week and reinvests in the business.
To launch Baddies and Budgets, she used her $1,200 stimulus check, bought a Shopify account, shipping supplies, material for cash-stuffing wallets, and a Cricut machine to print labels for envelopes and wallet covers, according to CNBC Made It.
Since 2021, her business line has witnessed incredible growth, as she continues to get more people interested in her offers.
“A lot of people that buy from us are budgeters and people who save, but there are also people who buy from us because our stuff is really cute,” she says. “They’re the ones who wanted cups and keychains.”
