With her $1,200 stimulus check, a woman who lost her full-time job as a result of the pandemic launched a cash-stuffing business that is currently on track to earn $1 million this year.
Taylor, 31, revealed to the news source that she had to rely solely on side jobs to make ends meet, including delivering medicines for pharmacies and food for DoorDash.
Stimulus Check Turns Woman Into Millionaire
Taylor researched cash stuffing as a money management technique while battling with around $60,000 in school loan debt and another $9,000 in credit card and medical debt.
She turned to YouTube, where she learned about cash stuffing, a money management technique that altered her life, just like everyone else trying to figure something out for the first time.
Taylor claims, “I discovered monetary budgeting and I literally stuck to it. I would only ever spend money that I had on hand.”
Taylor recalls that she chose to post on TikTok, which at the time was primarily used by kids for dancing, in order to hold herself accountable.
Soon, videos showing her handling her money by stuffing envelopes with cash went viral.
Taylor was able to pay off $23,000 in school loan debt as well as her credit card bill and medical debt in the first year after organizing her finances.
She transformed cash stuffing into a business called Baddies and Budgets after building up a sizable following (she currently has 628,000 followers on TikTok). Through this company, she sells money classes, budgeting tools, and other accessories.
The company made roughly $850,000 in 2022. It’s expected to earn $1 million this year.
Taylor explains that when she first started cash stuffing, she used a zero-based budget, which is the most typical strategy used by cash stuffers. It implies that you begin your budget with the amount of your paycheck and allocate every dollar down to zero.
She distributes her money in the form of actual cash once she has a strategy in place for the month. “I put money aside in envelopes for bills. I set money aside for varying costs, which I incur every week, “she claims.
Next, you set aside cash for “sinking funds,” which are tiny accounts for short- or long-term savings. These could be money set aside for the holidays, a car maintenance budget, or an emergency fund.
What’s left over is used to finance the future, either by paying off debt or accumulating savings. The right amount of cash is “stuffed” into individual envelopes, labeled binders, or cash wallets by Taylor and her supporters.
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Taylor’s Videos Went Viral
Taylor wanted to take advantage of the big audience she had developed after her early videos became popular. She found two goods after scanning the market.
The first was that Taylor had discovered something that people truly wanted to interact within the area of money material, which she claims she generally finds uninteresting.
The second realization was that there was a market for people who, like her, found cash stuffing appealing but found plain, old envelopes unattractive.
Taylor founded Baddies and Budgets in the spring of 2021 with the help of a $1,200 stimulus check, which she spent on a Shopify account, shipping supplies, material for stuffing wallets with cash, and a Cricut machine to create labels for envelopes and wallet covers.
Even though the company is expected to generate more than $1 million this year, Taylor only pays herself $1,200 per week in salary while heavily reinvesting in the company.
She still manages her money in cash each week, allocating some to expenses and others to retirement plans and other savings goals.
Read more: IRS Fresh Start Program: Are you eligible for debt forgiveness from the IRS?