Interview: Moneymum.
The entrepreneur behind Moneymum is Pernille Oldgaard, who, despite failing a math exam in business school, became a branch director at one of Denmark's largest banks just seven years later. Today, she is a self-employed financial mentor.
The Moneymum universe was born when Pernille and her family wanted to build a house. During her research, she followed various home profiles on Instagram. While she found plenty of inspiration for houses and building projects, no one shared insights about the financial aspect behind it all.
Pernille spoke with a friend who was already making a living from her Instagram profile at the time. Her friend encouraged her to start a blog alongside her Instagram, where Pernille could dive deeper into her topics. In just six months, Moneymum gained 15,000 followers, and a year later, that number had doubled. Today, Moneymum has around 76,000 Instagram followers.
When Denmark and the rest of the world were hit by Covid-19, many people began worrying about their financial situations. The fear of layoffs and uncertainty over whether they could remain in their homes weighed heavily on the minds of Danes.
With war, inflation, and rising interest rates further affecting the global economy, personal finance has become more relevant and necessary than ever. As Danes became more financially aware, Moneymum grew in popularity. Today, about 90% of Pernille's followers are women, women eager to learn how personal finance works in practice, when and how to invest, and how to build a strong pension plan.
In this way, she strives to make finance more tangible and realistic for her followers.
Pernille took maternity leave from summer 2021 to summer 2022. After her leave, she faced the decision of returning to her job at the bank, where she had worked for 12 years. Instead, she chose to resign and dedicate herself fully to Moneymum. Her goal was to offer financial coaching and guidance, which required her to be independent from the banking industry. In August 2023, Pernille celebrated her first year as a 100% self-employed financial mentor.
Beyond financial advice, Moneymum offers mentorship programs, where Pernille thoroughly reviews her clients' financial situations, from budgets and account setups to spending habits. She then creates a savings plan based on their goals. Together with her clients, Pernille examines loans, pensions, and insurance, helps draft debt repayment plans, and guides them in starting their investment journey.
Moneymum is in daily contact with individuals, sole proprietors, and aspiring entrepreneurs seeking financial advice, whether to determine if they can start their own business or to gain more financial freedom. Moneymum also receives inquiries from couples facing divorce who need help dividing their finances.
Many Danes are uncertain about whether their budget is accurate, why they should set up a savings account for their children, or when and how they should start investing. Financial uncertainty is widespread, which is why Pernille has recently submitted a proposal to make finance a mandatory subject in schools. Her ultimate mission is to ensure that Danes feel confident and knowledgeable about their own finances.
"Figure out what it takes to afford your entrepreneurial dream. There’s nothing worse than lying awake at night with financial worries. My best advice is to create a financial plan and understand exactly what is required for the numbers to work. If you start out afraid of failure, you’ll be blocked. Take the leap and don’t overthink it for years. It’s a shame when a great idea just sits in a drawer," Pernille Oldgaard, Moneymum.
Pernille also advises doing as much prep work as possible while still having a steady income. She suggests earning extra through a side job, as long as it doesn’t create conflicts of interest or limit your ability to start your own business.
"I initially started with one of your competitors because I thought it was the only option. It was way too complicated. I asked a friend, who’s also self-employed, what payment solution he used, and he said pensopay. I applied, got approved, and have been with pensopay ever since. It just works," Pernille Oldgaard, Moneymum.
"What really matters is being able to call someone and get help immediately—and that you write emails in Danish and follow up if I have questions. It makes a big difference," Pernille Oldgaard, Moneymum.
The recommendation to use pensopay originally came from a friend, but now Pernille herself recommends it when asked which payment solution she prefers.
Thank you so much for the great conversation and for sharing your story with us, Pernille. We wish you and your business all the best for the future.
Read more great entrepreneurial advice from several of our other clients.