So Money with Farnoosh Torabi

Episode 1850: New Grants for Small Business Owners in Midlife (Plus: Amazon Prime Day Deals) Release Date: July 9, 2025

Introduction

In this compelling episode of So Money with Farnoosh Torabi, host Farnoosh welcomes Trey Bodge, a respected journalist, television commentator, and consumer expert. Trey shares her inspiring journey from helping millions save money at the checkout to founding the Threadneedle Alley Foundation, a nonprofit dedicated to empowering midlife entrepreneurs facing financial hardships.

Launching the Threadneedle Alley Foundation

[02:49] Trey Bodge:

"This is a new mission for me—empowering midlife entrepreneurs. After my mom passed in 2023, I felt a deep calling to give back in a meaningful way."

Trey discusses the personal motivations behind establishing the Threadneedle Alley Foundation, named after the street where her late mother ran a beloved small business for over two decades. The foundation aims to honor her mother's legacy by supporting entrepreneurs in midlife through:

• Grants: Offering three $5,000 grants annually to midlife entrepreneurs experiencing financial difficulties.
• Mentorship: Providing a year of mentorship with over 25 experienced mentors, all aged 40 and above, who own at least one business.

[04:59] Farnoosh Torabi:

"What led you to start Threadneedle Alley Foundation?"

[05:00] Trey Bodge:

"I realized there are so many great business ideas but not enough support to make them thrive. We wanted to create both financial support and a robust support system through mentorship."

The Importance of Midlife Entrepreneurship

Trey emphasizes that midlife is often the perfect time to launch a business due to the wealth of experience, maturity, and resilience that comes with age. She shares her own transformation:

[07:39] Trey Bodge:

"My mom was the OG entrepreneur—creative, innovative, and a hustler. Growing up watching her run her beauty boutique inspired me to pursue my own ventures."

[08:57] Farnoosh Torabi:

"I feel like I'm just getting started in my mid-40s, leveraging decades of experience to make smarter decisions moving forward."

Navigating Challenges in Midlife Entrepreneurship

While midlife offers numerous strengths, Trey candidly discusses the challenges faced by entrepreneurs in this stage of life:

1. Perception of Peak: Many feel they've already peaked and fear declining prospects.

   [15:51] Trey Bodge:

   "Sometimes, midlife feels like downhill, but it doesn't have to be. It can be a period of hope, excitement, and new challenges."

2. Resistance to Change: Being set in one's ways can hinder adaptability.

   [16:20] Trey Bodge:

   "Starting a business requires openness to learning and adapting, which can be a hurdle for those firmly rooted in their routines."

3. Technological Hesitancy: Reluctance to embrace new technologies can leave entrepreneurs behind.

   [17:30] Trey Bodge:

   "Embracing technology is crucial. Whether it's using new billing software or leveraging social media for promotion, staying updated is essential."

Application Process and Ideal Candidates

Trey outlines the criteria for applicants and the application process, emphasizing the foundation's focus on impactful, innovative ideas that require financial support to thrive.

[10:46] Farnoosh Torabi:

"Who is the ideal candidate for these grants?"

[11:13] Trey Bodge:

"We're looking for scrappy, innovative entrepreneurs in midlife who have great ideas but are facing financial challenges. Our grants are $5,000 each, which can be a game-changer for the right person."

Application Opening:

• Timeline: Applications will open in the fall of 2025.
• Selection Criteria: Innovation, creativity, and the potential impact of the business idea.
• Support: In addition to financial grants, recipients receive a year of mentorship from seasoned entrepreneurs.

Future Plans for the Foundation

Trey envisions significant growth for Threadneedle Alley Foundation, including:

• Increasing Grant Amounts and Frequency: Expanding beyond the initial three grants.
• Partnerships: Collaborating with larger organizations like American Express or academic institutions to offer more specialized grants.
• Enhanced Support Systems: Launching a podcast featuring interviews with board members and mentors to share knowledge publicly.

[24:50] Trey Bodge:

"I see us partnering with larger groups and expanding our grant offerings. Fundraising will help us hire an admin and launch additional initiatives like a mentorship podcast."

Amazon Prime Day Shopping Tips

In addition to discussing the foundation, Trey shares valuable insights on navigating Amazon Prime Day effectively:

[28:40] Farnoosh Torabi:

"How do you ensure you're getting actual deals on Prime Day?"

[28:52] Trey Bodge:

"Use tools like Yahoo Shopping or Google Shopping to compare prices. Amazon now provides historical pricing through their chatbot, allowing you to verify if a deal is genuine. Additionally, utilize coupon sites and pay with credit cards that offer cashback or extra points."

Notable Tip:

[31:13] Trey Bodge: "Always compare prices using tools like CamelCamelCamel or PayPal Honey to ensure you're getting the best deal."

Embracing Technology in Business

Farnoosh and Trey delve into the critical role of technology in modern entrepreneurship, highlighting resistance among some business educators and seasoned professionals.

[21:28] Farnoosh Torabi:

"I'm advising the dean of the business school at Penn State, and they're struggling to convince staff to embrace AI. This is crucial for students' future job skills."

[22:17] Farnoosh Torabi:

"AI can be daunting, but when used correctly, it's a powerful tool for productivity and innovation."

[22:28] Trey Bodge:

"Using AI for research and task management can significantly enhance efficiency, but it's essential to approach it thoughtfully to avoid potential pitfalls."

Conclusion and Call to Action

As the episode wraps up, Trey encourages listeners to support the Threadneedle Alley Foundation and take advantage of smart shopping strategies during sales events like Amazon Prime Day.

[26:48] Trey Bodge:

"Visit threadneedleally.org to learn more, donate, or apply for grants. We're also seeking volunteers, especially skilled admins, to help us grow."

[34:06] Farnoosh Torabi:

"Thank you, Trey, for sharing your inspiring story and valuable insights. Make sure to check out the links in our show notes for more information on the Threadneedle Alley Foundation and smart shopping tips."

Key Takeaways

• Empowerment Through Experience: Midlife entrepreneurs possess unique strengths like experience and maturity, making it an ideal time to launch and grow businesses.
• Support Systems Matter: Financial grants combined with mentorship can significantly impact the success of small businesses, especially for those facing financial hardships.
• Embrace Technology: Staying updated with technological advancements is crucial for maintaining competitiveness and efficiency in today's market.
• Smart Shopping Strategies: Utilizing comparison tools and verifying deals ensures consumers make informed and beneficial purchasing decisions during sales events.

Resources

• Threadneedle Alley Foundation: threadneedleally.org
• Apply for Grants & Donate: Available on the foundation’s website.
• Follow on Instagram: @ThreadneedleAlley
• Prime Day Shopping Tools: Yahoo Shopping, Google Shopping, CamelCamelCamel, PayPal Honey

Whether you're a midlife entrepreneur seeking support or someone looking to make smarter financial moves, this episode provides valuable insights and actionable advice to help you thrive.