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Speaker 1: Good morning everyone, and welcome back to Sugar Mamma's Fireplay,

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Speaker 1: the podcast that ignites your financial journey with inspiring stories

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Speaker 1: and innovative strategies. I am your host's financial planner, Canna Campbell,

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Speaker 1: and today this is a start Here series where we

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Speaker 1: have frank, open and honest discussions about what's going on

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Speaker 1: and how and where to simply get started so that

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Speaker 1: you are well and truly on trap to see your

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Speaker 1: financial goals and dreams finally flourish. Now, as always, I

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Speaker 1: must do my general advice warning and of course let

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Speaker 1: you know that my financial planning license details are in

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Speaker 1: the podcast notes. The reason why I say this to

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Speaker 1: you in particular for these start here series is you

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Speaker 1: must use all of my content as an educational guide only.

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Speaker 1: Never am I giving you personal advice, product advice, or

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Speaker 1: investment advice, so that you understand exactly where you need

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Speaker 1: to go, learn more of and maybe even get personal

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Speaker 1: advice from a financial planner when you are ready to

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Speaker 1: roll with your financial journey. All right, let us begin.

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Speaker 1: So this morning's episode is a bit of a special one.

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Speaker 1: We're in for a treat. Instead of me normally reading

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Speaker 1: your dms, we actually have someone here with us right now,

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Speaker 1: So you're going to be listening to our chat, our

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Speaker 1: conversation now. Bridy is thirty years old. She's gone through

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Speaker 1: a lot, and I have a feeling that a lot

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Speaker 1: of people are going to really relate to what she

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Speaker 1: has gone through and where she is right now and

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Speaker 1: what she wants to achieve. So with great honor, I

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Speaker 1: introduce to you Bridy for our series start here. BRIDI

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Speaker 1: thank you so much for coming in. Can you explain

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Speaker 1: to me, like where you're at right now and like

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Speaker 1: what's going on and why you would like me to

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Speaker 1: I guess give you some general guidance as to where

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Speaker 1: to get started.

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Speaker 2: Well, for one, we're sitting in a beautiful home. It's

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Speaker 2: a testament to like how you've built your dream, which

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Speaker 2: is like already why I want to talk to you,

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Speaker 2: Why I want your help? Yeah, is I would like

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Speaker 2: to even create a financial dream. I'm like kind of

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Speaker 2: scared of the housing staff. I'm single, I'm not thinking

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Speaker 2: about buying a property. I want to live a fun, full,

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Speaker 2: exciting life. I'm thirty.

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Speaker 1: Liked it be tied down. You just want to be

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Speaker 1: a complete flexibility you at the luxury I want.

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Speaker 2: To enjoy my life, like because I work hard and

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Speaker 2: I want happiness, but I feel like really scared when

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Speaker 2: I look at Okay, these houses are costing this much,

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Speaker 2: and this is how much you need to live off,

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Speaker 2: and got to create a career that brings in home

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Speaker 2: this much, and I'm just like trying to overwhelming. Yeah,

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Speaker 2: i feel like I would never get there. Like that's

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Speaker 2: a belief thing I know that I have. That is

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Speaker 2: maybe something I need to work on too, But it's

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Speaker 2: completely overwhelming. And so I've actually buried my head in

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Speaker 2: the sand. Never saved books. Let's talk about it like

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Speaker 2: I've never saved.

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Speaker 1: I'm not a huge judge.

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Speaker 2: There's a lot we could unpack in terms of mistakes.

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Speaker 1: Well, why don't we unpack those mistakes so that we

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Speaker 1: can deal with them properly. You hit them in the

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Speaker 1: butt and process them and digest them and maybe dissect

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Speaker 1: them so that we can then clear the path for

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Speaker 1: goodness and for abundance and prosperity. And you touched on mindset.

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Speaker 1: Mindset is everything. If you go into a financial journey

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Speaker 1: thinking this is hard, it's confusing, overwhelming, their mindset is

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Speaker 1: going to show in the results and there won't be

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Speaker 1: much results. But if you go and going, okay, well,

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Speaker 1: I'm going to break this down. Yes it might be

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Speaker 1: at times a little bit challenging and confusing, but I

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Speaker 1: can do this, and I'll reach out for help and

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Speaker 1: get people to explain things when I get stuck, and

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Speaker 1: I won't do anything until I'm one hundred percent sure.

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Speaker 1: Suddenly your energy starts to shift and you start to realize, actually,

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Speaker 1: it's maybe not as bad as we think it is,

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Speaker 1: so let's unpack it. It's bad, Okay, I don't mind.

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Speaker 1: It's not bad Like there's I've been a fincial planner

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Speaker 1: for over twenty years. I have seen everything and heard everything.

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Speaker 1: And the other day I was doing a keynote piece

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Speaker 1: for PwC for their staff on financial wellness, and someone

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Speaker 1: asked me a question about what I'd seen, and look,

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Speaker 1: I've seen someone with three hundred and sixty thousand dollars

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Speaker 1: credit and credit card debt.

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Speaker 2: Like made me feel better. It made me feel better

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Speaker 2: about what I knew.

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Speaker 1: I had to tell you, what, unless someone comes to

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Speaker 1: me with more credit card debt than that, and that

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Speaker 1: person continued to bury their head in the sand. But

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Speaker 1: that's not the point. Like it doesn't matter about your history,

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Speaker 1: like you really need to be kind and compassionate about that.

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Speaker 1: What matters is what you're doing going forward and understanding

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Speaker 1: that you have a choice, and the choice is right here,

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Speaker 1: right now in front of you. To step up. You

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Speaker 1: arm yourself with financial education and don't try and do

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Speaker 1: it all at the same time. Yeah, don't try and

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Speaker 1: master a budget overnight. That's not going to happen.

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Speaker 2: True.

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Speaker 1: It takes practice. And it's like training exercise. Like you

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Speaker 1: can't just go for a run and be fit. Yeah,

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Speaker 1: you have to go for a run three four times

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Speaker 1: a week, and you have to try and run faster

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Speaker 1: or run further. And then you and you start with

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Speaker 1: like one minute exactly exactly, and then you might do

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Speaker 1: some weights in there because you're focusing on your cardio

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Speaker 1: and you need some strength training or some flexibility or

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Speaker 1: to some yoga in there. So it's not overnight. It's

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Speaker 1: a journey. Then you have a setback where you might

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Speaker 1: binge on a weekend, yeah, or maybe you get injured

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Speaker 1: and you kind of exercise so you lose some fitness.

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Speaker 1: It's the same with money. It's never magical and overnight,

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Speaker 1: and if it is, that's a red flag. Something is

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Speaker 1: not sustainable and it's only a quick fix or a

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Speaker 1: band aid. All right, that's not for my ted talk.

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Speaker 1: I want to hear about you. What's been going on

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Speaker 1: in the past and where are you at right now?

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Speaker 2: Well, I think the thing that is the hardest is

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Speaker 2: like the present still has remnants of the mistake of

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Speaker 2: the past. So I was given an inheritance when my

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Speaker 2: grandfather died when I was in like year twelve, and

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Speaker 2: it was one hundred and ten thousand, okay, and there's

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Speaker 2: ten thousand left. Okay, told you you were going to follow.

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Speaker 1: Yeah, I all, not all. I have got a lot

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Speaker 1: to say about it.

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Speaker 2: I don't even know. I don't even know what a

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Speaker 2: twenty year old spends their like, I can't even tell you.

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Speaker 2: But I'm not going to rag on my parents because

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Speaker 2: like they were doing their best, but I didn't have

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Speaker 2: any tools. So my both, like my brothers and I

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Speaker 2: got the same amount of a your older brother and

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Speaker 2: a younger brother, and they both have houses in Sydney.

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Speaker 1: They use that money to buy property.

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Speaker 2: Yeah, they're both in the other complication of my story

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Speaker 2: I feel like is that they're both in a lot

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Speaker 2: more of sort of a set path with their career.

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Speaker 2: I've had a bit more of like a PC journey.

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Speaker 2: I've really not known and I probably still don't fully

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Speaker 2: know what I'm meant to be doing with my full

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Speaker 2: time work. I love what I do currently, but I

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Speaker 2: know that I don't have like a, oh, Brady's going

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Speaker 2: to be a banker or I'm a professional dancer. So

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Speaker 2: this is like roughly how much I'm going to be

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Speaker 2: making You.

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Speaker 1: Don't feel like you've got your career path necessarily at all? Yeah,

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Speaker 1: but why should we?

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Speaker 2: It feels like really embarrassing to just be thirty and

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Speaker 2: be like I have three jobs and people are shocked

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Speaker 2: when they find out how addim which is super flattering,

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Speaker 2: but like a lot of my friends are like twenty

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Speaker 2: one studying psychology, Like it's just they've got this bow

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Speaker 2: on that.

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Speaker 1: They seem to have it all sorted and you feel

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Speaker 1: like you're, yeah, you're just treading water, keeping your head

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Speaker 1: above it. Yeah, And in a.

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Speaker 2: Way I know that part of how because I've got

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Speaker 2: three part time jobs, which I really enjoy all of them.

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Speaker 2: It's not one cohesive picture. If you ask me what

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Speaker 2: I do, it doesn't really say I don't have an answer.

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Speaker 1: For people when they ask me that, Well, yeah, can

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Speaker 1: I just I've got so much to say about first

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Speaker 1: of all, about the three jobs. To me, there is

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Speaker 1: no shame in that, and you're thinking about it the

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Speaker 1: wrong way. You're thinking that you're a bit of a joke,

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Speaker 1: maybe a rid of a mess, and that you've got

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Speaker 1: three different.

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Speaker 2: Jobs, exactly how I feel.

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Speaker 1: But see, I don't think you're a freelancer. He can

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Speaker 1: choose your contracts as to who you want to work

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Speaker 1: for and when and on what terms and now on

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Speaker 1: how much, And to me, you actually have complete control

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Speaker 1: and flexibility in your life. And I think that sounds liberating.

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Speaker 1: I don't think there's any shame in that. And this

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Speaker 1: is the age that we work in now, is a

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Speaker 1: lot of people are moving away from being on this

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Speaker 1: one employer yes level.

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Speaker 2: You know, I feel like I'm like the lab rat

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Speaker 2: for that kind of thinking, Like it's always been that

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Speaker 2: for me, Like I never thought about UNI in high

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Speaker 2: school and even last year I tried to force myself

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Speaker 2: into choosing a career of occupational therapy and I got

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Speaker 2: to signing the dotted line of applying for UNI, and

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Speaker 2: I realized I am so bored at the thought of that.

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Speaker 1: I'm glad you.

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Speaker 2: I'm glad I didn't do it, and I was I

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Speaker 2: called my mom and I was expecting her to be like, oh, variety,

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Speaker 2: but she was so empowering and she was just like, really,

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Speaker 2: proud of you for being honest with yourself. And I'm like, really,

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Speaker 2: because I'm dirty, and don't you just want me to

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Speaker 2: like know?

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Speaker 1: And I think what you're doing is great, Like I

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Speaker 1: would be proud of you. I think you've got You're

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Speaker 1: being authentic, You're being real to who you are. You

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Speaker 1: know where you're bound, who are on, what works for

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Speaker 1: you and what doesn't. And you're not going to prescribe

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Speaker 1: to this herd mentality of go to school, go to

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Speaker 1: university or some sort of tertiary qualification, which career path,

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Speaker 1: and stick to that for the rest of your life.

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Speaker 1: That to me sounds boring as bad shit.

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Speaker 2: Yeah it does.

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Speaker 1: And if you look at any entrepreneur that has achieved something,

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Speaker 1: so many of them have actually found their calling later

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Speaker 1: in life in their forties, fifties, seventies, I think don't

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Speaker 1: quote me on this, but if you look up the

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Speaker 1: story of Colonel Sanders, I think it is EMBITEDKFC. I

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Speaker 1: think it was maybe in his sixties when really came

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Speaker 1: up with the ingredients for Kentucky Frey chicken. And there's

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Speaker 1: hundreds of these stories. I probably should have known about this,

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Speaker 1: and I had some stats on me, godding, but obviously we're.

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Speaker 2: Just freaking going to give the things you see on

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Speaker 2: Instagram of like Oprah forty, Steve Carrell fifty.

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Speaker 1: Yeah, there's so many stories like that. Who is the

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Speaker 1: woman who is amazing? She used actually be a stockbroker

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Speaker 1: working in finance and is now like kind of the

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Speaker 1: housewife guru which works for Oprah. The name will come

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Speaker 1: to me in a second, but she's a self made

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Speaker 1: multimillionaire that hated her job in finance, was a stockbroker

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Speaker 1: in New York, was actually quite successful, but her passion

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Speaker 1: was actually decorating and designing homewordes and setting homes up

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Speaker 1: to be efficient and welcoming and you know, how to

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Speaker 1: get stains out of things. She's like, go to guru

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Speaker 1: with those sorts of things. And she's sold books and

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Speaker 1: courses and amazing stories. So don't flick people's judgment. It's

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Speaker 1: the other thing I want to say about the money

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Speaker 1: stuff in the inheritance. There is a lot to say

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Speaker 1: for people who put inheritances in trust for adult children

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Speaker 1: and only to be released once they become ready.

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Speaker 2: I think that was we had spoken about that.

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Speaker 1: Yeah, I mean you were very young. I would have

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Speaker 1: blown that money even entering in you know, even being

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Speaker 1: an investor at.

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Speaker 2: That age ninety thos. I'm not talking like two hundred dollars.

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Speaker 2: I think also, like where I might have a bit

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Speaker 2: of a poverty mentality was when you don't grow up

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Speaker 2: with a ton of money and you get some And

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Speaker 2: no shade to my parents, but I think the thinking

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Speaker 2: that I naturally just had in me was like this

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Speaker 2: is your one shot, almost like I wasn't even deserving

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Speaker 2: to have this. I didn't earn it, so I was

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Speaker 2: given this like thing of like, holy crap. It was

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Speaker 2: every time there was spending, there was such deep guilt

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Speaker 2: because it was like, I'll spend, but this is my

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Speaker 2: one shot. This is my one shot. So I remember

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Speaker 2: like those purchases just flying through my card and I

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Speaker 2: just felt even like it pushed me further and further

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Speaker 2: down into like basically what was a secret. I didn't

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Speaker 2: tell my parents that I was spending it at the

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Speaker 2: rate that I was, and I think we're spending, like

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Speaker 2: you really think your appetite is going to be satiated,

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Speaker 2: Like you think it's like food, Like I'll have a

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Speaker 2: burger and I'll have chips and then i'm done. Like

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Speaker 2: I'll buy that designer coat and then I'm good. I've

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Speaker 2: got one winter coat. I even tried to like buy

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Speaker 2: a capsule wardrobe, but it just kept going. Yeah, I

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Speaker 2: kept buying.

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Speaker 1: A bottomless pit.

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Speaker 2: A lot of the closet I bought, like I went

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Speaker 2: on the real reel and I didn't even keep them

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Speaker 2: because then not even good purchases. So I was just spending.

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Speaker 1: Okay, so an element of self worth, a complete lack

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Speaker 1: of self worth, I would say, and then almost a

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Speaker 1: self destruction mode. Yeah, to almost get rid of the

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Speaker 1: money because you weren't worthy of it. So you had

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Speaker 1: almost said to wash yourself.

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Speaker 2: It was like washing. Yeah, it was like washing it away.

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Speaker 2: It was just and some of the purchases were truly justified,

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Speaker 2: like got a water filter, like things that I actually

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Speaker 2: still have, but I know a lot of it was

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Speaker 2: just luxurious living. I'd be like, I'll go get a

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Speaker 2: massage because I'm stressed, or like I'll go get my

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Speaker 2: nails done because I've got this thing. There was always

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Speaker 2: this running conversation in my mind of justification of why

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Speaker 2: I was spending the money, and I remember my friends

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Speaker 2: would be like, how do you have the money for that?

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Speaker 1: Yeah, And I.

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Speaker 2: Feel like I had this dirty secret that I was

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Speaker 2: like hiding.

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Speaker 1: It was bad.

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Speaker 2: And asofce, bags just turned up at the house every day.

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Speaker 1: Wow. I don't say wow to judge them, saying like,

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Speaker 1: I have so many girlfriends. I've never inherited money, so

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Speaker 1: I don't know what it's like, but I have girlfriends

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Speaker 1: who've done very very similar things, right, So you're not

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Speaker 1: alone with inheritance. Yes, absolutely, inheritance from grandparents and they've

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Speaker 1: lied to their parents about where that money has gone

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Speaker 1: and then anonymous. But also you know, it's a lack

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Speaker 1: of financial literacy. And some of those godfriends just drowning

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Speaker 1: in debt still today after receiving that money because it

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Speaker 1: put them on a lifestyle creep where they had to

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Speaker 1: keep up with it spending and then you know, all

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Speaker 1: the inheritance burnt out, but then they still had this

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Speaker 1: champagne taste, but no champagne money to pay for it anymore.

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Speaker 1: So it continued on and then ended up in debt.

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Speaker 1: So I'm not judging at all my heart and she

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Speaker 1: goes out to you, And the other thing I'll say

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Speaker 1: is anything we hear from our parents or our partners,

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Speaker 1: we get defensive because we don't like hearing from those people.

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Speaker 1: If I had met you or someone who's neutral and

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Speaker 1: not connected to your parents in any way and said

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Speaker 1: something to you, you're more likely to take it on

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Speaker 1: board than you are hearing it from a parent or

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Speaker 1: a partner. Like Tom will say something to me like, Ohkanna,

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Speaker 1: we should really paint that blue, and I'm like, no, yeah,

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Speaker 1: so's not painting that. And then if pop over, you

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Speaker 1: pop over and goes, hey, can you paint that wall blue?

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Speaker 1: Oh my god, what a cool idea to do that.

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Speaker 1: We should totally paint this wall, and Tom goes mentally,

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Speaker 1: it's the same things. We don't want to hear advice

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Speaker 1: from our partners sometimes or our parents.

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Speaker 2: We kind of a reminder of like the yuckiness that

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Speaker 2: I experienced as a kid with money, So I even

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Speaker 2: being in that space, I didn't want to like open up.

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Speaker 1: Of course, of course, and it's also money that's come

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Speaker 1: out of a loss and grief, and grief is very

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Speaker 1: complicated as well.

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Speaker 2: And to add to that, like the one shot sort

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Speaker 2: of like this is you could get the house with this,

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Speaker 2: so you could, like the pressure say that, Oh, the

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Speaker 2: pressure was probably the thing that I can remember feeling

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Speaker 2: the most. I still feel a little bit of it.

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Speaker 2: I've still got some of it left, so like.

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Speaker 1: But we'll talk about that in a second, because we

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Speaker 1: want to work out where you should get started to

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Speaker 1: get back on track and make up for lost time.

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Speaker 1: But I mean, what you were saying is not uncommon

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Speaker 1: at all, and at different levels of severity in different situations.

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Speaker 1: You're not alone. But my heart really goes out to

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Speaker 1: you because the pressure on someone so young, you have

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Speaker 1: no understanding about money and how money is built, how

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Speaker 1: money is protected, how money needs to be used in

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Speaker 1: a sensible wise intelligent wafers can therefore be sustainable and

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Speaker 1: you can actually leverage further off that beautiful financial blessing.

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Speaker 1: It would have actually been really quite horrible. Yeah, And

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Speaker 1: I would almost get that if I was in your situation,

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Speaker 1: I almost would have almost like a detest of money

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Speaker 1: because it would just be a reminder of the past.

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Speaker 2: Yeah, the resistance I have towards budgeting, I just shut down.

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Speaker 2: Like when my friends are talking about money, I feel

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Speaker 2: so much anxiety, like they're talking about this holiday and

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Speaker 2: I just freeze. Yeah, because I feel like I blew it.

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Speaker 2: I could have. I don't know what I could have,

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Speaker 2: but it feels a bit like damned if I do,

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Speaker 2: damned if I don't. Because there was actually a guy

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Speaker 2: that my friend's dad who I opened up to about

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Speaker 2: all this, and he was like, right, lock that money away,

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Speaker 2: you're buying a property. And I just never did anything

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Speaker 2: with the advice. I was scared to lose that little

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Speaker 2: back up, but scared to not do anything as well.

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Speaker 2: So I froze. And that freezing meant that money just

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Speaker 2: sat there and I just kept picking away over the years,

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Speaker 2: so I had access to it for like, you know,

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Speaker 2: eleven years now.

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Speaker 1: So okay, tell me what you did with the money

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Speaker 1: and we'll move on then to what like because I

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Speaker 1: don't want to, like, you know, we need to acknowledge

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Speaker 1: the past, Yeah, but we also need to make peace

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Speaker 1: of the past so we can make the space for prosperity.

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Speaker 1: So where did this money go? Like, what did you do?

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Speaker 1: Did you travel?

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Speaker 2: I did. I lived in Mexico for two years.

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Speaker 1: Wow.

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Speaker 2: I did volunteering, so I actually had to pay to live.

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Speaker 1: Wow.

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Speaker 2: And that was honestly so fulfilling.

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Speaker 1: Like I know, tell me a little bit about that. Yeah.

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Speaker 2: I just had like a really like high school was

363
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Speaker 2: really tough. There was stuff going on in my family.

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Speaker 2: I had an awful breakup and I wanted to get

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Speaker 2: out of Sydney. I had like a bit of a

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Speaker 2: spiritual awakening and I met some people who were doing

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Speaker 2: like volunteer programs. This program that runs around the world

368
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Speaker 2: and you can basically go pay to live at a

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Speaker 2: location anyone that you choose. They have bases in basically

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Speaker 2: all countries and just to like serve the local area.

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Speaker 2: So I went to Tijuana, Mexico, where we were feeding

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Speaker 2: the homeless. We were looking after the girls that worked

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Speaker 2: in the red light district as young as like five

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Speaker 2: years old. Seeing like young girls get sold. It was

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Speaker 2: quite dangerous at times.

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Speaker 1: Wow.

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Speaker 2: We were doing little day courses daycare for the kids

378
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Speaker 2: of the people who worked in the red light districts.

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Speaker 2: So the pimps would like come and drop their kids

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Speaker 2: off to our daycare. You're just like talking to tijuan

381
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Speaker 2: as big ast like drug cartel guys, and they're coming

382
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Speaker 2: and giving like little Huan to me for the day

383
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Speaker 2: and we're like playing skipping and doing Bible stories and

384
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Speaker 2: building homes for families that didn't have them. So like

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Speaker 2: it was obviously you think I'm a saint. I did that.

386
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Speaker 2: It was a beautiful decision. I'm really glad I meant decision.

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Speaker 2: I was running away from pain, from my family and

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Speaker 2: from a breakup. So I came back from Mexico after

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Speaker 2: that just under two years and pain wasn't gone. So

390
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Speaker 2: I also just like moved to Byron for two years.

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Speaker 2: So I went and just lived with my friends in Byron.

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Speaker 2: It was stunning, beautiful. And then I got back from Byron.

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Speaker 2: Still didn't want to be confined to Sydney, so I

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Speaker 2: went and lived in Darwin and I did a bit

395
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Speaker 2: of volunteer work up there as well. And I was

396
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Speaker 2: a makeup artist at the time, so I was working

397
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Speaker 2: on like the ABC News and that was really fun.

398
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Speaker 2: And then like I lived in Brisbane for a bit

399
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Speaker 2: because I just like I just didn't care to come

400
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Speaker 2: back to Sydney and get into a nine to five.

401
00:18:39,560 --> 00:18:42,359
Speaker 2: I knew that that like sort of boring future was

402
00:18:42,400 --> 00:18:44,560
Speaker 2: awaiting me, and I was just like, no, I'm just

403
00:18:44,600 --> 00:18:48,280
Speaker 2: gonna wriggle about. Then I went to Brisbane. When COVID happened,

404
00:18:48,320 --> 00:18:51,000
Speaker 2: I took off to Byron again as most of us did,

405
00:18:51,840 --> 00:18:55,800
Speaker 2: so I fit in a trip to Scandinavia. I spent money,

406
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Speaker 2: went to America on that money, went to Scandinavia on

407
00:18:59,320 --> 00:19:03,600
Speaker 2: that money, and haven't done any overseas travel since before COVID.

408
00:19:03,640 --> 00:19:06,320
Speaker 2: So there's a lot in there, but they're the main.

409
00:19:06,240 --> 00:19:09,040
Speaker 1: Sort of Okay, So I don't think you wasted the

410
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Speaker 1: money at all. I think you invested the money in yourself. Wow,

411
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Speaker 1: I don't think that.

412
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Speaker 2: I don't think from you, I like because so many

413
00:19:16,560 --> 00:19:19,240
Speaker 2: friends have said that to me, but like coming from you,

414
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Speaker 2: if you really think that ninety grand is not wasted

415
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Speaker 2: on me, just being like I want to live in

416
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Speaker 2: Darwin now, I maybe I can let this go.

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Speaker 1: I'm actually really inspired by your free spirit and you'll

418
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Speaker 1: get up and go. And even a teeny tiny bit

419
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Speaker 1: jealous because I one of my biggest regrets is actually

420
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Speaker 1: not going and living overseas after I finished Wow University

421
00:19:40,600 --> 00:19:42,200
Speaker 1: and I've got a life ahead of me. I can

422
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Speaker 1: know that that maybe you can do it later on

423
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Speaker 1: in life, and I you know, just like various different

424
00:19:46,000 --> 00:19:48,800
Speaker 1: successes coming later in life. So yeah, but no, I

425
00:19:48,800 --> 00:19:50,840
Speaker 1: don't think you wasted it in I think you've actually

426
00:19:50,880 --> 00:19:54,800
Speaker 1: invested their money in yourself and in finding and going

427
00:19:54,840 --> 00:19:58,840
Speaker 1: on a self discovery journey, which is so valuable. And

428
00:19:58,960 --> 00:20:03,720
Speaker 1: as we get older, we've got bigger responsibilities, children, mortgages, expenses,

429
00:20:03,840 --> 00:20:06,879
Speaker 1: the lifestyle creep. To be able to do those things

430
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Speaker 1: is not actually possible. So you've done it the smart way.

431
00:20:10,440 --> 00:20:13,920
Speaker 1: You've done all those things now and the very strategy.

432
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Speaker 1: And I have to say, all that travel for so

433
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Speaker 1: many years of ninety thousand dollars, I don'd you say,

434
00:20:21,880 --> 00:20:25,040
Speaker 1: you're probably quite really good money Like some people would

435
00:20:25,040 --> 00:20:28,000
Speaker 1: have blown that within a year. You made that money

436
00:20:28,119 --> 00:20:31,360
Speaker 1: really last and take you to so many different destinations

437
00:20:32,080 --> 00:20:37,240
Speaker 1: and immerse yourself into so many important cultures and seeing

438
00:20:37,320 --> 00:20:41,560
Speaker 1: firsthand the reality of how our world operates and how

439
00:20:41,640 --> 00:20:44,320
Speaker 1: dangerous it is and how lucky we are, and what

440
00:20:44,480 --> 00:20:46,000
Speaker 1: the things that we need to be aware of and

441
00:20:46,040 --> 00:20:49,439
Speaker 1: grateful for, and how we can use that, you know,

442
00:20:49,520 --> 00:20:51,600
Speaker 1: even just hearing I mean, I don't know anything about.

443
00:20:51,640 --> 00:20:54,760
Speaker 2: The ten year story, like what was your life even your.

444
00:20:54,600 --> 00:20:57,760
Speaker 1: Experience of going to Mexico and helping and learning about

445
00:20:57,800 --> 00:21:00,560
Speaker 1: these the red light districts and children, like I mean,

446
00:21:00,560 --> 00:21:02,320
Speaker 1: it makes me feel sick to my stomach. You can

447
00:21:02,359 --> 00:21:05,480
Speaker 1: actually use that to your financial advantage and use that

448
00:21:05,520 --> 00:21:07,640
Speaker 1: an element of motivation to help you want to get back.

449
00:21:07,640 --> 00:21:10,199
Speaker 2: Oh oh my gosh. My dream would be to, like

450
00:21:10,640 --> 00:21:13,680
Speaker 2: whether single or with a family, like would be to

451
00:21:14,119 --> 00:21:16,480
Speaker 2: for a portion of the year, be at a month.

452
00:21:16,840 --> 00:21:18,600
Speaker 2: You do need to be there a little longer than

453
00:21:18,600 --> 00:21:21,560
Speaker 2: a month though for it to not feel like you're

454
00:21:21,640 --> 00:21:25,160
Speaker 2: a volunteer tourist. But yeah, like I'd love to go

455
00:21:25,240 --> 00:21:28,880
Speaker 2: for like a three month stint. Like that's a dream

456
00:21:29,119 --> 00:21:32,480
Speaker 2: every year to invest And so I actually got that

457
00:21:32,520 --> 00:21:35,080
Speaker 2: idea from a family that I met over in Mexico

458
00:21:35,160 --> 00:21:36,920
Speaker 2: that did that, and it really inspired me. And the

459
00:21:37,000 --> 00:21:40,280
Speaker 2: kids grew up from you know, being a baby to

460
00:21:40,600 --> 00:21:42,960
Speaker 2: like learning how to speak Spanish and all they knew

461
00:21:43,119 --> 00:21:45,639
Speaker 2: was giving and serving the Mexican people.

462
00:21:46,000 --> 00:21:48,359
Speaker 1: How much would you need to do that to do

463
00:21:48,400 --> 00:21:49,920
Speaker 1: that each year? If you said, Okay, I want to

464
00:21:49,960 --> 00:21:54,080
Speaker 1: spend three months a year living in Mexico helping these families.

465
00:21:54,240 --> 00:21:56,560
Speaker 2: Even much thought of it makes me so like my

466
00:21:56,680 --> 00:21:59,000
Speaker 2: heart gets butterflies. I don't even know how much my

467
00:21:59,040 --> 00:21:59,800
Speaker 2: groceries cost.

468
00:22:00,000 --> 00:22:01,639
Speaker 1: Okay, if I put thirty thousand dollars in your bank

469
00:22:01,680 --> 00:22:03,520
Speaker 1: account before you jumped on the plane or before you

470
00:22:03,560 --> 00:22:05,159
Speaker 1: booked an air fair, would that be enough for you

471
00:22:05,200 --> 00:22:07,159
Speaker 1: to take three months off away from your life to

472
00:22:07,240 --> 00:22:08,920
Speaker 1: survive and do that every single year?

473
00:22:09,359 --> 00:22:14,560
Speaker 2: Thirty grand? I assume so like I know that you

474
00:22:14,720 --> 00:22:18,919
Speaker 2: pay a fee to work and live there, and I

475
00:22:18,920 --> 00:22:21,000
Speaker 2: would probably buy my own food and stuff like that.

476
00:22:21,280 --> 00:22:24,280
Speaker 2: So thirty thousand for three months sounds like more than

477
00:22:24,280 --> 00:22:24,760
Speaker 2: I'd need.

478
00:22:24,960 --> 00:22:28,280
Speaker 1: Okay, So what if I told you, if you wanted to,

479
00:22:28,359 --> 00:22:31,960
Speaker 1: you could get started today in building up a passive

480
00:22:32,000 --> 00:22:35,040
Speaker 1: income stream of thirty thousand dollars a year will take

481
00:22:35,040 --> 00:22:37,320
Speaker 1: a while. It's going to be not saving. It's about

482
00:22:37,320 --> 00:22:40,200
Speaker 1: investing and building up an investment portfolio that pays you

483
00:22:40,320 --> 00:22:43,320
Speaker 1: thirty thousand dollars once a year, wow, as a lump sum,

484
00:22:43,760 --> 00:22:46,639
Speaker 1: or maybe split up over two payments in one year,

485
00:22:46,720 --> 00:22:49,520
Speaker 1: say fifteen thousand dollars each, and that was your money

486
00:22:49,720 --> 00:22:50,320
Speaker 1: for Mexico.

487
00:22:50,440 --> 00:22:52,920
Speaker 2: Oh my gosh, I'm smiling.

488
00:22:53,840 --> 00:22:56,919
Speaker 1: Okay, Well, this is something you can do. I know

489
00:22:57,200 --> 00:23:00,720
Speaker 1: from our previous conversations you're someone who's very interested in investing,

490
00:23:00,720 --> 00:23:02,720
Speaker 1: and you've said you would love to have an investment portfolio.

491
00:23:02,720 --> 00:23:05,399
Speaker 1: But yeah, you don't know where to start. So this

492
00:23:05,560 --> 00:23:06,880
Speaker 1: is where you need to get started.

493
00:23:06,960 --> 00:23:07,680
Speaker 2: Okay, all right.

494
00:23:07,720 --> 00:23:10,200
Speaker 1: First of all is you've got to spend some time

495
00:23:10,680 --> 00:23:13,560
Speaker 1: for giving yourself and hopefully even know a conversation.

496
00:23:13,320 --> 00:23:15,880
Speaker 2: Alone, and it does already feel lighter.

497
00:23:16,160 --> 00:23:17,800
Speaker 1: And I don't even think you need to figive yourself

498
00:23:17,800 --> 00:23:20,040
Speaker 1: for anything. You know, you've invested in yourself, and I

499
00:23:20,080 --> 00:23:23,640
Speaker 1: think what you've done is admirable and liberating and connected

500
00:23:23,680 --> 00:23:26,280
Speaker 1: to your spirit and what it needs, the which is

501
00:23:26,280 --> 00:23:29,480
Speaker 1: so important. You're not following a herd mentality. So first

502
00:23:29,520 --> 00:23:32,160
Speaker 1: of all, we've got to do some work on that mindset.

503
00:23:32,200 --> 00:23:34,280
Speaker 1: And I want you to write down all the things

504
00:23:34,440 --> 00:23:36,879
Speaker 1: that you are grateful for from doing that four or

505
00:23:36,920 --> 00:23:39,639
Speaker 1: five years of spending that money. Write them down and

506
00:23:39,680 --> 00:23:41,359
Speaker 1: write them down in a journal so you can reread

507
00:23:41,359 --> 00:23:44,480
Speaker 1: them whenever you need to. Next is to start looking

508
00:23:44,520 --> 00:23:47,200
Speaker 1: at some goals and write down those goals. So write

509
00:23:47,200 --> 00:23:49,639
Speaker 1: down the goal of a passive income of thirty thousand

510
00:23:49,680 --> 00:23:52,159
Speaker 1: dollars a year. I want you'd also write down the

511
00:23:52,160 --> 00:23:56,000
Speaker 1: goal of doing a budget. Yeah, and I will sit

512
00:23:56,040 --> 00:23:57,359
Speaker 1: down with you and I'll show you how to do

513
00:23:57,400 --> 00:23:59,440
Speaker 1: a budget and how to build a cash flow system

514
00:23:59,440 --> 00:24:02,440
Speaker 1: that matches your budget so that you don't get into

515
00:24:02,440 --> 00:24:04,400
Speaker 1: credit card debt along the way, you don't run out

516
00:24:04,400 --> 00:24:06,800
Speaker 1: of money before you're end of the pace cycle. And

517
00:24:06,840 --> 00:24:09,760
Speaker 1: you can, best of all, start building up some savings

518
00:24:09,800 --> 00:24:13,960
Speaker 1: and start a regular investment plan. So mindset goals and

519
00:24:14,320 --> 00:24:16,960
Speaker 1: writing those goals down and having you know, in that

520
00:24:17,080 --> 00:24:18,960
Speaker 1: list of goals, have some goals for an amount of

521
00:24:19,000 --> 00:24:21,800
Speaker 1: emergency money, which I'll come to in a second. Then

522
00:24:21,800 --> 00:24:23,720
Speaker 1: I want you to do a budget. Yeah. Now, from

523
00:24:23,760 --> 00:24:26,640
Speaker 1: your budget, what I want you to do is work

524
00:24:26,680 --> 00:24:28,280
Speaker 1: out how much you can afford to save on a

525
00:24:28,280 --> 00:24:32,040
Speaker 1: regular basis. Okay, Okay, with that savings first, and I'm

526
00:24:32,040 --> 00:24:33,600
Speaker 1: going to assume that you don't have any credit card

527
00:24:33,640 --> 00:24:36,000
Speaker 1: dead here, but you know, I want you just then

528
00:24:36,359 --> 00:24:39,359
Speaker 1: use that savings after you've done your budget and proactively

529
00:24:39,359 --> 00:24:41,840
Speaker 1: put it into a savings account, an online savings account,

530
00:24:41,880 --> 00:24:44,800
Speaker 1: ideally with high interest snow fees. Okay, you may already

531
00:24:44,800 --> 00:24:46,960
Speaker 1: have one, but it must be away from your every

532
00:24:47,040 --> 00:24:49,480
Speaker 1: day Okay, your every day is spending account. We want

533
00:24:49,480 --> 00:24:50,200
Speaker 1: to remove temptation.

534
00:24:50,240 --> 00:24:51,080
Speaker 2: There's one account.

535
00:24:51,280 --> 00:24:53,119
Speaker 1: Okay, you have one account. I kind of like that.

536
00:24:53,160 --> 00:24:55,520
Speaker 1: It's very simple, but you do need a second account.

537
00:24:55,560 --> 00:24:57,360
Speaker 1: An online savings account can be great because it gives

538
00:24:57,359 --> 00:25:00,359
Speaker 1: you that flexibility. There's no fees and you get a

539
00:25:00,440 --> 00:25:03,040
Speaker 1: bonus interest. Often if you're putting a certain amount every month,

540
00:25:03,400 --> 00:25:05,960
Speaker 1: now you would nickname that account my emergency money. It

541
00:25:06,040 --> 00:25:08,240
Speaker 1: is really important that you always have emergency money. It

542
00:25:08,280 --> 00:25:09,679
Speaker 1: doesn't matter how ritual, how cool you are.

543
00:25:09,720 --> 00:25:12,240
Speaker 2: You need emergency and I don't have a full time.

544
00:25:12,080 --> 00:25:15,119
Speaker 1: Jobs exactly, so you don't have protection that yet, you

545
00:25:15,119 --> 00:25:17,520
Speaker 1: don't have you sickly or really ring like that. So

546
00:25:17,560 --> 00:25:19,640
Speaker 1: it's really important to you. You need to work out

547
00:25:19,640 --> 00:25:21,520
Speaker 1: while this is the right amount of emergency money. So

548
00:25:21,560 --> 00:25:24,280
Speaker 1: there's no magical formula and for you, we need to

549
00:25:24,280 --> 00:25:26,080
Speaker 1: sit down and look at your situation and go, okay, well,

550
00:25:26,119 --> 00:25:29,080
Speaker 1: what are your expenses like, what is your situation and lifeline?

551
00:25:29,119 --> 00:25:30,840
Speaker 1: What safety nets have you already got in place, what

552
00:25:30,840 --> 00:25:32,879
Speaker 1: insurance policies you have, and then we'll sit out and

553
00:25:32,880 --> 00:25:36,200
Speaker 1: work out how much you need. But realistically it's going

554
00:25:36,240 --> 00:25:39,880
Speaker 1: to be a decent five figure amount of emergency money

555
00:25:39,880 --> 00:25:42,280
Speaker 1: that you need. Okay, I don't want to throw numbers

556
00:25:42,280 --> 00:25:44,480
Speaker 1: out there, but it's going to be something north of

557
00:25:44,480 --> 00:25:47,800
Speaker 1: fifteen thousand, okay, okay, Yeah, So we need to start

558
00:25:47,840 --> 00:25:51,600
Speaker 1: building that up as quickly as possible. Then in the meantime,

559
00:25:51,640 --> 00:25:53,760
Speaker 1: whilst we're saving that, we need to go down an

560
00:25:53,840 --> 00:25:57,520
Speaker 1: educational path learning about money and learning about investing, and

561
00:25:57,560 --> 00:25:59,679
Speaker 1: we're going to start building up a passive income stream.

562
00:26:00,080 --> 00:26:02,680
Speaker 1: So whilst you're saving up, let's call it fifteen thousand

563
00:26:02,680 --> 00:26:05,240
Speaker 1: dollars emergency money for simplicity, But that's not the number.

564
00:26:05,880 --> 00:26:09,440
Speaker 1: I want you to learn about investing and I want

565
00:26:09,480 --> 00:26:11,600
Speaker 1: you to so that you're saving it at the same time.

566
00:26:11,600 --> 00:26:14,080
Speaker 1: But you're not wasting time. You're using a time efficiently. Yeah,

567
00:26:14,119 --> 00:26:17,280
Speaker 1: So you're saving your heart out. You're regularly putting money

568
00:26:17,280 --> 00:26:19,520
Speaker 1: into that savings account, and I should point out I

569
00:26:19,560 --> 00:26:22,360
Speaker 1: recommend you put that money in. So say, for example,

570
00:26:22,400 --> 00:26:24,480
Speaker 1: you know you can save one thousand dollars a month

571
00:26:24,560 --> 00:26:27,280
Speaker 1: after doing a budget or whatever it may be, the

572
00:26:27,320 --> 00:26:29,640
Speaker 1: moment you get paid, and I know you do get

573
00:26:29,680 --> 00:26:33,119
Speaker 1: paid in various different ways, try and put some of

574
00:26:33,119 --> 00:26:35,080
Speaker 1: that money into that savings account. So you get it

575
00:26:35,080 --> 00:26:38,159
Speaker 1: out of your account away into that emergency account, so

576
00:26:38,200 --> 00:26:40,760
Speaker 1: it's taken out before you get the opportunity to spend it.

577
00:26:40,920 --> 00:26:42,800
Speaker 2: Okay, so you really.

578
00:26:42,520 --> 00:26:44,800
Speaker 1: Prioritize, prioritize first priority.

579
00:26:44,840 --> 00:26:47,359
Speaker 2: And it is like I connect with that because I'm like,

580
00:26:47,640 --> 00:26:49,120
Speaker 2: if something happened.

581
00:26:49,160 --> 00:26:50,800
Speaker 1: It's the money that lets you sleep well at night.

582
00:26:50,840 --> 00:26:53,160
Speaker 1: And yeah, that, as I said, it's not to be invested.

583
00:26:53,320 --> 00:26:56,800
Speaker 1: Investing is really for the long term. When I say

584
00:26:56,800 --> 00:26:59,359
Speaker 1: long term, I'm talking ten, fifteen to twenty thirty, forty

585
00:26:59,440 --> 00:27:02,080
Speaker 1: fifty years. Okay, So you always need to think, Okay,

586
00:27:02,160 --> 00:27:03,840
Speaker 1: this money that I'm going to go and invest, I

587
00:27:03,920 --> 00:27:06,800
Speaker 1: never want it back. I'm putting it away forever because

588
00:27:06,840 --> 00:27:09,160
Speaker 1: it's going to pay me back. It's going to pay

589
00:27:09,200 --> 00:27:11,400
Speaker 1: me back a little bit each year without the capitol

590
00:27:11,520 --> 00:27:13,960
Speaker 1: eroding away.

591
00:27:14,000 --> 00:27:14,359
Speaker 2: Okay.

592
00:27:14,960 --> 00:27:18,040
Speaker 1: So once you've hit that fifteen thousand dollars, I want

593
00:27:18,040 --> 00:27:20,440
Speaker 1: you then to replace that savings plan, whether it be

594
00:27:20,480 --> 00:27:22,800
Speaker 1: two hundred dollars a month, five hundred dollars a month.

595
00:27:22,680 --> 00:27:24,359
Speaker 2: Whatever it may be, I'm already saving.

596
00:27:24,720 --> 00:27:26,439
Speaker 1: I want you to then go and open up another account,

597
00:27:26,480 --> 00:27:29,119
Speaker 1: another online savings account. Now, this is your saving to

598
00:27:29,240 --> 00:27:32,120
Speaker 1: invest account. It's your financial goal, okay, and I want

599
00:27:32,160 --> 00:27:33,920
Speaker 1: you to start putting as much money as you can

600
00:27:33,960 --> 00:27:37,479
Speaker 1: afford to do into that account, and in the meantime

601
00:27:37,480 --> 00:27:41,240
Speaker 1: continue on educating yourself. Now, there are lots of different

602
00:27:41,280 --> 00:27:43,480
Speaker 1: investments out there, and there are lots of different investment

603
00:27:43,520 --> 00:27:47,440
Speaker 1: products out there, and I obviously this is a general conversation.

604
00:27:47,480 --> 00:27:49,600
Speaker 1: I'm not giving you personal advice at all, but I

605
00:27:49,640 --> 00:27:52,320
Speaker 1: know from our conversations you are interested, and you've said

606
00:27:52,440 --> 00:27:55,280
Speaker 1: you want a share portfolio. So if that's something that

607
00:27:55,359 --> 00:27:59,440
Speaker 1: really excites you, and you know that shares a highly

608
00:27:59,520 --> 00:28:03,240
Speaker 1: volatile their long term investments, and you like the idea

609
00:28:03,280 --> 00:28:05,439
Speaker 1: that it's not a property, you don't need to wait

610
00:28:05,480 --> 00:28:07,560
Speaker 1: a save up for eight ninety.

611
00:28:06,680 --> 00:28:11,840
Speaker 2: Thing feels too like far and it feels too locked down.

612
00:28:12,119 --> 00:28:14,200
Speaker 2: I don't know how to decide, but I know, yeah.

613
00:28:14,760 --> 00:28:17,240
Speaker 1: We'll do a risk profile together and also work out

614
00:28:17,240 --> 00:28:19,159
Speaker 1: where you know what the mix is, because it's not

615
00:28:19,280 --> 00:28:21,600
Speaker 1: one or the other. Right inact, you could have property

616
00:28:21,640 --> 00:28:23,680
Speaker 1: and you can have shares. Yeah, And you can have shares,

617
00:28:23,720 --> 00:28:25,119
Speaker 1: and you can have some cash, and you can have

618
00:28:25,160 --> 00:28:27,440
Speaker 1: some fixed interest, and you can have some international shares.

619
00:28:28,040 --> 00:28:30,960
Speaker 2: To say that I have all those like just even

620
00:28:31,000 --> 00:28:33,800
Speaker 2: the thought of like actually being able to comprehend what

621
00:28:33,840 --> 00:28:36,440
Speaker 2: all that that is, like that feels so empowering.

622
00:28:36,680 --> 00:28:38,280
Speaker 1: But you can have this. You can literally have this

623
00:28:38,840 --> 00:28:40,360
Speaker 1: by the end of the day. If you wanted a share,

624
00:28:40,400 --> 00:28:42,320
Speaker 1: poor follow. If you can buy a pair of shoes online,

625
00:28:42,320 --> 00:28:45,800
Speaker 1: you can buy really shares online. Absolutely, but we need

626
00:28:45,840 --> 00:28:48,680
Speaker 1: to make sure that before you come buy shares online

627
00:28:49,000 --> 00:28:50,760
Speaker 1: that you know that you are them. Okay, and we

628
00:28:50,840 --> 00:28:53,760
Speaker 1: do it the right way. Now, if I just hone

629
00:28:53,840 --> 00:28:57,280
Speaker 1: in on shares just for I guess educational purposes right now,

630
00:28:57,440 --> 00:29:01,280
Speaker 1: not giving you personal advices investment at all. But once

631
00:29:01,320 --> 00:29:03,000
Speaker 1: you've got a certain amount saved up and you've done

632
00:29:03,000 --> 00:29:05,040
Speaker 1: a Risze profile, and you go, yes, you know what,

633
00:29:05,120 --> 00:29:07,000
Speaker 1: this is what I want. I like the idea of

634
00:29:07,440 --> 00:29:10,320
Speaker 1: shares because I can buy shares straight away. I've only

635
00:29:10,320 --> 00:29:12,840
Speaker 1: got a pay brokerage and yes, you can use it.

636
00:29:13,640 --> 00:29:15,680
Speaker 2: How do I know where to look? Because I know,

637
00:29:15,840 --> 00:29:18,320
Speaker 2: like my brother he works for Google, so he's like,

638
00:29:18,440 --> 00:29:22,040
Speaker 2: here's Apple, He's Google, he has like, yeah, tech scary

639
00:29:22,480 --> 00:29:25,560
Speaker 2: to me. Crypto is scary to me. Although my friend

640
00:29:25,720 --> 00:29:28,720
Speaker 2: became a millionaire from crypto, I'm like, oh, how did

641
00:29:28,720 --> 00:29:29,320
Speaker 2: you do that?

642
00:29:29,920 --> 00:29:30,200
Speaker 1: Wow?

643
00:29:30,440 --> 00:29:32,959
Speaker 2: And you're like, oh, it's volatile, and I'm like, oh, okay,

644
00:29:33,000 --> 00:29:33,960
Speaker 2: well you.

645
00:29:33,880 --> 00:29:37,440
Speaker 1: Know, well, look, crypto is an episode in itself because

646
00:29:37,480 --> 00:29:39,440
Speaker 1: it is a very complicated problem. And yeah, it's not

647
00:29:39,520 --> 00:29:41,880
Speaker 1: for everyone personally, it's not my jam. That doesn't mean

648
00:29:42,320 --> 00:29:44,920
Speaker 1: I don't like it or recommend it. It's just for me.

649
00:29:45,000 --> 00:29:48,400
Speaker 1: I'm very much a passive income investor, and I buy

650
00:29:48,440 --> 00:29:50,760
Speaker 1: for the long run and I reinvest everything while I

651
00:29:50,800 --> 00:29:53,440
Speaker 1: can because for me, my ultimate goal, which I've shared

652
00:29:53,440 --> 00:29:55,840
Speaker 1: with everyone on this podcast channel, is to build a

653
00:29:55,880 --> 00:29:59,400
Speaker 1: passive income of over two hundred thousand dollars a year. Well, yeah,

654
00:29:59,440 --> 00:30:02,160
Speaker 1: so you could live off that, Yes, my family could

655
00:30:02,200 --> 00:30:08,000
Speaker 1: live off that. So that represents for me security, independence, freedom, choice,

656
00:30:08,160 --> 00:30:10,880
Speaker 1: even a little bit of luxury. And all I focus

657
00:30:10,880 --> 00:30:12,520
Speaker 1: on is building that number. I don't care about what

658
00:30:12,520 --> 00:30:15,880
Speaker 1: my portfolio is worth. And a crypto doesn't pay a

659
00:30:15,920 --> 00:30:18,000
Speaker 1: passive income because it's purely growth.

660
00:30:18,440 --> 00:30:19,720
Speaker 2: You have to keep your money there.

661
00:30:19,840 --> 00:30:21,640
Speaker 1: Well it's you know, you only make your money when

662
00:30:21,640 --> 00:30:27,080
Speaker 1: you sell now worth two dollars, But until I sell,

663
00:30:27,120 --> 00:30:29,280
Speaker 1: I don't really have that money and it's not paying

664
00:30:29,280 --> 00:30:30,120
Speaker 1: meaning income.

665
00:30:29,920 --> 00:30:33,200
Speaker 2: The dividends that you're talking about. So okay, So if

666
00:30:33,240 --> 00:30:35,240
Speaker 2: you put in five grand and say it paid you

667
00:30:35,320 --> 00:30:38,800
Speaker 2: five hundred, you have that money. But with crypto, it's

668
00:30:38,880 --> 00:30:41,040
Speaker 2: locked away until you take all.

669
00:30:40,920 --> 00:30:42,840
Speaker 1: Your investments out, and then you've got to pay capital

670
00:30:42,880 --> 00:30:45,560
Speaker 1: gains tax on selling it, and so you've got to

671
00:30:45,560 --> 00:30:47,880
Speaker 1: make sure it's liquid. There's a lot to unpack. Oh,

672
00:30:47,880 --> 00:30:50,400
Speaker 1: there's too much to cover today. But you know, looking

673
00:30:50,440 --> 00:30:53,040
Speaker 1: at shares that you can buy shares within seconds, so

674
00:30:53,080 --> 00:30:54,640
Speaker 1: you can be a shareholder by the end of the

675
00:30:54,680 --> 00:30:58,240
Speaker 1: day if you wanted, and there's no stamp duty like

676
00:30:58,280 --> 00:31:00,600
Speaker 1: careers with a property. Okay, you can buy shares with

677
00:31:00,640 --> 00:31:02,800
Speaker 1: as little as five hundred dollars, sometimes even five dollars.

678
00:31:02,800 --> 00:31:04,880
Speaker 1: If you look at the micro investing apps, which I'm

679
00:31:04,920 --> 00:31:06,000
Speaker 1: not personally a fan of.

680
00:31:06,200 --> 00:31:08,280
Speaker 2: Okay, yeah, I downloaded rays.

681
00:31:09,920 --> 00:31:11,480
Speaker 1: So many people say that to me. They've got like

682
00:31:11,520 --> 00:31:16,720
Speaker 1: they've downloaded, like may feel so easy, like nothing done.

683
00:31:16,600 --> 00:31:18,920
Speaker 2: No one uses it.

684
00:31:18,480 --> 00:31:20,000
Speaker 1: Sits there and it's a little bit of money, but

685
00:31:20,040 --> 00:31:22,840
Speaker 1: then nothing's ever invested. Yeah, okay, you can buy shares

686
00:31:22,840 --> 00:31:25,960
Speaker 1: with as little as five hundred dollars, and I personally

687
00:31:26,000 --> 00:31:28,720
Speaker 1: prefer to invest in pulses over one thousand dollars, which yeah,

688
00:31:29,720 --> 00:31:31,680
Speaker 1: one thousand dollars because you pay your brokerage. It's a

689
00:31:31,720 --> 00:31:36,720
Speaker 1: decent amount eating away fee that you paid to actually invest. Now,

690
00:31:36,880 --> 00:31:38,840
Speaker 1: to anyone that says to me, I want to start investing,

691
00:31:38,840 --> 00:31:40,920
Speaker 1: I don't know where to start, what to buy, And

692
00:31:40,960 --> 00:31:42,960
Speaker 1: I say, well, okay, what are you thinking? And they're like,

693
00:31:43,080 --> 00:31:44,920
Speaker 1: I just want I just want lots of shares. I

694
00:31:45,000 --> 00:31:47,120
Speaker 1: like the idea of earning dividends. I like the idea

695
00:31:47,120 --> 00:31:50,880
Speaker 1: of having those dividends have some tax credits. I don't

696
00:31:50,920 --> 00:31:53,360
Speaker 1: want to spend hours and hours all day picking and

697
00:31:53,400 --> 00:31:56,400
Speaker 1: choosing which stock and what industry, and how to buy

698
00:31:56,400 --> 00:31:59,920
Speaker 1: and how much. There's two very simple answers. You then

699
00:32:00,000 --> 00:32:03,040
Speaker 1: look at listed investment companies and examples.

700
00:32:03,040 --> 00:32:04,840
Speaker 2: You know people who to do it for you, who

701
00:32:04,920 --> 00:32:05,480
Speaker 2: know all that.

702
00:32:05,640 --> 00:32:09,320
Speaker 1: Yeah, so a listed investment company is essentially like walking

703
00:32:09,360 --> 00:32:12,680
Speaker 1: into a supermarket and seeing a shopping basket with all

704
00:32:12,720 --> 00:32:16,040
Speaker 1: of your groceries already ready to go. Okay, so you can,

705
00:32:16,120 --> 00:32:18,239
Speaker 1: if you want, walk through the supermarket and go up

706
00:32:18,240 --> 00:32:21,400
Speaker 1: and down all the aisles with your list you can find,

707
00:32:21,400 --> 00:32:22,760
Speaker 1: and it's going to take you an hour to go

708
00:32:22,800 --> 00:32:25,680
Speaker 1: through the supermarket and do all that, Or if you want,

709
00:32:26,200 --> 00:32:27,960
Speaker 1: you can turn up the supermarket and grab one of

710
00:32:28,000 --> 00:32:30,360
Speaker 1: the pre packed shopping trolleys and grab that and go.

711
00:32:30,560 --> 00:32:32,440
Speaker 2: Now you do pay money for that.

712
00:32:32,680 --> 00:32:36,760
Speaker 1: There's an ongoing fee within the product and it's very

713
00:32:36,880 --> 00:32:41,520
Speaker 1: cost effective. And she interviewed one of the CEOs, Angus Kloski,

714
00:32:41,640 --> 00:32:45,000
Speaker 1: from Whitefield, which is one of Australia's oldest investment companies,

715
00:32:45,000 --> 00:32:47,800
Speaker 1: has been going for one hundred years. And you know

716
00:32:47,880 --> 00:32:50,640
Speaker 1: their fee I think is around about zero point three

717
00:32:50,640 --> 00:32:51,000
Speaker 1: to seven.

718
00:32:51,120 --> 00:32:55,000
Speaker 2: So it's not not on what you make well what

719
00:32:55,040 --> 00:32:56,640
Speaker 2: you invest, it's.

720
00:32:56,320 --> 00:32:58,080
Speaker 1: Of what you invest. Yeah, So if I invested one

721
00:32:58,160 --> 00:33:01,200
Speaker 1: hundred thousand dollars in Whitefield, and I cannot stress this

722
00:33:01,240 --> 00:33:04,560
Speaker 1: is not investment advice at all, product advice. But I'm

723
00:33:04,600 --> 00:33:07,280
Speaker 1: using an example. If you were assuming that their fees

724
00:33:07,400 --> 00:33:10,720
Speaker 1: zero point three seven for me to have Whitefield invest

725
00:33:10,760 --> 00:33:13,960
Speaker 1: my money, make all those investment decisions and also manage

726
00:33:14,000 --> 00:33:15,920
Speaker 1: the tax side as well, because they're going to send

727
00:33:15,960 --> 00:33:18,840
Speaker 1: me the statements. I'm paying them three hundred and seventy

728
00:33:18,840 --> 00:33:19,400
Speaker 1: dollars a year.

729
00:33:19,760 --> 00:33:21,760
Speaker 2: That's nothing, That's what I pay my accountant.

730
00:33:21,880 --> 00:33:24,760
Speaker 1: There you go and they're doing everything for you, and

731
00:33:24,960 --> 00:33:27,360
Speaker 1: your portfolio is immediately diversified and you can jump on

732
00:33:27,400 --> 00:33:29,280
Speaker 1: the white Field website. And there are other listed investment

733
00:33:29,280 --> 00:33:31,120
Speaker 1: companies out there as well. Whitefel's just one of them.

734
00:33:31,680 --> 00:33:34,040
Speaker 1: But they will share what's inside the portfolio, and you

735
00:33:34,080 --> 00:33:36,320
Speaker 1: will see they don't share the whole entire portfolio because

736
00:33:36,320 --> 00:33:39,040
Speaker 1: that's obviously their intellectual property, but they'll share the top

737
00:33:39,080 --> 00:33:41,959
Speaker 1: twenty percent holdings and you can actually see, okay, there

738
00:33:42,000 --> 00:33:45,040
Speaker 1: are eighty different companies in this portfolio. So I'm going

739
00:33:45,040 --> 00:33:47,040
Speaker 1: to be owning a little bit of Woolworths. I'm going

740
00:33:47,080 --> 00:33:48,800
Speaker 1: to own a bit of Westpac Bank. I'm going to

741
00:33:48,800 --> 00:33:51,240
Speaker 1: own a bit of Commalk Bank. I'm also going to

742
00:33:51,360 --> 00:33:54,120
Speaker 1: own a bit of Telstra. I'm going and you can

743
00:33:54,120 --> 00:33:57,360
Speaker 1: see it's actually your money is immediately diversified, and if

744
00:33:57,400 --> 00:33:59,920
Speaker 1: you want, you can just use those listed investment companies

745
00:34:00,360 --> 00:34:03,560
Speaker 1: yourself and that don't ever worry about making an investment

746
00:34:03,560 --> 00:34:06,960
Speaker 1: decision or how and when to buy. Just continuously buy

747
00:34:07,040 --> 00:34:08,200
Speaker 1: listed investment companies.

748
00:34:08,760 --> 00:34:10,280
Speaker 2: Okay, so they make the decision.

749
00:34:10,400 --> 00:34:12,960
Speaker 1: Yeah, it's my money, and you know, you do need

750
00:34:13,000 --> 00:34:14,720
Speaker 1: to do your research and you do need to understand

751
00:34:14,719 --> 00:34:16,239
Speaker 1: what you're doing before you're doing it. And I'm sure

752
00:34:16,239 --> 00:34:18,560
Speaker 1: obviously the costs involved because they do charge your fee,

753
00:34:18,560 --> 00:34:20,319
Speaker 1: and it's built into the investment and it comes out

754
00:34:20,360 --> 00:34:22,720
Speaker 1: of the dividends having put your hand in your pocket

755
00:34:22,760 --> 00:34:25,200
Speaker 1: like you are with an investment property. But it is

756
00:34:25,239 --> 00:34:27,480
Speaker 1: a great way of immediately diversifying your money. And also,

757
00:34:27,920 --> 00:34:29,759
Speaker 1: you know, if I had one hundred thousand dollars and

758
00:34:29,800 --> 00:34:32,400
Speaker 1: I went and picked my individual stocks, that's going to

759
00:34:32,440 --> 00:34:35,319
Speaker 1: take me hours and hours and hours to decide. This

760
00:34:35,440 --> 00:34:37,640
Speaker 1: to me seems a no brain. That is a no

761
00:34:37,680 --> 00:34:41,360
Speaker 1: brainer delegation of a very complicated decision.

762
00:34:41,719 --> 00:34:44,479
Speaker 2: And I'm not qualified to make that, as we can

763
00:34:44,600 --> 00:34:45,600
Speaker 2: see exactly.

764
00:34:45,640 --> 00:34:48,520
Speaker 1: And my interview with Peter Thornhill, like he is a

765
00:34:48,560 --> 00:34:51,960
Speaker 1: self made millionaire, multimillionaire, wow, start properly investing in his

766
00:34:52,040 --> 00:34:54,840
Speaker 1: early fifties and I have seen him myself.

767
00:34:54,880 --> 00:34:57,400
Speaker 2: Thanks for me so much about it. Thank you, see,

768
00:34:57,440 --> 00:35:00,600
Speaker 2: but can I ask you a question? Wait you finish

769
00:35:00,640 --> 00:35:01,279
Speaker 2: about well?

770
00:35:01,360 --> 00:35:03,319
Speaker 1: I was gonna say, Peter Thornhill's portfolio is worth over

771
00:35:03,360 --> 00:35:07,520
Speaker 1: ten million dollars. All he's done is save and as

772
00:35:07,560 --> 00:35:09,080
Speaker 1: soon as he's got the money saved, done, ness than

773
00:35:09,120 --> 00:35:12,319
Speaker 1: God invested in listed investment companies. He actually hasn't reinvested

774
00:35:12,320 --> 00:35:15,000
Speaker 1: his dividends. He's taken them as money and then decided

775
00:35:15,000 --> 00:35:16,719
Speaker 1: what to do with it, whether we're paying down debt

776
00:35:16,840 --> 00:35:19,279
Speaker 1: or but it's then you know, borrowed money as well

777
00:35:19,320 --> 00:35:22,680
Speaker 1: along the way against his home, Like he's done different things. Essentially,

778
00:35:22,719 --> 00:35:25,840
Speaker 1: all he's done, though from a surface level, is just

779
00:35:26,280 --> 00:35:28,600
Speaker 1: got money to invest, don't spend it, Just go and

780
00:35:28,600 --> 00:35:31,680
Speaker 1: buy more shares for shares instead of shopping for stuff.

781
00:35:32,280 --> 00:35:35,160
Speaker 1: And that passive income has grown and built over time.

782
00:35:35,920 --> 00:35:38,839
Speaker 1: So what you could potentially do, and I'm talking about

783
00:35:38,840 --> 00:35:40,680
Speaker 1: listed investment companies, you can also do the same with

784
00:35:40,760 --> 00:35:44,560
Speaker 1: another version which has exchanged traded funds, and look, exchange

785
00:35:44,600 --> 00:35:47,600
Speaker 1: traded funds also equally valuable. They're very similar. They just

786
00:35:47,600 --> 00:35:49,960
Speaker 1: have different tax structures because one's a trust structure and

787
00:35:50,000 --> 00:35:53,239
Speaker 1: one's a company structure. But you know, an ETA actually

788
00:35:53,280 --> 00:35:56,560
Speaker 1: allows you to diversify, probably a little bit differently and

789
00:35:56,600 --> 00:35:59,080
Speaker 1: in a more strategic way, because you can buy ETFs

790
00:35:59,440 --> 00:36:02,360
Speaker 1: that folks in the Asian market or the US market,

791
00:36:02,440 --> 00:36:05,880
Speaker 1: or Europe or Australian high yield or.

792
00:36:05,880 --> 00:36:07,840
Speaker 2: Do you like to get that detailed about it in

793
00:36:07,880 --> 00:36:09,319
Speaker 2: your investments or are you like.

794
00:36:09,800 --> 00:36:13,160
Speaker 1: So, I would say sixty percent of my funds are

795
00:36:13,320 --> 00:36:16,440
Speaker 1: in listed investment companies. I prefer the tax structure of

796
00:36:16,480 --> 00:36:21,040
Speaker 1: a listed over an ETF. However, I use ETFs to

797
00:36:21,080 --> 00:36:23,200
Speaker 1: access international investments.

798
00:36:22,760 --> 00:36:26,120
Speaker 2: Because you think something's good.

799
00:36:26,320 --> 00:36:29,000
Speaker 1: Yeah, so it's but it's all very boring and yeah

800
00:36:29,000 --> 00:36:33,200
Speaker 1: we're talking like Vanguard ETF. Yeah, even all cost effective.

801
00:36:33,280 --> 00:36:36,640
Speaker 1: But the tax structure is I think very valuable. And

802
00:36:36,680 --> 00:36:39,839
Speaker 1: the franking credits of the Australian share market, the tax

803
00:36:39,880 --> 00:36:43,480
Speaker 1: credits are really valuable, so particularly when you look at

804
00:36:43,480 --> 00:36:46,000
Speaker 1: the passive income because they can really boost your income

805
00:36:46,400 --> 00:36:49,920
Speaker 1: and typically you know you've got these Australian shares are

806
00:36:50,080 --> 00:36:53,360
Speaker 1: they grow in value and then they also provide an income.

807
00:36:53,960 --> 00:36:57,440
Speaker 1: So if you are investing in companies, which is typically

808
00:36:57,480 --> 00:37:00,920
Speaker 1: industrial shares, which are companies that produce goods and services,

809
00:37:00,920 --> 00:37:03,160
Speaker 1: so people you deal with every day. You know, the

810
00:37:03,160 --> 00:37:06,520
Speaker 1: people that make this podcasting equipment, the shops that sell

811
00:37:06,640 --> 00:37:09,120
Speaker 1: the bed linen and the towels that we use every day.

812
00:37:09,280 --> 00:37:13,440
Speaker 1: Those businesses they paid an income which is the dividend

813
00:37:13,440 --> 00:37:15,520
Speaker 1: to you. And obviously some of that money is taken

814
00:37:15,680 --> 00:37:17,600
Speaker 1: from the all taken from the profits. Some of the

815
00:37:17,640 --> 00:37:19,400
Speaker 1: profits is used to put back into the business, to

816
00:37:19,440 --> 00:37:24,320
Speaker 1: take on new staff, to expand to keep ongoing marketing

817
00:37:24,360 --> 00:37:26,359
Speaker 1: and so forth, whereas some of that money is paid

818
00:37:26,360 --> 00:37:28,839
Speaker 1: as a profit to you through a dividend. So the thing,

819
00:37:28,960 --> 00:37:31,600
Speaker 1: the power of shares over the long run, understanding all

820
00:37:31,600 --> 00:37:33,640
Speaker 1: the risks that come with it, is that it pays

821
00:37:33,640 --> 00:37:35,919
Speaker 1: you this money every single year, and it's not coming

822
00:37:35,920 --> 00:37:38,680
Speaker 1: out of the capital. So say, for example, I invest

823
00:37:39,000 --> 00:37:42,359
Speaker 1: one hundred thousand dollars tomorrow, assuming a five percent dividend,

824
00:37:42,560 --> 00:37:46,640
Speaker 1: I'll get five thousand dollars income from that immediately. Not immediately,

825
00:37:46,719 --> 00:37:50,120
Speaker 1: but it's paid two times throughout the year. Wow, okay,

826
00:37:50,360 --> 00:37:52,880
Speaker 1: and it comes with tax credits which I won't go

827
00:37:52,960 --> 00:37:56,440
Speaker 1: into today. But that one hundred thousand dollars is still there, obviously,

828
00:37:56,880 --> 00:38:00,239
Speaker 1: assuming that hasn't had a market correction or pullback. You know,

829
00:38:00,560 --> 00:38:02,359
Speaker 1: in fact, it may have actually grown in value. Now

830
00:38:02,360 --> 00:38:04,279
Speaker 1: that one hundred thousand is worth one hundred and three

831
00:38:04,360 --> 00:38:07,960
Speaker 1: thousand dollars. But then next year I get my same

832
00:38:08,120 --> 00:38:10,520
Speaker 1: five percent dividend yield or maybe even a little bit more.

833
00:38:10,520 --> 00:38:12,080
Speaker 1: Also know, it's even a little bit less because they

834
00:38:12,080 --> 00:38:15,640
Speaker 1: can reasonably fluctuate. But this is the power of a

835
00:38:15,680 --> 00:38:18,000
Speaker 1: listed investment company because it's diversified, and I might get

836
00:38:18,080 --> 00:38:21,440
Speaker 1: say now five thousand, four hundred dollars, so my passive

837
00:38:21,440 --> 00:38:24,280
Speaker 1: income is growing. So what you could do is start

838
00:38:24,600 --> 00:38:28,840
Speaker 1: buying listed investment companies or ETFs subject within the boundaries

839
00:38:28,840 --> 00:38:33,040
Speaker 1: of your risk profile and getting advice, but reinvest all

840
00:38:33,080 --> 00:38:34,600
Speaker 1: those dividends, and I.

841
00:38:34,520 --> 00:38:38,520
Speaker 2: Don't obtain a passive income right like when you start

842
00:38:39,280 --> 00:38:42,000
Speaker 2: keep putting it back. Put it back in, because the

843
00:38:42,160 --> 00:38:43,680
Speaker 2: passive income grows, yes.

844
00:38:43,520 --> 00:38:46,960
Speaker 1: And you add to the compounding effect. So you put

845
00:38:47,000 --> 00:38:49,319
Speaker 1: that money back into the portfolio. You don't spend it.

846
00:38:49,640 --> 00:38:51,960
Speaker 1: You put it in so that over the next ten

847
00:38:52,040 --> 00:38:54,680
Speaker 1: years you can actually grow that income and it gives

848
00:38:54,719 --> 00:38:57,080
Speaker 1: you that thirty thousand dollars a year. Now, obviously, how

849
00:38:57,160 --> 00:38:59,319
Speaker 1: quickly you want that thirty thousand dollars is going to

850
00:38:59,320 --> 00:39:01,279
Speaker 1: boil down to you. What you put in you'll get

851
00:39:01,320 --> 00:39:04,640
Speaker 1: back out. So you know, you could do different things

852
00:39:04,640 --> 00:39:07,759
Speaker 1: to help maximize your opportunities to grow that inefficient and

853
00:39:07,800 --> 00:39:11,880
Speaker 1: effective way. And you know, the thousand dollars project is

854
00:39:12,040 --> 00:39:13,040
Speaker 1: exactly an example.

855
00:39:13,840 --> 00:39:16,160
Speaker 2: I did read a few pages and I really excited me.

856
00:39:16,200 --> 00:39:18,280
Speaker 2: I never did anything about it, but I liked it.

857
00:39:18,560 --> 00:39:20,600
Speaker 1: But all this is the block where I think a

858
00:39:20,600 --> 00:39:22,960
Speaker 1: lot of people don't know where to get started, so

859
00:39:23,320 --> 00:39:27,000
Speaker 1: you just open up an online share trading account, which

860
00:39:27,000 --> 00:39:29,400
Speaker 1: I can help you with. And once you've got some

861
00:39:29,480 --> 00:39:32,400
Speaker 1: money that you're comfortable investing and investing, say goodbye to

862
00:39:32,440 --> 00:39:35,480
Speaker 1: this money, goodbye, goodbye. This is for my future. I

863
00:39:35,480 --> 00:39:37,520
Speaker 1: don't need this money back. I don't want this money back.

864
00:39:37,760 --> 00:39:39,919
Speaker 1: I want this money to give me an income back,

865
00:39:40,440 --> 00:39:43,920
Speaker 1: a long term income. But then that continue what it's

866
00:39:44,000 --> 00:39:47,280
Speaker 1: very simple like rinse and repeat. Save up some money

867
00:39:47,160 --> 00:39:49,400
Speaker 1: that you're comfortable putting into this by and buy more

868
00:39:49,440 --> 00:39:52,799
Speaker 1: shares and then those dividends continue to grow over time.

869
00:39:52,840 --> 00:39:54,879
Speaker 1: But also with you buying more shares, because you're buying

870
00:39:54,920 --> 00:39:56,959
Speaker 1: more income streams they're getting, it's getting bigger and bigger

871
00:39:57,000 --> 00:39:57,439
Speaker 1: over time.

872
00:39:57,600 --> 00:40:00,960
Speaker 2: So it kind of has two ways of growth and itself,

873
00:40:01,719 --> 00:40:03,280
Speaker 2: yes exactly.

874
00:40:03,600 --> 00:40:06,360
Speaker 1: Hundred percent, you're adding to the income. You're making the

875
00:40:06,360 --> 00:40:09,320
Speaker 1: income grow because you're buying more shares all the time

876
00:40:09,440 --> 00:40:13,680
Speaker 1: because you've got a budget. And it's also growing because

877
00:40:13,840 --> 00:40:17,000
Speaker 1: you are reinvesting. You're not spending that income, you're reinvesting.

878
00:40:17,040 --> 00:40:19,480
Speaker 1: In fact, with some of the listed investment companies, you

879
00:40:19,480 --> 00:40:22,759
Speaker 1: can set up an automatic dividend reinvestment plan well you

880
00:40:22,760 --> 00:40:25,080
Speaker 1: don't even touch it doesn't it just doesn't even make

881
00:40:25,120 --> 00:40:26,840
Speaker 1: it to your bank account. They just use it automatically.

882
00:40:26,920 --> 00:40:29,240
Speaker 1: And the benefit of that is you're dollar cost averaging

883
00:40:29,280 --> 00:40:31,879
Speaker 1: through a moving market. That reduces risk, but also you're

884
00:40:31,880 --> 00:40:35,360
Speaker 1: not paying brokerage along the way. And some listed investment

885
00:40:35,400 --> 00:40:39,120
Speaker 1: companies and stocks or companies offer a discount if you're

886
00:40:39,160 --> 00:40:41,400
Speaker 1: in a reinvestment plan where you'll get a discount to

887
00:40:41,400 --> 00:40:43,640
Speaker 1: what the share. So say a share is trading at

888
00:40:43,680 --> 00:40:48,800
Speaker 1: nine dollars, if you're invested, you're enrolled in a divid

889
00:40:48,800 --> 00:40:51,280
Speaker 1: and reinvestment plan, you get to buy that stock backing

890
00:40:51,360 --> 00:40:54,359
Speaker 1: at a discount of say eight dollars ninety So you're

891
00:40:54,360 --> 00:40:55,400
Speaker 1: getting a little bit of a discount.

892
00:40:55,400 --> 00:40:59,360
Speaker 2: You're buying the same thing, but the incentive to say more, yeah.

893
00:40:59,120 --> 00:41:01,200
Speaker 1: And to keep going. So you've got to be careful

894
00:41:01,200 --> 00:41:04,160
Speaker 1: with diversification if you're not doing this with listed investment companies,

895
00:41:04,200 --> 00:41:07,640
Speaker 1: because you may be purchasing more of one stock in

896
00:41:07,640 --> 00:41:10,239
Speaker 1: comparison to others that aren't necessarily enrolling. Here, you did

897
00:41:10,280 --> 00:41:12,560
Speaker 1: it in reinvestment pattern, which is again why listened miss.

898
00:41:12,520 --> 00:41:15,520
Speaker 2: Why you would go the more structured option.

899
00:41:15,680 --> 00:41:17,759
Speaker 1: But you just keep doing that and don't never worry

900
00:41:17,800 --> 00:41:20,840
Speaker 1: about what the share FOLO is worth. If you're using

901
00:41:20,960 --> 00:41:24,120
Speaker 1: a really well diversified portfolio by tools such as these,

902
00:41:24,600 --> 00:41:25,560
Speaker 1: focus on the income.

903
00:41:25,760 --> 00:41:27,839
Speaker 2: They're those numbers I can barely deal with like that

904
00:41:27,960 --> 00:41:28,600
Speaker 2: my own.

905
00:41:28,560 --> 00:41:30,520
Speaker 1: I mean, well, and that's perfect. So all you do

906
00:41:30,600 --> 00:41:33,160
Speaker 1: is each year, look out, Okay, this year, my portfolio

907
00:41:33,200 --> 00:41:35,840
Speaker 1: paid me a thousand dollars. My goal this year is

908
00:41:35,880 --> 00:41:38,600
Speaker 1: to get that to two thousand dollars or three thousand dollars,

909
00:41:38,600 --> 00:41:40,719
Speaker 1: that passive income. And there are lots of things you

910
00:41:40,760 --> 00:41:42,480
Speaker 1: can do along the way, and you know, this is

911
00:41:42,600 --> 00:41:45,719
Speaker 1: again probably something to unpack another time, but things like

912
00:41:45,800 --> 00:41:49,440
Speaker 1: including you know, gearing strategies such as a margin loan

913
00:41:49,560 --> 00:41:52,719
Speaker 1: or a regular gearing plan where you can now borrow money,

914
00:41:52,719 --> 00:41:55,279
Speaker 1: which comes with lots of risks, but risks that can

915
00:41:55,360 --> 00:41:58,400
Speaker 1: be proactively managed in a smart, intelligent way again to

916
00:41:58,440 --> 00:42:02,440
Speaker 1: help amplify those opportunit unities. Right keeping in mind obviously

917
00:42:02,440 --> 00:42:07,319
Speaker 1: can amplify risks as well, but it's most of which

918
00:42:07,320 --> 00:42:09,560
Speaker 1: are manageable. But these are things that can help speed

919
00:42:09,640 --> 00:42:12,320
Speaker 1: up the process for you. And you know, the thousand

920
00:42:12,320 --> 00:42:14,400
Speaker 1: dollars project is worth two hundred and eighty five thousand

921
00:42:14,440 --> 00:42:17,560
Speaker 1: dollars today. Do you mean that You've to know I've

922
00:42:17,600 --> 00:42:19,480
Speaker 1: built I haven't earned it, I've built it. Oh, so

923
00:42:19,600 --> 00:42:22,440
Speaker 1: this is your share portfolio, Like, that's how much.

924
00:42:22,320 --> 00:42:23,000
Speaker 2: Money is in.

925
00:42:23,080 --> 00:42:24,640
Speaker 1: That's what it's worth today. And I don't really care

926
00:42:24,640 --> 00:42:26,279
Speaker 1: about what it's worth. What I care about is the

927
00:42:26,280 --> 00:42:29,239
Speaker 1: passive income. And that pays me a passive income of

928
00:42:29,280 --> 00:42:32,279
Speaker 1: over sixteen thousand dollars a year without getting out of bed.

929
00:42:32,840 --> 00:42:35,640
Speaker 1: My portfolio makes me sixteen thousand dollars year. Now, I've

930
00:42:35,640 --> 00:42:37,960
Speaker 1: never taken a single dollar out of my savings or

931
00:42:38,000 --> 00:42:39,200
Speaker 1: my space salary.

932
00:42:39,280 --> 00:42:41,080
Speaker 2: You have hustled that might I've hustled it.

933
00:42:41,160 --> 00:42:42,319
Speaker 1: Yeah, I've manifested it.

934
00:42:42,640 --> 00:42:44,719
Speaker 2: Yeah, I know you're open fanky.

935
00:42:44,920 --> 00:42:47,960
Speaker 1: But literally, and there is a small margin loan attached

936
00:42:47,960 --> 00:42:51,160
Speaker 1: to it, which is slowly paying off. But it's like

937
00:42:51,280 --> 00:42:54,200
Speaker 1: forty two thousand dollars coming down all the time, So

938
00:42:54,680 --> 00:42:56,360
Speaker 1: you know it's I guess, so it's not one hundred

939
00:42:56,360 --> 00:42:58,879
Speaker 1: cent cash flow positive, but that passive income is there.

940
00:42:58,920 --> 00:43:01,319
Speaker 1: And you know, I started that project eight years ago

941
00:43:02,040 --> 00:43:02,279
Speaker 1: for the.

942
00:43:02,320 --> 00:43:05,080
Speaker 2: Last four eight years ago, and you have that.

943
00:43:05,000 --> 00:43:06,880
Speaker 1: I've built that over eight years. But this is the

944
00:43:06,920 --> 00:43:09,760
Speaker 1: funny thing. I've actually been really lazy over the last

945
00:43:09,800 --> 00:43:13,600
Speaker 1: four years because I've had two kids. Yeah, We've moved

946
00:43:13,600 --> 00:43:17,000
Speaker 1: house three times in the last four years, and I've

947
00:43:17,040 --> 00:43:18,719
Speaker 1: just had a few things going on, so I haven't

948
00:43:18,719 --> 00:43:21,440
Speaker 1: been able to commit as much as I was doing previously.

949
00:43:22,000 --> 00:43:24,239
Speaker 1: So in fact, it could be worth much more than that.

950
00:43:24,680 --> 00:43:26,560
Speaker 1: But this is the beauty of the fountain to the project.

951
00:43:26,640 --> 00:43:28,480
Speaker 1: It just works with you in what's going on or

952
00:43:28,520 --> 00:43:30,680
Speaker 1: not in your life. You can slow down or you

953
00:43:30,680 --> 00:43:32,839
Speaker 1: can go aggressively, and this is what you can do for.

954
00:43:32,840 --> 00:43:36,000
Speaker 2: You you can get started at. It kind of leads

955
00:43:36,000 --> 00:43:36,760
Speaker 2: into my last.

956
00:43:36,600 --> 00:43:39,360
Speaker 1: Question if I have Yeah, of course a second because.

957
00:43:39,480 --> 00:43:43,200
Speaker 2: Like I'm looking at what I value. Like you know,

958
00:43:43,239 --> 00:43:45,680
Speaker 2: I'm a little bit of a health nut, so like no,

959
00:43:45,840 --> 00:43:50,600
Speaker 2: I spend more on like section that people my age don't.

960
00:43:50,800 --> 00:43:54,239
Speaker 2: I don't chop completely organic, but I like pretoitize it

961
00:43:54,360 --> 00:43:57,560
Speaker 2: pretty well. Yeah, my mum would be mortified. Got a

962
00:43:57,680 --> 00:44:00,799
Speaker 2: voice in my mind, how do you reckon style? I

963
00:44:00,840 --> 00:44:03,080
Speaker 2: need to hustle hard. Clearly, I don't have an emergency

964
00:44:03,080 --> 00:44:04,120
Speaker 2: back up, et cetera.

965
00:44:04,239 --> 00:44:06,000
Speaker 1: What we spoke about, Okay, we don't have You don't

966
00:44:06,000 --> 00:44:08,680
Speaker 1: have an emergency backup yet? Yes, you will I will

967
00:44:08,719 --> 00:44:09,560
Speaker 1: start working on it.

968
00:44:09,719 --> 00:44:15,319
Speaker 2: So how do I approach making justifications for the areas

969
00:44:15,520 --> 00:44:19,239
Speaker 2: that I do want to live in? You know, even

970
00:44:19,360 --> 00:44:21,800
Speaker 2: like applying some of the principles you teach about, like Okay,

971
00:44:21,840 --> 00:44:23,919
Speaker 2: I want to capture wardrobe because like that just does

972
00:44:24,000 --> 00:44:27,160
Speaker 2: work better that things like that where it's like more

973
00:44:27,200 --> 00:44:30,120
Speaker 2: of the everyday side because I'm loving like the big plan.

974
00:44:30,360 --> 00:44:33,560
Speaker 2: Because also at thirty, like you know what you like. Yeah,

975
00:44:33,560 --> 00:44:35,520
Speaker 2: so that's the hardest thing about being older, Like you're

976
00:44:35,520 --> 00:44:37,799
Speaker 2: a little bit more stiffened in like this is my

977
00:44:37,960 --> 00:44:40,759
Speaker 2: routine and it's life giving for me. And so I

978
00:44:41,080 --> 00:44:44,200
Speaker 2: get We're okay with that because I know I could

979
00:44:44,280 --> 00:44:46,320
Speaker 2: spend I don't know, maybe like three hundred dollars. I

980
00:44:46,360 --> 00:44:48,040
Speaker 2: don't know, like I actually don't know how much, and

981
00:44:48,080 --> 00:44:49,759
Speaker 2: I'm a bit scared of thinking about it.

982
00:44:49,800 --> 00:44:50,759
Speaker 1: Okay, well we'll do it together.

983
00:44:50,840 --> 00:44:53,719
Speaker 2: So what happens, Okay, Yeah, budget that is happening is

984
00:44:53,760 --> 00:44:55,120
Speaker 2: the most important.

985
00:44:54,719 --> 00:44:57,879
Speaker 1: But okay, So to answer your question is you don't

986
00:44:57,880 --> 00:45:00,799
Speaker 1: need to justify anything. You need to be true and

987
00:45:01,320 --> 00:45:03,120
Speaker 1: authentic and honest to yourself.

988
00:45:03,600 --> 00:45:06,280
Speaker 2: Because I feel like being true and authentic and honest

989
00:45:06,600 --> 00:45:09,279
Speaker 2: got me chewing through ninety grand Do you know what

990
00:45:09,360 --> 00:45:09,719
Speaker 2: I mean?

991
00:45:09,960 --> 00:45:12,160
Speaker 1: Nobody. I don't think it did, because you know you

992
00:45:12,239 --> 00:45:14,560
Speaker 1: talked about the real, real and captural wardrobe Coldes. That

993
00:45:14,600 --> 00:45:17,440
Speaker 1: wasn't authentic and genuine to you. You're fatally up when

994
00:45:17,440 --> 00:45:19,480
Speaker 1: you spoke to me about the water field and you

995
00:45:19,480 --> 00:45:22,400
Speaker 1: still have that today, but you don't, you don't have

996
00:45:22,400 --> 00:45:25,800
Speaker 1: your hatual wardrobe. So your value system is health, and

997
00:45:26,200 --> 00:45:29,960
Speaker 1: then the investment of yourself that must stay help is wealth. Yeah,

998
00:45:30,000 --> 00:45:32,200
Speaker 1: so that has got to stay. But where it can

999
00:45:32,239 --> 00:45:35,320
Speaker 1: get a bit wobbly and be dangerous to your financial

1000
00:45:35,680 --> 00:45:38,520
Speaker 1: wellbeing is when you've got too much going on. You

1001
00:45:38,520 --> 00:45:40,400
Speaker 1: need to find a safe balance where you go, Okay.

1002
00:45:40,560 --> 00:45:44,440
Speaker 1: For me, I want to spend I value spending on supplements,

1003
00:45:44,480 --> 00:45:47,960
Speaker 1: for example. But because I value on spending on supplements,

1004
00:45:48,000 --> 00:45:51,560
Speaker 1: it means I just I can't overindulge in a new

1005
00:45:51,600 --> 00:45:54,080
Speaker 1: pair of shoes every four months or one month or

1006
00:45:54,080 --> 00:45:56,640
Speaker 1: whatever it may be. It means you can have it all,

1007
00:45:56,680 --> 00:45:59,600
Speaker 1: but not necessarily at the same time. So you have

1008
00:45:59,640 --> 00:46:02,560
Speaker 1: to have the boundaries in place where you go, okay.

1009
00:46:02,200 --> 00:46:05,000
Speaker 1: That's what makes my heart seeing, that's what makes feels

1010
00:46:05,040 --> 00:46:08,280
Speaker 1: my cup. So anything out there actually is not something

1011
00:46:08,280 --> 00:46:10,640
Speaker 1: that I value. So why would I want to be

1012
00:46:10,680 --> 00:46:14,399
Speaker 1: disrespectful to how hard I'm working the journey and path

1013
00:46:14,440 --> 00:46:16,400
Speaker 1: that I'm on now, and how I'm trying to build

1014
00:46:16,400 --> 00:46:19,000
Speaker 1: my life going forward by blowing money on things that

1015
00:46:19,040 --> 00:46:22,840
Speaker 1: I actually don't serve me and so my heart in

1016
00:46:22,880 --> 00:46:25,600
Speaker 1: the right type of way. So it is really an awareness,

1017
00:46:25,640 --> 00:46:28,960
Speaker 1: so an element of mindfulness where you go, Okay, you

1018
00:46:29,040 --> 00:46:31,400
Speaker 1: catch yourself buying something and you have to say, hang on,

1019
00:46:32,200 --> 00:46:35,160
Speaker 1: would I prefer this one hundred dollars in my emergency

1020
00:46:35,160 --> 00:46:37,680
Speaker 1: fund account? Or would I prefer this one hundred dollars

1021
00:46:38,400 --> 00:46:40,719
Speaker 1: to be able to buy another parcel of shares and

1022
00:46:40,719 --> 00:46:43,520
Speaker 1: what my passive income grow? Or would I like to

1023
00:46:43,560 --> 00:46:45,439
Speaker 1: put this one hundred dollars on my feet and buy

1024
00:46:45,440 --> 00:46:48,480
Speaker 1: that pair of shoes? Now, just that question itself, it

1025
00:46:48,520 --> 00:46:50,520
Speaker 1: gives you that perspective just to hang on, is this

1026
00:46:50,560 --> 00:46:54,239
Speaker 1: a good idea? When I've asked myself that actually I'd

1027
00:46:54,280 --> 00:46:56,120
Speaker 1: feel much better knowing that that money is going to

1028
00:46:56,120 --> 00:46:58,560
Speaker 1: buy some more shares. Or there are times where I'm like, no,

1029
00:46:58,719 --> 00:47:00,759
Speaker 1: I really like this. This is a real goodbye and

1030
00:47:00,960 --> 00:47:02,520
Speaker 1: I know I'm going to wear this and use this

1031
00:47:02,560 --> 00:47:04,319
Speaker 1: and I appreciate it and I love it, so I'm

1032
00:47:04,320 --> 00:47:08,320
Speaker 1: gonna buy it. But it's just about balance and knowing

1033
00:47:08,320 --> 00:47:12,880
Speaker 1: what makes you feel good and understand that buying shares

1034
00:47:13,640 --> 00:47:14,600
Speaker 1: makes you feel really good.

1035
00:47:15,520 --> 00:47:18,120
Speaker 2: I'm gonna have to experience that little.

1036
00:47:18,440 --> 00:47:21,320
Speaker 1: I think you'll find the dopamine hit for buying shares.

1037
00:47:21,680 --> 00:47:25,239
Speaker 2: Is just yeah, yeah, yeah, okay. I don't have to

1038
00:47:25,320 --> 00:47:26,040
Speaker 2: try it.

1039
00:47:25,960 --> 00:47:29,480
Speaker 1: Because especially when you get your first dividend check or dividend,

1040
00:47:29,880 --> 00:47:31,680
Speaker 1: that's gonna be wild. And you see that you've got,

1041
00:47:31,800 --> 00:47:35,600
Speaker 1: you know, three hundred and fifty units in listed company

1042
00:47:35,719 --> 00:47:38,600
Speaker 1: x y Z, and now because they've just announced the dividends,

1043
00:47:38,640 --> 00:47:42,719
Speaker 1: you've now got three hundred and sixty five feelers like

1044
00:47:42,840 --> 00:47:45,280
Speaker 1: that is that's shopping for shares.

1045
00:47:45,560 --> 00:47:50,680
Speaker 2: So basically, you're saying, create awareness by asking yourself. Because

1046
00:47:50,800 --> 00:47:54,399
Speaker 2: I'm working on building back trust with myself, I wonder

1047
00:47:54,480 --> 00:47:56,440
Speaker 2: if I can trust myself on the leaks. But I

1048
00:47:56,480 --> 00:47:58,799
Speaker 2: also I don't know if I can really outsource those

1049
00:47:58,840 --> 00:48:02,600
Speaker 2: decisions because it's only been through trial and error that

1050
00:48:02,640 --> 00:48:05,040
Speaker 2: I've really come to realize, Oh, my health is the

1051
00:48:05,160 --> 00:48:07,279
Speaker 2: number one, and I do get joy it. You're right,

1052
00:48:07,320 --> 00:48:09,640
Speaker 2: I get so much joy out of it, even sometimes

1053
00:48:09,680 --> 00:48:11,600
Speaker 2: if I'm asking myself the question, well, Brady, would you

1054
00:48:11,680 --> 00:48:15,080
Speaker 2: rather a pair of shoes or in shares? I don't

1055
00:48:15,120 --> 00:48:18,080
Speaker 2: know that I can really delay the gratification that I

1056
00:48:18,239 --> 00:48:18,960
Speaker 2: am scared that.

1057
00:48:19,239 --> 00:48:22,000
Speaker 1: But that's because you've never experienced shares yet. You've never

1058
00:48:22,040 --> 00:48:24,600
Speaker 1: experienced saving emergency money yet. You don't have that point

1059
00:48:24,600 --> 00:48:27,160
Speaker 1: of comparison yet because you haven't experienced it. Okay, once

1060
00:48:27,200 --> 00:48:29,560
Speaker 1: you have your emergency money saved up, you'll be so

1061
00:48:29,600 --> 00:48:31,600
Speaker 1: protective of it because you will know how it has

1062
00:48:31,719 --> 00:48:33,360
Speaker 1: been to build that money, and how long it's taken,

1063
00:48:33,600 --> 00:48:35,520
Speaker 1: and what you've had to learn a long way, and

1064
00:48:35,520 --> 00:48:37,319
Speaker 1: you will learn so much about yourself as you build

1065
00:48:37,320 --> 00:48:37,759
Speaker 1: that money up.

1066
00:48:37,840 --> 00:48:38,880
Speaker 2: So doing will change.

1067
00:48:40,080 --> 00:48:42,000
Speaker 1: And then when you buy your shares, you will have

1068
00:48:42,040 --> 00:48:44,919
Speaker 1: the biggest smile on your face. You will feel so proud.

1069
00:48:44,960 --> 00:48:46,279
Speaker 2: And you and then I give it way all the

1070
00:48:46,320 --> 00:48:47,120
Speaker 2: way to orphans.

1071
00:48:47,239 --> 00:48:49,000
Speaker 1: Okay, So this is one thing even better. This is

1072
00:48:49,000 --> 00:48:50,960
Speaker 1: the power of passive income, particularly from you know, two

1073
00:48:51,000 --> 00:48:55,200
Speaker 1: dimensional assets like shares. Imagine this income, this thirty thousand

1074
00:48:55,200 --> 00:48:57,520
Speaker 1: dollars a year. Passive income compounds and grows over time.

1075
00:48:57,560 --> 00:48:59,879
Speaker 1: It's you know, thirty thousand dollars a year, thirty one

1076
00:49:00,080 --> 00:49:01,640
Speaker 1: and a half, and then thirty three and a half,

1077
00:49:01,680 --> 00:49:04,160
Speaker 1: and then thirty five and a half and thirty nine

1078
00:49:04,280 --> 00:49:06,600
Speaker 1: and forty three, and it gets bigger and we just

1079
00:49:06,640 --> 00:49:09,279
Speaker 1: watch it. Imagine when you eventually, one day, as we

1080
00:49:09,320 --> 00:49:12,600
Speaker 1: all will pass away, you hand that share portfolio over

1081
00:49:12,640 --> 00:49:16,320
Speaker 1: to a charity and that money goes one hundred percent

1082
00:49:16,440 --> 00:49:21,160
Speaker 1: to helping families in Tijuana rebuild their lives. This is

1083
00:49:21,200 --> 00:49:23,080
Speaker 1: what you can do. There is nothing stopping you. You

1084
00:49:23,160 --> 00:49:26,560
Speaker 1: just need to get started. So good. You write down

1085
00:49:26,640 --> 00:49:29,359
Speaker 1: and make peace with yourself. And I don't think it's

1086
00:49:29,640 --> 00:49:32,480
Speaker 1: tearing it. I know I can see, but you write down,

1087
00:49:32,960 --> 00:49:35,720
Speaker 1: you make peace with your past. It is not serving

1088
00:49:35,719 --> 00:49:37,640
Speaker 1: you to keep your head looking backwards. You need to

1089
00:49:37,640 --> 00:49:40,960
Speaker 1: look forwards. And you replace those thoughts of the past

1090
00:49:41,040 --> 00:49:42,919
Speaker 1: with what you were doing now, what you were doing

1091
00:49:43,120 --> 00:49:45,680
Speaker 1: in the future. And when you catch yourself feeling guilty

1092
00:49:45,680 --> 00:49:48,520
Speaker 1: about maybe thinking which I don't actually did really money tool,

1093
00:49:49,160 --> 00:49:53,280
Speaker 1: you go, okay, well our shair portfolio, replace those thoughts

1094
00:49:53,520 --> 00:49:56,319
Speaker 1: with what you were doing to fix it. The solutions.

1095
00:49:56,880 --> 00:50:00,239
Speaker 1: So doing what actually well doing is how we you

1096
00:50:00,239 --> 00:50:02,759
Speaker 1: know trump a compety as well. You know we were

1097
00:50:02,800 --> 00:50:06,200
Speaker 1: anxious sometimes doing something helps U serve with anxiety, but

1098
00:50:06,800 --> 00:50:09,160
Speaker 1: not that I'm an expert in that area at all.

1099
00:50:09,480 --> 00:50:12,319
Speaker 1: But you know, think about Okay, yes I did that,

1100
00:50:12,360 --> 00:50:14,799
Speaker 1: but I am now going forward. I'm buying shares, I'm

1101
00:50:14,800 --> 00:50:16,920
Speaker 1: building shares. I'm building a passive income that eventually one

1102
00:50:16,960 --> 00:50:20,440
Speaker 1: day will go to charity. I am building up emergency money.

1103
00:50:20,600 --> 00:50:23,319
Speaker 1: When the moment you've got that emergency money sorted, and

1104
00:50:23,400 --> 00:50:26,480
Speaker 1: the moment you have you've bought your first pass of shares,

1105
00:50:26,560 --> 00:50:29,880
Speaker 1: yeah you now have. You now know what it feels

1106
00:50:29,960 --> 00:50:32,239
Speaker 1: like to have that money, have that peace of mind,

1107
00:50:32,239 --> 00:50:34,719
Speaker 1: had that comfort. You will know how easy it is

1108
00:50:34,760 --> 00:50:37,319
Speaker 1: and how rewarding and empowering it is to say your

1109
00:50:37,320 --> 00:50:39,399
Speaker 1: own shares and have a share port follow and you're

1110
00:50:39,400 --> 00:50:41,719
Speaker 1: focusing your energy on building that share portfolio, and you

1111
00:50:41,760 --> 00:50:45,120
Speaker 1: earn a passive income, a growing passive income. That's when

1112
00:50:45,160 --> 00:50:47,200
Speaker 1: you have that comparison to go, Do I really want

1113
00:50:47,239 --> 00:50:50,759
Speaker 1: to buy that new T shirt or that top? Actually no,

1114
00:50:50,840 --> 00:50:54,160
Speaker 1: I want more shares income. Okay, but you're trying to

1115
00:50:54,480 --> 00:50:57,640
Speaker 1: give yourself a point of comparison without experiencing yet. Okay,

1116
00:50:58,200 --> 00:50:58,879
Speaker 1: let's get there.

1117
00:50:59,000 --> 00:51:00,000
Speaker 2: You need to experience.

1118
00:51:00,440 --> 00:51:03,800
Speaker 1: Okay, the saving your emergency money is a great start, okay,

1119
00:51:03,880 --> 00:51:04,759
Speaker 1: so get started there.

1120
00:51:04,880 --> 00:51:08,000
Speaker 2: We will, we will, we need to alright.

1121
00:51:08,120 --> 00:51:11,920
Speaker 1: This wraps up today's episode of Start Here. Let me

1122
00:51:11,960 --> 00:51:14,000
Speaker 1: know what you think about this series where.

1123
00:51:13,880 --> 00:51:46,759
Speaker 2: You like I Am Now