WEBVTT - The middle-class money trap

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<v Speaker 1>Welcome to How Do They Afford That?

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<v Speaker 2>The podcast that peaks into the financial lives of everyday Australians.

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<v Speaker 1>I'm Michael Thompson.

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<v Speaker 2>I'm an author and the co host of the business

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<v Speaker 2>news podcast Fear and Greed. As always, I'm with Canna Campbell,

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<v Speaker 2>financial planner and founder of Sugar Mamma TV, the financial

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<v Speaker 2>literacy platform that is on YouTube, podcast books, TikTok, Instagram

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<v Speaker 2>threads and more.

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<v Speaker 1>Hello Canna, good morning.

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<v Speaker 3>How are you?

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<v Speaker 2>I am exceedingly well. Today we are going to be

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<v Speaker 2>digging into a topic that can be a little bit

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<v Speaker 2>uncomfortable at.

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<v Speaker 3>Times, controversial, polarizing.

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<v Speaker 2>Yet it is something that feels very real for a

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<v Speaker 2>lot of people.

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<v Speaker 3>This is important. We need to be talking about this,

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<v Speaker 3>We need to be getting uncomfortable in this episode.

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<v Speaker 2>Indeed, this is the middle class money trap. All right,

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<v Speaker 2>So you earn decent money, you're doing okay, but somehow

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<v Speaker 2>you do not feel like you're get a head. You're

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<v Speaker 2>not struggling, right, but you're also not building kind of

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<v Speaker 2>real financial freedom either. What's going on?

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<v Speaker 1>That is the question. We're setting ourselves a fairly lofty goal.

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<v Speaker 2>But yeah, as soon as you start talking about class,

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<v Speaker 2>particularly in Australia, it becomes a very it's a difficult conversation.

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<v Speaker 3>It's uncomfortable and it's confronting, and yeah, it's I feel

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<v Speaker 3>funny about this, but I feel it. I know that

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<v Speaker 3>there's a lot of value in actually breaking this down

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<v Speaker 3>and talking about it and racing it front on, if

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<v Speaker 3>you like, what.

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<v Speaker 1>Do we mean by the middle class money trap?

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<v Speaker 3>So the middle class money trap is where as you said,

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<v Speaker 3>someone is earning good money, so anything above. I think

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<v Speaker 3>the definition of middle class is above one hundred and

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<v Speaker 3>twenty to one hundred and fifty thousand dollars a year.

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<v Speaker 3>And they appear from the outside to be doing well financially,

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<v Speaker 3>but behind closed doors, the reality is that they're not

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<v Speaker 3>actually making any sort of meaningful financial progression. You know,

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<v Speaker 3>they have a nice home, they might drive a nice car,

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<v Speaker 3>They might even have say children in like local private schools.

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<v Speaker 3>They seem to go on lovely holidays, you know, domestic

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<v Speaker 3>and international, but they also have you know, the expenses

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<v Speaker 3>of modern day life and the increasing expenses of modern

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<v Speaker 3>day life, and this is where so much of their

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<v Speaker 3>income is sucked up and a lot of it is

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<v Speaker 3>been absorbed in the lifestyle creep over a long period

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<v Speaker 3>of time, and there isn't much leftover to show at

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<v Speaker 3>the end of the day. And because of that, they're

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<v Speaker 3>never really making any sort of meaningful shift or change

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<v Speaker 3>in improving their financial wellbeing. And this is where a

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<v Speaker 3>lot of people are scratching their head, going, well, I

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<v Speaker 3>own really good money, but why is there nothing left

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<v Speaker 3>over to show for it at the end of the day.

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<v Speaker 3>And this is, you know, a classic example.

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<v Speaker 2>So how do you get into this busy? Why do

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<v Speaker 2>so many households that are earning good money feel financially stuck?

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<v Speaker 2>Is it because that those things, as you say, that

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<v Speaker 2>lifestyle creep that as soon as you've got say, school fees,

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<v Speaker 2>they're not going anywhere and they're only just going to

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<v Speaker 2>get more expensive. That there is this expectation that the

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<v Speaker 2>car you're going to drive, you're going to kind of

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<v Speaker 2>replace that and match it, or that you're in a

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<v Speaker 2>way trying to keep up with everyone around you, keep

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<v Speaker 2>up with the joneses, and as a result, you're never

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<v Speaker 2>actually going to make any progress even though you are

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<v Speaker 2>actually earning pretty good money.

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<v Speaker 3>Yeah, and this is why we need systems and structures

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<v Speaker 3>in place to help get ahead of that lifestyle creep

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<v Speaker 3>before it happens, or allows you to increase your lifestyle,

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<v Speaker 3>but under your terms and conditions, you know, with your

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<v Speaker 3>boundaries in place, it happens so easily. And interestingly, if

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<v Speaker 3>you think back, you know, ten years ago, if you

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<v Speaker 3>were earning you know, say one hundred and twenty one

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<v Speaker 3>hundred three thousand dollars, that was a lot of money. Yeah,

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<v Speaker 3>you know, you had a lot of money left over

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<v Speaker 3>the well, it gave you a lot of change. But

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<v Speaker 3>because we've had inflation and the rising costs are living,

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<v Speaker 3>you know, we're now left with nothing when you're owning

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<v Speaker 3>this type of money. So it happens very easily, and

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<v Speaker 3>this is why it's so important to have that awareness

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<v Speaker 3>that you don't ever become a victim of this lifestyle creep.

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<v Speaker 2>It sounds like it's kind of less about splurging and

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<v Speaker 2>less about kind of just having rampant spending and more

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<v Speaker 2>about kind of structural costs, so things that are like

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<v Speaker 2>your mortgage, school fees, that kind of thing, that those

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<v Speaker 2>expenses just keep on creeping up and taking a big

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<v Speaker 2>chunk of your income. It's not about the fact that, hey,

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<v Speaker 2>you're going out for dinner every second night, and that's

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<v Speaker 2>why you've got nothing to show for it.

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<v Speaker 1>It's like almost a structural thing.

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<v Speaker 3>I think now, yes, if you go back, you know,

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<v Speaker 3>when we didn't have inflation a serious problem and the

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<v Speaker 3>rising cost of living, definitely it was more discretionary spending.

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<v Speaker 3>But now it's the essentials that are really dominating most

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<v Speaker 3>family budgets and leaving us with nothing left over.

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<v Speaker 1>Do you think then that people and the perception of this.

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<v Speaker 2>We talked about the fact that this is uncomfortable and

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<v Speaker 2>uncomfortable thing to talk about. Do you think that there

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<v Speaker 2>is a case where people confuse high income with financial progress.

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<v Speaker 2>They assume that, hey, because you're earning a lot of money,

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<v Speaker 2>therefore you have made good financial progress without actually realizing

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<v Speaker 2>what's happening behind the scenes.

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<v Speaker 3>Absolutely, I think we fool ourselves as well. Just because

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<v Speaker 3>you are financially comfortable doesn't mean you are financially successful.

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<v Speaker 3>And you know, there is this whole keeping up with

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<v Speaker 3>the Jones mentality as well that goes on in every

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<v Speaker 3>single suburb around Australia.

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<v Speaker 2>So you know what this podcast is named after, isn't it?

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<v Speaker 2>How do they afford that? It's the question that I

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<v Speaker 2>think everyone has asked about someone that they know, a neighbor,

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<v Speaker 2>a family member, or a friend.

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<v Speaker 3>How on the intrigue voyeurism.

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<v Speaker 1>Indeed, it is.

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<v Speaker 2>In terms of how this comes about and then how

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<v Speaker 2>to either prevent it or fix it. Is there is

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<v Speaker 2>there a danger that people focus too much on some

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<v Speaker 2>of those on the big assets like having a nice house,

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<v Speaker 2>building up their superannuation, and not enough just on the

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<v Speaker 2>day to day cash flow. And as a result, they

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<v Speaker 2>find themselves getting kind of what is an asset asset

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<v Speaker 2>rich asset.

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<v Speaker 3>Rich cash pourse. So they think about, as you said,

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<v Speaker 3>the big the big shiny toys, and the glitz and

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<v Speaker 3>glamour of you know that comes with say you think

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<v Speaker 3>you blo earn good money. I can afford this, I

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<v Speaker 3>deserve it, I'm entitled to it, I'm rewarding myself. So yes,

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<v Speaker 3>you can lose track of actually what the real cost

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<v Speaker 3>of living actually looks like and what is actually you know, affordable,

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<v Speaker 3>and what's actually wise and also not just what's affordable

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<v Speaker 3>right now, what's going to be affordable and say three four,

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<v Speaker 3>five years time where interest rates change again, or you've

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<v Speaker 3>got say another family member or another child that you've

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<v Speaker 3>got to educate or another spence that comes your waist.

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<v Speaker 3>You need to be thinking about what's actually going to

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<v Speaker 3>work for you now and is safe. Also what's going

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<v Speaker 3>to remain safe as well because life changes, it's unpredictable.

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<v Speaker 3>You need to make sure that you're looking at the

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<v Speaker 3>big picture here.

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<v Speaker 1>How do you know if this applies to you? Is

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<v Speaker 1>there a warning sign?

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<v Speaker 3>I think intuitively most people know deep down whether they

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<v Speaker 3>are a victim of this middle class money trap. You

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<v Speaker 3>know that there is nothing left you are asking yourself

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<v Speaker 3>this question, or is where is all the money going?

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<v Speaker 3>You know, and you're not seeing any progress. You're not

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<v Speaker 3>seeing the mortgage come down, or you're seeing it come

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<v Speaker 3>down a very slow, frustrating rate, or it's been another

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<v Speaker 3>year where you haven't been able to find money to

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<v Speaker 3>start investing, or you know you still haven't been able

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<v Speaker 3>to set up that salary sacrificing. These are the red

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<v Speaker 3>flags that you are potentially part of this and that

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<v Speaker 3>the sooner you can do something, the better. Because not

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<v Speaker 3>only is this money trap sometimes a waste of money,

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<v Speaker 3>particularly when there is a large allocation of your budget

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<v Speaker 3>going towards discretionary spending, you're also wasting valuable, precious time

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<v Speaker 3>that could be actually helping you pay down the mortgage sooner,

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<v Speaker 3>start investing, building up your super having emergency money, and

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<v Speaker 3>actually alleviating the financial stress in your life. And you know,

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<v Speaker 3>it's the thing with the money trap is that people

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<v Speaker 3>can make it look like, oh, we're killing it in life.

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<v Speaker 3>We'd go off on this holiday and we just got

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<v Speaker 3>back from that holiday, and we're going to upgrade the car,

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<v Speaker 3>and we're going to be buying a boat, and you know,

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<v Speaker 3>they're living this life on a built with a pack

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<v Speaker 3>of cards. It could come crumbling down and behind the

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<v Speaker 3>scenes what it does to someone's stress levels and anxieties

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<v Speaker 3>is huge, and where it infiltrates into the other parts

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<v Speaker 3>of your life.

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<v Speaker 2>Yeah, and we do need to acknowledge, of course, that

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<v Speaker 2>there is a lot of privilege involved in this conversation.

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<v Speaker 2>One hundred percent that this is the case that there

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<v Speaker 2>would be people listening to this. This sounds like a

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<v Speaker 2>problem I would like to have, right to be in

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<v Speaker 2>that position of having enough money to be able to

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<v Speaker 2>have those things and then wonder where the money. This

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<v Speaker 2>is not something that applies to everyone. We completely understand that,

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<v Speaker 2>but it doesn't change the fact that for a lot

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<v Speaker 2>of people that it's kind of almost then feeling trapped

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<v Speaker 2>in the jobs that they're doing just in order to

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<v Speaker 2>continue to fund the basics that lifestyle, which isn't a

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<v Speaker 2>healthy place to be in either because.

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<v Speaker 3>You're backed in a corner and your options, most options

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<v Speaker 3>are taken away. You almost need to kind of push

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<v Speaker 3>through or make a major change.

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<v Speaker 2>Okay, we have established what the problem is. We've established

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<v Speaker 2>kind of how you get into that position. We're going

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<v Speaker 2>to take a quick break. On the other side of

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<v Speaker 2>the break, it is how to get out of it,

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<v Speaker 2>or if you suspect you could be heading in that direction,

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<v Speaker 2>the steps that you need to take in order to

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<v Speaker 2>prevent it from taking place. Back in a second, can

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<v Speaker 2>we are talking about the middle class money trap today?

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<v Speaker 2>We've established what it is that it's basically this, as

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<v Speaker 2>your lifestyle expands to kind of meet the money that

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<v Speaker 2>you're earning. You feel like you're actually earning pretty good money,

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<v Speaker 2>but the school fees, there's mortgage costs, and even the

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<v Speaker 2>grocery bill.

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<v Speaker 1>That inflation has.

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<v Speaker 2>Caused these costs just to explode, and as a result,

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<v Speaker 2>that just doesn't feel like there's anything left. If someone

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<v Speaker 2>is listening to this right now and thinks that, hey,

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<v Speaker 2>this actually does sound like me.

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<v Speaker 1>What do you do?

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<v Speaker 2>What are the steps?

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<v Speaker 3>So the first thing is the acknowledgment, going, yep, you

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<v Speaker 3>know what this is us. This is exactly what Kenna

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<v Speaker 3>and Michael are talking about. This is where we are,

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<v Speaker 3>and we want to change it. Some people are very

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<v Speaker 3>happy to live this life, you know. They don't. It

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<v Speaker 3>doesn't impact them, it doesn't wear them down. They sometimes

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<v Speaker 3>some people even enjoy the adrenaline of living like this,

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<v Speaker 3>you know. But if you're listening to going this is

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<v Speaker 3>where we are and we hate it, it doesn't service.

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<v Speaker 3>It is time to do something about it. But the

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<v Speaker 3>first thing is obviously taking that responsibility and saying, okay,

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<v Speaker 3>all right, this is where we are. We're going to

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<v Speaker 3>learn and grow and we'll never get back to this

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<v Speaker 3>position ever again. So then you look at all right,

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<v Speaker 3>go straight to the budget. Look at where all your

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<v Speaker 3>money is going. And I have a course where I

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<v Speaker 3>teach people how to do a budget and a cashrow system.

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<v Speaker 3>But look at where the financial wastage is. And this

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<v Speaker 3>is why it's worth looking at your value system so

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<v Speaker 3>you can see, well, actually have outgrown that, or I

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<v Speaker 3>don't value that anymore and you can look to cut it,

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<v Speaker 3>and then you start to build financial buffers and breathing

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<v Speaker 3>space in your life, so making some extra payments where

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<v Speaker 3>you can on any debt, building some goals around those

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<v Speaker 3>debts as well, so that you don't feel suffocated by

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<v Speaker 3>the lifestyle creep, you don't feel suffocated by your previous

0:11:42.559 --> 0:11:45.920
<v Speaker 3>historical decisions in life where you have perhaps previously wrapped

0:11:46.000 --> 0:11:47.720
<v Speaker 3>up a whole pile of credit card debt in order

0:11:47.760 --> 0:11:50.120
<v Speaker 3>to pay for all these things and keep up with

0:11:50.160 --> 0:11:52.480
<v Speaker 3>everyone else. It's about owning it and going right. I'm

0:11:52.480 --> 0:11:54.760
<v Speaker 3>going to build a goal, set a goal, and I'm

0:11:54.800 --> 0:11:56.760
<v Speaker 3>going to start paying that down so you can actually

0:11:56.800 --> 0:11:59.600
<v Speaker 3>start immediately feeling a bit better and a lot more

0:11:59.640 --> 0:12:02.520
<v Speaker 3>empowered about what you can actually do to fix this,

0:12:02.559 --> 0:12:04.040
<v Speaker 3>because at the end of the day, it boils down

0:12:04.040 --> 0:12:06.840
<v Speaker 3>to us. We are not going to you know, someone's

0:12:06.840 --> 0:12:08.400
<v Speaker 3>not going to come out of nowhere and wave a

0:12:08.400 --> 0:12:10.480
<v Speaker 3>magical wand and fix our finances. There's a lot of

0:12:10.520 --> 0:12:13.719
<v Speaker 3>personal growth and development that comes from going through this,

0:12:14.280 --> 0:12:16.880
<v Speaker 3>and then of course looking at Okay, what do I

0:12:17.040 --> 0:12:19.520
<v Speaker 3>really want in my life? What does my life look like?

0:12:20.000 --> 0:12:21.679
<v Speaker 3>In order to be able to enjoy it on a

0:12:21.720 --> 0:12:24.920
<v Speaker 3>meaningful level where I can see the financial progress. Does

0:12:24.960 --> 0:12:26.720
<v Speaker 3>that look like a share port follow? Does that look

0:12:26.760 --> 0:12:29.080
<v Speaker 3>like having a mortgage paid off? Does it look like

0:12:29.120 --> 0:12:31.040
<v Speaker 3>having a lot of money and superannuation knowing that I'm

0:12:31.040 --> 0:12:34.199
<v Speaker 3>on track to retire. Everybody's different. There's no wrong or right,

0:12:34.280 --> 0:12:36.920
<v Speaker 3>but as long as it reflects back to what your

0:12:37.080 --> 0:12:39.720
<v Speaker 3>goals are, your value system, and what's going to help

0:12:39.760 --> 0:12:41.480
<v Speaker 3>take the stress and pressure off your life so that

0:12:41.520 --> 0:12:44.480
<v Speaker 3>you can enjoy life again, because you know, it's a

0:12:44.480 --> 0:12:47.079
<v Speaker 3>bit of a beato killer financial stress, you know, and

0:12:47.160 --> 0:12:50.480
<v Speaker 3>it impacts our relationships, It impacts our physical and mental health.

0:12:50.760 --> 0:12:53.120
<v Speaker 3>We feel forced into career paths that we don't necessarily

0:12:53.120 --> 0:12:58.040
<v Speaker 3>feel fulfilled and you know, rewarded necessarily. So we can

0:12:58.080 --> 0:12:59.800
<v Speaker 3>sort of come to that. And this is where I

0:12:59.800 --> 0:13:02.080
<v Speaker 3>think a lot of people decide to then downsize the

0:13:02.120 --> 0:13:04.199
<v Speaker 3>home if they are if they're in a fortunate position

0:13:04.200 --> 0:13:06.760
<v Speaker 3>where they own a home, they look at downsizing, or

0:13:06.800 --> 0:13:08.959
<v Speaker 3>perhaps they look at moving to a different area where

0:13:09.240 --> 0:13:12.480
<v Speaker 3>it's not as expensive and they don't have as many transactions,

0:13:12.480 --> 0:13:15.520
<v Speaker 3>so not transactions don't have as many distractions and temptations

0:13:15.559 --> 0:13:17.720
<v Speaker 3>around them, So you know, there is a lot of

0:13:17.720 --> 0:13:20.640
<v Speaker 3>work to be done, but this is completely fixable, and

0:13:20.679 --> 0:13:22.560
<v Speaker 3>how much you want to fix it comes down to

0:13:22.840 --> 0:13:25.120
<v Speaker 3>how much you want to change things. And you know,

0:13:25.760 --> 0:13:28.040
<v Speaker 3>maybe for some people, and I've seen this as well,

0:13:28.600 --> 0:13:31.959
<v Speaker 3>where people move away temporarily just to help find themselves

0:13:31.960 --> 0:13:36.440
<v Speaker 3>again and rebuild and get off that hedonistic treadmill.

0:13:36.480 --> 0:13:40.040
<v Speaker 2>If you like it's breaking the cycle. Yeah, okay, as

0:13:40.040 --> 0:13:43.560
<v Speaker 2>you're talking, it sounds to me like it is less

0:13:43.600 --> 0:13:46.720
<v Speaker 2>about kind of going out and trying to earn more

0:13:47.040 --> 0:13:49.240
<v Speaker 2>in order to increase the amount of money that's coming

0:13:49.240 --> 0:13:52.040
<v Speaker 2>into the household, and more just about good old fashioned

0:13:52.120 --> 0:13:53.880
<v Speaker 2>cash flow management and.

0:13:54.000 --> 0:13:57.360
<v Speaker 3>Just sometimes the soulfness of just going back to the essentials,

0:13:57.400 --> 0:14:01.240
<v Speaker 3>the basics, and stripping everything back and going all right,

0:14:01.559 --> 0:14:04.640
<v Speaker 3>let's start again from scratch and rebuild from here.

0:14:05.320 --> 0:14:07.760
<v Speaker 2>The hard part there, right, would have to be the

0:14:07.760 --> 0:14:11.439
<v Speaker 2>psychological element. Hue, do this right, because it is really

0:14:11.559 --> 0:14:14.280
<v Speaker 2>quite something, especially if you have built yourself up into

0:14:14.320 --> 0:14:18.280
<v Speaker 2>this position, and you have got yourself at a house,

0:14:18.360 --> 0:14:20.840
<v Speaker 2>and you've got yourself a nice car perhaps and holidays

0:14:20.840 --> 0:14:23.000
<v Speaker 2>and things. To actually be able to put your hand

0:14:23.080 --> 0:14:26.600
<v Speaker 2>up and say this isn't working for me anymore.

0:14:27.680 --> 0:14:28.920
<v Speaker 1>That would be really hard.

0:14:29.480 --> 0:14:32.240
<v Speaker 3>It's hard, but it's also liberating because that's where the

0:14:32.320 --> 0:14:36.960
<v Speaker 3>shift happens, and you have this sense of relief going,

0:14:37.000 --> 0:14:39.160
<v Speaker 3>all right, I'm not burying my head in the sand.

0:14:39.600 --> 0:14:41.880
<v Speaker 3>I'm not going to live my life like this. I

0:14:41.960 --> 0:14:45.680
<v Speaker 3>deserve better. I'm smarter, and we can transform this and

0:14:45.720 --> 0:14:46.280
<v Speaker 3>you can.

0:14:48.120 --> 0:14:48.440
<v Speaker 1>Does it.

0:14:50.200 --> 0:14:52.920
<v Speaker 2>I'm really just fascinated by the psychological side of it

0:14:52.960 --> 0:14:55.640
<v Speaker 2>because it would also feel though, as though you don't

0:14:55.760 --> 0:14:59.960
<v Speaker 2>have a right to complain because you're earning good money,

0:15:00.280 --> 0:15:04.320
<v Speaker 2>You've got really nice things. Therefore, how is it fair

0:15:04.400 --> 0:15:07.360
<v Speaker 2>to then say, hey, I can't do this anymore, I

0:15:07.400 --> 0:15:11.160
<v Speaker 2>need help, I need some support. It feels like you've

0:15:12.760 --> 0:15:14.440
<v Speaker 2>you've kind of put yourself in that position of being

0:15:14.520 --> 0:15:16.800
<v Speaker 2>unable to complain, because if you do, it's just like, oh,

0:15:17.160 --> 0:15:19.840
<v Speaker 2>the poor little rich person is now complaining about their

0:15:19.960 --> 0:15:24.040
<v Speaker 2>about having too many nice things. You know, And I

0:15:24.120 --> 0:15:27.480
<v Speaker 2>know that I'm paraphrasing, I'm generalizing here, but I'm just

0:15:27.520 --> 0:15:29.920
<v Speaker 2>trying to put myself in the position of someone going.

0:15:29.960 --> 0:15:32.320
<v Speaker 1>How is that going to look to those around them?

0:15:33.280 --> 0:15:35.920
<v Speaker 3>Why are we judging ourselves? Everyone here is doing the

0:15:35.920 --> 0:15:39.600
<v Speaker 3>best job they can. It's like judging, you know, someone

0:15:39.680 --> 0:15:43.520
<v Speaker 3>for like putting on weight and giving up on their exercise.

0:15:43.560 --> 0:15:45.360
<v Speaker 3>Like everyone's on their own journey. Everyone's trying to do

0:15:45.360 --> 0:15:48.400
<v Speaker 3>the best they can with the situation they're in and

0:15:48.440 --> 0:15:51.640
<v Speaker 3>the tools and opportunities around them. I think there is

0:15:51.680 --> 0:15:56.080
<v Speaker 3>something extremely honorable about saying, all right, we got a

0:15:56.080 --> 0:15:58.480
<v Speaker 3>little bit well with our money, we got a little

0:15:58.480 --> 0:16:01.040
<v Speaker 3>bit responsible, we did actually have a really good time,

0:16:01.080 --> 0:16:04.480
<v Speaker 3>and we're grateful for all the you know, the lifestyle

0:16:04.520 --> 0:16:07.960
<v Speaker 3>and the holidays and the weekends away. But now things

0:16:07.960 --> 0:16:11.040
<v Speaker 3>get real and I'm ready for this new chapter. It

0:16:11.080 --> 0:16:13.480
<v Speaker 3>doesn't need you don't need to be ashamed or embarrassed

0:16:13.560 --> 0:16:16.600
<v Speaker 3>or feel guilty about your past. And you know, we

0:16:16.680 --> 0:16:21.680
<v Speaker 3>are surrounded by this constant materialism and consumerism and all

0:16:21.720 --> 0:16:24.800
<v Speaker 3>the advertising and marketing around us, you know, which is

0:16:24.840 --> 0:16:27.760
<v Speaker 3>really sophisticated and really clever at sucking the money out

0:16:27.760 --> 0:16:29.720
<v Speaker 3>of our bank accounts. We just now need to be

0:16:29.760 --> 0:16:32.640
<v Speaker 3>a lot smarter than that and identify when it does

0:16:32.680 --> 0:16:35.720
<v Speaker 3>actually improve our lives and when it's actually a waste

0:16:35.760 --> 0:16:39.000
<v Speaker 3>of money. And you know, learning also how to compromise

0:16:39.040 --> 0:16:41.520
<v Speaker 3>with money as well. It's not about just stopping spending

0:16:41.600 --> 0:16:44.160
<v Speaker 3>money completely, and you know, living off the center of

0:16:44.160 --> 0:16:46.440
<v Speaker 3>an early rag. It's about going okay, well, instead of

0:16:46.520 --> 0:16:49.280
<v Speaker 3>having two holidays a yeah, we'll maybe have one holiday

0:16:49.560 --> 0:16:53.240
<v Speaker 3>every twenty four months, and we'll included weekends awave domestically

0:16:53.280 --> 0:16:55.360
<v Speaker 3>as well, Like it's about finding ways that you can

0:16:55.440 --> 0:16:57.720
<v Speaker 3>within the family unit, you know, be on the same

0:16:57.760 --> 0:17:01.200
<v Speaker 3>page together and keep every everyone connected and moving in

0:17:01.240 --> 0:17:01.880
<v Speaker 3>the right direction.

0:17:02.680 --> 0:17:04.960
<v Speaker 2>I actually think that's a really good place to leave it,

0:17:05.080 --> 0:17:09.080
<v Speaker 2>because it's quite a positive way to finish. And the

0:17:09.119 --> 0:17:12.040
<v Speaker 2>fact is that this would be a stressful place for

0:17:12.080 --> 0:17:15.679
<v Speaker 2>people to be in because there's not much kind of

0:17:16.160 --> 0:17:20.560
<v Speaker 2>margin fererra. I suppose if you have got yourself living

0:17:20.600 --> 0:17:23.440
<v Speaker 2>to a point of yes, you've got high expenses, high

0:17:23.520 --> 0:17:26.280
<v Speaker 2>income as well, if something does go wrong, there is

0:17:26.320 --> 0:17:30.719
<v Speaker 2>actually not much room if something goes south, yeah, and

0:17:30.760 --> 0:17:32.560
<v Speaker 2>you need to find a lot of money quickly, you

0:17:32.600 --> 0:17:33.959
<v Speaker 2>may not be able to do it. And it's got

0:17:34.000 --> 0:17:35.640
<v Speaker 2>to be a stressful way to live, right.

0:17:35.520 --> 0:17:37.800
<v Speaker 3>It's terrifying. Why would you want to do that to

0:17:37.840 --> 0:17:40.200
<v Speaker 3>yourself and to your loved ones as well? But can

0:17:40.240 --> 0:17:44.480
<v Speaker 3>I say one last thing? Yes, you said no, I'd

0:17:44.480 --> 0:17:44.920
<v Speaker 3>like too bad.

0:17:45.000 --> 0:17:46.720
<v Speaker 1>I know I've got no say in this. Go on?

0:17:46.880 --> 0:17:49.240
<v Speaker 3>You know, building wealth or really, I don't think has

0:17:49.359 --> 0:17:51.920
<v Speaker 3>too much to do with what you earn, but more

0:17:51.960 --> 0:17:56.040
<v Speaker 3>about what you do with what you earn. And sometimes

0:17:56.520 --> 0:17:58.680
<v Speaker 3>if you feel that you are a part of this

0:17:58.840 --> 0:18:03.200
<v Speaker 3>middle class money trap, it's perhaps the time to look

0:18:03.240 --> 0:18:07.359
<v Speaker 3>at redesigning your life, you know, being more intentional with

0:18:07.480 --> 0:18:10.960
<v Speaker 3>money and looking at ways to get your money to

0:18:11.040 --> 0:18:14.400
<v Speaker 3>work harder few rather than you always working harder for money.

0:18:14.680 --> 0:18:15.159
<v Speaker 1>I like that.

0:18:15.840 --> 0:18:19.200
<v Speaker 2>If we want more information from you, find you one.

0:18:18.920 --> 0:18:21.119
<v Speaker 3>Well quotes the days, a.

0:18:21.119 --> 0:18:24.320
<v Speaker 1>Little bit more inspiration, more motivation. We head to Instagram.

0:18:24.400 --> 0:18:24.960
<v Speaker 1>I must hear me.

0:18:25.480 --> 0:18:28.440
<v Speaker 3>Actually, oh, two's something different. I have started a sub

0:18:28.480 --> 0:18:33.240
<v Speaker 3>stack account, really yes, and it's called Quiet Wealth and

0:18:33.240 --> 0:18:36.040
<v Speaker 3>I've only just penny just dropped. I talk about this

0:18:36.760 --> 0:18:40.960
<v Speaker 3>a lot, about this need to just silence the noise

0:18:41.040 --> 0:18:44.000
<v Speaker 3>around us and the distractions and just go deep within

0:18:44.200 --> 0:18:46.880
<v Speaker 3>to work out who we are, what we stand for,

0:18:47.040 --> 0:18:50.440
<v Speaker 3>and what actually does actually make us feel authentically wealthy

0:18:50.760 --> 0:18:52.359
<v Speaker 3>beyond the dollars and cents.

0:18:52.480 --> 0:18:53.160
<v Speaker 1>Quiet wealth.

0:18:53.680 --> 0:18:56.520
<v Speaker 2>Yeah, okay, all right, sounds good. And you can hear

0:18:56.560 --> 0:18:59.120
<v Speaker 2>me every day with Sean Aylmer on fear and Greed

0:18:59.200 --> 0:18:59.760
<v Speaker 2>business news.

0:18:59.800 --> 0:19:00.400
<v Speaker 1>You can news.

0:19:00.640 --> 0:19:02.600
<v Speaker 2>Thank you for listening to how do they afford that.

0:19:02.680 --> 0:19:04.720
<v Speaker 2>Remember to hit follow on the podcast, and the best

0:19:04.760 --> 0:19:06.439
<v Speaker 2>thing you can do is tell somebody else send them

0:19:06.440 --> 0:19:07.960
<v Speaker 2>a link to this episode if you think that they

0:19:08.040 --> 0:19:09.240
<v Speaker 2>might benefit from hearing it.

0:19:09.720 --> 0:19:11.760
<v Speaker 1>Thank you for your company. Join us again next week.