WEBVTT - 53 years young: WINNING with this Money Mindset! 0:00:00.280 --> 0:00:04.200 Good morning everyone, and welcome back to Sugar Mama's Fireplay, 0:00:04.680 --> 0:00:07.760 the one stop destination where you get your financial education, 0:00:08.320 --> 0:00:13.080 financial motivation, and financial inspiration to start seeing your financial 0:00:13.119 --> 0:00:15.239 goals and dreams unfold. 0:00:14.840 --> 0:00:15.560 In front of you. 0:00:16.320 --> 0:00:19.560 This morning, we are joined by annabel Annabel is the 0:00:19.640 --> 0:00:24.320 single mother who is actually winning the game. She is 0:00:24.520 --> 0:00:27.479 achieving her financial goals with no one helping her, and 0:00:27.520 --> 0:00:32.480 she's a brilliant source of financial education, inspiration and motivation herself. 0:00:33.040 --> 0:00:36.120 And she shares with us the importance of having a 0:00:36.159 --> 0:00:39.800 positive mindset and dreaming big when it comes to your 0:00:39.800 --> 0:00:43.680 financial goals. So sit back, relax, and get ready to 0:00:43.760 --> 0:01:05.520 hear this incredible story. Now, before we begin to share 0:01:05.600 --> 0:01:07.240 this story, I want to remind you that all of 0:01:07.280 --> 0:01:11.000 my advice is general in nature and for educational purposes only. 0:01:11.120 --> 0:01:14.400 It's never personal advice, product advice, or investment advice, so 0:01:14.400 --> 0:01:17.039 please always bear that in mind. Annabelle, thank you so 0:01:17.160 --> 0:01:19.200 much for coming on this morning's episode. 0:01:19.440 --> 0:01:21.319 How are you good? 0:01:21.440 --> 0:01:22.759 Thanks, Canna, how are you going? 0:01:23.360 --> 0:01:24.399 I'm well, I'm well. 0:01:24.680 --> 0:01:26.560 I have to say, you know you're when you sent 0:01:26.600 --> 0:01:30.559 me a message on Instagram. You know, it was really 0:01:30.640 --> 0:01:33.640 quite incredible what you shared with me, and I instantly 0:01:33.840 --> 0:01:35.880 had to have you on the show and for you 0:01:35.920 --> 0:01:37.920 to be able to say what happened to you and 0:01:37.959 --> 0:01:39.840 what you went through in your own words, because I 0:01:39.880 --> 0:01:43.440 feel like right now everyone is just feeling a little 0:01:43.440 --> 0:01:46.600 bit lost and overwhelmed and defeated, and I think your 0:01:46.680 --> 0:01:50.160 story just shows the importance of having a positive mindset 0:01:50.280 --> 0:01:52.360 and doing the best you can do. And you know 0:01:52.400 --> 0:01:54.680 the importance of little things adding up here and there, 0:01:54.720 --> 0:01:57.680 and you know how you can really transform your life 0:01:57.720 --> 0:01:59.960 when you have goals and start building up your own 0:02:00.160 --> 0:02:04.600 financial literacy. Can you share with our listeners what initially 0:02:04.680 --> 0:02:07.240 motivated you to take control of your financial future and 0:02:07.280 --> 0:02:11.400 start your journey towards building a substantial share portfolio. 0:02:12.440 --> 0:02:12.680 Yeah? 0:02:12.800 --> 0:02:16.040 Sure, if I just give you a background. I'm fifty three, 0:02:16.639 --> 0:02:20.480 a solo mum with two gorgeous girls eighteen and fifteen 0:02:20.520 --> 0:02:24.120 at the moment, they are separated. When the kids were 0:02:24.160 --> 0:02:28.360 three in six and then two years after that, unfortunately, 0:02:28.440 --> 0:02:32.639 my ex husband passed away unexpectedly, so at that time 0:02:32.800 --> 0:02:36.080 the children were five and age and the result of 0:02:36.120 --> 0:02:38.480 this was that I took on one hundred percent solo 0:02:38.560 --> 0:02:42.840 responsibility for raising the children and that was on all levels. 0:02:42.840 --> 0:02:46.519 So that was their emotional needs, especially after losing their father, 0:02:47.280 --> 0:02:50.360 their physical and logistics needs. You know, they were with 0:02:50.440 --> 0:02:53.000 me one hundred percent of the time. I was doing 0:02:53.040 --> 0:02:56.720 all the physical work, so drop off pickups, running between 0:02:56.760 --> 0:03:00.639 extracurricular activities, you know, during the early mornings in the 0:03:00.720 --> 0:03:04.239 late nights. And also their financial needs, so the children's 0:03:04.240 --> 0:03:08.640 school fees, before and after school care, those associated expenses. 0:03:08.760 --> 0:03:12.680 They went from fifty percent shared to one hundred percent responsibility. 0:03:13.600 --> 0:03:16.600 My ex husband didn't have any life insurance and he 0:03:16.680 --> 0:03:19.960 had very little super for the children. He had his 0:03:20.000 --> 0:03:23.080 own business and he didn't I don't think consider those 0:03:23.160 --> 0:03:26.320 as a priority. So the journey has definitely had its 0:03:26.440 --> 0:03:29.720 challenges along the way, but it's also been the most 0:03:29.760 --> 0:03:33.639 rewarding journey for a parent and difficult, and as difficult 0:03:34.160 --> 0:03:36.760 as it's been, it's been I guess a huge amount 0:03:36.800 --> 0:03:40.200 of growth on my part and also freedom, albeit a 0:03:40.240 --> 0:03:44.280 little scary, and freedom that comes with I guess making 0:03:44.360 --> 0:03:47.600 all the decisions solo, so without the need to agree 0:03:47.720 --> 0:03:51.440 or negotiate or compromise really with the next husband. I'd 0:03:51.440 --> 0:03:53.880 say being a solo mum, I was borced to take 0:03:53.880 --> 0:03:56.680 control of my own financial journey, there really was no 0:03:56.760 --> 0:04:00.640 option for me. My financial wellbeing and my children overall 0:04:00.680 --> 0:04:04.120 well being really rested solely on my shoulders. So my 0:04:04.200 --> 0:04:06.880 number one focus was to make sure that I provided 0:04:06.880 --> 0:04:09.520 for my children and gave them that sense of stability 0:04:09.520 --> 0:04:14.800 and security. Yeah, if you want a bit of a background, 0:04:14.840 --> 0:04:19.280 I'd say I'd always been reasonably good with money. I 0:04:19.320 --> 0:04:22.640 had a well paid job. I was definitely able to 0:04:22.680 --> 0:04:26.479 stand on my own two feet financially, and I usually 0:04:26.560 --> 0:04:29.320 managed to spend less than I own. I was able 0:04:29.360 --> 0:04:33.200 to pay the bills and handle emergencies, so I knew 0:04:33.240 --> 0:04:35.479 that in the longer term, though, I could do more 0:04:35.520 --> 0:04:40.560 than just make ends meet. However, I had to get 0:04:40.600 --> 0:04:45.280 through a few financial hardships and hurdles in the initial stages, 0:04:45.520 --> 0:04:48.880 which included paying for a very costly separational divorce which 0:04:48.960 --> 0:04:51.159 kind of dragged on for a number of years before 0:04:51.200 --> 0:04:54.119 my ex husband passed away, and I was also left 0:04:54.240 --> 0:04:56.960 paying off a substantial debt he had incurred when he 0:04:57.040 --> 0:05:00.760 passed away in relation to a business venture. My name 0:05:00.839 --> 0:05:03.120 had been on the loan because we were married at 0:05:03.120 --> 0:05:07.599 the time. But fast forward ten years later, and after 0:05:07.680 --> 0:05:11.559 overcoming those financial setbacks and having been focused on paying 0:05:11.600 --> 0:05:15.080 down my mortgage. I realized that I not only should, 0:05:15.120 --> 0:05:17.640 but very much could take control of my longer term 0:05:17.680 --> 0:05:20.839 financial independence. I could plan for what I wanted that 0:05:20.920 --> 0:05:25.120 to look like. I identified my numbers, you know, from 0:05:25.440 --> 0:05:28.479 my number for my share pot, my number for my 0:05:28.520 --> 0:05:32.000 emergency fund, and then I kind of started to reverse 0:05:32.040 --> 0:05:35.680 engineer and work backwards from there to identify what milestones 0:05:35.720 --> 0:05:38.440 I needed to achieve, you know, year by year, month 0:05:38.520 --> 0:05:40.880 by month, and see if that was possible and what 0:05:40.920 --> 0:05:45.080 I needed to change to make that possible. Yeah. 0:05:45.120 --> 0:05:50.920 Wow, So you've gone through a very expensive and i'm 0:05:50.920 --> 0:05:54.719 sure emotionally and financially challenging divorce. 0:05:55.920 --> 0:05:57.440 Then you've lost. 0:05:57.160 --> 0:05:59.400 Your ex husband and you know to look after the 0:05:59.480 --> 0:06:05.560 girls one hundred percent full time emotionally and financially and physically. 0:06:06.440 --> 0:06:12.080 Then you've actually inherited your ex husband's debt after everything 0:06:12.120 --> 0:06:15.320 you've gone through. Yes, I did, Yes, But yet you 0:06:15.400 --> 0:06:19.360 still push on and use this as an opportunity, you know, 0:06:19.440 --> 0:06:24.719 with great responsibility to step up and build something quite 0:06:24.720 --> 0:06:28.600 incredible for your mental and emotional and financial stability, but 0:06:28.680 --> 0:06:31.080 also for your beautiful girls as well. 0:06:32.200 --> 0:06:33.800 Correct, Yes, as much as I can. 0:06:33.920 --> 0:06:39.120 Yes, I mean losing you know an ex husband, and 0:06:39.200 --> 0:06:41.039 then you know going through everything you've gone through is 0:06:41.080 --> 0:06:44.680 not a small feet How would you say your perspective 0:06:44.920 --> 0:06:48.320 of the importance of financial wellbeing and being prepared when 0:06:48.360 --> 0:06:50.720 it comes to money has evolved. 0:06:52.480 --> 0:06:55.039 Yeah, this was a real eye opener for me, Kenna. 0:06:55.360 --> 0:06:58.160 It was a strong message not to bury my head 0:06:58.200 --> 0:07:02.479 in the sand and leave financial independence to chance. As 0:07:02.520 --> 0:07:06.360 the sole provider, I had to manage immediate expenses, so 0:07:06.440 --> 0:07:10.720 the typical household expenses, so the more geared utilities, groceries, 0:07:10.800 --> 0:07:14.360 health insurance. I now had to pay for all of these, 0:07:14.480 --> 0:07:18.360 So this required some budgeting to ensure all our immediate 0:07:18.400 --> 0:07:22.280 needs were met. I had never really budgeted before this, 0:07:22.440 --> 0:07:24.960 and to be honest, it's not something I enjoy. I 0:07:25.000 --> 0:07:28.840 do enjoy playing, I do enjoy planning for my financial future, 0:07:29.320 --> 0:07:32.040 and I do look at that from a positive experience. 0:07:32.400 --> 0:07:34.960 But I felt budgeting was something which meant I had 0:07:35.000 --> 0:07:37.800 to limit myself in our spending. So for me, there 0:07:37.880 --> 0:07:42.080 was some negative connotation to that word budget. Initially, I 0:07:42.120 --> 0:07:45.360 now understand it's difficult to have one without the other, 0:07:45.560 --> 0:07:48.000 and they really do go hand in hand, don't they. 0:07:48.080 --> 0:07:49.840 Our budget and our financial goals. 0:07:50.320 --> 0:07:53.520 Oh one d I mean, I think, you know, look 0:07:53.560 --> 0:07:56.400 at my own personal finances. It's the goals that are 0:07:56.440 --> 0:07:59.800 in my budget that are successfully achieved and on time. 0:08:00.760 --> 0:08:02.360 And you know, I look, I mean, I look at 0:08:02.360 --> 0:08:04.120 my budget as my safe place. 0:08:04.360 --> 0:08:04.520 You know. 0:08:04.760 --> 0:08:07.320 It means that I don't blow money and run out 0:08:07.360 --> 0:08:09.240 of money before at the end of my pay cycle. 0:08:09.680 --> 0:08:11.840 You know, there's sufficient funds in there to pay for 0:08:11.960 --> 0:08:15.040 the groceries and all the schedule direct debits and so forth. 0:08:15.080 --> 0:08:16.240 So for me, it. 0:08:16.120 --> 0:08:20.600 Helps keep my mental and financial stanity going. So, but 0:08:20.680 --> 0:08:22.840 I can understand how a lot of people aren't quite 0:08:23.120 --> 0:08:25.160 there yet. I think it takes that point where your 0:08:25.200 --> 0:08:28.040 budget really starts to work for you actually realize how 0:08:28.080 --> 0:08:30.840 important it is and how actually valuable it is in 0:08:30.880 --> 0:08:33.280 your life if you want to get ahead financially. 0:08:34.200 --> 0:08:36.280 Yeah, and I needed to plan for some of the 0:08:36.280 --> 0:08:40.520 bigger costs, you know, the dental orthodontics for the kids, braces, 0:08:40.800 --> 0:08:44.040 you know, car repairs, house repairs, that kind of stuff, 0:08:44.760 --> 0:08:48.599 And the importance of an emergency fund really becomes paramount 0:08:48.840 --> 0:08:51.520 for a solo parent. This really is your safety net 0:08:51.520 --> 0:08:56.319 for unexpected costs. And I think if we hadn't experienced 0:08:56.360 --> 0:08:59.800 this devastating chapter in our lives. It's unlikely that I 0:09:00.160 --> 0:09:03.240 of put myself to work on a financial journey and 0:09:03.280 --> 0:09:07.760 created these goals in a budget. I probably just floated along. 0:09:07.840 --> 0:09:11.600 So it's definitely had a significant but positive impact on 0:09:11.840 --> 0:09:14.000 financial planning and preparedness for me. 0:09:14.920 --> 0:09:18.480 Oh, afinitely, And I thank blessing in disguise. But I 0:09:18.480 --> 0:09:21.120 feel like, you know, there is the one civil lining 0:09:21.160 --> 0:09:25.479 that's come out for you from going through this tragedy. 0:09:26.760 --> 0:09:29.520 Yeah, and when things such as divorce or death, you know, 0:09:29.720 --> 0:09:32.320 do happen, one very quickly learns that you need to 0:09:32.360 --> 0:09:35.120 be prepared for the unexpected. I know you speak a 0:09:35.120 --> 0:09:38.400 lot about having the right insurances in place. This is 0:09:38.520 --> 0:09:42.040 especially important when the person has debt, including a mortgage, 0:09:42.679 --> 0:09:45.080 and maybe not so important as you get older and 0:09:45.200 --> 0:09:47.880 have less debt and your children leave home and become 0:09:47.880 --> 0:09:50.920 financially independent. But you really want to protect your children 0:09:50.960 --> 0:09:51.920 when they are young. 0:09:52.800 --> 0:09:55.200 Oh, absolutely, And you know you need to think about 0:09:55.240 --> 0:09:57.120 what is important for them to have if something was 0:09:57.160 --> 0:10:00.320 to suddenly, you know, happen to you and you things 0:10:00.360 --> 0:10:04.640 like educational requirements or you know, tertiary education, even what's 0:10:04.679 --> 0:10:06.600 something you want to make sure that is blocked in 0:10:06.640 --> 0:10:08.560 as a priority. And this is why it's so important 0:10:08.559 --> 0:10:12.520 to go and get advice from someone who is qualified 0:10:12.559 --> 0:10:16.520 and experienced in that area of life insurance, TBD, income protection, 0:10:16.640 --> 0:10:19.440 trauma cover because they can actually help work out what 0:10:19.520 --> 0:10:23.040 is the right level for yourself. Can we move on 0:10:23.080 --> 0:10:26.440 to your savings, because you have successfully saved over one 0:10:26.520 --> 0:10:30.559 hundred thousand dollars and you have brilliant dreams and goals 0:10:30.600 --> 0:10:32.560 to grow this to a million dollars. 0:10:32.960 --> 0:10:35.680 Can you talk me through the steps. 0:10:35.320 --> 0:10:37.280 That you've taken that allow you to get started and 0:10:37.360 --> 0:10:39.079 keep going with this, and how you've managed to stay 0:10:39.280 --> 0:10:40.480 so incredibly focused. 0:10:40.760 --> 0:10:44.480 Sure. So, I've been following and listening to Sugar Mama 0:10:44.520 --> 0:10:47.600 religiously every month in morning for a while now, and 0:10:47.640 --> 0:10:51.960 amongst other financial podcasts too, And last year you recommended 0:10:52.040 --> 0:10:55.640 Peter thorn Hill's book Motivated Money, and you introduced him 0:10:55.679 --> 0:10:59.560 as your mentor. I'm an avid reader and actually an 0:10:59.559 --> 0:11:01.920 avid list listener of audiobooks, so I try to get 0:11:01.920 --> 0:11:04.680 through one a week, and I also hope I'm a 0:11:04.679 --> 0:11:08.080 lifelong learner. So I ordered Peter's book immediately and I 0:11:08.160 --> 0:11:12.000 read it twice cover to cover, probably a month apart. 0:11:12.120 --> 0:11:16.600 So I got an opportunity to digest the information. I 0:11:16.679 --> 0:11:19.800 highlighted all the bits of it that I thought were 0:11:19.840 --> 0:11:22.679 important for me, and quite frankly, the book blew my mind. 0:11:23.640 --> 0:11:25.720 Yeah it's mind blowing. 0:11:26.520 --> 0:11:29.760 Yes, Yes, So it was simple to understand. It had 0:11:29.800 --> 0:11:33.079 a lot of great information, and it really provided clarity 0:11:33.200 --> 0:11:36.319 on the share market, which I had never really understood 0:11:36.400 --> 0:11:40.040 in any great detail up until then, and what I 0:11:40.040 --> 0:11:42.600 thought was a little risky at the time. So there 0:11:42.600 --> 0:11:45.240 were quite a few light bulb moments whilst I was 0:11:45.280 --> 0:11:48.319 reading that, and following that, I binged on your book 0:11:48.360 --> 0:11:52.160 Mindful Money over the Christmas break, and after reading both 0:11:52.200 --> 0:11:54.400 of these I felt a lot more confident, I felt 0:11:54.440 --> 0:11:57.800 more knowledgeable, and I felt prepared to take some action. 0:11:58.679 --> 0:12:01.120 I'm a strong believer that the best way for me 0:12:01.200 --> 0:12:04.520 to learn is to take action immediately as soon as 0:12:04.559 --> 0:12:06.559 I've read a book, when it's fresh in my mind, 0:12:06.960 --> 0:12:09.920 and even if it's a tiny step, I feel like 0:12:10.000 --> 0:12:11.800 if I leave it till a little bit later, I 0:12:11.840 --> 0:12:14.760 often gain insights and knowledge. But life it's busy, and 0:12:14.800 --> 0:12:17.679 I don't go back and take action, and that ends 0:12:17.720 --> 0:12:20.600 up being a nice learning experience, but it doesn't change 0:12:20.600 --> 0:12:21.240 my life. 0:12:21.679 --> 0:12:23.120 Exactly. I mean procrastination. 0:12:23.520 --> 0:12:26.520 Is that probably one of the biggest issues I think 0:12:26.520 --> 0:12:29.040 in Australia because we're all so busy, you know, raising 0:12:29.080 --> 0:12:30.720 families and trying to. 0:12:30.760 --> 0:12:33.520 Keep up on top of our own responsibilities, that you know, 0:12:33.600 --> 0:12:35.800 fixing our finance gets pushed to the bottom of the list. 0:12:35.840 --> 0:12:37.679 And this is why people come and see me and 0:12:37.760 --> 0:12:40.640 say can I'm in the same position that I was 0:12:40.720 --> 0:12:43.080 seven years ago, and every year I make this goal, 0:12:43.120 --> 0:12:45.640 but nothing ever happens, and you know, I'm starting to 0:12:45.640 --> 0:12:48.280 waste time, and that's where the sort of panic kicks in. 0:12:48.400 --> 0:12:51.760 So it has to be you know, personal finance and 0:12:51.760 --> 0:12:53.760 personal factual well being needs to be up there with 0:12:54.280 --> 0:12:56.440 eating vegetables and getting series. 0:12:56.800 --> 0:12:58.319 It's so important. 0:12:59.040 --> 0:13:01.000 The first step py I did, I guess out of 0:13:01.080 --> 0:13:03.240 that reading those two books, was to set up the 0:13:03.240 --> 0:13:06.600 bank accounts which you recommended, and literally this took all 0:13:06.600 --> 0:13:11.520 of five minutes on a sunny Sunday afternoon in the backyard. 0:13:11.640 --> 0:13:14.439 The everyday expense is one I already had that obviously, 0:13:15.640 --> 0:13:19.000 and I set up a separate emergency account, so prior 0:13:19.040 --> 0:13:21.800 to that, I kind of kept my emergency money with 0:13:21.880 --> 0:13:25.000 my everyday money, which really meant it was always going 0:13:25.080 --> 0:13:27.680 up and down, and I didn't really have a figure 0:13:27.720 --> 0:13:30.960 of what that was. So now I've got an emergency 0:13:31.000 --> 0:13:33.760 fund figure in my head, even though I haven't necessarily 0:13:33.800 --> 0:13:37.480 achieved it. I created a lifestyle one as well. It's 0:13:37.520 --> 0:13:40.640 still got zero balance with this point in twenty twenty four, 0:13:41.720 --> 0:13:43.839 and I created that wealth bill to one and it's 0:13:43.880 --> 0:13:46.320 the wealth billed one that I decided to focus on 0:13:46.400 --> 0:13:49.120 this year with the plan of this being far more 0:13:49.240 --> 0:13:54.120 automated going forward in twenty twenty five. So I initially 0:13:54.160 --> 0:13:56.240 set a goal for myself at the beginning of the 0:13:56.320 --> 0:13:59.960 year to save approximately forty thousand dollars for twenty twenty four, 0:14:01.440 --> 0:14:06.160 with the plan to contribute thirty to forty thousand every 0:14:06.240 --> 0:14:09.000 year over the next ten to twelve years whilst I 0:14:09.080 --> 0:14:12.760 remained at work with the idea that if there was eight, 0:14:12.920 --> 0:14:15.640 nine or ten percent to gain every year, that that 0:14:15.679 --> 0:14:19.840 would be close to a million dollars. And this doesn't 0:14:19.880 --> 0:14:22.600 mean I needed to live a frugal life, Cannop, but 0:14:22.680 --> 0:14:25.320 it does mean that I needed to be more focused 0:14:25.360 --> 0:14:27.880 and mindful of where I was spending my money and 0:14:27.880 --> 0:14:31.960 what was important to me. So I had already been 0:14:31.960 --> 0:14:34.760 putting away a little each month for a number of 0:14:34.840 --> 0:14:39.120 years in a Vanguard high growth EFT, and I really 0:14:39.200 --> 0:14:43.000 wasn't taking it too seriously anyway. I checked my Vanguard 0:14:43.000 --> 0:14:45.920 account and that was sitting at close to fifteen thousand. 0:14:46.240 --> 0:14:48.960 I had also already had fifteen thousand in savings, so 0:14:49.000 --> 0:14:51.680 there was thirty thousand, and then over the period of 0:14:51.800 --> 0:14:55.520 January through to May, I saved another twenty thousand. And 0:14:55.560 --> 0:14:58.000 it was a conscious effort because I had given myself 0:14:58.040 --> 0:15:01.040 this goal. So at it is point in time, to 0:15:01.080 --> 0:15:04.680 my surprise, i'd already reached my forty thousand goal and 0:15:04.720 --> 0:15:07.800 we hadn't reached midway through the year yet, so I 0:15:07.840 --> 0:15:10.280 figured I needed to up the ante a little bit. 0:15:10.720 --> 0:15:13.120 And one of the other things that I had done 0:15:13.160 --> 0:15:16.560 a few years ago, and I absolutely do not recommend 0:15:16.600 --> 0:15:19.440 this for any of your listeners, but I had decided 0:15:19.640 --> 0:15:22.520 whenever I had some extra money, i'd drop it into crypto, 0:15:22.600 --> 0:15:24.760 and it was mostly at that time Bitcoin, and it 0:15:24.800 --> 0:15:26.800 was just for a bit of fun, I guess, and 0:15:26.880 --> 0:15:30.120 I was not taking it seriously, and I absolutely was 0:15:30.200 --> 0:15:34.280 comfortable with the idea of losing this, So you know, 0:15:34.320 --> 0:15:37.640 it wasn't my life, sis or anything. And I do 0:15:37.800 --> 0:15:41.720 know now how volatile it is. So it sounds crazy 0:15:42.160 --> 0:15:45.840 to sound minded people like yourself and Peter that you know, 0:15:45.960 --> 0:15:48.880 crypto is kind of not the thing to be involved in. 0:15:49.360 --> 0:15:51.560 But it was only like, you know, fifty dollars here, 0:15:51.600 --> 0:15:54.760 twenty dollars here, or one hundred dollars here. And to 0:15:54.880 --> 0:15:57.960 my surprise, that had added up over the years as well. 0:15:58.200 --> 0:16:01.480 I had done that during COVID. Bitcoin was quite low 0:16:01.480 --> 0:16:05.840 over that period, so after I had read your books, 0:16:06.000 --> 0:16:09.960 I thought, geez, I better get out of this. Luckily, 0:16:10.120 --> 0:16:12.480 at the time when I sold this, it was in 0:16:12.520 --> 0:16:15.720 April this year, Bitcoin was going to be halved, and 0:16:15.800 --> 0:16:19.200 to cut along story short, that happens every four years, 0:16:19.240 --> 0:16:22.280 and it's meant to reduce the supply of new bitcoins, 0:16:22.280 --> 0:16:25.720 which in theory, if the demand doesn't change, should increase 0:16:25.760 --> 0:16:29.400 the price. Anyway, absolutely not a valid reason to hold bitcoin. 0:16:29.920 --> 0:16:33.120 That was definitely definitely a good time for me to sell. 0:16:33.440 --> 0:16:35.920 So I sold those and that's how I built that 0:16:36.000 --> 0:16:38.920 share portfolio for that wealth. Build your account up to 0:16:39.320 --> 0:16:42.520 one hundred thousand, and yes, I will need to pay 0:16:42.520 --> 0:16:44.760 capital gains tax on that when I did my tax 0:16:44.760 --> 0:16:48.240 return this year, so I'll probably be investing in my 0:16:48.280 --> 0:16:50.360 shop portfolio is just a little bit less than one 0:16:50.400 --> 0:16:53.920 hundred thousand before I actually commenced that, Gurney, And how 0:16:54.000 --> 0:16:54.240 did you. 0:16:54.280 --> 0:16:57.040 Work out the investments, because I think a lot of people, 0:16:57.080 --> 0:16:58.600 you know, they get opened up the account, but then 0:16:58.640 --> 0:17:01.080 they sort of hit a brick when they work out, Okay, 0:17:01.120 --> 0:17:02.280 what am I going to buy first? 0:17:02.400 --> 0:17:06.960 Or yes, I still haven't. I still haven't done that. 0:17:07.040 --> 0:17:10.159 And it's a combination of I just like we'll like 0:17:10.240 --> 0:17:13.800 to be diversified. In Peter's book, Kick kind of suggests 0:17:13.800 --> 0:17:17.840 going against the ETF because the dividends need to be 0:17:17.920 --> 0:17:22.200 distributed one hundred percent, while LICs can hold onto them. 0:17:22.520 --> 0:17:25.240 And it's a bit more consistent as long as it's 0:17:25.320 --> 0:17:30.440 diversified and industrial some ETFs and some LICs. So it's 0:17:30.480 --> 0:17:34.080 probably something that I will speak to you offline about, Kenna. 0:17:34.359 --> 0:17:39.480 Okay, no problem, absolutely, So how do you then balance 0:17:39.600 --> 0:17:41.920 your financial goals with you know, the day to day 0:17:41.960 --> 0:17:45.439 expenses and responsibility that comes with you know, raising a family, 0:17:45.680 --> 0:17:47.879 you know, growing beautiful girls. 0:17:48.320 --> 0:17:51.280 Yeah, I do appreciate that money and finances are really 0:17:51.280 --> 0:17:55.720 only a small part of the responsibility of raising a family. However, 0:17:56.080 --> 0:17:58.360 if this part of our life isn't working. It does 0:17:58.400 --> 0:18:01.360 put stress on parents, which which makes it really difficult 0:18:01.359 --> 0:18:03.879 to focus on our more important aspects of raising the 0:18:03.960 --> 0:18:06.600 family and really being present. I know that I don't 0:18:06.600 --> 0:18:09.000 want my finances to get in the way of enjoying 0:18:09.000 --> 0:18:12.280 my life with my kids. So for me, the best 0:18:12.280 --> 0:18:15.080 way to balance these goals is to have clarity and 0:18:15.200 --> 0:18:19.119 understand my why. So make sure my goals are smart goals. 0:18:19.160 --> 0:18:22.960 You know, they're specific, they're measurable, they're achievable, and then 0:18:23.040 --> 0:18:26.680 put in systems in place which are automated and almost 0:18:27.080 --> 0:18:30.080 allow this to run on autopilot in the background. So 0:18:30.600 --> 0:18:34.360 I've set some guidelines for myself and I'm satisfied when 0:18:34.440 --> 0:18:37.200 I'm able to adhere to these eighty percent of the time. 0:18:37.640 --> 0:18:40.040 I don't need to let perfect Really can I get 0:18:40.080 --> 0:18:42.720 in the way of good It rather take more small 0:18:42.720 --> 0:18:45.840 steps in the right direction than to be paralyzed by perfection. 0:18:46.800 --> 0:18:51.480 So for me, that balance looks like this. I have 0:18:52.080 --> 0:18:55.080 one loose budget, and I'm completely honest when I say 0:18:55.080 --> 0:18:57.000 it's loose, So if I can stick with it eighty 0:18:57.000 --> 0:18:59.680 percent at the time, I'm satisfied. I really don't kick 0:18:59.720 --> 0:19:01.919 myself if I don't get there. One hundred percent of 0:19:01.960 --> 0:19:05.560 the time, you'd probably rip my budget to Shred's kenna. 0:19:05.720 --> 0:19:10.480 But flexibility that works for me. Number two is I 0:19:10.520 --> 0:19:13.520 do have clear financial goals, so I know my number 0:19:13.560 --> 0:19:16.320 for my emergency fund, I know my number for my 0:19:16.480 --> 0:19:20.920 retirement and I assign specific amounts and timelines to these goals. 0:19:20.920 --> 0:19:24.040 So that's short medium along by no means does this 0:19:24.080 --> 0:19:27.320 imply that these are always looking amazing. Some of these 0:19:27.400 --> 0:19:30.160 numbers are far from amazing, and they are very much 0:19:30.160 --> 0:19:32.639 a work in progress. Number three, I automate as much 0:19:32.680 --> 0:19:34.560 as I can, so I don't get too involved on 0:19:34.600 --> 0:19:37.680 a daily basis, because, as you know, working full time, 0:19:37.800 --> 0:19:40.600 being a solo mum and just managing to make dinner 0:19:40.640 --> 0:19:43.040 and do the washing keeps me busy enough. Number four 0:19:43.119 --> 0:19:46.199 is I have quite a thorough monthly check in, and 0:19:46.200 --> 0:19:48.560 that's good enough for me. I really look forward to 0:19:48.600 --> 0:19:51.120 this and I enjoy doing a deep dive. I get 0:19:51.160 --> 0:19:54.320 paid once a month, so this works with my pay cycle. 0:19:55.160 --> 0:19:58.000 I check if I'm on track, I see what needs tweaking. 0:19:58.560 --> 0:20:01.800 Some months I might over and some months sold them 0:20:01.840 --> 0:20:05.359 cut back the following month. And it's easy with banking 0:20:05.359 --> 0:20:08.640 apps these days to see or spend categories. It also 0:20:08.680 --> 0:20:11.600 gives me an opportunity to celebrate the milestones two when 0:20:11.640 --> 0:20:17.120 I do this monthly checking. Oh absolutely yeah, and this 0:20:17.240 --> 0:20:20.240 year I have this particular goal. And so then I've 0:20:20.280 --> 0:20:23.840 practiced mindful spending more than I ever have before. I 0:20:23.920 --> 0:20:27.600 consider the value and necessity of purchasing before I go ahead. 0:20:27.680 --> 0:20:30.719 So the focus has been on time with the kids 0:20:31.080 --> 0:20:34.840 once eighteen, as I said once fifteen. So I'm mindful 0:20:34.960 --> 0:20:38.359 that whatever we spend on is about sharing experiences, you know, 0:20:38.560 --> 0:20:42.480 time with them, going away and really building lifelong memories. 0:20:43.520 --> 0:20:46.119 Look, I mean everything you say is so on point, 0:20:46.240 --> 0:20:49.000 and you know, I particularly love the fact that you 0:20:49.040 --> 0:20:52.439 point out how you know understanding your why. You know, 0:20:52.520 --> 0:20:54.439 what does freedom look like for you? What does it 0:20:54.440 --> 0:20:54.879 feel like? 0:20:54.960 --> 0:20:55.800 And I think when. 0:20:55.640 --> 0:20:59.159 People connect with the meaning behind and what will the 0:20:59.240 --> 0:21:01.880 value that will give you and the benefits and the relief, 0:21:02.000 --> 0:21:08.480 the freedom, the choice, all those fantastic choices and luxuries 0:21:08.520 --> 0:21:12.439 that come to you, and how they are priceless, it 0:21:12.600 --> 0:21:15.240 becomes you know, it's suddenly that on the list of 0:21:15.280 --> 0:21:16.879 things to do, it comes up to being you know, 0:21:17.000 --> 0:21:19.439 number two or three rather than number twenty seven on 0:21:19.480 --> 0:21:24.720 the list, and that checking, particularly when you're feeling deflated 0:21:24.840 --> 0:21:28.040 or defeated, even to see actually I'm all right, or 0:21:28.280 --> 0:21:30.159 actually I haven't done as bad as I thought, or 0:21:30.440 --> 0:21:33.160 actually I'm so much better off than I was last month, 0:21:33.320 --> 0:21:34.320 or this time last. 0:21:34.200 --> 0:21:36.120 Year, or even you know, five years ago. 0:21:36.600 --> 0:21:39.520 It kind of helps give you that invigoration that you 0:21:39.600 --> 0:21:41.200 are on the right track and you are doing the 0:21:41.280 --> 0:21:44.760 right things, and that faith and confidence to keep going 0:21:45.000 --> 0:21:48.160