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Speaker 1: Money mindset I think plays so much into this how

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Speaker 1: you were brought up and the money relationship that your

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Speaker 1: parents had and then therefore instilled in you. What kind

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Speaker 1: of conversations we're being had around money when you were

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Speaker 1: growing up. This is I think what's stopping a lot

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Speaker 1: of people from talking about it too, is that we're

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Speaker 1: ashamed of maybe X, Y, and Z in our personal finance,

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Speaker 1: and maybe we don't want to talk to someone about

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Speaker 1: the goal that we're working towards because we don't think

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Speaker 1: it stacks up to what someone else is working towards.

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Speaker 1: And so looking at that and being really forgiving of

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Speaker 1: yourself and kind to gentle with yourself, and understanding that

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Speaker 1: probably a lot of other people are feeling the same way,

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Speaker 1: they're just not talking about it.

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Speaker 2: Good Thanks for downloading the show. This is Better Than Yesterday.

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Speaker 2: Useful tools and useful conversations to help make your day

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Speaker 2: today better than yesterday. Every single episode since twenty and thirteen.

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Speaker 2: Mine as Olsha Gezburg and I've got a question. What

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Speaker 2: happens to you when someone asks you about money? Depending

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Speaker 2: on who you are and who's asking, that answer could

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Speaker 2: vary wildly. You might get self conscious, You might get anxious.

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Speaker 2: You might feel ashamed if you're me, you may be

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Speaker 2: full of regret. You might get totally blank, feel bored.

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Speaker 2: You might have nothing to say at all. You might

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Speaker 2: launch into an impassion ten minute long monologue about your

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Speaker 2: investments in your twenty year plan. We've all got different answers,

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Speaker 2: But I'm going to ask my guest about money today.

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Speaker 2: The way that she answers me, well, it's got to

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Speaker 2: do with stuff she's learned in her own conversations about money.

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Speaker 2: We'll get right to that after the break. Thankful listening

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Speaker 2: to the show. It's better than yesterday. Getting to my

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Speaker 2: guest Sylvia jeffrees in just a second. Just a heads

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Speaker 2: up here if you want to come to the next

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Speaker 2: Story Club show. It's on the of the July Marley Silva,

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Speaker 2: Merrick Watts, Phill O'Neil, Nadia Townsend, Zobe Notton Lodge and

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Speaker 2: myself will be at the Factory Theater on the sixth

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Speaker 2: of July six thirty pm in Merrickfield. Would love to

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Speaker 2: see you there. Jump on the Instagram to see what

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Speaker 2: the show is all about and the linkers in the

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Speaker 2: show notes if you want to get tickets While you're there.

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Speaker 2: There's a link to buy the book. Pre order the book,

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Speaker 2: So what now what? It'll be out on the fifth

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Speaker 2: of Loyalist and i'd really appreciate your help. If you

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Speaker 2: haven't got it yet, please get it. Get to get

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Speaker 2: five please. I'm recording the audiobook for it tomorrow with Cam.

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Speaker 2: It's gonna be unreal. Can't wait to tell you all

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Speaker 2: about it. So Sylvia Jeffries is my guest today. She's

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Speaker 2: a friend of the show. Are you a friend of

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Speaker 2: the show? Once you go on twice, I guess you

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Speaker 2: are friend of the show. Sylvia Jeffries, she's come here

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Speaker 2: to the house. Before this time we went and did

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Speaker 2: it over at her place at Channel Line Headquarters, North Sydney.

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Speaker 2: And today we're talking all about money because since the

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Speaker 2: last time we spoke, Sylvia has launched her own podcast,

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Speaker 2: The Payoff, which is all about extracting the most useful

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Speaker 2: lessons about money and money management from some of the

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Speaker 2: best financial minds around. And today you're going to hear

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Speaker 2: some of that wisdom and some of the most important

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Speaker 2: and most often repeated bits of advice that her guests

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Speaker 2: have shared with her. More than that, we're going to

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Speaker 2: talk about Sylvia's mindset when it comes to money, her journey,

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Speaker 2: how she dealt with it in the past, and now

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Speaker 2: what she's trying to teach her kids about it. I

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Speaker 2: got a lot of value out of this conversation with her.

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Speaker 2: I reflected a lot on my own money management or mismanagement,

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Speaker 2: depends on how you look at it. This conversation it'll

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Speaker 2: definitely get you to reflect on your own journey with money,

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Speaker 2: but it's going to do it in a way that's calm,

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Speaker 2: invites possibility. It does give you some clarity amid all

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Speaker 2: of those weird feelings we spoke about earlier. Enjoyed the chat.

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Speaker 2: The last time we spoke, you were at my house

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Speaker 2: and it was very, very lovely. What's happened since the

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Speaker 2: last time we spoke? You had? You know what plans

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Speaker 2: were there?

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Speaker 1: Well, do you know what's so funny? I was just

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Speaker 1: sitting down and writing before I came upstairs. Yeah, I

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Speaker 1: was writing an article for nine Honey about hobbies and

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Speaker 1: how I don't have any, and I was just reflecting

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Speaker 1: on this statement from Amy Pohler, who on a late

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Speaker 1: night interview once said, as a working mum, I work

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Speaker 1: and I mum and that's it, which is the use

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Speaker 1: of mum as a verb to me is just purely beautiful.

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Speaker 1: And I think that word is often overlooked as a

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Speaker 1: doing word because it is. And I get this thing

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Speaker 1: that when people ask me how you been, what's been happening,

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Speaker 1: and all I think is I work and I mum,

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Speaker 1: and there's not a one in between.

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Speaker 3: I go for runs, you know, in between. That's probably

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Speaker 3: the closest thing I have to a hobby.

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Speaker 2: Well, I let me, have you already posted the article.

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Speaker 3: No, I haven't yet.

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Speaker 2: Okay, good, look, I'll give you a line. My mum

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Speaker 2: was a doctor until you know, right to the then

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Speaker 2: when she got her diagnosis, and she used to say,

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Speaker 2: I'm not saying you are, but she would say, over

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Speaker 2: the age of forty, just you've got to make your

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Speaker 2: body your hobby.

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Speaker 3: Yeah.

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Speaker 1: Interesting, Well, that's probably that's probably what I do. I

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Speaker 1: go to the gym a couple of times a week.

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Speaker 1: I'm starting to do the heavyweights because getting close to

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Speaker 1: perimenopause age. So you know, I see it in my algorithm,

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Speaker 1: you've got to do the heavyweights. And I run and

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Speaker 1: sometimes I run with friends, and so I guess that's

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Speaker 1: a hobby.

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Speaker 2: Question and tea. That's a hobby. Cycling as a hobby.

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Speaker 2: That is a hobby.

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Speaker 1: You've got to make your body a hobby.

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Speaker 2: And she would say, look, yeah, play golf, but don't

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Speaker 2: be driving around. Of course you've got to walk that back. Yeah, okay,

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Speaker 2: whatever it is. No train sets, you know. Yeah, got

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Speaker 2: to get out there and make your body your hobby.

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Speaker 3: Hitting.

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Speaker 2: No knitting and you'll be fine. Yeah, no knitting, No,

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Speaker 2: because you're just sitting. Okay, got to keep moving, run

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Speaker 2: and knit. You can join a running slash knitting clob. Yeah,

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Speaker 2: maybe croche is probably better.

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Speaker 1: At the same time. Do you know what happened recently

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Speaker 1: was my five year old he picked up this visor

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Speaker 1: and because I always wear advisor when I run because

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Speaker 1: my hair short, it like falls out and gets my eyes.

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Speaker 1: I can't bear having my hair in my face. And

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Speaker 1: he associates visors with running. And he got a visor

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Speaker 1: and he said, Mama, I can go for a run

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Speaker 1: with you now. And I was like, all right, let's go.

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Speaker 1: And so we ran like along the beach track for

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Speaker 1: about two and a half k's. We would walk up

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Speaker 1: hills and then we'd run a little bit and stop

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Speaker 1: at every bubbler, and you know, it was very stop start,

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Speaker 1: but he just was the happiest I've ever seen and

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Speaker 1: it gave me so much mum joy. And we got

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Speaker 1: to the end and I was like, all right, buddy,

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Speaker 1: should we go meet Dadda and he can drive us home?

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Speaker 1: And he goes, no, I want to run all the

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Speaker 1: way back again, and we ran all the way back.

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Speaker 2: Five one year old case.

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Speaker 1: Yeah, it was amazing and it's it is the best

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Speaker 1: five k's I've ever run.

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Speaker 3: And I love that. I guess it is let's call

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Speaker 3: it a hobby. Running is my hobby.

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Speaker 1: I guess that by doing that, I'm doing something that

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Speaker 1: I can, you know, get him involved in and maybe

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Speaker 1: set some good examples for him as well in terms

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Speaker 1: of exercise and looking after yourself. And for me it's

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Speaker 1: a mental healthy And we've spoken about this before. Running

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Speaker 1: is like my absolute circuit breaker when I'm having a

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Speaker 1: bad day, and so hopefully he gets something positive out

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Speaker 1: of that.

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Speaker 3: But it's something I can do with him now, and

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Speaker 3: I love that.

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Speaker 2: What a fantastic what a fantastic memory to Bill, What

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Speaker 2: a great thing to model, and what a fun thing

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Speaker 2: to do. Yeah, I mean, he's going to really fuck

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Speaker 2: up your Strava. You're going to have Oh, I like

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Speaker 2: com on buddy.

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Speaker 1: Oh no, I didn't record that, right, Yeah, yeah, No,

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Speaker 1: that's not a run for I'm just an other account. Yeah,

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Speaker 1: it can just be under his name account exactly for

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Speaker 1: him up. Yeah, you can't mess with my stats.

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Speaker 2: You never have those end of your titles. You go, oh,

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Speaker 2: it's like he was a ten thousand still he's a

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Speaker 2: ten thousand kilometer cyclist. To get ten thousand a year cycling, wow,

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Speaker 2: and he's still doing it. He's like ten years of it.

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Speaker 3: Incredible.

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Speaker 2: What that's a lot a lot of volume.

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Speaker 3: Yeah, he doesn't need a five year old sewing.

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Speaker 2: Down, but I do love that. And maybe it's the visor,

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Speaker 2: maybe something in the visor, but the whole is perhaps

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Speaker 2: why the hobby is a thing, is it is an

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Speaker 2: identity aside from the job and the mummy.

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Speaker 3: And the mumming exactly. You need something in between.

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Speaker 2: Yes, it also helps, and it's one of the things

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Speaker 2: that I would always talk about when it's if you're

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Speaker 2: looking for the motivation of something. I'm the kind of

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Speaker 2: person who I'm the kind of person who gets up

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Speaker 2: in the morning and trains all right, I would I

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Speaker 2: have kettlebells downstairs. I'm kind of not gone to the

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Speaker 2: gym at the moment because it's just too inconsistent. But

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Speaker 2: I'm the kind of person who gets up at five,

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Speaker 2: go downstairs, and I's wing kettle bells. That's great, And

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Speaker 2: you tell yourself that for a couple of weeks, and

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Speaker 2: then soon enough, I'm going to bed. Why because I

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Speaker 2: get up in the morning and do kettle bells and

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Speaker 2: it starts to become part of your identity. So it's

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Speaker 2: a part of your identity that is purely for you

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Speaker 2: and for something you enjoy, and it's not one of

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Speaker 2: the other two things. You can kind of get lost

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Speaker 2: in it.

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Speaker 1: And you know, a lot of people bag out people

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Speaker 1: for posting their stratostats on Instagram and things like that,

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Speaker 1: but I get it because it is it is that

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Speaker 1: thing that gives you joy in life and a non

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Speaker 1: social media sharing the things that you enjoy and not

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Speaker 1: everyone needs to know how fast or slow is probably

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Speaker 1: the better word. I run okay over ten k's or whatever,

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Speaker 1: But I guess it is. It's a big part of

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Speaker 1: who you are and what you do that sparks joy.

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Speaker 1: In inverted comments, ye in your life. In between the

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Speaker 1: working and the parenting and the folding of laundry and

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Speaker 1: the stacking of the dishwasher and everything else. It's that

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Speaker 1: bit that you know, gives you some freedom and some

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Speaker 1: joy and some space.

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Speaker 2: It's important, it is. And that's also I find a

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Speaker 2: lot where the answers to questions show up. Does that

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Speaker 2: happen for.

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Speaker 3: You all the time?

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Speaker 1: Yeah, I do a lot of I mean, I mostly

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Speaker 1: listen to podcasts on my runs these days, because for

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Speaker 1: me it feels like two birds one stone. I'm learning

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Speaker 1: while I'm running, and you know, you're trying to maximize

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Speaker 1: your time in life. But I do do a lot

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Speaker 1: of thinking, and it is when I get clarity on

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Speaker 1: a lot of things. It's when I do have ideas.

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Speaker 1: It's when I think about guests for podcasts or for Today.

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Speaker 3: Extra or things like that.

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Speaker 1: It stimulates your brain in a way that nothing else can,

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Speaker 1: that's for sure.

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Speaker 2: So was it you know, on a run when you

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Speaker 2: were thinking about I'm going to I'm going to get

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Speaker 2: into the world of financial podcast.

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Speaker 3: Well, it's probably listening.

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Speaker 1: It was on a run listening to a lot of

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Speaker 1: financial podcasts, all right. I think that definitely played into it,

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Speaker 1: but it was also it was being on Today Extra

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Speaker 1: and speaking almost on a weekly basis for a period

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Speaker 1: of time. There about this generational wealth gap that is

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Speaker 1: really evident in our society right now and is highly

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Speaker 1: emotive as well. Younger generations feel like they're being locked

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Speaker 1: out and are really upset about it for good reason,

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Speaker 1: and then older generations. Sometimes some people in the older

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Speaker 1: generations think, well, we had big challenges too, you know,

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Speaker 1: it's not just them who've had it hard, and so

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Speaker 1: you've got both sides kind of in this tug of

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Speaker 1: war on this issue. So anyway, there's a lot there

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Speaker 1: to explore. I genuinely do think that young Australians face

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Speaker 1: really high and unique hurdles to financial independence and financial

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Speaker 1: security in the long term. There's no doubt. And you

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Speaker 1: only have to look in the news today. The average

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Speaker 1: or the median capital city collective price in Australia has

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Speaker 1: now hit them one million dollar. Man, it's almost one

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Speaker 1: million dollars for the average house in Brisbane, which is

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Speaker 1: now the second most expensive city in Australia. Sydney is

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Speaker 1: the second least affordable city in the world. So like

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Speaker 1: we are, it's not just something of our imagination among

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Speaker 1: young people in Australia.

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Speaker 3: This is a real issue.

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Speaker 1: It has really gotten away from us, and so there's

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Speaker 1: so much to address, I think, in this issue. But

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Speaker 1: what I really wanted to do was not just explore

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Speaker 1: the issue, but find some people who are really smart

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Speaker 1: in this area, who can offer some practical solutions and

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Speaker 1: maybe some ideas about how to work within the current

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Speaker 1: goalposts in a different and more creative way than perhaps

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Speaker 1: our parents did.

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Speaker 2: Because anyone would argue that the argument on the other

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Speaker 2: side is that well, everyone is and always has been

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Speaker 2: operating within the goalposts that have been set up and cracky.

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Speaker 2: At the story Club show at Your Minder the other night,

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Speaker 2: we were driving in there and I turned to Zoe,

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Speaker 2: who was the co founder. We were driving up together.

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Speaker 2: I said, like, thirty years ago, you could own a

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Speaker 2: house in Sydney and have bought a weekend or up

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Speaker 2: here on one kind of middle class income wage like

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Speaker 2: a teacher or a train driver or someone who just

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Speaker 2: you know, that kind of thing, and that was fine,

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Speaker 2: and it was a very common thing to have a

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Speaker 2: shack or a small house either on the central Coast

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Speaker 2: or south of Sydney or in Queensland down on the

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Speaker 2: Goldie like everybody. My folks did not, but we were

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Speaker 2: uncommon ones. But he heard of an apartment on the

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Speaker 2: Goldie and they did that with one wage, and they

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Speaker 2: were operating within the rules of the time. And then

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Speaker 2: the rules of the time shifted quite significantly, and the

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Speaker 2: promise of what you get if you work hard and

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Speaker 2: apply yourself has verry has changed a lot.

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Speaker 1: And I think what you say there is a big

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Speaker 1: part of why this discussion is so emotive, because it's

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Speaker 1: this concept of if you work hard, you will achieve

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Speaker 1: your goals, and a lot of people don't feel that

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Speaker 1: that is a reality anymore. You can work hard, and

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Speaker 1: you can work hard, and that home ownership is still

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Speaker 1: going to be out of reach because in Sydney, you know,

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Speaker 1: the average price is now close to all according to

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Speaker 1: this stat that came out today, is close to one

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Speaker 1: point five million. That's around thirteen times the average salary.

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Speaker 1: You know, our parents were buying homes at about three

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Speaker 1: or four times the average salary. And yes they had

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Speaker 1: insane interest rates back then, but the principle was so

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Speaker 1: much more achievable, and therefore the idea of saving for

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Speaker 1: a deposit was so much more achievable as well. So

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Speaker 1: it is way out of whack with salaries and wages

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Speaker 1: at the moment, and that's where there is a huge

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Speaker 1: hurdle for young people.

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Speaker 2: I understand why, and I see, you know, with g

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Speaker 2: she's twenty one and I've been living at home. I

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Speaker 2: was living with my girlfriend at that time. I've been

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Speaker 2: living out over for two years by then, and I

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Speaker 2: was late, you know. But when I did move at

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Speaker 2: home when I was nineteen, I lived three k's from

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Speaker 2: my family. Yeah, not forty k's from my family. I

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Speaker 2: don't think if Jim moved down, unless she moved in

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Speaker 2: with eight people, she should be able to live anywhere

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Speaker 2: near her uni, her work, or her friends. So who's

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Speaker 2: going to do that. Who's going to distance themselves and

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Speaker 2: you know, from their community and what keeps them safe

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Speaker 2: and what thrives them and nourishes them. It's not going

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Speaker 2: to happen.

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Speaker 3: Well.

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Speaker 1: People will stay at home with their parents longer, right,

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Speaker 1: And there is obviously an increasing number of people who

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Speaker 1: are relying on the bank of mum and dad. Not

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Speaker 1: everyone has that luxury, and then you have issues developing.

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Speaker 1: This is something I've spoken to some of my guests

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Speaker 1: about on the payoff these other issues at the other end,

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Speaker 1: where some parents are being too generous you know, God

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Speaker 1: loved them, you know, trying to give their kids a

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Speaker 1: leg up and end up getting themselves into financial stress.

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Speaker 1: And we know that women over the age of fifty

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Speaker 1: five are the most likely to the fastest rising group

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Speaker 1: of homelessness in Australia. So you've got issues at every

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Speaker 1: end of the scale here because of the disparity between

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Speaker 1: generations at the moment.

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Speaker 2: There's so many other factors when you think about it

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Speaker 2: as well. If I like when I moved out at nineteen,

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Speaker 2: it was an important lesson for me to learn. Oh oh,

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Speaker 2: I can't brush my teeth because I don't have toothpaste.

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Speaker 2: I don't have toothpast because I haven't brought any I

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Speaker 2: haven't born it because I haven't got any money. Ah right,

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Speaker 2: better sort this out. The consequences for not getting your

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Speaker 2: shit together around your money are immediate. Yeah, though that

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Speaker 2: kind of rubber band or the bottom isn't ever really there.

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Speaker 2: Sometimes if the kids never leave home, and what does

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Speaker 2: that do if you're you know, it's a bit old school.

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Speaker 2: They leave home straight into a marital home. What does

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Speaker 2: that do for someone.

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Speaker 1: Who you're kind of missing that stage of life where

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Speaker 1: you're out there really without a parachute, learning everything the

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Speaker 1: hard way, right.

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Speaker 2: Yeah, Yeah. What was your money story like when you're

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Speaker 2: a young woman when you start working.

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Speaker 1: Well, my first experience with that was I was seventeen

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Speaker 1: when I went on my gap year. So as soon

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Speaker 1: as I finished school in Queensland, a lot of us

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Speaker 1: finished when we were seventeen, and I went straight to.

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Speaker 2: A lot smarter exactly. We're just far more advanced and

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Speaker 2: more mature.

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Speaker 3: Exactly generally exactly.

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Speaker 1: So yeah, So I moved to England as a seventeen

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Speaker 1: year old, turned eighteen in the April of my gap

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Speaker 1: year and worked in a school, earning eighty eight pounds

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Speaker 1: a week, which was technically I was being reimbursed expenses

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Speaker 1: and so sort of scraping through on a pittance. And

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Speaker 1: I think my memory, obviously of my gap year is

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Speaker 1: at times hazy for obvious reasons. But I think I

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Speaker 1: only had to call my mum once for a lifeline,

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Speaker 1: for a can you to send me a little bit

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Speaker 1: of money? And I think it was halfway through my

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Speaker 1: summer Kentiquy tour, calling from a phone in Corfu. I

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Speaker 1: was going to say yeah, but yeah I did, I

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Speaker 1: mean geez. I learned some really hard lessons on budgeting

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Speaker 1: on that trip. But then when I came home. It

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Speaker 1: wasn't long after that that I moved in with a

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Speaker 1: friend for a while, and I kind of went in

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Speaker 1: and out of mum's place for a few years.

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Speaker 3: But I was working in pubs.

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Speaker 1: I was working at nine really early on, as soon

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Speaker 1: as I started UNI as well, so I had a

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Speaker 1: part time job there, so I was managing my own

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Speaker 1: budget very early. But I also as soon as I

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Speaker 1: turned fourteen nine months, I went and got a job

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Speaker 1: at Macer's right. Because we didn't have many like luxuries

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Speaker 1: in our family growing up and third child, youngest of

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Speaker 1: nine cousins, I wore a lot of hand me downs,

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Speaker 1: but I loved clothes, so I wanted to be able

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Speaker 1: to buy my own clothes and it so I went

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Speaker 1: straight and got a job. And that's probably not great

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Speaker 1: because I didn't really learn to say very well. I

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Speaker 1: spent a lot of what I earned. I was never

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Speaker 1: going beyond my means, but I didn't have good practices

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Speaker 1: with savings. And I look back on that and I think, oh,

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Speaker 1: that's probably an area I could have done better at.

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Speaker 2: It was a couple of times my phone got cut off,

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Speaker 2: a couple of times my power got cut off early

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Speaker 2: on as a consequence of like, oh, craker, haven't very

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Speaker 2: mismanaged bills. My filing system involved putting the unopened envelope

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Speaker 2: in a drawer and it it got cut off, then

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Speaker 2: it was time to pay. Yeah, that was how I

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Speaker 2: kind of did it. But there was a point that

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Speaker 2: showed up. It was once. It wasn't until I got

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Speaker 2: to Channel V, to be honest, and I started working

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Speaker 2: in television, and even then it wasn't for a lot

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Speaker 2: of money. But I stopped worrying about my phone getting

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Speaker 2: cut off. And that is a danger period then, because

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Speaker 2: you've now got this ballast that can absorb silly decisions,

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Speaker 2: and that's where I really needed to have kind of

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Speaker 2: habits you're probably talking about, but I didn't.

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Speaker 1: Yeah, I think it's funny, isn't. I mean it's these

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Speaker 1: are things that you kind of look back on now

399
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Speaker 1: and you can see them for what they were. And

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Speaker 1: I think probably for most of my life, I've been

401
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Speaker 1: afraid of debt and afraid of financial risk, investment like,

402
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Speaker 1: investing was never a part of my plan in my twenties.

403
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Speaker 1: It was something for rich people. You know, investing is

404
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Speaker 1: for rich people, for people who have bucket loads of

405
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Speaker 1: spare money. I can see now I'm thirty nine that

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Speaker 1: investing isn't just for rich people. It's something you could

407
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Speaker 1: start when you're twenty one with fifty dollars or one

408
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Speaker 1: hundred dollars a month and start putting it away, you know,

409
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Speaker 1: just automatically send that off into an account to invest

410
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Speaker 1: and over the next thirty years you're going to reap

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Speaker 1: the rewards of that, right, But none of that was

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Speaker 1: on my horizon when I was twenty and especially in

413
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Speaker 1: my late twenties living in Bondai in a bachelorette pad

414
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Speaker 1: with a couple of girlfriends, living our best lives. You know,

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Speaker 1: I did have a credit card for a period of

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Speaker 1: time living in Bondai, which was for those months when

417
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Speaker 1: I just went a little bit over. I had a

418
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Speaker 1: very firm limit on it. It was only a small one,

419
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Speaker 1: but that was probably the worst of my money management.

420
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Speaker 1: But I was in a bit of a yolo period

421
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Speaker 1: of my life. I would describe it as and again

422
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Speaker 1: I could have been much smarter with how I was

423
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Speaker 1: prioritizing my money, and in hindsight, I have some regrets

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Speaker 1: over that, but thankfully I was able to get on

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Speaker 1: top of it easily because I kept a very firm

426
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Speaker 1: limit on that. But I think that goes back to

427
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Speaker 1: me being afraid of money growing up, being afraid of debt,

428
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Speaker 1: being afraid.

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Speaker 2: Of risk it on.

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Speaker 1: Oh, just desperate for financial security, I think, and my

431
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Speaker 1: mum modeled that to me.

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Speaker 3: She was very frugal.

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Speaker 1: She had to watch every penny and she did and

434
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Speaker 1: she was very open with us about that when we

435
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Speaker 1: were growing up too, So I was very aware of,

436
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Speaker 1: I guess, what it was to budget for a family

437
00:20:55,520 --> 00:20:58,480
Speaker 1: and what it is to meet your bills and your responsibilities,

438
00:20:58,520 --> 00:21:01,600
Speaker 1: and you know, that was really stressful for her at times,

439
00:21:02,640 --> 00:21:06,160
Speaker 1: but she got us through without ever having.

440
00:21:06,040 --> 00:21:06,840
Speaker 3: To pull the ripcord.

441
00:21:06,920 --> 00:21:11,240
Speaker 1: You know, we were always comfortable and we were always

442
00:21:11,240 --> 00:21:13,639
Speaker 1: given every opportunity in life as a result of that,

443
00:21:13,640 --> 00:21:15,439
Speaker 1: because Mum made sure that we had the space for that.

444
00:21:15,560 --> 00:21:17,720
Speaker 1: So and how to prioritize, you know, the really important

445
00:21:17,720 --> 00:21:22,000
Speaker 1: things in life as well. So so I guess through osmosis,

446
00:21:22,119 --> 00:21:23,000
Speaker 1: maybe that's where.

447
00:21:22,840 --> 00:21:23,480
Speaker 3: That comes from.

448
00:21:23,560 --> 00:21:26,360
Speaker 2: She worked and she mummed, she worked and she mum

449
00:21:26,520 --> 00:21:27,399
Speaker 2: mommed hard.

450
00:21:27,280 --> 00:21:29,119
Speaker 3: She mummed really hard.

451
00:21:29,400 --> 00:21:31,760
Speaker 2: Yeah, yeah, the same with the same with you know,

452
00:21:32,080 --> 00:21:35,160
Speaker 2: my mom had four four kids and I was doing

453
00:21:35,200 --> 00:21:39,919
Speaker 2: it alone from when the eldest was thirteen, and she

454
00:21:40,080 --> 00:21:43,879
Speaker 2: worked so hard man and gave us the opportunities, like

455
00:21:43,920 --> 00:21:45,879
Speaker 2: if we were interested in something and showed interest, she

456
00:21:45,880 --> 00:21:48,159
Speaker 2: would go, okay, you to go give it a go,

457
00:21:48,320 --> 00:21:52,400
Speaker 2: and understood. You talk about investing, but understood investing in

458
00:21:52,440 --> 00:21:56,159
Speaker 2: your kid's interest in what engages them has such a

459
00:21:56,200 --> 00:21:59,560
Speaker 2: compounding effect in their life. You want to with me

460
00:21:59,640 --> 00:22:01,120
Speaker 2: for we're going to with music, Like you really want

461
00:22:01,119 --> 00:22:03,040
Speaker 2: to learn this, You're going to Okay, I'll buy the instrument,

462
00:22:03,080 --> 00:22:05,240
Speaker 2: all right, You're going to practice, you're gonna do it, okay, okay, great?

463
00:22:05,359 --> 00:22:08,359
Speaker 2: What did you play guitar at first? Then bass and

464
00:22:08,400 --> 00:22:11,679
Speaker 2: then everything else? But that's what led to everything, right,

465
00:22:12,160 --> 00:22:14,840
Speaker 2: and that the idea of performance, in connecting with people

466
00:22:15,440 --> 00:22:18,840
Speaker 2: through performance was it but her belief in me to

467
00:22:18,880 --> 00:22:20,479
Speaker 2: do that, and she did it with at my brothers.

468
00:22:20,560 --> 00:22:22,920
Speaker 2: Whatever we were kind of into. She worked to the

469
00:22:22,960 --> 00:22:24,920
Speaker 2: point where like and if we weren't interested in it,

470
00:22:26,040 --> 00:22:29,680
Speaker 2: you know, it's okay, I wanted to give you that. Yeah,

471
00:22:29,720 --> 00:22:33,760
Speaker 2: and investing. Can you also talking about investing When it

472
00:22:33,760 --> 00:22:36,240
Speaker 2: came to sending Jeta, we managed to get her into

473
00:22:37,080 --> 00:22:40,720
Speaker 2: a Fancays school in area. So the reason we lived

474
00:22:40,720 --> 00:22:41,960
Speaker 2: in the apartment for those years.

475
00:22:42,040 --> 00:22:44,760
Speaker 3: Yeah, sacrifices priorities.

476
00:22:44,520 --> 00:22:48,000
Speaker 2: Is that really it's kind of the last financial decision

477
00:22:48,040 --> 00:22:51,240
Speaker 2: you can really make to influence the outcome in life

478
00:22:51,359 --> 00:22:55,680
Speaker 2: really after their eighteen that's on them. But we looked

479
00:22:55,680 --> 00:22:58,280
Speaker 2: at at that as an investment. Absolutely looked at that

480
00:22:58,400 --> 00:23:00,600
Speaker 2: as an investment. It's not always about index funds and.

481
00:23:00,800 --> 00:23:03,359
Speaker 3: Exactly you know, yeah.

482
00:23:02,640 --> 00:23:04,840
Speaker 2: That sort of thing. It's investing in your kid's future

483
00:23:04,920 --> 00:23:07,520
Speaker 2: and investing in the outcomes that they might have that

484
00:23:07,520 --> 00:23:10,520
Speaker 2: they might be independent themselves one day for sure. When

485
00:23:10,560 --> 00:23:13,680
Speaker 2: you you mentioned the late twenties period and whether that's

486
00:23:13,760 --> 00:23:17,919
Speaker 2: yet to come for you or it's in your past, whether.

487
00:23:17,720 --> 00:23:19,600
Speaker 3: My late twenties are in my past.

488
00:23:19,400 --> 00:23:24,080
Speaker 2: Well, yeah, as far as money management goes, yes, there's

489
00:23:24,119 --> 00:23:26,800
Speaker 2: always there's always money to party at some point, Like

490
00:23:26,880 --> 00:23:30,520
Speaker 2: there's always.

491
00:23:29,040 --> 00:23:31,640
Speaker 1: Going to go and have Sunday afternoon drinks down at

492
00:23:31,680 --> 00:23:33,520
Speaker 1: the North Bonda RSL with your mates.

493
00:23:33,720 --> 00:23:35,360
Speaker 3: You know you're not going to pass that up.

494
00:23:35,600 --> 00:23:39,440
Speaker 2: No, you always find the money somewhere to pay for

495
00:23:39,440 --> 00:23:42,800
Speaker 2: a couple of points or you know whatever. Extracurricular Yeah,

496
00:23:43,480 --> 00:23:44,560
Speaker 2: I guess I could stretch.

497
00:23:44,320 --> 00:23:45,840
Speaker 3: You to that rose. Couple of roses.

498
00:23:45,880 --> 00:23:49,080
Speaker 2: Yeah, yeah, yeah, just yeah, sure. I mean there's under session. Okay,

499
00:23:49,080 --> 00:23:51,840
Speaker 2: we can split a capture and then the daisy it's midnight.

500
00:23:52,200 --> 00:23:53,840
Speaker 3: Yeah, yeah, for sure.

501
00:23:54,000 --> 00:23:56,280
Speaker 1: But do you know, like back in that stage of

502
00:23:56,280 --> 00:24:00,440
Speaker 1: my life, no one in my circle was talking about

503
00:24:00,840 --> 00:24:03,679
Speaker 1: their financial goals. No one was talking and maybe I

504
00:24:03,720 --> 00:24:06,400
Speaker 1: don't know where the line is here with men and women.

505
00:24:07,680 --> 00:24:09,679
Speaker 1: I know certainly more now in my age bracket, you

506
00:24:09,720 --> 00:24:12,680
Speaker 1: get more men talking over a barbecue about what they've

507
00:24:12,680 --> 00:24:15,280
Speaker 1: invested in or what's happening in the market with X,

508
00:24:15,359 --> 00:24:18,520
Speaker 1: Y and Z, and not so much with women. But

509
00:24:18,600 --> 00:24:21,159
Speaker 1: it is starting among my friendship circle now. And I

510
00:24:21,240 --> 00:24:23,760
Speaker 1: feel like we should have been having these conversations twenty

511
00:24:23,880 --> 00:24:27,320
Speaker 1: years ago because it would have given a lot of

512
00:24:27,400 --> 00:24:30,959
Speaker 1: us more of a head start with some things they

513
00:24:31,040 --> 00:24:34,280
Speaker 1: are And now that I understand more about this area

514
00:24:34,600 --> 00:24:37,040
Speaker 1: of life as well, I can see the benefits of

515
00:24:37,160 --> 00:24:39,160
Speaker 1: being a part of this conversation in your twenties.

516
00:24:39,160 --> 00:24:40,520
Speaker 3: And that's again another part.

517
00:24:40,800 --> 00:24:44,480
Speaker 1: Another reason for the podcast is opening up the conversation

518
00:24:44,680 --> 00:24:47,720
Speaker 1: around money, which is so Orkies and so uncomfortable for

519
00:24:47,840 --> 00:24:50,760
Speaker 1: so many people to others who might not be having

520
00:24:50,800 --> 00:24:53,840
Speaker 1: these conversations with their friends or their family because it

521
00:24:53,960 --> 00:24:57,600
Speaker 1: isn't a natural part of a conversation for a lot

522
00:24:57,600 --> 00:25:01,720
Speaker 1: of people, even in this day and age when but

523
00:25:01,840 --> 00:25:04,320
Speaker 1: I think also younger generations have no option but to

524
00:25:04,359 --> 00:25:07,520
Speaker 1: talk about it because things are so different. They have

525
00:25:07,600 --> 00:25:11,080
Speaker 1: to be honest about what goals they're setting financially and

526
00:25:11,119 --> 00:25:14,919
Speaker 1: what they're hoping to achieve and what they're doing with

527
00:25:14,960 --> 00:25:17,520
Speaker 1: the extra one hundred dollars. I know, and that seems

528
00:25:17,720 --> 00:25:19,159
Speaker 1: like a hard thing for a lot of people in

529
00:25:19,160 --> 00:25:21,399
Speaker 1: a cost of living crisis. But if you've got to

530
00:25:21,440 --> 00:25:23,320
Speaker 1: spend one hundred dollars every week, what do you do

531
00:25:23,359 --> 00:25:26,000
Speaker 1: with it? And what's the best way to get something

532
00:25:26,040 --> 00:25:27,000
Speaker 1: out of that in the long term?

533
00:25:27,080 --> 00:25:30,600
Speaker 2: Seventeen legue multi that ends on Hina the outcome of

534
00:25:30,720 --> 00:25:32,360
Speaker 2: Singapore and match.

535
00:25:34,280 --> 00:25:34,959
Speaker 3: Put it all in.

536
00:25:36,040 --> 00:25:38,800
Speaker 2: You don't understand how hard this will payoff, Jeffrey, how

537
00:25:38,880 --> 00:25:40,920
Speaker 2: much I'm going to pay out exactly going to get

538
00:25:41,080 --> 00:25:45,320
Speaker 2: back one before and more. The conversation around money as

539
00:25:46,000 --> 00:25:49,119
Speaker 2: men talking about investing. It's only now that you speak

540
00:25:49,119 --> 00:25:53,840
Speaker 2: about it. I so resisted it, or I was so.

541
00:25:54,359 --> 00:25:57,400
Speaker 2: I was bored by people who started to talk like that. Yeah,

542
00:25:57,440 --> 00:26:00,240
Speaker 2: because that represented to me, you don't care about this moment.

543
00:26:00,400 --> 00:26:02,160
Speaker 2: All you want to do is show that you're better

544
00:26:02,200 --> 00:26:05,160
Speaker 2: than me. I was a very different place in my life.

545
00:26:05,400 --> 00:26:09,800
Speaker 2: But I found it just so crass. And it was

546
00:26:10,000 --> 00:26:13,240
Speaker 2: never the idea of I'm doing this now so that

547
00:26:13,400 --> 00:26:16,960
Speaker 2: when I'm sixty, I don't have to work too hard

548
00:26:17,119 --> 00:26:19,479
Speaker 2: and me and my kids would be fine. It was

549
00:26:20,440 --> 00:26:23,680
Speaker 2: not that at all. It felt really like a pissing context.

550
00:26:23,680 --> 00:26:24,159
Speaker 3: Oh, I get it.

551
00:26:24,440 --> 00:26:27,000
Speaker 2: I hated it, so I didn't want to ever talk

552
00:26:27,000 --> 00:26:28,199
Speaker 2: about it or know anything about it.

553
00:26:28,280 --> 00:26:30,919
Speaker 1: Yeah, that's just for the finance bros. You know that

554
00:26:31,000 --> 00:26:31,560
Speaker 1: kind of chat.

555
00:26:31,720 --> 00:26:33,240
Speaker 2: And they were always tall and hot.

556
00:26:33,440 --> 00:26:38,160
Speaker 1: Yeah, gray suits called.

557
00:26:36,600 --> 00:26:39,600
Speaker 2: It John, Yes, they all rode.

558
00:26:40,040 --> 00:26:40,720
Speaker 3: I know the guy.

559
00:26:40,880 --> 00:26:44,800
Speaker 2: Yeah, I went to his wedding. He's a lovely guy.

560
00:26:45,720 --> 00:26:50,280
Speaker 1: Page it by the way, that one.

561
00:26:50,560 --> 00:26:52,560
Speaker 2: But yeah, I always found it. I didn't never understand.

562
00:26:52,560 --> 00:26:54,840
Speaker 2: I didn't see it through the lens of that was

563
00:26:54,840 --> 00:26:56,760
Speaker 2: available to me. So I felt it was like, no,

564
00:26:56,840 --> 00:27:00,359
Speaker 2: I'm excluded from this. People talk about real estate trying

565
00:27:00,359 --> 00:27:03,159
Speaker 2: to buy. I had two bass guitars stolen after a

566
00:27:03,200 --> 00:27:06,280
Speaker 2: gig once, and I was I was unemployed. I'm playing

567
00:27:06,320 --> 00:27:08,400
Speaker 2: in an Originals band in Brisbane at from the back

568
00:27:08,400 --> 00:27:11,239
Speaker 2: of the Gabba Hotel. What do I do now? How

569
00:27:11,240 --> 00:27:13,000
Speaker 2: do I I can't even play? I haven't going to

570
00:27:13,000 --> 00:27:15,240
Speaker 2: get a guitar. I actually ended up taking a personal line,

571
00:27:15,240 --> 00:27:19,479
Speaker 2: that's right. I took a person alone. Yeah, eighteen percent

572
00:27:19,600 --> 00:27:21,160
Speaker 2: or interest for.

573
00:27:21,160 --> 00:27:24,080
Speaker 3: That, but it was the only way to get back

574
00:27:24,080 --> 00:27:24,720
Speaker 3: out there and working.

575
00:27:24,760 --> 00:27:26,320
Speaker 2: Yeah, it took a long time. And then when I

576
00:27:26,320 --> 00:27:28,879
Speaker 2: hear the ads not on this podcast, but when I

577
00:27:28,920 --> 00:27:31,960
Speaker 2: hear the ads for your paycheck is yours dot com

578
00:27:32,040 --> 00:27:34,720
Speaker 2: or whatever, It's like, Noop, don't do ever do that

579
00:27:34,880 --> 00:27:38,280
Speaker 2: because that's such slippery slope. Sure is those sort of things.

580
00:27:38,280 --> 00:27:40,560
Speaker 2: What kind of things should people in your conversations you

581
00:27:40,640 --> 00:27:42,679
Speaker 2: had on your show, what kind of things do you

582
00:27:42,680 --> 00:27:45,120
Speaker 2: look do you want people to look out for as

583
00:27:45,119 --> 00:27:46,680
Speaker 2: a try to struggle for answers?

584
00:27:46,840 --> 00:27:49,480
Speaker 1: Yeah, well, I mean we sort of look at this

585
00:27:49,520 --> 00:27:53,639
Speaker 1: from every angle. We've looked at it from a Okay,

586
00:27:53,680 --> 00:27:55,600
Speaker 1: if you can't get into the property market, what are

587
00:27:55,600 --> 00:27:56,720
Speaker 1: some creative ways to do that?

588
00:27:56,800 --> 00:27:59,320
Speaker 3: We spoke to Alice Stotz from Domain about that she.

589
00:27:59,400 --> 00:28:02,879
Speaker 1: Covers off the rent vesting co ownership and how to

590
00:28:02,920 --> 00:28:05,760
Speaker 1: set up a contract for that as well to protect

591
00:28:05,760 --> 00:28:10,240
Speaker 1: yourself into the future. We've got an upcoming interview with

592
00:28:10,359 --> 00:28:13,760
Speaker 1: Jessica Irvine from Combank, who is the Queen of Budgeting,

593
00:28:14,040 --> 00:28:17,359
Speaker 1: and she's got some really great advice in there on

594
00:28:17,560 --> 00:28:21,760
Speaker 1: how to crunch down your debt first and the steps

595
00:28:21,760 --> 00:28:24,840
Speaker 1: that you need to take for financial security. If you

596
00:28:24,920 --> 00:28:29,280
Speaker 1: are in that position where you were, where you feel

597
00:28:29,280 --> 00:28:32,200
Speaker 1: like the debt is insurmountable and you've got to crunch

598
00:28:32,240 --> 00:28:35,320
Speaker 1: that before you do anything else, then she's got great

599
00:28:35,320 --> 00:28:37,560
Speaker 1: tips on that front. And then how to set up

600
00:28:37,600 --> 00:28:40,480
Speaker 1: a really healthy looking budget that allows you to understand

601
00:28:40,520 --> 00:28:44,040
Speaker 1: where every dollar is going. And it sounds really boring

602
00:28:44,080 --> 00:28:47,800
Speaker 1: and tedious, but she makes it pretty good, pretty fun,

603
00:28:47,960 --> 00:28:51,560
Speaker 1: pretty engaging, and it gives you, I think, more than anything,

604
00:28:51,680 --> 00:28:55,000
Speaker 1: a sense of control over your money. And that's the

605
00:28:55,080 --> 00:28:57,480
Speaker 1: topic we just did this week, which dropped is with

606
00:28:57,600 --> 00:29:01,880
Speaker 1: clinical psychologist Rebecca Ray because money mindset, I think plays

607
00:29:01,880 --> 00:29:04,720
Speaker 1: so much into this how you were brought up and

608
00:29:05,480 --> 00:29:08,600
Speaker 1: the money relationship that your parents had and then therefore

609
00:29:09,360 --> 00:29:12,640
Speaker 1: instilled in you what kind of conversations we're being had

610
00:29:12,760 --> 00:29:14,680
Speaker 1: around money when you were growing up. And she talks

611
00:29:14,720 --> 00:29:17,640
Speaker 1: around the shame that a lot of us carry around money,

612
00:29:18,400 --> 00:29:20,240
Speaker 1: and this is I think what's stopping a lot of

613
00:29:20,240 --> 00:29:22,720
Speaker 1: people from talking about it too, is that we're ashamed

614
00:29:22,760 --> 00:29:26,160
Speaker 1: of maybe X, Y, and z in our personal finance,

615
00:29:26,240 --> 00:29:29,320
Speaker 1: and maybe we don't want to talk to someone about

616
00:29:29,320 --> 00:29:31,440
Speaker 1: the goal that we're working towards because we don't think

617
00:29:31,480 --> 00:29:33,640
Speaker 1: it stacks up to what someone else is working towards.

618
00:29:34,120 --> 00:29:37,480
Speaker 1: And so looking at that and being really forgiving of

619
00:29:37,520 --> 00:29:42,200
Speaker 1: yourself and kind to gentle with yourself and understanding that

620
00:29:42,240 --> 00:29:44,160
Speaker 1: probably a lot of other people are feeling the same way,

621
00:29:44,200 --> 00:29:47,880
Speaker 1: they're just not talking about it. So and also entering

622
00:29:47,880 --> 00:29:50,080
Speaker 1: a relationship with a new person and how to set

623
00:29:50,120 --> 00:29:54,960
Speaker 1: up your financial boundaries and goals and ensure that you're

624
00:29:54,960 --> 00:29:56,880
Speaker 1: on the same page with all of that stuff, because

625
00:29:56,880 --> 00:29:58,719
Speaker 1: that's so crucial as well. So look, we look at

626
00:29:58,720 --> 00:30:02,360
Speaker 1: it from every people in the world of investment, people

627
00:30:02,400 --> 00:30:05,160
Speaker 1: in the world of property, people in the world of

628
00:30:05,560 --> 00:30:08,120
Speaker 1: self improvement as well, negotiating at work all of it.

629
00:30:08,280 --> 00:30:11,120
Speaker 2: Really and you mentioned the shame, like the story that

630
00:30:11,160 --> 00:30:14,320
Speaker 2: we have from when we're a kid. How in the

631
00:30:14,360 --> 00:30:17,360
Speaker 2: conversations you've had, what do you think where do you

632
00:30:17,360 --> 00:30:20,040
Speaker 2: even start with getting your story together about and just

633
00:30:20,040 --> 00:30:21,760
Speaker 2: at least having a look at it where it was

634
00:30:22,120 --> 00:30:23,320
Speaker 2: and where you might like it to be.

635
00:30:23,680 --> 00:30:26,080
Speaker 1: I mean, this is definitely a question for Rebecca Ray,

636
00:30:26,120 --> 00:30:29,600
Speaker 1: who's the qualified psychology authority.

637
00:30:29,680 --> 00:30:32,520
Speaker 2: It's your podcast, this is how podcasts work. I have

638
00:30:32,640 --> 00:30:34,520
Speaker 2: a thing, I have artworks before.

639
00:30:35,400 --> 00:30:38,040
Speaker 3: It belongs to me. The answer belongs to me.

640
00:30:39,080 --> 00:30:41,960
Speaker 1: It's what applies to a lot of things in life.

641
00:30:42,520 --> 00:30:46,680
Speaker 1: Speaking to Rebecca, her take on it was basically, you

642
00:30:46,880 --> 00:30:49,160
Speaker 1: have to be more forgiving, and you have to be

643
00:30:49,200 --> 00:30:53,880
Speaker 1: more accepting of yourself and not be so hard on yourself.

644
00:30:54,240 --> 00:30:58,720
Speaker 1: But basically she said, confronting those issues and taking actions

645
00:30:59,320 --> 00:31:03,440
Speaker 1: and taking steps towards what you want to achieve is

646
00:31:03,480 --> 00:31:05,840
Speaker 1: the way you're going to get over that feeling of shame.

647
00:31:05,920 --> 00:31:08,320
Speaker 1: But I would definitely encourage people to listen to her

648
00:31:08,520 --> 00:31:11,240
Speaker 1: views on that, because I'm not qualified to give anyone

649
00:31:11,360 --> 00:31:15,600
Speaker 1: advice in terms of psychology. But it applies to a

650
00:31:15,600 --> 00:31:17,760
Speaker 1: lot of things in life. You know, we beat ourselves

651
00:31:17,840 --> 00:31:21,080
Speaker 1: up over so many things in life, and I think

652
00:31:21,120 --> 00:31:24,280
Speaker 1: so much of that is unjustified, and she unpacks a

653
00:31:24,280 --> 00:31:25,440
Speaker 1: lot of that in that conversation.

654
00:31:25,800 --> 00:31:27,240
Speaker 2: One of the reasons that we can often get into

655
00:31:27,240 --> 00:31:30,360
Speaker 2: trouble with money. While we can get into trouble with

656
00:31:31,040 --> 00:31:34,200
Speaker 2: either saving for something or not saving for something because

657
00:31:34,200 --> 00:31:37,880
Speaker 2: it seems so insurmountable, it's because emotion is often involved

658
00:31:38,560 --> 00:31:43,120
Speaker 2: in spending. Yes, I don't feel very good right now.

659
00:31:43,360 --> 00:31:44,880
Speaker 2: You know it's going to make me feel good. This

660
00:31:44,960 --> 00:31:47,240
Speaker 2: thing that I just were instagram that I didn't know

661
00:31:47,280 --> 00:31:50,280
Speaker 2: existed a minute ago, but now I'm convinced I can't

662
00:31:50,280 --> 00:31:51,000
Speaker 2: live without.

663
00:31:50,800 --> 00:31:51,720
Speaker 3: Put it in a basket.

664
00:31:51,800 --> 00:31:53,520
Speaker 2: I have to open it and I have to click

665
00:31:53,560 --> 00:31:55,640
Speaker 2: at it. And yeah, why not for equal payments? That

666
00:31:55,640 --> 00:31:56,680
Speaker 2: sounds great bush.

667
00:31:56,520 --> 00:31:57,360
Speaker 3: To dopamine hit.

668
00:31:57,560 --> 00:32:04,480
Speaker 2: Yeah, yeah, How can we insulate ourselves from emotion playing

669
00:32:04,520 --> 00:32:06,640
Speaker 2: with the plans that we have and the budgets that

670
00:32:06,640 --> 00:32:07,800
Speaker 2: we are trying to keep together?

671
00:32:08,080 --> 00:32:10,280
Speaker 3: Yeah, well that's one for Jessica Irvine.

672
00:32:10,600 --> 00:32:13,240
Speaker 1: So let me just deflect to all of my very

673
00:32:13,240 --> 00:32:18,840
Speaker 1: smart guests, who is very good at being specific around

674
00:32:18,840 --> 00:32:22,440
Speaker 1: what you're working towards and setting those goals and sticking

675
00:32:22,440 --> 00:32:26,920
Speaker 1: to them. She uses every highlighter under the sun to

676
00:32:27,280 --> 00:32:29,800
Speaker 1: really get down in the weeds of your budget that.

677
00:32:29,840 --> 00:32:32,480
Speaker 2: Involves office works and then me just going, you know what,

678
00:32:32,520 --> 00:32:34,120
Speaker 2: I really need a cross cut paper sder.

679
00:32:34,320 --> 00:32:37,880
Speaker 3: Seriously, office works is her happy place, and you.

680
00:32:37,880 --> 00:32:40,600
Speaker 2: Know I should probably there just invest in West Farmers that.

681
00:32:41,200 --> 00:32:44,280
Speaker 1: It's a slippery slope, you know, once it's starting, you

682
00:32:44,360 --> 00:32:48,480
Speaker 1: never go back exactly get you with so plenty of

683
00:32:48,480 --> 00:32:51,880
Speaker 1: different different colored highlighted well and there are so many

684
00:32:51,880 --> 00:32:53,840
Speaker 1: ways to do this, but that's her method and it

685
00:32:53,960 --> 00:32:58,239
Speaker 1: helps her to see very clearly which bucket, you know,

686
00:32:58,440 --> 00:33:01,840
Speaker 1: is taking more than it's fair share from her budget

687
00:33:02,000 --> 00:33:05,120
Speaker 1: month to month. And I think being really and this

688
00:33:05,160 --> 00:33:06,920
Speaker 1: is something I'm starting to do a lot more, is

689
00:33:07,000 --> 00:33:11,640
Speaker 1: being really specific about ou as a family financial goals too.

690
00:33:11,680 --> 00:33:12,800
Speaker 3: What are we working towards?

691
00:33:12,880 --> 00:33:15,640
Speaker 1: What do we hope for this to look like by

692
00:33:15,640 --> 00:33:18,760
Speaker 1: the time we're sixty, At what point do we want

693
00:33:18,800 --> 00:33:21,600
Speaker 1: to retire? Because this is sort of part of the

694
00:33:21,600 --> 00:33:24,680
Speaker 1: theme that keeps emerging too, is that what you should

695
00:33:24,720 --> 00:33:28,120
Speaker 1: be working towards in life is what is enough for you.

696
00:33:28,240 --> 00:33:30,720
Speaker 1: And you have to be really clear in your definition

697
00:33:30,760 --> 00:33:33,959
Speaker 1: of what is enough, what's going to make you happy.

698
00:33:34,360 --> 00:33:37,840
Speaker 1: For some people, it's going to be owning the home

699
00:33:37,920 --> 00:33:40,400
Speaker 1: that they can bring their family up in. For other people,

700
00:33:40,440 --> 00:33:42,160
Speaker 1: it's going to be going to Europe once a year.

701
00:33:42,200 --> 00:33:44,920
Speaker 1: For other people it's going to be I don't know,

702
00:33:44,960 --> 00:33:47,000
Speaker 1: having a vintage car or something.

703
00:33:47,000 --> 00:33:47,200
Speaker 2: You know.

704
00:33:47,440 --> 00:33:51,320
Speaker 1: For some people it's just you know, meeting the rent

705
00:33:51,360 --> 00:33:54,440
Speaker 1: and having some flexibility to maybe travel a little bit

706
00:33:54,440 --> 00:33:54,840
Speaker 1: on the side.

707
00:33:54,840 --> 00:33:57,840
Speaker 3: I don't know. Everyone has different different.

708
00:33:57,880 --> 00:34:01,120
Speaker 1: Goals in life, and I think the key is being

709
00:34:01,200 --> 00:34:05,480
Speaker 1: really clear around what that goal is and knowing how

710
00:34:05,480 --> 00:34:08,319
Speaker 1: you're going to get to it, because that way, you

711
00:34:08,360 --> 00:34:11,480
Speaker 1: feel like you're in control of your money and you're

712
00:34:11,520 --> 00:34:13,960
Speaker 1: not just rolling with what comes in month to month

713
00:34:14,080 --> 00:34:15,120
Speaker 1: and seeing where you land.

714
00:34:16,239 --> 00:34:19,000
Speaker 2: Just taking a moment from Sylvia, whose podcast is called

715
00:34:19,320 --> 00:34:20,880
Speaker 2: The Payoff, you can find it where you're found on

716
00:34:20,920 --> 00:34:23,319
Speaker 2: this podcast, we've got to play some ads. We'll be

717
00:34:23,400 --> 00:34:32,640
Speaker 2: right back. As a journalist, and you mentioned earlier in

718
00:34:32,680 --> 00:34:37,000
Speaker 2: the conversation, there is a growing gap in our country

719
00:34:37,080 --> 00:34:40,880
Speaker 2: between people who don't worry about the phone bill and

720
00:34:40,960 --> 00:34:44,840
Speaker 2: people who are still prepaid month to month, week to

721
00:34:44,880 --> 00:34:47,239
Speaker 2: week and don't know where it's going to come from

722
00:34:47,400 --> 00:34:51,360
Speaker 2: next month. That to me, I think is a challenge.

723
00:34:51,400 --> 00:34:52,759
Speaker 2: Our country's really going to have to have a look

724
00:34:52,760 --> 00:34:53,200
Speaker 2: at isn't it?

725
00:34:53,200 --> 00:34:53,319
Speaker 3: Well?

726
00:34:53,360 --> 00:34:55,200
Speaker 1: This is something I spoke to Alice Stultz about. Is

727
00:34:55,239 --> 00:34:57,239
Speaker 1: this concept which has been brought up in the newspapers

728
00:34:57,280 --> 00:35:00,720
Speaker 1: recently of Sydney becoming a city without grandchildren. Oh my god,

729
00:35:00,960 --> 00:35:07,640
Speaker 1: because people having children? Yeah, will if you're having if

730
00:35:07,640 --> 00:35:10,120
Speaker 1: you're starting a family and you're trying to set yourself up,

731
00:35:11,040 --> 00:35:13,760
Speaker 1: how could you afford and you're on the average salary,

732
00:35:14,840 --> 00:35:17,960
Speaker 1: how can you afford to raise children in Sydney the

733
00:35:18,080 --> 00:35:21,239
Speaker 1: second least affordable city in the world, And so people

734
00:35:21,280 --> 00:35:23,200
Speaker 1: are moving further out. I mean, this is part of

735
00:35:23,200 --> 00:35:25,960
Speaker 1: the reason why house prices are rising so fast in Brisbane,

736
00:35:25,960 --> 00:35:28,279
Speaker 1: because people are moving north, or they're moving to the

737
00:35:28,280 --> 00:35:31,040
Speaker 1: Central Coast or whatever. They're just getting out of the

738
00:35:31,080 --> 00:35:35,080
Speaker 1: places that are far too expensive. And so then you've

739
00:35:35,120 --> 00:35:39,479
Speaker 1: got the grandparents in Sydney left behind, who therefore lose

740
00:35:39,520 --> 00:35:41,880
Speaker 1: access to the grandkids. And then the parents in the

741
00:35:41,880 --> 00:35:45,120
Speaker 1: middle lose access to the grandparents who support their village

742
00:35:45,120 --> 00:35:48,239
Speaker 1: and their support network. And that's kind of the demographic

743
00:35:48,320 --> 00:35:51,200
Speaker 1: shift that we're looking at as a result of that

744
00:35:51,320 --> 00:35:52,320
Speaker 1: financial disparity.

745
00:35:53,440 --> 00:35:55,960
Speaker 2: As you said that, I don't feel tears coming to

746
00:35:56,000 --> 00:35:59,719
Speaker 2: my eyes of how awful it is to make a

747
00:35:59,800 --> 00:36:03,759
Speaker 2: kin munity split itself apart. Long it does like these

748
00:36:03,800 --> 00:36:06,440
Speaker 2: are bigger things than just captaal gains tax and frankin

749
00:36:06,520 --> 00:36:10,879
Speaker 2: credits and negative gearing. This is what keeps us as

750
00:36:10,920 --> 00:36:13,399
Speaker 2: a community feeling like we belong with each other.

751
00:36:13,600 --> 00:36:15,440
Speaker 3: Yeah, it's a big shift.

752
00:36:15,520 --> 00:36:18,880
Speaker 1: And what's interesting in Australia in terms of housing supply

753
00:36:18,960 --> 00:36:20,719
Speaker 1: and we all know supply is a big issue here

754
00:36:20,880 --> 00:36:23,920
Speaker 1: and increasing it is critical to bringing down prices or

755
00:36:23,960 --> 00:36:28,880
Speaker 1: at least slowing the growth of prices, is that we

756
00:36:28,920 --> 00:36:33,520
Speaker 1: are a really undense nation. Our capital city is compared

757
00:36:33,520 --> 00:36:37,000
Speaker 1: to other capital cities across the world, are not dense,

758
00:36:37,400 --> 00:36:41,120
Speaker 1: and we still expect huge blocks of land in this

759
00:36:41,200 --> 00:36:46,279
Speaker 1: country and so there need to be big opportunities, I

760
00:36:46,280 --> 00:36:51,280
Speaker 1: think to grow these kind of mini cities and definitely

761
00:36:51,320 --> 00:36:54,680
Speaker 1: increase the density. And you know, I think people are

762
00:36:54,680 --> 00:36:57,840
Speaker 1: really open to living, to living in apartments and that

763
00:36:57,880 --> 00:36:59,960
Speaker 1: sort of life so long as there's enough green space around.

764
00:37:00,280 --> 00:37:02,319
Speaker 1: But at the moment that's not even really an option

765
00:37:02,400 --> 00:37:05,160
Speaker 1: for a lot of people because the prices are so

766
00:37:05,360 --> 00:37:08,200
Speaker 1: high in Sydney. So so there are a lot of

767
00:37:08,280 --> 00:37:11,120
Speaker 1: demographic shifts that are happening as a result of this.

768
00:37:11,400 --> 00:37:14,239
Speaker 2: And how that affects politics as well, because people tend

769
00:37:14,239 --> 00:37:15,960
Speaker 2: to get more conservative as they get older. So for

770
00:37:16,000 --> 00:37:20,680
Speaker 2: the capital cities start to become overall way more conservative.

771
00:37:21,360 --> 00:37:24,200
Speaker 2: What is that? What does that do for you know policy?

772
00:37:24,239 --> 00:37:29,200
Speaker 2: As far as housing developments in western New South Wales

773
00:37:29,520 --> 00:37:34,440
Speaker 2: or northern Queensland. That's wow. I had along all of this,

774
00:37:34,480 --> 00:37:36,319
Speaker 2: I had a really transformative experience just a bit over

775
00:37:36,400 --> 00:37:38,680
Speaker 2: ten twelve years ago when I went to business school.

776
00:37:38,719 --> 00:37:42,560
Speaker 2: I was in Amsterdam. And have you been to Amsterdam.

777
00:37:42,640 --> 00:37:46,560
Speaker 3: On the afore mentioned kentiquy to You probably.

778
00:37:46,280 --> 00:37:50,439
Speaker 2: Don't remember that vague. I was a very sober person

779
00:37:50,440 --> 00:37:52,759
Speaker 2: by the time. Yeah, I'm very grateful, that's good. But

780
00:37:52,920 --> 00:37:54,960
Speaker 2: I stayed in the in the Canal Ring, in the

781
00:37:54,960 --> 00:37:57,759
Speaker 2: ancient city like seven hundred years old, and it is

782
00:37:57,800 --> 00:38:01,840
Speaker 2: the most densely populated part of the world, and it

783
00:38:01,880 --> 00:38:04,600
Speaker 2: is hundreds of hundreds of years old, and the houses

784
00:38:04,680 --> 00:38:08,160
Speaker 2: are smaller than this studio. Yeah, okay, And I remember

785
00:38:08,200 --> 00:38:12,320
Speaker 2: I stayed airbnb someone's house. They were the creative director

786
00:38:12,440 --> 00:38:17,680
Speaker 2: for a Dutch design magazine, so you can imagine the

787
00:38:17,800 --> 00:38:20,239
Speaker 2: kind of that was just going on holidays. They wanted,

788
00:38:20,360 --> 00:38:22,200
Speaker 2: you know, a month. I was every month they wanted

789
00:38:22,200 --> 00:38:23,439
Speaker 2: someone to take care of the place.

790
00:38:24,320 --> 00:38:24,360
Speaker 3: Is.

791
00:38:24,400 --> 00:38:25,799
Speaker 2: You can imagine the kind of stuff this person would

792
00:38:25,800 --> 00:38:28,319
Speaker 2: have in the house, right you talked about concept of enough.

793
00:38:29,040 --> 00:38:31,719
Speaker 2: They had a cupboard which is probably this wide. They

794
00:38:31,760 --> 00:38:35,040
Speaker 2: had two suits and three empty coat hangers that they

795
00:38:35,080 --> 00:38:37,640
Speaker 2: probably had taken on holiday with them. They had four cups,

796
00:38:37,760 --> 00:38:40,600
Speaker 2: four plates, full bowls, a fridge about this big.

797
00:38:40,800 --> 00:38:41,120
Speaker 3: Wow.

798
00:38:41,600 --> 00:38:44,839
Speaker 2: That was it? Like, it wasn't I have a cinema room.

799
00:38:44,920 --> 00:38:46,680
Speaker 2: I only have bish and I have that and there's

800
00:38:46,760 --> 00:38:49,279
Speaker 2: the blah blah. No. It was like, no that and

801
00:38:49,320 --> 00:38:52,000
Speaker 2: it blew my mind. Oh wow, you could be this

802
00:38:52,120 --> 00:38:56,680
Speaker 2: high profile person and your home and what is in

803
00:38:56,719 --> 00:39:00,520
Speaker 2: your home doesn't have to it's so simple show to

804
00:39:01,080 --> 00:39:03,120
Speaker 2: who else is going to see it? Well, I don't know,

805
00:39:03,960 --> 00:39:06,680
Speaker 2: this is this level of my success. It was beautiful,

806
00:39:07,040 --> 00:39:11,400
Speaker 2: you know, but it wasn't ostentatious. No, yeah, and it

807
00:39:11,520 --> 00:39:13,520
Speaker 2: really kind of I came home, I had this massive

808
00:39:13,560 --> 00:39:16,600
Speaker 2: fridge sold it. I was like, okay, I'm fine. It

809
00:39:16,719 --> 00:39:21,240
Speaker 2: really changed how I thought about things. And the community

810
00:39:21,400 --> 00:39:25,000
Speaker 2: was really beautiful. Everybody knew each other. Everyone you can

811
00:39:25,280 --> 00:39:27,239
Speaker 2: there's something that's to be said. You kind of mind

812
00:39:27,280 --> 00:39:29,439
Speaker 2: your business. Mind yourself a bit. When you're that close

813
00:39:29,480 --> 00:39:31,759
Speaker 2: to everyone, you know, you've got to you can't be

814
00:39:31,800 --> 00:39:33,680
Speaker 2: an asshole. You kin'dt gotta be nice to your neighbors.

815
00:39:34,160 --> 00:39:36,239
Speaker 2: You have to figure out how to get along with

816
00:39:36,360 --> 00:39:39,000
Speaker 2: the people upstairs and downstairs. You've got to be cool.

817
00:39:39,080 --> 00:39:43,120
Speaker 2: And that's makes us as a community better anyway, the

818
00:39:43,200 --> 00:39:44,960
Speaker 2: high identity. We were in the Gold Coast the other

819
00:39:45,000 --> 00:39:46,800
Speaker 2: week since the mullet.

820
00:39:46,440 --> 00:39:48,520
Speaker 3: And I was wondering what had happened.

821
00:39:49,080 --> 00:39:51,319
Speaker 2: You know, we used to drive north and where they'd

822
00:39:51,360 --> 00:39:52,960
Speaker 2: ask you for your COVID thing so you could get

823
00:39:54,280 --> 00:39:55,640
Speaker 2: leans in the window with a pair of clippers. Now

824
00:39:56,160 --> 00:39:59,439
Speaker 2: yeah right, calling over there. And then as you're coming

825
00:39:59,480 --> 00:40:05,000
Speaker 2: past billing you may pass there was a barber in

826
00:40:05,000 --> 00:40:07,000
Speaker 2: the surf shop and more, and I decided to get

827
00:40:07,040 --> 00:40:07,680
Speaker 2: matching my onnes.

828
00:40:07,800 --> 00:40:11,799
Speaker 3: I love that. Ah, he's daddy's boy. That's so cooin.

829
00:40:12,520 --> 00:40:14,000
Speaker 3: You can take the boy out of Queensland.

830
00:40:14,800 --> 00:40:16,279
Speaker 2: You mentioned a couple of guests you've had so far.

831
00:40:16,320 --> 00:40:19,040
Speaker 2: What are the key messages do you think that keep

832
00:40:19,080 --> 00:40:20,839
Speaker 2: coming up again and again and again.

833
00:40:21,120 --> 00:40:25,720
Speaker 1: I mean one of them is is time in the market,

834
00:40:26,200 --> 00:40:31,120
Speaker 1: not timing the market. This is something that just about

835
00:40:31,200 --> 00:40:34,160
Speaker 1: every guest has spoken about and you know one of

836
00:40:34,160 --> 00:40:36,800
Speaker 1: our guests, Molly Benjamin from Ladies Finance Club, who's built

837
00:40:36,800 --> 00:40:40,560
Speaker 1: this great network of women who want to improve their

838
00:40:40,560 --> 00:40:43,840
Speaker 1: financial literacy and want who set up themselves, set themselves

839
00:40:43,920 --> 00:40:46,680
Speaker 1: up for long term financial security. It's not about getting

840
00:40:46,760 --> 00:40:52,120
Speaker 1: rich quick, it's about a long term plan for financial security.

841
00:40:52,239 --> 00:40:57,359
Speaker 1: And she, among other guests, talks about the virtues of

842
00:40:57,800 --> 00:41:00,799
Speaker 1: time in the market, So putting that amount of money

843
00:41:00,840 --> 00:41:06,160
Speaker 1: away every month, flexing that investment muscle in order to

844
00:41:06,200 --> 00:41:10,240
Speaker 1: achieve steady gains over the long term. We're not talking

845
00:41:10,239 --> 00:41:14,000
Speaker 1: about like a three hundred percent gain overnight from in

846
00:41:14,160 --> 00:41:17,399
Speaker 1: video or whatever it is, and like make high five

847
00:41:17,440 --> 00:41:19,120
Speaker 1: to anyone who invested in in video.

848
00:41:19,440 --> 00:41:22,560
Speaker 3: But but this is all about.

849
00:41:23,000 --> 00:41:27,760
Speaker 1: Just flexing that regular investment muscle for long term gains.

850
00:41:28,000 --> 00:41:30,120
Speaker 1: To see, it's like super annum. It's what your superannuation

851
00:41:30,160 --> 00:41:35,240
Speaker 1: effectively does, right, diversifying across a broad range of assets

852
00:41:35,360 --> 00:41:38,880
Speaker 1: over the long term, minimize risk, and give yourself some

853
00:41:38,920 --> 00:41:42,440
Speaker 1: comfortable growth over the long term. So that's what people

854
00:41:42,520 --> 00:41:45,719
Speaker 1: keep coming back to a lot. The other is this

855
00:41:45,800 --> 00:41:49,239
Speaker 1: concept of enough and knowing what your goals are and

856
00:41:49,280 --> 00:41:51,960
Speaker 1: being really defined in that and being really specific about that.

857
00:41:52,960 --> 00:41:55,080
Speaker 1: But I guess you know, on the whole, it's also

858
00:41:55,160 --> 00:41:58,719
Speaker 1: sort of for young people, it's getting creative in this

859
00:41:58,800 --> 00:42:03,520
Speaker 1: new new world that we exist in, finding new ways

860
00:42:03,560 --> 00:42:06,839
Speaker 1: to set yourself up, whether it's rent investing or long

861
00:42:06,920 --> 00:42:09,600
Speaker 1: term ETF investing or whatever it is that works for

862
00:42:09,640 --> 00:42:13,919
Speaker 1: you and your own financial circumstances. But I think also

863
00:42:14,160 --> 00:42:17,239
Speaker 1: on the whole, let's open up this conversation and not

864
00:42:17,280 --> 00:42:20,279
Speaker 1: be afraid. I know it's crass and it's icky for

865
00:42:20,360 --> 00:42:23,240
Speaker 1: me talking about money. It's not something I have really

866
00:42:23,320 --> 00:42:26,920
Speaker 1: ever enjoyed talking about. But I think it's necessary. I

867
00:42:26,920 --> 00:42:29,520
Speaker 1: think it's necessary in this world, particularly for young people

868
00:42:29,520 --> 00:42:31,960
Speaker 1: in their twenties and thirties, to start chatting to their

869
00:42:32,000 --> 00:42:34,839
Speaker 1: friends about what they're saving for right now, about what

870
00:42:34,880 --> 00:42:37,400
Speaker 1: they want to achieve in the next ten years, about

871
00:42:37,480 --> 00:42:39,440
Speaker 1: what debt they might be carrying, and do you have

872
00:42:39,480 --> 00:42:42,040
Speaker 1: any advice or tips for how to get rid of that?

873
00:42:42,719 --> 00:42:48,920
Speaker 1: Because it reduces a shame, it makes it democratizes investment.

874
00:42:49,680 --> 00:42:52,680
Speaker 1: It opens up so many conversations that can put you

875
00:42:52,760 --> 00:42:55,840
Speaker 1: in the right direction in the long term as well.

876
00:42:55,880 --> 00:42:57,920
Speaker 1: And this is another thing that's come up from several

877
00:42:57,920 --> 00:43:01,560
Speaker 1: of our guests is the lack of of financial education

878
00:43:02,160 --> 00:43:05,279
Speaker 1: in the schooling system, that there's a real gap there,

879
00:43:05,400 --> 00:43:09,080
Speaker 1: I think for teaching kids about the magic of compound

880
00:43:09,120 --> 00:43:12,840
Speaker 1: interest about how investing works, because for those of us

881
00:43:12,880 --> 00:43:15,000
Speaker 1: who didn't grow up in a family where investment was

882
00:43:15,840 --> 00:43:18,480
Speaker 1: part of the language or part of the conversation on

883
00:43:18,520 --> 00:43:22,720
Speaker 1: a regular basis, it seems like something for other people,

884
00:43:23,800 --> 00:43:27,279
Speaker 1: like investing the share market, all of it feels like

885
00:43:27,880 --> 00:43:30,760
Speaker 1: something for someone else who grew up in another part

886
00:43:30,960 --> 00:43:34,400
Speaker 1: of this country, probably close to the harbor, and their

887
00:43:34,760 --> 00:43:37,000
Speaker 1: dads taught them how to do it from a young

888
00:43:37,000 --> 00:43:39,040
Speaker 1: age or whatever. They have access to something that we

889
00:43:39,080 --> 00:43:42,399
Speaker 1: don't have access to. Right, But it's not that. It's

890
00:43:42,440 --> 00:43:44,360
Speaker 1: not that, and there are new ways to invest that

891
00:43:44,400 --> 00:43:47,040
Speaker 1: have made it so much more accessible to the average

892
00:43:47,080 --> 00:43:49,839
Speaker 1: person who doesn't have time to watch the market every

893
00:43:49,920 --> 00:43:52,600
Speaker 1: day or to research every company that they might have

894
00:43:52,640 --> 00:43:55,279
Speaker 1: an interest in as well. There are new ways that

895
00:43:55,360 --> 00:43:59,600
Speaker 1: have democratized in investing on the whole, and so many

896
00:44:00,080 --> 00:44:03,239
Speaker 1: Australians have felt locked out of that conversation. And I

897
00:44:03,880 --> 00:44:05,759
Speaker 1: agree with many of our guests that there is a

898
00:44:05,800 --> 00:44:09,200
Speaker 1: real lack of that education in high school I remember

899
00:44:09,280 --> 00:44:10,920
Speaker 1: doing one lesson on it, and I did like the

900
00:44:11,200 --> 00:44:14,160
Speaker 1: basic maths at high school journalists.

901
00:44:13,640 --> 00:44:15,640
Speaker 3: So which I go figure I wasn't very good at maths.

902
00:44:15,680 --> 00:44:16,960
Speaker 2: My ego wouldn't let me take it.

903
00:44:17,040 --> 00:44:19,520
Speaker 1: Yeah, I did the basic maths, and I do remember

904
00:44:19,560 --> 00:44:22,960
Speaker 1: having one lesson on compound interest and thinking this is interesting,

905
00:44:23,440 --> 00:44:25,879
Speaker 1: but this will never apply to my life, maybe other

906
00:44:25,920 --> 00:44:26,800
Speaker 1: than super anuation.

907
00:44:26,960 --> 00:44:29,200
Speaker 3: You know, so next you know.

908
00:44:30,680 --> 00:44:33,240
Speaker 1: So, I think that there is definitely a gap there

909
00:44:33,760 --> 00:44:38,360
Speaker 1: for there to be more financial literacy built into the curriculum.

910
00:44:38,440 --> 00:44:40,680
Speaker 2: Oh man, if people understood it has superannuation work, they

911
00:44:40,680 --> 00:44:42,600
Speaker 2: wouldn't be taken money out of it together the dentist.

912
00:44:42,680 --> 00:44:44,760
Speaker 3: That's right, No way, that's right.

913
00:44:45,200 --> 00:44:49,040
Speaker 2: Because you're it's around COVID. I think when people were talking,

914
00:44:49,080 --> 00:44:51,799
Speaker 2: oh you can take money, are you're super to get by? Yeah,

915
00:44:51,840 --> 00:44:53,200
Speaker 2: And it was a couple of stories like for every

916
00:44:53,200 --> 00:44:55,640
Speaker 2: five hundred bucks you take out, yeah, if you're twenty

917
00:44:55,680 --> 00:44:58,120
Speaker 2: by the time you're sixty, it's that it's huge.

918
00:44:58,239 --> 00:44:59,759
Speaker 3: Yeah, it's huge.

919
00:45:00,239 --> 00:45:03,800
Speaker 2: Yeah, it's like the guy who paid when bitcoin was

920
00:45:03,840 --> 00:45:06,880
Speaker 2: a dollar, a guy who paid ten bitcoined by a

921
00:45:06,920 --> 00:45:08,600
Speaker 2: pizza look at it like that.

922
00:45:08,880 --> 00:45:12,080
Speaker 1: Yeah, it really it's like a it's a snowballing effect, right,

923
00:45:12,560 --> 00:45:14,960
Speaker 1: So if you're taking money out of that, you were

924
00:45:14,960 --> 00:45:19,879
Speaker 1: depriving yourself of big gains in the long term.

925
00:45:19,960 --> 00:45:21,640
Speaker 2: And while we're on the subject of money, we need

926
00:45:21,680 --> 00:45:23,600
Speaker 2: to play some commercials, so we'll be back in a

927
00:45:23,600 --> 00:45:34,960
Speaker 2: minute with Sylvie Jeffreys. What have you learned about I mean,

928
00:45:34,960 --> 00:45:36,960
Speaker 2: this is why we're saying stuffed on climate because well

929
00:45:36,960 --> 00:45:39,640
Speaker 2: that's a tomorrow problem. Yeah right, yeah, same with this,

930
00:45:39,640 --> 00:45:42,360
Speaker 2: This is all a tomorrow yes, So what have you

931
00:45:42,440 --> 00:45:45,680
Speaker 2: learned from your guests about thinking about Our brains are

932
00:45:45,840 --> 00:45:48,040
Speaker 2: not very good at thinking past I don't know the

933
00:45:48,080 --> 00:45:48,600
Speaker 2: next week.

934
00:45:49,000 --> 00:45:50,400
Speaker 3: Maybe, do you know what?

935
00:45:50,440 --> 00:45:53,200
Speaker 1: I really genuinely believe there is a shift in the

936
00:45:53,200 --> 00:45:55,959
Speaker 1: younger generations. I think there are more They are way

937
00:45:56,000 --> 00:45:59,879
Speaker 1: more aware of this stuff than perhaps you and I were.

938
00:46:00,200 --> 00:46:03,759
Speaker 3: And I'm sort of on the I'm a millennial, but.

939
00:46:03,840 --> 00:46:07,279
Speaker 1: I think gen Z I think they have to be

940
00:46:07,360 --> 00:46:11,400
Speaker 1: really financially literate. I think they're really aware of the

941
00:46:11,520 --> 00:46:14,120
Speaker 1: challenges they're up against. So I think maybe they're more

942
00:46:14,160 --> 00:46:16,840
Speaker 1: conscious of these things than you or I had to

943
00:46:16,880 --> 00:46:20,360
Speaker 1: be in our early twenties. And there is research that

944
00:46:20,440 --> 00:46:24,279
Speaker 1: shows that gen zs are more aware of their superannuation

945
00:46:24,760 --> 00:46:29,520
Speaker 1: than previous generations, so that's comforting. There is also some

946
00:46:29,640 --> 00:46:32,399
Speaker 1: data which one guest brought up that shows that gen

947
00:46:32,520 --> 00:46:34,919
Speaker 1: z are very reliant on things like have to pay.

948
00:46:35,280 --> 00:46:37,480
Speaker 1: So you know, there are sort of two sides to it.

949
00:46:38,719 --> 00:46:43,560
Speaker 1: But I do firmly believe that younger generations are much

950
00:46:44,480 --> 00:46:49,120
Speaker 1: better at thinking about the long term of their finances

951
00:46:49,719 --> 00:46:53,399
Speaker 1: than previous generations because they have to be They have

952
00:46:53,480 --> 00:46:55,480
Speaker 1: to be aware, and they have to be across it.

953
00:46:55,920 --> 00:46:59,480
Speaker 1: Because setting themselves up for their first home by the

954
00:46:59,480 --> 00:47:01,640
Speaker 1: time they have of their first child, if they even

955
00:47:01,719 --> 00:47:03,279
Speaker 1: are going to do that, because so many of them

956
00:47:03,280 --> 00:47:05,239
Speaker 1: are putting that off as a milestone or not doing

957
00:47:05,239 --> 00:47:05,640
Speaker 1: it at all.

958
00:47:05,960 --> 00:47:08,080
Speaker 3: The birth rate is in decline.

959
00:47:08,360 --> 00:47:10,880
Speaker 1: I think they have to be more conscious of these things,

960
00:47:10,920 --> 00:47:12,879
Speaker 1: and so they sort of naturally are.

961
00:47:13,719 --> 00:47:16,439
Speaker 2: My friend Luke Hagey, he's a stand up. When he

962
00:47:17,239 --> 00:47:21,680
Speaker 2: and his wife first got pregnant, he's a laborer and

963
00:47:21,719 --> 00:47:24,520
Speaker 2: he's like, Bevans have heaps of kids and they seem

964
00:47:24,560 --> 00:47:28,200
Speaker 2: to be doing fine. We'll be all right. Bevans is

965
00:47:28,560 --> 00:47:32,000
Speaker 2: very in Queensland word for became bogue and sometime around

966
00:47:32,040 --> 00:47:34,400
Speaker 2: when the comedy company started using that word on national television.

967
00:47:34,400 --> 00:47:37,719
Speaker 2: But it's always been a ken or BEVs watch out

968
00:47:37,760 --> 00:47:41,120
Speaker 2: for they shot up to your party parties over Yeah,

969
00:47:42,480 --> 00:47:45,080
Speaker 2: cops wont to show up of the kimil BEVs have gone.

970
00:47:45,400 --> 00:47:48,480
Speaker 2: There were bad news, but yeah. The idea was that

971
00:47:50,239 --> 00:47:53,640
Speaker 2: as a certain class of kid that we were with,

972
00:47:53,760 --> 00:47:55,239
Speaker 2: the kind of school we went to, went to one

973
00:47:55,280 --> 00:47:57,680
Speaker 2: of the schools in the city in Bristain. No, no, no,

974
00:47:57,800 --> 00:48:00,160
Speaker 2: you don't think about having children until you can make

975
00:48:00,200 --> 00:48:02,960
Speaker 2: sure there is this, that that, and he transcends. I

976
00:48:03,000 --> 00:48:04,759
Speaker 2: was talking him at the time, like aren't you worried

977
00:48:04,760 --> 00:48:07,960
Speaker 2: about this? That and the other? Still carrying that, He's like, mate,

978
00:48:08,160 --> 00:48:10,680
Speaker 2: you know there's free healthcare. We're going to be all right,

979
00:48:10,760 --> 00:48:13,759
Speaker 2: We'll figure it out. And he was right. He was

980
00:48:13,920 --> 00:48:16,200
Speaker 2: right to a point. You know, obviously you don't want

981
00:48:16,200 --> 00:48:18,719
Speaker 2: to be feeding two minute noodles to your child for

982
00:48:18,760 --> 00:48:20,959
Speaker 2: the first ten years. You do want to have don't

983
00:48:21,000 --> 00:48:21,759
Speaker 2: let it stop you.

984
00:48:21,760 --> 00:48:24,080
Speaker 1: You don't need to have all your ducks in a row.

985
00:48:25,160 --> 00:48:29,319
Speaker 1: And you know, buying your first home. The average age

986
00:48:29,320 --> 00:48:31,560
Speaker 1: of the first home buyer now is much higher than

987
00:48:31,560 --> 00:48:35,479
Speaker 1: it obviously was a decade ago. The home ownership among

988
00:48:35,520 --> 00:48:39,040
Speaker 1: twenty to thirty year olds is in decline, so these

989
00:48:39,080 --> 00:48:40,960
Speaker 1: things are going to come later.

990
00:48:42,120 --> 00:48:42,880
Speaker 3: It's no wonder.

991
00:48:42,960 --> 00:48:46,200
Speaker 1: You know, people are putting off having children and some

992
00:48:46,239 --> 00:48:47,920
Speaker 1: people choosing not to have them at all.

993
00:48:47,960 --> 00:48:49,200
Speaker 3: It's really expected.

994
00:48:49,239 --> 00:48:49,759
Speaker 2: That's like I forget.

995
00:48:49,800 --> 00:48:51,480
Speaker 1: We spoke to Georgie Dan about the cost of having

996
00:48:51,520 --> 00:48:53,960
Speaker 1: a child, and I mean, there's no way to obviously

997
00:48:53,960 --> 00:48:57,040
Speaker 1: put a figure on that, but it is really expensive.

998
00:48:57,120 --> 00:48:59,479
Speaker 1: And she said something like eighty percent of the people

999
00:48:59,520 --> 00:49:02,719
Speaker 1: they pold say that they need two incomes to full

1000
00:49:02,760 --> 00:49:05,640
Speaker 1: time incomes to survive, and so that means you have

1001
00:49:05,680 --> 00:49:08,320
Speaker 1: to pay for childcare, and of course in many cases

1002
00:49:08,800 --> 00:49:10,640
Speaker 1: the cost of that cancels out the second income. So

1003
00:49:10,680 --> 00:49:13,840
Speaker 1: it's really it's a really challenging thing in this environment.

1004
00:49:14,560 --> 00:49:16,680
Speaker 2: I lived in America for a long time and my

1005
00:49:16,719 --> 00:49:19,279
Speaker 2: brother and his husband are still over there, and real

1006
00:49:19,400 --> 00:49:22,040
Speaker 2: estate there is not jiggered like it is here, So

1007
00:49:22,640 --> 00:49:25,840
Speaker 2: homes don't appreciate. Yeah, you can flip a house, but

1008
00:49:25,840 --> 00:49:27,759
Speaker 2: they don't flip it for They don't flip it for

1009
00:49:27,840 --> 00:49:31,600
Speaker 2: ninety percent. They flip it for five or ten percent.

1010
00:49:32,000 --> 00:49:36,080
Speaker 2: That's it. So because the housing market doesn't increase like that,

1011
00:49:36,160 --> 00:49:38,040
Speaker 2: and it's a lot to do with how much as

1012
00:49:38,080 --> 00:49:43,560
Speaker 2: a country they back themselves on innovation. People's investment looks like,

1013
00:49:43,960 --> 00:49:46,560
Speaker 2: who's got a good idea, let's invest in that idea.

1014
00:49:47,160 --> 00:49:49,120
Speaker 2: I wonder what might happen in our country if we

1015
00:49:49,200 --> 00:49:53,200
Speaker 2: started to look outside our major investment being the one

1016
00:49:53,200 --> 00:49:56,120
Speaker 2: that we live in, if we started to look for

1017
00:49:56,239 --> 00:50:00,360
Speaker 2: other places where similar, similar gains might be made to

1018
00:50:00,480 --> 00:50:04,520
Speaker 2: invest in the ideas about country. I wonder what might

1019
00:50:04,520 --> 00:50:06,399
Speaker 2: happen if if we did something like.

1020
00:50:06,320 --> 00:50:09,480
Speaker 3: That, investing in innovation.

1021
00:50:08,880 --> 00:50:12,640
Speaker 2: In ideas, in innovation, Yeah, because that's where, to be honest, like,

1022
00:50:12,760 --> 00:50:15,680
Speaker 2: that's where you get your ten x, twenty x, hundred X.

1023
00:50:16,120 --> 00:50:19,080
Speaker 2: That's where those guys and that was I found it

1024
00:50:19,120 --> 00:50:20,480
Speaker 2: so fascinating. It's like, tell how much you're doing some

1025
00:50:20,600 --> 00:50:22,719
Speaker 2: ofvia we're interested in it. Oh my god, let me

1026
00:50:22,800 --> 00:50:25,120
Speaker 2: introduce you to this person here, because that's because they

1027
00:50:25,800 --> 00:50:28,719
Speaker 2: they want to invest in ideas, because it's those conversations

1028
00:50:28,719 --> 00:50:30,480
Speaker 2: that like it. Just remember me. If you guys ever

1029
00:50:30,520 --> 00:50:32,239
Speaker 2: need anything, to come back and talk to me. All right, Yeah,

1030
00:50:32,280 --> 00:50:34,319
Speaker 2: because that's where they get their hundred X. That's where

1031
00:50:34,320 --> 00:50:37,360
Speaker 2: they put zeros on their initial investment. It's not in

1032
00:50:37,400 --> 00:50:40,719
Speaker 2: the house, but here sometimes I think we might have

1033
00:50:40,800 --> 00:50:43,160
Speaker 2: just we might have nailed the foot to the floor

1034
00:50:43,400 --> 00:50:45,040
Speaker 2: with Oh, it's got to be about the house old.

1035
00:50:45,120 --> 00:50:47,960
Speaker 1: We're obsessed with property ownership in Australia. It is it

1036
00:50:48,040 --> 00:50:51,320
Speaker 1: is the great Australian dream, right to own a home,

1037
00:50:52,120 --> 00:50:54,719
Speaker 1: and you know, for good reason as well, because there's

1038
00:50:54,719 --> 00:50:57,000
Speaker 1: a lot of security that comes with that into the

1039
00:50:57,040 --> 00:50:59,080
Speaker 1: long term, especially if you're not buying your first time

1040
00:50:59,160 --> 00:51:02,120
Speaker 1: until you're fifty. Are you going to be done paying

1041
00:51:02,160 --> 00:51:04,279
Speaker 1: that mortgage when you retire? Are you still going to

1042
00:51:04,320 --> 00:51:07,839
Speaker 1: have mortgage repayments into retirement and how are you going

1043
00:51:07,840 --> 00:51:08,319
Speaker 1: to manage that?

1044
00:51:09,880 --> 00:51:10,080
Speaker 2: Yeah?

1045
00:51:10,200 --> 00:51:14,640
Speaker 1: Well no, I'm just saying that these are considerations that

1046
00:51:14,920 --> 00:51:19,200
Speaker 1: people have going into, you know, into later home ownership, right,

1047
00:51:19,920 --> 00:51:24,319
Speaker 1: and so you have to maybe think differently around how

1048
00:51:24,360 --> 00:51:25,960
Speaker 1: you are setting yourself up for the long term. But

1049
00:51:26,000 --> 00:51:28,439
Speaker 1: we are obsessed with property and this is why people

1050
00:51:28,440 --> 00:51:31,279
Speaker 1: don't want to let go of this idea of home

1051
00:51:31,320 --> 00:51:34,680
Speaker 1: ownership because a they say it's safe as houses for

1052
00:51:34,719 --> 00:51:37,279
Speaker 1: a reason, it is a solid investment in this country,

1053
00:51:37,800 --> 00:51:40,000
Speaker 1: and b it gives you long term security knowing that

1054
00:51:40,040 --> 00:51:42,920
Speaker 1: you own the roof over your head. The rental market

1055
00:51:43,200 --> 00:51:47,040
Speaker 1: is so tough right now, and imagine being in your

1056
00:51:47,120 --> 00:51:49,680
Speaker 1: seventies and being kicked out of your rental and having

1057
00:51:49,719 --> 00:51:52,560
Speaker 1: to start again. You know, there's a lot of anxiety

1058
00:51:52,560 --> 00:51:56,759
Speaker 1: that comes with that concept. So that's why I think

1059
00:51:56,880 --> 00:52:00,200
Speaker 1: so many and we're all just sort of condition to

1060
00:52:00,200 --> 00:52:03,760
Speaker 1: see it as a big tick, a big life bucket

1061
00:52:03,760 --> 00:52:07,239
Speaker 1: list tick. You know, I got the house next, I'll

1062
00:52:07,239 --> 00:52:10,640
Speaker 1: have the kids next, I don't know whatever, get a

1063
00:52:10,640 --> 00:52:13,200
Speaker 1: holiday house or something. I don't know what's the natural progression,

1064
00:52:13,239 --> 00:52:16,799
Speaker 1: but we are so conditioned to feel as though that

1065
00:52:16,960 --> 00:52:20,799
Speaker 1: is one of life's big achievements that you must tick off.

1066
00:52:20,840 --> 00:52:23,480
Speaker 1: So it's very hard for people to shift their mentality

1067
00:52:23,520 --> 00:52:23,920
Speaker 1: around that.

1068
00:52:24,000 --> 00:52:27,280
Speaker 2: Where there are people who live in Brooklyn or whatever

1069
00:52:28,160 --> 00:52:31,439
Speaker 2: whose grandparents have never owned, have rented their entire lives,

1070
00:52:31,760 --> 00:52:34,000
Speaker 2: and that's just a part of what life is, and

1071
00:52:34,040 --> 00:52:38,359
Speaker 2: their investments look very different over there. When it comes

1072
00:52:38,400 --> 00:52:43,440
Speaker 2: to shedding your own stories about life, try not to

1073
00:52:43,520 --> 00:52:45,879
Speaker 2: infect your kids with it. That's a tough part about

1074
00:52:45,920 --> 00:52:49,560
Speaker 2: being a parent. How are you or how do you

1075
00:52:49,560 --> 00:52:54,040
Speaker 2: start to instill these ideas in your kids and what

1076
00:52:54,120 --> 00:52:55,560
Speaker 2: kind of things are you moving towards there.

1077
00:52:56,960 --> 00:53:02,319
Speaker 1: We're very conscious of saying no, and how we say

1078
00:53:02,360 --> 00:53:07,000
Speaker 1: no to things, you know, if they're asking for something,

1079
00:53:07,080 --> 00:53:09,800
Speaker 1: it's just no, not today, you don't need that today,

1080
00:53:10,360 --> 00:53:12,279
Speaker 1: Or no, we've run out of money today because we've

1081
00:53:12,320 --> 00:53:14,560
Speaker 1: got you in ice block this morning, and so that's

1082
00:53:14,560 --> 00:53:18,759
Speaker 1: the budget for today or this week. No, there's no

1083
00:53:18,840 --> 00:53:21,080
Speaker 1: space for that. Maybe let's talk about it next week

1084
00:53:21,120 --> 00:53:21,919
Speaker 1: and things like that.

1085
00:53:22,000 --> 00:53:23,680
Speaker 2: Deferring the gratification deferring.

1086
00:53:23,760 --> 00:53:28,360
Speaker 1: Yeah, But for me, it's more showing that mommy and

1087
00:53:28,440 --> 00:53:31,440
Speaker 1: Daddy have a budget and we can't just buy everything

1088
00:53:31,480 --> 00:53:34,240
Speaker 1: that's in front of us, and we have to figure

1089
00:53:34,239 --> 00:53:36,400
Speaker 1: out what we prioritize this week or this month or

1090
00:53:36,400 --> 00:53:40,560
Speaker 1: this year or whatever. And the other thing we've done,

1091
00:53:40,719 --> 00:53:43,160
Speaker 1: which I've spoken about is setting them up And this

1092
00:53:43,280 --> 00:53:47,840
Speaker 1: sounds this sounds a bit extra, but it's basically a

1093
00:53:47,840 --> 00:53:50,160
Speaker 1: bit like a Dolomite's account that you or I probably

1094
00:53:50,239 --> 00:53:52,759
Speaker 1: had as kids growing up in primary school. We've set

1095
00:53:52,800 --> 00:53:55,120
Speaker 1: them up with little kids investment accounts, and so we

1096
00:53:55,239 --> 00:53:57,480
Speaker 1: just chuck a bit of pocket money in there each month,

1097
00:53:58,600 --> 00:54:01,160
Speaker 1: if we've got it, will chuck it in, Or if

1098
00:54:01,160 --> 00:54:03,440
Speaker 1: they get some money for their birthday from a family

1099
00:54:03,440 --> 00:54:05,799
Speaker 1: member or for Christmas, we put it in there, and

1100
00:54:06,760 --> 00:54:09,439
Speaker 1: eventually when they're a little bit older, we'll show them

1101
00:54:09,560 --> 00:54:12,479
Speaker 1: that this amount of money has gone in each month

1102
00:54:12,600 --> 00:54:15,600
Speaker 1: or whatever, and this is how it's grown with compound interest,

1103
00:54:15,960 --> 00:54:18,480
Speaker 1: and so they can understand the concept of how that works,

1104
00:54:19,239 --> 00:54:19,800
Speaker 1: and then.

1105
00:54:19,719 --> 00:54:21,560
Speaker 3: We'll figure out what we do with that down the track.

1106
00:54:21,600 --> 00:54:21,919
Speaker 3: We don't.

1107
00:54:22,080 --> 00:54:25,239
Speaker 1: That's a conversation for another day, but at least that

1108
00:54:25,360 --> 00:54:28,080
Speaker 1: hopefully gives them a tool to understand how compound interest

1109
00:54:28,120 --> 00:54:32,920
Speaker 1: works and also flexing the savings muscle each week and

1110
00:54:32,960 --> 00:54:35,640
Speaker 1: the impacts of that. So one of our guests on

1111
00:54:35,680 --> 00:54:38,560
Speaker 1: the podcast, Chris Breichy, he is the founder of stock spot,

1112
00:54:39,000 --> 00:54:43,080
Speaker 1: and he has similar accounts for his kids, and he's

1113
00:54:43,080 --> 00:54:45,960
Speaker 1: already speaking to his six year old son about it

1114
00:54:46,040 --> 00:54:49,040
Speaker 1: and showing him that, look, you've got money in Disney,

1115
00:54:49,080 --> 00:54:52,840
Speaker 1: and so every time your friends stream on Disney, the

1116
00:54:52,880 --> 00:54:56,080
Speaker 1: share price will go up and you'll get some dividends.

1117
00:54:56,480 --> 00:54:59,600
Speaker 1: You'll see the rewards of that. And so six year

1118
00:54:59,600 --> 00:55:01,960
Speaker 1: old kids off to school, hustling his kids in the

1119
00:55:02,000 --> 00:55:04,680
Speaker 1: play his mates in the playground, saying can everyone stream

1120
00:55:04,719 --> 00:55:06,920
Speaker 1: Disney on the weekend because I'm going to.

1121
00:55:08,920 --> 00:55:12,200
Speaker 2: Disney. Plus it is yeah, yeah, she's living. It's really interesting.

1122
00:55:12,239 --> 00:55:13,440
Speaker 2: Weeks of cast members.

1123
00:55:13,480 --> 00:55:13,800
Speaker 3: See.

1124
00:55:13,920 --> 00:55:15,000
Speaker 2: Yeah, see you've.

1125
00:55:14,880 --> 00:55:16,200
Speaker 3: Just got to be on the on the cell.

1126
00:55:16,680 --> 00:55:19,480
Speaker 1: So anyway, so these are some of the things where

1127
00:55:19,680 --> 00:55:23,520
Speaker 1: we're thinking about with the kids to try to in

1128
00:55:23,600 --> 00:55:30,240
Speaker 1: small ways teach them about saving and being disciplined with money.

1129
00:55:30,280 --> 00:55:32,840
Speaker 2: And there's also the work ethic that you demonstrate to them.

1130
00:55:32,880 --> 00:55:35,560
Speaker 3: Well, they see that every day. Yeah, we're out the door.

1131
00:55:36,640 --> 00:55:38,800
Speaker 1: They think everyone they must think everyone's mummy and daddy

1132
00:55:38,800 --> 00:55:41,000
Speaker 1: works on TV because there's mum and there's dad, right,

1133
00:55:42,080 --> 00:55:44,440
Speaker 1: But yeah, but they see that every day, and you

1134
00:55:44,480 --> 00:55:47,440
Speaker 1: know that comes with a certain level of mum guild obviously,

1135
00:55:47,480 --> 00:55:49,239
Speaker 1: which I know I shouldn't say that I have, but.

1136
00:55:50,239 --> 00:55:51,239
Speaker 3: Of course I do.

1137
00:55:52,520 --> 00:55:54,319
Speaker 1: But I love my job and I hope that they

1138
00:55:54,400 --> 00:55:56,200
Speaker 1: see that I love my job and that, you know,

1139
00:55:56,440 --> 00:55:58,799
Speaker 1: the gratification of having a job that you enjoy so much.

1140
00:55:59,080 --> 00:56:02,960
Speaker 2: You try to at all times go why or there's

1141
00:56:02,960 --> 00:56:05,759
Speaker 2: a purpose to this, doing this with a purpose. And

1142
00:56:05,920 --> 00:56:08,880
Speaker 2: even though I'm you know, you know, hustling this guest

1143
00:56:08,920 --> 00:56:11,040
Speaker 2: for the you know today extra or I'm doing this

1144
00:56:11,080 --> 00:56:13,239
Speaker 2: at work, I'm writing this article for nine only, all

1145
00:56:13,400 --> 00:56:17,640
Speaker 2: this is to do this thing for these people, and

1146
00:56:17,680 --> 00:56:19,759
Speaker 2: that's what I'm really doing today. I just happened to

1147
00:56:19,840 --> 00:56:20,120
Speaker 2: like it.

1148
00:56:20,280 --> 00:56:22,600
Speaker 3: Yeah, I just happened to have a really good time

1149
00:56:22,640 --> 00:56:23,359
Speaker 3: while I'm doing it.

1150
00:56:23,400 --> 00:56:26,040
Speaker 2: And that's fine. Yeah, it's not. It's not me, it's

1151
00:56:26,600 --> 00:56:28,120
Speaker 2: it's Scott Galloway, who I love.

1152
00:56:28,200 --> 00:56:29,520
Speaker 3: I love Scott Galloway's great.

1153
00:56:29,960 --> 00:56:32,000
Speaker 1: He's my dream guest by the way, for the podcast

1154
00:56:32,080 --> 00:56:33,320
Speaker 1: if you're if you're listening.

1155
00:56:33,120 --> 00:56:36,719
Speaker 2: To you and me both right, Yeah, spending twenties, just

1156
00:56:36,760 --> 00:56:38,759
Speaker 2: trying everything until you find something that when you show

1157
00:56:38,840 --> 00:56:40,520
Speaker 2: but it doesn't feel like work. Yes, do that.

1158
00:56:40,719 --> 00:56:42,800
Speaker 3: Yeah. His booked The Algebra of Wealth.

1159
00:56:42,800 --> 00:56:45,680
Speaker 1: It's great, is really that's one of the books that

1160
00:56:45,719 --> 00:56:47,920
Speaker 1: has helped me to understand this world so well.

1161
00:56:47,960 --> 00:56:49,640
Speaker 3: He's a he's a great brain.

1162
00:56:49,560 --> 00:56:51,719
Speaker 2: Really really really good and like have you got the

1163
00:56:51,719 --> 00:56:53,280
Speaker 2: White Whale? Have you got Scott Pape?

1164
00:56:53,520 --> 00:56:55,520
Speaker 3: He gets a lot of emails from a lot of people.

1165
00:56:56,040 --> 00:56:58,720
Speaker 1: So anyway, again, Scott Pape, if you're listening, we're coming

1166
00:56:58,719 --> 00:56:59,279
Speaker 1: for you too.

1167
00:56:59,560 --> 00:57:03,120
Speaker 2: The White for a reason, Like, he's an extraordinary.

1168
00:57:02,560 --> 00:57:04,760
Speaker 3: He's an amazing human being, extraordinary.

1169
00:57:04,280 --> 00:57:05,840
Speaker 2: And he's helped a lot of people.

1170
00:57:06,000 --> 00:57:08,000
Speaker 3: He has, and I.

1171
00:57:07,920 --> 00:57:10,560
Speaker 2: Really think it is somebody like that, someone like yourself,

1172
00:57:11,440 --> 00:57:14,759
Speaker 2: with enough upward pressure uput market pressure. I mean the stuff,

1173
00:57:14,760 --> 00:57:17,680
Speaker 2: there's no like the work that he has done changed

1174
00:57:17,720 --> 00:57:20,120
Speaker 2: in many ways, change the way banks. You know, you

1175
00:57:20,240 --> 00:57:22,560
Speaker 2: just pointed out going just so this means so you know,

1176
00:57:22,600 --> 00:57:24,120
Speaker 2: for every ten grand you put in a bank, they

1177
00:57:24,120 --> 00:57:26,640
Speaker 2: take this much. But what Yeah, like, I didn't know

1178
00:57:26,680 --> 00:57:29,680
Speaker 2: any of that before I read that book, and he's

1179
00:57:29,680 --> 00:57:33,520
Speaker 2: sold four hundred thousand. A lot of people now know

1180
00:57:33,720 --> 00:57:35,920
Speaker 2: this stuff. So sure people in that position can do

1181
00:57:35,960 --> 00:57:37,760
Speaker 2: a lot as far as financial literacy and a lot

1182
00:57:37,760 --> 00:57:40,320
Speaker 2: of about upward pressure on the way the companies were

1183
00:57:40,360 --> 00:57:43,680
Speaker 2: put also government policy, and absolutely I'm glad you made

1184
00:57:43,680 --> 00:57:46,120
Speaker 2: the show. Thank you enjoy doing it.

1185
00:57:46,280 --> 00:57:47,120
Speaker 3: I loving it.

1186
00:57:47,200 --> 00:57:49,680
Speaker 1: I love like how good is it to sit down

1187
00:57:49,720 --> 00:57:53,280
Speaker 1: opposite someone who I mean sorry that you know, I

1188
00:57:53,280 --> 00:57:57,000
Speaker 1: hope I've met your expectations. But but to sit across

1189
00:57:57,000 --> 00:57:59,680
Speaker 1: someone who you really enjoy chatting to, and to have

1190
00:57:59,720 --> 00:58:03,800
Speaker 1: forty five oddmitutes without someone telling you a rap, and

1191
00:58:03,920 --> 00:58:06,920
Speaker 1: to really drill down on a topic and get so

1192
00:58:07,000 --> 00:58:08,400
Speaker 1: much out of them, I love it. You know, I

1193
00:58:08,440 --> 00:58:12,880
Speaker 1: just love extracting information from people. And it's kind of

1194
00:58:13,520 --> 00:58:16,920
Speaker 1: self indulgent taking up all that time from very busy,

1195
00:58:17,120 --> 00:58:18,240
Speaker 1: smart people, But I love it.

1196
00:58:18,360 --> 00:58:20,200
Speaker 2: They get something out of it too, I hope, So

1197
00:58:20,480 --> 00:58:22,000
Speaker 2: they wouldn't show up if they didn't want to.

1198
00:58:22,360 --> 00:58:24,400
Speaker 1: Well, it's you know, everyone I've asked so far has

1199
00:58:24,440 --> 00:58:26,960
Speaker 1: said yes and come on board. So we're very We're

1200
00:58:27,040 --> 00:58:27,680
Speaker 1: very fortunate.

1201
00:58:27,760 --> 00:58:29,800
Speaker 2: It is tricky that you and I have made a

1202
00:58:29,840 --> 00:58:33,560
Speaker 2: career in an industry with which kind of hijacks the

1203
00:58:33,600 --> 00:58:38,840
Speaker 2: way that people get complicated ideas across each other's, across

1204
00:58:38,840 --> 00:58:41,600
Speaker 2: the bridge between them in that the amount of nuance

1205
00:58:41,640 --> 00:58:45,280
Speaker 2: and context it takes to understand something difficult cannot be

1206
00:58:45,400 --> 00:58:48,280
Speaker 2: said in a SoundBite or three minutess It takes an hour.

1207
00:58:48,480 --> 00:58:50,720
Speaker 2: Sometimes it takes five hours. Yeah, that's to speed that

1208
00:58:50,760 --> 00:58:53,880
Speaker 2: our brains work and the ability for emotions to catch

1209
00:58:53,960 --> 00:58:57,040
Speaker 2: up with our understanding of something. We can't do it

1210
00:58:57,480 --> 00:58:59,760
Speaker 2: in that amount of time. We pretend we can.

1211
00:59:00,240 --> 00:59:04,360
Speaker 1: People like, there's such a hunger for more context in

1212
00:59:04,440 --> 00:59:09,240
Speaker 1: this world, and both platforms sit by compliment one another.

1213
00:59:10,240 --> 00:59:13,640
Speaker 1: There's a space for all of this new media, I think,

1214
00:59:13,680 --> 00:59:16,560
Speaker 1: to sit alongside each other and to compliment each other,

1215
00:59:16,680 --> 00:59:17,680
Speaker 1: loving vertical integration.

1216
00:59:17,720 --> 00:59:20,640
Speaker 2: You go here, Jeffrey. We bring him in the Discovery

1217
00:59:20,720 --> 00:59:23,280
Speaker 2: with the Day Extra, and then we put them taken

1218
00:59:23,320 --> 00:59:25,480
Speaker 2: to the podcast, and then we feed them from there

1219
00:59:25,520 --> 00:59:27,320
Speaker 2: onto the nine Honey, and then maybe they become an

1220
00:59:27,320 --> 00:59:29,680
Speaker 2: SMA subscriber and then boom, we've got the subscription money.

1221
00:59:29,880 --> 00:59:32,400
Speaker 1: This is the point of the big beautiful company that

1222
00:59:32,560 --> 00:59:35,400
Speaker 1: is nine ushah see, welcome to the family.

1223
00:59:35,520 --> 00:59:40,600
Speaker 3: You get it, Me too, Me too.

1224
00:59:44,720 --> 00:59:46,880
Speaker 2: That was Sylvia Jeffery as you can find her podcast,

1225
00:59:46,920 --> 00:59:50,240
Speaker 2: it's called The Payoff where you found this very podcast.

1226
00:59:50,280 --> 00:59:53,720
Speaker 2: If you want to watch our conversation, you can on

1227
00:59:53,920 --> 00:59:56,600
Speaker 2: nine now. I can't afford Steve Britton, he's the guy

1228
00:59:56,640 --> 00:59:58,440
Speaker 2: that does the voice servers for Channel nine, but I

1229
00:59:58,520 --> 01:00:04,560
Speaker 2: can pretend to be him. Not very well on the

1230
01:00:04,720 --> 01:00:10,680
Speaker 2: block forty sorry, just get carried away. Yeah, you can

1231
01:00:10,720 --> 01:00:12,640
Speaker 2: watch it on the nine Now. Apple put a link

1232
01:00:12,680 --> 01:00:14,200
Speaker 2: in the show notes, which is also where you can

1233
01:00:14,240 --> 01:00:17,560
Speaker 2: get tickets to Story Club Comes see Us Live sixth

1234
01:00:17,560 --> 01:00:19,400
Speaker 2: of the July Factory Theater, and where you can pre

1235
01:00:19,880 --> 01:00:23,360
Speaker 2: order the book. So what now? What? And when you

1236
01:00:23,400 --> 01:00:25,560
Speaker 2: do so, take a screenshot of you buying the book

1237
01:00:26,080 --> 01:00:28,400
Speaker 2: the results page or whatever said it to me and

1238
01:00:28,400 --> 01:00:30,760
Speaker 2: I'll email you something to say thank you very much.

1239
01:00:31,560 --> 01:00:34,080
Speaker 2: I'll be back here on Monday. Have a wonderful weekend

1240
01:00:34,400 --> 01:00:34,680
Speaker 2: Bye