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Speaker 1: Seven notes.

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Speaker 2: You're listening to the best of The Money Show.

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Speaker 3: The Money Show. Welcome to the first Best Bits of

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Speaker 3: The Money Show for twenty twenty six. Can you imagine

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Speaker 3: we're here already a digest of some of the most

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Speaker 3: important insights, thoughts, and comments that happened during the week.

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Speaker 3: If you'd like to hear more, please go to our

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Speaker 3: website with your podcast app and search for The Money

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Speaker 3: Show and does always is bound to be someone in

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Speaker 3: your network and your family and your community who could

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Speaker 3: benefit from listening to one of the conversations, So please

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Speaker 3: do what's happed to them, send them the podcast and

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Speaker 3: tell them to have a look. To start, some of

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Speaker 3: the news stories that we thought were important from the week.

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Speaker 3: That was so much of the news this week coming

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Speaker 3: from the Trump administration. Two big things first, of course,

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Speaker 3: the snatching, grabbing, abduction, kidnapping of the Venezuelan president, Nicholas Maduro,

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Speaker 3: and then the fact that the US seized a Russian

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Speaker 3: oil tanker and they're redirecting Venezuelan oil that was going

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Speaker 3: to China back to the United States. Here we Buy

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Speaker 3: Cars has said it's no longer working with Decra Automotive,

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Speaker 3: which provided independent assessments of cars that you would buy

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Speaker 3: on We Buy Cars. They're using Inspectify instead, which is

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Speaker 3: owned by We Buy Cars and Discovery Health having to

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Speaker 3: decide what to do after making errors in the way

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Speaker 3: it paid out for pharmacy costs for members. It's demanding

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Speaker 3: the money back from members. Members say they don't actually

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Speaker 3: owe the money. Tonight, we bring you a mixture of

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Speaker 3: stories from the world of money from the week that

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Speaker 3: has been in our shapeshifter segment. We're joined by tebe Ekalafeng,

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Speaker 3: the founder and chair of Brand Africa. He started his

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Speaker 3: career journey back in Kimberly. He started studying accountancy before

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Speaker 3: going to the US and suddenly, as he puts it,

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Speaker 3: learning the language of marketing. Here's tebe Ekalafeg.

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Speaker 4: Because we all grew up saying I'm going to be

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Speaker 4: a teacher, I'm going to be a doctor, or I'm

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Speaker 4: going to because my mother was in this, my grandfather

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Speaker 4: worked for the council, my uncle was just a truant

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Speaker 4: and so those are reference points, right that you're going

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Speaker 4: to be a nurse, a doctor, a policeman. So that

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Speaker 4: was a reference point. So branding is a language that

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Speaker 4: it's a language that I didn't know until I arrived

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Speaker 4: in America. And arrived in America much later, at the

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Speaker 4: age of twenty.

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Speaker 3: Two or so, you went to school. I think Scholled

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Speaker 3: Saint Boniface's Saint Boniface.

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Speaker 4: It's the premier school.

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Speaker 3: It's you know.

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Speaker 4: I went back this year last year, and when I

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Speaker 4: was in school, our high school was only about one

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Speaker 4: hundreds people our entire high school. So he's a Christian

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Speaker 4: private school. It's a black school, but a black private school.

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Speaker 4: On my left hand side, right in side of my

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Speaker 4: school is a white suburb, a west end. On the

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Speaker 4: left hand side is Indian commercials shops, and then in

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Speaker 4: front is a black township. So it was what you

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Speaker 4: call a mind f when you're growing up in the

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Speaker 4: middle of our part eight. But every day to school

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Speaker 4: you see how the other half lives every day, but

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Speaker 4: it doesn't. So if you're not politically conscious, you don't

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Speaker 4: compute that. It's just that's how life is.

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Speaker 3: You get used to it and you.

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Speaker 4: Get used to it. So so one of us is

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Speaker 4: so not of us was the most the most prestigious

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Speaker 4: school growing up in a township still is, by the way,

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Speaker 4: because I went back last year that's what was because

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Speaker 4: I went back last year to give the so I

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Speaker 4: said to him, I want to give my book The

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Speaker 4: Traveler to the number one kid in every class, and

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Speaker 4: I'm thinking five classes, So it's five books. That's my mind,

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Speaker 4: because when I went to school it was five classes, six, seven, eight, nine, ten.

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Speaker 4: I said, it's just four classes. And they said to me, well,

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Speaker 4: the high school is now six hundred students and I

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Speaker 4: was a WHOA, I mean classes, says there's not over

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Speaker 4: thirty classes. So I had to get over thirty books,

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Speaker 4: so way past my budget of three or five books.

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Speaker 5: There.

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Speaker 4: Yes, but and by the way, it's still the best

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Speaker 4: performing school in Kimberleyan.

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Speaker 3: In Northern Cape. So you finished school there and the

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Speaker 3: opportunities often for young black people were very limited. What

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Speaker 3: opportunity was there? How did you get into higher education?

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Speaker 4: So when I finished, when I finished high school, it

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Speaker 4: was now dead. In the middle of nineteen eighty.

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Speaker 3: Five, Native emergency was just state.

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Speaker 4: Of emergency that year. It was the country was shut

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Speaker 4: school were all shut down. So I only entered. So

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Speaker 4: I entered that year nineteen eighty five, and then within

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Speaker 4: two months the schools was lost a month or two

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Speaker 4: the schools was lost as in closed because there was

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Speaker 4: a state of emergency to stay away at the same time,

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Speaker 4: and I think only around September or so. Then there

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Speaker 4: was a lot of pressure by the UNI Air for example,

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Speaker 4: among many uh to underparted government to reopen schools. And

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Speaker 4: so there's a lot of pressure to end the state

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Speaker 4: of emergions. And around September then the schools are reopening.

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Speaker 4: But now it's too late.

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Speaker 5: Yeah.

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Speaker 4: And then but the Christian brothers who were Irish brothers

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Speaker 4: were Irish. They said, do you know what, guys, if

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Speaker 4: you guys want to write, you can write the exam.

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Speaker 4: We'll have brother We call them brother my brother. We

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Speaker 4: haven't been to school for seven months. We only went

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Speaker 4: to school for a month or two. It's like it's like, listen,

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Speaker 4: you can just do a quick We'll run you to

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Speaker 4: help you do a revision quickly. We had to revise.

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Speaker 4: Oh yeah, we haven't been to class fo Yeah. And

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Speaker 4: I know some of my friends, my classmates, they said,

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Speaker 4: you know what, I'll go through this mess. You're gonna

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Speaker 4: fail anyway. I was like, okay, if you fail, at

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Speaker 4: least we know the syllavers for next year. So we

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Speaker 4: use it as sort of revision, and I think maybe

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Speaker 4: six to ten of us. It's like I will take

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Speaker 4: a chance. You know. Now I was number one the

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Speaker 4: rest of my school life and most of my school life,

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Speaker 4: and then of course we wrote and natural Life finished

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Speaker 4: first again, as one should if I used to being first. Yes, sure,

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Speaker 4: and so there is mamoth. So now now it's too

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Speaker 4: late in the year to plan for the future, to understand,

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Speaker 4: to explain your to respond to your question. So now

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Speaker 4: I'm saying, so what now Now I don't have results,

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Speaker 4: there's nothing else. The results were only released I think

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Speaker 4: February the following year. Now I can't get and applied

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Speaker 4: only to one school, Visus University, because why it was

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Speaker 4: the best university in the country. So I said, that's

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Speaker 4: this where I'm going, and I applied to its never

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Speaker 4: got accepted because provisionally I was provision accepted based on

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Speaker 4: my previous results until I get the results. But by

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Speaker 4: the time the results came, there's nothing. And I applied

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Speaker 4: to go do accounting, of all things. And the reason

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Speaker 4: I went to accounting is because my deputy head Cox

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Speaker 4: Moho was adverts doing your accounting and in my high

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Speaker 4: school he was the smartest. He was the number one

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Speaker 4: in mathematics and science, and I was exactly like him.

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Speaker 4: I was the top student, number one. I'm the head boy.

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Speaker 4: I'm like, that's what I'm gonna do because that was

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Speaker 4: our career guidance is to reference other people, so like yourself.

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Speaker 3: So how do you go from that to marketing? You

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Speaker 3: said that you first saw the language, you first understood

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Speaker 3: the language in the US twenty two. How did that happen?

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Speaker 4: So how that happened is also interesting. So then I

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Speaker 4: get to it the following year, so year after momentary,

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Speaker 4: So it's not so I had a quote unquote gap year,

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Speaker 4: did other things, and then then I get into it.

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Speaker 4: Then s one does because you don't you get into varsity,

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Speaker 4: you don't know anything. You must fail. It's part of

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Speaker 4: the passage. So June I get sixty and I must

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Speaker 4: go get the results. I've got sixty five percent for

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Speaker 4: business economics, seventy two percent for law, fifty six percent

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Speaker 4: for something else that comes wrong. So those days, those

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Speaker 4: are good marks. Those days December I get for the

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Speaker 4: same courses overall mark. Now for the year forty seven,

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Speaker 4: I said, it's impossible. You can't be that equally dumb

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Speaker 4: or you would mean you can't. But you know, it

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Speaker 4: was those times in South Africa, as you do recall,

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Speaker 4: where everything was managed, so there was a manage of outputs,

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Speaker 4: how many dots can be pulled through and how many

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Speaker 4: So we we'll only part of the how things work

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Speaker 4: those days. Somebody will get five courses five forty nine yes,

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Speaker 4: and you like it's impossible, or like my case, I

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Speaker 4: get three, but dinaers it may. I then repeated them

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Speaker 4: befollowing years one does did very well, and then I

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Speaker 4: moved and I got a scholarship to go to the US. Sure,

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Speaker 4: so I got to US. So I arrived in the US,

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Speaker 4: I'm in a nightclub. I don't drink, smoke or doing drugs.

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Speaker 4: I still don't, but I'm in a night club, nonetheless,

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Speaker 4: and I'm some guy called whom I met adverts a

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Speaker 4: couple of years earlier. I may sol rest in Pastor

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Speaker 4: on a accident a couple of years ago. So Susio

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Speaker 4: then says to me, Tabby, and I meet him a

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Speaker 4: nightclub in Columbus. Because we always converged with South Africans

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Speaker 4: before you go to schools for three weeks, so all

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Speaker 4: the South Africans will come together. So I'm meeting in

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Speaker 4: the nightclub and he says to me, what are you

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Speaker 4: doing here? I'm like, I was an accounting adverts I'm

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Speaker 4: coming to finish it off. One or two years that

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Speaker 4: I moved back to my country, back to South Africa,

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Speaker 4: and looked at me and says, but you're not an accountant,

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Speaker 4: So what do you mean. He says, you're not an accountant.

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Speaker 4: Look at yourself. So just be honest with yourself and

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Speaker 4: don't worry about what people think, because you know, we

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Speaker 4: also look at accounting, medicine because those are respectable things.

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Speaker 4: So I went to U so it's set in my subconscious,

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Speaker 4: but it was something I really engage with. Ultimately, I

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Speaker 4: ended up first in class across the entire thing in

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Speaker 4: marketing and okay, in accounting, and I was ready and

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Speaker 4: I was and I was named the American Marketing Student

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Speaker 4: Association MACAT University Student of the Year.

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Speaker 5: So this is the thing.

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Speaker 3: This was something you suddenly just clearly it spoke to you.

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Speaker 4: It's because I was in a place where nobody else

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Speaker 4: was judging me, and I also was not judging myself.

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Speaker 4: I think I just gravitated towards it, and it happened.

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Speaker 4: And it's sort of how I lead my life even now,

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Speaker 4: is I don't force things. I just allow myself to

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Speaker 4: gravitate towards things. That's how I'm up in marketing. And

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Speaker 4: my professor Robinson, he was the head of the department,

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Speaker 4: he meets me on the staircase. He's going up and

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Speaker 4: I'm going down at David Straussbuilding, which was a commercial

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Speaker 4: the commerce building. And I went to Jesuit University and

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Speaker 4: it looks at me and it says to me, you

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Speaker 4: are going to be a brilliant marketer. Now I'm looking

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Speaker 4: at this guy, say, surely he's on drugs because I

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Speaker 4: am not on drugs, So one of us has to be.

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Speaker 4: And I move on with my life. And so obviously

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Speaker 4: then I started my first job at Colgate in New

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Speaker 4: York in marketing. So that's sort of the transition marketing.

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Speaker 4: That's where now you get to know about brands, because

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Speaker 4: the number one brand in America in in or is Quadriate,

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Speaker 4: or maybe it was Crest around that time, but Corgate

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Speaker 4: was around.

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Speaker 3: There coloring our shape shifter this week, bringing you a

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Speaker 3: wealth of experience and thought from his rise in leadership

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Speaker 3: in the world of branding and marketing, talking also about

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Speaker 3: how important it is for a brand to be authentic

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Speaker 3: and why you need to have such a clear understanding

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Speaker 3: of what it really is.

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Speaker 2: The best of the Money Show and.

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Speaker 3: Two this is unusual. This week we spoke to Adetha

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Speaker 3: and I do the Africa MD at jack Hammer Global

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Speaker 3: looking at some of the big trends that we'll see

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Speaker 3: playing out where you work this year. AI is part

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Speaker 3: of it, but so is going back to the office.

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Speaker 3: Some interesting thoughts from Advita and I do PS.

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Speaker 5: I think we're seeing the automation of low judgment tasks

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Speaker 5: and a lot of professions, you know, the type of

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Speaker 5: routine research, the first draft, the basic analysis, coordination, reporting,

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Speaker 5: and these functions used to justify layers and layers of

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Speaker 5: junior and support roles, and in a lot of organizations

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Speaker 5: they no longer do. So that's what's changed. But what's

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Speaker 5: really saying the same and what keeps me in the

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Speaker 5: need for human judgment. If anything, that requirement is actually

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Speaker 5: intensifying because decision making under uncertainty and prioritization and interpretation,

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Speaker 5: those are all fundamentally still human responsibilities. So everyone should

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Speaker 5: really remember that AI can generate options for you, but

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Speaker 5: it can't own the consequences of the choices that you make.

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Speaker 5: So the shift is less about job loss and more

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Speaker 5: about job compression, you know, sort of fewer roles, broader mandates,

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Speaker 5: and more expectations.

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Speaker 3: I think sometimes there are also just judgment calls on facts.

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Speaker 3: We can see something and know that it just feels

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Speaker 3: a bit odd, whereas AI doesn't know that it feels

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Speaker 3: a bit odd because it's not a human being.

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Speaker 5: Absolutely. I think that's really the critical that the crust

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Speaker 5: that a lot of people miss. That meaningful use of

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Speaker 5: AI hinges on essentially what data literacy, and it doesn't

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Speaker 5: have to be advanced analytics, but comfort with data or

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Speaker 5: output as a language. It means knowing what question you're

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Speaker 5: actually trying to answer, understanding what input and output is relevant,

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Speaker 5: and really being able to interpret outputs critically rather than

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Speaker 5: taking them and face value, which, as you say, AI

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Speaker 5: cannot do.

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Speaker 3: Back to comprehension in English classes at school, I think

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Speaker 3: a lot of people have, you know, more and more

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Speaker 3: people have used AI gone on to chat GBT and

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Speaker 3: asked them to write a poem or something, but being

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Speaker 3: more meaningful about it how is that going to change.

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Speaker 3: I suppose it's about being more productive, and within that,

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Speaker 3: it's being more productive for human beings. It's improving the

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Speaker 3: state of human beings, not just using AI because you

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Speaker 3: boss said you must, yes, And I.

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Speaker 5: Think we've all heard for a while now that AI

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Speaker 5: is never going to replace the people or it will

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Speaker 5: replace the people who don't know how to use the AI.

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Speaker 5: And the people who struggle are the ones who treat

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Speaker 5: it as a novelty or as something that they've bought

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Speaker 5: they must do, versus the one who treat it as infrastructure.

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Speaker 5: And so the distinction is between using it occasionally and

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Speaker 5: then embedding it into how work actually gets done in

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Speaker 5: your environments. And impractical terms, professionals should be using it

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Speaker 5: to remove friction from their work, accelerating their research, pressure

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Speaker 5: testing their thinking, drafting alternatives where it's possible, and interrogating

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Speaker 5: assumptions like we said earlier, because critically, the value lies

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Speaker 5: in what you do after the output appears, how you

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Speaker 5: refine it, validated, and apply judgment. And it's always going

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Speaker 5: to come back to applying judgment.

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Speaker 3: One of the big trends you see in the workplace

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Speaker 3: in almost all fields is specialization versus generalization. Does I

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Speaker 3: change that?

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Speaker 1: Yes or no?

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Speaker 5: I think it's an interesting one. It's not that pure

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Speaker 5: specialization is disappearing. It's just not enough anymore to be

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Speaker 5: what the Americans call an individual contributor, because that deep

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Speaker 5: technical that's a technical specialist with a narrow focus. So

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Speaker 5: we're seeing a move away from the narrow technical expertise

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Speaker 5: the people who operate in isolation towards the people who

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Speaker 5: can translate the expertise into execution across functions, across disciplines,

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Speaker 5: across different business problems. So their competence is deep enough

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Speaker 5: to you know, know the content inside out, but broad

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Speaker 5: enough to understand the commercial context and the downstream impact

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Speaker 5: of what they're doing.

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Speaker 3: I mean, it's interesting to see how it pans out.

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Speaker 3: But I know the thing I keep coming back to

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Speaker 3: and is a bit like what happened during COVID, which

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Speaker 3: is what happens to younger people, because most of us,

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Speaker 3: our first jobs in what we do now was something

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Speaker 3: a little maybe menials the wrong word, but something a

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Speaker 3: little repetitive. And what you did was you learned the business.

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Speaker 3: It wasn't the glamorous decision making stuff. You had to

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Speaker 3: learn often from other people how that was done. Doesn't

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Speaker 3: that contain a big risk for companies? I mean you

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Speaker 3: look at I mean fifteen ten years ago, we were

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Speaker 3: all told to teach our children coding. I don't think

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Speaker 3: there have many jobs in that now, honest.

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Speaker 5: See, this is something that I would worry about if

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Speaker 5: I was a seer of a large company, because I

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Speaker 5: think a lot of companies are aggressively reducing these junior

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Speaker 5: and entry level evolved because AI can perform a lot

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Speaker 5: of that foundational work. And in the short term, obviously

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Speaker 5: the economics are compelling, there's no doubt about that. But

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Speaker 5: like you say, the long term risk is the pipeline

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Speaker 5: erosion because judgments again I'm coming back to that, it's

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Speaker 5: not innate. It is developed through the exposure, the repetition,

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Speaker 5: the error and the course correction. And that's the type

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Speaker 5: of on the job training that younger people that we

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Speaker 5: all received. But if these early career roles disappear, organizations

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Speaker 5: are going to find themselves with no internal bench. There's

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Speaker 5: a dearth of mid career leaders who have developed that

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Speaker 5: necessary pattern recognition, for want of a better word, and

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Speaker 5: the decision making capability for themselves.

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Speaker 3: So how does a thoughtful organization manage that then, because

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Speaker 3: you need to have young people around I mean, I

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Speaker 3: know this as I get older, if I don't have

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Speaker 3: young people around me, I'm going to do the wrong thing.

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Speaker 3: I'm not going to understand how the world is changing.

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Speaker 3: And I can't go to you know, chat gipt junior.

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Speaker 3: That's not going to help me at all. So how

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Speaker 3: do you sort of be thoughtful about this, make sure

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Speaker 3: you have the right pipeline, and also make sure you're

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Speaker 3: keeping young people employed, which is becoming more and more important.

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Speaker 5: Yeah, I mean, look, I think this is going to

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Speaker 5: be a very existential and philosophical question for a lot

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Speaker 5: of companies rather than a hardcore bottom line economic question.

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Speaker 5: But as I said, you know a lot of companies

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Speaker 5: are optimizing aggressively for the short term productivity in the

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Speaker 5: economic gains, but they aren't taking enough responsibility for the

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Speaker 5: long term consequences of these decisions. They're eroding their talent

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Speaker 5: pipelines by over automating the early career rules. They may

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Speaker 5: also be eroding the future customer base if you think

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Speaker 5: about it. But I think the more thoughtful organizations they

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Speaker 5: aren't preserving these junior roles unchanged, and they're not eliminating them,

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Speaker 5: they're just redesigning them. So they are using it to

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Speaker 5: remove administrative burden, but they're also deliberately and intentionally increasing

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Speaker 5: exposure to real decisions earlier in a career. I think

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Speaker 5: they view AI as a way to reduce learning time

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Speaker 5: or to make it high quality time, rather than eliminate

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Speaker 5: the learning phase altogether. So you know, they're not just

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Speaker 5: saving millions in reduce headcount. They're the ones who are

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Speaker 5: buying technology with discipline in investment in human capability.

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Speaker 3: I mean, I'm fascinated because tied to young people is

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Speaker 3: whether or not people are working in an office or not.

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Speaker 3: And I do wonder if in some places, and I

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Speaker 3: mean just that the people I spend time with socially

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Speaker 3: are kind of fifty to fifty now, But I do

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Speaker 3: wonder if we're actually going to see a move one

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Speaker 3: way or another. Do you see that balance changing in

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Speaker 3: the next twelve months?

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Speaker 5: I do, And I think you know we've spoken about

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Speaker 5: this before, is that young career professionals, you know, early

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Speaker 5: career individuals should really welcome the opportunity to be in

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Speaker 5: the in the office. There's this type of learning biosmosis

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Speaker 5: that cannot happen remotely. You know, we talk about it

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Speaker 5: in terms of proximity bias, and you know, people who

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Speaker 5: are closer to the decision makers get better opportunities. It's

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Speaker 5: not just as better opportunities. They have better learning experiences

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Speaker 5: when they're exposed to the thinking that goes into making decisions.

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Speaker 5: So honestly, anyone who values career acceleration should welcome the

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Speaker 5: chance to at least part of the time be in

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Speaker 5: the office.

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Speaker 3: I thought an important conversation with Advitna and I do

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Speaker 3: there on Business Unusual, looking at the way the world

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Speaker 3: of work is going to change this year, and I

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Speaker 3: think leadership is always is so important to all of

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Speaker 3: these things. How are we going to make sure that

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Speaker 3: actually the company you are leading is going to be

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Speaker 3: future fit ten years from now. You can't just leave

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Speaker 3: young people behind in the quest for profits. Now seven,

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Speaker 3: you'll listen to the money shows, best bids first, no finance.

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Speaker 3: This week we'ren Ingram financial advisor, co founder of Galileo Capital,

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Speaker 3: suggesting we don't make financial resolutions for the new year,

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Speaker 3: but try and change one money habit.

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Speaker 2: It's one of most frustrating behaviors to observe, you know,

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Speaker 2: with with with humanity where uh, you know, I'm someone

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Speaker 2: who exercises pretty consistently through a year, and sometimes I

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Speaker 2: have to go to gym and not not able to

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Speaker 2: go running on the mountain or on the roads and

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Speaker 2: and all haz At the start of the year, the

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Speaker 2: gym is absolutely overcrowded and packed and and you know

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Speaker 2: when you look around in sort of you know, three

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Speaker 2: months later, the gym is pretty pretty back to normal

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Speaker 2: in other words, largely empty. And and we see that

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Speaker 2: same behavior, you know, somewhere around the beginning of spring,

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Speaker 2: first of September, the gym falls up again. And and

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Speaker 2: I think it happens in many aspects. People look at

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Speaker 2: their fitness, they look at their their financial wellbeing, and

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Speaker 2: and usually it happens when we're on holiday and and we,

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Speaker 2: you know, take a moment to take stock of life.

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Speaker 2: And you know, if it's if it's someone like me,

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Speaker 2: you know, you look at the belly and you go,

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Speaker 2: all that belly's not as as tight as I would like.

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Speaker 2: It needs to get a but slimmed down. And you know,

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Speaker 2: if the if the money is not as good as

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Speaker 2: it should be, the you know, the investment balances aren't

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Speaker 2: what they what they would what I would like them

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Speaker 2: to be. Then that's the time when you've got a

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Speaker 2: bit of time to reflect, to say, okay, let me

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Speaker 2: reset and restart. And when we look at these resolutions

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Speaker 2: that people make, it's it's a bit like you know,

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Speaker 2: a government policy. We have fifty priorities, and when you

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Speaker 2: have fifty priorities, guess what, you don't accomplish anything because

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Speaker 2: that's far too much for any one person or any

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Speaker 2: one government to accomplish. So the reality is we need

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Speaker 2: to narrow down and focus rather than have a long

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Speaker 2: list of things that were unhappy with, because you're never

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Speaker 2: going to get through, you know, five or ten years

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Speaker 2: resolutions by by the end of the years. It's just

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Speaker 2: not possible.

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Speaker 3: You suggest we should change just one money habit, And

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Speaker 3: the problem I suppose that you're pointing to is that

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Speaker 3: will often make a series of resolutions. This is what

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Speaker 3: I'm going to change my finances this year. I'm gonna

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Speaker 3: have ten twenty bullet points under that I'm going to

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Speaker 3: do all of these things. What happens when we do.

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Speaker 2: That, well, I mean, typically we can't make a lot

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Speaker 2: of progress. You know, if we've got five or ten things,

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Speaker 2: and especially if they're relatively big, you know, I'm going

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Speaker 2: to you know, run comrades by the you know, the

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Speaker 2: end of March and whatever. You know, I run a

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Speaker 2: marathon by the end of March, and and I'm going

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Speaker 2: to have saved myself an extra million round all of

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Speaker 2: those kind of you know, very big pipe dreams. And

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Speaker 2: if we set those kinds of goals, you know, at

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Speaker 2: the start of a year and they feel big and

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Speaker 2: they feel very far away, what happens is we lose

435
00:22:38,240 --> 00:22:41,439
Speaker 2: motivation because you know, human beings like progress. We like

436
00:22:41,520 --> 00:22:44,040
Speaker 2: to track how we're going, and we like to see

437
00:22:44,080 --> 00:22:47,359
Speaker 2: that we're making, you know, strides towards a goal. And

438
00:22:47,920 --> 00:22:51,119
Speaker 2: so to me, you've got to give yourself, you know,

439
00:22:51,160 --> 00:22:54,280
Speaker 2: a much more attainable goal. And and really, you know,

440
00:22:54,359 --> 00:22:56,840
Speaker 2: you know, you want to find a way of saying, Okay,

441
00:22:56,920 --> 00:22:59,360
Speaker 2: if it's money, this is the money show, let's talk

442
00:22:59,359 --> 00:23:03,320
Speaker 2: about money and and not quickness. Then actually, I need

443
00:23:03,359 --> 00:23:07,800
Speaker 2: to set myself a small, realistic goal that I can

444
00:23:07,920 --> 00:23:10,960
Speaker 2: actually achieve, where I can reward myself and feel the

445
00:23:11,040 --> 00:23:15,080
Speaker 2: pride of making progress and taking my life you know,

446
00:23:15,160 --> 00:23:17,840
Speaker 2: in a direction where I wanted to go, rather than

447
00:23:17,880 --> 00:23:20,119
Speaker 2: saying I've got this, you know, list of goals, and

448
00:23:20,440 --> 00:23:23,240
Speaker 2: actually I've got nowhere, And then all the sense of

449
00:23:23,280 --> 00:23:27,960
Speaker 2: shame and frustration and embarrassment builds up. And when that happens,

450
00:23:27,960 --> 00:23:30,160
Speaker 2: what we do is we go back to the old

451
00:23:30,240 --> 00:23:32,840
Speaker 2: habits which got us into the problem we're in right now.

452
00:23:34,000 --> 00:23:36,800
Speaker 3: I mean, it's like eating. You know, you miss your

453
00:23:37,560 --> 00:23:39,679
Speaker 3: dietary goal for the week, you feel bad about it,

454
00:23:39,720 --> 00:23:41,560
Speaker 3: so you have a chocolate. You know, it's exactly the

455
00:23:41,600 --> 00:23:46,600
Speaker 3: same thing. In a way, does changing one habit are

456
00:23:46,600 --> 00:23:49,240
Speaker 3: you likely to be much more successful? And I'm talking,

457
00:23:49,280 --> 00:23:52,000
Speaker 3: I suppose about building momentum because I've found often in

458
00:23:52,040 --> 00:23:56,760
Speaker 3: so many things, exercise, dieting, money, once you get momentum

459
00:23:56,840 --> 00:23:58,480
Speaker 3: going life becomes a lot easier.

460
00:24:00,200 --> 00:24:02,760
Speaker 2: Exactly. And I'm sorry I keep coming back to fitness,

461
00:24:02,800 --> 00:24:05,000
Speaker 2: but it's such a nice analogy for money. If you

462
00:24:05,119 --> 00:24:06,960
Speaker 2: one of those people that struggles to get up and

463
00:24:07,000 --> 00:24:09,199
Speaker 2: go for a walk, let's just say you want to.

464
00:24:09,240 --> 00:24:10,960
Speaker 2: You want to start getting on the on the road

465
00:24:11,000 --> 00:24:13,159
Speaker 2: and just start walking just to just to get the

466
00:24:13,240 --> 00:24:17,600
Speaker 2: legs going again. Uh. The secret is, don't do anything

467
00:24:17,640 --> 00:24:21,320
Speaker 2: tonight except pack out your walking shoes, pack out to

468
00:24:21,359 --> 00:24:23,840
Speaker 2: all the stuff you need to wear tomorrow morning, and

469
00:24:23,880 --> 00:24:26,600
Speaker 2: then put it right in your bedroom door so that

470
00:24:26,680 --> 00:24:29,800
Speaker 2: you can't but avoid bumping into it when you wake

471
00:24:29,880 --> 00:24:32,280
Speaker 2: up in the morning. And it's one less thing you

472
00:24:32,320 --> 00:24:34,159
Speaker 2: have to decide to do. It's already done for you.

473
00:24:34,240 --> 00:24:36,280
Speaker 2: All you've got to do is put the clothes on

474
00:24:36,400 --> 00:24:38,880
Speaker 2: and get out the door. And then the very last

475
00:24:38,880 --> 00:24:41,240
Speaker 2: thing you do set the alarm appropriately so that you

476
00:24:41,280 --> 00:24:43,800
Speaker 2: get up and go. And it's the same with money,

477
00:24:43,800 --> 00:24:46,480
Speaker 2: where where if we can if we can just do

478
00:24:46,680 --> 00:24:48,960
Speaker 2: one thing, even if it seems like a small thing,

479
00:24:49,720 --> 00:24:52,160
Speaker 2: that we can actually achieve. I mean, it doesn't take

480
00:24:52,160 --> 00:24:53,720
Speaker 2: a heck of a lot to pack out your your

481
00:24:53,760 --> 00:24:56,040
Speaker 2: your running clothes. It's the same with money. Can you

482
00:24:56,119 --> 00:24:59,119
Speaker 2: do one thing that might not seem like saving a

483
00:24:59,119 --> 00:25:01,480
Speaker 2: million rund but and you to take one small step,

484
00:25:01,520 --> 00:25:04,240
Speaker 2: one action that you do once a week or once

485
00:25:04,240 --> 00:25:06,520
Speaker 2: a month, whatever it is, to get you on that

486
00:25:06,600 --> 00:25:09,000
Speaker 2: goal to to the bigger goal eventually. And I think

487
00:25:09,000 --> 00:25:11,400
Speaker 2: that's the thing here is then we start to build

488
00:25:11,440 --> 00:25:13,960
Speaker 2: momentum because we start to feel good about ourselves. We've

489
00:25:14,000 --> 00:25:16,560
Speaker 2: actually achieved something, you know, we we did that one

490
00:25:16,600 --> 00:25:19,000
Speaker 2: step or that, you know, whether it's once a week

491
00:25:19,080 --> 00:25:21,480
Speaker 2: or once a month, and it encourages us to keep

492
00:25:21,520 --> 00:25:23,920
Speaker 2: going and we don't, you know, lose faith and to

493
00:25:24,040 --> 00:25:26,840
Speaker 2: kind of build up that financial shame, which I think

494
00:25:27,040 --> 00:25:28,760
Speaker 2: bothers a lot of people in the world.

495
00:25:29,960 --> 00:25:32,480
Speaker 3: Okay, so our one financial habit, how do we make

496
00:25:32,520 --> 00:25:33,000
Speaker 3: it stick?

497
00:25:34,880 --> 00:25:38,080
Speaker 2: I think there are three things to make make sure

498
00:25:38,119 --> 00:25:41,480
Speaker 2: that habit sticks, And the very first one is please

499
00:25:41,520 --> 00:25:44,800
Speaker 2: don't sit down and say, Okay, I want to save more,

500
00:25:45,240 --> 00:25:48,400
Speaker 2: because that doesn't mean anything more more. You know, if

501
00:25:48,440 --> 00:25:51,760
Speaker 2: you save one cent more than you saved last year,

502
00:25:51,800 --> 00:25:54,440
Speaker 2: then you've saved more, doesn't It's not a measurable thing.

503
00:25:54,800 --> 00:25:59,120
Speaker 2: So rather say I'd like to save ten round a month,

504
00:25:59,480 --> 00:26:01,760
Speaker 2: or I want to save you know, one hundred rund

505
00:26:01,800 --> 00:26:06,240
Speaker 2: a week extra than what I was doing before. Make

506
00:26:06,320 --> 00:26:09,840
Speaker 2: it attainable, obviously, I think, and I shouldn't say obviously,

507
00:26:09,880 --> 00:26:12,600
Speaker 2: a lot of people don't set attainable goals. But look

508
00:26:12,600 --> 00:26:15,679
Speaker 2: at what you can do, look at what's achievable, and

509
00:26:15,720 --> 00:26:18,879
Speaker 2: then make it absolutely measurable and say, Okay, if the

510
00:26:18,920 --> 00:26:21,520
Speaker 2: goal is I want to increase my savings, I'm going

511
00:26:21,560 --> 00:26:23,800
Speaker 2: to on the first of every month, you know, soon

512
00:26:23,880 --> 00:26:26,200
Speaker 2: after pay day, I'm going to set up a debit

513
00:26:26,320 --> 00:26:28,359
Speaker 2: order so that I move, you know, one thousand and

514
00:26:28,400 --> 00:26:31,600
Speaker 2: rand from my current account into my savings account. And

515
00:26:31,640 --> 00:26:34,000
Speaker 2: if you set up a debit order, you've done something

516
00:26:34,119 --> 00:26:36,879
Speaker 2: that's specific, You've done it on a particular day, and

517
00:26:36,920 --> 00:26:39,400
Speaker 2: it's something you can measure and tick off and give

518
00:26:39,440 --> 00:26:42,040
Speaker 2: yourself that pat on the back to say I've done

519
00:26:42,080 --> 00:26:44,760
Speaker 2: the one thing and I'm on my way. I'm making

520
00:26:45,080 --> 00:26:48,520
Speaker 2: a very significant difference to where I was last year,

521
00:26:48,560 --> 00:26:50,679
Speaker 2: and it takes a bit of time to see the

522
00:26:50,680 --> 00:26:52,560
Speaker 2: benefit of that. But if you can do that, and

523
00:26:52,600 --> 00:26:56,520
Speaker 2: you can be very specific, then that's the key to this.

524
00:26:56,800 --> 00:27:00,600
Speaker 2: When you just say I'm going to save more measurable,

525
00:27:00,600 --> 00:27:02,879
Speaker 2: it's not attainable actually, because you don't even know what

526
00:27:02,920 --> 00:27:06,080
Speaker 2: you're really trying to achieve. So my suggestion is make

527
00:27:06,119 --> 00:27:09,560
Speaker 2: it specific, make it attainable, make it easy to measure,

528
00:27:09,680 --> 00:27:13,320
Speaker 2: and then get going. And then I think the second

529
00:27:13,359 --> 00:27:16,760
Speaker 2: step is we've got to manage human behavior. So one

530
00:27:16,800 --> 00:27:21,359
Speaker 2: of the things is we shouldn't have to decide every month, Okay,

531
00:27:21,359 --> 00:27:24,000
Speaker 2: how much money am I going to save. What we

532
00:27:24,040 --> 00:27:26,480
Speaker 2: should rather do is decide once that I'm going to

533
00:27:26,480 --> 00:27:28,920
Speaker 2: set up a debit order, or I'm going to put

534
00:27:28,920 --> 00:27:30,920
Speaker 2: a reminder in my calendar if you don't want to

535
00:27:30,960 --> 00:27:33,399
Speaker 2: set up debit orders, and it's going to be on

536
00:27:33,440 --> 00:27:36,520
Speaker 2: the same day every month, and I'm going to start

537
00:27:36,600 --> 00:27:41,399
Speaker 2: then with that decision already automated. Because we do like

538
00:27:41,480 --> 00:27:44,080
Speaker 2: things to be easy in life. That's why so many

539
00:27:44,080 --> 00:27:46,720
Speaker 2: people keep their bank accounts at banks that they don't

540
00:27:46,800 --> 00:27:49,679
Speaker 2: like anymore, because take so much inertia to kind of

541
00:27:49,720 --> 00:27:52,600
Speaker 2: overcome the thing that you're in, the habit that you're in.

542
00:27:53,000 --> 00:27:55,520
Speaker 2: And one way to do that is if you make

543
00:27:55,520 --> 00:27:58,400
Speaker 2: it automatic. It's out of your life already, the decisions made.

544
00:27:58,960 --> 00:28:01,960
Speaker 2: Something's happening every month and it's something that works in

545
00:28:02,000 --> 00:28:05,720
Speaker 2: your favor, So you don't need additional willpower. You pretend

546
00:28:05,840 --> 00:28:08,480
Speaker 2: back to your chocolate example, you don't need willpower to

547
00:28:08,600 --> 00:28:10,639
Speaker 2: not buy the chocolate if I mean, not eat the

548
00:28:10,680 --> 00:28:13,399
Speaker 2: chocolate if it's not in your house. So it takes

549
00:28:13,400 --> 00:28:16,080
Speaker 2: inertia or overcoming inertia to go and you know, get

550
00:28:16,080 --> 00:28:18,240
Speaker 2: in your car and drive to go and buy the thing,

551
00:28:18,359 --> 00:28:21,320
Speaker 2: or to order it from a retail and get them

552
00:28:21,320 --> 00:28:25,160
Speaker 2: to deliveratey. So anything that requires willpower in a positive

553
00:28:25,200 --> 00:28:28,480
Speaker 2: way will be difficult unless you automate. So to me,

554
00:28:28,560 --> 00:28:31,320
Speaker 2: that step two and then the last one is make

555
00:28:31,359 --> 00:28:34,479
Speaker 2: it measurable so that you can see progress. In other words,

556
00:28:34,720 --> 00:28:36,640
Speaker 2: if you're saying, I want to save one hundred rand

557
00:28:36,640 --> 00:28:39,600
Speaker 2: a week, okay, that's four or five hundred rand a month,

558
00:28:40,160 --> 00:28:42,800
Speaker 2: and track that once a month, look back and say

559
00:28:42,920 --> 00:28:45,239
Speaker 2: have I done that? Have I saved that money? And

560
00:28:45,440 --> 00:28:48,240
Speaker 2: over the year that should account to whatever the number

561
00:28:48,320 --> 00:28:51,720
Speaker 2: is that you've set yourself. And so I've either you know,

562
00:28:51,760 --> 00:28:53,920
Speaker 2: I've saved it for fifty two weeks of the year,

563
00:28:54,120 --> 00:28:57,160
Speaker 2: or I've saved twelve thousand because the goal was one

564
00:28:57,160 --> 00:28:59,640
Speaker 2: thousand round a month. But you want to see those

565
00:28:59,720 --> 00:29:01,560
Speaker 2: goals in a measured way, and then you want to

566
00:29:01,600 --> 00:29:05,280
Speaker 2: track your progress. It also motivates you if you're slightly

567
00:29:05,360 --> 00:29:07,840
Speaker 2: off the goal to then get back on track again

568
00:29:08,240 --> 00:29:10,440
Speaker 2: and get that back to the first point. It needs

569
00:29:10,440 --> 00:29:12,959
Speaker 2: to be attainable. You want to know that your goals

570
00:29:12,960 --> 00:29:16,760
Speaker 2: are measurable and within reach, because then you keep the motivation.

571
00:29:17,160 --> 00:29:20,680
Speaker 2: So to me, those are the three steps to make

572
00:29:20,720 --> 00:29:21,840
Speaker 2: this habit stick. Stephen.

573
00:29:23,280 --> 00:29:25,960
Speaker 3: There's some bad things that we do, and and you know,

574
00:29:25,960 --> 00:29:28,080
Speaker 3: if you can change the bad habits you're sort of,

575
00:29:28,200 --> 00:29:31,040
Speaker 3: you know, changing it to the positive. And one of

576
00:29:31,040 --> 00:29:33,480
Speaker 3: them is and I mean I do this all the time.

577
00:29:33,520 --> 00:29:36,240
Speaker 3: We're in is I find myself looking at my bank

578
00:29:36,280 --> 00:29:39,680
Speaker 3: account on my phone to see how I'm doing. You

579
00:29:39,720 --> 00:29:41,000
Speaker 3: think that's a very bad thing.

580
00:29:42,280 --> 00:29:46,280
Speaker 2: It is if you're in both respects. Let's say you're

581
00:29:46,360 --> 00:29:50,000
Speaker 2: in a bad financial position, Well, well, then looking at

582
00:29:50,040 --> 00:29:52,680
Speaker 2: your debit. You know, your credit balance is how much

583
00:29:52,760 --> 00:29:55,480
Speaker 2: you owe the banks every single day. It's not going

584
00:29:55,560 --> 00:29:57,160
Speaker 2: to change anything. You know, you're gonna look at it

585
00:29:57,160 --> 00:29:59,920
Speaker 2: today and you're gonna look at it tomorrow. It look

586
00:30:00,160 --> 00:30:03,160
Speaker 2: at something. It's not going to change the reality. And

587
00:30:03,560 --> 00:30:05,720
Speaker 2: all it does, I think it actually just makes us

588
00:30:06,080 --> 00:30:10,040
Speaker 2: more anxious, but potentially starts to affect other parts of

589
00:30:10,040 --> 00:30:12,160
Speaker 2: our life. So you might not sleep as well, and

590
00:30:12,520 --> 00:30:14,680
Speaker 2: that starts to spiral where you wake up in the

591
00:30:14,680 --> 00:30:17,240
Speaker 2: morning tide. You know, then you end up spending on

592
00:30:17,280 --> 00:30:19,320
Speaker 2: the extra coffee you promised you weren't going to buy

593
00:30:19,400 --> 00:30:21,120
Speaker 2: so that you get through the day, and then you

594
00:30:21,200 --> 00:30:23,080
Speaker 2: check your bank account at the end of the night

595
00:30:23,120 --> 00:30:25,920
Speaker 2: again and you get more upset and you don't sleep,

596
00:30:25,960 --> 00:30:28,280
Speaker 2: and so you can set yourself off on a very

597
00:30:28,320 --> 00:30:32,320
Speaker 2: bad track. Whereas if you say, whatever your day is,

598
00:30:32,360 --> 00:30:36,280
Speaker 2: but you know, let's just say it's Sunday morning, you're

599
00:30:36,320 --> 00:30:39,560
Speaker 2: going to check your bank account to measure your progress.

600
00:30:39,560 --> 00:30:42,280
Speaker 2: So you're going to be saying, I'm checking my account

601
00:30:42,480 --> 00:30:45,200
Speaker 2: for purpose. With the purpose in other words, I want

602
00:30:45,240 --> 00:30:47,360
Speaker 2: to know that I've controlled my spending over the week

603
00:30:47,480 --> 00:30:50,080
Speaker 2: and I've actually managed to save a bit of money.

604
00:30:50,200 --> 00:30:54,800
Speaker 2: So it's a reward for doing good. Or alternatively, it's

605
00:30:54,840 --> 00:30:57,680
Speaker 2: the one day a week where you now take stock

606
00:30:57,760 --> 00:30:59,800
Speaker 2: and say, okay, hang on, you know the week's about

607
00:30:59,840 --> 00:31:02,960
Speaker 2: to start again next, you know, tomorrow, whatever the day is,

608
00:31:03,080 --> 00:31:05,520
Speaker 2: and I need to just be very careful. I've overspent

609
00:31:05,600 --> 00:31:08,040
Speaker 2: in the past week, and I need to reset to

610
00:31:08,080 --> 00:31:10,920
Speaker 2: make sure that I control the expenditure so that I

611
00:31:10,960 --> 00:31:13,520
Speaker 2: get to the end of the month and I've achieved

612
00:31:13,520 --> 00:31:17,120
Speaker 2: the goal. So I think it's it's it's very positive

613
00:31:17,200 --> 00:31:20,000
Speaker 2: if you if you're checking your account with purpose, but

614
00:31:20,160 --> 00:31:22,960
Speaker 2: just checking it, because it's you know, it's traumatizing. All

615
00:31:23,000 --> 00:31:27,000
Speaker 2: that's doing is really damaging, damaging your psychology, and it

616
00:31:27,040 --> 00:31:29,760
Speaker 2: adds back to the shame and all the horrible cycle

617
00:31:29,800 --> 00:31:32,280
Speaker 2: that you're you're in now. So to break the cycle,

618
00:31:32,360 --> 00:31:35,080
Speaker 2: just stop checking and and it's just a habit that

619
00:31:35,120 --> 00:31:37,560
Speaker 2: we're in and it's one we can stop very easily.

620
00:31:37,680 --> 00:31:39,560
Speaker 2: Just stop. You just don't look at it again.

621
00:31:40,280 --> 00:31:42,600
Speaker 3: That there are a lot of there are a lot

622
00:31:42,600 --> 00:31:45,320
Speaker 3: of a lot of us who will on a particular

623
00:31:45,400 --> 00:31:47,640
Speaker 3: day of the week go and spend money. And Saturday

624
00:31:47,680 --> 00:31:50,160
Speaker 3: is a good example of that. And it's sort of

625
00:31:50,160 --> 00:31:52,320
Speaker 3: Saturdays the day we go shopping, or Saturdays the day

626
00:31:52,360 --> 00:31:55,120
Speaker 3: we do this and enjoy ourselves. You suggest you need

627
00:31:55,160 --> 00:31:56,160
Speaker 3: to be very careful of that.

628
00:31:57,440 --> 00:32:00,960
Speaker 2: Yeah, if you're if you struggle with trolling your spending,

629
00:32:02,360 --> 00:32:06,240
Speaker 2: then you know, spend now, spend this time looking at

630
00:32:06,240 --> 00:32:09,000
Speaker 2: the day of the week where you might be doing

631
00:32:09,000 --> 00:32:11,720
Speaker 2: that the most. And you know, you're absolutely right. It

632
00:32:11,760 --> 00:32:14,160
Speaker 2: might be Saturdays, the day where you kind of wake

633
00:32:14,280 --> 00:32:15,920
Speaker 2: up and you're happy with life, and you know, you

634
00:32:16,040 --> 00:32:18,720
Speaker 2: go and you know, spend a bit on retail therapy

635
00:32:18,760 --> 00:32:21,479
Speaker 2: because the week was hard or whatever the deal is.

636
00:32:21,560 --> 00:32:24,640
Speaker 2: And when you look at what you're spending on that

637
00:32:24,760 --> 00:32:27,560
Speaker 2: day where you kind of blow off a bit of steam,

638
00:32:27,920 --> 00:32:30,120
Speaker 2: that might be the day of the week that's actually

639
00:32:30,200 --> 00:32:34,640
Speaker 2: setting your whole financial position off track. And so it's

640
00:32:34,680 --> 00:32:36,800
Speaker 2: not a case of saying that you know you can't

641
00:32:36,840 --> 00:32:38,640
Speaker 2: have fun on a Saturday, or that you you know

642
00:32:38,840 --> 00:32:41,560
Speaker 2: you must now live like a hermit and save and

643
00:32:41,640 --> 00:32:44,080
Speaker 2: have no joy in life anymore. That's certainly not the deal.

644
00:32:44,440 --> 00:32:46,760
Speaker 2: But it's just a case of saying, be conscious that

645
00:32:47,320 --> 00:32:49,360
Speaker 2: Saturdays is your week point. So if it is your

646
00:32:49,360 --> 00:32:52,960
Speaker 2: week point, then don't fall into the bad habit again.

647
00:32:53,240 --> 00:32:56,320
Speaker 2: Just stop and say, Okay, I'm going to do one

648
00:32:56,360 --> 00:32:58,480
Speaker 2: thing that's fun, and I know what I'm going to

649
00:32:58,480 --> 00:33:00,480
Speaker 2: spend on it. I'm going to control that ex and

650
00:33:00,920 --> 00:33:03,200
Speaker 2: then all the other stuff that I've been wasting on

651
00:33:03,880 --> 00:33:07,240
Speaker 2: purchases on that day, I'm just going to eliminate. You

652
00:33:07,400 --> 00:33:10,600
Speaker 2: change one day a week. And and let's say you know,

653
00:33:10,680 --> 00:33:13,719
Speaker 2: for some people you know that earned reasonably well, they

654
00:33:13,800 --> 00:33:16,480
Speaker 2: might be, you know, spending two thousand round every Saturday

655
00:33:16,520 --> 00:33:19,480
Speaker 2: on random stuff that just makes no difference to their

656
00:33:19,520 --> 00:33:22,160
Speaker 2: actual lives. You add that up, it gets to over

657
00:33:22,160 --> 00:33:24,160
Speaker 2: one hundred thousand around in a year, and and one

658
00:33:24,240 --> 00:33:27,120
Speaker 2: hundred thousand round. You know that that starts to become,

659
00:33:27,160 --> 00:33:29,440
Speaker 2: you know, replacing your car money in a very short

660
00:33:29,440 --> 00:33:31,920
Speaker 2: space of time. So I think that you can do

661
00:33:32,000 --> 00:33:34,800
Speaker 2: a lot by just understanding what your bad habits are

662
00:33:34,840 --> 00:33:37,280
Speaker 2: on what what is the week? The week point in

663
00:33:37,320 --> 00:33:41,680
Speaker 2: your week and and make that a controlled spend Again,

664
00:33:42,200 --> 00:33:44,520
Speaker 2: don't start the year thinking you can't have fun or

665
00:33:44,560 --> 00:33:47,560
Speaker 2: you can't spend on enjoyment stuff. It's just be a

666
00:33:47,600 --> 00:33:48,480
Speaker 2: bit more controlled.

667
00:33:50,080 --> 00:33:52,040
Speaker 3: We have I'm a couple of other bad habits who

668
00:33:52,040 --> 00:33:54,920
Speaker 3: look at it as well. Tim's got in touch. Actually

669
00:33:55,240 --> 00:33:57,600
Speaker 3: we're on and asked I'd like to improve my personal

670
00:33:57,640 --> 00:34:00,720
Speaker 3: finance knowledge? What suggestions do you have? Some will have

671
00:34:00,760 --> 00:34:03,120
Speaker 3: an answer for you from Warren andjustament for The Money

672
00:34:03,120 --> 00:34:07,240
Speaker 3: Show Personal Finance with Warren Ingram eight minutes to eight

673
00:34:07,360 --> 00:34:09,640
Speaker 3: the time. In terms of question, Warren, I'd like to

674
00:34:09,640 --> 00:34:13,400
Speaker 3: improve my personal finance knowledge? What suggestions do you have? Warren?

675
00:34:13,400 --> 00:34:15,000
Speaker 3: Where would you start? Because I think for a lot

676
00:34:15,000 --> 00:34:18,520
Speaker 3: of people to begin the process of educating yourself, you

677
00:34:18,560 --> 00:34:19,880
Speaker 3: don't almost don't know where to start.

678
00:34:22,360 --> 00:34:26,799
Speaker 2: You know, there's this fabulous segment on this very well

679
00:34:26,880 --> 00:34:30,360
Speaker 2: respected show called The Money Show. As as an idiot

680
00:34:30,400 --> 00:34:34,000
Speaker 2: and that Money Show, there is this thing called personal

681
00:34:34,040 --> 00:34:39,560
Speaker 2: Finance and it's actually available as a podcast. And interesting

682
00:34:39,600 --> 00:34:41,800
Speaker 2: thing here is I'm not no one asked me to

683
00:34:41,840 --> 00:34:44,040
Speaker 2: say this, but I just think if you want to

684
00:34:44,080 --> 00:34:48,360
Speaker 2: get something free that that's useful. You know, this is

685
00:34:48,400 --> 00:34:49,919
Speaker 2: a place to go. I mean, I think you build

686
00:34:50,000 --> 00:34:52,600
Speaker 2: up a store of knowledge over time. And again it's

687
00:34:52,640 --> 00:34:55,120
Speaker 2: doing something once a week where you get a little

688
00:34:55,120 --> 00:34:58,160
Speaker 2: bit of bite sized information that that builds up. So

689
00:34:58,520 --> 00:35:01,960
Speaker 2: to me, that's one that The second the next to

690
00:35:02,080 --> 00:35:05,200
Speaker 2: your books. And I like books because we have to

691
00:35:05,239 --> 00:35:07,880
Speaker 2: read them, you know, when we're not driving and we're

692
00:35:07,920 --> 00:35:11,080
Speaker 2: not distracted and we can absorb. And the first one

693
00:35:11,160 --> 00:35:14,040
Speaker 2: is a book called The Psychology of Money by a

694
00:35:14,080 --> 00:35:17,919
Speaker 2: guy called Morgan Hassel. He's probably the best money writer

695
00:35:17,960 --> 00:35:20,759
Speaker 2: I've ever come across, and so you know, unfortunately he's

696
00:35:20,760 --> 00:35:22,719
Speaker 2: an American, but other than that, he's a very good guy.

697
00:35:23,560 --> 00:35:27,000
Speaker 2: And and that book I think helps us understand ourselves

698
00:35:27,040 --> 00:35:30,680
Speaker 2: and how we build up our financial knowledge. And then

699
00:35:30,719 --> 00:35:33,880
Speaker 2: there is the next book is and it got a

700
00:35:33,960 --> 00:35:36,400
Speaker 2: rude read word in the title which I'm not going

701
00:35:36,480 --> 00:35:39,440
Speaker 2: to say, but it's manager money like a grown up uh.

702
00:35:39,520 --> 00:35:43,520
Speaker 2: And and that's written by Sam Beckbassinger, And I think

703
00:35:43,600 --> 00:35:46,279
Speaker 2: for me that's really detailed book, you know, to help

704
00:35:46,320 --> 00:35:49,000
Speaker 2: you kind of full of framework for where you're going.

705
00:35:49,480 --> 00:35:52,360
Speaker 2: So those would be my three tips to to people

706
00:35:52,400 --> 00:35:54,800
Speaker 2: to build up their knowledge and for someone like Tim,

707
00:35:54,960 --> 00:35:57,520
Speaker 2: you know, take time, give yourself a goal. I'm going

708
00:35:57,600 --> 00:35:59,799
Speaker 2: to listen to The Money Show once a week or

709
00:36:00,360 --> 00:36:03,200
Speaker 2: every day if you can, and at least get the

710
00:36:03,239 --> 00:36:06,719
Speaker 2: Personal Finance a segment going. But then give yourself the

711
00:36:06,800 --> 00:36:09,239
Speaker 2: chance to read those two books over the year, and

712
00:36:09,360 --> 00:36:12,399
Speaker 2: you'll find your knowledge starts to build and compound over time.

713
00:36:13,280 --> 00:36:17,000
Speaker 3: Warren Ingram. They're discussing how not to make financial resolutions,

714
00:36:17,239 --> 00:36:20,160
Speaker 3: but to make one big change in your money habits

715
00:36:20,440 --> 00:36:23,359
Speaker 3: and how to be practical and that could actually really

716
00:36:23,520 --> 00:36:27,719
Speaker 3: pay a big dividend. Seven notes is the best of

717
00:36:27,840 --> 00:36:32,839
Speaker 3: the Money Show from this week. You'll consuming Ninja this week.

718
00:36:32,880 --> 00:36:36,239
Speaker 3: Wendy Nola looking at some home insurance claims and why

719
00:36:36,320 --> 00:36:39,919
Speaker 3: they haven't been successful and the fact that they do

720
00:36:40,000 --> 00:36:42,879
Speaker 3: make sure that your home is built according to regulations.

721
00:36:42,880 --> 00:36:45,360
Speaker 3: They look at the maintenance on the home as well.

722
00:36:45,760 --> 00:36:49,080
Speaker 3: Otherwise you might find that you think you're insured, but

723
00:36:49,160 --> 00:36:50,319
Speaker 3: you're not. Here's Wendy Nola.

724
00:36:50,840 --> 00:36:53,359
Speaker 1: Yeah, it's a big one. And I decided to talk

725
00:36:53,360 --> 00:36:55,040
Speaker 1: about his day because it's the beginning of the year.

726
00:36:55,160 --> 00:36:58,040
Speaker 1: We should be doing all these sort of cleverer things,

727
00:36:59,000 --> 00:37:02,680
Speaker 1: and because I got a just had a complaint in

728
00:37:02,880 --> 00:37:07,680
Speaker 1: from somebody who had their homeowner's insurance rejected insurance claim

729
00:37:07,760 --> 00:37:12,080
Speaker 1: rather rejected for this reason the big storm hailstorm and

730
00:37:12,120 --> 00:37:16,320
Speaker 1: pretoria of just over a month ago, and the claim

731
00:37:16,440 --> 00:37:19,400
Speaker 1: was partly rejected. I haven't got details on that yet,

732
00:37:20,120 --> 00:37:22,640
Speaker 1: because of the slope of the roof that it wasn't

733
00:37:22,680 --> 00:37:26,760
Speaker 1: sufficient for the runoff of the water in the storm,

734
00:37:27,120 --> 00:37:29,840
Speaker 1: never matter the fact that the actual huge hailstones blocking

735
00:37:30,360 --> 00:37:32,920
Speaker 1: the runoff right. And when she objected, they came back

736
00:37:32,960 --> 00:37:35,560
Speaker 1: to her and said this half which she bought in

737
00:37:35,560 --> 00:37:40,759
Speaker 1: twenty twenty one, the roof was not built according to

738
00:37:40,920 --> 00:37:44,359
Speaker 1: building regulations, even though when they bought it just over

739
00:37:44,480 --> 00:37:48,120
Speaker 1: four years ago they had the plans and city inspections

740
00:37:48,160 --> 00:37:50,840
Speaker 1: and certifications and everything all in order. So I'm going

741
00:37:50,920 --> 00:37:55,880
Speaker 1: to ask her to object to that larger complaint with

742
00:37:55,960 --> 00:38:00,359
Speaker 1: the NFO, the ombitsmen. But this is so so if

743
00:38:00,360 --> 00:38:04,239
Speaker 1: it's not not properly bought to goding to regulations as

744
00:38:04,280 --> 00:38:06,799
Speaker 1: a reason, it's you didn't maintain your house and so

745
00:38:06,960 --> 00:38:09,120
Speaker 1: you think you've got this massive cover, you're paying for

746
00:38:09,120 --> 00:38:11,759
Speaker 1: it every month, but you just don't have it, and

747
00:38:11,760 --> 00:38:13,239
Speaker 1: that could wreck you financially.

748
00:38:13,560 --> 00:38:14,879
Speaker 2: You know absolutely.

749
00:38:15,160 --> 00:38:18,279
Speaker 3: I mean I would have thought and I presume that

750
00:38:18,360 --> 00:38:20,480
Speaker 3: there is a kind of way that they're assessed, and

751
00:38:20,480 --> 00:38:23,040
Speaker 3: if you buy a house, if you bought it relatively recently,

752
00:38:23,440 --> 00:38:26,399
Speaker 3: there'll be some kind of assessment or inspection and if

753
00:38:26,440 --> 00:38:28,239
Speaker 3: it passed that, well, then you're good to go.

754
00:38:29,360 --> 00:38:33,719
Speaker 1: Okay. So that is the most widely held misconception. I

755
00:38:33,840 --> 00:38:35,840
Speaker 1: get it in every single one of the complaints I

756
00:38:35,880 --> 00:38:39,240
Speaker 1: get about a rejected homeowner's complaint, every single one, steven

757
00:38:39,560 --> 00:38:44,320
Speaker 1: And this is a misconception. So most people have the

758
00:38:44,320 --> 00:38:48,680
Speaker 1: the homemwner's insurance is offered by the insurance division of

759
00:38:48,719 --> 00:38:51,520
Speaker 1: the bank that's financing their home. Right, They say to me,

760
00:38:51,840 --> 00:38:55,880
Speaker 1: but the assessor, the bank sent the assessor, and I

761
00:38:55,920 --> 00:38:59,120
Speaker 1: assumed that they had done all the necessary checks and

762
00:38:59,160 --> 00:39:03,080
Speaker 1: they approved, and so I'm good to go. But actually

763
00:39:03,120 --> 00:39:05,040
Speaker 1: the assess is then I really do think the banks

764
00:39:05,040 --> 00:39:07,319
Speaker 1: could do a better job of explaining this, to say,

765
00:39:07,480 --> 00:39:09,800
Speaker 1: to train the assessors to say, I'm not here checking

766
00:39:09,840 --> 00:39:12,799
Speaker 1: that your built, your walls are built to regulations, and

767
00:39:12,840 --> 00:39:15,399
Speaker 1: that your roof complies, et cetera. I'm here to see

768
00:39:15,400 --> 00:39:18,200
Speaker 1: that there's enough it could hit in this house for

769
00:39:18,320 --> 00:39:21,839
Speaker 1: the bank to approve the loan that you're asking for, right,

770
00:39:21,920 --> 00:39:25,319
Speaker 1: because I mean, people just make this susubpect. I think

771
00:39:25,400 --> 00:39:27,560
Speaker 1: it's got the tick of approval, But that tick of

772
00:39:27,600 --> 00:39:30,839
Speaker 1: approval will come only if you pay extra for it

773
00:39:31,760 --> 00:39:34,360
Speaker 1: and you get an independent company in that knows about

774
00:39:34,400 --> 00:39:37,839
Speaker 1: these things, that checks everything to say, you know, there's

775
00:39:37,840 --> 00:39:40,000
Speaker 1: a problem here, there isn't around me there or this

776
00:39:40,000 --> 00:39:44,240
Speaker 1: this boundary wall is definitely not going to be considered compliant.

777
00:39:44,239 --> 00:39:45,959
Speaker 1: And you don't have a problem if you have a plan.

778
00:39:46,600 --> 00:39:48,640
Speaker 1: So but but yeah, I really want to talk about this,

779
00:39:48,640 --> 00:39:50,160
Speaker 1: and I talk about it at least once a year

780
00:39:50,280 --> 00:39:54,480
Speaker 1: because this list perception costs people an awful lot of money.

781
00:39:54,600 --> 00:39:57,440
Speaker 3: Sure, but I mean if you can approve building plans

782
00:39:57,480 --> 00:39:59,040
Speaker 3: and all of that when your waught a house in

783
00:39:59,120 --> 00:40:01,760
Speaker 3: only four years ago, I mean you have no reason

784
00:40:01,800 --> 00:40:03,520
Speaker 3: to think. And then also at the back of it,

785
00:40:03,640 --> 00:40:07,400
Speaker 3: if there's catastrophic damage to your home and insurance doesn't

786
00:40:07,440 --> 00:40:10,920
Speaker 3: pay out and the bank is the one that stands

787
00:40:10,920 --> 00:40:11,800
Speaker 3: to lose out too.

788
00:40:13,080 --> 00:40:15,560
Speaker 1: They do because if you've got to pay out three

789
00:40:15,640 --> 00:40:19,040
Speaker 1: hundred thousand rands, you at risk of not being able

790
00:40:19,080 --> 00:40:21,520
Speaker 1: to keep up your repayments to the home and then

791
00:40:21,560 --> 00:40:24,160
Speaker 1: we have to go through all that ugliness of you

792
00:40:24,280 --> 00:40:29,000
Speaker 1: either you selling or then repossessing. So the implications are vast,

793
00:40:30,360 --> 00:40:33,160
Speaker 1: But so there's something. There are two things and I

794
00:40:33,239 --> 00:40:35,239
Speaker 1: speak about this a lot too. Number One, before you buy,

795
00:40:35,320 --> 00:40:38,520
Speaker 1: you should get that independent assessment done. But then regularly,

796
00:40:38,560 --> 00:40:40,480
Speaker 1: and I'm going to walk my talk. I've made an

797
00:40:40,520 --> 00:40:43,840
Speaker 1: appointment to have some company come out to our home

798
00:40:44,920 --> 00:40:47,520
Speaker 1: now this month. You should get them in and you

799
00:40:47,640 --> 00:40:49,799
Speaker 1: and you, you must ask them this question. Do you

800
00:40:49,840 --> 00:40:53,320
Speaker 1: have the expertise and your company for somebody to act

801
00:40:53,360 --> 00:40:56,239
Speaker 1: like an insurance assessor and go through my home and

802
00:40:56,280 --> 00:40:58,560
Speaker 1: tell me where my weak points are with the house

803
00:40:58,560 --> 00:41:00,840
Speaker 1: and weak points or that are going to make me vulnerable.

804
00:41:01,120 --> 00:41:03,720
Speaker 1: It is a big storm that hits here in the cape.

805
00:41:03,880 --> 00:41:07,680
Speaker 1: We worry about winter storms. And I'm going to be

806
00:41:07,760 --> 00:41:09,719
Speaker 1: left having to fund this on my own or lose

807
00:41:09,719 --> 00:41:12,160
Speaker 1: my home over it and pay them the few hundred

808
00:41:12,239 --> 00:41:14,400
Speaker 1: rand it's really not a lot of money. Get the

809
00:41:14,400 --> 00:41:19,360
Speaker 1: information I need and then make the necessary repairs. And

810
00:41:19,400 --> 00:41:22,439
Speaker 1: the other thing is to regularly have at least once

811
00:41:22,480 --> 00:41:24,480
Speaker 1: a year. We don't do this because if we don't

812
00:41:24,520 --> 00:41:25,920
Speaker 1: think of it, and you know, we don't want to

813
00:41:25,920 --> 00:41:28,319
Speaker 1: spend money there, but have your roof checked, have your

814
00:41:28,360 --> 00:41:31,520
Speaker 1: gouttess checked, have the invoices that ever claims rejected. You

815
00:41:31,520 --> 00:41:33,520
Speaker 1: can say, ha, you're not going to catch me on

816
00:41:33,560 --> 00:41:37,040
Speaker 1: a lack of maintenance, Thank you very much, insurance company. Yeah,

817
00:41:37,440 --> 00:41:40,479
Speaker 1: that's my proof that I've been maintaining my home.

818
00:41:41,200 --> 00:41:43,880
Speaker 3: I mean, do you find other reasons why storm related

819
00:41:43,960 --> 00:41:46,160
Speaker 3: damage claims are actually rejected? I mean the other things

820
00:41:46,200 --> 00:41:46,800
Speaker 3: that come along.

821
00:41:48,040 --> 00:41:51,759
Speaker 1: So it would be defective construction, so yes, so that

822
00:41:51,800 --> 00:41:55,839
Speaker 1: would fall under well, it's sort of aligned to not

823
00:41:55,920 --> 00:42:01,320
Speaker 1: having proper building regulations, but not entirely that designs laws.

824
00:42:01,320 --> 00:42:05,200
Speaker 1: So in the actual plans brought up for your home,

825
00:42:05,560 --> 00:42:08,240
Speaker 1: and then the and poor maintenance. That's a big one,

826
00:42:08,640 --> 00:42:11,359
Speaker 1: those four that you know, I see it over and

827
00:42:11,440 --> 00:42:16,600
Speaker 1: over again, especially just after you know, major storm events

828
00:42:16,719 --> 00:42:19,320
Speaker 1: wherever you know up country and then down here in

829
00:42:19,360 --> 00:42:22,000
Speaker 1: the Cape they flood in. And if you you know,

830
00:42:22,040 --> 00:42:24,120
Speaker 1: if you go on to if you look at what

831
00:42:24,160 --> 00:42:26,880
Speaker 1: the NFO the opposite is putting out, they always warning

832
00:42:27,320 --> 00:42:30,520
Speaker 1: about this. And if you don't have can't show up

833
00:42:30,520 --> 00:42:34,560
Speaker 1: a regular maintenance, and your plans aren't can't be found

834
00:42:34,560 --> 00:42:37,000
Speaker 1: to be compliant, then they have to side with the

835
00:42:37,040 --> 00:42:37,799
Speaker 1: insurer and they do.

836
00:42:38,920 --> 00:42:40,799
Speaker 3: Is there anything else you can do to avoid this?

837
00:42:40,840 --> 00:42:43,280
Speaker 3: I mean you could get the independent company that costs money.

838
00:42:43,600 --> 00:42:45,799
Speaker 3: In the end, it's all about the homework. And I

839
00:42:45,800 --> 00:42:47,759
Speaker 3: know you're going to tell me once again, Wendy, to

840
00:42:47,760 --> 00:42:48,479
Speaker 3: read this small print.

841
00:42:50,000 --> 00:42:52,640
Speaker 1: Yeah, I read this spall print and get professional help.

842
00:42:52,719 --> 00:42:55,080
Speaker 1: We can't do this unless you you're in the industry.

843
00:42:55,160 --> 00:42:58,520
Speaker 1: You can't know where your vulnerabilities are in the house

844
00:42:58,600 --> 00:43:00,719
Speaker 1: and the construction or whatever you can maketure you keep

845
00:43:00,719 --> 00:43:02,960
Speaker 1: your maintenance up. But if your claim is never going

846
00:43:03,040 --> 00:43:07,080
Speaker 1: to succeed because you know the wall was non compliant,

847
00:43:07,120 --> 00:43:11,440
Speaker 1: then you're not hiding to nothing. So you need to

848
00:43:11,480 --> 00:43:14,200
Speaker 1: get the professional in and you need to do your maintenance.

849
00:43:14,239 --> 00:43:16,799
Speaker 1: It's all boring, expensive stuff, but it's a lot less

850
00:43:16,840 --> 00:43:19,399
Speaker 1: expensive than having a claim than that. And just one

851
00:43:19,480 --> 00:43:22,600
Speaker 1: last thing, we don't have the wherewithal as lay people

852
00:43:23,200 --> 00:43:26,520
Speaker 1: to argue proximate cause because that's the issue here. Was

853
00:43:26,560 --> 00:43:29,280
Speaker 1: the proximate cause the slope of the roof being wrong,

854
00:43:29,560 --> 00:43:32,360
Speaker 1: or was the proximate cause there was just this extraordinary

855
00:43:32,400 --> 00:43:35,840
Speaker 1: storm with these huge hailstorms that block the runoff of water.

856
00:43:35,920 --> 00:43:40,080
Speaker 1: Even if the roof was the correct fliving slope. So

857
00:43:41,560 --> 00:43:43,799
Speaker 1: experts can do that for you, But I'm saying hire

858
00:43:43,920 --> 00:43:47,320
Speaker 1: someone who will think and act like an assessor and

859
00:43:48,280 --> 00:43:50,600
Speaker 1: show you where you're vulnerable and give you the opportunity

860
00:43:50,640 --> 00:43:51,120
Speaker 1: to fix it.

861
00:43:51,320 --> 00:43:54,680
Speaker 3: Important conversation with twenty NLO. As always, you really do

862
00:43:54,920 --> 00:43:56,560
Speaker 3: need to read the fine print.

863
00:43:57,040 --> 00:44:00,560
Speaker 2: The best of The Money Show on seven eighty seven

864
00:44:00,560 --> 00:44:00,960
Speaker 2: o two.

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Speaker 3: You've been listening to the best bits of The Money Show,

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Speaker 3: just a digest of some of the most important conversations

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Speaker 3: and thoughts from the show this week. If you'd like

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Speaker 3: to hear more, please go to your podcast app or

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Speaker 3: go to our website and search for The Money Show.

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Speaker 3: Thanks for listening. We'll be back on The Money Show

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Speaker 3: six o'clock on Monday. Have a good weekend.