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Speaker 1: In the later days of the Cold War, the USSR

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Speaker 1: had money problems. With a few chinks in the Iron Curtain.

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Speaker 1: The public was keen for foreign consumer goods, but their currency,

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Speaker 1: the ruble, was embargoed and close to worthless. Pepsi was

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Speaker 1: one of the few US products that was available in

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Speaker 1: the Soviet Union, and the nation was thirsty. Soviets needed

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Speaker 1: a way to pay Pepsi COO for vast quantities of

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Speaker 1: the concentrated fizzy cola. At first, they paid with Stolikhnaya vodka,

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Speaker 1: which Americans guzzled in their cosmos and martiniz through the seventies.

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Speaker 1: Then in nineteen eighty nine, the Communists paid Pepsi with

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Speaker 1: a fleet of old warships, including a destroyer and a

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Speaker 1: bunch of attack submarines, which made Pepsi cod briefly the

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Speaker 1: sixth largest military in the world, at least until they

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Speaker 1: hawked them for scrap metal. Pepsi also traded their bubbly

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Speaker 1: beverages for Soviet tomato paste, which they smeared on the

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Speaker 1: crust at Pizza Hut, a Pepsi property at the time.

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Speaker 1: It wasn't just Pepsi getting in on the trade either,

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Speaker 1: Abba who were a huge deal in the Soviet Union.

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Speaker 1: Were also paid their royalties as potatoes and oil commoditis.

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Speaker 2: This is the Charsis wealth kick. I'm asher and with

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Speaker 2: me is Laura. We've just heard a story about an

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Speaker 2: entire nation finding weird ways to get out of a

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Speaker 2: tight spot financially. And yeah, that might include a soft

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Speaker 2: drink giant taking weapons from Russia.

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Speaker 1: It's crazy that the Kremlin was like so keen for

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Speaker 1: you know, a bottle of fizz, that they were like,

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Speaker 1: have our entire fleet of warships.

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Speaker 2: I'm just like, I'm surprised that Pepsi didn't start their

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Speaker 2: own little right region.

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Speaker 1: You know, but would you live in the Pepsi region

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Speaker 1: or in the Coke region?

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Speaker 2: I actually am I'm sorry to say I am partial

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Speaker 2: to Pepsi.

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Speaker 1: Oh you're a oh you're on that side. I'm imagining

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Speaker 1: that they would have like, you know, like the waterways

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Speaker 1: would just like run with Pepsi and.

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Speaker 2: Like Pepsi fountains and all the schools. I feel like

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Speaker 2: you wouldn't be in either of those ones. You'd be

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Speaker 2: in the kom butcher me.

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Speaker 1: You'd beer and it would be full of like insufferable hipsters.

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Speaker 2: So before we get into it. Investing involves risk you

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Speaker 2: might lose the money you start with. We recommend talking

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Speaker 2: to a licensed financial advisor. We also recommend reading product

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Speaker 2: disclosure documents before deciding to invest, and everything in today's

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Speaker 2: episode is current at the time of recording.

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Speaker 3: Hey, I'm Reagan Reagan White. If you need my full name.

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Speaker 3: I host the Where's My Money? Podcast?

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Speaker 1: So last time you heard from us, we were covering budgets,

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Speaker 1: how to stop feeling trapped by structuring your spending making

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Speaker 1: and sticking to a budget that suits you. Today, we

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Speaker 1: are going back to Reagan White.

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Speaker 3: So it got to the end of twenty twenty three

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Speaker 3: and we were like, oh man, we're buck one or

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Speaker 3: two repayments away from being broke.

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Speaker 1: Reagan has a pretty crazy story that has become all

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Speaker 1: too familiar for more than a few New Zealanders, especially

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Speaker 1: with their hectic interest rates of the last few years.

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Speaker 3: We during COVID to sell our house and upsize because

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Speaker 3: we've just had our first child and you know, things

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Speaker 3: got cramped in in a two bedroom unit and it

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Speaker 3: was time to upsize. So we sold our house for

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Speaker 3: a really good profit and bought the house that was

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Speaker 3: perfect for us at the time, going from two bedrooms

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Speaker 3: to three bedrooms, a bit more of a backyard. By

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Speaker 3: no means the dream house, but you know, a decent upgrade.

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Speaker 3: And obviously during COVID money was super cheap, you know,

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Speaker 3: two per cent interest rates, and you can pretty easily

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Speaker 3: convince yourself that anything's affordable when the debt is so cheap,

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Speaker 3: and everyone else is telling you everyone, and they're like,

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Speaker 3: it's gonna be like this forever. You know, we were

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Speaker 3: almost waited for like zero percent interest rates because people

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Speaker 3: thought it was going to happen. So we, yeah, we

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Speaker 3: sold our house for a really good profit, bought a

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Speaker 3: bigger house, and things were sweet for a couple of years.

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Speaker 3: And then, as we know, interest rates started to really

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Speaker 3: build really really quickly as part of whatever financial situation

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Speaker 3: the country was in through no fault of our own,

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Speaker 3: as I've come to learn, but our savings, which was

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Speaker 3: our revolving credit, just started to deplete really really quickly,

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Speaker 3: and we weren't I don't think we were prepared to

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Speaker 3: really face that. I was really worried about it. Laura

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Speaker 3: probably wasn't as worried because she was kind of just

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Speaker 3: trucking on with being a mum and you know, business

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Speaker 3: as usual. By then she's pregnant with baby and m

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Speaker 3: two and you know, you just your head's in the

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Speaker 3: sand a little bit. We weren't amazing with money, like

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Speaker 3: we weren't saving heaps or investing it, but we weren't.

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Speaker 3: We were comfortable. It was all good until Laura went

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Speaker 3: on maternity leave and all of a sudden, we're down

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Speaker 3: to one income plus the repayments that you know, our

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Speaker 3: savings was just going back with really really quickly, and

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Speaker 3: it got to the end of twenty twenty three and

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Speaker 3: we were like, oh man, we're like one or two

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Speaker 3: repayments away from being broke.

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Speaker 4: It was.

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Speaker 3: It was that close to the line. So we reached

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Speaker 3: out to for financial help and Season one of Where's

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Speaker 3: My Money was based on our sessions. Literally the first

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Speaker 3: session of going in crying about you know, not only

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Speaker 3: the situation we were in, but my ambitions as a dad,

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Speaker 3: you know, like I want to take my kids on

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Speaker 3: holiday and be that kind of father that can give

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Speaker 3: the family a good life. And it was just there

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Speaker 3: was so many emotions tied to it. But once I

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Speaker 3: realized the situation I was in, I wasn't ashamed of

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Speaker 3: it because so much of it had been out of

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Speaker 3: my control. Yes, we could have been way more diligent

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Speaker 3: with our money, and now that we have tools and

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Speaker 3: a budget around our life, of course we're better with

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Speaker 3: money now. But everything I'd done up to that point

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Speaker 3: was all well intentioned. As it happens, lots of people

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Speaker 3: were in the same boat. It kind of opened my

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Speaker 3: eyes to the world of money and the fact that

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Speaker 3: keis are really not good at talking about it. But

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Speaker 3: that's something that is important in this whole thing about

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Speaker 3: breaking down the taboos of talking about money, is someone's

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Speaker 3: going to do it.

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Speaker 2: Reagan ended up getting a budget in place. Did you

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Speaker 2: find it restrictive in those early days?

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Speaker 3: I don't think. I don't remember a point where it

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Speaker 3: felt overly uncomfortable. I guess also because for you in

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Speaker 3: that moment, you didn't see it as restrictive. You saw

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Speaker 3: it as a ladder. No, it was getting back to safety.

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Speaker 3: It was getting back on the island after floating for

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Speaker 3: how many months?

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Speaker 2: I asked Reagan, what's his secret for keeping the morale

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Speaker 2: up on a tight budget.

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Speaker 3: It's figuring out what your non negotiables are and what

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Speaker 3: actually gives you the opportunity for breathers. So if it's

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Speaker 3: date night with your partner, you know, like build that

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Speaker 3: into the budget and make sure it happens. But maybe

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Speaker 3: it's not every week. Maybe it's once a month or

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Speaker 3: every fortnight or something. It's like, yes, there might be

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Speaker 3: fifty bucks at the time, but fifty bucks times four

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Speaker 3: is two hundred and then maybe you're in the red

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Speaker 3: a bit. So it's like it's again, it's putting discipline

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Speaker 3: around those things that you need. Gym membership, yep, maybe

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Speaker 3: there's a cheaper gym. Maybe it's buying your own gear

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Speaker 3: at home so you still have that mental health kind

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Speaker 3: of outlet for yourself. But it's finding out what those

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Speaker 3: things are and what they mean to you and making

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Speaker 3: sure if that's your non negotiables, sticking to it.

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Speaker 2: It's probably quite a exercise to go through your own

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Speaker 2: priorities as well, right, because you're thinking about yourself, you're

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Speaker 2: thinking about and your family. What are those things that

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Speaker 2: bring you joy that add that are sort of non

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Speaker 2: negotiables in your life.

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Speaker 3: I keep coming back to this phrase. I hate to

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Speaker 3: have like catch phrases, but it's like, what is the

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Speaker 3: point in all of this, Like we're paying off this

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Speaker 3: mortgage for what to have an as said at the end,

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Speaker 3: but if it was such a grind to get to

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Speaker 3: that end point, then what was the point in living

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Speaker 3: that life? You know that you've got to enjoy all

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Speaker 3: this stuff along the right on the right, particularly if

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Speaker 3: you've got kids, focusing like making sure they are having

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Speaker 3: the best childhood possible within your means is super important.

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Speaker 2: Was there a point where you're like, Okay, okay, I've

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Speaker 2: got this.

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Speaker 3: I think I'm still getting there. It's a team effort too.

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Speaker 3: You know, we're in a pretty sticky part of our

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Speaker 3: lives with two kids under sex and a lot of variables.

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Speaker 3: I know a lot of it can be budgeted for,

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Speaker 3: but a lot of it is, like, you know, it's

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Speaker 3: a hard time of life, and I think we're still

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Speaker 3: getting into the rhythm. We're in the rhythm of sticking

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Speaker 3: to the budget for sure, but I think there's still

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Speaker 3: some tightening we can do. So I think the next

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Speaker 3: year is going to be quite pivotal in terms of

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Speaker 3: us really focusing on the goal. We've been told that

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Speaker 3: we could be mortgage free in thirteen years if we

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Speaker 3: play in the current form. Really like, if we stick

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Speaker 3: to it really well. And that's really enticed me to

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Speaker 3: knuckle down and really focus because I put myself in

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Speaker 3: my shoes in thirteen years. If I haven't done it,

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Speaker 3: and I knew I could have, I'll be so pissed

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Speaker 3: off of myself. Mortgage free it do the maths forty

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Speaker 3: eight unbelievable. I'll be pretty happy with that. Prefift would

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Speaker 3: be you will have.

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Speaker 2: A couple of teenagers, but you'll be able to do

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Speaker 2: some fun stuff with them.

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Speaker 3: Right well, this budget that we've kind of reset, we're

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Speaker 3: calling it the Big Reset, the twenty twenty six reset.

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Speaker 3: It includes a holiday fund, like a proper Last time

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Speaker 3: we managed to scrounge a Fiji trip together, which was fantastic.

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Speaker 3: But now we're actively saving for a holiday at all times.

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Speaker 3: So when we decide that we need to holiday, we can

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Speaker 3: book one and there will be one every year. There

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Speaker 3: will be one every year. It's not just I hope

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Speaker 3: hope's not a strategy. Build it into your budget and

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Speaker 3: can do it.

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Speaker 2: What surprised you about some of the conversations you have

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Speaker 2: had post this podcast the fact that we are all

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Speaker 2: very similar. When you start to chip away at.

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Speaker 3: What's going on behind the Instagram posts and the happy

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Speaker 3: family photos. Man so much common ground in terms of

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Speaker 3: keys that are stressed. Keys is stressed about money, and

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Speaker 3: it's across all the generations. Maybe not the boomers, but

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Speaker 3: you know, people can afford the euro on holiday. Maybe

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Speaker 3: it's not this year, maybe it's in two years. Figure

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Speaker 3: out a way to alleviate the stress and bringing the

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Speaker 3: things that you can control, which a lot of it

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Speaker 3: can be within your control.

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Speaker 2: Before we wrap this episode, I thought Reagan has lived

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Speaker 2: experience of being on a pretty tight budget, so he's

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Speaker 2: probably got a pretty good tip for us.

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Speaker 3: We've got a good trick. We're a two car household,

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Speaker 3: and we were quite used to just filling up, fill

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Speaker 3: up every time phil fil filfil fill. But that gets

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Speaker 3: pretty unpredictable because often one car gets used more and

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Speaker 3: then all of a sudden, you've got a week where

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Speaker 3: you're filling two cars and you're like, how do we

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Speaker 3: spend four hundred bucks on gas? Like out of nowhere,

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Speaker 3: we alternate cars every week. The thirsty Little Beast gets

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Speaker 3: ninety dollars, ninety dollars, ninety dollars. We've kind of like

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Speaker 3: smoothed out the curve of petrol. It's one of the

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Speaker 3: biggest expenses in most houses, like these groceries and gas.

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Speaker 3: But if you can smooth out the curve, get rid

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Speaker 3: of the peaks, all of a sudden, you're kind of

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Speaker 3: in a predictable state. Yes, every so often you'll need

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Speaker 3: to top one up out of the rhythm. But if

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Speaker 3: you're doing that on top of gamifying all the rewards,

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Speaker 3: you know, the discounts at gal or packing, sabers z,

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Speaker 3: whatever it is. You know, like having a more predictable

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Speaker 3: budget's going to help you in the long run. So

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Speaker 3: figure out your sweet spot, what's going to get you

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Speaker 3: through the two weeks. But by and large, ninety bucks

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Speaker 3: in each car alternating weeks gets us by.

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Speaker 2: Wow, there's a great there's a great strategy. I just

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Speaker 2: assume I have to fill up every time.

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Speaker 3: I know you do. Do you peck and choose petrol stations?

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Speaker 3: I try quite like we do our shopping at Peck

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Speaker 3: and Save. It's cheaper, not sponsored, and we'll get the

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Speaker 3: docket from there, fill up the car as we do it.

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Speaker 3: So that's kind of the good rhythm we're in. We

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Speaker 3: take the other alternating cars to go do the groceries.

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Speaker 3: We fill it up on the way back out packcaus

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Speaker 3: they've gas. It's real cheap, all right.

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Speaker 2: Well, big thanks to Reagan for sharing his story. He

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Speaker 2: was pretty honest with.

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Speaker 1: Us totally, and it's pretty cool how he's taken an

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Speaker 1: experience that was probably pretty negative to actually go through

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Speaker 1: and he's actually flipped that around and turn it into

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Speaker 1: something that's quite positive for himself but of a side

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Speaker 1: hustle and actually can help other people to know that

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Speaker 1: they're not going through that alone.

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Speaker 2: It's like he's almost like solved all his.

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Speaker 3: Waves.

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Speaker 1: Content is always and he's like, how can I how

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Speaker 1: can I use this?

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Speaker 2: So can I use this content?

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Speaker 4: Now?

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Speaker 2: We do have a quick activity to end this episode.

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Speaker 2: Reagan spoke about non negotiables in his budget and I

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Speaker 2: liked his ones. He said Beers of the Boys and

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Speaker 2: also a Jimmy, which sort of cancels each other out,

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Speaker 2: but if it works for him and then that's fantastic.

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Speaker 2: So if you can find your non negotiables and build

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Speaker 2: your budget from the air, that's the activity this week. So, Laura,

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Speaker 2: I'm gonna put you on spot. What are your non negotiables?

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Speaker 4: Hi?

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Speaker 1: So I have a lot of indulgences that I could

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Speaker 1: definitely cut and not really miss them. But in terms

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Speaker 1: of things that like I just cannot live without, one

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Speaker 1: is definitely like allocating some money towards keeping myself caffeinated. Yeah,

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Speaker 1: I gotta have some Java in the morning. And then

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Speaker 1: the other one would definitely be that I want to

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Speaker 1: have a music streaming subscription because yeah, if I don't

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Speaker 1: like have a soundtrack for my day, then yeah, you

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Speaker 1: know what's it all for.

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Speaker 2: You got your coffee for your energy and then you've

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Speaker 2: got your musical caffeine as well.

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Speaker 1: Yeah yeah, yeah, yeah, it's unsimple pleasures.

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Speaker 2: I feel like I would I would have to budget

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Speaker 2: a little bit for kids activities every now and again,

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Speaker 2: and that would probably be That's good for everyone, right,

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Speaker 2: It's good for them, but it's also good for me,

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Speaker 2: Like get the kids out of there house every now

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Speaker 2: and again. So that's a non negotiable here, exactly investing

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Speaker 2: my sanity totally.

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Speaker 1: Well, that's a wrapper today, that is indeed.

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Speaker 2: And speaking of those kids, I think it might take

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Speaker 2: them to the pool this afternoon, actually a little bit

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Speaker 2: of a budget friendly activity in the school holidays. In

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Speaker 2: the meantime, we are looking at the next episode here

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Speaker 2: on the Weldcack Kiwi Saver, we meet Billy from the

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Speaker 2: Cheza's qv Saver team and also a new guests to

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Speaker 2: the Wealthcack financial advisor, Ed Glenney. That is next time

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Speaker 2: on the Weldcack.

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Speaker 1: Thank you Laura, thank you Esher, and we'll see you

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Speaker 1: next time.

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