WEBVTT - How Talking About Money Can Pay Off, with Sylvia Jeffreys

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<v Speaker 1>Money mindset I think plays so much into this how

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<v Speaker 1>you were brought up and the money relationship that your

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<v Speaker 1>parents had and then therefore instilled in you. What kind

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<v Speaker 1>of conversations we're being had around money when you were

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<v Speaker 1>growing up. This is I think what's stopping a lot

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<v Speaker 1>of people from talking about it too, is that we're

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<v Speaker 1>ashamed of maybe X, Y, and Z in our personal finance,

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<v Speaker 1>and maybe we don't want to talk to someone about

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<v Speaker 1>the goal that we're working towards because we don't think

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<v Speaker 1>it stacks up to what someone else is working towards.

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<v Speaker 1>And so looking at that and being really forgiving of

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<v Speaker 1>yourself and kind to gentle with yourself, and understanding that

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<v Speaker 1>probably a lot of other people are feeling the same way,

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<v Speaker 1>they're just not talking about it.

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<v Speaker 2>Good Thanks for downloading the show. This is Better Than Yesterday.

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<v Speaker 2>Useful tools and useful conversations to help make your day

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<v Speaker 2>today better than yesterday. Every single episode since twenty and thirteen.

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<v Speaker 2>Mine as Olsha Gezburg and I've got a question. What

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<v Speaker 2>happens to you when someone asks you about money? Depending

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<v Speaker 2>on who you are and who's asking, that answer could

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<v Speaker 2>vary wildly. You might get self conscious, You might get anxious.

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<v Speaker 2>You might feel ashamed if you're me, you may be

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<v Speaker 2>full of regret. You might get totally blank, feel bored.

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<v Speaker 2>You might have nothing to say at all. You might

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<v Speaker 2>launch into an impassion ten minute long monologue about your

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

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<v Speaker 2>But I'm going to ask my guest about money today.

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<v Speaker 2>The way that she answers me, well, it's got to

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

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<v Speaker 2>We'll get right to that after the break. Thanksful listening

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<v Speaker 2>to the show. It's better than yesterday getting some guest

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<v Speaker 2>Sylvia jeffrees in just a second. Just a heads up

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<v Speaker 2>here if you want to come to the next Story

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<v Speaker 2>Club show. It's on the of the July. Marley Silva,

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<v Speaker 2>Merrick Watts, Phill O'Neil, Nadia Townsend, Zobe Notton Lodge and

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<v Speaker 2>myself will be at the Factory Theater on the sixth

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<v Speaker 2>of the July six thirty pm in Merrickfield. Would love

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<v Speaker 2>to see you there. Jump on the Instagram to see

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<v Speaker 2>what the show is all about and the linkers in

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<v Speaker 2>the show notes if you want to get tickets While

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<v Speaker 2>you're there. There's a link to buy the book. Pre

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<v Speaker 2>order the book. So what now what? It'll be out

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<v Speaker 2>on the fifth of Loyalist and i'd really appreciate your help.

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<v Speaker 2>If you haven't got it yet, please get it. Get

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<v Speaker 2>to you get five please. I'm recording the audiobook for

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<v Speaker 2>it tomorrow with Cam. It's gonna be unreal. Can't wait

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<v Speaker 2>to tell you all about it. So Sylvia Jeffries is

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<v Speaker 2>my guest today. She's a friend of the show. Are

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<v Speaker 2>you a friend of the show? Once you go on twice,

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<v Speaker 2>I guess you are friend of the show. Sylvia Jeffries,

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<v Speaker 2>she's come here to the house. Before this time we

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<v Speaker 2>went and did it over at her place at Channel

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<v Speaker 2>Line Headquarters, North Sydney. And today we're talking all about

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<v Speaker 2>money because since the last time we spoke, Sylvia has

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<v Speaker 2>launched her own podcast, The Payoff, which is all about

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<v Speaker 2>extracting the most useful lessons about money and money management

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<v Speaker 2>from some of the best financial minds around. And today

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<v Speaker 2>you're going to hear some of that wisdom and some

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<v Speaker 2>of the most important and most often repeated bits of

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<v Speaker 2>advice that her guests have shared with her. More than that,

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<v Speaker 2>we're going to talk about Sylvia's mindset when it comes

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<v Speaker 2>to money, her journey, how she dealt with it in

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<v Speaker 2>the past, and now what she's trying to teach her

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<v Speaker 2>kids about it. I've got a lot of value out

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<v Speaker 2>of this conversation with her. I reflected a lot on

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<v Speaker 2>my own money management or mismanagement, depends on how you

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<v Speaker 2>look at it. This conversation. It'll definitely get you to

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<v Speaker 2>reflect on your own journey with money, but it's going

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<v Speaker 2>to do it in a way that's calm, invites possibility.

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<v Speaker 2>It does give you some clarity amid all of those

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<v Speaker 2>weird feelings we spoke about earlier. Enjoyed the chat. The

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<v Speaker 2>last time we spoke, you were at my house and

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<v Speaker 2>it was very, very lovely. What's happened since the last

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<v Speaker 2>time we spoke? You had? You know what plans were there? Well?

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<v Speaker 1>Do you know what's so funny? I was just sitting

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<v Speaker 1>down and writing before I came Upstairsyeah. I was writing

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<v Speaker 1>an article for nine Honey about hobbies and how I

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<v Speaker 1>don't have any, and I was just reflecting on this

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<v Speaker 1>statement from Amy Pohler, who on a late night interview

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<v Speaker 1>once said, as a working mum, I work and I mum,

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<v Speaker 1>and that's it, which is the use of mum as

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<v Speaker 1>a verb to me is just purely beautiful. And I

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<v Speaker 1>think that word is often overlooked as a doing word

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<v Speaker 1>because it is. And I get this thing that when

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<v Speaker 1>people ask me how you been, what's been happening, and

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<v Speaker 1>all I think is I work and I mum, and

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<v Speaker 1>there's not a one in between.

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

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<v Speaker 3>the closest thing I have to a hobby.

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<v Speaker 2>Well, I let me, have you already posted the article.

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<v Speaker 3>No, I haven't yet.

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

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<v Speaker 2>was a doctor until you know, right to the then

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<v Speaker 2>when she got her diagnosis, and she used to say,

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<v Speaker 2>I'm not saying you are, but she would say, over

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<v Speaker 2>the age of forty, just you've got to make your

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<v Speaker 2>body your hobby.

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<v Speaker 3>Yeah.

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<v Speaker 1>Interesting, Well, that's probably that's probably what I do. I

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<v Speaker 1>go to the gym a couple of times a week.

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<v Speaker 1>I'm starting to do the heavyweights because getting close to

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<v Speaker 1>perimenopause age. So you know, I see it in my algorithm,

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<v Speaker 1>you've got to do the heavyweights. And I run and

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<v Speaker 1>sometimes I run with friends, and so I guess that's

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<v Speaker 1>a hobby question.

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<v Speaker 2>And tea that's a hobby. Cycling as a hobby, that

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<v Speaker 2>is a hobby.

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<v Speaker 3>You've got to make your body a hobby.

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<v Speaker 2>And she would say, look, yeah, play golf, but don't

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

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<v Speaker 2>whatever it is. No train sets, you know. Yeah, got

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<v Speaker 2>to get out there and make your body your hobby.

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<v Speaker 3>Hitting.

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<v Speaker 2>No knitting and you'll be fine. Yeah. No knitting, No,

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

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<v Speaker 2>and knit. You can join a running slash knitting clob. Yeah,

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<v Speaker 2>maybe croche is probably better.

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<v Speaker 1>At the same time. Do you know what happened recently

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<v Speaker 1>was my five year old he picked up this visor

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<v Speaker 1>and because I always wear advisor when I run because

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<v Speaker 1>my hair short, it like falls out and gets my eyes.

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<v Speaker 1>I can't bear having my hair in my face. And

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<v Speaker 1>he associates visors with running. And he got a visor

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<v Speaker 1>and he said, Mama, I can go for a run

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

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<v Speaker 1>And so we ran like along the beach track for

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<v Speaker 1>about two and a half k's. We would walk up

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<v Speaker 1>hills and then we'd run a little bit and stop

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<v Speaker 1>at every bubbler and you know, it was very stop start,

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<v Speaker 1>but he just was the happiest I've ever seen him,

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<v Speaker 1>and it gave me so much mum joy. And we

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<v Speaker 1>got to the end and I was like, all right, buddy,

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<v Speaker 1>should we go meet Dadda and he can drive us home?

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<v Speaker 1>And he goes, no, I want to run all the

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<v Speaker 1>way back again, and we ran all the way back.

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<v Speaker 3>Five one year old case.

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<v Speaker 1>Yeah, it was amazing and it's it is the best

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<v Speaker 1>five k's I've ever run.

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<v Speaker 3>And I love that. I guess it is let's call

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<v Speaker 3>it a hobby. Running is my hobby.

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<v Speaker 1>I guess that by doing that, I'm doing something that

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<v Speaker 1>I can, you know, get him involved in and maybe

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<v Speaker 1>set some good examples for him as well in terms

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<v Speaker 1>of exercise and looking after yourself. And for me it's

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<v Speaker 1>a mental healthy And we've spoken about this before. Running

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<v Speaker 1>is like my absolute circuit breaker when I'm having a

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<v Speaker 1>bad day, and so hopefully he gets something positive out

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<v Speaker 1>of that.

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<v Speaker 3>But it's something I can do with him now, and

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<v Speaker 3>I love that.

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<v Speaker 2>What a fantastic what a fantastic memory to Bill, What

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<v Speaker 2>a great thing to model, and what a fun thing

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<v Speaker 2>to do. Yeah, I mean, he's going to really fuck

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<v Speaker 2>up your Strava. You're going to have Oh I like

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<v Speaker 2>com on buddy.

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<v Speaker 1>Oh no, I didn't record that, right, Yeah, yeah, No,

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

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<v Speaker 1>it can just be under his name account exactly for

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<v Speaker 1>him up. Yeah, you can't mess with my stats.

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<v Speaker 2>You ever have those end of your titles you go, oh,

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<v Speaker 2>it's like he was a ten thousand still he's a

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<v Speaker 2>ten thousand kilometer cyclist. To get ten thousand a year cycling, wow,

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<v Speaker 2>and he's still doing it. He's like ten years of it.

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<v Speaker 3>Incredible.

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<v Speaker 2>What that's a lot, a lot of volume.

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<v Speaker 3>Yeah, he doesn't need a five year old sewing.

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

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<v Speaker 2>maybe something in the visor, but the whole is perhaps

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<v Speaker 2>why the hobby is a thing, is it is an

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<v Speaker 2>identity aside from the job and the mummy.

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<v Speaker 3>And the mumming exactly. You need something in between.

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<v Speaker 2>Yes, it also helps, and it's one of the things

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<v Speaker 2>that I would always talk about when it's if you're

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<v Speaker 2>looking for the motivation of something. I'm the kind of

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<v Speaker 2>person who I'm the kind of person who gets up

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<v Speaker 2>in the morning and trains, all right, I would I

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<v Speaker 2>have kettlebells downstairs. I'm kind of not gone to the

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<v Speaker 2>gym at the moment because it's just too inconsistent. But

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<v Speaker 2>I'm the kind of person who gets up at five,

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

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<v Speaker 2>you tell yourself that for a couple of weeks, and

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<v Speaker 2>then soon enough, I'm going to bed. Why because I

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<v Speaker 2>get up in the morning and do kettle bells and

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<v Speaker 2>it starts to become part of your identity. So it's

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<v Speaker 2>a part of your identity that is purely for you

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<v Speaker 2>and for something you enjoy, and it's not one of

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<v Speaker 2>the other two things. You can kind of get lost

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<v Speaker 2>in it.

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<v Speaker 1>And you know, a lot of people bag out people

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<v Speaker 1>for posting their stratostats on Instagram and things like that,

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<v Speaker 1>but I get it because it is it is that

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<v Speaker 1>thing that gives you joy in life and a non

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<v Speaker 1>social media sharing the things that you enjoy and not

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<v Speaker 1>everyone needs to know how fast or slow is probably

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

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<v Speaker 1>But I guess it is. It's a big part of

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<v Speaker 1>who you are and what you do that sparks joy

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<v Speaker 1>in inverted comments. Ye, in your life, in between the

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<v Speaker 1>working and the parenting and the folding of laundry and

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<v Speaker 1>the stacking of the dishwasher and everything else, it's that

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<v Speaker 1>bit that you know gives you some freedom and some

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<v Speaker 1>joy and some space.

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

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<v Speaker 2>lot where the answers to questions show up. Does that

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<v Speaker 2>happen for.

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<v Speaker 3>You all the time?

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<v Speaker 1>Yeah, I do a lot of I mean, I mostly

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<v Speaker 1>listen to podcasts on my runs these days, because for

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<v Speaker 1>me it feels like two birds one stone. I'm learning

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<v Speaker 1>while I'm running, and you know, you're trying to maximize

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<v Speaker 1>your time in life. But I do do a lot

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<v Speaker 1>of thinking, and it is when I get clarity on

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<v Speaker 1>a lot of things. It's when I do have ideas.

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<v Speaker 1>It's when I think about guests for podcasts or for

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<v Speaker 1>Today Extra or things like that. It stimulates your brain

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<v Speaker 1>in a way that nothing else can, that's for sure.

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<v Speaker 2>So was it you know, on a run when you

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<v Speaker 2>were thinking about I'm going to I'm going to get

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<v Speaker 2>into the world of financial podcast.

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<v Speaker 3>Well, it's probably listening.

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<v Speaker 1>It was on a run listening to a lot of

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<v Speaker 1>financial podcasts, all right, I think that definitely played into it,

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<v Speaker 1>but it was also it was being on Today Extra

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<v Speaker 1>and speaking almost on a weekly basis for a period

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<v Speaker 1>of time. There about this generational wealth gap that is

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<v Speaker 1>really evident in our society right now and is highly

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<v Speaker 1>emotive as well. Younger generations feel like they're being locked

0:10:34.040 --> 0:10:36.800
<v Speaker 1>out and are really upset about it for good reason,

0:10:37.240 --> 0:10:41.120
<v Speaker 1>and then older generations. Sometimes some people in the older

0:10:41.160 --> 0:10:45.000
<v Speaker 1>generations think, well, we had big challenges too, you know,

0:10:45.160 --> 0:10:48.400
<v Speaker 1>it's not just them who've had it hard, and so

0:10:48.480 --> 0:10:51.280
<v Speaker 1>you've got both sides kind of in this tug of

0:10:51.280 --> 0:10:53.880
<v Speaker 1>war on this issue. So anyway, there's a lot there

0:10:53.920 --> 0:10:57.160
<v Speaker 1>to explore. I genuinely do think that young Australians face

0:10:57.320 --> 0:11:01.719
<v Speaker 1>really high and unique hurdles to financial independence and financial

0:11:01.760 --> 0:11:04.320
<v Speaker 1>security in the long term. There's no doubt, and you

0:11:04.400 --> 0:11:07.400
<v Speaker 1>only have to look in the news today. The average

0:11:07.640 --> 0:11:11.160
<v Speaker 1>or the median capital city collective price in Australia has

0:11:11.160 --> 0:11:13.959
<v Speaker 1>now hit them one million dollar month. It's almost one

0:11:13.960 --> 0:11:16.600
<v Speaker 1>million dollars for the average house in Brisbane, which is

0:11:16.640 --> 0:11:20.800
<v Speaker 1>now the second most expensive city in Australia. Sydney is

0:11:20.840 --> 0:11:26.080
<v Speaker 1>the second least affordable city in the world. So like

0:11:26.200 --> 0:11:30.360
<v Speaker 1>we are it's not just something of our imagination among

0:11:30.440 --> 0:11:31.520
<v Speaker 1>young people in Australia.

0:11:31.679 --> 0:11:32.760
<v Speaker 3>This is a real issue.

0:11:33.040 --> 0:11:34.960
<v Speaker 1>It has really gotten away from us, and so there's

0:11:35.000 --> 0:11:37.880
<v Speaker 1>so much to address, I think, in this issue. But

0:11:37.920 --> 0:11:40.600
<v Speaker 1>what I really wanted to do was not just explore

0:11:40.640 --> 0:11:43.560
<v Speaker 1>the issue, but find some people who are really smart

0:11:43.800 --> 0:11:47.720
<v Speaker 1>in this area, who can offer some practical solutions and

0:11:47.760 --> 0:11:50.800
<v Speaker 1>maybe some ideas about how to work within the current

0:11:50.840 --> 0:11:54.680
<v Speaker 1>goalposts in a different and more creative way than perhaps

0:11:54.720 --> 0:11:55.640
<v Speaker 1>our parents did.

0:11:55.840 --> 0:11:58.839
<v Speaker 2>Because anyone would argue that the argument on the other

0:11:58.880 --> 0:12:02.079
<v Speaker 2>side is that well everyone is and always has been,

0:12:02.120 --> 0:12:07.120
<v Speaker 2>operating within the goalposts that have been set up and cracky.

0:12:07.360 --> 0:12:09.559
<v Speaker 2>At the story Club show at Your Minder the other night,

0:12:09.600 --> 0:12:12.160
<v Speaker 2>we were driving in there and I turned to Zoe,

0:12:12.240 --> 0:12:14.800
<v Speaker 2>who was the co founder. We were driving up together.

0:12:15.000 --> 0:12:18.600
<v Speaker 2>I said, like, thirty years ago, you could own a

0:12:18.640 --> 0:12:20.840
<v Speaker 2>house in Sydney and have bought a weekend or up

0:12:20.880 --> 0:12:25.800
<v Speaker 2>here on one kind of middle class income wage like

0:12:25.880 --> 0:12:30.360
<v Speaker 2>a teacher or a train driver or someone who just

0:12:30.640 --> 0:12:33.760
<v Speaker 2>you know, that kind of thing, and that was fine,

0:12:33.800 --> 0:12:35.960
<v Speaker 2>and it was a very common thing to have a

0:12:36.000 --> 0:12:38.960
<v Speaker 2>shack or a small house either on the central Coast

0:12:39.080 --> 0:12:41.360
<v Speaker 2>or south of Sydney or in Queensland down on the

0:12:41.360 --> 0:12:44.440
<v Speaker 2>Goldie like everybody. My folks did not, but we were

0:12:44.600 --> 0:12:46.680
<v Speaker 2>uncommon ones. But he heard of an apartment on the

0:12:46.679 --> 0:12:49.839
<v Speaker 2>Goldie and they did that with one wage, and they

0:12:49.840 --> 0:12:52.800
<v Speaker 2>were operating within the rules of the time. And then

0:12:52.840 --> 0:12:55.800
<v Speaker 2>the rules of the time shifted quite significantly, and the

0:12:55.800 --> 0:12:57.800
<v Speaker 2>promise of what you get if you work hard and

0:12:57.840 --> 0:13:01.760
<v Speaker 2>apply yourself has verry has changed a lot.

0:13:01.800 --> 0:13:04.560
<v Speaker 1>And I think what you say there is a big

0:13:04.600 --> 0:13:07.079
<v Speaker 1>part of why this discussion is so emotive, because it's

0:13:07.120 --> 0:13:11.319
<v Speaker 1>this concept of if you work hard, you will achieve

0:13:11.679 --> 0:13:14.440
<v Speaker 1>your goals, and a lot of people don't feel that

0:13:14.440 --> 0:13:16.800
<v Speaker 1>that is a reality anymore. You can work hard, and

0:13:16.840 --> 0:13:20.080
<v Speaker 1>you can work hard, and that home ownership is still

0:13:20.080 --> 0:13:23.200
<v Speaker 1>going to be out of reach because in Sydney, you know,

0:13:23.280 --> 0:13:25.960
<v Speaker 1>the average price is now close to all according to

0:13:25.960 --> 0:13:27.679
<v Speaker 1>this stat that came out today, is close to one

0:13:27.679 --> 0:13:30.840
<v Speaker 1>point five million. That's around thirteen times the average salary.

0:13:31.240 --> 0:13:33.280
<v Speaker 1>You know, our parents were buying homes at about three

0:13:34.000 --> 0:13:36.000
<v Speaker 1>or four times the average salary. And yes they had

0:13:36.040 --> 0:13:40.200
<v Speaker 1>insane interest rates back then, but the principle was so

0:13:40.320 --> 0:13:43.280
<v Speaker 1>much more achievable, and therefore the idea of saving for

0:13:44.280 --> 0:13:47.560
<v Speaker 1>a deposit was so much more achievable as well. So

0:13:48.200 --> 0:13:51.520
<v Speaker 1>it is way out of whack with salaries and wages

0:13:51.559 --> 0:13:53.480
<v Speaker 1>at the moment, and that's where there is a huge

0:13:53.520 --> 0:13:54.600
<v Speaker 1>hurdle for young people.

0:13:55.600 --> 0:13:59.600
<v Speaker 2>I understand why, and I see, you know, with g

0:14:00.720 --> 0:14:05.280
<v Speaker 2>she's twenty one and I've been living at home. I

0:14:05.280 --> 0:14:07.880
<v Speaker 2>was living with my girlfriend at that time. I've been

0:14:07.920 --> 0:14:10.000
<v Speaker 2>living out over for two years by then, and I

0:14:10.040 --> 0:14:13.120
<v Speaker 2>was late, you know. But when I did move at

0:14:13.120 --> 0:14:16.320
<v Speaker 2>home when I was nineteen, I lived three k's from

0:14:16.320 --> 0:14:21.640
<v Speaker 2>my family. Yeah, not forty k's from my family. I

0:14:21.640 --> 0:14:24.320
<v Speaker 2>don't think if Jim moved down, unless she moved in

0:14:24.360 --> 0:14:27.040
<v Speaker 2>with eight people, she should be able to live anywhere

0:14:27.040 --> 0:14:31.640
<v Speaker 2>near her uni, her work, or her friends. So who's

0:14:31.640 --> 0:14:35.240
<v Speaker 2>going to do that. Who's going to distance themselves and

0:14:35.320 --> 0:14:37.720
<v Speaker 2>you know, from their community and what keeps them safe

0:14:37.720 --> 0:14:42.960
<v Speaker 2>and what thrives them and nourishes them. It's not going

0:14:43.000 --> 0:14:43.400
<v Speaker 2>to happen.

0:14:43.760 --> 0:14:43.920
<v Speaker 3>Well.

0:14:44.000 --> 0:14:46.400
<v Speaker 1>People will stay at home with their parents longer, right,

0:14:46.520 --> 0:14:49.680
<v Speaker 1>And there is obviously an increasing number of people who

0:14:49.720 --> 0:14:51.880
<v Speaker 1>are relying on the bank of mum and dad. Not

0:14:51.920 --> 0:14:55.840
<v Speaker 1>everyone has that luxury, and then you have issues developing.

0:14:56.000 --> 0:14:57.560
<v Speaker 1>This is something I've spoken to some of my guests

0:14:57.600 --> 0:15:00.800
<v Speaker 1>about on the payoff these other issues at the other end,

0:15:01.040 --> 0:15:03.800
<v Speaker 1>where some parents are being too generous, you know, God

0:15:03.840 --> 0:15:06.280
<v Speaker 1>loved them, you know, trying to give their kids a

0:15:06.400 --> 0:15:09.360
<v Speaker 1>leg up and end up getting themselves into financial stress.

0:15:09.360 --> 0:15:10.800
<v Speaker 1>And we know that women over the age of fifty

0:15:10.800 --> 0:15:14.760
<v Speaker 1>five are the most likely to the fastest rising group

0:15:14.800 --> 0:15:18.640
<v Speaker 1>of homelessness in Australia. So you've got issues at every

0:15:18.720 --> 0:15:22.760
<v Speaker 1>end of the scale here because of the disparity between

0:15:22.800 --> 0:15:24.040
<v Speaker 1>generations at the moment.

0:15:24.000 --> 0:15:25.760
<v Speaker 2>There's so many other factors when you think about it

0:15:25.800 --> 0:15:28.160
<v Speaker 2>as well. If I like when I moved out at nineteen,

0:15:28.480 --> 0:15:31.360
<v Speaker 2>it was an important lesson for me to learn. Oh oh,

0:15:32.280 --> 0:15:35.560
<v Speaker 2>I can't brush my teeth because I don't have toothpaste.

0:15:35.600 --> 0:15:37.320
<v Speaker 2>I don't have toothpast because I haven't brought any I

0:15:37.320 --> 0:15:40.840
<v Speaker 2>haven't born it because I haven't got any money. Ah right,

0:15:41.440 --> 0:15:45.760
<v Speaker 2>better sort this out. The consequences for not getting your

0:15:45.760 --> 0:15:50.680
<v Speaker 2>shit together around your money are immediate. Yeah, though that

0:15:50.800 --> 0:15:53.960
<v Speaker 2>kind of rubber band or the bottom isn't ever really there.

0:15:54.080 --> 0:15:56.600
<v Speaker 2>Sometimes if the kids never leave home, and what does

0:15:56.640 --> 0:15:59.960
<v Speaker 2>that do if you're you know, it's a bit old school.

0:16:00.080 --> 0:16:03.040
<v Speaker 2>They leave home straight into a marital home. What does

0:16:03.080 --> 0:16:04.040
<v Speaker 2>that do for someone.

0:16:03.880 --> 0:16:07.120
<v Speaker 1>Who you're kind of missing that stage of life where

0:16:07.160 --> 0:16:10.760
<v Speaker 1>you're out there really without a parachute, learning everything the

0:16:10.760 --> 0:16:11.680
<v Speaker 1>hard way, right, Yeah.

0:16:11.760 --> 0:16:14.840
<v Speaker 2>Yeah. What was your money story like when you're a

0:16:14.880 --> 0:16:16.480
<v Speaker 2>young woman when you started working.

0:16:17.000 --> 0:16:20.160
<v Speaker 1>Well, my first experience with that was I was seventeen

0:16:20.200 --> 0:16:21.520
<v Speaker 1>when I went on my gap year. So as soon

0:16:21.520 --> 0:16:23.200
<v Speaker 1>as I finished school in Queensland, a lot of us

0:16:23.240 --> 0:16:26.119
<v Speaker 1>finished when we were seventeen, and I went straight tot.

0:16:25.840 --> 0:16:30.040
<v Speaker 2>A lot smarter, exactly. We're just far more advanced and

0:16:30.080 --> 0:16:30.960
<v Speaker 2>more mature.

0:16:30.680 --> 0:16:32.080
<v Speaker 3>Exactly generally exactly.

0:16:32.160 --> 0:16:34.360
<v Speaker 1>So yeah, So I moved to England as a seventeen

0:16:34.400 --> 0:16:36.440
<v Speaker 1>year old, turned eighteen in the April of my gap

0:16:36.520 --> 0:16:39.200
<v Speaker 1>year and worked in a school, earning eighty eight pounds

0:16:39.240 --> 0:16:43.840
<v Speaker 1>a week, which was technically I was being reimbursed expenses

0:16:45.440 --> 0:16:47.760
<v Speaker 1>and so sort of scraping through on a pittance. And

0:16:47.800 --> 0:16:51.480
<v Speaker 1>I think my memory, obviously of my gap year is

0:16:51.520 --> 0:16:55.680
<v Speaker 1>at times hazy for obvious reasons. But I think I

0:16:55.720 --> 0:16:58.200
<v Speaker 1>only had to call my mum once for a lifeline,

0:16:58.240 --> 0:16:59.640
<v Speaker 1>for a can you to send me a little bit

0:16:59.680 --> 0:17:01.440
<v Speaker 1>of money? And I think it was halfway through my

0:17:01.560 --> 0:17:06.280
<v Speaker 1>summer Kentiquy tour, calling from a phone in Corfu. I

0:17:06.320 --> 0:17:10.800
<v Speaker 1>was going to say yeah, but yeah I did, I

0:17:10.800 --> 0:17:13.280
<v Speaker 1>mean geez. I learned some really hard lessons on budgeting

0:17:13.280 --> 0:17:15.600
<v Speaker 1>on that trip. But then when I came home. It

0:17:15.640 --> 0:17:17.600
<v Speaker 1>wasn't long after that that I moved in with a

0:17:17.640 --> 0:17:19.800
<v Speaker 1>friend for a while, and I kind of went in

0:17:19.880 --> 0:17:23.240
<v Speaker 1>and out of mum's place for a few years. But

0:17:23.320 --> 0:17:25.480
<v Speaker 1>I was working in pubs. I was working at nine

0:17:26.000 --> 0:17:28.120
<v Speaker 1>really early on, as soon as I started UNI as well,

0:17:28.160 --> 0:17:30.119
<v Speaker 1>so I had a part time job there, so I

0:17:30.160 --> 0:17:33.440
<v Speaker 1>was managing my own budget very early. But I also

0:17:33.480 --> 0:17:35.639
<v Speaker 1>as soon as I turned fourteen nine months, I went

0:17:35.680 --> 0:17:38.480
<v Speaker 1>and got a job at Macer's right. Because we didn't

0:17:38.480 --> 0:17:41.400
<v Speaker 1>have many like luxuries in our family growing up and

0:17:42.560 --> 0:17:46.320
<v Speaker 1>third child, youngest of nine cousins, I wore a lot

0:17:46.320 --> 0:17:48.280
<v Speaker 1>of hand me downs, but I loved clothes, so I

0:17:48.359 --> 0:17:50.520
<v Speaker 1>wanted to be able to buy my own clothes and

0:17:50.119 --> 0:17:51.879
<v Speaker 1>it so I went straight and got a job. And

0:17:52.000 --> 0:17:55.199
<v Speaker 1>that's probably not great because I didn't really learn to

0:17:55.359 --> 0:17:58.439
<v Speaker 1>say very well. I spent a lot of what I earned.

0:17:59.080 --> 0:18:03.960
<v Speaker 1>I was never going beyond my means, but I didn't

0:18:04.000 --> 0:18:07.600
<v Speaker 1>have good practices with savings and I look back on

0:18:07.640 --> 0:18:09.200
<v Speaker 1>that and I think, oh, that's probably an area I

0:18:09.200 --> 0:18:10.080
<v Speaker 1>could have done better at.

0:18:10.400 --> 0:18:11.920
<v Speaker 2>It was a couple of times my phone got cut off,

0:18:12.240 --> 0:18:14.040
<v Speaker 2>a couple of times my power got cut off early

0:18:14.080 --> 0:18:17.640
<v Speaker 2>on as a consequence of like, oh, craker, haven't very

0:18:17.680 --> 0:18:22.680
<v Speaker 2>mismanaged bills. My filing system involved putting the unopened envelope

0:18:22.680 --> 0:18:25.800
<v Speaker 2>in a drawer and it got cut off, then it

0:18:25.800 --> 0:18:28.480
<v Speaker 2>was time to pay. Yeah, that was how I kind

0:18:28.480 --> 0:18:32.160
<v Speaker 2>of did it. But there was a point that showed up.

0:18:32.920 --> 0:18:35.320
<v Speaker 2>It was once. It wasn't until I got to Channel V,

0:18:35.440 --> 0:18:37.960
<v Speaker 2>to be honest, and I started working in television, and

0:18:38.000 --> 0:18:39.560
<v Speaker 2>even then it wasn't for a lot of money, but

0:18:39.880 --> 0:18:43.040
<v Speaker 2>I stopped worrying about my phone getting cut off. And

0:18:43.080 --> 0:18:46.119
<v Speaker 2>that is a danger period then, because you've now got

0:18:46.160 --> 0:18:51.160
<v Speaker 2>this ballast that can absorb silly decisions. And that's where

0:18:51.160 --> 0:18:52.960
<v Speaker 2>I really needed to have kind of habits you're probably

0:18:52.960 --> 0:18:54.560
<v Speaker 2>talking about, but I didn't.

0:18:55.240 --> 0:18:59.000
<v Speaker 1>Yeah, I think it's funny, isn't. I mean it's these

0:18:59.000 --> 0:19:00.640
<v Speaker 1>are things that you kind of look back on now

0:19:00.680 --> 0:19:03.639
<v Speaker 1>and you can see them for what they were. And

0:19:03.720 --> 0:19:06.240
<v Speaker 1>I think probably for most of my life, I've been

0:19:06.480 --> 0:19:11.639
<v Speaker 1>afraid of debt and afraid of financial risk. Investment like,

0:19:11.680 --> 0:19:14.840
<v Speaker 1>investing was never a part of my plan in my twenties.

0:19:14.840 --> 0:19:17.000
<v Speaker 1>It was something for rich people. You know, investing is

0:19:17.000 --> 0:19:20.080
<v Speaker 1>for rich people, for people who have bucket loads of

0:19:20.160 --> 0:19:24.240
<v Speaker 1>spare money. I can see now I'm thirty nine that

0:19:24.560 --> 0:19:26.960
<v Speaker 1>investing isn't just for rich people. It's something you could

0:19:27.119 --> 0:19:29.720
<v Speaker 1>start when you're twenty one with fifty dollars or one

0:19:29.800 --> 0:19:33.200
<v Speaker 1>hundred dollars a month and start putting it away, you know,

0:19:33.480 --> 0:19:37.240
<v Speaker 1>just automatically send that off into an account to invest,

0:19:37.800 --> 0:19:39.920
<v Speaker 1>and over the next thirty years you're going to reap

0:19:40.000 --> 0:19:42.560
<v Speaker 1>the rewards of that, right, But none of that was

0:19:42.560 --> 0:19:45.119
<v Speaker 1>on my horizon when I was twenty and especially in

0:19:45.119 --> 0:19:48.600
<v Speaker 1>my late twenties living in Bondai in a bachelorette pad

0:19:48.640 --> 0:19:51.439
<v Speaker 1>with a couple of girlfriends, living our best lives.

0:19:51.480 --> 0:19:51.679
<v Speaker 2>You know.

0:19:52.800 --> 0:19:54.879
<v Speaker 1>I did have a credit card for a period of

0:19:54.880 --> 0:19:58.360
<v Speaker 1>time living in Bondai, which was for those months when

0:19:58.359 --> 0:19:59.800
<v Speaker 1>I just went a little bit over. I had a

0:20:00.040 --> 0:20:02.000
<v Speaker 1>very firm limit on it. It was only a small one,

0:20:03.040 --> 0:20:07.920
<v Speaker 1>but that was probably the worst of my money management.

0:20:07.960 --> 0:20:09.520
<v Speaker 1>But I was in a bit of a yolo period

0:20:09.560 --> 0:20:13.439
<v Speaker 1>of my life. I would describe it as and again

0:20:13.760 --> 0:20:16.720
<v Speaker 1>I could have been much smarter with how I was

0:20:16.720 --> 0:20:22.320
<v Speaker 1>prioritizing my money, and in hindsight, I have some regrets

0:20:22.359 --> 0:20:24.560
<v Speaker 1>over that, but thankfully I was able to get on

0:20:24.600 --> 0:20:25.920
<v Speaker 1>top of it easily because I kept a.

0:20:25.920 --> 0:20:27.000
<v Speaker 3>Very firm limit on that.

0:20:27.040 --> 0:20:29.160
<v Speaker 1>But I think that goes back to me being afraid

0:20:29.200 --> 0:20:32.199
<v Speaker 1>of money growing up, being afraid of debt, being afraid

0:20:32.200 --> 0:20:32.640
<v Speaker 1>of risk.

0:20:33.240 --> 0:20:33.720
<v Speaker 2>Brought it on.

0:20:34.400 --> 0:20:41.240
<v Speaker 1>Oh, just desperate for financial security, I think, and my

0:20:41.359 --> 0:20:42.440
<v Speaker 1>mum modeled that to me.

0:20:43.600 --> 0:20:44.760
<v Speaker 3>She was very frugal.

0:20:45.160 --> 0:20:47.600
<v Speaker 1>She had to watch every penny and she did and

0:20:47.680 --> 0:20:50.119
<v Speaker 1>she was very open with us about that when we

0:20:50.119 --> 0:20:52.080
<v Speaker 1>were growing up too, so I was very aware of,

0:20:52.960 --> 0:20:55.480
<v Speaker 1>I guess, what it was to budget for a family

0:20:55.520 --> 0:20:58.480
<v Speaker 1>and what it is to meet your bills and your responsibilities,

0:20:58.520 --> 0:21:01.600
<v Speaker 1>and you know, that was really stressful for her at times,

0:21:02.640 --> 0:21:06.280
<v Speaker 1>but she got us through without ever having to pull

0:21:06.320 --> 0:21:10.800
<v Speaker 1>the ripcord. You know, we were always comfortable and we

0:21:10.800 --> 0:21:13.439
<v Speaker 1>were always given every opportunity in life as a result

0:21:13.440 --> 0:21:14.919
<v Speaker 1>of that because Mum made sure that we had the

0:21:14.920 --> 0:21:17.000
<v Speaker 1>space for that. So and how to prioritize, you know,

0:21:17.000 --> 0:21:20.000
<v Speaker 1>the really important things in life as well. So so

0:21:20.040 --> 0:21:23.080
<v Speaker 1>I guess through osmosis maybe that's where.

0:21:22.840 --> 0:21:23.480
<v Speaker 3>That comes from.

0:21:23.560 --> 0:21:26.360
<v Speaker 2>She worked and she mummed, she worked, and she mum

0:21:26.520 --> 0:21:27.399
<v Speaker 2>mommed hard.

0:21:27.280 --> 0:21:29.119
<v Speaker 3>She mummed really hard.

0:21:29.400 --> 0:21:31.760
<v Speaker 2>Yeah, yeah, the same with the same with you know,

0:21:32.080 --> 0:21:35.200
<v Speaker 2>my mom had four four kids and I was doing

0:21:35.200 --> 0:21:39.919
<v Speaker 2>it alone from when the eldest was thirteen, and she

0:21:40.080 --> 0:21:43.840
<v Speaker 2>worked so hard man and gave us the opportunities, like

0:21:43.920 --> 0:21:45.879
<v Speaker 2>if we were interested in something and showed interest, she

0:21:45.880 --> 0:21:48.159
<v Speaker 2>would go, Okay, you get to go, give it a go,

0:21:48.320 --> 0:21:52.400
<v Speaker 2>and understood you talk about investing, but understood investing in

0:21:52.440 --> 0:21:56.159
<v Speaker 2>your kid's interest in what engages them has such a

0:21:56.200 --> 0:21:59.560
<v Speaker 2>compounding effect in their life. You want to with me,

0:21:59.640 --> 0:22:01.120
<v Speaker 2>for we're going to with music, Like you really want

0:22:01.119 --> 0:22:03.040
<v Speaker 2>to learn this, You're going to Okay, I'll buy the instrument,

0:22:03.080 --> 0:22:05.240
<v Speaker 2>all right, you're going to practice, you're gonna do it? Okay, okay, great?

0:22:05.359 --> 0:22:08.359
<v Speaker 2>What did you play guitar at first? Then bass and

0:22:08.400 --> 0:22:11.679
<v Speaker 2>then everything else? But that's what led to everything, right,

0:22:12.160 --> 0:22:14.840
<v Speaker 2>and that the idea of performance, in connecting with people

0:22:15.440 --> 0:22:18.840
<v Speaker 2>through performance was it but her belief in me to

0:22:18.880 --> 0:22:20.479
<v Speaker 2>do that and she did it with at my brothers.

0:22:20.560 --> 0:22:22.920
<v Speaker 2>Whatever we were kind of into. She worked to the

0:22:22.960 --> 0:22:24.920
<v Speaker 2>point where like and if we weren't interested in it,

0:22:26.040 --> 0:22:29.680
<v Speaker 2>you know, it's okay, I wanted to give you that. Yeah,

0:22:29.720 --> 0:22:33.760
<v Speaker 2>and investing. Can you also talking about investing. When it

0:22:33.760 --> 0:22:36.240
<v Speaker 2>came to sending Jeta, we managed to get her into

0:22:37.080 --> 0:22:40.720
<v Speaker 2>a Fancays school in area. So the reason we lived

0:22:40.720 --> 0:22:41.480
<v Speaker 2>in the apartment for.

0:22:41.440 --> 0:22:44.760
<v Speaker 3>Those years, Yeah, sacrifices priorities.

0:22:44.520 --> 0:22:48.000
<v Speaker 2>Is that really it's kind of the last financial decision

0:22:48.040 --> 0:22:51.240
<v Speaker 2>you can really make to influence the outcome in life.

0:22:51.359 --> 0:22:55.680
<v Speaker 2>Really after their eighteen that's on them. But we looked

0:22:55.680 --> 0:22:58.280
<v Speaker 2>at at that as an investment. Absolutely looked at that

0:22:58.400 --> 0:23:00.600
<v Speaker 2>as an investment. It's not always about index funds.

0:23:00.359 --> 0:23:03.359
<v Speaker 3>And exactly you know, yeah.

0:23:02.640 --> 0:23:04.840
<v Speaker 2>That sort of thing. It's investing in your kid's future

0:23:04.920 --> 0:23:07.520
<v Speaker 2>and investing in the outcomes that they might have, that

0:23:07.520 --> 0:23:10.520
<v Speaker 2>they might be independent themselves one day for sure. When

0:23:10.560 --> 0:23:13.680
<v Speaker 2>you you mentioned the late twenties period and whether that's

0:23:13.760 --> 0:23:17.919
<v Speaker 2>yet to come for you or it's in your past, whether.

0:23:17.720 --> 0:23:19.600
<v Speaker 3>My late twenties are in my past.

0:23:19.400 --> 0:23:24.080
<v Speaker 2>Well, yeah, as far as money management goes, yes, there's

0:23:24.119 --> 0:23:26.800
<v Speaker 2>always there's always money to party at some point, Like

0:23:26.880 --> 0:23:30.520
<v Speaker 2>there's always.

0:23:29.040 --> 0:23:31.640
<v Speaker 1>Going to go and have Sunday afternoon drinks down at

0:23:31.680 --> 0:23:33.560
<v Speaker 1>the North Bonda RSL with your mates.

0:23:33.720 --> 0:23:35.360
<v Speaker 3>You know you're not going to pass that up.

0:23:35.600 --> 0:23:39.440
<v Speaker 2>No, you always find the money somewhere to pay for

0:23:39.440 --> 0:23:42.800
<v Speaker 2>a couple of points or you know whatever. Extracurricular Yeah,

0:23:43.480 --> 0:23:44.560
<v Speaker 2>I guess I could stretch.

0:23:44.320 --> 0:23:45.840
<v Speaker 3>You to that rose, couple of roses.

0:23:45.880 --> 0:23:49.080
<v Speaker 2>Yeah, yeah, yeah, just yeah, sure. I mean there's under session, Okay,

0:23:49.080 --> 0:23:51.840
<v Speaker 2>we can split a capture and then the days it's midnight.

0:23:52.200 --> 0:23:53.840
<v Speaker 3>Yeah, yeah, for sure.

0:23:54.000 --> 0:23:56.280
<v Speaker 1>But do you know, like back in that stage of

0:23:56.280 --> 0:24:00.440
<v Speaker 1>my life, no one in my circle was talking about

0:24:00.840 --> 0:24:03.679
<v Speaker 1>their financial goals. No one was talking And maybe I

0:24:03.720 --> 0:24:06.400
<v Speaker 1>don't know where the line is here with men and women.

0:24:07.680 --> 0:24:09.679
<v Speaker 1>I know, certainly more now in my age bracket, you

0:24:09.720 --> 0:24:12.680
<v Speaker 1>get more men talking over a barbecue about what they've

0:24:12.680 --> 0:24:15.280
<v Speaker 1>invested in or what's happening in the market with X,

0:24:15.359 --> 0:24:18.520
<v Speaker 1>Y and Z, and not so much with women. But

0:24:18.600 --> 0:24:21.159
<v Speaker 1>it is starting among my friendship circle now, And I

0:24:21.240 --> 0:24:23.760
<v Speaker 1>feel like we should have been having these conversations twenty

0:24:23.880 --> 0:24:27.320
<v Speaker 1>years ago because it would have given a lot of

0:24:27.400 --> 0:24:30.959
<v Speaker 1>us more of a head start with some things they

0:24:31.040 --> 0:24:34.320
<v Speaker 1>are And now that I understand more about this area

0:24:34.600 --> 0:24:37.040
<v Speaker 1>of life as well, I can see the benefits of

0:24:37.160 --> 0:24:39.160
<v Speaker 1>being a part of this conversation in your twenties.

0:24:39.160 --> 0:24:40.520
<v Speaker 3>And that's again another part.

0:24:40.800 --> 0:24:44.480
<v Speaker 1>Another reason for the podcast is opening up the conversation

0:24:44.680 --> 0:24:47.760
<v Speaker 1>around money, which is so orkies and so uncomfortable for

0:24:47.840 --> 0:24:50.760
<v Speaker 1>so many people to others who might not be having

0:24:50.800 --> 0:24:53.840
<v Speaker 1>these conversations with their friends or their family because it

0:24:53.960 --> 0:24:57.600
<v Speaker 1>isn't a natural part of a conversation for a lot

0:24:57.600 --> 0:25:01.720
<v Speaker 1>of people, even in this day and age when but

0:25:01.840 --> 0:25:04.320
<v Speaker 1>I think also younger generations have no option but to

0:25:04.359 --> 0:25:07.520
<v Speaker 1>talk about it because things are so different. They have

0:25:07.600 --> 0:25:11.080
<v Speaker 1>to be honest about what goals they're setting financially and

0:25:11.119 --> 0:25:14.919
<v Speaker 1>what they're hoping to achieve and what they're doing with

0:25:14.960 --> 0:25:17.520
<v Speaker 1>the extra one hundred dollars. I know, and that seems

0:25:17.720 --> 0:25:19.159
<v Speaker 1>like a hard thing for a lot of people in

0:25:19.160 --> 0:25:21.399
<v Speaker 1>a cost of living crisis. But if you've got to

0:25:21.440 --> 0:25:23.320
<v Speaker 1>spend one hundred dollars every week, what do you do

0:25:23.359 --> 0:25:26.000
<v Speaker 1>with it? And what's the best way to get something

0:25:26.040 --> 0:25:27.000
<v Speaker 1>out of that in the long term?

0:25:27.080 --> 0:25:30.600
<v Speaker 2>Seventeen legue multi that ends on Hina the outcome of

0:25:30.720 --> 0:25:32.360
<v Speaker 2>Singapore and Match.

0:25:34.280 --> 0:25:34.959
<v Speaker 3>Put it all in.

0:25:36.040 --> 0:25:38.800
<v Speaker 2>You don't understand how hard this will payoff, Jeffrey, how

0:25:38.880 --> 0:25:40.920
<v Speaker 2>much I'm going to pay out exactly going to get

0:25:41.080 --> 0:25:45.320
<v Speaker 2>back one before and more the conversation around money as

0:25:46.000 --> 0:25:49.119
<v Speaker 2>men talking about investing. It's only now that you speak

0:25:49.119 --> 0:25:53.840
<v Speaker 2>about it. I so resisted it, or I was so.

0:25:54.359 --> 0:25:57.400
<v Speaker 2>I was bored by people who started to talk like that. Yeah,

0:25:57.440 --> 0:26:00.240
<v Speaker 2>because that represented to me, you don't care about this moment.

0:26:00.400 --> 0:26:02.160
<v Speaker 2>All you want to do is show that you're better

0:26:02.200 --> 0:26:05.160
<v Speaker 2>than me. I was a very different place in my life.

0:26:05.400 --> 0:26:09.800
<v Speaker 2>But I found it just so crass. And it was

0:26:10.000 --> 0:26:13.240
<v Speaker 2>never the idea of I'm doing this now so that

0:26:13.400 --> 0:26:16.960
<v Speaker 2>when I'm sixty, I don't have to work too hard

0:26:17.119 --> 0:26:19.479
<v Speaker 2>and me and my kids would be fine. It was

0:26:20.440 --> 0:26:23.680
<v Speaker 2>not that at all. It felt really like a pissing context.

0:26:23.680 --> 0:26:24.159
<v Speaker 3>Oh, I get it.

0:26:24.440 --> 0:26:27.000
<v Speaker 2>I hated it. So I didn't want to ever talk

0:26:27.000 --> 0:26:28.199
<v Speaker 2>about it or know anything about it.

0:26:28.280 --> 0:26:30.919
<v Speaker 1>Yeah, that's just for the finance bros. You know that

0:26:31.000 --> 0:26:31.560
<v Speaker 1>kind of chat.

0:26:31.720 --> 0:26:33.240
<v Speaker 2>And they were always tall and hot.

0:26:33.440 --> 0:26:38.160
<v Speaker 1>Yeah, gray suits called.

0:26:36.600 --> 0:26:39.600
<v Speaker 2>It John, Yes, they all rode.

0:26:40.040 --> 0:26:40.720
<v Speaker 3>I know the guy.

0:26:40.880 --> 0:26:44.800
<v Speaker 2>Yeah, I went to his wedding. He's a lovely guy.

0:26:45.720 --> 0:26:50.280
<v Speaker 3>Page it by the way, that one.

0:26:50.560 --> 0:26:52.560
<v Speaker 2>But yeah, I always found it. I didn't never understand.

0:26:52.560 --> 0:26:54.840
<v Speaker 2>I didn't see it through the lens of that was

0:26:54.840 --> 0:26:56.760
<v Speaker 2>available to me. So I felt it was like, no,

0:26:56.840 --> 0:27:00.359
<v Speaker 2>I'm excluded from this. People talk about real estate trying

0:27:00.359 --> 0:27:03.159
<v Speaker 2>to buy. I had two bass guitars stolen after a

0:27:03.200 --> 0:27:06.280
<v Speaker 2>gig once, and I was I was unemployed. I'm playing

0:27:06.320 --> 0:27:08.400
<v Speaker 2>in an Originals band in Brisbane at from the back

0:27:08.400 --> 0:27:11.239
<v Speaker 2>of the Gabba Hotel? What do I do now? How

0:27:11.240 --> 0:27:13.000
<v Speaker 2>do I I can't even play? I haven't going to

0:27:13.000 --> 0:27:15.240
<v Speaker 2>get a guitar. I actually ended up taking a personal line,

0:27:15.240 --> 0:27:19.479
<v Speaker 2>that's right. I took a person alone. Yeah, eighteen percent

0:27:19.600 --> 0:27:21.359
<v Speaker 2>or two interest.

0:27:21.000 --> 0:27:23.480
<v Speaker 3>For that, but it was the only way to get

0:27:23.920 --> 0:27:24.720
<v Speaker 3>back out there and working.

0:27:24.760 --> 0:27:26.320
<v Speaker 2>Yeah, it took a long time. And then when I

0:27:26.320 --> 0:27:28.879
<v Speaker 2>hear the ads not on this podcast, but when I

0:27:28.920 --> 0:27:31.960
<v Speaker 2>hear the ads for your paycheck is yours dot com

0:27:32.040 --> 0:27:34.720
<v Speaker 2>or whatever, It's like, noop, don't do ever do that

0:27:34.880 --> 0:27:38.280
<v Speaker 2>because that's such slippery slope. Sure is those sort of things?

0:27:38.280 --> 0:27:40.560
<v Speaker 2>What kind of things should people in your conversations you

0:27:40.640 --> 0:27:42.679
<v Speaker 2>had on your show, what kind of things do you

0:27:42.680 --> 0:27:45.120
<v Speaker 2>look do you want people to look out for as

0:27:45.119 --> 0:27:46.680
<v Speaker 2>a try to struggle for answers?

0:27:46.840 --> 0:27:49.439
<v Speaker 1>Yeah, well, I mean we sort of look at this

0:27:49.520 --> 0:27:53.639
<v Speaker 1>from every angle. We've looked at it from a Okay,

0:27:53.680 --> 0:27:55.600
<v Speaker 1>if you can't get into the property market, what are

0:27:55.600 --> 0:27:57.480
<v Speaker 1>some creative ways to do that. We spoke to Alice

0:27:57.480 --> 0:27:59.920
<v Speaker 1>Stotz from Domain about that and she covers off the

0:28:00.320 --> 0:28:03.719
<v Speaker 1>rent vesting co ownership and how to set up a

0:28:03.760 --> 0:28:06.720
<v Speaker 1>contract for that as well to protect yourself into the future.

0:28:08.280 --> 0:28:12.000
<v Speaker 1>We've got an upcoming interview with Jessica Irvine from Combank,

0:28:12.280 --> 0:28:14.840
<v Speaker 1>who is the Queen of budgeting, and she's got some

0:28:14.880 --> 0:28:19.440
<v Speaker 1>really great advice in there on how to crunch down

0:28:19.480 --> 0:28:22.359
<v Speaker 1>your debt first and the steps that you need to

0:28:22.400 --> 0:28:26.880
<v Speaker 1>take for financial security. If you are in that position

0:28:27.440 --> 0:28:30.000
<v Speaker 1>where you were, where you feel like the debt is

0:28:30.040 --> 0:28:32.919
<v Speaker 1>insurmountable and you've got to crunch that before you do

0:28:33.000 --> 0:28:36.560
<v Speaker 1>anything else, then she's got great tips on that front.

0:28:36.640 --> 0:28:38.560
<v Speaker 1>And then how to set up a really healthy looking

0:28:38.600 --> 0:28:41.840
<v Speaker 1>budget that allows you to understand where every dollar is going.

0:28:41.880 --> 0:28:46.120
<v Speaker 1>And it sounds really boring and tedious, but she makes

0:28:46.160 --> 0:28:50.560
<v Speaker 1>it pretty good, pretty fun, pretty engaging, and it gives you,

0:28:50.600 --> 0:28:53.120
<v Speaker 1>I think, more than anything, a sense of control over

0:28:53.160 --> 0:28:56.480
<v Speaker 1>your money. And that's the topic we just did this week,

0:28:56.520 --> 0:29:01.120
<v Speaker 1>which dropped is with clinical psychologist Rebecca Ray because money mindset,

0:29:01.160 --> 0:29:03.719
<v Speaker 1>I think plays so much into this. How you were

0:29:03.720 --> 0:29:07.480
<v Speaker 1>brought up and the money relationship that your parents had

0:29:07.520 --> 0:29:11.959
<v Speaker 1>and then therefore instilled in you what kind of conversations

0:29:11.960 --> 0:29:14.080
<v Speaker 1>we're being had around money when you were growing up.

0:29:14.120 --> 0:29:16.440
<v Speaker 1>And she talks around the shame that a lot of

0:29:16.520 --> 0:29:19.640
<v Speaker 1>us carry around money, and this is I think what's

0:29:19.640 --> 0:29:21.640
<v Speaker 1>stopping a lot of people from talking about it too,

0:29:21.800 --> 0:29:24.560
<v Speaker 1>is that we're ashamed of maybe X, Y, and z

0:29:24.760 --> 0:29:28.520
<v Speaker 1>in our personal finance, and maybe we don't want to

0:29:28.560 --> 0:29:30.640
<v Speaker 1>talk to someone about the goal that we're working towards

0:29:30.680 --> 0:29:32.560
<v Speaker 1>because we don't think it stacks up to what someone

0:29:32.560 --> 0:29:35.480
<v Speaker 1>else is working towards. And so looking at that and

0:29:36.080 --> 0:29:40.880
<v Speaker 1>being really forgiving of yourself and kind to gentle with yourself,

0:29:41.440 --> 0:29:43.360
<v Speaker 1>and understanding that probably a lot of other people are

0:29:43.360 --> 0:29:45.560
<v Speaker 1>feeling the same way, they're just not talking about it.

0:29:45.640 --> 0:29:49.320
<v Speaker 1>So and also entering a relationship with a new person,

0:29:49.400 --> 0:29:53.640
<v Speaker 1>and how to set up your financial boundaries and goals

0:29:54.120 --> 0:29:56.120
<v Speaker 1>and ensure that you're on the same page with all

0:29:56.120 --> 0:29:58.280
<v Speaker 1>of that stuff, because that's so crucial as well. So look,

0:29:58.280 --> 0:30:01.440
<v Speaker 1>we look at it from every people in the world

0:30:01.480 --> 0:30:04.280
<v Speaker 1>of investment, people in the world of property, people in

0:30:04.320 --> 0:30:07.640
<v Speaker 1>the world of self improvement as well, negotiating at work

0:30:07.680 --> 0:30:08.040
<v Speaker 1>all of.

0:30:08.000 --> 0:30:11.000
<v Speaker 2>It really and you mentioned the shame like the story

0:30:11.000 --> 0:30:14.160
<v Speaker 2>that we have from when we're a kid. How in

0:30:14.200 --> 0:30:17.240
<v Speaker 2>the conversations you've had, what do you think, what do

0:30:17.280 --> 0:30:19.880
<v Speaker 2>you even start with getting your story together about and

0:30:19.960 --> 0:30:21.440
<v Speaker 2>just at least having a look at it where it

0:30:21.680 --> 0:30:23.320
<v Speaker 2>was and where you might like it to be.

0:30:23.680 --> 0:30:26.080
<v Speaker 1>I mean, this is definitely a question for Rebecca Ray,

0:30:26.120 --> 0:30:29.600
<v Speaker 1>who's the qualified psychologist authority.

0:30:29.680 --> 0:30:32.520
<v Speaker 2>It's your podcast. This is how podcasts work. I have

0:30:32.640 --> 0:30:34.520
<v Speaker 2>a thing, I have artworks before.

0:30:35.920 --> 0:30:38.040
<v Speaker 3>It belongs to me. The answer belongs to me.

0:30:39.080 --> 0:30:41.960
<v Speaker 1>It's what applies to a lot of things in life.

0:30:42.520 --> 0:30:46.680
<v Speaker 1>Speaking to Rebecca, her take on it was basically, you

0:30:46.880 --> 0:30:49.160
<v Speaker 1>have to be more forgiving and you have to be

0:30:49.200 --> 0:30:53.880
<v Speaker 1>more accepting of yourself and not be so hard on yourself.

0:30:54.240 --> 0:30:58.720
<v Speaker 1>But basically, she said, confronting those issues and taking actions

0:30:59.320 --> 0:31:03.440
<v Speaker 1>and taking steps towards what you want to achieve is

0:31:03.480 --> 0:31:05.840
<v Speaker 1>the way you're going to get over that feeling of shame.

0:31:05.920 --> 0:31:08.320
<v Speaker 1>But I would definitely encourage people to listen to her

0:31:08.520 --> 0:31:11.240
<v Speaker 1>views on that, because I'm not qualified to give anyone

0:31:11.360 --> 0:31:15.600
<v Speaker 1>advice in terms of psychology. But it applies to a

0:31:15.600 --> 0:31:17.760
<v Speaker 1>lot of things in life. You know, we beat ourselves

0:31:17.840 --> 0:31:21.080
<v Speaker 1>up over so many things. In life, and I think

0:31:21.120 --> 0:31:24.280
<v Speaker 1>so much of that is unjustified, and she unpacks a

0:31:24.280 --> 0:31:25.440
<v Speaker 1>lot of that in that conversation.

0:31:25.800 --> 0:31:27.240
<v Speaker 2>One of the reasons that we can often get into

0:31:27.240 --> 0:31:30.360
<v Speaker 2>trouble with money, While we can get into trouble with

0:31:31.040 --> 0:31:34.200
<v Speaker 2>either saving for something or not saving for something because

0:31:34.200 --> 0:31:37.880
<v Speaker 2>it seems so insurmountable, it's because emotion is often involved

0:31:38.560 --> 0:31:43.120
<v Speaker 2>in spending. Yes, I don't feel very good right now.

0:31:43.360 --> 0:31:44.880
<v Speaker 2>You know it's going to make me feel good. This

0:31:44.960 --> 0:31:47.240
<v Speaker 2>thing that I just were instagram that I didn't know

0:31:47.280 --> 0:31:50.280
<v Speaker 2>existed a minute ago, but now I'm convinced. I can't

0:31:50.280 --> 0:31:51.000
<v Speaker 2>live without.

0:31:50.800 --> 0:31:51.720
<v Speaker 3>Put it in a basket.

0:31:51.800 --> 0:31:53.520
<v Speaker 2>I have to open it and I have to click

0:31:53.560 --> 0:31:55.640
<v Speaker 2>at it. And yeah, why not for equal payments? That

0:31:55.640 --> 0:31:56.680
<v Speaker 2>sounds great bush.

0:31:56.520 --> 0:31:57.360
<v Speaker 3>To dopamine hit.

0:31:57.560 --> 0:32:04.480
<v Speaker 2>Yeah, yeah, How can we insulate ourselves from emotion playing

0:32:04.520 --> 0:32:06.640
<v Speaker 2>with the plans that we have and the budgets that

0:32:06.640 --> 0:32:07.800
<v Speaker 2>we are trying to keep together?

0:32:08.080 --> 0:32:10.280
<v Speaker 3>Yeah, well that's one for Jessica Irvine.

0:32:10.600 --> 0:32:13.240
<v Speaker 1>So let me just deflect to all of my very

0:32:13.240 --> 0:32:18.840
<v Speaker 1>smart guests, who is very good at being specific around

0:32:18.840 --> 0:32:22.440
<v Speaker 1>what you're working towards and setting those goals and sticking

0:32:22.440 --> 0:32:26.920
<v Speaker 1>to them. She uses every highlighter under the sun to

0:32:27.280 --> 0:32:29.680
<v Speaker 1>really get down in the weeds of your budget.

0:32:29.720 --> 0:32:32.240
<v Speaker 2>That involves office works and then me just going, you

0:32:32.280 --> 0:32:34.120
<v Speaker 2>know what, I really need a cross cut paper sder.

0:32:34.320 --> 0:32:36.480
<v Speaker 3>Seriously, office works is her happy place and.

0:32:38.000 --> 0:32:40.600
<v Speaker 2>I should probably there just invest in West Farmers that.

0:32:41.200 --> 0:32:43.600
<v Speaker 3>It's a slippery slope, you know, once it's starting.

0:32:44.200 --> 0:32:48.480
<v Speaker 1>You never go back exactly get you so plenty of

0:32:48.480 --> 0:32:51.880
<v Speaker 1>different different colored highlighted well and there are so many

0:32:51.880 --> 0:32:53.840
<v Speaker 1>ways to do this, but that's her method and it

0:32:53.960 --> 0:32:58.239
<v Speaker 1>helps her to see very clearly which bucket, you know,

0:32:58.440 --> 0:33:01.840
<v Speaker 1>is taking more than it's fair share from her budget

0:33:02.000 --> 0:33:05.120
<v Speaker 1>month to month. And I think being really and this

0:33:05.160 --> 0:33:06.920
<v Speaker 1>is something I'm starting to do a lot more, is

0:33:07.000 --> 0:33:11.640
<v Speaker 1>being really specific about ou as a family financial goals too.

0:33:11.680 --> 0:33:14.680
<v Speaker 1>What are we working towards, What do we hope for

0:33:14.760 --> 0:33:17.960
<v Speaker 1>this to look like by the time we're sixty, At

0:33:17.960 --> 0:33:20.640
<v Speaker 1>what point do we want to retire? Because this is

0:33:20.840 --> 0:33:22.800
<v Speaker 1>sort of part of the theme that keeps emerging too,

0:33:23.160 --> 0:33:26.360
<v Speaker 1>is that what you should be working towards in life

0:33:26.520 --> 0:33:28.760
<v Speaker 1>is what is enough for you. And you have to

0:33:28.760 --> 0:33:31.920
<v Speaker 1>be really clear in your definition of what is enough,

0:33:32.640 --> 0:33:35.200
<v Speaker 1>what's going to make you happy. For some people, it's

0:33:35.240 --> 0:33:38.840
<v Speaker 1>going to be owning the home that they can bring

0:33:38.880 --> 0:33:40.880
<v Speaker 1>their family up in. For other people, it's going to

0:33:40.880 --> 0:33:42.880
<v Speaker 1>be going to Europe once a year. For other people,

0:33:42.920 --> 0:33:46.120
<v Speaker 1>it's going to be I don't know, having a vintage

0:33:46.120 --> 0:33:47.000
<v Speaker 1>car or something.

0:33:47.040 --> 0:33:47.200
<v Speaker 2>You know.

0:33:47.440 --> 0:33:51.320
<v Speaker 1>For some people, it's just you know, meeting the rent

0:33:51.360 --> 0:33:54.440
<v Speaker 1>and having some flexibility to maybe travel a little bit

0:33:54.440 --> 0:33:54.640
<v Speaker 1>on the.

0:33:54.640 --> 0:33:55.200
<v Speaker 3>Side, I don't know.

0:33:55.200 --> 0:33:59.960
<v Speaker 1>Everyone has different different goals in life, and I think

0:34:00.120 --> 0:34:03.960
<v Speaker 1>the key is being really clear around what that goal

0:34:04.080 --> 0:34:06.880
<v Speaker 1>is and knowing how you're going to get to it,

0:34:06.960 --> 0:34:10.239
<v Speaker 1>because that way, you feel like you're in control of

0:34:10.280 --> 0:34:13.120
<v Speaker 1>your money and you're not just rolling with what comes

0:34:13.120 --> 0:34:15.120
<v Speaker 1>in month to month and seeing where you land.

0:34:16.239 --> 0:34:19.000
<v Speaker 2>Just taking a moment from Sylvia, whose podcast is called

0:34:19.320 --> 0:34:20.880
<v Speaker 2>The Payoff, you can find it where you're found on

0:34:20.920 --> 0:34:23.319
<v Speaker 2>this podcast. We've got to play some ads. We'll be

0:34:23.400 --> 0:34:32.680
<v Speaker 2>right back. As a journalist, and you mentioned earlier in

0:34:32.680 --> 0:34:37.000
<v Speaker 2>the conversation, there is a growing gap in our country

0:34:37.080 --> 0:34:40.880
<v Speaker 2>between people who don't worry about the phone bill and

0:34:40.960 --> 0:34:44.800
<v Speaker 2>people who are still prepaid month to month, week to

0:34:44.840 --> 0:34:47.239
<v Speaker 2>week and don't know where it's going to come from

0:34:47.400 --> 0:34:51.360
<v Speaker 2>next month. That to me, I think is a challenge

0:34:51.400 --> 0:34:52.840
<v Speaker 2>our country's really going to have to have a look at,

0:34:52.920 --> 0:34:53.200
<v Speaker 2>isn't it.

0:34:53.200 --> 0:34:53.319
<v Speaker 3>Well?

0:34:53.360 --> 0:34:55.200
<v Speaker 1>This is something I spoke to Alice Stultz about. Is

0:34:55.239 --> 0:34:57.239
<v Speaker 1>this concept which has been brought up in the newspapers

0:34:57.280 --> 0:35:00.720
<v Speaker 1>recently of Sydney becoming a city without grandchildren. Oh my god,

0:35:00.960 --> 0:35:07.640
<v Speaker 1>because people having children? Yeah, will if you're having if

0:35:07.640 --> 0:35:10.120
<v Speaker 1>you're starting a family and you're trying to set yourself up,

0:35:11.040 --> 0:35:13.760
<v Speaker 1>how could you afford and you're on the average salary,

0:35:14.840 --> 0:35:17.960
<v Speaker 1>how can you afford to raise children in Sydney the

0:35:18.080 --> 0:35:21.239
<v Speaker 1>second least affordable city in the world, And so people

0:35:21.280 --> 0:35:23.200
<v Speaker 1>are moving further out. I mean, this is part of

0:35:23.200 --> 0:35:25.960
<v Speaker 1>the reason why house prices are rising so fast in Brisbane,

0:35:25.960 --> 0:35:28.279
<v Speaker 1>because people are moving north, or they're moving to the

0:35:28.280 --> 0:35:31.040
<v Speaker 1>Central Coast or whatever. They're just getting out of the

0:35:31.080 --> 0:35:35.080
<v Speaker 1>places that are far too expensive. And so then you've

0:35:35.120 --> 0:35:39.479
<v Speaker 1>got the grandparents in Sydney left behind, who therefore lose

0:35:39.520 --> 0:35:41.880
<v Speaker 1>access to the grandkids. And then the parents in the

0:35:41.880 --> 0:35:45.120
<v Speaker 1>middle lose access to the grandparents who support their village

0:35:45.120 --> 0:35:48.239
<v Speaker 1>and their support network. And that's kind of the demographic

0:35:48.320 --> 0:35:51.200
<v Speaker 1>shift that we're looking at as a result of that

0:35:51.320 --> 0:35:52.320
<v Speaker 1>financial disparity.

0:35:53.440 --> 0:35:55.960
<v Speaker 2>As you said that, I don't feel tears coming to

0:35:56.000 --> 0:35:59.719
<v Speaker 2>my eyes of how awful it is to make a

0:35:59.800 --> 0:36:03.759
<v Speaker 2>kin munity split itself apart. Long it does like these

0:36:03.800 --> 0:36:06.440
<v Speaker 2>are bigger things than just captaal gains tax and frankin

0:36:06.520 --> 0:36:10.879
<v Speaker 2>credits and negative gearing. This is what keeps us as

0:36:10.920 --> 0:36:13.399
<v Speaker 2>a community feeling like we belong with each other.

0:36:13.600 --> 0:36:15.440
<v Speaker 3>Yeah, it's a big shift.

0:36:15.520 --> 0:36:18.880
<v Speaker 1>And what's interesting in Australia in terms of housing supply

0:36:18.960 --> 0:36:20.719
<v Speaker 1>and we all know supply is a big issue here

0:36:20.880 --> 0:36:23.920
<v Speaker 1>and increasing it is critical to bringing down prices or

0:36:23.960 --> 0:36:28.880
<v Speaker 1>at least slowing the growth of prices, is that we

0:36:28.920 --> 0:36:33.520
<v Speaker 1>are a really undense nation. Our capital city is compared

0:36:33.520 --> 0:36:37.000
<v Speaker 1>to other capital cities across the world, are not dense,

0:36:37.400 --> 0:36:41.120
<v Speaker 1>and we still expect huge blocks of land in this

0:36:41.200 --> 0:36:46.279
<v Speaker 1>country and so there need to be big opportunities, I

0:36:46.280 --> 0:36:51.280
<v Speaker 1>think to grow these kind of mini cities and definitely

0:36:51.320 --> 0:36:54.680
<v Speaker 1>increase the density. And you know, I think people are

0:36:54.680 --> 0:36:57.840
<v Speaker 1>really open to living to living in apartments and that

0:36:57.880 --> 0:36:59.960
<v Speaker 1>sort of life so long as there's enough green space around.

0:37:00.280 --> 0:37:02.319
<v Speaker 1>But at the moment that's not even really an option

0:37:02.400 --> 0:37:05.160
<v Speaker 1>for a lot of people because the prices are so

0:37:05.360 --> 0:37:08.200
<v Speaker 1>high in Sydney. So so there are a lot of

0:37:08.280 --> 0:37:10.960
<v Speaker 1>demographic shifts that are happening as a result of.

0:37:10.880 --> 0:37:13.960
<v Speaker 2>This, and how that affects politics as well, because people

0:37:14.040 --> 0:37:15.840
<v Speaker 2>tend to get more conservative as they get older, so

0:37:16.000 --> 0:37:20.680
<v Speaker 2>the capital cities start to become overall way more conservative.

0:37:21.360 --> 0:37:24.359
<v Speaker 2>What is that? What does that do for policy? As

0:37:24.360 --> 0:37:29.600
<v Speaker 2>far as housing developments in western New South Wales or

0:37:29.640 --> 0:37:34.440
<v Speaker 2>northern Queensland. That's wow. I had along all of this,

0:37:34.480 --> 0:37:36.319
<v Speaker 2>I had a really transformative experience just a bit over

0:37:36.400 --> 0:37:38.680
<v Speaker 2>ten twelve years ago when I went to business school.

0:37:38.719 --> 0:37:42.560
<v Speaker 2>I was in Amsterdam. And have you been to Amsterdam.

0:37:42.640 --> 0:37:46.560
<v Speaker 3>On the afore mentioned kentiquy to You probably.

0:37:46.280 --> 0:37:50.439
<v Speaker 2>Don't remember that vague. I was a very sober person

0:37:50.440 --> 0:37:51.840
<v Speaker 2>by the time. Yeah, I'm very grateful.

0:37:51.920 --> 0:37:52.279
<v Speaker 3>That's good.

0:37:52.600 --> 0:37:54.880
<v Speaker 2>But I stayed in the in the Canal Ring, in

0:37:54.880 --> 0:37:57.520
<v Speaker 2>the ancient city like seven hundred years old, and it

0:37:57.600 --> 0:38:01.600
<v Speaker 2>is the most densely populated part of the world, and

0:38:01.760 --> 0:38:04.120
<v Speaker 2>it is hundreds of hundreds of years old, and the

0:38:04.200 --> 0:38:07.799
<v Speaker 2>houses are smaller than this studio. Yeah, okay, And I

0:38:07.800 --> 0:38:11.880
<v Speaker 2>remember I stayed airbnb someone's house. They were the creative

0:38:11.920 --> 0:38:17.640
<v Speaker 2>director for a Dutch design magazine, so you can imagine

0:38:17.640 --> 0:38:19.880
<v Speaker 2>the kind of that was just going on holidays. They

0:38:20.000 --> 0:38:21.960
<v Speaker 2>wanted you know a month. I was every month they

0:38:21.960 --> 0:38:23.439
<v Speaker 2>wanted someone to take care of the place.

0:38:24.320 --> 0:38:24.360
<v Speaker 3>Is.

0:38:24.400 --> 0:38:25.799
<v Speaker 2>You can imagine the kind of stuff this person would

0:38:25.800 --> 0:38:28.319
<v Speaker 2>have in the house, right you talked about concept of enough.

0:38:29.040 --> 0:38:31.719
<v Speaker 2>They had a cupboard which is probably this wide. They

0:38:31.760 --> 0:38:35.040
<v Speaker 2>had two suits and three empty coat hangers that they

0:38:35.080 --> 0:38:37.640
<v Speaker 2>probably had taken on holiday with them. They had four cups,

0:38:37.760 --> 0:38:40.600
<v Speaker 2>four plates, full bowls, a fridge about this big.

0:38:40.800 --> 0:38:41.120
<v Speaker 3>Wow.

0:38:41.600 --> 0:38:44.839
<v Speaker 2>That was it? Like, it wasn't I have a cinema room.

0:38:44.920 --> 0:38:46.680
<v Speaker 2>I only have thish and I have that and there's

0:38:46.760 --> 0:38:49.239
<v Speaker 2>the blah blah. No. It was like, no, that and

0:38:49.320 --> 0:38:52.000
<v Speaker 2>it blew my mind. Oh wow, you could be this

0:38:52.120 --> 0:38:56.680
<v Speaker 2>high profile person and your home and what is in

0:38:56.719 --> 0:39:00.520
<v Speaker 2>your home doesn't have to it's so simple show to

0:39:01.080 --> 0:39:03.120
<v Speaker 2>who else is going to see it? Well, I don't know,

0:39:03.960 --> 0:39:06.680
<v Speaker 2>this is this level of my success. It was beautiful,

0:39:07.040 --> 0:39:11.400
<v Speaker 2>you know, but it wasn't ostentatious. No, yeah, and it

0:39:11.520 --> 0:39:13.520
<v Speaker 2>really kind of I came home, I had this massive

0:39:13.560 --> 0:39:16.600
<v Speaker 2>fridge sold it. I was like, okay, I'm fine. It

0:39:16.719 --> 0:39:21.240
<v Speaker 2>really changed how I thought about things. And the community

0:39:21.400 --> 0:39:25.000
<v Speaker 2>was really beautiful. Everybody knew each other. Everyone you can

0:39:25.280 --> 0:39:27.239
<v Speaker 2>there's something that's to be said you kind of mind

0:39:27.280 --> 0:39:29.439
<v Speaker 2>your business, mind yourself a bit. When you're that close

0:39:29.480 --> 0:39:31.759
<v Speaker 2>to everyone, you know you've got to you can't be

0:39:31.800 --> 0:39:33.680
<v Speaker 2>an asshole. You kin't got to be nice to your neighbors.

0:39:34.160 --> 0:39:36.239
<v Speaker 2>You have to figure out how to get along with

0:39:36.360 --> 0:39:39.000
<v Speaker 2>the people upstairs and downstairs. You've got to be cool.

0:39:39.080 --> 0:39:43.120
<v Speaker 2>And that's makes us as a community better anyway, the

0:39:43.200 --> 0:39:44.960
<v Speaker 2>high identity. We were in the Gold Coast the other

0:39:45.000 --> 0:39:46.800
<v Speaker 2>week since the mullet.

0:39:46.440 --> 0:39:48.520
<v Speaker 3>And I was wondering what had happened.

0:39:49.080 --> 0:39:51.319
<v Speaker 2>You know, we used to drive north and where they'd

0:39:51.360 --> 0:39:52.960
<v Speaker 2>ask you for your COVID thing so you could get

0:39:54.280 --> 0:39:55.640
<v Speaker 2>leans in the window with a pair of clippers. Now

0:39:56.160 --> 0:39:59.439
<v Speaker 2>yeah right, calling over there. And then as you're coming

0:39:59.480 --> 0:40:05.000
<v Speaker 2>past billing you may pass there was a barber in

0:40:05.000 --> 0:40:07.000
<v Speaker 2>the surf shop and more, and I decided to get

0:40:07.040 --> 0:40:07.680
<v Speaker 2>matching my onnes.

0:40:07.800 --> 0:40:11.799
<v Speaker 3>I love that. Ah, he's daddy's boy. That's so cooin.

0:40:12.520 --> 0:40:14.000
<v Speaker 3>You can take the boy out of Queensland.

0:40:14.800 --> 0:40:16.279
<v Speaker 2>You mentioned a couple of guests you've had so far.

0:40:16.320 --> 0:40:19.040
<v Speaker 2>What are the key messages do you think that keep

0:40:19.080 --> 0:40:20.839
<v Speaker 2>coming up again and again and again.

0:40:21.120 --> 0:40:25.720
<v Speaker 1>I mean one of them is time in the market,

0:40:26.200 --> 0:40:31.120
<v Speaker 1>not timing the market. This is something that just about

0:40:31.200 --> 0:40:34.160
<v Speaker 1>every guest has spoken about. And you know, one of

0:40:34.160 --> 0:40:36.800
<v Speaker 1>our guests, Molly Benjamin from Ladies Finance Club, who's built

0:40:36.800 --> 0:40:40.560
<v Speaker 1>this great network of women who want to improve their

0:40:40.560 --> 0:40:43.840
<v Speaker 1>financial literacy, and one who set up themselves set themselves

0:40:43.920 --> 0:40:46.680
<v Speaker 1>up for long term financial security. It's not about getting

0:40:46.760 --> 0:40:52.120
<v Speaker 1>rich quick, it's about a long term plan for financial security.

0:40:52.239 --> 0:40:57.359
<v Speaker 1>And she, among other guests, talks about the virtues of

0:40:57.800 --> 0:41:00.799
<v Speaker 1>time in the market, So putting that amount of money

0:41:00.840 --> 0:41:06.160
<v Speaker 1>away every month, flexing that investment muscle in order to

0:41:06.200 --> 0:41:10.240
<v Speaker 1>achieve steady gains over the long term. We're not talking

0:41:10.239 --> 0:41:14.000
<v Speaker 1>about like a three hundred percent gain overnight from in

0:41:14.160 --> 0:41:17.399
<v Speaker 1>video or whatever it is, and like make high five

0:41:17.440 --> 0:41:19.120
<v Speaker 1>to anyone who invested in in video.

0:41:19.440 --> 0:41:22.560
<v Speaker 3>But but this is all about.

0:41:23.000 --> 0:41:27.760
<v Speaker 1>Just flexing that regular investment muscle for long term gains.

0:41:28.000 --> 0:41:30.120
<v Speaker 1>To see, it's like super annum. It's what your superannuation

0:41:30.160 --> 0:41:35.240
<v Speaker 1>effectively does, right, diversifying across a broad range of assets

0:41:35.360 --> 0:41:38.880
<v Speaker 1>over the long term, minimize risk, and give yourself some

0:41:38.920 --> 0:41:42.440
<v Speaker 1>comfortable growth over the long term. So that's what people

0:41:42.520 --> 0:41:45.719
<v Speaker 1>keep coming back to a lot. The other is this

0:41:45.800 --> 0:41:49.239
<v Speaker 1>concept of enough and knowing what your goals are and

0:41:49.280 --> 0:41:51.960
<v Speaker 1>being really defined in that and being really specific about that.

0:41:52.960 --> 0:41:55.080
<v Speaker 1>But I guess, you know, on the whole, it's also

0:41:55.160 --> 0:41:58.719
<v Speaker 1>sort of for young people, it's getting creative in this

0:41:58.800 --> 0:42:03.520
<v Speaker 1>new new world that we exist in, finding new ways

0:42:03.560 --> 0:42:06.839
<v Speaker 1>to set yourself up, whether it's rent investing or long

0:42:06.920 --> 0:42:09.600
<v Speaker 1>term ETF investing or whatever it is that works for

0:42:09.640 --> 0:42:13.919
<v Speaker 1>you and your own financial circumstances. But I think also

0:42:14.160 --> 0:42:17.239
<v Speaker 1>on the whole, let's open up this conversation and not

0:42:17.280 --> 0:42:20.279
<v Speaker 1>be afraid. I know it's crass and it's icky for

0:42:20.360 --> 0:42:23.240
<v Speaker 1>me talking about money. It's not something I have really

0:42:23.320 --> 0:42:26.920
<v Speaker 1>ever enjoyed talking about, but I think it's necessary. I

0:42:26.920 --> 0:42:29.520
<v Speaker 1>think it's necessary in this world, particularly for young people

0:42:29.520 --> 0:42:31.960
<v Speaker 1>in their twenties and thirties, to start chatting to their

0:42:32.000 --> 0:42:34.839
<v Speaker 1>friends about what they're saving for right now, about what

0:42:34.880 --> 0:42:37.400
<v Speaker 1>they want to achieve in the next ten years, about

0:42:37.480 --> 0:42:39.440
<v Speaker 1>what debt they might be carrying, and do you have

0:42:39.480 --> 0:42:42.040
<v Speaker 1>any advice or tips for how to get rid of that?

0:42:42.719 --> 0:42:48.920
<v Speaker 1>Because it reduces a shame, it makes it democratizes investment.

0:42:49.680 --> 0:42:52.680
<v Speaker 1>It opens up so many conversations that can put you

0:42:52.760 --> 0:42:55.840
<v Speaker 1>in the right direction in the long term as well.

0:42:55.880 --> 0:42:57.920
<v Speaker 1>And this is another thing that's come up from several

0:42:57.920 --> 0:43:01.560
<v Speaker 1>of our guests is the lack of of financial education

0:43:02.160 --> 0:43:05.279
<v Speaker 1>in the schooling system. That there's a real gap there,

0:43:05.400 --> 0:43:09.440
<v Speaker 1>I think for teaching kids about the magic of compound interest,

0:43:10.239 --> 0:43:13.040
<v Speaker 1>about how investing works. Because for those of us who

0:43:13.040 --> 0:43:16.040
<v Speaker 1>didn't grow up in a family where investment was part

0:43:16.080 --> 0:43:18.600
<v Speaker 1>of the language or part of the conversation on a

0:43:18.600 --> 0:43:23.880
<v Speaker 1>regular basis, it seems like something for other people, like

0:43:24.000 --> 0:43:28.320
<v Speaker 1>investing the share market, all of it feels like something

0:43:28.480 --> 0:43:31.200
<v Speaker 1>for someone else who grew up in another part of

0:43:31.239 --> 0:43:35.160
<v Speaker 1>this country, probably close to the harbor, and their dads

0:43:35.239 --> 0:43:37.200
<v Speaker 1>taught them how to do it from a young age

0:43:37.239 --> 0:43:39.279
<v Speaker 1>or whatever. They have access to something that we don't

0:43:39.320 --> 0:43:42.680
<v Speaker 1>have access to. Right, But it's not that. It's not that,

0:43:42.719 --> 0:43:44.680
<v Speaker 1>and there are new ways to invest that have made

0:43:44.719 --> 0:43:47.600
<v Speaker 1>it so much more accessible to the average person who

0:43:47.680 --> 0:43:50.279
<v Speaker 1>doesn't have time to watch the market every day or

0:43:50.280 --> 0:43:53.080
<v Speaker 1>to research every company that they might have an interest

0:43:53.120 --> 0:43:56.400
<v Speaker 1>in as well. There are new ways that have democratized

0:43:56.520 --> 0:44:00.840
<v Speaker 1>in investing on the whole, and so many Australians have

0:44:00.880 --> 0:44:04.359
<v Speaker 1>felt locked out of that conversation. And I agree with

0:44:04.400 --> 0:44:06.400
<v Speaker 1>many of our guests that there is a real lack

0:44:07.040 --> 0:44:09.640
<v Speaker 1>of that education in high school. I remember doing one

0:44:09.680 --> 0:44:11.880
<v Speaker 1>lesson on it and I did like the basic maths

0:44:11.960 --> 0:44:14.160
<v Speaker 1>at high school journalists.

0:44:13.640 --> 0:44:15.640
<v Speaker 3>So which I go figure I wasn't very good at maths.

0:44:15.680 --> 0:44:16.960
<v Speaker 2>My ego wouldn't let me take it.

0:44:17.040 --> 0:44:19.520
<v Speaker 1>Yeah, I did the basic maths, and I do remember

0:44:19.560 --> 0:44:22.960
<v Speaker 1>having one lesson on compound interest and thinking this is interesting,

0:44:23.440 --> 0:44:25.879
<v Speaker 1>but this will never apply to my life, maybe other

0:44:25.920 --> 0:44:26.800
<v Speaker 1>than super anuation.

0:44:26.960 --> 0:44:29.200
<v Speaker 3>You know, so next you know.

0:44:30.680 --> 0:44:33.240
<v Speaker 1>So, I think that there is definitely a gap there

0:44:33.760 --> 0:44:38.360
<v Speaker 1>for there to be more financial literacy built into the curriculum.

0:44:38.440 --> 0:44:40.680
<v Speaker 2>Oh man, if people understood it has superannuation work, they

0:44:40.680 --> 0:44:42.600
<v Speaker 2>wouldn't be taken money out of it together the dentist.

0:44:42.680 --> 0:44:44.760
<v Speaker 3>That's right, No way, that's right.

0:44:45.200 --> 0:44:49.040
<v Speaker 2>Because you're it's around COVID. I think when people were talking,

0:44:49.080 --> 0:44:51.799
<v Speaker 2>oh you can take money, are you're super to get by? Yeah,

0:44:51.840 --> 0:44:53.200
<v Speaker 2>And it was a couple of stories like for every

0:44:53.200 --> 0:44:55.640
<v Speaker 2>five hundred bucks you take out, yeah, if you're twenty

0:44:55.680 --> 0:44:58.120
<v Speaker 2>by the time you're sixty, it's that it's huge.

0:44:58.239 --> 0:44:59.759
<v Speaker 3>Yeah, it's huge.

0:45:00.239 --> 0:45:03.800
<v Speaker 2>Yeah, it's like the guy who paid when bitcoin was

0:45:03.840 --> 0:45:06.880
<v Speaker 2>a dollar, a guy who paid ten bitcoined by a

0:45:06.920 --> 0:45:08.600
<v Speaker 2>pizza look at it like that.

0:45:08.880 --> 0:45:12.080
<v Speaker 1>Yeah, it really it's like a it's a snowballing effect, right,

0:45:12.560 --> 0:45:14.960
<v Speaker 1>So if you're taking money out of that, you were

0:45:14.960 --> 0:45:19.879
<v Speaker 1>depriving yourself of big gains in the long term.

0:45:19.960 --> 0:45:21.640
<v Speaker 2>And while we're on the subject of money, we need

0:45:21.680 --> 0:45:23.560
<v Speaker 2>to play some commercials, so we'll be back in a

0:45:23.600 --> 0:45:34.960
<v Speaker 2>minute with Sylvie Jeffreys. What have you learned about I mean,

0:45:34.960 --> 0:45:36.960
<v Speaker 2>this is why we're saying stuffed on climate because well

0:45:36.960 --> 0:45:39.640
<v Speaker 2>that's a tomorrow problem. Yeah right, yeah, same with this,

0:45:39.640 --> 0:45:42.360
<v Speaker 2>This is all a tomorrow yes. So what have you

0:45:42.440 --> 0:45:45.680
<v Speaker 2>learned from your guests about thinking about Our brains are

0:45:45.840 --> 0:45:48.040
<v Speaker 2>not very good at thinking past I don't know, the

0:45:48.080 --> 0:45:48.600
<v Speaker 2>next week.

0:45:49.000 --> 0:45:50.400
<v Speaker 3>Maybe, do you know what?

0:45:50.440 --> 0:45:53.200
<v Speaker 1>I really genuinely believe there is a shift in the

0:45:53.200 --> 0:45:55.959
<v Speaker 1>younger generations. I think there are more They are way

0:45:56.000 --> 0:45:59.879
<v Speaker 1>more aware of this stuff than perhaps you and I were.

0:46:00.200 --> 0:46:03.759
<v Speaker 3>And I'm sort of on the I'm a millennial, but.

0:46:03.840 --> 0:46:07.279
<v Speaker 1>I think gen Z I think they have to be

0:46:07.360 --> 0:46:11.400
<v Speaker 1>really financially literate. I think they're really aware of the

0:46:11.520 --> 0:46:14.120
<v Speaker 1>challenges they're up against. So I think maybe they're more

0:46:14.160 --> 0:46:16.840
<v Speaker 1>conscious of these things than you or I had to

0:46:16.880 --> 0:46:20.360
<v Speaker 1>be in our early twenties. And there is research that

0:46:20.440 --> 0:46:24.319
<v Speaker 1>shows that gen zs are more aware of their superannuation

0:46:24.760 --> 0:46:29.520
<v Speaker 1>than previous generations, so that's comforting. There is also some

0:46:29.640 --> 0:46:32.399
<v Speaker 1>data which one guest brought up that shows that gen

0:46:32.520 --> 0:46:34.919
<v Speaker 1>z are very reliant on things like have to pay.

0:46:35.280 --> 0:46:37.480
<v Speaker 1>So you know, there are sort of two sides to it.

0:46:38.719 --> 0:46:43.560
<v Speaker 1>But I do firmly believe that younger generations are much

0:46:44.480 --> 0:46:49.120
<v Speaker 1>better at thinking about the long term of their finances

0:46:49.719 --> 0:46:53.399
<v Speaker 1>than previous generations because they have to be They have

0:46:53.480 --> 0:46:55.480
<v Speaker 1>to be aware, and they have to be across it.

0:46:55.920 --> 0:46:59.480
<v Speaker 1>Because setting themselves up for their first home by the

0:46:59.480 --> 0:47:01.600
<v Speaker 1>time they have of their first child, if they even

0:47:01.719 --> 0:47:03.279
<v Speaker 1>are going to do that, because so many of them

0:47:03.280 --> 0:47:05.239
<v Speaker 1>are putting that off as a milestone or not doing

0:47:05.239 --> 0:47:08.480
<v Speaker 1>it at all, the birth rate is in decline. I

0:47:08.480 --> 0:47:10.880
<v Speaker 1>think they have to be more conscious of these things,

0:47:10.920 --> 0:47:12.879
<v Speaker 1>and so they sort of naturally are.

0:47:13.719 --> 0:47:16.439
<v Speaker 2>My friend Luke Hagey, he's a stand up. When he

0:47:17.239 --> 0:47:21.680
<v Speaker 2>and his wife first got pregnant, he's a laborer and

0:47:21.719 --> 0:47:24.520
<v Speaker 2>he's like, Bevans have heaps of kids and they seem

0:47:24.560 --> 0:47:28.200
<v Speaker 2>to be doing fine. We'll be all right. Bevans is

0:47:28.560 --> 0:47:32.000
<v Speaker 2>very in Queensland word for became bogue and sometime around

0:47:32.040 --> 0:47:34.400
<v Speaker 2>when the comedy company started using that word on national television.

0:47:34.400 --> 0:47:37.719
<v Speaker 2>But it's always been a ken or BEVs watch out

0:47:37.760 --> 0:47:41.120
<v Speaker 2>for they shot up to your party parties over Yeah,

0:47:42.480 --> 0:47:45.080
<v Speaker 2>cops wont to show up of the kimil BEVs have gone.

0:47:45.400 --> 0:47:48.480
<v Speaker 2>There were bad news. But yeah. The idea was that

0:47:50.239 --> 0:47:53.640
<v Speaker 2>as a certain class of kid that we were with,

0:47:53.760 --> 0:47:55.239
<v Speaker 2>the kind of school we went to, went to one

0:47:55.280 --> 0:47:57.680
<v Speaker 2>of the schools in the city in Brisain. No, no, no,

0:47:57.800 --> 0:48:00.160
<v Speaker 2>you don't think about having children until you can make

0:48:00.200 --> 0:48:02.960
<v Speaker 2>sure there is this, that that, and he transcends. I

0:48:03.000 --> 0:48:04.759
<v Speaker 2>was talking him at the time, like aren't you worried

0:48:04.760 --> 0:48:07.960
<v Speaker 2>about this? That and the other? Still carrying that, He's like, mate,

0:48:08.160 --> 0:48:10.680
<v Speaker 2>you know there's free healthcare. We're going to be all right,

0:48:10.760 --> 0:48:13.759
<v Speaker 2>We'll figure it out. And he was right. He was

0:48:13.920 --> 0:48:16.200
<v Speaker 2>right to a point. You know, obviously you don't want

0:48:16.200 --> 0:48:18.719
<v Speaker 2>to be feeding two minute noodles to your child for

0:48:18.760 --> 0:48:20.959
<v Speaker 2>the first ten years. You do want to have don't

0:48:21.000 --> 0:48:21.759
<v Speaker 2>let it stop you.

0:48:21.760 --> 0:48:24.080
<v Speaker 1>You don't need to have all your ducks in a row.

0:48:24.800 --> 0:48:29.319
<v Speaker 1>And you know, buying your first home. The average age

0:48:29.320 --> 0:48:31.560
<v Speaker 1>of the first home buyer now is much higher than

0:48:31.560 --> 0:48:35.479
<v Speaker 1>it obviously was a decade ago. The home ownership among

0:48:35.520 --> 0:48:39.040
<v Speaker 1>twenty to thirty year olds is in decline, so these

0:48:39.080 --> 0:48:43.120
<v Speaker 1>things are going to come later. It's no wonder, you know,

0:48:43.200 --> 0:48:46.880
<v Speaker 1>people are putting off having children and some people choosing

0:48:46.920 --> 0:48:47.920
<v Speaker 1>not to have them at all.

0:48:47.960 --> 0:48:49.200
<v Speaker 3>It's really expected.

0:48:49.239 --> 0:48:49.759
<v Speaker 2>That's like I forget.

0:48:49.800 --> 0:48:51.480
<v Speaker 1>We spoke to Georgie Dan about the cost of having

0:48:51.520 --> 0:48:53.960
<v Speaker 1>a child, and I mean, there's no way to obviously

0:48:53.960 --> 0:48:57.040
<v Speaker 1>put a figure on that, but it is really expensive.

0:48:57.120 --> 0:48:59.479
<v Speaker 1>And she said something like eighty percent of the people

0:48:59.520 --> 0:49:02.719
<v Speaker 1>they pold say that they need two incomes to full

0:49:02.760 --> 0:49:05.640
<v Speaker 1>time incomes to survive, and so that means you have

0:49:05.680 --> 0:49:08.320
<v Speaker 1>to pay for childcare, and of course in many cases,

0:49:08.800 --> 0:49:10.640
<v Speaker 1>the cost of that cancels out the second income. So

0:49:10.680 --> 0:49:13.840
<v Speaker 1>it's really it's a really challenging thing in this environment.

0:49:14.560 --> 0:49:16.680
<v Speaker 2>I lived in America for a long time and my

0:49:16.719 --> 0:49:19.279
<v Speaker 2>brother and his husband are still over there, and real

0:49:19.400 --> 0:49:22.040
<v Speaker 2>estate there is not jiggered like it is here, So

0:49:22.640 --> 0:49:25.759
<v Speaker 2>homes don't appreciate. Yeah, like you can flip a house,

0:49:25.760 --> 0:49:27.719
<v Speaker 2>but they don't flip it for they don't flip it

0:49:27.719 --> 0:49:31.600
<v Speaker 2>for ninety percent. They flip it for five or ten percent.

0:49:32.000 --> 0:49:36.080
<v Speaker 2>That's it. So because the housing market doesn't increase like that,

0:49:36.160 --> 0:49:38.040
<v Speaker 2>and it's a lot to do with how much as

0:49:38.080 --> 0:49:43.560
<v Speaker 2>a country they back themselves on innovation. People's investment looks like,

0:49:43.960 --> 0:49:46.560
<v Speaker 2>who's got a good idea, let's invest in that idea.

0:49:47.160 --> 0:49:49.120
<v Speaker 2>I wonder what might happen in our country if we

0:49:49.200 --> 0:49:53.200
<v Speaker 2>started to look outside our major investment being the one

0:49:53.200 --> 0:49:56.120
<v Speaker 2>that we live in, if we started to look for

0:49:56.239 --> 0:50:00.360
<v Speaker 2>other places where similar, similar gains might be made to

0:50:00.480 --> 0:50:04.520
<v Speaker 2>invest in the ideas about country. I wonder what might

0:50:04.520 --> 0:50:06.399
<v Speaker 2>happen if if we did something like.

0:50:06.320 --> 0:50:09.480
<v Speaker 3>That, investing in innovation.

0:50:08.880 --> 0:50:12.640
<v Speaker 2>In ideas, in innovation, Yeah, because that's where, to be honest, like,

0:50:12.760 --> 0:50:15.680
<v Speaker 2>that's where you get your ten x, twenty x, hundred X.

0:50:16.120 --> 0:50:19.080
<v Speaker 2>That's where those guys and that was I found it

0:50:19.120 --> 0:50:20.839
<v Speaker 2>so fascinating. It's like, tell how much you're doing some ofvia,

0:50:21.000 --> 0:50:23.120
<v Speaker 2>we're interested in it. Oh my god, let me introduce

0:50:23.120 --> 0:50:26.239
<v Speaker 2>you to this person here. That's because they they want

0:50:26.239 --> 0:50:29.160
<v Speaker 2>to invest in ideas, because it's those conversations that like it.

0:50:29.320 --> 0:50:31.000
<v Speaker 2>Just remember me. If you guys ever need anything, to

0:50:31.040 --> 0:50:32.480
<v Speaker 2>come back and talk to me. All right, Yeah, because

0:50:32.480 --> 0:50:34.440
<v Speaker 2>that's where they get their hundred X. That's where they

0:50:34.440 --> 0:50:37.880
<v Speaker 2>put zeros on their initial investment. It's not in the house.

0:50:38.920 --> 0:50:41.040
<v Speaker 2>But here sometimes I think we might have just we

0:50:41.120 --> 0:50:43.799
<v Speaker 2>might have nailed the foot to the floor with Oh,

0:50:43.800 --> 0:50:45.040
<v Speaker 2>it's got to be about the household.

0:50:45.080 --> 0:50:47.960
<v Speaker 1>We're obsessed with property ownership in Australia. It is it

0:50:48.040 --> 0:50:51.320
<v Speaker 1>is the great Australian dream, right to own a home,

0:50:52.120 --> 0:50:54.719
<v Speaker 1>and you know, for good reason as well, because there's

0:50:54.719 --> 0:50:57.000
<v Speaker 1>a lot of security that comes with that into the

0:50:57.040 --> 0:50:59.080
<v Speaker 1>long term, especially if you're not buying your first time

0:50:59.160 --> 0:51:02.120
<v Speaker 1>until you're fifty. Are you going to be done paying

0:51:02.160 --> 0:51:04.279
<v Speaker 1>that mortgage when you retire? Are you still going to

0:51:04.320 --> 0:51:07.839
<v Speaker 1>have mortgage repayments into retirement and how are you going

0:51:07.840 --> 0:51:08.319
<v Speaker 1>to manage that?

0:51:09.920 --> 0:51:10.080
<v Speaker 2>Yeah?

0:51:10.200 --> 0:51:14.640
<v Speaker 1>Well no, I'm just saying that these are considerations that

0:51:14.920 --> 0:51:19.200
<v Speaker 1>people have going into, you know, into later home ownership, right,

0:51:19.920 --> 0:51:24.319
<v Speaker 1>and so you have to maybe think differently around how

0:51:24.360 --> 0:51:25.960
<v Speaker 1>you are setting yourself up for the long term. But

0:51:26.000 --> 0:51:28.439
<v Speaker 1>we are obsessed with property and this is why people

0:51:28.440 --> 0:51:31.239
<v Speaker 1>don't want to let go of this idea of home

0:51:31.320 --> 0:51:34.680
<v Speaker 1>ownership because a they say it's safe as houses for

0:51:34.719 --> 0:51:37.279
<v Speaker 1>a reason, it is a solid investment in this country,

0:51:37.800 --> 0:51:40.000
<v Speaker 1>and b it gives you long term security knowing that

0:51:40.040 --> 0:51:42.920
<v Speaker 1>you own the roof over your head. The rental market

0:51:43.200 --> 0:51:47.040
<v Speaker 1>is so tough right now, and imagine being in your

0:51:47.120 --> 0:51:49.680
<v Speaker 1>seventies and being kicked out of your rental and having

0:51:49.719 --> 0:51:52.560
<v Speaker 1>to start again. You know, there's a lot of anxiety

0:51:52.560 --> 0:51:56.759
<v Speaker 1>that comes with that concept. So that's why I think

0:51:56.880 --> 0:52:00.200
<v Speaker 1>so many and we're all just sort of condition to

0:52:00.200 --> 0:52:03.760
<v Speaker 1>see it as a big tick, a big life bucket

0:52:03.760 --> 0:52:07.239
<v Speaker 1>list tick. You know, I got the house next, I'll

0:52:07.239 --> 0:52:10.640
<v Speaker 1>have the kids next, I don't know whatever, get a

0:52:10.640 --> 0:52:13.200
<v Speaker 1>holiday house or something. I don't know what's the natural progression,

0:52:13.239 --> 0:52:16.799
<v Speaker 1>but we are so conditioned to feel as though that

0:52:16.960 --> 0:52:20.799
<v Speaker 1>is one of life's big achievements that you must tick off.

0:52:20.840 --> 0:52:23.480
<v Speaker 1>So it's very hard for people to shift their mentality

0:52:23.520 --> 0:52:23.920
<v Speaker 1>around that.

0:52:23.960 --> 0:52:27.280
<v Speaker 2>Where there are people who live in Brooklyn or whatever

0:52:28.160 --> 0:52:31.439
<v Speaker 2>whose grandparents have never owned, have rented their entire lives,

0:52:31.760 --> 0:52:34.000
<v Speaker 2>and that's just a part of what life is, and

0:52:34.040 --> 0:52:38.359
<v Speaker 2>their investments look very different over there. When it comes

0:52:38.400 --> 0:52:43.440
<v Speaker 2>to shedding your own stories about life, try not to

0:52:43.520 --> 0:52:45.879
<v Speaker 2>infect your kids with it. That's a tough part about

0:52:45.920 --> 0:52:49.560
<v Speaker 2>being a parent. How are you or how do you

0:52:49.560 --> 0:52:54.040
<v Speaker 2>start to instill these ideas in your kids and what

0:52:54.120 --> 0:52:55.560
<v Speaker 2>kind of things are you moving towards there.

0:52:56.960 --> 0:53:02.319
<v Speaker 1>We're very conscious of saying no, and how we say

0:53:02.360 --> 0:53:07.000
<v Speaker 1>no to things. You know, if they're asking for something,

0:53:07.080 --> 0:53:09.800
<v Speaker 1>it's just no, not today, you don't need that today,

0:53:10.360 --> 0:53:12.200
<v Speaker 1>Or no, we've run out of money today because we

0:53:12.320 --> 0:53:14.560
<v Speaker 1>got you in ice block this morning, and so that's

0:53:14.560 --> 0:53:18.759
<v Speaker 1>the budget for today or this week. No, there's no

0:53:18.840 --> 0:53:21.080
<v Speaker 1>space for that. Maybe let's talk about it next week,

0:53:21.120 --> 0:53:21.919
<v Speaker 1>and things like that.

0:53:22.000 --> 0:53:23.680
<v Speaker 2>Deferring the gratification deferring.

0:53:23.760 --> 0:53:28.360
<v Speaker 1>Yeah, But for me, it's more showing that mommy and

0:53:28.440 --> 0:53:31.440
<v Speaker 1>Daddy have a budget and we can't just buy everything

0:53:31.480 --> 0:53:34.240
<v Speaker 1>that's in front of us, and we have to figure

0:53:34.239 --> 0:53:36.400
<v Speaker 1>out what we prioritize this week or this month, or

0:53:36.400 --> 0:53:40.560
<v Speaker 1>this year or whatever. And the other thing we've done,

0:53:40.719 --> 0:53:43.160
<v Speaker 1>which I've spoken about, is setting them up and this

0:53:43.280 --> 0:53:47.840
<v Speaker 1>sounds this sounds a bit extra, but it's basically a

0:53:47.840 --> 0:53:50.160
<v Speaker 1>bit like a Dolomite's account that you or I probably

0:53:50.239 --> 0:53:52.759
<v Speaker 1>had as kids growing up in primary school. We've set

0:53:52.800 --> 0:53:55.120
<v Speaker 1>them up with little kids investment accounts, and so we

0:53:55.239 --> 0:53:57.480
<v Speaker 1>just chuck a bit of pocket money in there each month,

0:53:58.600 --> 0:54:01.160
<v Speaker 1>if we've got it, will chuck it in. Or if

0:54:01.160 --> 0:54:03.440
<v Speaker 1>they get some money for their birthday from a family

0:54:03.440 --> 0:54:05.799
<v Speaker 1>member or for Christmas, we put it in there, and

0:54:06.760 --> 0:54:09.439
<v Speaker 1>eventually when they're a little bit older, we'll show them

0:54:09.560 --> 0:54:12.479
<v Speaker 1>that this amount of money has gone in each month

0:54:12.600 --> 0:54:15.600
<v Speaker 1>or whatever, and this is how it's grown with compound interest,

0:54:15.960 --> 0:54:18.480
<v Speaker 1>and so they can understand the concept of how that works,

0:54:19.239 --> 0:54:19.800
<v Speaker 1>and then.

0:54:19.719 --> 0:54:21.560
<v Speaker 3>We'll figure out what we do with that down the track.

0:54:21.600 --> 0:54:21.919
<v Speaker 3>We don't.

0:54:22.080 --> 0:54:25.239
<v Speaker 1>That's a conversation for another day, but at least that

0:54:25.360 --> 0:54:28.080
<v Speaker 1>hopefully gives them a tool to understand how compound interest

0:54:28.120 --> 0:54:32.920
<v Speaker 1>works and also flexing the savings muscle each week and

0:54:32.960 --> 0:54:35.640
<v Speaker 1>the impacts of that. So one of our guests on

0:54:35.680 --> 0:54:38.560
<v Speaker 1>the podcast, Chris Breichy, he is the founder of stock spot,

0:54:39.000 --> 0:54:43.080
<v Speaker 1>and he has similar accounts for his kids, and he's

0:54:43.080 --> 0:54:45.960
<v Speaker 1>already speaking to his six year old son about it

0:54:46.040 --> 0:54:49.040
<v Speaker 1>and showing him that, look, you've got money in Disney,

0:54:49.080 --> 0:54:52.840
<v Speaker 1>and so every time your friends stream on Disney, the

0:54:52.880 --> 0:54:56.080
<v Speaker 1>share price will go up and you'll get some dividends.

0:54:56.480 --> 0:54:59.600
<v Speaker 1>You'll see the rewards of that. And so six year

0:54:59.600 --> 0:55:01.960
<v Speaker 1>old kids off to school, hustling his kids in the

0:55:02.000 --> 0:55:04.680
<v Speaker 1>play his mates in the playground, saying can everyone stream

0:55:04.719 --> 0:55:06.200
<v Speaker 1>Disney on the weekend because I'm going.

0:55:06.120 --> 0:55:11.800
<v Speaker 2>To disneyl it is yeah, yeah, she's living. It's really

0:55:11.800 --> 0:55:13.440
<v Speaker 2>interesting weeks of cast members.

0:55:13.480 --> 0:55:15.560
<v Speaker 3>See yeah, see you've just got to be on the

0:55:15.680 --> 0:55:16.200
<v Speaker 3>on the cell.

0:55:16.680 --> 0:55:19.480
<v Speaker 1>So anyway, So these are some of the things where

0:55:19.680 --> 0:55:23.520
<v Speaker 1>we're thinking about with the kids to try to in

0:55:23.600 --> 0:55:30.240
<v Speaker 1>small ways teach them about saving and being disciplined with money.

0:55:30.280 --> 0:55:32.840
<v Speaker 2>And there's also the work ethic that you demonstrate to them.

0:55:32.880 --> 0:55:35.560
<v Speaker 3>Well, they see that every day. Yeah we're out the door.

0:55:36.640 --> 0:55:38.800
<v Speaker 1>They think everyone they must think everyone's mummy and daddy

0:55:38.800 --> 0:55:41.000
<v Speaker 1>works on TV because there's mum and there's dad, right,

0:55:42.080 --> 0:55:44.440
<v Speaker 1>But yeah, but they see that every day, and you

0:55:44.480 --> 0:55:47.440
<v Speaker 1>know that comes with a certain level of mum guild obviously,

0:55:47.480 --> 0:55:50.399
<v Speaker 1>which I know I shouldn't say that I have, but of.

0:55:50.400 --> 0:55:51.239
<v Speaker 3>Course I do.

0:55:52.520 --> 0:55:54.319
<v Speaker 1>But I love my job and I hope that they

0:55:54.400 --> 0:55:56.200
<v Speaker 1>see that I love my job and that, you know,

0:55:56.440 --> 0:55:58.799
<v Speaker 1>the gratification of having a job that you enjoy so much.

0:55:59.080 --> 0:56:02.960
<v Speaker 2>You try to at all times go why or there's

0:56:02.960 --> 0:56:05.759
<v Speaker 2>a purpose to this, doing this with a purpose. And

0:56:05.920 --> 0:56:08.880
<v Speaker 2>even though I'm you know, you know, hustling this guest

0:56:08.920 --> 0:56:11.040
<v Speaker 2>for the you know today extra or I'm doing this

0:56:11.080 --> 0:56:13.239
<v Speaker 2>at work, I'm writing this article for nine holy all

0:56:13.400 --> 0:56:17.640
<v Speaker 2>is is to do this thing for these people. And

0:56:17.680 --> 0:56:19.759
<v Speaker 2>that's what I'm really doing today. I just happened to

0:56:19.840 --> 0:56:20.120
<v Speaker 2>like it.

0:56:20.280 --> 0:56:22.600
<v Speaker 3>Yeah, I just happened to have a really good time

0:56:22.640 --> 0:56:23.359
<v Speaker 3>while I'm doing it.

0:56:23.400 --> 0:56:26.040
<v Speaker 2>And that's fine. Yeah, it's not It's not me, it's

0:56:26.600 --> 0:56:28.160
<v Speaker 2>it's Scott Galloway, who I love.

0:56:28.200 --> 0:56:29.520
<v Speaker 3>I love Scott Galloway's great.

0:56:29.960 --> 0:56:32.040
<v Speaker 1>He's my dream guest by the way, for the podcast

0:56:32.080 --> 0:56:33.320
<v Speaker 1>if you're if you're listening.

0:56:33.320 --> 0:56:37.719
<v Speaker 2>And both right, Yeah, spending twenties, just trying everything until

0:56:37.719 --> 0:56:39.120
<v Speaker 2>you find something that when you show but it doesn't

0:56:39.160 --> 0:56:40.520
<v Speaker 2>feel like work. Yes, do that.

0:56:40.719 --> 0:56:42.800
<v Speaker 3>Yeah. His booked The Algebra of Wealth.

0:56:42.800 --> 0:56:45.680
<v Speaker 1>It's great, is really that's one of the books that

0:56:45.719 --> 0:56:47.920
<v Speaker 1>has helped me to understand this world so well.

0:56:47.960 --> 0:56:49.640
<v Speaker 3>He's a he's a great brain.

0:56:49.560 --> 0:56:51.719
<v Speaker 2>Really really really good and like have you got the

0:56:51.719 --> 0:56:53.280
<v Speaker 2>White Whale? Have you got Scott Pape?

0:56:53.520 --> 0:56:55.520
<v Speaker 3>He gets a lot of emails from a lot of people.

0:56:56.040 --> 0:56:58.720
<v Speaker 1>So anyway, again, Scott Pape, if you're listening, we're coming

0:56:58.719 --> 0:56:59.279
<v Speaker 1>for you too.

0:56:59.560 --> 0:57:03.120
<v Speaker 2>The White for a reason, Like he's an extraordinary.

0:57:02.560 --> 0:57:04.760
<v Speaker 3>He's an amazing human being, extraordinary.

0:57:04.280 --> 0:57:05.840
<v Speaker 2>And he's helped a lot of people.

0:57:06.000 --> 0:57:08.000
<v Speaker 3>He has, and I.

0:57:07.920 --> 0:57:10.560
<v Speaker 2>Really think it is somebody like that, someone like yourself,

0:57:11.440 --> 0:57:14.759
<v Speaker 2>with enough upward pressure, uput market pressure. I mean the stuff.

0:57:14.760 --> 0:57:17.680
<v Speaker 2>There's no like the work that he has done changed

0:57:17.720 --> 0:57:20.120
<v Speaker 2>in many ways, change the way banks. You know, you

0:57:20.240 --> 0:57:22.560
<v Speaker 2>just pointed out going just so this means so you know,

0:57:22.600 --> 0:57:24.120
<v Speaker 2>for every ten grand you put in a bank, they

0:57:24.120 --> 0:57:26.560
<v Speaker 2>take this much. But how what? Yeah, like, I didn't

0:57:26.560 --> 0:57:28.680
<v Speaker 2>know any of that before I read that book, and

0:57:28.840 --> 0:57:33.360
<v Speaker 2>he's sold four hundred thousand. A lot of people now

0:57:33.440 --> 0:57:35.800
<v Speaker 2>know this stuff. So sure people in that position can

0:57:35.840 --> 0:57:37.600
<v Speaker 2>do a lot as far as financial literacy, and a

0:57:37.640 --> 0:57:40.240
<v Speaker 2>lot of about upward pressure on the way the companies

0:57:40.240 --> 0:57:43.440
<v Speaker 2>were put also government policy, and absolutely I'm glad you

0:57:43.480 --> 0:57:44.040
<v Speaker 2>made the show.

0:57:44.560 --> 0:57:45.160
<v Speaker 3>Oh thank you.

0:57:45.640 --> 0:57:46.120
<v Speaker 2>Enjoy doing it?

0:57:46.280 --> 0:57:47.120
<v Speaker 3>I loving it.

0:57:47.200 --> 0:57:49.680
<v Speaker 1>I love like how good is it to sit down

0:57:49.720 --> 0:57:53.280
<v Speaker 1>opposite someone who I mean sorry that you know, I

0:57:53.280 --> 0:57:57.000
<v Speaker 1>hope I've met your expectations. But but to sit across

0:57:57.000 --> 0:57:59.680
<v Speaker 1>someone who you really enjoy chatting to, and to have

0:57:59.720 --> 0:58:03.800
<v Speaker 1>forty five oddmitutes without someone telling you a rap, and

0:58:03.920 --> 0:58:06.920
<v Speaker 1>to really drill down on a topic and get so

0:58:07.000 --> 0:58:07.560
<v Speaker 1>much out of them.

0:58:07.600 --> 0:58:08.000
<v Speaker 3>I love it.

0:58:08.040 --> 0:58:11.720
<v Speaker 1>You know, I just love extracting information from people. And

0:58:11.760 --> 0:58:16.120
<v Speaker 1>it's kind of self indulgent taking up all that time

0:58:16.160 --> 0:58:18.240
<v Speaker 1>from very busy, smart people, but I love it.

0:58:18.360 --> 0:58:20.200
<v Speaker 2>They get something out of it too, I hope, So

0:58:20.480 --> 0:58:22.000
<v Speaker 2>they wouldn't show up if they didn't want to.

0:58:22.360 --> 0:58:24.400
<v Speaker 1>Well, it's you know, everyone I've asked so far has

0:58:24.440 --> 0:58:26.960
<v Speaker 1>said yes and come on board. So we're very We're

0:58:27.040 --> 0:58:27.680
<v Speaker 1>very fortunate.

0:58:27.760 --> 0:58:29.800
<v Speaker 2>It is tricky that you and I have made a

0:58:29.840 --> 0:58:33.560
<v Speaker 2>career in an industry with which kind of hijacks the

0:58:33.600 --> 0:58:38.840
<v Speaker 2>way that people get complicated ideas across each other's, across

0:58:38.840 --> 0:58:41.600
<v Speaker 2>the bridge between them, in that the amount of nuance

0:58:41.640 --> 0:58:45.280
<v Speaker 2>and context it takes to understand something difficult cannot be

0:58:45.400 --> 0:58:48.280
<v Speaker 2>said in a SoundBite or three minutess It takes an hour,

0:58:48.480 --> 0:58:50.880
<v Speaker 2>sometimes it takes five hours. That's to speed that our

0:58:50.880 --> 0:58:54.120
<v Speaker 2>brains work and the ability for emotions to catch up

0:58:54.240 --> 0:58:57.600
<v Speaker 2>with our understanding of something. We can't do it in

0:58:57.600 --> 0:58:59.760
<v Speaker 2>that amount of time. We pretend we can.

0:59:00.240 --> 0:59:04.360
<v Speaker 1>People like, there's such a hunger for more context in

0:59:04.440 --> 0:59:09.280
<v Speaker 1>this world, and both platforms sit by compliment one another.

0:59:10.240 --> 0:59:13.640
<v Speaker 1>There's a space for all of this new media, I think,

0:59:13.680 --> 0:59:16.560
<v Speaker 1>to sit alongside each other and to compliment each other,

0:59:16.680 --> 0:59:17.680
<v Speaker 1>loving vertical integration.

0:59:17.720 --> 0:59:20.640
<v Speaker 2>You go here, Jeffrey. We bring him in the Discovery

0:59:20.720 --> 0:59:23.280
<v Speaker 2>with the Day Extra, and then we put them taken

0:59:23.320 --> 0:59:25.480
<v Speaker 2>to the podcast, and then we feed them from there

0:59:25.520 --> 0:59:27.320
<v Speaker 2>onto the nine honey, and then maybe they become an

0:59:27.320 --> 0:59:29.680
<v Speaker 2>SMA subscriber and then boom, we've got the subscription money.

0:59:29.880 --> 0:59:32.400
<v Speaker 1>This is the point of the big beautiful company that

0:59:32.560 --> 0:59:35.400
<v Speaker 1>is nine ushah see, welcome to the family.

0:59:35.520 --> 0:59:40.600
<v Speaker 3>You get it, Me too, Me too.

0:59:44.720 --> 0:59:46.880
<v Speaker 2>That was Sylvia Jeffery as you can find her podcast,

0:59:46.920 --> 0:59:50.240
<v Speaker 2>It's called the Payoff Where you found this for your podcast?

0:59:50.280 --> 0:59:53.720
<v Speaker 2>If you want to watch our conversation, you can on

0:59:53.920 --> 0:59:56.600
<v Speaker 2>nine now. I can't afford Steve Britton. He's the guy

0:59:56.640 --> 0:59:58.440
<v Speaker 2>that does the voice servers for Channel nine, but I

0:59:58.520 --> 1:00:04.560
<v Speaker 2>can pretend to be him. Not very well on the

1:00:04.720 --> 1:00:10.600
<v Speaker 2>block forty sorry not just get carried away. Yeah, you

1:00:10.600 --> 1:00:12.480
<v Speaker 2>can watch it on the nine now. Apple put a

1:00:12.480 --> 1:00:14.080
<v Speaker 2>link in the show notes, which is also where you

1:00:14.080 --> 1:00:16.120
<v Speaker 2>can get tickets to Story Club Comes see Us Live

1:00:17.320 --> 1:00:19.120
<v Speaker 2>sixth of the July Factory Theater, and where you can

1:00:19.200 --> 1:00:23.240
<v Speaker 2>pre order the book. So what now what? And when

1:00:23.280 --> 1:00:25.280
<v Speaker 2>you do so, take a screenshot of you buying the

1:00:25.280 --> 1:00:28.320
<v Speaker 2>book the results page or whatever said it to me

1:00:28.360 --> 1:00:30.760
<v Speaker 2>and I'll email you something to say thank you very much.

1:00:31.560 --> 1:00:34.120
<v Speaker 2>I'll be back here on Monday. Have a wonderful weekend.

1:00:34.400 --> 1:00:34.680
<v Speaker 2>Bye