1 00:00:03,440 --> 00:00:05,640 Speaker 1: Hey besties, Hello Sunshine. 2 00:00:05,720 --> 00:00:07,760 Speaker 2: Today on the bright Side, we're giving you a crash 3 00:00:07,800 --> 00:00:10,520 Speaker 2: course in how to start investing with Simron Kor. 4 00:00:11,000 --> 00:00:11,920 Speaker 1: She's the founder of. 5 00:00:11,880 --> 00:00:13,880 Speaker 2: Girls That Invest and she's here to give us the 6 00:00:13,920 --> 00:00:18,079 Speaker 2: building blocks to smart strategic investment. It's Monday, November fourth. 7 00:00:18,079 --> 00:00:20,000 Speaker 2: I'm Danielle Robe and I'm. 8 00:00:19,880 --> 00:00:23,280 Speaker 3: Simone Boyce and this is The bright Side from Hello Sunshine, 9 00:00:23,480 --> 00:00:26,759 Speaker 3: a daily show where we come together to share women's stories, laugh, 10 00:00:26,920 --> 00:00:29,520 Speaker 3: learn and brighten your day. 11 00:00:30,200 --> 00:00:32,320 Speaker 1: Simone, how is your weekend? What's up with you? 12 00:00:33,000 --> 00:00:35,240 Speaker 3: Oh, it was a really big weekend around here, obviously 13 00:00:35,280 --> 00:00:39,080 Speaker 3: coming off the Halloween holiday. But I took this weekend 14 00:00:39,159 --> 00:00:42,400 Speaker 3: to finish a lot of projects around my house. It 15 00:00:42,560 --> 00:00:44,400 Speaker 3: is something that I'm working on. I have a lot 16 00:00:44,400 --> 00:00:47,000 Speaker 3: of unfinished projects that I tend to do, but we 17 00:00:47,120 --> 00:00:49,879 Speaker 3: finished a lot of them because I wanted to get 18 00:00:49,880 --> 00:00:52,960 Speaker 3: my house ready for the holidays and update my photos 19 00:00:52,960 --> 00:00:53,640 Speaker 3: on Airbnb. 20 00:00:53,760 --> 00:00:55,640 Speaker 4: So have the photographer come out. 21 00:00:55,680 --> 00:00:57,960 Speaker 3: We got new photos with all the finished projects, and 22 00:00:58,000 --> 00:00:59,680 Speaker 3: I'm feeling so relieved. 23 00:01:00,040 --> 00:01:03,760 Speaker 2: And not believe that post Halloween weekend with two children, 24 00:01:04,240 --> 00:01:06,800 Speaker 2: you figured out a way to get your house together 25 00:01:06,959 --> 00:01:08,600 Speaker 2: for new Airbnb photos. 26 00:01:09,200 --> 00:01:10,280 Speaker 1: I need to see these. 27 00:01:10,800 --> 00:01:12,080 Speaker 4: Truly a Halloween miracle. 28 00:01:12,280 --> 00:01:13,959 Speaker 3: And since it's the start of a new week, it's 29 00:01:14,000 --> 00:01:16,840 Speaker 3: time to kick things off with an on my Mind Monday. 30 00:01:17,160 --> 00:01:18,560 Speaker 4: On my Mind Monday. 31 00:01:18,360 --> 00:01:20,920 Speaker 3: Is brought to you by Missus Meyers Clean Day, inspired 32 00:01:20,920 --> 00:01:22,360 Speaker 3: by the goodness of the garden. 33 00:01:22,640 --> 00:01:24,200 Speaker 4: What you got, Danielle. 34 00:01:23,800 --> 00:01:28,280 Speaker 2: Okay see money on my Mind is love? You know 35 00:01:28,520 --> 00:01:31,520 Speaker 2: I'm love Lushie Gushi girl. I Love Love on my 36 00:01:31,640 --> 00:01:35,240 Speaker 2: Mind this Week is an article by Daniel Jones, the 37 00:01:35,440 --> 00:01:38,600 Speaker 2: editor for the Modern Love column in the New York Times. 38 00:01:39,000 --> 00:01:42,880 Speaker 2: Modern Love is a really important column that was started 39 00:01:43,360 --> 00:01:47,199 Speaker 2: years ago, and it really captures the complexities of relationships, 40 00:01:47,600 --> 00:01:50,800 Speaker 2: and I think readers have gravitated towards it because it's 41 00:01:50,880 --> 00:01:55,280 Speaker 2: not trite at all. It ranges from heartwarming to heartbreaking. 42 00:01:55,840 --> 00:02:00,240 Speaker 2: It talks about connection and intimacy and evolving and sharing 43 00:02:00,560 --> 00:02:02,960 Speaker 2: and so Daniel has been the editor of Modern Love 44 00:02:03,000 --> 00:02:05,720 Speaker 2: since it launched twenty years ago, and so for this 45 00:02:05,800 --> 00:02:10,080 Speaker 2: big anniversary he published his biggest takeaways from all those essays, 46 00:02:10,120 --> 00:02:12,720 Speaker 2: and this one is titled seven Ways to Love Better. 47 00:02:13,400 --> 00:02:16,040 Speaker 3: I love a good list like this that just crystallizes 48 00:02:16,720 --> 00:02:19,639 Speaker 3: a bunch of information into something that's super digestible. 49 00:02:19,720 --> 00:02:21,120 Speaker 4: So what stood out to him? 50 00:02:21,639 --> 00:02:24,799 Speaker 2: So I actually want to acknowledge one thing he didn't 51 00:02:24,840 --> 00:02:27,600 Speaker 2: say because none of the big takeaways, none of the 52 00:02:27,639 --> 00:02:30,880 Speaker 2: seven are communicate more, which I thought was sort of 53 00:02:30,880 --> 00:02:36,600 Speaker 2: interesting because we always hear great relationships are all about communication. Instead, 54 00:02:36,639 --> 00:02:40,200 Speaker 2: he focuses on the nuances of communication. So his first 55 00:02:40,280 --> 00:02:44,720 Speaker 2: tip was, our curiosity is more appealing than our accomplishments, 56 00:02:44,880 --> 00:02:46,680 Speaker 2: Like the best way to connect with someone is by 57 00:02:46,680 --> 00:02:49,440 Speaker 2: truly listening and asking questions so that we can understand 58 00:02:49,440 --> 00:02:52,600 Speaker 2: them on a deeper level. We should try asking what 59 00:02:52,639 --> 00:02:55,760 Speaker 2: was that experience like for you? And it starts a 60 00:02:55,760 --> 00:02:57,200 Speaker 2: more meaningful dialogue. 61 00:02:57,400 --> 00:03:01,040 Speaker 3: Okay, So on that note of curiosity, I remember there 62 00:03:01,080 --> 00:03:04,160 Speaker 3: being a Modern Love article that went viral. It was 63 00:03:04,200 --> 00:03:06,520 Speaker 3: all about the questions you should ask to fall in love. 64 00:03:06,800 --> 00:03:09,040 Speaker 2: Yes, the thirty six questions that lead to Love was 65 00:03:09,120 --> 00:03:12,840 Speaker 2: the most popular article that Modern Love has ever published. 66 00:03:12,840 --> 00:03:15,960 Speaker 1: It broke the Internet. I still refer back to those 67 00:03:16,040 --> 00:03:17,040 Speaker 1: questions sometimes. 68 00:03:17,880 --> 00:03:20,680 Speaker 3: Okay, going back to your original article entitled seven ways 69 00:03:20,680 --> 00:03:22,440 Speaker 3: to love better. What else did he find? 70 00:03:23,080 --> 00:03:25,640 Speaker 2: Okay, this one was probably the most interesting to me. 71 00:03:26,320 --> 00:03:28,840 Speaker 2: He says that relationships don't have to last to be 72 00:03:28,919 --> 00:03:32,040 Speaker 2: good that people can bring positive things to our lives, 73 00:03:32,040 --> 00:03:36,120 Speaker 2: but the relationship itself doesn't have to be permanent. I've 74 00:03:36,120 --> 00:03:38,240 Speaker 2: been thinking about that a lot lately, because we think 75 00:03:38,280 --> 00:03:42,280 Speaker 2: about a quote unquote successful relationship as one that's like 76 00:03:42,320 --> 00:03:43,480 Speaker 2: a long lasting one. 77 00:03:44,440 --> 00:03:45,720 Speaker 1: Why is that the definition? 78 00:03:46,160 --> 00:03:50,200 Speaker 3: I totally agree, especially as human life expectancy has increased, 79 00:03:50,280 --> 00:03:54,160 Speaker 3: relationships were never expected to last for like the entire 80 00:03:54,240 --> 00:03:57,000 Speaker 3: span of the lifetimes that we're living now. It's kind 81 00:03:57,000 --> 00:03:59,680 Speaker 3: of a wild concept that we expected to last this long. 82 00:04:00,440 --> 00:04:01,200 Speaker 1: Totally agree. 83 00:04:01,240 --> 00:04:05,160 Speaker 2: I feel like I've had relationships that have been six 84 00:04:05,240 --> 00:04:09,600 Speaker 2: months long, two years long, five years long, and they've 85 00:04:09,680 --> 00:04:12,480 Speaker 2: impacted me so greatly. I wouldn't call them a failure 86 00:04:12,600 --> 00:04:16,040 Speaker 2: just because they didn't last exactly. So another thing that 87 00:04:16,120 --> 00:04:18,919 Speaker 2: Daniel called out was just being present with the people 88 00:04:18,960 --> 00:04:22,039 Speaker 2: you care about. Yeah, for some people that's their main 89 00:04:22,080 --> 00:04:24,720 Speaker 2: love language, quality time, right, But I think that there 90 00:04:24,720 --> 00:04:27,640 Speaker 2: are just so many distractions around us that it becomes 91 00:04:27,839 --> 00:04:32,159 Speaker 2: really powerful to give somebody your presence. I always tell 92 00:04:32,200 --> 00:04:34,440 Speaker 2: people that I think it's like the greatest gift you 93 00:04:34,440 --> 00:04:34,960 Speaker 2: could give me. 94 00:04:35,400 --> 00:04:37,359 Speaker 3: Most people can go out and buy a gift. I 95 00:04:37,440 --> 00:04:41,000 Speaker 3: actually don't think that physical gifts are the most thoughtful 96 00:04:41,279 --> 00:04:43,279 Speaker 3: thing that you can do, or even the most costly 97 00:04:43,400 --> 00:04:44,080 Speaker 3: thing for you. 98 00:04:44,600 --> 00:04:46,760 Speaker 4: I think you're right. I think your time is the 99 00:04:46,800 --> 00:04:48,560 Speaker 4: most costly gift that you can give. 100 00:04:48,920 --> 00:04:50,240 Speaker 1: That's a bar okay. 101 00:04:50,320 --> 00:04:53,360 Speaker 2: In the spirit of this article, what is one thing 102 00:04:53,880 --> 00:04:56,279 Speaker 2: that you think you can do this week to show 103 00:04:56,320 --> 00:04:58,760 Speaker 2: the people in your life that you love them. 104 00:04:59,320 --> 00:05:01,720 Speaker 3: I'm going to go with it's something that I think 105 00:05:01,720 --> 00:05:04,159 Speaker 3: about a lot with my kids, being distracted on my 106 00:05:04,240 --> 00:05:07,480 Speaker 3: phone or having emails coming through, so I'm constantly just 107 00:05:07,520 --> 00:05:09,120 Speaker 3: pushing myself to be more present with them. 108 00:05:09,200 --> 00:05:09,680 Speaker 4: How about you. 109 00:05:10,000 --> 00:05:12,880 Speaker 2: I think I'm going to do something like very proactivey. 110 00:05:13,040 --> 00:05:19,720 Speaker 2: I'm going to text one friend every morning something really 111 00:05:19,760 --> 00:05:22,800 Speaker 2: specific about them that I love and just check in 112 00:05:22,880 --> 00:05:23,440 Speaker 2: and say HI. 113 00:05:24,120 --> 00:05:27,719 Speaker 1: Maybe even a family member. I need to call my grandmother. Actually, 114 00:05:28,600 --> 00:05:29,840 Speaker 1: now that i'm thinking about. 115 00:05:29,640 --> 00:05:32,320 Speaker 3: It, well, I'm really happy to start this week talking 116 00:05:32,320 --> 00:05:34,760 Speaker 3: to someone who I love and have been very inspired by. 117 00:05:34,800 --> 00:05:37,719 Speaker 3: Her name is Simron Koorr, and she's actually an optometrist 118 00:05:37,720 --> 00:05:42,080 Speaker 3: turned angel investor. She's here to explain why women are 119 00:05:42,120 --> 00:05:45,920 Speaker 3: actually better long term investors than men, and she's going 120 00:05:45,960 --> 00:05:48,919 Speaker 3: to help us become more confident investors ourselves We'll be 121 00:05:49,000 --> 00:05:51,400 Speaker 3: right back with that conversation right after the break. 122 00:05:52,040 --> 00:05:54,480 Speaker 2: Thanks to our partners at missus Myers, you can learn 123 00:05:54,520 --> 00:05:56,839 Speaker 2: a lot about a person by their dish soap. Missus 124 00:05:56,839 --> 00:05:59,799 Speaker 2: Meyers's collection of household products are inspired by the garden 125 00:06:00,040 --> 00:06:03,200 Speaker 2: and pack a punch against dirt and grime. Visit missus 126 00:06:03,200 --> 00:06:16,919 Speaker 2: Meyers dot com and we're back. Simron Koor is a 127 00:06:16,960 --> 00:06:20,679 Speaker 2: Tedex speaker, investing columnists, and the founder and co host 128 00:06:20,720 --> 00:06:21,720 Speaker 2: of Girls That Invest. 129 00:06:22,080 --> 00:06:25,480 Speaker 3: Let's bring her in, Simron, Welcome to the bright Side. 130 00:06:25,520 --> 00:06:26,920 Speaker 5: Hello, thank you for having me. 131 00:06:27,360 --> 00:06:29,880 Speaker 1: Okay, you guys are pretending like you don't know each other? 132 00:06:30,520 --> 00:06:31,480 Speaker 1: What's happening here? 133 00:06:32,400 --> 00:06:33,400 Speaker 5: Was that too professional? 134 00:06:33,480 --> 00:06:35,679 Speaker 1: That was so professional? You guys are friends. 135 00:06:36,320 --> 00:06:39,880 Speaker 5: We are. Every time I come to LA I get 136 00:06:39,920 --> 00:06:41,320 Speaker 5: to say hi to Simone. 137 00:06:41,400 --> 00:06:44,159 Speaker 2: I talk about you all the time, all good things, 138 00:06:44,839 --> 00:06:46,679 Speaker 2: and I'm happy to meet you because I've been hearing 139 00:06:46,720 --> 00:06:48,200 Speaker 2: about you from Simone. 140 00:06:48,320 --> 00:06:51,719 Speaker 3: I want to start by quoting you. You've said you 141 00:06:51,800 --> 00:06:55,240 Speaker 3: can invest your way to wealth rather than saving your 142 00:06:55,279 --> 00:06:59,040 Speaker 3: way to wealth. Ooh, this cuts so deep right now, 143 00:06:59,200 --> 00:07:03,440 Speaker 3: especially when millennials none of us can afford homes. So 144 00:07:03,480 --> 00:07:06,960 Speaker 3: how do you go about investing while still enjoying your 145 00:07:06,960 --> 00:07:09,760 Speaker 3: life and spending on the things you want. A lot 146 00:07:09,760 --> 00:07:11,760 Speaker 3: of people have a hard time knowing when to spend 147 00:07:11,920 --> 00:07:12,280 Speaker 3: or save. 148 00:07:12,560 --> 00:07:15,560 Speaker 5: Oh, that's a good question. My family would always say 149 00:07:15,560 --> 00:07:19,080 Speaker 5: to me, get a good education, then get a good job, 150 00:07:19,280 --> 00:07:22,720 Speaker 5: and then with that job, save and somehow that was 151 00:07:22,760 --> 00:07:24,880 Speaker 5: going to meant to lead to like house and a 152 00:07:25,000 --> 00:07:28,520 Speaker 5: car and holidays. For so long growing up, I thought 153 00:07:28,600 --> 00:07:31,440 Speaker 5: that that was the right way of doing things, and 154 00:07:31,600 --> 00:07:33,920 Speaker 5: I really got into the mindset of saving. Like one year, 155 00:07:34,000 --> 00:07:36,560 Speaker 5: I decided I was just going to save as much 156 00:07:36,600 --> 00:07:39,080 Speaker 5: as I could. I wanted to buy a house, and 157 00:07:39,320 --> 00:07:41,640 Speaker 5: I was like to make a home deposit. I need 158 00:07:41,680 --> 00:07:45,080 Speaker 5: to live off nothing. And so I was a friend 159 00:07:45,240 --> 00:07:48,960 Speaker 5: that would go to like the ice cream store with 160 00:07:49,000 --> 00:07:51,520 Speaker 5: my friends and I just wouldn't order ice cream. I 161 00:07:51,560 --> 00:07:53,840 Speaker 5: would just sit there as they ordered, and I'd just 162 00:07:53,920 --> 00:07:56,880 Speaker 5: be there for the vibes. Or I would go with 163 00:07:56,920 --> 00:07:59,520 Speaker 5: them to a cafe and I would bring my own 164 00:07:59,800 --> 00:08:03,760 Speaker 5: like reusable cup with my own hot chocolate in it prepared. 165 00:08:04,120 --> 00:08:07,200 Speaker 5: I was not a friend, clearly, but I thought that 166 00:08:07,200 --> 00:08:09,040 Speaker 5: that was the way to grow wealth. And I very 167 00:08:09,120 --> 00:08:13,400 Speaker 5: quickly realized you can only save to a certain slaw. 168 00:08:14,200 --> 00:08:17,800 Speaker 5: I can try and save five thousand dollars a year 169 00:08:17,840 --> 00:08:21,280 Speaker 5: by doing nothing and spending no money and not having 170 00:08:21,320 --> 00:08:25,200 Speaker 5: fun and not having those holidays. Or I could find 171 00:08:25,280 --> 00:08:27,960 Speaker 5: a way to upskill in my job, get a ten 172 00:08:28,040 --> 00:08:31,200 Speaker 5: thousand dollars pay rise and invest five thousand dollars of 173 00:08:31,240 --> 00:08:33,760 Speaker 5: that money. That's going to leave me so much better 174 00:08:33,800 --> 00:08:36,600 Speaker 5: off and I still get to enjoy. And I think 175 00:08:36,800 --> 00:08:40,520 Speaker 5: that shift has worked really well for me personally. 176 00:08:41,040 --> 00:08:43,120 Speaker 2: I think it sounds like a little bit of a 177 00:08:43,160 --> 00:08:48,040 Speaker 2: deprivation mindset. Yes, I used to be an avoidant mindset. 178 00:08:48,080 --> 00:08:50,760 Speaker 2: I used to be a money avoid and a few 179 00:08:50,840 --> 00:08:55,679 Speaker 2: years ago I just felt out of control and I realized, 180 00:08:55,800 --> 00:08:57,839 Speaker 2: I don't feel that way with food. I don't feel 181 00:08:57,840 --> 00:08:59,720 Speaker 2: that way with other things in my life. Why did 182 00:08:59,720 --> 00:09:02,840 Speaker 2: I feel it with money? I was really interested to 183 00:09:02,880 --> 00:09:04,920 Speaker 2: learn that you didn't study finance in college. 184 00:09:04,960 --> 00:09:06,960 Speaker 1: In fact, you're actually an optometrist. 185 00:09:07,360 --> 00:09:09,640 Speaker 5: I did not come from a financial background. 186 00:09:10,040 --> 00:09:13,000 Speaker 2: So this makes me feel like we all have hope 187 00:09:13,160 --> 00:09:17,720 Speaker 2: in understanding investing because I'm curious how financially literate you 188 00:09:17,800 --> 00:09:20,800 Speaker 2: were before you put the hat on of finance expert. 189 00:09:21,200 --> 00:09:24,120 Speaker 5: Absolutely so, where I'm at now in my life is 190 00:09:24,240 --> 00:09:26,840 Speaker 5: I am an angel and venture capitalist investor. So in 191 00:09:26,840 --> 00:09:29,440 Speaker 5: New Zealand, I put my money in think of like 192 00:09:29,480 --> 00:09:32,760 Speaker 5: private companies before they go public, like Uber before it 193 00:09:33,200 --> 00:09:36,160 Speaker 5: went to the public markets. But before I got to 194 00:09:36,280 --> 00:09:39,480 Speaker 5: that stage of my life. I'm South Asian. I grew 195 00:09:39,600 --> 00:09:41,720 Speaker 5: up and family that was like, get a good job, 196 00:09:41,760 --> 00:09:45,439 Speaker 5: something stable, and live that life. So I became an optometrist. 197 00:09:45,520 --> 00:09:49,040 Speaker 5: And in our university they would encourage us to take 198 00:09:49,080 --> 00:09:53,720 Speaker 5: papers outside of our domain and they'd be like, hey, 199 00:09:53,800 --> 00:09:56,360 Speaker 5: take a few electives and things that are different. And 200 00:09:56,400 --> 00:09:59,720 Speaker 5: I thought, well, I don't have a financial background, but 201 00:09:59,720 --> 00:10:02,840 Speaker 5: I'm interested in getting better at my own finances. And 202 00:10:02,920 --> 00:10:05,080 Speaker 5: I fell in love with it, and I was like, wow, 203 00:10:05,120 --> 00:10:07,079 Speaker 5: this is so interesting. And I went on and did 204 00:10:07,120 --> 00:10:10,720 Speaker 5: a few more executive education papers. So Yale offered one 205 00:10:11,080 --> 00:10:13,400 Speaker 5: on financial markets. I was like why not, Like what 206 00:10:13,440 --> 00:10:16,400 Speaker 5: do I have to lose? And I realized it's one. 207 00:10:16,559 --> 00:10:18,200 Speaker 5: It was not as hard as I thought it would be, 208 00:10:18,200 --> 00:10:21,040 Speaker 5: because I, you know, was of the mindset of like 209 00:10:21,080 --> 00:10:24,080 Speaker 5: I like biology. I like science. I'm more of a 210 00:10:24,120 --> 00:10:28,520 Speaker 5: stem girlie than a finance girlye. And then it just 211 00:10:28,880 --> 00:10:34,240 Speaker 5: was so interesting to me that everything in finance was 212 00:10:34,280 --> 00:10:37,160 Speaker 5: actually really easy. And simple to understand. It was just 213 00:10:37,200 --> 00:10:38,640 Speaker 5: the words that they were using. 214 00:10:39,200 --> 00:10:42,360 Speaker 1: It's covered up in confusing words, right, yeah, and. 215 00:10:42,320 --> 00:10:44,480 Speaker 5: So like even do you know, like when you see 216 00:10:44,600 --> 00:10:46,599 Speaker 5: on like a tech Crunch article and it would be 217 00:10:46,679 --> 00:10:49,920 Speaker 5: like so and so company has raised like thirty seven 218 00:10:49,960 --> 00:10:52,880 Speaker 5: million dollars or valued at fifty billion dollars and you're 219 00:10:52,920 --> 00:10:58,480 Speaker 5: like wow, like that's amazing, what does that mean? And 220 00:10:58,600 --> 00:11:00,840 Speaker 5: all it meant was like a company has gone to 221 00:11:00,880 --> 00:11:03,720 Speaker 5: a venture fund and they have given them a check 222 00:11:03,800 --> 00:11:08,640 Speaker 5: for ten million dollars. Raising capital just means getting money, 223 00:11:09,320 --> 00:11:11,800 Speaker 5: but they don't even want to use words like that. 224 00:11:12,040 --> 00:11:13,840 Speaker 3: Well, this is one of the reasons why you wrote 225 00:11:13,880 --> 00:11:17,480 Speaker 3: your book though, right, Samron, was to demystify these terms. 226 00:11:17,320 --> 00:11:20,600 Speaker 5: Absolutely, being able to sit down and say, Okay, what 227 00:11:20,679 --> 00:11:25,280 Speaker 5: do all these terms mean? And therefore, what can you 228 00:11:25,400 --> 00:11:27,240 Speaker 5: learn from it? And there for how can you use 229 00:11:27,280 --> 00:11:30,800 Speaker 5: it in action? If I cannot come from a financial 230 00:11:30,800 --> 00:11:34,600 Speaker 5: background and learn it, then I feel that like everyone 231 00:11:34,640 --> 00:11:36,839 Speaker 5: else should be able to as well. 232 00:11:37,559 --> 00:11:39,920 Speaker 1: Okay, I want to go to some terminology. Yeah, can 233 00:11:39,960 --> 00:11:42,600 Speaker 1: we do that? You're going to be our dictionary today. 234 00:11:42,679 --> 00:11:49,480 Speaker 5: I'm so excited. Okay. ETF ETF stands for exchange traded fund, 235 00:11:49,800 --> 00:11:53,040 Speaker 5: and that is a basket filled with lots of different companies, 236 00:11:53,480 --> 00:11:55,600 Speaker 5: kind of like an index fund, but the cousin of 237 00:11:55,600 --> 00:11:58,840 Speaker 5: an index fund. So you've got a basket filled with 238 00:11:58,880 --> 00:12:02,120 Speaker 5: lots of different companies. Usually it follows an index or 239 00:12:02,160 --> 00:12:05,439 Speaker 5: in indices, and that might be the top two hundred 240 00:12:05,440 --> 00:12:08,120 Speaker 5: companies in Australia, so the A six two hundred, or 241 00:12:08,160 --> 00:12:10,520 Speaker 5: the top five hundred companies in the US, the S 242 00:12:10,559 --> 00:12:12,640 Speaker 5: and P five hundred. Maybe you're in London and you're 243 00:12:12,679 --> 00:12:14,920 Speaker 5: looking at the top hundred companies there, and that's the 244 00:12:14,960 --> 00:12:17,720 Speaker 5: foot Sea one hundred basket filled with lots of companies 245 00:12:17,720 --> 00:12:21,160 Speaker 5: as opposed to trying to pick and choose individual shares 246 00:12:21,160 --> 00:12:21,760 Speaker 5: to invest in. 247 00:12:22,000 --> 00:12:24,720 Speaker 1: And what's the difference between an ETF and an index fund. 248 00:12:24,920 --> 00:12:27,920 Speaker 5: An index fund came before an ETF, and that was 249 00:12:28,000 --> 00:12:31,680 Speaker 5: created to have this basket and everyone was like, yep, 250 00:12:31,720 --> 00:12:35,080 Speaker 5: sounds good. John Bogel made them popular. He's the founder 251 00:12:35,120 --> 00:12:38,199 Speaker 5: of Vanguard, which is why Vanguard is still so popular 252 00:12:38,240 --> 00:12:40,199 Speaker 5: to the state. And he was like, look, this is 253 00:12:40,240 --> 00:12:43,000 Speaker 5: the best way to go. However, trying to buy an 254 00:12:43,000 --> 00:12:45,880 Speaker 5: index fund is like trying to buy a brick. You 255 00:12:45,960 --> 00:12:48,280 Speaker 5: have to buy the entire brick. You can't buy like 256 00:12:48,440 --> 00:12:50,800 Speaker 5: half a breake, you can't break it apart. And an 257 00:12:50,840 --> 00:12:54,079 Speaker 5: index fund might be four thousand dollars, and so that's 258 00:12:54,120 --> 00:12:56,960 Speaker 5: a lot of money to put away just to purchase 259 00:12:57,000 --> 00:13:01,240 Speaker 5: one fund. So an ETF was created to mimic an 260 00:13:01,240 --> 00:13:05,600 Speaker 5: index fund, but it can be broken down to even 261 00:13:05,720 --> 00:13:09,199 Speaker 5: one percent, so you can own like a little slice 262 00:13:09,440 --> 00:13:12,160 Speaker 5: of that index fund, and that might be a dollar. 263 00:13:13,040 --> 00:13:16,080 Speaker 5: So your one dollar can get spread across five hundred 264 00:13:16,080 --> 00:13:19,120 Speaker 5: companies and that's a really good deal. But an index fund, 265 00:13:19,120 --> 00:13:21,160 Speaker 5: you would have to buy the index fund at the 266 00:13:21,160 --> 00:13:21,720 Speaker 5: full price. 267 00:13:21,920 --> 00:13:24,080 Speaker 1: How about stocks versus bonds? 268 00:13:24,320 --> 00:13:27,280 Speaker 5: So when you think about investing, you might say to yourself, 269 00:13:27,520 --> 00:13:31,280 Speaker 5: I am not sure how much risk I want to take. 270 00:13:31,320 --> 00:13:34,880 Speaker 5: And stocks versus bonds are like two different sides of 271 00:13:34,880 --> 00:13:38,680 Speaker 5: the same coin. They're both investments, but one is lower risk, 272 00:13:38,800 --> 00:13:41,880 Speaker 5: lower return, and the other one is higher risk, higher return. 273 00:13:42,360 --> 00:13:44,760 Speaker 5: A stock is just a small piece of a company. 274 00:13:44,840 --> 00:13:47,600 Speaker 5: So you might say, hey, I really like Apple. I 275 00:13:47,640 --> 00:13:49,600 Speaker 5: want to own a little piece of Apple. I buy 276 00:13:49,679 --> 00:13:52,520 Speaker 5: one share of Apple, and that is me owning one 277 00:13:52,679 --> 00:13:56,800 Speaker 5: very small piece of the actual company. Now there's millions 278 00:13:56,880 --> 00:13:59,640 Speaker 5: upon like hundreds of millions of Apple shares, so you 279 00:13:59,720 --> 00:14:02,200 Speaker 5: own it. One share doesn't mean you can go in 280 00:14:02,559 --> 00:14:05,240 Speaker 5: and be like, guys, I own this Apple store. 281 00:14:05,520 --> 00:14:07,000 Speaker 4: So because you. 282 00:14:06,960 --> 00:14:09,160 Speaker 1: Technically do change things around here. 283 00:14:09,800 --> 00:14:12,319 Speaker 5: Yeah, I'm gonna move things around, but you are technically 284 00:14:12,360 --> 00:14:16,320 Speaker 5: a shareholder of that company, that's awesome. A bond is 285 00:14:16,360 --> 00:14:19,840 Speaker 5: when you get to act like the bank and you 286 00:14:19,880 --> 00:14:23,560 Speaker 5: give out a loan to a company or the government 287 00:14:24,520 --> 00:14:26,640 Speaker 5: and you say to them, I'll give you one thousand 288 00:14:26,680 --> 00:14:29,000 Speaker 5: dollars because they need the money, and they'll say, thank 289 00:14:29,040 --> 00:14:31,640 Speaker 5: you so much, simon, I will give it back to you, 290 00:14:31,960 --> 00:14:34,440 Speaker 5: and I'll give it back at a two or three 291 00:14:34,440 --> 00:14:37,240 Speaker 5: percent interest rate as a thanks. You will definitely get 292 00:14:37,280 --> 00:14:40,920 Speaker 5: your money back, and because you know that the government 293 00:14:40,960 --> 00:14:43,800 Speaker 5: is probably going to give you your money back, it's only 294 00:14:43,840 --> 00:14:46,440 Speaker 5: at two or three percent, so lower risk, but a 295 00:14:46,520 --> 00:14:49,760 Speaker 5: much lower return than let's say seven percent with a store. 296 00:14:50,000 --> 00:14:52,920 Speaker 2: How about capital gains, especially with the election coming up, 297 00:14:52,960 --> 00:14:55,280 Speaker 2: that's a term people talk about. 298 00:14:55,480 --> 00:14:59,360 Speaker 5: With capital gains tax as well. So capital gains is 299 00:15:00,200 --> 00:15:02,120 Speaker 5: one of the ways that you can make money in 300 00:15:02,160 --> 00:15:05,400 Speaker 5: the share market, but also through property investing. If you 301 00:15:05,400 --> 00:15:07,800 Speaker 5: buy one share of Apple and it's one hundred dollars 302 00:15:08,400 --> 00:15:10,720 Speaker 5: and by the time you sell it it's two hundred dollars. 303 00:15:10,800 --> 00:15:14,040 Speaker 5: You've made a one hundred dollar gain. The value of 304 00:15:14,080 --> 00:15:16,600 Speaker 5: that one share has gone up one hundred dollars. You 305 00:15:16,640 --> 00:15:19,920 Speaker 5: don't have that hundred dollars in your bank account to 306 00:15:19,960 --> 00:15:23,000 Speaker 5: go off and spend. That is just the value that 307 00:15:23,000 --> 00:15:26,760 Speaker 5: that share has increased by. When you sell that share, 308 00:15:27,480 --> 00:15:29,840 Speaker 5: you then draw down that money and now you can 309 00:15:29,880 --> 00:15:31,520 Speaker 5: go and spend one hundred dollars. 310 00:15:31,760 --> 00:15:35,720 Speaker 3: Can you describe the difference between active versus passive investing? 311 00:15:36,160 --> 00:15:40,000 Speaker 5: Oh, that's a good one. Essentially, an active investor is 312 00:15:40,040 --> 00:15:45,320 Speaker 5: someone that says, hey, sim I want to invest in 313 00:15:45,400 --> 00:15:47,360 Speaker 5: companies that I think are going. 314 00:15:47,280 --> 00:15:47,680 Speaker 4: To do well. 315 00:15:47,680 --> 00:15:49,320 Speaker 5: I'm going to do my own research. I'm going to 316 00:15:49,440 --> 00:15:52,640 Speaker 5: actively try and figure out what the next Amazon is, 317 00:15:52,680 --> 00:15:54,880 Speaker 5: what the next Apple is, what the next Google is. 318 00:15:55,440 --> 00:15:58,960 Speaker 5: And so fund managers are active investors because they're picking 319 00:15:59,040 --> 00:16:01,280 Speaker 5: and choosing what's doing well. They're putting in a lot 320 00:16:01,280 --> 00:16:05,040 Speaker 5: of time and effort, and they're going and meeting companies 321 00:16:05,080 --> 00:16:08,120 Speaker 5: and looking at research and trying to figure out trends. 322 00:16:08,720 --> 00:16:12,640 Speaker 5: And the active investors' theory is, well, if I can 323 00:16:12,920 --> 00:16:15,560 Speaker 5: peck up where the wind is blowing. Then maybe I 324 00:16:15,560 --> 00:16:18,320 Speaker 5: can put a lot of money into something while it's small, 325 00:16:18,440 --> 00:16:21,080 Speaker 5: and then when it grows, then I can cash out, 326 00:16:21,520 --> 00:16:25,080 Speaker 5: like finding Apple before it was big. A passive investor 327 00:16:25,600 --> 00:16:31,560 Speaker 5: is an investor that says it is actually scientifically very 328 00:16:31,600 --> 00:16:34,640 Speaker 5: difficult to prove what's going to be big. We can 329 00:16:34,680 --> 00:16:39,160 Speaker 5: have theories, we can assume, but realistically, what research has 330 00:16:39,240 --> 00:16:42,720 Speaker 5: found is that ninety two to ninety five percent of 331 00:16:42,840 --> 00:16:48,200 Speaker 5: professional fund managers don't beat the market. So ninety five 332 00:16:48,200 --> 00:16:50,640 Speaker 5: percent of people that are doing this actively the best 333 00:16:50,640 --> 00:16:55,160 Speaker 5: of the best over a fifteen year period. They can 334 00:16:55,200 --> 00:16:57,480 Speaker 5: hope and they can try, but it is very different 335 00:16:57,600 --> 00:17:01,000 Speaker 5: to figure out what is going to do well, and 336 00:17:01,040 --> 00:17:03,840 Speaker 5: not many of them do. And instead, I'm going to 337 00:17:03,920 --> 00:17:07,040 Speaker 5: invest in a broad market index fund, which is a 338 00:17:07,080 --> 00:17:09,679 Speaker 5: basket filled with lots of companies. 339 00:17:09,680 --> 00:17:11,399 Speaker 1: And it's like the S and P five hundred, like 340 00:17:11,400 --> 00:17:13,000 Speaker 1: the SMP five hundred exactly. 341 00:17:13,040 --> 00:17:15,040 Speaker 5: At the end of the day, why try and pick 342 00:17:15,080 --> 00:17:17,040 Speaker 5: a winner when I can invest in the top five 343 00:17:17,080 --> 00:17:20,880 Speaker 5: hundred companies in the US and that lets me take 344 00:17:20,920 --> 00:17:23,320 Speaker 5: out the average. So I'd rather be average and know 345 00:17:23,359 --> 00:17:26,280 Speaker 5: that it's going to work. Which is passive or active? 346 00:17:26,320 --> 00:17:27,919 Speaker 5: Is I'm going to try and pick and choose, but 347 00:17:27,960 --> 00:17:30,639 Speaker 5: the likelihood of me getting it right is a lot lower. 348 00:17:30,680 --> 00:17:32,399 Speaker 5: But if I get it right, it might make me 349 00:17:32,440 --> 00:17:33,080 Speaker 5: a lot of money. 350 00:17:33,359 --> 00:17:36,960 Speaker 3: I started investing because of your girlfriend, so thanks to you, 351 00:17:37,200 --> 00:17:40,680 Speaker 3: I'm just following all your notes. I'm definitely a passive investor. 352 00:17:40,760 --> 00:17:44,760 Speaker 3: I try to set aside. Whenever I get like an 353 00:17:44,840 --> 00:17:47,639 Speaker 3: unexpected sum of money that I wasn't planning for, I 354 00:17:47,720 --> 00:17:49,680 Speaker 3: try to set that aside and just put it into 355 00:17:50,119 --> 00:17:51,200 Speaker 3: one of my favorite. 356 00:17:50,920 --> 00:17:53,200 Speaker 5: Kind of money unexpected. 357 00:17:52,960 --> 00:17:55,520 Speaker 2: In that vein the percent of our income should we 358 00:17:55,560 --> 00:17:57,359 Speaker 2: be putting aside to invest. 359 00:17:57,200 --> 00:18:01,320 Speaker 5: We always say to our community of investors that listen 360 00:18:01,320 --> 00:18:04,439 Speaker 5: to the podcast, you can live in an area like 361 00:18:04,680 --> 00:18:08,399 Speaker 5: LA and most of your income is probably be going 362 00:18:08,440 --> 00:18:11,040 Speaker 5: to something like rent, or if you live in another 363 00:18:11,040 --> 00:18:12,919 Speaker 5: part of the world, maybe you have a little bit 364 00:18:13,000 --> 00:18:16,280 Speaker 5: more income. So I don't think a percentage based number 365 00:18:16,359 --> 00:18:20,800 Speaker 5: always works. I always say ten percent is a nice 366 00:18:20,840 --> 00:18:23,680 Speaker 5: to have number. But if that's not something you can do, 367 00:18:23,680 --> 00:18:27,240 Speaker 5: don't be discouraged. Even if you put fifty dollars a 368 00:18:27,320 --> 00:18:30,879 Speaker 5: week or fifty dollars a month, that's a good place 369 00:18:30,960 --> 00:18:34,520 Speaker 5: to start, and then over time you'll start to naturally 370 00:18:35,040 --> 00:18:38,520 Speaker 5: realize like, hey, I don't really enjoy doing these other 371 00:18:38,600 --> 00:18:41,000 Speaker 5: things as much. Maybe, but if it comes like a 372 00:18:41,040 --> 00:18:43,359 Speaker 5: game and then you start pulling money from other places 373 00:18:43,400 --> 00:18:44,400 Speaker 5: and investing more of. 374 00:18:44,359 --> 00:18:46,439 Speaker 3: It, we have to dig a short break, but will 375 00:18:46,480 --> 00:18:55,199 Speaker 3: be write back with Cimarron Core. And we're back with 376 00:18:55,280 --> 00:18:59,480 Speaker 3: Cimarron Core. Danielle, you brought up how gender plays into 377 00:18:59,480 --> 00:19:03,520 Speaker 3: this conversation, and Simron, it feels like you've really built 378 00:19:03,880 --> 00:19:08,320 Speaker 3: an entire ecosystem on this concept. You've created a space 379 00:19:08,359 --> 00:19:11,640 Speaker 3: where women who want to become investors feel like they 380 00:19:11,680 --> 00:19:15,359 Speaker 3: belong and there's actually so much to celebrate from the 381 00:19:15,440 --> 00:19:18,960 Speaker 3: perspective of being a woman who is an investor, Like 382 00:19:19,000 --> 00:19:24,120 Speaker 3: we're actually fantastic investors. Women make more from investing than men, 383 00:19:24,640 --> 00:19:28,520 Speaker 3: women lose less money, women are less impacted by emotions 384 00:19:28,520 --> 00:19:33,800 Speaker 3: when making investing decisions, and also female managed hedge funds 385 00:19:33,840 --> 00:19:35,960 Speaker 3: are more likely to beat the market. All things I 386 00:19:36,040 --> 00:19:39,399 Speaker 3: learned from your book. So what does it mean to 387 00:19:39,480 --> 00:19:40,399 Speaker 3: invest like a girl? 388 00:19:41,720 --> 00:19:44,439 Speaker 5: I love this question because it is just like the 389 00:19:44,960 --> 00:19:50,000 Speaker 5: absolute summary of everything I stand for. But to invest 390 00:19:50,040 --> 00:19:53,240 Speaker 5: like a girl comes from this idea that when you 391 00:19:53,640 --> 00:19:56,040 Speaker 5: think of what an investor is or a successful investor. 392 00:19:56,160 --> 00:19:58,679 Speaker 5: You think of a guy in a suit, usually someone 393 00:19:58,680 --> 00:20:01,720 Speaker 5: that's had like an ivy leagage location, and you think, gosh, 394 00:20:01,760 --> 00:20:05,040 Speaker 5: that doesn't look like or represent me. However, when you 395 00:20:05,080 --> 00:20:08,119 Speaker 5: look at the stats like you've shared, all things point 396 00:20:08,160 --> 00:20:10,480 Speaker 5: to the fact that women are really good at investing. 397 00:20:11,000 --> 00:20:13,440 Speaker 5: Studies have found that we make more money in the market, 398 00:20:13,520 --> 00:20:15,880 Speaker 5: Studies have found that we lose less money in the market. 399 00:20:16,160 --> 00:20:20,080 Speaker 5: And it comes from the way that we naturally are. 400 00:20:20,440 --> 00:20:22,600 Speaker 5: And so when we look at how women invest, what 401 00:20:22,640 --> 00:20:25,679 Speaker 5: we see is women are more likely to say, you 402 00:20:25,720 --> 00:20:27,920 Speaker 5: know what, I'm investing for the long term. I'm gonna 403 00:20:27,920 --> 00:20:29,560 Speaker 5: put money in something like an S and P five 404 00:20:29,640 --> 00:20:33,120 Speaker 5: hundred fund and I'm just going to write out the market. 405 00:20:33,200 --> 00:20:37,000 Speaker 5: Whereas and this is obviously a generalization, but in general, 406 00:20:37,680 --> 00:20:39,800 Speaker 5: men that start out investing will go, oh, let me 407 00:20:39,840 --> 00:20:41,800 Speaker 5: try and peck and choose winners. Let me try and 408 00:20:41,880 --> 00:20:47,560 Speaker 5: actively invest. And of course, because passive investing is historically 409 00:20:47,600 --> 00:20:51,560 Speaker 5: something that has been better long term, women become better investors. Also, 410 00:20:51,640 --> 00:20:54,440 Speaker 5: female investors won't pull money out of the market as much. 411 00:20:54,480 --> 00:20:56,440 Speaker 5: We'll go, you know what, I'm just gonna leave it there. 412 00:20:56,480 --> 00:20:58,960 Speaker 5: I'm just gonna let it do its thing, and I'm 413 00:20:58,960 --> 00:21:01,320 Speaker 5: not even going to log in to my investment account. Like, 414 00:21:01,359 --> 00:21:03,960 Speaker 5: how often do you guys log into your accounts? 415 00:21:04,400 --> 00:21:08,600 Speaker 1: Probably every other day, okay, just to check. Yeah, I 416 00:21:08,720 --> 00:21:11,639 Speaker 1: just like to see what's happening. Did I win or 417 00:21:11,640 --> 00:21:15,119 Speaker 1: lose that day? How often do you? 418 00:21:15,880 --> 00:21:20,200 Speaker 5: I don't check ever, I don't check maybe every couple 419 00:21:20,200 --> 00:21:21,800 Speaker 5: of months, but I used to check every day. 420 00:21:22,800 --> 00:21:24,600 Speaker 1: What are you saying? What does that say? I'm not 421 00:21:24,720 --> 00:21:25,800 Speaker 1: changing my investments. 422 00:21:25,960 --> 00:21:27,480 Speaker 5: No, but that's helpful. 423 00:21:27,560 --> 00:21:29,439 Speaker 1: Yeah, I'm not pulling out. I just like to see. 424 00:21:29,880 --> 00:21:32,480 Speaker 5: The studies have found that women check on average once 425 00:21:32,520 --> 00:21:34,720 Speaker 5: a week and men check on average five times a 426 00:21:34,720 --> 00:21:38,080 Speaker 5: week Monday to Friday. And what they found is the 427 00:21:38,080 --> 00:21:41,240 Speaker 5: more you check your investments, the more you're likely to 428 00:21:41,960 --> 00:21:45,080 Speaker 5: want to pull money out or move things around, and 429 00:21:45,119 --> 00:21:48,159 Speaker 5: that's where you end up losing. So it's okay that 430 00:21:48,200 --> 00:21:50,440 Speaker 5: you're not moving your money, but the less you check, 431 00:21:50,520 --> 00:21:52,720 Speaker 5: the more it's out of sight, out of mind. The 432 00:21:52,840 --> 00:21:56,200 Speaker 5: Fidelity did a study to look at who had the 433 00:21:56,240 --> 00:21:59,719 Speaker 5: best investment returns over a ten year period, I believe, 434 00:22:00,080 --> 00:22:03,840 Speaker 5: and I found the bast and vestas were held by 435 00:22:03,880 --> 00:22:08,000 Speaker 5: accounts of people that had passed away. 436 00:22:07,920 --> 00:22:12,879 Speaker 3: Because I went, that's hilarious, that is so funny. I 437 00:22:12,920 --> 00:22:14,639 Speaker 3: see that dynamic in my house. 438 00:22:14,920 --> 00:22:16,760 Speaker 4: I don't. I rarely check our stocks. 439 00:22:16,760 --> 00:22:19,520 Speaker 3: I check it, you know, twice a month maybe, But 440 00:22:19,560 --> 00:22:22,159 Speaker 3: my husband almost every day is like babe, babe and 441 00:22:22,240 --> 00:22:25,000 Speaker 3: videos down in videos down, babe, or the next day 442 00:22:25,040 --> 00:22:27,640 Speaker 3: it's like in video's back up, we're going to the moon. 443 00:22:27,680 --> 00:22:29,480 Speaker 3: We're going to the friggin moon. It's a lot to 444 00:22:29,560 --> 00:22:32,720 Speaker 3: keep up with. It's a lot of emotional volatilities. Well, 445 00:22:32,760 --> 00:22:37,200 Speaker 3: you actually started by investing pretty small amounts from your paychecks, right, 446 00:22:37,600 --> 00:22:40,359 Speaker 3: That's so inspiring to me. You know, there's real power 447 00:22:40,400 --> 00:22:44,680 Speaker 3: in just starting something and not waiting. And that's exactly 448 00:22:44,800 --> 00:22:46,480 Speaker 3: what you did and how you got here. 449 00:22:46,359 --> 00:22:50,720 Speaker 5: Today, exactly like I was in university, I was still studying. 450 00:22:50,840 --> 00:22:52,879 Speaker 5: I was a student. I obviously didn't have a lot 451 00:22:52,920 --> 00:22:55,679 Speaker 5: of money to begin with, but my goal was I 452 00:22:55,680 --> 00:22:58,120 Speaker 5: want to have enough money to be able to purchase 453 00:22:58,160 --> 00:23:01,360 Speaker 5: my first home, and so buying a little bit throughout Uni, 454 00:23:01,440 --> 00:23:04,840 Speaker 5: and when I started working, it compounded and then I 455 00:23:04,880 --> 00:23:08,760 Speaker 5: was able to take that as my deposit and purchase 456 00:23:09,000 --> 00:23:11,880 Speaker 5: my first home. And again I tried doing the saving. 457 00:23:12,160 --> 00:23:14,119 Speaker 5: It didn't get me there. Any faster. It was the 458 00:23:14,160 --> 00:23:15,439 Speaker 5: investing that worked for me. 459 00:23:16,280 --> 00:23:21,400 Speaker 3: Let's talk financial wellness, Cimarron. Because I can hear our 460 00:23:21,480 --> 00:23:23,280 Speaker 3: besties wheels turning right now. 461 00:23:23,280 --> 00:23:25,359 Speaker 4: They're probably like, Okay, this all sounds great. 462 00:23:25,400 --> 00:23:28,679 Speaker 3: I would love to invest, but I got debt, I 463 00:23:28,720 --> 00:23:31,280 Speaker 3: got student loans, I gotta pay off, I got a mortgage. 464 00:23:31,720 --> 00:23:35,199 Speaker 3: For someone who's never invested before, paint a picture for 465 00:23:35,320 --> 00:23:38,760 Speaker 3: us of what healthy financial wellness looks like so that 466 00:23:38,840 --> 00:23:40,840 Speaker 3: someone can invest in an empowered way. 467 00:23:40,960 --> 00:23:44,000 Speaker 5: If you are listening in and you're like, okay, I'm ready, 468 00:23:44,840 --> 00:23:47,200 Speaker 5: I think there's three things that you want to make 469 00:23:47,240 --> 00:23:50,919 Speaker 5: sure you have ticked off before you begin investing. I 470 00:23:50,920 --> 00:23:53,840 Speaker 5: think the first one is definitely making a plan to 471 00:23:53,840 --> 00:23:56,440 Speaker 5: get rid of any high interest and you'll find a 472 00:23:56,480 --> 00:24:00,359 Speaker 5: lot of financial advisors will agree with this. Anything that 473 00:24:00,440 --> 00:24:03,760 Speaker 5: is above seven percent with an interest rate on your debt, 474 00:24:03,840 --> 00:24:05,840 Speaker 5: that is bad debt. We don't like that kind of debt. 475 00:24:05,880 --> 00:24:09,320 Speaker 5: So often this is credit card debt, this is car 476 00:24:09,520 --> 00:24:13,200 Speaker 5: loan debt, but this might not be like your mortgage, 477 00:24:13,320 --> 00:24:16,160 Speaker 5: or this is probably unlikely to be the student loan 478 00:24:16,200 --> 00:24:19,199 Speaker 5: debt that you have that's seven percent debt. Anything more 479 00:24:19,240 --> 00:24:21,560 Speaker 5: than seen percent let's pay that off first. And the 480 00:24:21,600 --> 00:24:24,480 Speaker 5: reason being is if you have a dollar, you want 481 00:24:24,520 --> 00:24:26,520 Speaker 5: that dollar to work really hard for you. And if 482 00:24:26,560 --> 00:24:28,520 Speaker 5: you put that dollar in the share market, you can 483 00:24:28,600 --> 00:24:32,879 Speaker 5: expect that about the so to annualize return of that 484 00:24:32,960 --> 00:24:35,240 Speaker 5: dollar is seven percent in the share market. That's what 485 00:24:35,320 --> 00:24:38,080 Speaker 5: the S and P five hundred usually brings if you 486 00:24:38,560 --> 00:24:42,040 Speaker 5: average it over twenty years. And so if my one 487 00:24:42,119 --> 00:24:45,679 Speaker 5: dollar can make me seven percent and usually only up 488 00:24:45,680 --> 00:24:49,480 Speaker 5: to seven percent, then if I'm losing more than seven 489 00:24:49,480 --> 00:24:53,359 Speaker 5: percent on a credit card or a card debt, I 490 00:24:53,359 --> 00:24:55,679 Speaker 5: want to pay that down. My dollar won't work harder 491 00:24:55,680 --> 00:24:58,120 Speaker 5: in the share market then it would to pay down 492 00:24:58,160 --> 00:25:00,840 Speaker 5: that debt. So we get rid of that first. We 493 00:25:00,880 --> 00:25:03,080 Speaker 5: can still keep paying off, but we don't have to 494 00:25:03,119 --> 00:25:05,720 Speaker 5: wait until we have finished paying off the debt that 495 00:25:05,840 --> 00:25:10,399 Speaker 5: is less than seven percent. Imagine like a line that 496 00:25:10,760 --> 00:25:15,840 Speaker 5: is saying seven percent debt. If anything has a interest 497 00:25:15,960 --> 00:25:18,200 Speaker 5: rate of more than seven percent, we pay that. 498 00:25:18,240 --> 00:25:20,440 Speaker 1: Off, right, that's what we pay off first. 499 00:25:20,520 --> 00:25:22,960 Speaker 5: Yeah, we hate that. That's not our friend. That cannot 500 00:25:22,960 --> 00:25:25,879 Speaker 5: sit with us because that is losing us lots of money. 501 00:25:25,960 --> 00:25:26,200 Speaker 4: Yep. 502 00:25:27,440 --> 00:25:29,960 Speaker 5: Second thing that you want to do is you want 503 00:25:30,000 --> 00:25:32,960 Speaker 5: to make sure that you have a good idea of 504 00:25:33,000 --> 00:25:35,280 Speaker 5: how much you are making and how much you are spending. 505 00:25:35,400 --> 00:25:39,680 Speaker 5: Understanding your budget helps you then visualize and figure out 506 00:25:39,840 --> 00:25:42,520 Speaker 5: what you need to do differently, because if we can't 507 00:25:42,920 --> 00:25:46,280 Speaker 5: measure it, then we can't improve it. And I've never 508 00:25:46,480 --> 00:25:49,280 Speaker 5: enjoyed looking at my bank account and seeing where the 509 00:25:49,320 --> 00:25:52,760 Speaker 5: money is going. But having a rough idea at least 510 00:25:52,800 --> 00:25:56,840 Speaker 5: gives me some understanding of am I improving and also 511 00:25:56,920 --> 00:25:59,280 Speaker 5: where is it all going? And can I move some 512 00:25:59,320 --> 00:26:02,600 Speaker 5: stuff around so that I've set myself up for success. 513 00:26:03,080 --> 00:26:04,879 Speaker 5: And the third thing that you want to do before 514 00:26:04,920 --> 00:26:08,480 Speaker 5: you start investing is setting up automatic payments. When you 515 00:26:08,560 --> 00:26:12,440 Speaker 5: get your payday it comes in on let's say a Monday. 516 00:26:12,560 --> 00:26:16,000 Speaker 5: Every month, you want to have something set up where 517 00:26:16,280 --> 00:26:18,919 Speaker 5: some money goes into a separate account for savings, some 518 00:26:19,000 --> 00:26:21,840 Speaker 5: money goes into a separate account for your bills, some 519 00:26:21,920 --> 00:26:25,000 Speaker 5: money goes into a separate account to invest in. And 520 00:26:25,040 --> 00:26:27,880 Speaker 5: again that might only be like fifty dollars a week, 521 00:26:28,200 --> 00:26:32,280 Speaker 5: but doing that automatically means that you're not investing money 522 00:26:32,320 --> 00:26:36,399 Speaker 5: that's left over. You are investing money at the start 523 00:26:36,440 --> 00:26:39,600 Speaker 5: of your pay cycle, and so you're investing in yourself 524 00:26:39,640 --> 00:26:43,080 Speaker 5: you're paying yourself first, before you pay your landlord, before 525 00:26:43,200 --> 00:26:45,080 Speaker 5: you pay the other bills. You want to make sure 526 00:26:45,080 --> 00:26:46,159 Speaker 5: that you're taking care of you. 527 00:26:46,760 --> 00:26:50,119 Speaker 3: There's something so effective about not even having to negotiate 528 00:26:50,160 --> 00:26:52,439 Speaker 3: with yourself about where that money is going, and it 529 00:26:52,640 --> 00:26:55,640 Speaker 3: just leaving the account and going to the right place 530 00:26:55,680 --> 00:26:58,879 Speaker 3: without you having to sort of think about it contraxactly. 531 00:26:58,920 --> 00:27:01,280 Speaker 5: And what I'll do is I'll anything that's left over 532 00:27:01,359 --> 00:27:03,840 Speaker 5: in that account for me, that's my spending money for 533 00:27:03,880 --> 00:27:05,480 Speaker 5: the week or for the month. So if I have 534 00:27:05,920 --> 00:27:08,480 Speaker 5: let's say a couple of hundred dollars in there, once 535 00:27:08,520 --> 00:27:11,080 Speaker 5: that money is spent, I'm like, okay, well that was 536 00:27:11,119 --> 00:27:14,119 Speaker 5: my budget. And that's like how I keep myself in 537 00:27:14,200 --> 00:27:16,119 Speaker 5: check while still paying myself first. 538 00:27:16,280 --> 00:27:18,080 Speaker 4: How do you do that? Though? That's so hard. 539 00:27:18,280 --> 00:27:21,560 Speaker 3: I know that's what the fiscally responsible person would do, 540 00:27:21,640 --> 00:27:23,240 Speaker 3: but it's hard to do in practice. 541 00:27:23,600 --> 00:27:26,880 Speaker 5: I think that it is so difficult but so important 542 00:27:26,880 --> 00:27:30,480 Speaker 5: to sit financial boundaries with your friendships and with the 543 00:27:30,480 --> 00:27:34,040 Speaker 5: people in your lives. It seems like mean and hard 544 00:27:34,160 --> 00:27:36,520 Speaker 5: to say, hey, I can't make it anymore, or we're 545 00:27:36,560 --> 00:27:40,160 Speaker 5: going through like bridesmaid season right now, so it's really different. 546 00:27:40,200 --> 00:27:42,479 Speaker 5: I mean, so much money is spent on like one 547 00:27:42,560 --> 00:27:43,240 Speaker 5: weekend away. 548 00:27:43,440 --> 00:27:46,520 Speaker 1: Yeah, yeah, and yet don't get me started on them. 549 00:27:48,280 --> 00:27:50,760 Speaker 1: Although I do want to push back a little. 550 00:27:50,800 --> 00:27:55,399 Speaker 2: I think sometimes particularly when we talk about money with women, 551 00:27:55,480 --> 00:27:58,520 Speaker 2: we talk about cutting, and we talk about just kind 552 00:27:58,520 --> 00:28:02,080 Speaker 2: of like we're asking three dollar questions instead of asking 553 00:28:02,080 --> 00:28:04,840 Speaker 2: the question which maybe is thee hundred dollar question, like 554 00:28:05,320 --> 00:28:08,400 Speaker 2: how do we make a little bit more to invest 555 00:28:08,480 --> 00:28:09,919 Speaker 2: instead of not going to that dinner? 556 00:28:10,600 --> 00:28:11,119 Speaker 4: I like that. 557 00:28:11,440 --> 00:28:12,200 Speaker 1: Yeah, I agree. 558 00:28:12,359 --> 00:28:17,119 Speaker 5: I think there is a space where I mean, it 559 00:28:17,119 --> 00:28:19,240 Speaker 5: also depends on where you are in your journey, Like 560 00:28:19,280 --> 00:28:21,440 Speaker 5: if you are naturally a safe that you probably don't 561 00:28:21,440 --> 00:28:23,879 Speaker 5: even need to worry about these things. Whereas if you 562 00:28:23,960 --> 00:28:28,399 Speaker 5: are someone that feels that they are always spending and 563 00:28:28,440 --> 00:28:31,480 Speaker 5: they're underwater all the time, living out outside of your means. 564 00:28:31,480 --> 00:28:33,560 Speaker 5: It sort of depends where you are. But I would 565 00:28:33,600 --> 00:28:38,240 Speaker 5: say the average person that's lessening hairs probably yeah, asking 566 00:28:38,280 --> 00:28:39,840 Speaker 5: one hundred dollar questions. 567 00:28:39,800 --> 00:28:43,400 Speaker 2: Right, Yeah, everything was in reason, right, you know, like 568 00:28:43,440 --> 00:28:47,520 Speaker 2: if the bachelorette party is two thousand dollars and that's 569 00:28:47,560 --> 00:28:50,800 Speaker 2: a lot of money, then maybe you can scrimp a little. 570 00:28:51,480 --> 00:28:54,040 Speaker 5: I agree. I think you just need to have boundaries 571 00:28:54,080 --> 00:28:56,760 Speaker 5: with yourself and know what's okay. Also, if you're a 572 00:28:56,800 --> 00:29:01,560 Speaker 5: people pleaser, that's a financial like issue just waiting to happen. 573 00:29:01,920 --> 00:29:04,480 Speaker 3: Well said, we want to leave our bright side besties 574 00:29:04,520 --> 00:29:07,680 Speaker 3: with some practical tips they can use to really start 575 00:29:07,680 --> 00:29:08,680 Speaker 3: investing today. 576 00:29:08,760 --> 00:29:10,040 Speaker 4: Let's say if they wanted. 577 00:29:09,800 --> 00:29:12,600 Speaker 3: To, what are the investment sites or apps that you 578 00:29:12,640 --> 00:29:15,200 Speaker 3: would recommend for someone who's kind of just starting out. 579 00:29:15,320 --> 00:29:18,320 Speaker 5: If you are getting started and you're like, Okay, I 580 00:29:18,360 --> 00:29:20,880 Speaker 5: want to begin, but I'm not sure who to trust 581 00:29:20,920 --> 00:29:24,080 Speaker 5: or what places to look at, you might feel a 582 00:29:24,080 --> 00:29:26,480 Speaker 5: little bit overwhelmed if you go to something like the 583 00:29:26,480 --> 00:29:29,840 Speaker 5: Wall Street Journal. But I find that looking at your 584 00:29:29,960 --> 00:29:34,000 Speaker 5: general news sources is a good place to start. Gives 585 00:29:34,040 --> 00:29:36,360 Speaker 5: you a good idea of where things are going, as 586 00:29:36,360 --> 00:29:39,960 Speaker 5: opposed to honing down and looking at specific money media. 587 00:29:40,080 --> 00:29:41,560 Speaker 5: That's what I like to do. I like to look 588 00:29:41,600 --> 00:29:45,360 Speaker 5: at some news from what's happening in the US, the UK, Australia, 589 00:29:45,440 --> 00:29:47,600 Speaker 5: New Zealand, and it gives me a broad idea of 590 00:29:47,840 --> 00:29:50,680 Speaker 5: what's happening around the world because a lot of our 591 00:29:50,680 --> 00:29:54,720 Speaker 5: political conflicts and global conflicts impacts where the markets are going. 592 00:29:55,200 --> 00:29:58,240 Speaker 5: Second thing that we love to do is we have 593 00:29:58,360 --> 00:30:02,040 Speaker 5: a newsletter where we share updates about what's happening in 594 00:30:02,080 --> 00:30:04,320 Speaker 5: the share market from lots of different sources, and we 595 00:30:04,360 --> 00:30:07,040 Speaker 5: explain it in a very simple way, and that's called 596 00:30:07,080 --> 00:30:10,680 Speaker 5: our Stock Market Tea. And where we get that information 597 00:30:10,840 --> 00:30:13,840 Speaker 5: from is those global news sources that we kind of 598 00:30:13,880 --> 00:30:14,600 Speaker 5: pull together. 599 00:30:15,080 --> 00:30:18,080 Speaker 2: I think that there's generally a mindset with people that 600 00:30:18,160 --> 00:30:21,920 Speaker 2: think the stock market, or buying a home or contributing 601 00:30:21,960 --> 00:30:24,720 Speaker 2: to a four oh one K are the best ways 602 00:30:24,760 --> 00:30:27,760 Speaker 2: to invest and grow money. What are some other ways 603 00:30:27,800 --> 00:30:31,120 Speaker 2: that you think we should all be exploring, investigating, even 604 00:30:31,160 --> 00:30:32,200 Speaker 2: thinking about. 605 00:30:32,520 --> 00:30:35,400 Speaker 5: I would say if you are someone that is investing, 606 00:30:35,760 --> 00:30:39,240 Speaker 5: putting your money into your four oh one K, and 607 00:30:39,800 --> 00:30:43,320 Speaker 5: developing your career, those are like the three pillars that 608 00:30:43,360 --> 00:30:46,200 Speaker 5: I think any person needs. So I'd say the final 609 00:30:46,200 --> 00:30:49,920 Speaker 5: one is probably the one that wasn't mentioned. I truly believe, 610 00:30:49,920 --> 00:30:51,800 Speaker 5: and this is kind of looping back to the start 611 00:30:51,840 --> 00:30:55,520 Speaker 5: of the episode. It is so much easier to make 612 00:30:55,600 --> 00:30:59,040 Speaker 5: ten thousand dollars in your company, whether it's your side hustle, 613 00:30:59,200 --> 00:31:03,080 Speaker 5: a pay ride upskilling, then to find a way to 614 00:31:03,120 --> 00:31:04,560 Speaker 5: save ten thousand dollars a year. 615 00:31:05,000 --> 00:31:08,000 Speaker 3: I love your content on Girls That Invest and I 616 00:31:08,040 --> 00:31:11,440 Speaker 3: find it so inspiring because to me, the through line 617 00:31:12,200 --> 00:31:16,600 Speaker 3: between everything that you post is freedom. It is advocating 618 00:31:16,680 --> 00:31:21,760 Speaker 3: for women to embrace their own freedom through growing their 619 00:31:21,800 --> 00:31:24,880 Speaker 3: own wealth. You talk about like, how now you have 620 00:31:24,960 --> 00:31:28,360 Speaker 3: the freedom to maybe extend your vacation a day or 621 00:31:28,360 --> 00:31:30,239 Speaker 3: two if you want to because no one's breathing down 622 00:31:30,280 --> 00:31:31,960 Speaker 3: your neck, or you can go get your nails done 623 00:31:32,000 --> 00:31:34,480 Speaker 3: randomly on a Thursday morning at ten am, and. 624 00:31:34,400 --> 00:31:38,040 Speaker 4: That is so powerful. Get specific for me. 625 00:31:38,360 --> 00:31:40,959 Speaker 3: What did you daydream about when you were younger that 626 00:31:41,000 --> 00:31:41,880 Speaker 3: you're living out now. 627 00:31:42,360 --> 00:31:45,520 Speaker 5: I believe in manifesting, and I wasn't woo woo kind 628 00:31:45,560 --> 00:31:47,960 Speaker 5: of growing up, but I think I'm becoming more woo 629 00:31:48,000 --> 00:31:52,239 Speaker 5: wu with time. I made a vision board when I 630 00:31:52,360 --> 00:31:55,360 Speaker 5: was younger of the life that I wanted to live. 631 00:31:56,360 --> 00:31:59,680 Speaker 5: My vision board included just being able to travel and 632 00:31:59,680 --> 00:32:01,760 Speaker 5: go to places in what I really wanted to see 633 00:32:01,840 --> 00:32:04,520 Speaker 5: Big Bin, which was so weird in hindsight. 634 00:32:05,080 --> 00:32:09,320 Speaker 3: As in the famous London time telling device the way 635 00:32:09,360 --> 00:32:10,240 Speaker 3: you said that. 636 00:32:11,560 --> 00:32:13,680 Speaker 5: The clock. Yes, I wanted to see the clock in 637 00:32:13,720 --> 00:32:14,440 Speaker 5: London and. 638 00:32:14,360 --> 00:32:15,960 Speaker 4: Didn't live up to your expectations. 639 00:32:16,080 --> 00:32:18,800 Speaker 5: Absolutely, it was on my vision board. It was this 640 00:32:19,000 --> 00:32:20,600 Speaker 5: beautiful tower and I was like, I just want to 641 00:32:20,640 --> 00:32:22,640 Speaker 5: see I just want to see big Bin. I grew 642 00:32:22,720 --> 00:32:26,920 Speaker 5: up watching a lot of like reality TV, so I, oh, 643 00:32:27,200 --> 00:32:29,000 Speaker 5: you can't laugh at this. Oh, I would tell this, 644 00:32:29,160 --> 00:32:32,480 Speaker 5: tell their story, sim the Beverly Hills sign, just the 645 00:32:32,480 --> 00:32:35,520 Speaker 5: Beverly Hills sign. It was in so many TV shows. 646 00:32:35,520 --> 00:32:36,800 Speaker 5: I was like, I want to see that one day. 647 00:32:36,880 --> 00:32:41,240 Speaker 5: So I added that to my vision f So I 648 00:32:41,280 --> 00:32:43,240 Speaker 5: had all these places, and I had things like I 649 00:32:43,280 --> 00:32:46,320 Speaker 5: wanted to be able to own a nice car, and 650 00:32:46,360 --> 00:32:49,200 Speaker 5: I wanted to be able to like support my family, 651 00:32:49,280 --> 00:32:52,240 Speaker 5: and I wanted to be able to be financially free 652 00:32:52,280 --> 00:32:56,360 Speaker 5: and financially independent, not have the requirement to work a 653 00:32:56,480 --> 00:32:58,960 Speaker 5: nine to five forever, but to have more freedom in 654 00:32:59,040 --> 00:33:02,240 Speaker 5: my schedule and ability. But at the time that was 655 00:33:02,280 --> 00:33:06,680 Speaker 5: like my dream. And I remember the year after going, oh, 656 00:33:06,760 --> 00:33:08,320 Speaker 5: some of these are ticked off, and the year after 657 00:33:08,360 --> 00:33:10,040 Speaker 5: that more were ticked off, And it got to the 658 00:33:10,040 --> 00:33:12,480 Speaker 5: point where I had to make a new vision board 659 00:33:12,480 --> 00:33:15,200 Speaker 5: because I'd achieved everything that was on there and it 660 00:33:15,240 --> 00:33:18,600 Speaker 5: was no longer inspiring. It was now my life. But 661 00:33:18,640 --> 00:33:21,479 Speaker 5: it just goes to show where you start off and 662 00:33:21,480 --> 00:33:25,040 Speaker 5: what you hope you can achieve. It's very difficult to 663 00:33:25,080 --> 00:33:27,560 Speaker 5: get there if you are not constantly thinking about it 664 00:33:27,600 --> 00:33:29,880 Speaker 5: and reminding yourself of it. And so I think there 665 00:33:29,960 --> 00:33:34,120 Speaker 5: is a space for visualization and manifestation in the money space. 666 00:33:34,600 --> 00:33:37,000 Speaker 5: And yes it sounds woo woo, but I generally think 667 00:33:37,040 --> 00:33:37,440 Speaker 5: it works. 668 00:33:37,800 --> 00:33:41,120 Speaker 4: M hm, Zimron, thank you so much for coming on 669 00:33:41,160 --> 00:33:41,720 Speaker 4: the right side. 670 00:33:41,760 --> 00:33:43,719 Speaker 5: Thank you for having me. This was so fun. I 671 00:33:43,800 --> 00:33:47,320 Speaker 5: love that talking about money isn't just numbers. We've also 672 00:33:47,360 --> 00:33:50,040 Speaker 5: spoken about like the holistic side of money, but it 673 00:33:50,080 --> 00:33:52,520 Speaker 5: goes to show it's so intertwined in every part of 674 00:33:52,560 --> 00:33:53,440 Speaker 5: our life. 675 00:33:53,480 --> 00:33:53,960 Speaker 4: Well said. 676 00:33:55,600 --> 00:33:59,000 Speaker 2: Simran Core is a ted X speaker, investing columnists, and 677 00:33:59,080 --> 00:34:02,040 Speaker 2: the founder and cost of Girls That Invest, a book, 678 00:34:02,240 --> 00:34:03,760 Speaker 2: newsletter and podcast. 679 00:34:08,080 --> 00:34:10,839 Speaker 3: That's it for today's show. Tomorrow, it's election Day. We're 680 00:34:10,840 --> 00:34:14,640 Speaker 3: talking with doctor Martha S. Jones, history professor and author 681 00:34:14,760 --> 00:34:17,800 Speaker 3: of Vanguard, How Black women broke barriers, won the vote 682 00:34:18,040 --> 00:34:21,280 Speaker 3: and insisted on equality for all. Thanks to our partners 683 00:34:21,320 --> 00:34:26,400 Speaker 3: at Airbnb. Join the conversation using hashtag the bright Side 684 00:34:26,440 --> 00:34:29,360 Speaker 3: and connect with us on social media at Hello Sunshine 685 00:34:29,400 --> 00:34:33,319 Speaker 3: on Instagram and at the bright Side Pod on TikTok oh, 686 00:34:33,360 --> 00:34:35,719 Speaker 3: and feel free to tag us at Simone Boyce and 687 00:34:35,880 --> 00:34:37,160 Speaker 3: at Danielle Robe. 688 00:34:37,719 --> 00:34:40,680 Speaker 2: Listen and follow the bright side on the iHeartRadio app, 689 00:34:40,719 --> 00:34:43,400 Speaker 2: Apple podcasts, or wherever you get your podcasts. 690 00:34:43,800 --> 00:34:48,040 Speaker 3: See you tomorrow, folks, keep looking on the bright side.