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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome to She's on the Money, the podcast

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Speaker 3: for millennials to want financial freedom. My name is Georgia King.

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Speaker 3: I'm a copywriter and journalism student, and every Wednesday I

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Speaker 3: sit down to chat finance with millennial money guru Victoria Divine. Victoria,

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Speaker 3: would you do know you're playing with your nail?

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Speaker 4: Stop?

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Speaker 5: Hey?

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Speaker 1: Yeah, I am babe. Hi he hi, I'm sorry.

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Speaker 3: I'll continue. On today's show, we are going to be

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Speaker 3: deep diving into micro investing, including what it is if

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Speaker 3: you're completely new to the concept, as well as what

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Speaker 3: the perks and potential flaws are so you can decide

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Speaker 3: if it's the right option for you.

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Speaker 1: Now, this is a massive.

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Speaker 3: Topic and last week Victoria posted in our Facebook group

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Speaker 3: asking for some opinions, questions, comments from you guys on

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Speaker 3: the subject of micro investing, and I think it's safe

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Speaker 3: to save e that the post went a little bit viral,

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Speaker 3: went a little bit off, I.

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Speaker 1: Mean in a closed community viral in that sense. Yeah,

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Speaker 1: absolutely could go.

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Speaker 3: But that kind of made us realize that this is

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Speaker 3: a massive topic that you guys are really interested in.

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Speaker 3: So that's what we're going to be addressing today, but

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Speaker 3: instead of just doing our usual show, we decided the

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Speaker 3: easiest way to tackle it is to break it down

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Speaker 3: into two episodes.

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Speaker 2: Give you're two investing exactly. That is what the people want,

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Speaker 2: Georgia exactly.

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Speaker 3: Not to give the people what they want, and that's

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Speaker 3: what we're all about here at sottom So. Today's show

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Speaker 3: we'll be covering off the basics of what micro investing

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Speaker 3: platforms are and how they work. And then Part two,

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Speaker 3: which will drop next week, will be a Q and

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Speaker 3: A addressing those questions that you guys are eager to

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Speaker 3: have answered, so hopefully that all works out nicely for us, Victoria.

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Speaker 3: Before we do get into part one of micro Investing,

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Speaker 3: the biggest extravaganza, let's chat money wins and confessions from

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Speaker 3: the week.

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Speaker 2: How are you, Georgia King, I have had a bang

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Speaker 2: in weekend in isolation.

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Speaker 1: Bang once again. It's a new word.

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Speaker 2: I'm trying to introduce to my vocabular and will hip

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Speaker 2: more cool fresh.

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Speaker 1: Thank you love that. Trying to stay on the right

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Speaker 1: side of thirty here yeeah. Yeah.

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Speaker 2: I have maybe two money wins this week. Actually I

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Speaker 2: spoke to you about one earlier and that was. You know,

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Speaker 2: this isn't sponsored, by the way, this money win. I

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Speaker 2: just think that I'm really excited about it and want

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Speaker 2: to share it, and it's a genuine money win. On

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Speaker 2: the weekend, we like every other Melbournie and on a

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Speaker 2: sunny weekend date, have been having picnics and so I

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Speaker 2: made a very good cheese platter from Audi, given they

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Speaker 2: were our sponsors last week and we actually, Georgia challenged

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Speaker 2: our community to make an Audi cheese platter for less

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Speaker 2: than twenty five dollars and whilst I didn't, actually, you know,

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Speaker 2: maybe it's a money confession, because I went over the

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Speaker 2: twenty five dollars. I actually ended up spending about sixty

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Speaker 2: dollars for my cheese platter, which was incredibly bougie. And

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Speaker 2: I'm saying cheese even though you guys know I don't

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Speaker 2: eat cheese, because I was sharing it with three other

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Speaker 2: people who do eat cheese, Georgia, and including the wine,

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Speaker 2: it was less than sixty bucks and I was pretty.

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Speaker 1: Damn happy with that.

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Speaker 2: So that was money win number one, Georgia. But money

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Speaker 2: win number two is a little bit left field, you

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Speaker 2: guys know, in Iso, I have been painting my own nails,

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Speaker 2: and I'm very much about a DIY many. I'm getting

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Speaker 2: better and better at it, like I can promise you

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Speaker 2: that I now no longer look like I've had a

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Speaker 2: two year old paint my nails, which I think is

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Speaker 2: quite a progressive thing for me, given now a six

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Speaker 2: year old looks like they've painted.

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Speaker 3: Mind right an improvement, Yeah, thank you.

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Speaker 2: The win is actually a nail polish by a company

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Speaker 2: called Essie, and I hadn't used this brand before in

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Speaker 2: this style, but they've got like a gel style polish

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Speaker 2: and you don't need a light like I have been using.

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Speaker 2: You guys know, I've been doing at home shellac, but

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Speaker 2: this is just like normal now polish. But it's lasted

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Speaker 2: on me a good ten days. And I bought it

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Speaker 2: on a door beauty for like twelve dollars ninety five

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Speaker 2: or something ridiculously good for such long wearing polish, and.

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Speaker 1: I love it.

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Speaker 2: So that's my other money win because it's much easier

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Speaker 2: than a light. I can just get it off with

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Speaker 2: regular nail polish remover. I just feel like I'm their

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Speaker 2: biggest fan now s E E Double Sie fabulous but yeah,

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Speaker 2: beautiful little colors and are very happy with that. Yeah,

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Speaker 2: So moving on, Georgia King, have you got a money

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Speaker 2: in all commission? That is, obviously get a rival my

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Speaker 2: cheese platter and diy mannies at home because I so.

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Speaker 3: Yeah, well, look I feel a little bit upset over here.

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Speaker 3: I feel you've kind of cut my grass in a way.

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Speaker 2: I can pay your nails if you want. Like we're

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Speaker 2: we're allowed in the same room as each other. Y'all

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Speaker 2: come up, probaly, no problems, baby.

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Speaker 3: My money win this week was the glorious lum Mule

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Speaker 3: rose from Ala, Oh Georgia, you're speaking to my heart

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Speaker 3: that you're picnick, didn't you?

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Speaker 1: I did? I posted about it on Instagram first.

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Speaker 3: No, well, I wrote this down first in the script, buddies.

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Speaker 1: So you know, gol joke's on you.

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Speaker 2: I don't read the script until it's two seconds before

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Speaker 2: the episode. Ah no.

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Speaker 3: But see, the good news is here that we're both

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Speaker 3: advocates for this rose, which is literally it's like mind

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Speaker 3: blowingly good. Ten ninety nine Victor, sorry you said you

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Speaker 3: sliced up some strawbs and popped them in for a

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Speaker 3: bit of a gold.

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Speaker 2: Date because I try to be really boogie on a budget,

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Speaker 2: And yeah, I just feel like, if you can get

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Speaker 2: a really beautiful looking glass with some cheap rose some

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Speaker 2: strawberries in there, if you want to get extra fancy

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Speaker 2: pop a mint leaf, you are bougie, live your best life,

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Speaker 2: and you have wine for four people and a cheese

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Speaker 2: platter under sixty bucks. Back to the gender, I'm here

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Speaker 2: for it.

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Speaker 3: So my comment there is also not sponsored, but get

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Speaker 3: some mule in your gobs. Couldn't recommend it highly enough anyway.

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Speaker 2: Also, it's in a bougie container as well. Not sorry,

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Speaker 2: it's in a bottle like it's like got gold foil.

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Speaker 2: I just feel like it looks so much more expensive.

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Speaker 3: Yeah, and it has, actually it does, and it tastes

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Speaker 3: more expensive than it is. It has a little picture

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Speaker 3: of the mule on the front, which is good, A

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Speaker 3: good time.

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Speaker 1: I have a donkey. Yeah, do you know what. Let's

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Speaker 1: stop getting off track and move.

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Speaker 3: Well, let's okay, Facebook community, Victoria. We're cusping. One hundred

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Speaker 3: thousand people in there at the most.

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Speaker 2: So many friends in there, which is the best thing ever. Honestly,

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Speaker 2: I feel like every post get so much love, like

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Speaker 2: every money win.

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Speaker 1: Someone's like jumping straight on it, and I'm like yes.

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Speaker 2: Like I don't want anybody to, you know, post in

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Speaker 2: the group and not have the same amount of love

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Speaker 2: that gets thrown at other people. So for me, I

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Speaker 2: just think it's so kind when I see other people

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Speaker 2: being like, oh, congratulations, I'm like, you don't even know

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Speaker 2: each other in you're so here for each other. I

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Speaker 2: love it anyway, big on the warm and fuzzies. But yeah,

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Speaker 2: I was gonna ask, did any posts stand out to

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Speaker 2: you this week? Yes, I have one today that I

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Speaker 2: just think is a money win, absolutely worth celebrating, and

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Speaker 2: it is from our friend Charmaine. She said, today, I

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Speaker 2: paid off my personal loan four and a half years early.

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Speaker 2: I originally had a seven year personal loan with a

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Speaker 2: stupid interest rate to buy a car in January twenty eighteen,

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Speaker 2: and after a lot of budgeting and calculating, I was

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Speaker 2: able to pay that baby off in two point five years.

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Speaker 2: It is such a relief to be debt free again.

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Speaker 2: And I just think that that's so important because not

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Speaker 2: only is she debt free, but she's not paying additional

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Speaker 2: interest for the rest of that loan. And I just

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Speaker 2: think that that's so inspiring and so exciting. And yeah,

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Speaker 2: it got like five hundred likes in point two seconds,

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Speaker 2: which I thought was really cute.

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Speaker 1: Love it.

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Speaker 2: I'm totally here for people paying off their debts early

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Speaker 2: and just like, how exciting is that because she can

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Speaker 2: start saving the amount she was allocating towards debt.

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Speaker 1: So exciting. Anyway, what have you got for us, Georgia King?

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Speaker 3: Okay, so this one is from Shannon and it's a

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Speaker 3: smaller win, but I think we celebrate all wins that

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Speaker 3: she's on the money. It's also a komb Butcher focused

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Speaker 3: money win, which we've had before on the show, and

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Speaker 3: I'm here for it.

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Speaker 2: I feel like you just see kom Butcher and little

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Speaker 2: hippie Georgia King is like, oh that's my vibe.

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Speaker 1: I'm here for Kombu.

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Speaker 3: People always say I'm a hippoets.

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Speaker 2: Because you don't ram pans and you drink a.

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Speaker 3: Lot of kom right o mate. Anyway, back to the post.

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Speaker 3: So it's from the lovely Shannon, who has written in

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Speaker 3: Kom Butcher money win. Cole's was clearing it these out

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Speaker 3: for the new glass bottles, so they were thirty eight

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Speaker 3: cents each. She got five for a total of a

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Speaker 3: dollar seventy one. She is also staff so she got

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Speaker 3: the ten ten percent off there as well. You know,

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Speaker 3: so that takes off seven cents. I think you know

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Speaker 3: everything's everything's.

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Speaker 2: Actually a whole nineteen cents. That's nearly a solid twenty

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Speaker 2: cent piece, right, that's absolutely a money win.

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Speaker 3: It all counts.

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Speaker 2: So yeah, little things, big things grow And that's the

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Speaker 2: theme of this week's show. So I just feel like

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Speaker 2: it is so important to celebrate the small wins as

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Speaker 2: well as the big ones, because if we can't celebrate

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Speaker 2: the small ones, big ones don't feel big, like they

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Speaker 2: just feel like, yeah, something that happens. And I just

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Speaker 2: I'm here for the small money wins. Yeah, I'm here

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Speaker 2: for audi wine, I'm here for kombucha that cost you

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Speaker 2: thirty eight cents a container, and I am definitely here

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Speaker 2: for getting out of dead early agreed.

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Speaker 3: Good on your Shannon. All right, let's move on to

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Speaker 3: the main topic of today's show.

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Speaker 1: Kombucha. Okay, sorry, maybe next time.

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Speaker 3: What is micro investing and is it right for you?

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Speaker 1: Now?

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Speaker 3: For those hearing the concept for the very first time,

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Speaker 3: micro investing platforms help you invest small amounts of money, frequently,

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Speaker 3: building you a neat little investment portfolio, offering you the

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Speaker 3: potential to earn more from that money rather than it

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Speaker 3: just sitting stagnant in your savings account. Now, in Australia

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Speaker 3: we have Spaceship and Rays. I think they're the main

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Speaker 3: ones that most of our community uses and are familiar with.

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Speaker 3: And then over in New Zealand, where we have a

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Speaker 3: pretty strong listenership as well, shares Is is the main

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Speaker 3: one over there. So Victoria, to start today's chat, tell

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Speaker 3: me what micro investing is and why it is such

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Speaker 3: a popular thing in our community.

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Speaker 2: So you're right, Raise and Spaceship are the two predominant

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Speaker 2: ones in our community. It does by no means mean

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Speaker 2: that they are the only ones, or that you know,

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Speaker 2: Georgia and I are actually recommending it, and I think

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Speaker 2: that we really need to preface that upfront.

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Speaker 1: It's very hard for.

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Speaker 2: Me as a financial advisor to have these conversations often

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Speaker 2: because I cannot give personal advice. But we can do

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Speaker 2: is just talk about the products, talk about how they work,

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Speaker 2: what they do, and why you might be interested in them.

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Speaker 2: And you know, we obviously have a disclaimer at the

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Speaker 2: end of this podcast, but I really wanted to put

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Speaker 2: it up front again that this is not personal advice

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Speaker 2: and you know, if you're going to start investing, you

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Speaker 2: really need to go and talk to a financial advisor

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Speaker 2: and get some They're not one size fits all. Just

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Speaker 2: because I use Rais and spaceship does not mean that

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Speaker 2: you should be using Rais in spaceship. You might choose

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Speaker 2: to do that, but that is completely your choice. So

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Speaker 2: back to your question, because I was just off on

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Speaker 2: a little rant. Micro investing Georgia essentially allows you to

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Speaker 2: invest really small amounts of money, like a dollar here

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Speaker 2: or a dollar there, or a roundup from a coffee

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Speaker 2: over an extended duration, which helps build up a profitable fund.

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Speaker 2: Usually these are either really low cost or cheap or

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Speaker 2: free apps, and they're very user friendly, and I think

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Speaker 2: that they know that they're targeting a younger demographic who

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Speaker 2: may be using these microinvesting platforms for the first time,

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Speaker 2: because it's like kind of the first step into the

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Speaker 2: investing world. So they're often not very overwhelming. They are

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Speaker 2: really clean, they're really clear, they are able to be understood,

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Speaker 2: and they're really about making small contributions to the share

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Speaker 2: market in a fairly controlled way without you having to

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Speaker 2: think much about it. You haven't gone and had to

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Speaker 2: do a whole heap of you know, research onto the

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Speaker 2: a you haven't had to understand each and every single part.

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Speaker 2: And to be honest, I really like them personally as

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Speaker 2: a way to kind of dip your.

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Speaker 1: Toes into the investment world.

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Speaker 2: So that you can get an understanding of what an

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Speaker 2: investment portfolio looks like, what performance looks like over a

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Speaker 2: period of time, and kind of experience the highs and

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Speaker 2: the lows before you go kind of like gung ho

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Speaker 2: and go all right, we'll I'll save thousands of dollars

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Speaker 2: and start investing. So for me, it's really important to

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Speaker 2: understand investing as a basis, So I'd never say.

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Speaker 1: Just download it.

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Speaker 2: You'll learn as you go, like, understand it before you

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Speaker 2: make these decisions. But I do think it's kind of

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Speaker 2: like a dip your toes in the water kind of

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Speaker 2: way of getting into investing. When I say it's kind

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Speaker 2: of like controlled, I mean because microinvesting platforms often invest

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Speaker 2: in ETFs or exchange traded funds on your behalf, which

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Speaker 2: means you're investing in the fund which has multiple shares

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Speaker 2: rather than just like one single company, not spaceship. But

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Speaker 2: we can talk about that a little bit later and Also,

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Speaker 2: if an exchange traded fund or that term feels overwhelming

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Speaker 2: to you, what I want you to do is go

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Speaker 2: straight back to see someone and listen to our episodes.

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Speaker 2: There I go into detail about what a share is,

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Speaker 2: what an ETF is, how that works, and what that means.

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Speaker 2: Because we had too bang in investment episodes, and I

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Speaker 2: think that, you know, it's always worthy of doing a

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Speaker 2: bit of a refresh to just kind of be on

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Speaker 2: the game, especially now that we're talking about a specific

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Speaker 2: type of investment, like we're talking about micro investing platforms.

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Speaker 2: But if investing as a topic is feeling overwhelming, which mate,

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Speaker 2: I know it can, Like it is not something that

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Speaker 2: we can easily wrap our heads around, I think it's

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Speaker 2: really important to just like understand that as a basis

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Speaker 2: before we start understanding, you know, the different asset classes

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Speaker 2: and the different types of investments that are out there,

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Speaker 2: because at the end of the day, we need to

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Speaker 2: get our foundations, you know, really solid. You really need

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Speaker 2: to understand those things so that when you are looking

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Speaker 2: at another platform, like a micro investing platform, you can

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Speaker 2: really easily work out if that's going to work for

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Speaker 2: you or not. In terms of why a lot of

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Speaker 2: Aussies using them. I think it's because they're honestly a

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Speaker 2: pretty easy way to make that first step into investing,

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Speaker 2: which for a lot of people, as I mentioned before,

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Speaker 2: is a pretty overwhelming concept.

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Speaker 1: It's a great.

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Speaker 2: Choice for younger investors more often than not, who are

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Speaker 2: just looking to try something new, because you don't need

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Speaker 2: big initial contributions, like you do not need to save

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Speaker 2: thousands of dollars to get started. In fact, for most

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Speaker 2: of these platforms, you can literally invest a minimum of

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Speaker 2: five dollars to get the ball rolling. It is completely

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Speaker 2: up to you. And that's what I love, being in

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Speaker 2: complete control, being able to dip your toes in the

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Speaker 2: water while not risking your life savings.

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Speaker 1: Yeah so that's a good thing.

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Speaker 3: Yeah, love it. Okay, so it's user friendly. It's a

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Speaker 3: gentle way to kind of dip your toe into the

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Speaker 3: world of investing. What would you say the other main

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Speaker 3: draw cards to micro investing platforms would.

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Speaker 1: Be, as I said before, they're not complex.

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Speaker 2: The first thing for me is that they're easy and

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Speaker 2: understandable and a lot less daunting for a lot of

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Speaker 2: people who are just starting out on their investment path.

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Speaker 2: They're not only easy to navigate, gate and use. But

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Speaker 2: all of the information is in one place, and it's

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Speaker 2: in one place that you know us as millennials and

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Speaker 2: gen XYZ. I don't know where we're up to now,

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Speaker 2: but we all have phones in our hands, and we

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Speaker 2: all really like phone based platforms. It's not often that

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Speaker 2: you know a millennial actually jumps on a computer to

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Speaker 2: have a look at things. We really like having things

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Speaker 2: at our fingertips twenty four seven, and these platforms give

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Speaker 2: you that freedom and that access. So I think that's

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Speaker 2: a really great feature. As I said before, most micro

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Speaker 2: investing apps invest in ETFs or index funds, so it's

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Speaker 2: all pretty risk averse, and that means essentially that you

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Speaker 2: don't need to be an investing genius to make the

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Speaker 2: most out of this platform. When we talk about risk,

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Speaker 2: you know, we're talking about Spaceship and Rays. With Spaceship

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Speaker 2: you don't actually get to choose a risk profile. You

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Speaker 2: just have their fund, whereas with Rays, you actually get

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Speaker 2: to choose what type of investor you are, So you

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Speaker 2: could be a conservative investor, you could be a really

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Speaker 2: aggressive investor. It doesn't actually matter which one you choose,

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Speaker 2: because you'll be able to see each option and pick

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Speaker 2: the one that aligns most closely with your values and

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Speaker 2: your goals and your investment timeframe, which I think is

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Speaker 2: really important to understand and kind of start wrapping your

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Speaker 2: head around, because these are the types of questions that

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Speaker 2: you're going to be asked by a financial advisor if

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Speaker 2: you ever go to invest bigger sums of money. They're

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Speaker 2: going to go, cool, let's talk about risk, and you'll

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Speaker 2: be like, oh, my gosh, what is that? Whereas if

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Speaker 2: you've been using a micro investing platform, you're more likely

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Speaker 2: to just understand the terminology and the different phrases and

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Speaker 2: you know what it actually means. And I think that

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Speaker 2: that puts you in a more powerful position to make

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Speaker 2: decisions that are you know, really well aligned to you

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Speaker 2: and your goals. As I mentioned before as well, I

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Speaker 2: think the second great thing, as we mentioned before, is

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Speaker 2: there's no deposit required, so you don't need to take

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Speaker 2: a thousand dollars out to start investing. You can literally

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Speaker 2: start with five bucks and that's a money win for me.

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Speaker 2: But then also given you don't need to invest thousands,

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Speaker 2: it just means that there is just so much more

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Speaker 2: access for this. Everybody is able to access these platforms,

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Speaker 2: and it's no longer something where the investment world was

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Speaker 2: seen as you know, only for rich people, and I

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Speaker 2: just I want to break that down so desperately because

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Speaker 2: it is not, and it is going to be in

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Speaker 2: the future. Investing is the key to financial freedom, It

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Speaker 2: is the key to creating wealth. It is the key

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Speaker 2: to literally breaking free financially. And these are really great

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Speaker 2: steps in the way of us understanding them, or you know,

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Speaker 2: if you're a unique getting started when you're really passionate

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Speaker 2: about it. But for me, also, there's no big lifestyle

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Speaker 2: change involved. It's not like you have to go and

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Speaker 2: you know, like we spoke about on the pod last week,

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Speaker 2: we spoke about fire, which means you need to have

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Speaker 2: like ridiculously higher levels of sacrifice to absolutely nail it.

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Speaker 2: But with microinvesting, nothing really changes. Sometimes it's just the

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Speaker 2: cost of a cup of coffee. In saying that your

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Speaker 2: contributions are obviously going to compound over time, and the

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Speaker 2: cost of a cup of coffee my compound. But that's

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Speaker 2: definitely not going to sustain your entire life. So I

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Speaker 2: think that, you know, you can't just think that microinvesting

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Speaker 2: platforms are the key of the few true, and you're

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Speaker 2: going to be in this epic financial position because you

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Speaker 2: download an app and you know, put five bucks in it,

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Speaker 2: Like that isn't going to create financial freedom. What we're

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Speaker 2: talking about here is starting to really understand the concepts

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Speaker 2: that help you create financial freedom. That's what we're trying

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Speaker 2: to nail here.

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Speaker 1: Yeah, I love it, well said.

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Speaker 3: Would you say that those few reasons are the main

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Speaker 3: reasons that you have them? Be because I know you

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Speaker 3: use both Rays and Spaceship, which is interesting. Would there

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Speaker 3: any other reasons that you use them?

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Speaker 2: I use them mainly because I'm a bit of an

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Speaker 2: investment nerd. Let's be honest, Like I have a bigger

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Speaker 2: investment portfolio that I invest in with just different stuff

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Speaker 2: that aligns to my goals and my values. But you're right,

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Speaker 2: I do use Raise. I do use Spaceship. That is,

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Speaker 2: by no means of recommendation for other people to use

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Speaker 2: it unless it, you know, ligns to their goals and

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Speaker 2: their values. But I use them both for different reasons.

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Speaker 2: So first things first, I use Rays because it rounds

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Speaker 2: up and it attaches to the bank accounts that I have,

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Speaker 2: and everytime I spend four dollars fifty or my own

403
00:17:58,160 --> 00:18:01,719
Speaker 2: LATAG I end up in position where fifty cents if

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Speaker 2: that four dollars fifty has been invested on my behalf

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Speaker 2: into my investment portfolio with rays, and over time that compounds.

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Speaker 2: Like I'm a very big believer that from little things,

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Speaker 2: big things grow, and we're in a position where, you

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Speaker 2: know what, like I didn't feel that additional fifty cents,

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Speaker 2: and I'm all about making as many investments as possible

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Speaker 2: because that's in line with my values. So you know,

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Speaker 2: over time, I might find that at the end of

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Speaker 2: the year, I have a couple of one hundred dollars

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Speaker 2: in that account or one thousand dollars in that account,

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Speaker 2: and I can cash that out and put that into

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Speaker 2: my bigger investment portfolio, and it's kind of a bonus

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Speaker 2: that I didn't have before. Or I get to Christmas

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Speaker 2: time and I go, oh, my gosh, I didn't budget

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Speaker 2: for this, and this is probably a good one that

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Speaker 2: will have on an episode in the near future about

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Speaker 2: Christmas budgeting. I promise it's coming, but I get to

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Speaker 2: Christmas and I'm like, great, that's an extra thousand dollars.

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Speaker 2: I didn't know where present money was coming from, and

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Speaker 2: it's kind of like chipped away out during the year.

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Speaker 2: But then Spaceship for me, I have purely out of interest,

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Speaker 2: if I'm honest, put some money into it, and I

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Speaker 2: just like watching it tick over. I like looking at

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Speaker 2: their fund I like looking at their performance. And also

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Speaker 2: because if she's on the money when other people are

429
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Speaker 2: asking questions, I really want to feel like I can

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Speaker 2: actually just jump into the app and understand it and

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Speaker 2: go yep, no, this is why this works this way,

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Speaker 2: instead of being like, oh, I don't know, I don't.

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Speaker 1: Have that app, I don't yea yeah.

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Speaker 2: Like for me, it's all about education and just understanding

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Speaker 2: what our community you're up to. And if something has

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Speaker 2: been overwhelmingly spoken about, I'm very likely to download it

437
00:19:29,560 --> 00:19:31,560
Speaker 2: and just check it all out. And that's why I

438
00:19:31,560 --> 00:19:32,640
Speaker 2: have too many bank accounts.

439
00:19:32,680 --> 00:19:34,439
Speaker 1: You just love it. Question on that.

440
00:19:34,600 --> 00:19:38,320
Speaker 3: So you said you have Spaceship out of interest. You

441
00:19:38,400 --> 00:19:41,640
Speaker 3: mean out of curiosity, not because of the interest right,

442
00:19:41,800 --> 00:19:42,320
Speaker 3: just check it.

443
00:19:42,400 --> 00:19:46,080
Speaker 2: No, not because of the interest rate, purely because I'm curious.

444
00:19:46,240 --> 00:19:48,960
Speaker 2: Like curiosity killed the cat though, And I think that

445
00:19:49,000 --> 00:19:52,560
Speaker 2: it is really important to understand that more investing platforms

446
00:19:52,640 --> 00:19:56,240
Speaker 2: do not equal better like having one really solid investment

447
00:19:56,320 --> 00:19:59,560
Speaker 2: plan is going to trump anything else. And you know,

448
00:19:59,680 --> 00:20:02,679
Speaker 2: divert sifying you know, too too too much can be

449
00:20:02,840 --> 00:20:05,359
Speaker 2: a problem. So I think it's important to you know,

450
00:20:05,480 --> 00:20:07,960
Speaker 2: pick something and have conviction in it. I have both

451
00:20:08,000 --> 00:20:11,080
Speaker 2: because I use them both very differently. But I'm a

452
00:20:11,160 --> 00:20:14,080
Speaker 2: little bit more flippant about it than other people should be,

453
00:20:14,520 --> 00:20:17,239
Speaker 2: purely because it isn't my main source of you know,

454
00:20:17,440 --> 00:20:21,400
Speaker 2: future wealth creation. I have a different investment portfolio managed

455
00:20:21,440 --> 00:20:24,080
Speaker 2: by a financial advisor who is not being so I

456
00:20:24,119 --> 00:20:26,359
Speaker 2: think it's really important to point that out as well.

457
00:20:26,400 --> 00:20:29,320
Speaker 2: Like I'm a financial advisor who has a financial advisor

458
00:20:29,600 --> 00:20:32,399
Speaker 2: as much as I really know what's going on, I

459
00:20:32,400 --> 00:20:35,760
Speaker 2: think it's also important to point out that, Hi, I

460
00:20:35,800 --> 00:20:39,000
Speaker 2: am an emotional human as well. I don't always make

461
00:20:39,119 --> 00:20:41,760
Speaker 2: decisions that are, you know, pragmatically the best.

462
00:20:41,920 --> 00:20:43,880
Speaker 1: Yes, I can do that for clients.

463
00:20:43,440 --> 00:20:45,480
Speaker 2: But when it comes to your own portfolio, I think

464
00:20:45,520 --> 00:20:48,119
Speaker 2: it's really important to just have that third party and

465
00:20:48,240 --> 00:20:50,560
Speaker 2: my financial advisor keeps my head screwed onto.

466
00:20:50,760 --> 00:20:50,960
Speaker 4: Yeah.

467
00:20:51,119 --> 00:20:53,199
Speaker 3: But in saying that, you of course don't need a

468
00:20:53,240 --> 00:20:57,040
Speaker 3: financial advisor to get involved with the micro investment platforms.

469
00:20:56,640 --> 00:20:59,399
Speaker 2: Right, absolutely not. You just need an app store.

470
00:21:00,160 --> 00:21:00,520
Speaker 5: See.

471
00:21:01,520 --> 00:21:05,199
Speaker 3: Okay, so there's quite a few pros. There Is there

472
00:21:05,240 --> 00:21:06,919
Speaker 3: anything that you think we need to.

473
00:21:06,920 --> 00:21:07,560
Speaker 1: Be mindful of.

474
00:21:07,760 --> 00:21:09,320
Speaker 2: I think that when it comes down to it, it's

475
00:21:09,359 --> 00:21:11,520
Speaker 2: really important to not just go, oh my gosh, this

476
00:21:11,560 --> 00:21:13,520
Speaker 2: is great, I'll just download it, like you really need

477
00:21:13,560 --> 00:21:16,199
Speaker 2: to think about this. It does take up time to

478
00:21:16,240 --> 00:21:19,720
Speaker 2: build wealth via these platforms, obviously, because you're not investing

479
00:21:19,800 --> 00:21:23,080
Speaker 2: as significant an amount as if you were investing thousands

480
00:21:23,119 --> 00:21:24,840
Speaker 2: of dollars in the share market and how to financial

481
00:21:24,880 --> 00:21:27,640
Speaker 2: advisor in this massive investment plan, right, So if you're

482
00:21:27,640 --> 00:21:30,760
Speaker 2: an investor who knows what you're doing, you might end up,

483
00:21:30,880 --> 00:21:33,480
Speaker 2: you know, not feeling as empowered because you're actually investing

484
00:21:33,520 --> 00:21:35,480
Speaker 2: a lot less in these platforms, unless you choose a

485
00:21:35,520 --> 00:21:38,080
Speaker 2: massive amount to invest, in which case you really need

486
00:21:38,119 --> 00:21:40,280
Speaker 2: to look at how much it's going to cost to

487
00:21:40,320 --> 00:21:43,240
Speaker 2: invest on these platforms and assess what is the best

488
00:21:43,280 --> 00:21:45,920
Speaker 2: option for you, because it might not be that platform.

489
00:21:46,119 --> 00:21:48,480
Speaker 2: I also think it is really important that if you

490
00:21:48,560 --> 00:21:52,040
Speaker 2: are planning on seeing bigger returns, as in you're investing

491
00:21:52,119 --> 00:21:54,840
Speaker 2: a large sum of money like ten grand or twenty grand,

492
00:21:54,920 --> 00:21:57,320
Speaker 2: and you're still a little bit fluxomed by the whole

493
00:21:57,359 --> 00:21:59,800
Speaker 2: investing thing. Then you might be better off to just

494
00:22:00,000 --> 00:22:02,440
Speaker 2: adding to a financial advisor so you can make sure

495
00:22:02,480 --> 00:22:04,600
Speaker 2: that your investment strategy actually fits.

496
00:22:04,400 --> 00:22:05,480
Speaker 1: With your goals and values.

497
00:22:05,520 --> 00:22:09,119
Speaker 2: Like this is so important because I also see a

498
00:22:09,160 --> 00:22:12,040
Speaker 2: lot of people in our Facebook community and they comment

499
00:22:12,080 --> 00:22:13,760
Speaker 2: on things. They're like, Oh, I had raised and then

500
00:22:13,800 --> 00:22:17,399
Speaker 2: I deleted it because the returns were terrible. It's like,

501
00:22:17,880 --> 00:22:20,160
Speaker 2: how long were you invested for? And they're like, oh,

502
00:22:20,240 --> 00:22:22,280
Speaker 2: had it for like three weeks and I lost money.

503
00:22:22,440 --> 00:22:27,280
Speaker 2: It's like, guys, the investment rules of investment world apply

504
00:22:27,520 --> 00:22:30,600
Speaker 2: here too. So if you have a micro investing platform,

505
00:22:30,680 --> 00:22:33,600
Speaker 2: that doesn't mean for micro amounts of time, Like you

506
00:22:33,760 --> 00:22:37,080
Speaker 2: still need to have plans to be on these platforms

507
00:22:37,280 --> 00:22:41,040
Speaker 2: for five plus years to see proper compound interests starting

508
00:22:41,080 --> 00:22:44,679
Speaker 2: to kick in. Compound interest is magic, but it isn't

509
00:22:44,720 --> 00:22:48,240
Speaker 2: magic overnight. There is absolutely no such thing as a

510
00:22:48,280 --> 00:22:50,760
Speaker 2: get rich quick scheme, and I think it is so

511
00:22:50,840 --> 00:22:52,800
Speaker 2: important for you to remember that, Like, if you're planning

512
00:22:52,800 --> 00:22:55,360
Speaker 2: on downloading this and only having it for six months,

513
00:22:55,480 --> 00:22:59,000
Speaker 2: you might see negative returns over six months. That doesn't

514
00:22:59,040 --> 00:23:02,040
Speaker 2: mean that the fund is performing badly. It just means

515
00:23:02,040 --> 00:23:05,399
Speaker 2: that that six month period of time the share market

516
00:23:05,440 --> 00:23:08,320
Speaker 2: has gone down. For example, if you downloaded, and I'm

517
00:23:08,320 --> 00:23:10,640
Speaker 2: sure there's a fair few people thinking about this right

518
00:23:10,640 --> 00:23:13,520
Speaker 2: now and going to Toroa. My platforms off at the moment,

519
00:23:13,800 --> 00:23:16,000
Speaker 2: so will we in the midst of the global pandemics

520
00:23:16,040 --> 00:23:18,840
Speaker 2: if you downloaded one of these microinvesting platforms in like

521
00:23:18,960 --> 00:23:22,600
Speaker 2: January or February here in Australia. Yes, of course your

522
00:23:22,600 --> 00:23:25,040
Speaker 2: share portfolio is going to be off. We've been through

523
00:23:25,119 --> 00:23:28,120
Speaker 2: so much. But you also need to remember that there

524
00:23:28,200 --> 00:23:30,040
Speaker 2: is a very big chance that is going to come

525
00:23:30,080 --> 00:23:33,280
Speaker 2: back off soon once everything kind of settles down. So

526
00:23:33,880 --> 00:23:36,359
Speaker 2: in exactly the same way that I would make recommendations

527
00:23:36,400 --> 00:23:40,359
Speaker 2: about normal investing, do not invest for short periods of time.

528
00:23:40,600 --> 00:23:43,240
Speaker 2: Invest for long periods of time. If you're looking at

529
00:23:43,280 --> 00:23:46,359
Speaker 2: anything under five years, I think it's really important to

530
00:23:46,440 --> 00:23:50,520
Speaker 2: really reconsider what your strategy is. But in saying that,

531
00:23:50,640 --> 00:23:53,520
Speaker 2: I also have clients who use it for short periods

532
00:23:53,560 --> 00:23:56,240
Speaker 2: of time. You just have to understand what the risks

533
00:23:56,280 --> 00:23:59,520
Speaker 2: associated are and the fact that yes, you could lose

534
00:23:59,560 --> 00:24:02,040
Speaker 2: some money. You're planning on taking it out in December

535
00:24:02,080 --> 00:24:04,720
Speaker 2: and you only got it in January, like it could

536
00:24:04,800 --> 00:24:07,399
Speaker 2: happen and that's okay, but you need to be in

537
00:24:07,400 --> 00:24:09,840
Speaker 2: a position where you're not only willing to risk that

538
00:24:10,000 --> 00:24:12,920
Speaker 2: but also write it out if it is off. Can

539
00:24:12,960 --> 00:24:15,359
Speaker 2: you leave that money invested for a little bit longer

540
00:24:15,440 --> 00:24:17,520
Speaker 2: so that it can come back off. So I think

541
00:24:17,600 --> 00:24:21,720
Speaker 2: it's really important to consider these things. And then also

542
00:24:21,960 --> 00:24:25,040
Speaker 2: there are fees attached with certain platforms that can make

543
00:24:25,080 --> 00:24:28,240
Speaker 2: a difference to your return. So usually there be something

544
00:24:28,320 --> 00:24:30,760
Speaker 2: like two dollars fifty or three dollars a month, but

545
00:24:30,880 --> 00:24:35,520
Speaker 2: these incentives are there to keep you contributing. So Georgia,

546
00:24:35,600 --> 00:24:39,199
Speaker 2: the investment fee for raise sits at about two dollars

547
00:24:39,240 --> 00:24:42,240
Speaker 2: fifty a month, and that doesn't seem like much. Yes,

548
00:24:42,280 --> 00:24:44,359
Speaker 2: it's less than a cup of coffee, but it's still

549
00:24:44,480 --> 00:24:48,840
Speaker 2: worth thinking about because in investment land, I would want

550
00:24:48,880 --> 00:24:52,560
Speaker 2: to see you be paying always one percent or less

551
00:24:52,720 --> 00:24:56,520
Speaker 2: for fees for an investment platform. That's just my guide. Yes,

552
00:24:56,560 --> 00:24:59,520
Speaker 2: there are always going to be platforms that are more expensive,

553
00:24:59,560 --> 00:25:02,280
Speaker 2: but they might carry higher risks or just different investment

554
00:25:02,320 --> 00:25:04,960
Speaker 2: strategies that you're interested in. But that's kind of like

555
00:25:05,040 --> 00:25:07,600
Speaker 2: the rule of Thumber. I would say, so one percent

556
00:25:07,640 --> 00:25:09,479
Speaker 2: on a monthly basis of two dollars fifty is two

557
00:25:09,560 --> 00:25:12,120
Speaker 2: hundred and fifty dollars, right, But that fee happens each

558
00:25:12,119 --> 00:25:14,199
Speaker 2: and every single month, So that means that you have

559
00:25:14,440 --> 00:25:17,760
Speaker 2: over the course of twelve months, thirty dollars in total

560
00:25:17,760 --> 00:25:21,480
Speaker 2: worth of fees. Now exciting bonus, Georgia, we actually are

561
00:25:21,520 --> 00:25:24,480
Speaker 2: able to claim that thirty dollars on tax because it

562
00:25:24,560 --> 00:25:25,840
Speaker 2: is an investment.

563
00:25:25,320 --> 00:25:26,760
Speaker 1: Fee, which is very exciting.

564
00:25:27,200 --> 00:25:30,160
Speaker 2: But if you are then looking at thirty dollars worth

565
00:25:30,200 --> 00:25:33,000
Speaker 2: of investment fees, that means the over twelve months you

566
00:25:33,040 --> 00:25:35,359
Speaker 2: need to invest about three thousand dollars to make that

567
00:25:35,400 --> 00:25:38,400
Speaker 2: a really effective platform. In saying that, if you are

568
00:25:38,480 --> 00:25:42,120
Speaker 2: not invest in that amount, that is totally okay because

569
00:25:42,359 --> 00:25:44,679
Speaker 2: often when you're investing more, the fees do start to

570
00:25:44,680 --> 00:25:47,480
Speaker 2: come down over time. But I also think it's really

571
00:25:47,520 --> 00:25:51,000
Speaker 2: important to understand why you are using these platforms. Are

572
00:25:51,040 --> 00:25:53,919
Speaker 2: you using these platforms because they have the cheapest fees

573
00:25:53,920 --> 00:25:57,040
Speaker 2: to invest or are you using these platforms to dip

574
00:25:57,080 --> 00:26:00,520
Speaker 2: your toes in the water of financial literacy and understanding

575
00:26:00,920 --> 00:26:03,320
Speaker 2: what the share market is and how the share market

576
00:26:03,359 --> 00:26:05,880
Speaker 2: works and what that's going to look like for you. Well,

577
00:26:05,920 --> 00:26:09,239
Speaker 2: then arguably, over twelve months for me, the cost of

578
00:26:09,240 --> 00:26:11,399
Speaker 2: thirty dollars and being able to claim that on tax

579
00:26:11,520 --> 00:26:14,959
Speaker 2: is actually money well spent. So yes, in terms of fees,

580
00:26:15,400 --> 00:26:17,479
Speaker 2: you know, and you only had five hundred dollars in

581
00:26:17,480 --> 00:26:19,560
Speaker 2: that account for the twelve months that you had it,

582
00:26:19,640 --> 00:26:22,600
Speaker 2: obviously the percentage of fees would be higher and therefore

583
00:26:22,640 --> 00:26:25,520
Speaker 2: it would seem expensive. But for me, I also think

584
00:26:25,560 --> 00:26:28,280
Speaker 2: you really need to take into consideration what else you're

585
00:26:28,280 --> 00:26:30,399
Speaker 2: getting out of that platform, and if that means that

586
00:26:30,600 --> 00:26:33,439
Speaker 2: for thirty bucks in an annual year, you are in

587
00:26:33,480 --> 00:26:36,320
Speaker 2: a position where you know you're far more confident to

588
00:26:36,440 --> 00:26:39,399
Speaker 2: invest in the future and create financial freedom. Like, I

589
00:26:39,440 --> 00:26:41,679
Speaker 2: just think that's money well spent. And I'm not saying

590
00:26:41,880 --> 00:26:45,000
Speaker 2: that about one particular platform. I'm just saying, like, really

591
00:26:45,119 --> 00:26:48,639
Speaker 2: understand what those fees mean, because for me, yes, it

592
00:26:48,720 --> 00:26:50,639
Speaker 2: might seem scary if you're like, wow, like that's a

593
00:26:50,680 --> 00:26:52,680
Speaker 2: lot of money, But at the end of the day,

594
00:26:53,280 --> 00:26:54,720
Speaker 2: are you getting that much.

595
00:26:54,600 --> 00:26:56,600
Speaker 1: Value out of it? Arguably yes.

596
00:26:56,920 --> 00:26:59,080
Speaker 2: And then on top of that, Georgia, it's also worth

597
00:26:59,119 --> 00:27:02,639
Speaker 2: making use of. Most microinvesting platforms have like sign on

598
00:27:02,720 --> 00:27:05,240
Speaker 2: bonuses and referral codes, which I know are rife in

599
00:27:05,280 --> 00:27:07,800
Speaker 2: our community. If you're looking for them, but you can

600
00:27:07,840 --> 00:27:09,520
Speaker 2: sign up with one of them, and I know that

601
00:27:09,640 --> 00:27:12,080
Speaker 2: most of them have like a five dollars sign up bonus,

602
00:27:12,119 --> 00:27:14,200
Speaker 2: so you get let's just call it your first two

603
00:27:14,200 --> 00:27:17,000
Speaker 2: months a fees are covered. But then I think that's

604
00:27:17,040 --> 00:27:19,560
Speaker 2: really important just to talk about as well. You know,

605
00:27:19,680 --> 00:27:22,239
Speaker 2: don't just sign up because you get free money, like

606
00:27:22,320 --> 00:27:25,240
Speaker 2: it is a commitment and is an investment, Like, really

607
00:27:25,359 --> 00:27:27,720
Speaker 2: understand that it's nice if you were always going to

608
00:27:27,760 --> 00:27:29,640
Speaker 2: plan to do that, but don't do it just because

609
00:27:29,640 --> 00:27:31,880
Speaker 2: you get free five dollars, Like that's not a good

610
00:27:31,920 --> 00:27:32,679
Speaker 2: reason to do it.

611
00:27:32,840 --> 00:27:37,800
Speaker 3: Yeah. Yeah, What would you say if someone was coming

612
00:27:37,840 --> 00:27:40,040
Speaker 3: to you and they had fifty thousand dollars in the

613
00:27:40,040 --> 00:27:43,800
Speaker 3: bank and they were wanting to invest, would you say

614
00:27:44,359 --> 00:27:47,879
Speaker 3: high suites go with the micro investing platform option or

615
00:27:47,920 --> 00:27:50,800
Speaker 3: would you say get on the stock market duh, Like

616
00:27:51,040 --> 00:27:54,600
Speaker 3: I mean, I'm assuming you would use slightly more professional

617
00:27:55,000 --> 00:27:55,400
Speaker 3: kind of.

618
00:27:55,920 --> 00:27:59,520
Speaker 2: No, that's what I say. I also answer the phone like, Yo.

619
00:28:00,080 --> 00:28:02,240
Speaker 1: That's just so what I do, Georgia.

620
00:28:02,359 --> 00:28:04,919
Speaker 2: No, I think it's really important to understand their goals

621
00:28:04,960 --> 00:28:07,880
Speaker 2: and what they're trying to achieve. And it's actually quite

622
00:28:07,960 --> 00:28:10,040
Speaker 2: interesting because I obviously have a lot of people coming

623
00:28:10,040 --> 00:28:11,800
Speaker 2: to me and saying, Oh, Victoria, I have fifty thousand

624
00:28:11,840 --> 00:28:13,440
Speaker 2: dollars i'd like to invest or I have one hundred

625
00:28:13,480 --> 00:28:15,760
Speaker 2: thousand dollars I'd like to invest. I think you need

626
00:28:15,800 --> 00:28:19,080
Speaker 2: to understand when, where, how, how long for all of

627
00:28:19,119 --> 00:28:21,919
Speaker 2: those things about that money before you do it, because

628
00:28:22,000 --> 00:28:25,800
Speaker 2: more often than not, I'll have someone like you, Georgia.

629
00:28:25,320 --> 00:28:27,680
Speaker 1: Come in and they'll say, Victoria, I really want to invest.

630
00:28:27,720 --> 00:28:29,320
Speaker 2: I have fifty thousand dollars and I was like, Wow,

631
00:28:29,440 --> 00:28:32,239
Speaker 2: that's incredible, congratulations, let's do it.

632
00:28:32,280 --> 00:28:33,760
Speaker 1: Do you want to invest that full amount?

633
00:28:33,760 --> 00:28:35,560
Speaker 2: And they're like, yes, but I also need to take

634
00:28:35,600 --> 00:28:36,840
Speaker 2: it out in two years because I want to buy

635
00:28:36,880 --> 00:28:37,160
Speaker 2: a house.

636
00:28:37,240 --> 00:28:38,600
Speaker 1: And I'd be like, okay, well.

637
00:28:38,440 --> 00:28:40,800
Speaker 2: We're not investing, are we, because that is a terrible

638
00:28:40,840 --> 00:28:43,240
Speaker 2: idea because that is too short a period of time

639
00:28:43,280 --> 00:28:45,920
Speaker 2: to expose that money to the market, and there's just

640
00:28:45,920 --> 00:28:47,360
Speaker 2: too much risk associated with that.

641
00:28:47,400 --> 00:28:49,360
Speaker 1: I'm not doing it. And they go, oh, but it's

642
00:28:49,360 --> 00:28:49,880
Speaker 1: sitting there.

643
00:28:49,960 --> 00:28:52,720
Speaker 2: I'm like, yes, because it's going to an e because

644
00:28:52,720 --> 00:28:55,320
Speaker 2: it's going to a different asset class. The plan for

645
00:28:55,400 --> 00:28:57,520
Speaker 2: that is property, and I think we really need to

646
00:28:57,520 --> 00:28:59,800
Speaker 2: be clear on why we are investing So if you

647
00:28:59,840 --> 00:29:02,080
Speaker 2: have fifty thousand dollars and you come to me and

648
00:29:02,120 --> 00:29:04,160
Speaker 2: say I want to invest it, I would assume that

649
00:29:04,240 --> 00:29:06,280
Speaker 2: you wanted to invest that full amount, So it's really

650
00:29:06,320 --> 00:29:09,080
Speaker 2: important to understand what that means. I also think that

651
00:29:09,160 --> 00:29:11,800
Speaker 2: it is really important when you start investing to be

652
00:29:11,960 --> 00:29:14,920
Speaker 2: super comfortable with the concept of it. So if that

653
00:29:15,040 --> 00:29:17,680
Speaker 2: means that you don't invest for another twelve months, that

654
00:29:17,840 --> 00:29:19,760
Speaker 2: is fine. If you just want to use, you know,

655
00:29:19,960 --> 00:29:22,480
Speaker 2: a micro investing platform and invest you know, ten or

656
00:29:22,480 --> 00:29:25,479
Speaker 2: fifteen dollars a month and be really conservative about it,

657
00:29:25,800 --> 00:29:27,360
Speaker 2: just so you can kind of dip your toes in

658
00:29:27,400 --> 00:29:29,880
Speaker 2: the water and get an understanding of it before you,

659
00:29:29,880 --> 00:29:32,880
Speaker 2: you know, commit your life savings to an asset. That

660
00:29:33,080 --> 00:29:36,040
Speaker 2: can feel really overwhelming, because the worst thing I can

661
00:29:36,080 --> 00:29:38,800
Speaker 2: do as a financial advisor is take someone on and

662
00:29:38,800 --> 00:29:40,960
Speaker 2: be like, oh, you just get comfortable with it once

663
00:29:41,000 --> 00:29:43,600
Speaker 2: we get into it, Like no, I don't want that.

664
00:29:43,680 --> 00:29:44,320
Speaker 1: I want you to.

665
00:29:44,240 --> 00:29:46,440
Speaker 2: Say, Victoria, but like, why can't we invest now and

666
00:29:46,440 --> 00:29:47,640
Speaker 2: to go okay, now.

667
00:29:47,520 --> 00:29:48,040
Speaker 1: Is the time.

668
00:29:48,080 --> 00:29:50,200
Speaker 2: I want everybody to be on the same page. I

669
00:29:50,240 --> 00:29:52,440
Speaker 2: want to be as excited about it as you are,

670
00:29:52,760 --> 00:29:54,560
Speaker 2: because I want you to be able to sleep at night.

671
00:29:54,600 --> 00:29:56,720
Speaker 2: I don't want you to be scared or worried or

672
00:29:56,920 --> 00:29:59,400
Speaker 2: you know, concerned about your asset. I want you to

673
00:29:59,400 --> 00:30:01,440
Speaker 2: have as much care viction in that as I do.

674
00:30:01,840 --> 00:30:04,880
Speaker 2: And that takes time. So if someone came to me

675
00:30:04,920 --> 00:30:07,400
Speaker 2: with fifty thousand dollars, I'd say, okay, well, what are

676
00:30:07,440 --> 00:30:09,600
Speaker 2: we actually trying to do here? You know, what's your

677
00:30:09,640 --> 00:30:11,480
Speaker 2: time frame? How is this going to work? What does

678
00:30:11,520 --> 00:30:13,720
Speaker 2: this actually look like? And how can we create that

679
00:30:13,840 --> 00:30:16,720
Speaker 2: for you as opposed to our right, there's no one

680
00:30:16,760 --> 00:30:17,680
Speaker 2: size fits all approach.

681
00:30:17,720 --> 00:30:20,160
Speaker 1: It's not up fifty thousand dollars right, well, this is.

682
00:30:20,120 --> 00:30:22,600
Speaker 2: The stock i'd buy, Like, it doesn't work like that

683
00:30:22,840 --> 00:30:26,240
Speaker 2: because everybody's investment strategy is different because we all have

684
00:30:26,320 --> 00:30:28,560
Speaker 2: different goals and we all have different things that we

685
00:30:28,600 --> 00:30:31,600
Speaker 2: want to achieve. So sorry that I'm you know, being

686
00:30:31,640 --> 00:30:33,800
Speaker 2: a little bit evasive there, but that's just the cold,

687
00:30:33,840 --> 00:30:35,040
Speaker 2: hard truth of it, my friend.

688
00:30:35,320 --> 00:30:37,520
Speaker 3: No, Well, it makes sense, and I mean, life would

689
00:30:37,560 --> 00:30:39,920
Speaker 3: be so much easier if it was just like clear

690
00:30:39,960 --> 00:30:42,000
Speaker 3: cut and we knew how much of a percentage of

691
00:30:42,000 --> 00:30:44,080
Speaker 3: our income we had to invest to be filthy rich

692
00:30:44,120 --> 00:30:46,320
Speaker 3: by the time we retire, Like it'd be nice but

693
00:30:46,560 --> 00:30:48,120
Speaker 3: it is different for everyone.

694
00:30:47,760 --> 00:30:48,520
Speaker 1: One hundred percent.

695
00:30:48,640 --> 00:30:50,520
Speaker 2: And this is something that I've been going on and

696
00:30:50,600 --> 00:30:53,120
Speaker 2: on and on about because We've just released our budgeting

697
00:30:53,120 --> 00:30:56,440
Speaker 2: and cash flow course, and people keep saying like, well,

698
00:30:56,440 --> 00:30:59,360
Speaker 2: what percentage should I be saving? Or what percentage should

699
00:30:59,400 --> 00:31:01,800
Speaker 2: I be invested? Or what percentage should I be spending

700
00:31:01,840 --> 00:31:04,479
Speaker 2: on clothes and shoes and alcohol? And I just go,

701
00:31:05,120 --> 00:31:08,040
Speaker 2: that is such a redundant way of looking at things

702
00:31:08,160 --> 00:31:11,280
Speaker 2: that actually just makes us feel bad about ourselves. If

703
00:31:11,320 --> 00:31:15,080
Speaker 2: you earn forty thousand dollars, it is not reasonable to

704
00:31:15,160 --> 00:31:18,480
Speaker 2: assume that you can allocate twenty percent to savings. You

705
00:31:18,520 --> 00:31:22,280
Speaker 2: don't have that much to save because living is expensive,

706
00:31:22,720 --> 00:31:26,200
Speaker 2: and I think it's unnecessary, like it's super unnecessary pressure

707
00:31:26,200 --> 00:31:28,560
Speaker 2: to put on yourself when doing a budget or doing

708
00:31:28,600 --> 00:31:29,160
Speaker 2: cash flow.

709
00:31:29,320 --> 00:31:30,680
Speaker 1: Whereas if Georgia you had.

710
00:31:30,600 --> 00:31:32,640
Speaker 2: An income of four hundred thousand dollars and I mean,

711
00:31:32,680 --> 00:31:34,520
Speaker 2: I'm sorry, she's on the money does not pay you

712
00:31:34,560 --> 00:31:38,200
Speaker 2: that well, So sorry about that. Doesn't pay anybody that well.

713
00:31:38,480 --> 00:31:41,000
Speaker 2: But if you had that income, you best believe I

714
00:31:41,040 --> 00:31:42,840
Speaker 2: want you to be saving more than twenty percent of

715
00:31:42,840 --> 00:31:45,840
Speaker 2: your income because you have a lot of disposable income

716
00:31:45,840 --> 00:31:49,160
Speaker 2: in comparison to somebody else. So for me, percentages sometimes

717
00:31:49,200 --> 00:31:51,520
Speaker 2: they're nice to have because you can just use them

718
00:31:51,520 --> 00:31:54,320
Speaker 2: as a tool to understand what your cash flow is

719
00:31:54,640 --> 00:31:57,360
Speaker 2: when it comes to budgeting, But it is not something

720
00:31:57,400 --> 00:31:59,560
Speaker 2: that I would use as a benchmark. I would be

721
00:31:59,600 --> 00:32:03,240
Speaker 2: looking at your situation personally and going, Okay, this makes

722
00:32:03,320 --> 00:32:06,080
Speaker 2: sense because of ABC and D like, stop putting so

723
00:32:06,160 --> 00:32:09,320
Speaker 2: much pressure on yourself to conform to a percentage that

724
00:32:09,480 --> 00:32:11,520
Speaker 2: some middle aged white guy recommended.

725
00:32:11,640 --> 00:32:12,440
Speaker 1: Yeah, love it.

726
00:32:12,960 --> 00:32:16,480
Speaker 3: I feel like I still have so many questions.

727
00:32:15,840 --> 00:32:16,600
Speaker 1: But you do.

728
00:32:16,680 --> 00:32:19,120
Speaker 2: That's why we're doing two episodes because I just feel

729
00:32:19,120 --> 00:32:21,000
Speaker 2: like this would be a three hour rep in the

730
00:32:21,080 --> 00:32:24,160
Speaker 2: end if we didn't, you know, cap ourselves exactly.

731
00:32:24,680 --> 00:32:28,160
Speaker 3: So before we go to the listener question, I wanted

732
00:32:28,200 --> 00:32:31,640
Speaker 3: to ask you if there are any micro investing misconceptions

733
00:32:31,680 --> 00:32:32,760
Speaker 3: you'd lack our community.

734
00:32:32,920 --> 00:32:35,040
Speaker 1: Good question. I think there are a few.

735
00:32:35,200 --> 00:32:37,440
Speaker 2: So the first is that you should only be investing

736
00:32:37,440 --> 00:32:39,400
Speaker 2: if you already have a decent amount of money in

737
00:32:39,440 --> 00:32:42,240
Speaker 2: your savings account. Yes, I think we should all have

738
00:32:42,280 --> 00:32:46,600
Speaker 2: an emergency fund before even considering investing. It doesn't mean

739
00:32:46,640 --> 00:32:48,280
Speaker 2: you have to have a you know, full time high

740
00:32:48,320 --> 00:32:50,640
Speaker 2: paid job, but you do need to have emergency funds,

741
00:32:50,640 --> 00:32:54,640
Speaker 2: because your investment portfolio is absolutely not your emergency fund

742
00:32:54,920 --> 00:32:57,360
Speaker 2: because in the a situation where you need to rip

743
00:32:57,360 --> 00:33:00,000
Speaker 2: it out and pay for some spare tires, you don't

744
00:33:00,080 --> 00:33:02,240
Speaker 2: want to be losing money in the process of making

745
00:33:02,240 --> 00:33:05,600
Speaker 2: that decision. I also think it is a misconception that

746
00:33:05,640 --> 00:33:08,640
Speaker 2: you should be investing if you are in personal debt.

747
00:33:08,920 --> 00:33:10,760
Speaker 2: So if you're in personal debt, you need to get

748
00:33:10,760 --> 00:33:13,280
Speaker 2: your budget and cash flow sorted so you can start

749
00:33:13,320 --> 00:33:15,760
Speaker 2: allocating the money that you've been paying off to debt

750
00:33:15,960 --> 00:33:19,160
Speaker 2: towards your investments. But you don't do them side by

751
00:33:19,240 --> 00:33:22,560
Speaker 2: side unless your debt is you know, a hex debt

752
00:33:22,600 --> 00:33:25,320
Speaker 2: where it doesn't actually carry any interest rate, in which

753
00:33:25,400 --> 00:33:27,640
Speaker 2: case I'm like, yep, gung ho, let's go. But if

754
00:33:27,680 --> 00:33:30,960
Speaker 2: you have personal debt at like fourteen or fifteen percent, girl,

755
00:33:30,960 --> 00:33:33,000
Speaker 2: I wish I could promise that to you on the

756
00:33:33,040 --> 00:33:35,600
Speaker 2: investment market, like I if I could lock that in,

757
00:33:35,920 --> 00:33:36,920
Speaker 2: that's fantastic.

758
00:33:37,160 --> 00:33:38,320
Speaker 1: But paying debt.

759
00:33:38,160 --> 00:33:41,040
Speaker 2: Off in itself is an investment because you are saving

760
00:33:41,080 --> 00:33:44,720
Speaker 2: yourself in the long term. That's thirteen, fourteen, eighteen, twenty

761
00:33:44,720 --> 00:33:47,680
Speaker 2: two percent or whatever interest rate you're paying, and that's

762
00:33:47,680 --> 00:33:49,920
Speaker 2: better than the share market. So honestly, get out of

763
00:33:50,000 --> 00:33:53,160
Speaker 2: debt before you consider any of these things. I honestly

764
00:33:53,240 --> 00:33:56,160
Speaker 2: don't want to see you investing and you know, listening

765
00:33:56,160 --> 00:33:58,120
Speaker 2: to this episode and going right, well, I'll download my

766
00:33:58,120 --> 00:34:00,640
Speaker 2: portfolio and then you're going backwards in it another area

767
00:34:00,680 --> 00:34:03,760
Speaker 2: of your life, not an option, my friend. And also,

768
00:34:04,280 --> 00:34:06,520
Speaker 2: if you're in that position, like get out of debt,

769
00:34:06,560 --> 00:34:08,600
Speaker 2: I'm so excited for you. These are the things that

770
00:34:08,680 --> 00:34:10,920
Speaker 2: you have to look forward to, Like, we can achieve

771
00:34:11,000 --> 00:34:14,080
Speaker 2: so so much. I think there's also a massive misconception

772
00:34:14,160 --> 00:34:17,200
Speaker 2: that it's complex and too hard to consider, which is

773
00:34:17,239 --> 00:34:18,279
Speaker 2: absolutely not the case.

774
00:34:18,320 --> 00:34:19,720
Speaker 1: Like we're all in this together.

775
00:34:19,840 --> 00:34:22,279
Speaker 2: And the more you learn, the more you are inquisitive,

776
00:34:22,480 --> 00:34:24,879
Speaker 2: the more you just read bits and bobs here and there,

777
00:34:24,920 --> 00:34:26,799
Speaker 2: and you know, over the next two weeks, we're going

778
00:34:26,840 --> 00:34:29,359
Speaker 2: to be obviously dropping these episodes, but we are going

779
00:34:29,400 --> 00:34:31,600
Speaker 2: to be dropping blogs and you know, some pointers, and

780
00:34:31,600 --> 00:34:33,880
Speaker 2: I'll be posting in the Facebook group and you know,

781
00:34:33,960 --> 00:34:35,840
Speaker 2: doing a whole heap of other things. So hopefully you

782
00:34:35,880 --> 00:34:39,640
Speaker 2: guys feel really empowered and understand these concepts. I've had

783
00:34:39,640 --> 00:34:43,000
Speaker 2: a number of questions over the past couple of you know, months,

784
00:34:43,040 --> 00:34:45,839
Speaker 2: where people are saying, oh, but if I invest and

785
00:34:45,880 --> 00:34:49,480
Speaker 2: put my money in micro investing platform B, I'll have

786
00:34:49,520 --> 00:34:52,520
Speaker 2: to pay more tax. And you just go, yes, if

787
00:34:52,560 --> 00:34:56,480
Speaker 2: you realize the gains, which means yes, you will pay tax,

788
00:34:56,560 --> 00:34:59,640
Speaker 2: because anytime you make money, you will pay tax. You

789
00:34:59,680 --> 00:35:01,360
Speaker 2: won't have to pay tax on the money you just

790
00:35:01,400 --> 00:35:04,919
Speaker 2: put into the portfolio, but any money that you do make, yes,

791
00:35:05,040 --> 00:35:08,239
Speaker 2: you pay money on. So I think it's really important

792
00:35:08,239 --> 00:35:10,560
Speaker 2: to be in a position where you understand that. And

793
00:35:10,600 --> 00:35:13,759
Speaker 2: you also only pay tax on realized capital gains. And

794
00:35:13,800 --> 00:35:16,920
Speaker 2: that sounds really complex. Like memorize that though, because it

795
00:35:16,960 --> 00:35:19,440
Speaker 2: can make you sound really important and really smart when

796
00:35:19,480 --> 00:35:21,640
Speaker 2: you're a brunch, so like get that in your head.

797
00:35:21,920 --> 00:35:25,840
Speaker 2: But it means that capital gains are essentially profits.

798
00:35:25,360 --> 00:35:26,320
Speaker 1: On an investment.

799
00:35:26,760 --> 00:35:29,200
Speaker 2: And when you sell an investment at a higher price

800
00:35:29,239 --> 00:35:31,680
Speaker 2: than what you paid for it, that's what a capital

801
00:35:31,719 --> 00:35:35,040
Speaker 2: gain is when you realize it. Realizing it means you

802
00:35:35,080 --> 00:35:37,080
Speaker 2: sell it so that that cash goes straight into your

803
00:35:37,080 --> 00:35:40,280
Speaker 2: bank account. Then you will owe taxes on any profit.

804
00:35:40,640 --> 00:35:42,759
Speaker 2: So you won't owe taxes on the minimum amount that

805
00:35:42,800 --> 00:35:46,480
Speaker 2: you put in, but you will owe taxes on the profit.

806
00:35:46,560 --> 00:35:47,960
Speaker 2: So say if you put one hundred dollars in and

807
00:35:47,960 --> 00:35:49,759
Speaker 2: you made ten dollars that year, and you pulled one

808
00:35:49,840 --> 00:35:52,560
Speaker 2: hundred and ten dollars out of your investment portfolio, you'd

809
00:35:52,600 --> 00:35:54,960
Speaker 2: owe tax on your ten dollars. So I think it's

810
00:35:55,000 --> 00:35:57,640
Speaker 2: important to understand that you are only going to be

811
00:35:57,680 --> 00:35:59,560
Speaker 2: taxed when you are making money. And at the end

812
00:35:59,560 --> 00:36:02,280
Speaker 2: of the day, Georgia, I want to be the highest

813
00:36:02,400 --> 00:36:04,080
Speaker 2: tax person in the entire worl. Well, that's what you

814
00:36:04,160 --> 00:36:06,760
Speaker 2: were saying before. Yeah, tax is a good thing exactly.

815
00:36:06,840 --> 00:36:08,840
Speaker 2: Tax means you're making money, my friend. It is a

816
00:36:08,840 --> 00:36:11,640
Speaker 2: good thing to pay. And the last thing there is

817
00:36:11,680 --> 00:36:14,920
Speaker 2: that people believe that you only choose one asset class,

818
00:36:14,960 --> 00:36:16,800
Speaker 2: like you only invest in shares or you only invest

819
00:36:16,800 --> 00:36:19,120
Speaker 2: in property, But you can absolutely do both, and you

820
00:36:19,160 --> 00:36:21,600
Speaker 2: can do it at the same time. And microinvesting can

821
00:36:21,640 --> 00:36:23,240
Speaker 2: be a really great fit if you're in a position

822
00:36:23,280 --> 00:36:25,040
Speaker 2: where you are saving for a home or you've just

823
00:36:25,080 --> 00:36:28,600
Speaker 2: purchased a home, and you know you don't have hundreds

824
00:36:28,640 --> 00:36:31,160
Speaker 2: of dollars each and every single month to be investing.

825
00:36:31,440 --> 00:36:33,319
Speaker 2: So I think there are lots of reasons why these

826
00:36:33,320 --> 00:36:35,319
Speaker 2: things could work for you. But then yeah, there are

827
00:36:35,360 --> 00:36:38,000
Speaker 2: also a number of misconceptions. But I feel like I've

828
00:36:38,080 --> 00:36:40,560
Speaker 2: ranted for a long time and I could do more.

829
00:36:40,800 --> 00:36:43,760
Speaker 2: So Georgia King, let's segue into the next segment.

830
00:36:48,520 --> 00:36:51,160
Speaker 3: Hi, there, you've reached that Shoes on the Money mail box.

831
00:36:51,360 --> 00:36:53,320
Speaker 3: Do you have a money problem you want help solving.

832
00:36:53,400 --> 00:36:55,480
Speaker 3: Do you have a money dilemma you just want to

833
00:36:55,520 --> 00:36:58,920
Speaker 3: chat about? Victoria is here to help. Every week, we'll

834
00:36:58,960 --> 00:37:00,960
Speaker 3: be playing your questions to help make sense of the

835
00:37:00,960 --> 00:37:03,080
Speaker 3: money mess you may have found yourself in. Make a

836
00:37:03,120 --> 00:37:05,120
Speaker 3: quick recording on your phone and send it through to

837
00:37:05,239 --> 00:37:07,320
Speaker 3: podcasts or CH's on the Money, dot COM's it at you,

838
00:37:07,480 --> 00:37:09,880
Speaker 3: and you might even find yourself on the show. But

839
00:37:09,960 --> 00:37:11,840
Speaker 3: for now, here's today's listener question.

840
00:37:12,960 --> 00:37:14,120
Speaker 5: Hi, Victoria and Georgia.

841
00:37:14,280 --> 00:37:16,520
Speaker 6: I'm about to start investing for the first time, which

842
00:37:16,560 --> 00:37:19,160
Speaker 6: is super exciting because I feel like a year ago

843
00:37:19,239 --> 00:37:22,040
Speaker 6: it's something that I wouldn't have even considered. But I'm

844
00:37:22,040 --> 00:37:24,760
Speaker 6: wondering if I should start micro investing or go straight

845
00:37:24,800 --> 00:37:27,359
Speaker 6: into a proper share market, or is it a good

846
00:37:27,400 --> 00:37:29,680
Speaker 6: idea to do both at once? Thanks?

847
00:37:30,480 --> 00:37:31,040
Speaker 3: What do we think?

848
00:37:31,120 --> 00:37:31,880
Speaker 1: Victoria?

849
00:37:31,960 --> 00:37:35,560
Speaker 2: I feel like I already answered this question earlier in

850
00:37:35,640 --> 00:37:38,040
Speaker 2: one of my rants, but that's a bit awkward. Maybe

851
00:37:38,040 --> 00:37:40,319
Speaker 2: I should have listened to the listener question before now,

852
00:37:40,360 --> 00:37:43,080
Speaker 2: but that is okay. I think it's a really valid question.

853
00:37:43,400 --> 00:37:45,920
Speaker 1: Personally, I do both. I don't think there needs to

854
00:37:45,920 --> 00:37:47,279
Speaker 1: be a mentality of one or the other.

855
00:37:47,480 --> 00:37:49,920
Speaker 2: As I said, like, I use them for different reasons

856
00:37:49,960 --> 00:37:53,840
Speaker 2: and still have a quote proper share portfolio. But I

857
00:37:53,840 --> 00:37:56,439
Speaker 2: think it's really important for you to understand anything before

858
00:37:56,480 --> 00:37:59,359
Speaker 2: you start investing. So if your plan is to you know,

859
00:37:59,480 --> 00:38:03,160
Speaker 2: invest your first ten thousand dollars, then fantastic, but really

860
00:38:03,280 --> 00:38:06,320
Speaker 2: understand that microinvesting can be a great place to start,

861
00:38:06,360 --> 00:38:08,160
Speaker 2: but it can also put you in a position where

862
00:38:08,160 --> 00:38:09,839
Speaker 2: you feel more empowered when you do speak to.

863
00:38:09,800 --> 00:38:10,880
Speaker 1: A financial advisor.

864
00:38:11,160 --> 00:38:13,600
Speaker 2: But as you guys know, I'm a really big advocate

865
00:38:13,640 --> 00:38:16,920
Speaker 2: of reaching out to financial advisors early so that you

866
00:38:16,920 --> 00:38:19,520
Speaker 2: can set something up that really works for you. So

867
00:38:19,600 --> 00:38:21,880
Speaker 2: in this situation, I think that have a bit of

868
00:38:21,920 --> 00:38:25,239
Speaker 2: a dabble, understand it, do your research, but also get

869
00:38:25,239 --> 00:38:28,120
Speaker 2: in contact with a really good financial advisor who can

870
00:38:28,160 --> 00:38:29,680
Speaker 2: kind of hold your hand and be like, yeah, yeah,

871
00:38:29,680 --> 00:38:31,399
Speaker 2: I do this, this and this or here's your.

872
00:38:31,280 --> 00:38:32,319
Speaker 1: Priority right now.

873
00:38:32,520 --> 00:38:35,040
Speaker 2: Because this is a great question, but I have no

874
00:38:35,120 --> 00:38:38,360
Speaker 2: idea what your other priorities are as I was saying before,

875
00:38:38,400 --> 00:38:40,359
Speaker 2: I don't know how long you're planning on investing for,

876
00:38:40,560 --> 00:38:41,960
Speaker 2: Like do you want to buy property?

877
00:38:42,040 --> 00:38:43,520
Speaker 1: Is that something that you want to do in.

878
00:38:43,480 --> 00:38:45,719
Speaker 2: The future, the near future, in the far future. Do

879
00:38:45,719 --> 00:38:47,840
Speaker 2: you want to have kids? Like what kind of financial

880
00:38:47,920 --> 00:38:50,480
Speaker 2: constraints are those going to apply to you? So I

881
00:38:50,480 --> 00:38:53,040
Speaker 2: think it's really important to just, you know, sit down

882
00:38:53,040 --> 00:38:55,680
Speaker 2: and really think about your situation, and a financial advisor

883
00:38:55,800 --> 00:38:58,000
Speaker 2: knows how to create clarity on that for you.

884
00:38:58,239 --> 00:39:01,319
Speaker 3: Two questions for you beg yes. One, do you think

885
00:39:01,360 --> 00:39:03,879
Speaker 3: a lot of people think that they can only see

886
00:39:04,000 --> 00:39:07,680
Speaker 3: a financial advisor if they're earning like two hundred k year?

887
00:39:08,040 --> 00:39:10,240
Speaker 3: And I don't know, I always put on that cinematic

888
00:39:10,320 --> 00:39:11,680
Speaker 3: voice apologies.

889
00:39:11,280 --> 00:39:13,799
Speaker 1: I like it. It's my favorite voice of thank you.

890
00:39:14,760 --> 00:39:14,920
Speaker 4: Well.

891
00:39:15,040 --> 00:39:16,839
Speaker 3: Do you think that's the thing though, that people and

892
00:39:16,920 --> 00:39:19,440
Speaker 3: obviously a lot of people in our community are that

893
00:39:19,760 --> 00:39:23,839
Speaker 3: younger generation, so they're probably not meeting those massive incomes

894
00:39:24,000 --> 00:39:27,359
Speaker 3: yet would you say that there is no time to

895
00:39:27,400 --> 00:39:29,200
Speaker 3: be like you can't be too young to see a

896
00:39:29,200 --> 00:39:32,719
Speaker 3: financial advisor, or you can't have there's no limit on

897
00:39:32,840 --> 00:39:35,160
Speaker 3: the amount of money you need to see a financial advisor.

898
00:39:35,360 --> 00:39:38,040
Speaker 2: That was a very long line. I know three that question,

899
00:39:38,239 --> 00:39:41,439
Speaker 2: but that's cool. I think that there is no way,

900
00:39:41,840 --> 00:39:44,080
Speaker 2: like whether you earn thirty thousand dollars or whether you

901
00:39:44,120 --> 00:39:46,560
Speaker 2: earn three hundred thousand dollars, you will benefit from seeing

902
00:39:46,560 --> 00:39:49,879
Speaker 2: a financial advisor. And there is a financial advisor out

903
00:39:49,880 --> 00:39:52,560
Speaker 2: there that helps you and your situation. You just need

904
00:39:52,600 --> 00:39:55,279
Speaker 2: to find them. So I have said it before on

905
00:39:55,320 --> 00:39:58,960
Speaker 2: the podcast. The AFA website is a very good place

906
00:39:59,320 --> 00:40:03,320
Speaker 2: to find financial advisor who is in that community. Always

907
00:40:03,320 --> 00:40:05,799
Speaker 2: look on the ASSEIC platform and have a look and

908
00:40:05,840 --> 00:40:08,360
Speaker 2: make sure that they are a registered financial advisor on

909
00:40:08,400 --> 00:40:11,200
Speaker 2: the ASSEK Registered Financial Advisor portal.

910
00:40:11,160 --> 00:40:12,280
Speaker 1: And do your research.

911
00:40:12,440 --> 00:40:15,040
Speaker 2: Often word of mouth is a really great way to

912
00:40:15,320 --> 00:40:18,359
Speaker 2: be connected with a financial advisor. But you know I've

913
00:40:18,400 --> 00:40:20,680
Speaker 2: said this before as well. If you want me to

914
00:40:20,719 --> 00:40:22,640
Speaker 2: hook you up with a financial advisor, fill out the

915
00:40:22,680 --> 00:40:24,239
Speaker 2: form on our website. We'll get back to you and

916
00:40:24,440 --> 00:40:27,040
Speaker 2: hook you up with somebody who fits your profile and

917
00:40:27,080 --> 00:40:29,160
Speaker 2: you know the info you've sent through. And I think

918
00:40:29,200 --> 00:40:31,760
Speaker 2: that that's potentially a really good way because the people

919
00:40:31,800 --> 00:40:35,879
Speaker 2: on that platform are literally people that I don't get

920
00:40:35,920 --> 00:40:38,360
Speaker 2: paid for. I don't get paid a commission for that

921
00:40:38,560 --> 00:40:41,000
Speaker 2: but I just have this panel of beautiful people who

922
00:40:41,040 --> 00:40:44,360
Speaker 2: are beautiful financial advisors who have all different things, like

923
00:40:44,400 --> 00:40:46,799
Speaker 2: if you say, oh I want this, I'll send you

924
00:40:46,840 --> 00:40:49,480
Speaker 2: to a particular person. And I think it's really nice

925
00:40:49,480 --> 00:40:52,879
Speaker 2: sometimes even if you haven't got a good recommendation from

926
00:40:52,880 --> 00:40:55,520
Speaker 2: a friend, to just know that that person's been vetted

927
00:40:55,560 --> 00:40:57,440
Speaker 2: by someone that you kind of already know when that

928
00:40:57,520 --> 00:41:00,360
Speaker 2: might be me. So for me, yeah, I would be

929
00:41:00,400 --> 00:41:03,040
Speaker 2: going and seeing a financial advisor regardless of what your

930
00:41:03,040 --> 00:41:06,360
Speaker 2: situation is, because even if you are you know, not

931
00:41:06,440 --> 00:41:09,080
Speaker 2: a massive income earner or your in personal debt, like,

932
00:41:09,120 --> 00:41:11,200
Speaker 2: there is a plan for you out there and it

933
00:41:11,239 --> 00:41:13,799
Speaker 2: will arguably impact your life for the better over the

934
00:41:13,840 --> 00:41:14,440
Speaker 2: long term.

935
00:41:14,560 --> 00:41:18,479
Speaker 3: Perfect, you actually answered my second question or really yeah,

936
00:41:18,480 --> 00:41:21,480
Speaker 3: in asking how you actually find a good financial advisor.

937
00:41:21,239 --> 00:41:23,239
Speaker 1: So you find us something into.

938
00:41:23,040 --> 00:41:25,600
Speaker 3: Where exactly we can move on to money Diaries now,

939
00:41:25,600 --> 00:41:26,480
Speaker 3: I think, Doe.

940
00:41:26,200 --> 00:41:26,799
Speaker 1: What a time?

941
00:41:26,920 --> 00:41:29,680
Speaker 2: All right, let's take a sneak peek into the financial

942
00:41:29,719 --> 00:41:30,840
Speaker 2: lives of perfect strangers.

943
00:41:30,880 --> 00:41:33,359
Speaker 1: Is that what you usually say? Yeah, you're on it,

944
00:41:33,960 --> 00:41:36,640
Speaker 1: let's do it. It's the home for Money Diaries. Friends.

945
00:41:36,800 --> 00:41:39,600
Speaker 5: Hi, I'm twenty eight and scared to invest. This is

946
00:41:39,640 --> 00:41:40,480
Speaker 5: my money diary.

947
00:41:40,680 --> 00:41:43,200
Speaker 3: What good would a money podcast be without the perfu beans,

948
00:41:43,480 --> 00:41:44,800
Speaker 3: It's time for money diaries.

949
00:41:45,080 --> 00:41:47,440
Speaker 4: My attitude to money, I guess growing up member and

950
00:41:47,560 --> 00:41:49,920
Speaker 4: my sister three women, she taught us from a very

951
00:41:49,920 --> 00:41:52,040
Speaker 4: young yet age that you need to be independent, if

952
00:41:52,040 --> 00:41:53,800
Speaker 4: you need to do things yourself. You can't rely on

953
00:41:53,880 --> 00:41:57,759
Speaker 4: if anyone, whether that's family or by So you know,

954
00:41:57,800 --> 00:42:01,200
Speaker 4: we've seen my mum not struggle, but you know, really

955
00:42:01,239 --> 00:42:04,560
Speaker 4: have to work hard to give us everything we needed.

956
00:42:04,680 --> 00:42:05,839
Speaker 5: So I guess that.

957
00:42:05,800 --> 00:42:08,400
Speaker 4: Kind of instilled values that me and my sister have

958
00:42:08,560 --> 00:42:10,399
Speaker 4: from a young age, so we never asked our.

959
00:42:10,320 --> 00:42:12,880
Speaker 5: Much for anything. She would give us whatever she needed.

960
00:42:12,960 --> 00:42:15,279
Speaker 4: You know, I'd see kids at the supermarket asking for

961
00:42:15,360 --> 00:42:18,160
Speaker 4: chocolate and you know all these a two things because

962
00:42:18,160 --> 00:42:20,080
Speaker 4: that's I guess what they've learned from their parents.

963
00:42:20,080 --> 00:42:21,200
Speaker 5: And you know, we would.

964
00:42:20,920 --> 00:42:23,600
Speaker 4: Never not ask out of any other reason, and we

965
00:42:23,600 --> 00:42:26,160
Speaker 4: didn't want to add that pressure to our mum. And

966
00:42:26,200 --> 00:42:27,799
Speaker 4: then you know, as soon as we could start paying

967
00:42:27,840 --> 00:42:29,759
Speaker 4: with things ourselves. So like you know, from the age

968
00:42:29,760 --> 00:42:31,960
Speaker 4: of thirty, like all our ound clothes, my mum always

969
00:42:32,040 --> 00:42:33,879
Speaker 4: got us our school things, and you know it took

970
00:42:33,920 --> 00:42:38,360
Speaker 4: us through our sport, but anything outside of that, you know, phones, going.

971
00:42:38,120 --> 00:42:40,719
Speaker 5: Out with friends completely was all on us.

972
00:42:40,760 --> 00:42:43,080
Speaker 4: And I think that even if my mom had, you know,

973
00:42:43,160 --> 00:42:45,000
Speaker 4: millions dollars in the bank, she would still have brought

974
00:42:45,040 --> 00:42:47,279
Speaker 4: us up in a very similar way because it's the

975
00:42:47,360 --> 00:42:49,600
Speaker 4: lesson that I guess she let and the lesson she

976
00:42:49,640 --> 00:42:50,839
Speaker 4: wanted to instill in us.

977
00:42:51,000 --> 00:42:53,120
Speaker 3: What does twenty eight and scared to invest do for

978
00:42:53,160 --> 00:42:55,359
Speaker 3: a living? How much does she earn and how much

979
00:42:55,440 --> 00:42:56,840
Speaker 3: is sitting in her bank accounts?

980
00:42:57,160 --> 00:42:59,560
Speaker 5: So I'm a human resources professional.

981
00:42:59,880 --> 00:43:03,600
Speaker 4: I'm currently earning seventy five thousand a year plus super

982
00:43:03,960 --> 00:43:07,520
Speaker 4: and at the moment, I have one hundred and thirty

983
00:43:07,600 --> 00:43:10,719
Speaker 4: eight thousand in savings, which has taken me sixty years

984
00:43:10,719 --> 00:43:13,640
Speaker 4: to save. In addition to that, I was recently gifted

985
00:43:13,800 --> 00:43:16,920
Speaker 4: thirty thousand from my mum. She gifted that same amount

986
00:43:17,000 --> 00:43:19,560
Speaker 4: to my sister when she got married, So in total,

987
00:43:19,600 --> 00:43:22,279
Speaker 4: I have one hundred and sixty eight thousand at this

988
00:43:22,320 --> 00:43:22,799
Speaker 4: point time.

989
00:43:23,000 --> 00:43:25,440
Speaker 3: What happens to her income once it hits her account?

990
00:43:25,800 --> 00:43:29,560
Speaker 4: I mean, I'm pretty basic, logical, straightforward with how I

991
00:43:29,680 --> 00:43:32,600
Speaker 4: run my life, particularly finances. So soon as the money

992
00:43:32,600 --> 00:43:37,080
Speaker 4: comes in, I'll pop it into sub accounts. So obviously savings, rent.

993
00:43:36,840 --> 00:43:37,879
Speaker 5: And bills and things like that.

994
00:43:37,920 --> 00:43:41,080
Speaker 4: But for me personally, it basically all goes into savings

995
00:43:41,480 --> 00:43:44,440
Speaker 4: and then whatever is left in my access account, which is,

996
00:43:44,800 --> 00:43:46,680
Speaker 4: you know, what I used for day to day.

997
00:43:46,760 --> 00:43:49,080
Speaker 5: I know I can spend, so if there's two dollars

998
00:43:49,160 --> 00:43:50,239
Speaker 5: in there, I can spend it.

999
00:43:50,280 --> 00:43:51,960
Speaker 4: If there's twenty dollars, I can spend it and not

1000
00:43:51,960 --> 00:43:53,319
Speaker 4: feel bad about that because I.

1001
00:43:53,320 --> 00:43:55,080
Speaker 5: Know I've already put the money away than I need

1002
00:43:55,120 --> 00:43:55,600
Speaker 5: to put away.

1003
00:43:55,760 --> 00:43:57,680
Speaker 3: How does she feel about investing?

1004
00:43:58,160 --> 00:43:58,960
Speaker 5: To be honest, I.

1005
00:43:58,880 --> 00:44:02,000
Speaker 4: Feel super overwhelmed, getting scared to make a bad decision

1006
00:44:02,000 --> 00:44:03,040
Speaker 4: when it comes to investing.

1007
00:44:03,200 --> 00:44:05,800
Speaker 5: So today I have not invested in anything.

1008
00:44:06,040 --> 00:44:08,000
Speaker 4: I can save really well, but I just don't know

1009
00:44:08,040 --> 00:44:10,000
Speaker 4: what to do with my money, you know now that

1010
00:44:10,040 --> 00:44:10,799
Speaker 4: I've saved it.

1011
00:44:11,200 --> 00:44:13,360
Speaker 5: So that's obviously why I've reached out to Victoria. I

1012
00:44:13,400 --> 00:44:14,200
Speaker 5: want to get put.

1013
00:44:14,120 --> 00:44:17,319
Speaker 4: In touch with someone who can advise me on what

1014
00:44:17,360 --> 00:44:19,919
Speaker 4: I need to do. So I think I'm halfway there

1015
00:44:19,960 --> 00:44:22,400
Speaker 4: from that aspect. You know, I can save the money,

1016
00:44:22,520 --> 00:44:24,560
Speaker 4: it's just I need that help with what I then

1017
00:44:24,600 --> 00:44:26,560
Speaker 4: need to do with it, because at the moment I'm

1018
00:44:26,600 --> 00:44:29,880
Speaker 4: working hard, I'm not working smarter. So that's why I

1019
00:44:29,880 --> 00:44:31,319
Speaker 4: think investing will actually make.

1020
00:44:31,239 --> 00:44:31,960
Speaker 5: My money grow.

1021
00:44:32,120 --> 00:44:33,200
Speaker 3: Does she have any debts?

1022
00:44:33,480 --> 00:44:35,640
Speaker 5: So I have no debts. I've never had a debt.

1023
00:44:35,960 --> 00:44:37,680
Speaker 4: I've never had a credit card've never had a loan,

1024
00:44:37,719 --> 00:44:40,520
Speaker 4: I've never had enough to pay account. Basically, I only

1025
00:44:40,560 --> 00:44:43,080
Speaker 4: think you should get into debt for big ticket artists.

1026
00:44:43,360 --> 00:44:45,120
Speaker 4: If you don't have the money for something, you shouldn't

1027
00:44:45,120 --> 00:44:47,360
Speaker 4: be spending the money that you don't have. And I

1028
00:44:47,400 --> 00:44:49,759
Speaker 4: guess my motto is to live within your means. That

1029
00:44:49,840 --> 00:44:51,960
Speaker 4: was instilled from quite a young age.

1030
00:44:52,200 --> 00:44:54,560
Speaker 1: What are her best money habits again?

1031
00:44:54,680 --> 00:44:57,760
Speaker 4: Yeah, my ability is say so consistently months and months

1032
00:44:57,840 --> 00:44:58,399
Speaker 4: year on year.

1033
00:44:58,400 --> 00:44:59,960
Speaker 5: It's so a bit of background and grow up is

1034
00:45:00,160 --> 00:45:01,239
Speaker 5: your parent household.

1035
00:45:01,400 --> 00:45:03,400
Speaker 7: So it was just me and my sister, so I

1036
00:45:03,480 --> 00:45:05,960
Speaker 7: knew the value of a dollar from a very young age.

1037
00:45:06,080 --> 00:45:08,120
Speaker 7: My mum worked a butt off to give us everything

1038
00:45:08,120 --> 00:45:11,040
Speaker 7: that we needed, and then from the age of thirteen

1039
00:45:11,080 --> 00:45:13,239
Speaker 7: I would do after school jobs so I could pay

1040
00:45:13,280 --> 00:45:16,200
Speaker 7: for the extras to clothes and socializing with friends.

1041
00:45:16,800 --> 00:45:18,680
Speaker 5: Then when I finished school, I had a gap year

1042
00:45:18,760 --> 00:45:19,839
Speaker 5: work two jobs so I.

1043
00:45:19,760 --> 00:45:22,160
Speaker 4: Could put myself through UNI. And then obviously once I

1044
00:45:22,160 --> 00:45:25,040
Speaker 4: got through UNI, like most graduates. I was making peanuts

1045
00:45:25,160 --> 00:45:27,440
Speaker 4: first year out, so I had a second job just

1046
00:45:27,440 --> 00:45:31,200
Speaker 4: so I could say living your own Sydney, paying rent, transport,

1047
00:45:31,239 --> 00:45:31,640
Speaker 4: all of that.

1048
00:45:31,680 --> 00:45:33,719
Speaker 5: There was no ray really to save unless she had

1049
00:45:33,719 --> 00:45:34,520
Speaker 5: that second job.

1050
00:45:34,960 --> 00:45:37,960
Speaker 4: So yeah, I've always paid my own way since I've

1051
00:45:38,000 --> 00:45:39,959
Speaker 4: been living out home for seven and a half years.

1052
00:45:40,000 --> 00:45:42,439
Speaker 4: So if you can pay your own way and still say,

1053
00:45:42,680 --> 00:45:43,839
Speaker 4: I think you're doing pretty well.

1054
00:45:44,080 --> 00:45:46,239
Speaker 3: And what are her worst money habits?

1055
00:45:46,560 --> 00:45:48,560
Speaker 4: Like, I know it's so ridiculous, but I don't think

1056
00:45:48,600 --> 00:45:50,959
Speaker 4: I have a bad money habit. And the only reason

1057
00:45:51,000 --> 00:45:52,840
Speaker 4: I say that is because there's two things that I

1058
00:45:52,880 --> 00:45:56,160
Speaker 4: will spend money on which I do not feel bad

1059
00:45:56,160 --> 00:45:58,440
Speaker 4: about it in any way, shape or form. So the

1060
00:45:58,480 --> 00:46:02,799
Speaker 4: two things that I'll splur John is my beautiful fur

1061
00:46:02,920 --> 00:46:06,440
Speaker 4: baby who's four years old. So I happily drop, you know,

1062
00:46:06,560 --> 00:46:09,759
Speaker 4: seven hundred and fifty bucks one thousand dollars on his birthday,

1063
00:46:10,200 --> 00:46:13,480
Speaker 4: Christmas and Easter, which sounds ridiculous, but honestly, it brings

1064
00:46:13,480 --> 00:46:15,520
Speaker 4: me so much joy to see.

1065
00:46:15,400 --> 00:46:16,359
Speaker 5: Him have a great day.

1066
00:46:16,400 --> 00:46:18,760
Speaker 4: So for his birthday, you'll obviously get heaps of presents,

1067
00:46:18,760 --> 00:46:20,960
Speaker 4: but I'll organize like a birthday party.

1068
00:46:21,000 --> 00:46:24,400
Speaker 5: So his daycare friends. You know, I'll hang out and

1069
00:46:24,400 --> 00:46:26,600
Speaker 5: they'll have the best day and I'll look back from

1070
00:46:26,600 --> 00:46:29,480
Speaker 5: those photos and I was like, I'd spend double just

1071
00:46:29,480 --> 00:46:30,880
Speaker 5: to like see how happy.

1072
00:46:30,960 --> 00:46:33,319
Speaker 3: And it's so they all get And what would your

1073
00:46:33,320 --> 00:46:34,400
Speaker 3: grain how money happens?

1074
00:46:34,680 --> 00:46:36,920
Speaker 4: I originally said B, but I moved it to an

1075
00:46:37,000 --> 00:46:38,600
Speaker 4: ABB And the reason I moved it to an A

1076
00:46:39,160 --> 00:46:41,120
Speaker 4: is because I think I can say, really well, if

1077
00:46:41,160 --> 00:46:43,280
Speaker 4: I say, you know I'm going to do something, I'll

1078
00:46:43,320 --> 00:46:46,520
Speaker 4: do it no matter what. So that's only half of

1079
00:46:46,560 --> 00:46:48,279
Speaker 4: the way. The other half of the way is then

1080
00:46:48,320 --> 00:46:50,200
Speaker 4: investing it. I have no idea what to do in

1081
00:46:50,200 --> 00:46:53,359
Speaker 4: that space, so there's always that room for improvement and

1082
00:46:53,440 --> 00:46:54,319
Speaker 4: definitely for me to de.

1083
00:46:54,320 --> 00:46:55,080
Speaker 5: Go my analogy.

1084
00:46:55,200 --> 00:46:57,959
Speaker 2: George King, what do you think about this week's money arrest?

1085
00:46:58,360 --> 00:47:00,439
Speaker 2: I usually have to answer first, but I thought, jump

1086
00:47:00,480 --> 00:47:04,120
Speaker 2: in before you know. I love this role reversal. Okay,

1087
00:47:04,200 --> 00:47:06,000
Speaker 2: So doing a little bit of role play on the

1088
00:47:06,040 --> 00:47:07,520
Speaker 2: She's of the money pop this week?

1089
00:47:08,920 --> 00:47:13,760
Speaker 3: Okay, So I guess my take was that she's bloody amazing.

1090
00:47:13,920 --> 00:47:17,399
Speaker 3: To be honest, agrade twenty eight with one hundred and

1091
00:47:17,440 --> 00:47:20,480
Speaker 3: sixty eight dollars in her bank account.

1092
00:47:20,520 --> 00:47:22,480
Speaker 2: I mean she had one hundred and sixty eight thousand

1093
00:47:22,480 --> 00:47:24,080
Speaker 2: dollars in a bank account.

1094
00:47:23,760 --> 00:47:24,960
Speaker 1: But I'm pay a hundred p Yeah.

1095
00:47:24,960 --> 00:47:27,960
Speaker 2: Look, I'm honestly really glad that you're just as impressed

1096
00:47:27,960 --> 00:47:29,960
Speaker 2: at one hundred and sixty eight dollars as you are

1097
00:47:30,000 --> 00:47:32,239
Speaker 2: at one hundred and sixty eight thousand dollars. But you

1098
00:47:32,280 --> 00:47:34,759
Speaker 2: know what, it all counts, does It absolutely does?

1099
00:47:35,400 --> 00:47:38,200
Speaker 3: But that is so impressive, And I think it was

1100
00:47:38,280 --> 00:47:42,640
Speaker 3: just a really kind of girl power empowering story, Like

1101
00:47:43,120 --> 00:47:45,719
Speaker 3: she learned so many good habits from her mom, who

1102
00:47:45,760 --> 00:47:49,880
Speaker 3: really set her up to have a financially prosperous future

1103
00:47:49,960 --> 00:47:53,719
Speaker 3: purely by being educated. And yeah, I think she's done

1104
00:47:53,800 --> 00:47:57,680
Speaker 3: an amazing job on like a pretty moderate salary. I

1105
00:47:57,719 --> 00:48:01,120
Speaker 3: guess to have that much on seventy five okay, yeah.

1106
00:48:00,960 --> 00:48:04,520
Speaker 2: Yeah, that's like it's a good salary. She's obviously making

1107
00:48:04,520 --> 00:48:07,000
Speaker 2: a fair bit of sacrifice to get that done for

1108
00:48:07,080 --> 00:48:10,400
Speaker 2: her life. And you know what, like, I love these stories,

1109
00:48:10,440 --> 00:48:12,440
Speaker 2: and I think it is so important for us to

1110
00:48:12,520 --> 00:48:16,200
Speaker 2: share these stories with you as kind of like inspiration

1111
00:48:16,440 --> 00:48:19,480
Speaker 2: for what we can achieve. And I know that, you know, like,

1112
00:48:19,600 --> 00:48:22,239
Speaker 2: let's be really real here, Georgia, there is a lot

1113
00:48:22,239 --> 00:48:25,560
Speaker 2: of privilege that goes into this. There's educational privilege, there's

1114
00:48:25,600 --> 00:48:30,080
Speaker 2: probably geographical privilege. There's probably even white privilege in this,

1115
00:48:30,520 --> 00:48:33,400
Speaker 2: and being able to achieve these things is not achievable

1116
00:48:33,400 --> 00:48:36,200
Speaker 2: for everybody, And we're not sharing these stories thinking that

1117
00:48:36,360 --> 00:48:39,960
Speaker 2: it is achievable for everybody. But I think us being

1118
00:48:40,000 --> 00:48:43,439
Speaker 2: able to celebrate everybody is incredible and us being able

1119
00:48:43,440 --> 00:48:45,920
Speaker 2: to share these stories for everybody to learn from and

1120
00:48:45,960 --> 00:48:48,640
Speaker 2: go wow, like she's gonna do this and she's saved

1121
00:48:48,719 --> 00:48:51,440
Speaker 2: this much like I just love that someone's twenty eight

1122
00:48:51,480 --> 00:48:53,800
Speaker 2: and done that. Like fifty years ago, that wouldn't have

1123
00:48:53,840 --> 00:48:56,319
Speaker 2: been a thing because a female wasn't even allowed to

1124
00:48:56,320 --> 00:48:58,480
Speaker 2: have her own bank account without having it co signed

1125
00:48:58,520 --> 00:49:02,560
Speaker 2: by man. Like this uff is incredible, Like let's celebrate

1126
00:49:02,600 --> 00:49:04,400
Speaker 2: it for what it is, not look at it and

1127
00:49:04,440 --> 00:49:07,480
Speaker 2: go oh, I could never achieve that. That's obviously unrelatable,

1128
00:49:07,760 --> 00:49:10,239
Speaker 2: Like no, like exactly, we're all so passionate, Like you

1129
00:49:10,239 --> 00:49:12,120
Speaker 2: could tell she loved her dog. I mean a thousand

1130
00:49:12,120 --> 00:49:15,440
Speaker 2: dollars a month on or a thousand dollars per birthday

1131
00:49:15,440 --> 00:49:17,279
Speaker 2: party for her dog, Like that's a lot more. But

1132
00:49:17,320 --> 00:49:20,600
Speaker 2: I'm so glad it aligns to her values. There's Honestly,

1133
00:49:20,640 --> 00:49:23,200
Speaker 2: there's no judgment there for me, Like you go, girlfriend,

1134
00:49:23,200 --> 00:49:25,759
Speaker 2: you've obviously got more than enough money and done more

1135
00:49:25,800 --> 00:49:29,000
Speaker 2: than enough good things to actually get that done. But

1136
00:49:29,080 --> 00:49:32,040
Speaker 2: I think it's also really cool to point out she

1137
00:49:32,080 --> 00:49:34,759
Speaker 2: said she was really interested in starting to invest, and

1138
00:49:35,280 --> 00:49:38,560
Speaker 2: last week on the podcast Georgia, we spoke about investment

1139
00:49:38,560 --> 00:49:39,040
Speaker 2: a fair bit.

1140
00:49:39,120 --> 00:49:40,719
Speaker 1: We spoke about what it actually.

1141
00:49:40,400 --> 00:49:43,200
Speaker 2: Means and how we can achieve that, and what financial

1142
00:49:43,239 --> 00:49:46,400
Speaker 2: freedom actually looks like. Right, it's not just investing and

1143
00:49:46,440 --> 00:49:48,760
Speaker 2: then selling it down once you have a certain amount

1144
00:49:48,800 --> 00:49:51,200
Speaker 2: of money. It's actually investing it so that we can

1145
00:49:51,239 --> 00:49:54,719
Speaker 2: create an asset that produces an income for ourselves in

1146
00:49:54,760 --> 00:49:59,080
Speaker 2: the future. And if she invested, and I'm always quite conservative,

1147
00:49:59,080 --> 00:50:02,640
Speaker 2: we're making pre addictions. If she invested one hundred thousand

1148
00:50:02,680 --> 00:50:05,719
Speaker 2: dollars at an annual interest rate return of seven and

1149
00:50:05,760 --> 00:50:08,480
Speaker 2: a half percent, which is pretty conservative for the next

1150
00:50:08,480 --> 00:50:12,080
Speaker 2: thirty years, because let's just assume she's going to return return. No,

1151
00:50:12,160 --> 00:50:15,920
Speaker 2: she's not returning anywhere. She's retiring in thirty years. Maybe

1152
00:50:16,080 --> 00:50:17,960
Speaker 2: if she just took one hundred thousand dollars of her

1153
00:50:18,000 --> 00:50:21,160
Speaker 2: savings right now and invested that, she would arguably have

1154
00:50:21,640 --> 00:50:25,560
Speaker 2: nine hundred and forty two thousand dollars when she retired,

1155
00:50:25,600 --> 00:50:28,920
Speaker 2: which is epic and that's not with any regular deposits

1156
00:50:28,960 --> 00:50:31,319
Speaker 2: at all. But if we actually looked at it, I mean,

1157
00:50:31,320 --> 00:50:33,760
Speaker 2: I'm going to use her thousand dollars as an example

1158
00:50:33,800 --> 00:50:35,879
Speaker 2: because she said she spent one thousand dollars on her

1159
00:50:35,920 --> 00:50:39,279
Speaker 2: dog each birthday in Christmas. So I'm going to make

1160
00:50:39,320 --> 00:50:42,680
Speaker 2: a grand assumption that she's investing one thousand dollars a month.

1161
00:50:42,760 --> 00:50:44,400
Speaker 2: She might be able to afford that, she might not.

1162
00:50:44,520 --> 00:50:46,680
Speaker 2: It is what it is. It's an example here, friends.

1163
00:50:47,120 --> 00:50:50,440
Speaker 2: If she invested one hundred thousand dollars today and then

1164
00:50:50,840 --> 00:50:54,279
Speaker 2: regularly deposited one thousand dollars a month Georgia King, she

1165
00:50:54,360 --> 00:50:58,040
Speaker 2: would have two point two eight nine million dollars by

1166
00:50:58,040 --> 00:51:02,120
Speaker 2: the time she retires. That's not even the best bit.

1167
00:51:02,360 --> 00:51:06,000
Speaker 2: Like the best bit is that generates a passive income

1168
00:51:06,040 --> 00:51:08,680
Speaker 2: for her of more than one hundred thousand dollars a year.

1169
00:51:09,280 --> 00:51:11,920
Speaker 2: Like that's what we're here for. She won't ever lose

1170
00:51:11,960 --> 00:51:14,799
Speaker 2: that money. It won't ever, you know, have to be

1171
00:51:15,080 --> 00:51:17,920
Speaker 2: spent because it'll sit in her investment and each and

1172
00:51:17,960 --> 00:51:20,960
Speaker 2: every single year her dividends will pay her an income.

1173
00:51:21,280 --> 00:51:23,560
Speaker 2: How cool is that? It is really the fact that

1174
00:51:23,560 --> 00:51:26,200
Speaker 2: we can create our own incomes so one day we

1175
00:51:26,239 --> 00:51:27,880
Speaker 2: don't even have to go to work anymore.

1176
00:51:28,320 --> 00:51:30,480
Speaker 1: And like you said, she earned seventy five thousand dollars

1177
00:51:30,480 --> 00:51:32,360
Speaker 1: a year just before. That's a good income.

1178
00:51:32,719 --> 00:51:35,400
Speaker 2: Arguably, if she continues to invest and save in the

1179
00:51:35,440 --> 00:51:37,600
Speaker 2: same way she has been, she's gonna have an income

1180
00:51:37,680 --> 00:51:39,800
Speaker 2: higher than what she currently has when she retires.

1181
00:51:40,160 --> 00:51:40,359
Speaker 5: Yeah.

1182
00:51:40,440 --> 00:51:43,000
Speaker 2: Like, if that's not financial freedom, I don't know what is.

1183
00:51:43,080 --> 00:51:44,719
Speaker 2: And I think that that's really inspirational.

1184
00:51:44,880 --> 00:51:47,160
Speaker 1: Yeah, so she is set to go.

1185
00:51:47,640 --> 00:51:51,479
Speaker 3: Would you say, be that micro investing for her because

1186
00:51:51,520 --> 00:51:53,480
Speaker 3: she is scared to invest is the way to go?

1187
00:51:53,560 --> 00:51:57,720
Speaker 3: Or would you be saying head to the financial advisor, girl,

1188
00:51:57,960 --> 00:51:58,600
Speaker 3: and let's go.

1189
00:51:59,040 --> 00:52:01,799
Speaker 2: I don't know, if you're looking at investing more than

1190
00:52:01,840 --> 00:52:04,279
Speaker 2: one hundred thousand dollars, just go to an advisory, Like

1191
00:52:04,360 --> 00:52:06,840
Speaker 2: it is not worth the risk associated with making a

1192
00:52:06,840 --> 00:52:09,799
Speaker 2: bad decision, or you know, investing in a platform and

1193
00:52:09,800 --> 00:52:12,400
Speaker 2: picking the wrong risk profile that doesn't actually suit you

1194
00:52:12,520 --> 00:52:15,399
Speaker 2: or your goals, or just get some advice. It will

1195
00:52:15,440 --> 00:52:18,799
Speaker 2: absolutely be worth its weighting gold. And I just think

1196
00:52:18,840 --> 00:52:21,759
Speaker 2: it's so important to you know, have someone on your

1197
00:52:21,800 --> 00:52:25,480
Speaker 2: side when you're creating wealth in that way, like, regardless

1198
00:52:25,480 --> 00:52:27,920
Speaker 2: of what you're investing, Like, I just think professional advice.

1199
00:52:28,120 --> 00:52:31,879
Speaker 2: I know I'm obviously quite biased, Like it's absolutely worth

1200
00:52:31,880 --> 00:52:32,680
Speaker 2: its waiting gold.

1201
00:52:32,880 --> 00:52:35,719
Speaker 3: Yeah, well, little give her that peace of mind. Before

1202
00:52:36,040 --> 00:52:39,040
Speaker 3: we wrapped the show as well, Victoria, I just wanted

1203
00:52:39,040 --> 00:52:41,560
Speaker 3: to add that it was Ryan John laughing in that

1204
00:52:41,640 --> 00:52:46,360
Speaker 3: little that link was voice sober part when she was chatting,

1205
00:52:47,000 --> 00:52:49,360
Speaker 3: just in case you guys are like, who is that?

1206
00:52:49,960 --> 00:52:51,919
Speaker 1: What is he doing? Edit it out?

1207
00:52:52,080 --> 00:52:56,000
Speaker 3: So apologies if that offended anyone's ear holes. Look, he

1208
00:52:56,040 --> 00:52:56,799
Speaker 3: won't do it again.

1209
00:52:57,200 --> 00:52:59,200
Speaker 2: Yeah, Look, he might not be invited back to be

1210
00:52:59,239 --> 00:53:02,520
Speaker 2: the producer of show with that, right, But yeah, Ryan

1211
00:53:02,640 --> 00:53:05,080
Speaker 2: John actually did that interview for us, which was very

1212
00:53:05,160 --> 00:53:07,600
Speaker 2: kind of him. But turns out he's not the greatest

1213
00:53:07,640 --> 00:53:08,960
Speaker 2: interview because he laughed through it.

1214
00:53:09,320 --> 00:53:10,719
Speaker 1: Yeah, but turns out.

1215
00:53:10,719 --> 00:53:13,040
Speaker 2: People interviewed by him actually really like him, so he

1216
00:53:13,120 --> 00:53:16,279
Speaker 2: might stick around anyway. I think that that's enough on

1217
00:53:16,280 --> 00:53:19,040
Speaker 2: our Money Diary though, Georgia. But just before we head off,

1218
00:53:19,080 --> 00:53:22,080
Speaker 2: we'd like to acknowledge and pay respects to Australia's Aboriginal

1219
00:53:22,080 --> 00:53:25,640
Speaker 2: and Torrestraight Islander people's the traditional custodians of the lands,

1220
00:53:25,719 --> 00:53:29,000
Speaker 2: waterways and skies across Australia. We thank you for sharing

1221
00:53:29,080 --> 00:53:30,920
Speaker 2: and for caring for the land on which we are

1222
00:53:31,000 --> 00:53:33,799
Speaker 2: able to learn. We pay our respects to elder's past

1223
00:53:33,840 --> 00:53:36,920
Speaker 2: and present, and we share our friendship and our kindness.

1224
00:53:37,160 --> 00:53:40,480
Speaker 3: Now let's scoot over to the boring bits. The advice

1225
00:53:40,560 --> 00:53:43,280
Speaker 3: shared on Sheers on the Money is general in nature

1226
00:53:43,400 --> 00:53:46,160
Speaker 3: and does not consider your individual circumstances.

1227
00:53:46,200 --> 00:53:47,920
Speaker 1: No, it doesn't, Georgia King Uh.

1228
00:53:47,960 --> 00:53:51,280
Speaker 3: As we said earlier, She's on the Money exists purely

1229
00:53:51,320 --> 00:53:54,080
Speaker 3: for educational purposes and should not be relied upon to

1230
00:53:54,120 --> 00:53:58,720
Speaker 3: make an investment or a financial decision. And stressless, we promise,

1231
00:53:58,800 --> 00:54:02,400
Speaker 3: Victoria divine isn't all the Rise, Representative of Australia Pacific

1232
00:54:02,400 --> 00:54:05,920
Speaker 3: Funds Management Proprietory Limited ABN three four one three two

1233
00:54:06,000 --> 00:54:09,799
Speaker 3: four six three two five SEVENFSL three three nine one

1234
00:54:09,880 --> 00:54:11,320
Speaker 3: five one. I think I said I was going to

1235
00:54:11,360 --> 00:54:12,160
Speaker 3: wrap that this week.

1236
00:54:12,400 --> 00:54:16,200
Speaker 2: Disappointed next week. I'm holding you to it next week though.

1237
00:54:16,280 --> 00:54:18,400
Speaker 2: If you don't get some rap line, it's actually if

1238
00:54:18,400 --> 00:54:21,719
Speaker 2: anybody has maybe do it tutorial for Georgia to learn

1239
00:54:21,719 --> 00:54:24,280
Speaker 2: to rap, that would be very good pop that in.

1240
00:54:24,160 --> 00:54:28,680
Speaker 3: Here me rapping is just futrid always as well, we

1241
00:54:28,840 --> 00:54:30,680
Speaker 3: like to say a big thank you to Ryan John,

1242
00:54:30,880 --> 00:54:35,160
Speaker 3: the aforementioned giggling Dirty. Thank you to the big Man

1243
00:54:35,200 --> 00:54:37,440
Speaker 3: for putting together today's podcast. Hope your trip to the

1244
00:54:37,440 --> 00:54:39,240
Speaker 3: Great Ocean Road was awful?

1245
00:54:40,239 --> 00:54:40,640
Speaker 1: Just kidding.

1246
00:54:40,640 --> 00:54:42,360
Speaker 3: I hope it was good, but I was pretty jealous

1247
00:54:42,400 --> 00:54:44,080
Speaker 3: sitting here in my five k radius.

1248
00:54:44,160 --> 00:54:45,000
Speaker 1: Yeah not fair.

1249
00:54:45,080 --> 00:54:47,120
Speaker 2: Also chout out to our friends in Sydney who had

1250
00:54:47,239 --> 00:54:50,640
Speaker 2: arguably a better weekend than we did. But we would

1251
00:54:50,680 --> 00:54:53,320
Speaker 2: so love it if you guys joined our Facebook group,

1252
00:54:53,400 --> 00:54:57,239
Speaker 2: where honestly nearly one hundred thousand of you share money

1253
00:54:57,280 --> 00:55:00,160
Speaker 2: tips and tricks every single date, free of judgment. So

1254
00:55:00,280 --> 00:55:02,400
Speaker 2: She's on the Money on Facebook and join us if

1255
00:55:02,440 --> 00:55:04,440
Speaker 2: Facebook's not your thing, though, you can also find us

1256
00:55:04,480 --> 00:55:07,600
Speaker 2: on the ground We're at She's on the Money aus.

1257
00:55:07,880 --> 00:55:11,000
Speaker 2: And also, please don't forget we have recently launched our

1258
00:55:11,000 --> 00:55:14,680
Speaker 2: budget and cash Flow masterclass, which George King is getting

1259
00:55:14,800 --> 00:55:19,279
Speaker 2: absolutely glowing reviews, and I am, well, oh right, like

1260
00:55:19,320 --> 00:55:21,360
Speaker 2: I've got no tickets on myself, but like, my god,

1261
00:55:21,600 --> 00:55:24,640
Speaker 2: these people are actually eating it up and I'm so

1262
00:55:24,800 --> 00:55:25,319
Speaker 2: here for this.

1263
00:55:25,920 --> 00:55:28,560
Speaker 1: But that has just dropped and if you keep.

1264
00:55:28,440 --> 00:55:30,879
Speaker 2: An eye out on the Instagram this week, there might

1265
00:55:30,920 --> 00:55:33,399
Speaker 2: be a cheeky little discount code for you all.

1266
00:55:33,440 --> 00:55:34,920
Speaker 3: Oh a little money win their dog.

1267
00:55:35,000 --> 00:55:37,920
Speaker 1: Little money win low us all to have midweek. I

1268
00:55:38,000 --> 00:55:39,440
Speaker 1: love that for us gorgeous.

1269
00:55:39,760 --> 00:55:42,600
Speaker 3: Also, don't forget to rate, review and subscribe if you

1270
00:55:42,680 --> 00:55:44,680
Speaker 3: love the show, Love your dearly and I.

1271
00:55:44,680 --> 00:55:46,399
Speaker 2: Guess we'll see you have a good week.

1272
00:55:47,200 --> 00:55:49,000
Speaker 1: Bye, but