1 00:00:00,680 --> 00:00:01,080 Speaker 1: Hello. 2 00:00:01,560 --> 00:00:05,040 Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the 3 00:00:05,160 --> 00:00:08,760 Speaker 2: Order KERNI Whoalbury and a waddery woman. And before we 4 00:00:08,800 --> 00:00:11,440 Speaker 2: get started on She's on the Money podcast, I would 5 00:00:11,520 --> 00:00:14,520 Speaker 2: like to acknowledge the traditional custodians of the land of 6 00:00:14,560 --> 00:00:18,680 Speaker 2: which this podcast is recorded on a wondery country, acknowledging 7 00:00:18,680 --> 00:00:22,560 Speaker 2: the elders, the ancestors and the next generation coming through 8 00:00:23,040 --> 00:00:27,159 Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and 9 00:00:27,240 --> 00:00:30,600 Speaker 2: the storytelling of you to make a difference for today 10 00:00:31,040 --> 00:00:32,640 Speaker 2: and lasting impact for tomorrow. 11 00:00:33,320 --> 00:00:36,600 Speaker 1: Let's get into it. She's on the Money. 12 00:00:36,760 --> 00:00:54,040 Speaker 3: She's on the Money. 13 00:00:57,720 --> 00:01:00,360 Speaker 4: Hello, and welcome to She's on the Money cast for 14 00:01:00,440 --> 00:01:03,200 Speaker 4: millennials who want to become millionaires day. 15 00:01:03,720 --> 00:01:04,920 Speaker 5: I see what you're doing there. 16 00:01:05,120 --> 00:01:07,800 Speaker 4: My name is beck Side and with me is Victoria Divine. 17 00:01:07,880 --> 00:01:10,760 Speaker 1: Hello, my friends. Hi, how are you? 18 00:01:11,280 --> 00:01:11,600 Speaker 4: I'm good? 19 00:01:11,600 --> 00:01:13,760 Speaker 1: How are you good? Week? I'm having that a week? 20 00:01:13,880 --> 00:01:15,319 Speaker 4: Yeah, I'm having a good week. 21 00:01:15,600 --> 00:01:15,880 Speaker 5: Buff. 22 00:01:16,319 --> 00:01:19,520 Speaker 4: Now, I do want to ask you about something's a 23 00:01:19,560 --> 00:01:20,520 Speaker 4: little bit controversial. 24 00:01:20,720 --> 00:01:20,959 Speaker 1: Yeah. 25 00:01:21,280 --> 00:01:23,800 Speaker 4: Are self made millionaires a thing? 26 00:01:24,160 --> 00:01:24,360 Speaker 1: No? 27 00:01:24,800 --> 00:01:25,840 Speaker 4: Is it an oxymoron? 28 00:01:26,120 --> 00:01:26,240 Speaker 2: Like? 29 00:01:26,360 --> 00:01:27,160 Speaker 1: It's crazy? 30 00:01:27,319 --> 00:01:29,880 Speaker 5: I wrote an article a couple of weeks ago for 31 00:01:29,920 --> 00:01:33,240 Speaker 5: The Age and Sydney Morning Herald. If you guys don't know, 32 00:01:33,319 --> 00:01:34,480 Speaker 5: I have a weekly column in. 33 00:01:34,480 --> 00:01:35,959 Speaker 1: There because I'm a big dog. 34 00:01:36,160 --> 00:01:36,679 Speaker 4: Yeah. 35 00:01:36,720 --> 00:01:39,080 Speaker 5: Also, I get really anxious every week when I write them, 36 00:01:39,080 --> 00:01:41,200 Speaker 5: and I like fluster and I send it to six million. 37 00:01:41,040 --> 00:01:43,120 Speaker 1: People because this good. Is the Internet going to come 38 00:01:43,200 --> 00:01:44,040 Speaker 1: after me? Anyway? 39 00:01:44,520 --> 00:01:48,480 Speaker 5: I wrote an article about this myth of the self 40 00:01:48,480 --> 00:01:51,680 Speaker 5: made millionaire because I've just been thinking about it a lot. 41 00:01:51,760 --> 00:01:54,560 Speaker 5: Thinking about this idea of the self made millionaire. I 42 00:01:54,560 --> 00:01:57,520 Speaker 5: feel like I'd seen so many headlines that said I 43 00:01:57,560 --> 00:01:59,680 Speaker 5: became a self made millionaire by the time I was forty, 44 00:02:00,000 --> 00:02:01,720 Speaker 5: And there was another one that was like, oh. 45 00:02:01,680 --> 00:02:05,600 Speaker 1: The surprisingly simple things I sacrificed to become rich. And 46 00:02:05,600 --> 00:02:07,960 Speaker 1: I was just like, there's so much pressure on us 47 00:02:08,080 --> 00:02:08,400 Speaker 1: to be. 48 00:02:08,480 --> 00:02:10,680 Speaker 5: More and do more and have more and a mass 49 00:02:10,720 --> 00:02:14,400 Speaker 5: more wealth, and that doesn't necessarily make us better human beings. 50 00:02:14,440 --> 00:02:18,880 Speaker 5: But also we're not recognizing that for someone to become 51 00:02:18,919 --> 00:02:21,880 Speaker 5: a millionaire, for someone to become a billionaire, it's at 52 00:02:21,880 --> 00:02:24,720 Speaker 5: the cost of other people's labor. Like I was saying 53 00:02:24,760 --> 00:02:26,880 Speaker 5: to you off air that if I dumped you on 54 00:02:26,960 --> 00:02:29,640 Speaker 5: an island and said, okay, create wealth, and you didn't 55 00:02:29,680 --> 00:02:31,600 Speaker 5: have anybody else to help you. 56 00:02:31,600 --> 00:02:33,079 Speaker 1: You're not gonna make millions. 57 00:02:33,480 --> 00:02:37,800 Speaker 5: Like, from my perspective, the only self made millionaire is 58 00:02:37,800 --> 00:02:41,120 Speaker 5: someone who won the lottery. Yeah, because like you walked in, 59 00:02:41,240 --> 00:02:43,400 Speaker 5: you bought a ticket, full stop, end of story. There 60 00:02:43,480 --> 00:02:46,240 Speaker 5: was no real work or effort that had to go 61 00:02:46,400 --> 00:02:49,280 Speaker 5: into that. And like if you google how to become 62 00:02:49,320 --> 00:02:52,240 Speaker 5: a millionaire, there's so many tips and tricks and strategies. 63 00:02:52,360 --> 00:02:55,600 Speaker 5: And I'm just I'm not talking about people who become 64 00:02:55,600 --> 00:02:58,519 Speaker 5: millionaires on this episode as a bad thing. Like, please 65 00:02:58,560 --> 00:03:01,440 Speaker 5: do not get me wrong. I have absolutely every intention 66 00:03:01,960 --> 00:03:04,560 Speaker 5: of one day retiring and being able to say I 67 00:03:04,639 --> 00:03:06,880 Speaker 5: am a millionaire, because that is going to put me 68 00:03:06,919 --> 00:03:08,880 Speaker 5: in the best possible position to live the life that 69 00:03:08,919 --> 00:03:12,360 Speaker 5: I have been working so hard for. But I think 70 00:03:12,440 --> 00:03:16,399 Speaker 5: we need to talk about this idea that this narrative 71 00:03:16,520 --> 00:03:20,240 Speaker 5: can be incredibly isolating, and this narrative can always put 72 00:03:20,480 --> 00:03:23,840 Speaker 5: a lot more pressure on us and make us feel 73 00:03:23,880 --> 00:03:24,840 Speaker 5: like we are less. 74 00:03:24,639 --> 00:03:25,760 Speaker 1: Than when we are not. 75 00:03:26,480 --> 00:03:29,280 Speaker 5: Like how many times do we look at social workers 76 00:03:29,280 --> 00:03:33,280 Speaker 5: and nurses and teachers and those people that don't ultimately 77 00:03:33,400 --> 00:03:34,720 Speaker 5: usually become millionaires. 78 00:03:35,160 --> 00:03:36,240 Speaker 1: Those people deserve. 79 00:03:36,040 --> 00:03:39,400 Speaker 5: So much more respect, so much more recognition, but these 80 00:03:39,520 --> 00:03:43,400 Speaker 5: self made millionaires get that respect and recognition in the media, 81 00:03:43,520 --> 00:03:46,040 Speaker 5: and it puts so much unnecessary pressure on us. 82 00:03:46,120 --> 00:03:49,640 Speaker 1: Go, maybe I'm not enough, Maybe I should be doing more. No, 83 00:03:49,760 --> 00:03:50,360 Speaker 1: you shouldn't. 84 00:03:50,800 --> 00:03:54,080 Speaker 5: The world is about so much more than that, And ultimately, 85 00:03:54,160 --> 00:03:56,320 Speaker 5: I think this episode is really about talking about how 86 00:03:56,360 --> 00:03:59,680 Speaker 5: it takes a village to create wealth, regardless of where 87 00:03:59,680 --> 00:04:01,280 Speaker 5: you can from. And I know that there are going 88 00:04:01,320 --> 00:04:02,840 Speaker 5: to be some people listening to this and they're like, well, 89 00:04:02,880 --> 00:04:05,000 Speaker 5: I'm wealthy now, but I grew up in poverty and 90 00:04:05,040 --> 00:04:08,880 Speaker 5: I had all of these extrenuating circumstances that for any 91 00:04:08,960 --> 00:04:11,120 Speaker 5: other human being would have made it really hard to 92 00:04:11,160 --> 00:04:12,320 Speaker 5: be successful. 93 00:04:12,600 --> 00:04:13,480 Speaker 1: And you're not wrong. 94 00:04:13,840 --> 00:04:16,800 Speaker 5: I'm not putting you in a position where I'm saying, beck, 95 00:04:16,920 --> 00:04:18,200 Speaker 5: that person didn't work hard. 96 00:04:18,440 --> 00:04:20,800 Speaker 1: Yes, you absolutely had to work hard. 97 00:04:20,960 --> 00:04:23,400 Speaker 5: Like to amass any type of wealth, you have to 98 00:04:23,480 --> 00:04:26,240 Speaker 5: have some level of intelligence of how to invest it 99 00:04:26,279 --> 00:04:27,880 Speaker 5: and save it and put it in the right position. 100 00:04:27,920 --> 00:04:29,799 Speaker 5: But you also have to work hard for that money 101 00:04:29,800 --> 00:04:32,320 Speaker 5: to come in the door in the first place. But 102 00:04:32,440 --> 00:04:34,919 Speaker 5: there's always going to have been some other labor in 103 00:04:34,960 --> 00:04:39,400 Speaker 5: the background, because your time is ultimately capped, right, Like 104 00:04:39,880 --> 00:04:42,480 Speaker 5: I am only going to be able to work for 105 00:04:42,480 --> 00:04:45,760 Speaker 5: forty hours a week, right, But by growing my team 106 00:04:45,800 --> 00:04:48,560 Speaker 5: and relying on their labor, yes, I'm paying for it, 107 00:04:48,600 --> 00:04:50,760 Speaker 5: but relying on their labor, I can create a more 108 00:04:50,800 --> 00:04:54,440 Speaker 5: successful business. Yes, I can, you know, become an individual 109 00:04:54,440 --> 00:04:57,200 Speaker 5: who doesn't have any team members and become a millionaire. 110 00:04:57,400 --> 00:04:59,920 Speaker 5: But it's because people teach you and offer you men 111 00:05:00,040 --> 00:05:02,839 Speaker 5: touring opportunities and say yes when other people say no. 112 00:05:03,279 --> 00:05:05,800 Speaker 5: So I think there's just so much to it, and 113 00:05:05,800 --> 00:05:07,359 Speaker 5: I think we should break it down and talk about 114 00:05:07,360 --> 00:05:09,600 Speaker 5: it because I don't believe that there is such thing 115 00:05:09,640 --> 00:05:12,039 Speaker 5: as a self made millionaire, regardless of how many times 116 00:05:12,080 --> 00:05:13,320 Speaker 5: people want to put it in the media. 117 00:05:13,560 --> 00:05:16,000 Speaker 4: Yes, when you put it like that, I think I 118 00:05:16,040 --> 00:05:18,560 Speaker 4: agree with you, But well, why are we talking about this? 119 00:05:18,960 --> 00:05:22,039 Speaker 5: Obviously I could rant all day, but I just feel 120 00:05:22,080 --> 00:05:24,279 Speaker 5: like at the moment, as I said before, there's just 121 00:05:24,320 --> 00:05:28,080 Speaker 5: been so much in the media about how you know, 122 00:05:28,279 --> 00:05:31,080 Speaker 5: at this point, we are putting so much pressure on 123 00:05:31,120 --> 00:05:34,120 Speaker 5: ourselves to strive for more and be more and be 124 00:05:34,120 --> 00:05:36,320 Speaker 5: better than we were the day before, and it just 125 00:05:36,320 --> 00:05:38,800 Speaker 5: seems as though the sum of our life's worth is 126 00:05:38,839 --> 00:05:41,360 Speaker 5: based on the number of zeros in your bank account 127 00:05:41,839 --> 00:05:42,640 Speaker 5: and Beck is it. 128 00:05:44,279 --> 00:05:44,479 Speaker 4: No? 129 00:05:44,880 --> 00:05:46,240 Speaker 1: Oh my gosh, I hate that. It's not. 130 00:05:47,839 --> 00:05:48,720 Speaker 4: That I'm so sorry. 131 00:05:48,960 --> 00:05:51,760 Speaker 5: I feel like you're like the number one person that's like, man, 132 00:05:51,800 --> 00:05:54,400 Speaker 5: money's helpful, but like totally I want to go lay 133 00:05:54,400 --> 00:05:56,440 Speaker 5: in the grass and have a good time and enjoy 134 00:05:56,520 --> 00:05:59,000 Speaker 5: my friend's company. And I think that you are the 135 00:05:59,080 --> 00:06:01,440 Speaker 5: post to girl for being like, yes, who wants to 136 00:06:01,480 --> 00:06:02,960 Speaker 5: be a self made millionaire? Not back? 137 00:06:03,200 --> 00:06:04,520 Speaker 1: I mean, I don't think you'd say no. 138 00:06:04,640 --> 00:06:06,120 Speaker 5: If someone was like, do you want to be a millionaire, 139 00:06:06,120 --> 00:06:07,719 Speaker 5: you'd be like, I can buy a lot of English 140 00:06:07,800 --> 00:06:08,400 Speaker 5: muffins for that. 141 00:06:08,640 --> 00:06:11,000 Speaker 4: Yeah, I mean I wouldn't say no, But also I 142 00:06:11,040 --> 00:06:11,520 Speaker 4: don't mind. 143 00:06:12,080 --> 00:06:14,800 Speaker 5: Yeah. I feel like this idea of the self made 144 00:06:14,800 --> 00:06:17,240 Speaker 5: millionaire has become really popular because like you click on it, 145 00:06:17,240 --> 00:06:19,800 Speaker 5: you're like, I would like to become a self made millionaire, 146 00:06:19,839 --> 00:06:23,200 Speaker 5: like that headline real catchy does the job. But we 147 00:06:23,279 --> 00:06:26,159 Speaker 5: often hear stories of individuals who you know, came from 148 00:06:26,240 --> 00:06:29,920 Speaker 5: humble beginnings and then worked tirelessly in amassed incredible wealth. 149 00:06:29,960 --> 00:06:33,799 Speaker 5: And I just think, obviously we're not downplaying their incredible 150 00:06:33,839 --> 00:06:36,599 Speaker 5: dedication and hard work. But the truth is, no one 151 00:06:37,080 --> 00:06:41,159 Speaker 5: becomes successful in isolation. Every single person who has any 152 00:06:41,240 --> 00:06:45,360 Speaker 5: level of success has actually benefited from some level of support, 153 00:06:45,680 --> 00:06:48,520 Speaker 5: whether it's direct or indirect, along their journey to success. 154 00:06:48,560 --> 00:06:50,680 Speaker 5: And we need to acknowledge that, Like, we need to 155 00:06:50,720 --> 00:06:53,080 Speaker 5: talk about that and then also talk about what life 156 00:06:53,520 --> 00:06:55,599 Speaker 5: is really about. Yeah, because I think it's about the 157 00:06:55,600 --> 00:06:58,760 Speaker 5: relationships that we have and how much we give back 158 00:06:58,760 --> 00:07:01,880 Speaker 5: and how much we care. Because I don't look at people. 159 00:07:01,640 --> 00:07:03,919 Speaker 1: And go, hmmm, I wish they were richest so I 160 00:07:03,920 --> 00:07:05,280 Speaker 1: could be friends with them back. 161 00:07:06,560 --> 00:07:09,480 Speaker 5: Maybe you do, but I've never done it. 162 00:07:09,800 --> 00:07:11,520 Speaker 4: I do. It's kind of a prerequisite. I do have 163 00:07:11,560 --> 00:07:14,360 Speaker 4: to check my friend's bank accounts before we officially hang 164 00:07:14,400 --> 00:07:15,080 Speaker 4: out as friends. 165 00:07:15,160 --> 00:07:17,080 Speaker 5: Yeah, do you want me to send you a screenshop 166 00:07:17,160 --> 00:07:20,120 Speaker 5: before or do you just want me to tell you? 167 00:07:20,200 --> 00:07:21,080 Speaker 1: Like, how do I prove? 168 00:07:21,280 --> 00:07:22,200 Speaker 4: Do you need some proof? 169 00:07:22,320 --> 00:07:24,720 Speaker 5: Okay, sorry, I'll just give you my banking details. You 170 00:07:24,760 --> 00:07:25,640 Speaker 5: can log in and check it. 171 00:07:25,640 --> 00:07:26,240 Speaker 1: Whenever you want. 172 00:07:26,280 --> 00:07:27,160 Speaker 4: Your card might be good? 173 00:07:27,360 --> 00:07:29,920 Speaker 5: Yeah, actually, yeah, how about if I just give you 174 00:07:29,920 --> 00:07:31,080 Speaker 5: a copy of my credit card? 175 00:07:31,200 --> 00:07:33,800 Speaker 4: Yeah? Perfect, that would be great, Thank you so much. 176 00:07:34,120 --> 00:07:36,200 Speaker 4: But v it seems like this episode today is a 177 00:07:36,200 --> 00:07:39,040 Speaker 4: bit of I guess, like a mindset check. If you're 178 00:07:39,240 --> 00:07:42,600 Speaker 4: someone who like myself. For example, there's definitely been a 179 00:07:42,600 --> 00:07:44,600 Speaker 4: time in my life where it'll be like, oh my god, 180 00:07:44,640 --> 00:07:47,000 Speaker 4: if I had just worked a little bit harder, I 181 00:07:47,040 --> 00:07:49,720 Speaker 4: could be more wealthy or something like that. But let's say, 182 00:07:49,720 --> 00:07:51,800 Speaker 4: for example, you grew up in a home, you're born 183 00:07:51,800 --> 00:07:54,640 Speaker 4: into a family where there's like I don't know, abuse 184 00:07:55,000 --> 00:07:57,880 Speaker 4: and trauma and all this stuff, and you end up 185 00:07:58,240 --> 00:08:00,440 Speaker 4: moving into your teenage years you become I don't know, 186 00:08:00,600 --> 00:08:03,600 Speaker 4: it's just like a troubled future for you. I can't 187 00:08:03,600 --> 00:08:08,920 Speaker 4: imagine that hard work and dedication will make you become 188 00:08:09,000 --> 00:08:12,400 Speaker 4: that's remodingly. It's not so like putting that pressure on ourselves. 189 00:08:12,440 --> 00:08:14,440 Speaker 4: I mean, like, wow, if I had just worked hard 190 00:08:14,480 --> 00:08:16,960 Speaker 4: on it is not crazy. It's not the case for everyone, 191 00:08:16,960 --> 00:08:18,560 Speaker 4: you know what I mean. So, and yes, exactly as 192 00:08:18,560 --> 00:08:19,840 Speaker 4: you're saying, it takes a village. 193 00:08:20,200 --> 00:08:22,200 Speaker 1: Yeah, it's also about the support that you received, right, 194 00:08:22,400 --> 00:08:23,160 Speaker 1: holding people up. 195 00:08:23,360 --> 00:08:26,360 Speaker 5: It's crazy to think that people would drill it down 196 00:08:26,360 --> 00:08:28,239 Speaker 5: and go, well, it's just about hard work and effort. 197 00:08:28,280 --> 00:08:28,440 Speaker 1: Beck. 198 00:08:28,480 --> 00:08:30,280 Speaker 5: If you put more hard work, like Beck, what if 199 00:08:30,320 --> 00:08:33,480 Speaker 5: you started working ninety hour weeks at work, that's actually 200 00:08:33,480 --> 00:08:35,640 Speaker 5: not going to translate to you earning more money. 201 00:08:35,640 --> 00:08:36,880 Speaker 1: That's not how it works. 202 00:08:37,320 --> 00:08:39,400 Speaker 5: Like, you have to have some level of support to 203 00:08:39,440 --> 00:08:42,560 Speaker 5: create something different. You have to have some level of 204 00:08:42,559 --> 00:08:44,200 Speaker 5: support to know where to go and what to do 205 00:08:44,280 --> 00:08:47,959 Speaker 5: and how that all works. Because just putting in the effort, 206 00:08:48,360 --> 00:08:50,720 Speaker 5: let's be honest, it's not enough. It's all about networking 207 00:08:50,840 --> 00:08:53,360 Speaker 5: connections and how all of that works. And even if 208 00:08:53,400 --> 00:08:56,920 Speaker 5: that networking connection isn't in person, like you know, it's 209 00:08:56,960 --> 00:08:59,280 Speaker 5: a part of my business. I do online courses, right, 210 00:08:59,280 --> 00:09:01,280 Speaker 5: and I adore and we're about to launch a few 211 00:09:01,360 --> 00:09:05,240 Speaker 5: new courses. And I don't have anyone that supports me 212 00:09:05,400 --> 00:09:08,000 Speaker 5: on that, because there's no one in Australia that I 213 00:09:08,040 --> 00:09:10,880 Speaker 5: know that does courses. But the support I receive is 214 00:09:11,040 --> 00:09:13,319 Speaker 5: all of the YouTube videos that I have watched on 215 00:09:13,360 --> 00:09:15,960 Speaker 5: how to set up that online course. That support from 216 00:09:16,000 --> 00:09:18,080 Speaker 5: people that I don't know who have put out this 217 00:09:18,200 --> 00:09:21,040 Speaker 5: content to help me grow. It's support from all of 218 00:09:21,040 --> 00:09:23,240 Speaker 5: the blogs and the websites. And you know, I log 219 00:09:23,280 --> 00:09:26,520 Speaker 5: into my course provide a platform, right and I have 220 00:09:26,640 --> 00:09:29,440 Speaker 5: the live chat option to talk to people. So yes, 221 00:09:29,559 --> 00:09:32,200 Speaker 5: you can work really hard, but you also need to 222 00:09:32,840 --> 00:09:35,760 Speaker 5: realize that the world is now. You know, I think 223 00:09:35,800 --> 00:09:39,040 Speaker 5: the self made millionaire is far more popular nowadays because 224 00:09:39,040 --> 00:09:41,720 Speaker 5: it's a bit more accessible, if we're honest, Like, to 225 00:09:41,800 --> 00:09:45,280 Speaker 5: become a millionaire these days is much easier today than 226 00:09:45,280 --> 00:09:47,640 Speaker 5: it was back in the fifties because of technology and 227 00:09:47,720 --> 00:09:51,360 Speaker 5: what we have access to. Like nowadays, everyone has access 228 00:09:51,440 --> 00:09:53,880 Speaker 5: to the internet, and the Internet is a beautiful place 229 00:09:53,920 --> 00:09:56,480 Speaker 5: that can change lives, can ruin lives as well, let's 230 00:09:56,520 --> 00:09:59,320 Speaker 5: be honest, but we have access to information. But that 231 00:09:59,400 --> 00:10:02,080 Speaker 5: information is there because of the labor of other people, right, 232 00:10:02,520 --> 00:10:04,480 Speaker 5: Like it is there because other people have put it 233 00:10:04,520 --> 00:10:07,160 Speaker 5: out there to help you. And when you go I'm 234 00:10:07,240 --> 00:10:10,360 Speaker 5: self made, I did this all myself, I'm like, well, yeah, 235 00:10:10,559 --> 00:10:11,400 Speaker 5: you did do. 236 00:10:11,480 --> 00:10:14,440 Speaker 1: The work, but the hard work is not enough. 237 00:10:14,960 --> 00:10:15,200 Speaker 2: Hmm. 238 00:10:15,600 --> 00:10:16,320 Speaker 1: So that makes sense. 239 00:10:16,360 --> 00:10:17,480 Speaker 4: That makes so much sense to me. 240 00:10:17,920 --> 00:10:20,240 Speaker 5: I have some SATs though, So it's not just fluffy, 241 00:10:20,400 --> 00:10:22,400 Speaker 5: So I know you said before, it's a bit of 242 00:10:22,400 --> 00:10:24,840 Speaker 5: a mindset check. It totally is, because I want everyone 243 00:10:24,880 --> 00:10:27,120 Speaker 5: to pull their heads in and care less about money, 244 00:10:27,240 --> 00:10:30,440 Speaker 5: which is funny because this is a money podcast. But 245 00:10:30,520 --> 00:10:33,920 Speaker 5: like that's I guess the ethos of She's on the money, right, Yeah, 246 00:10:34,440 --> 00:10:36,120 Speaker 5: It's not about what you earn, it's about what you 247 00:10:36,160 --> 00:10:38,439 Speaker 5: do with it and the values you hold and respecting 248 00:10:38,440 --> 00:10:41,480 Speaker 5: those values and really reflecting what you want to create 249 00:10:41,600 --> 00:10:46,120 Speaker 5: as a life. Yes, but global wealth inequity, what does 250 00:10:46,160 --> 00:10:48,040 Speaker 5: it look like right now? Back, I'm so glad you 251 00:10:48,080 --> 00:10:50,360 Speaker 5: asked Credit Swiss, who I. 252 00:10:50,280 --> 00:10:53,440 Speaker 1: Really like their reports. Actually, they've documented the rise of 253 00:10:53,480 --> 00:10:56,880 Speaker 1: the super rich and the growth in global inequality over 254 00:10:56,920 --> 00:10:59,480 Speaker 1: the past decade with their Global Wealth Report, which by 255 00:10:59,480 --> 00:11:01,640 Speaker 1: the way, has lots of infographics in it. 256 00:11:01,840 --> 00:11:03,320 Speaker 5: So if you ever wanted to go and look at 257 00:11:03,400 --> 00:11:05,520 Speaker 5: Global Wealth Report and thought, oh, that's not going to 258 00:11:05,559 --> 00:11:06,680 Speaker 5: be good, it's just going to be text. 259 00:11:06,760 --> 00:11:08,160 Speaker 1: It's not like it's so pervy. 260 00:11:08,520 --> 00:11:10,200 Speaker 5: But I've pulled out a few stats for you, because Beck, 261 00:11:10,200 --> 00:11:11,520 Speaker 5: you and I both know you were never going to 262 00:11:11,600 --> 00:11:13,600 Speaker 5: go look, but. 263 00:11:13,600 --> 00:11:16,000 Speaker 4: I was going to ask the question and you read, well, 264 00:11:16,080 --> 00:11:17,480 Speaker 4: you're not wrong exactly. 265 00:11:17,559 --> 00:11:21,000 Speaker 5: So it found that in twenty nineteen, the richest ten 266 00:11:21,080 --> 00:11:25,400 Speaker 5: percent of people in the world owned eighty two percent of. 267 00:11:25,320 --> 00:11:26,240 Speaker 1: The world's wealth. 268 00:11:26,360 --> 00:11:29,040 Speaker 5: Oh wow, this means that the top one percent of 269 00:11:29,080 --> 00:11:32,079 Speaker 5: the richest people in the world own forty five percent 270 00:11:32,240 --> 00:11:33,160 Speaker 5: of global wealth. 271 00:11:33,679 --> 00:11:35,800 Speaker 4: Oh that's like half of the entire world. 272 00:11:35,800 --> 00:11:38,640 Speaker 1: That's half of the world is owned by the one percent. Geez, 273 00:11:38,679 --> 00:11:39,560 Speaker 1: isn't that cooked? 274 00:11:39,800 --> 00:11:41,840 Speaker 4: Yeah, that is cooked half. 275 00:11:41,559 --> 00:11:45,040 Speaker 1: Of the world's population, so fifty percent, Beck has one 276 00:11:45,120 --> 00:11:46,200 Speaker 1: percent of the wealth. 277 00:11:46,480 --> 00:11:49,880 Speaker 4: Wow, just shared up evenly. Yeah, not even. 278 00:11:49,880 --> 00:11:53,280 Speaker 5: Really nice and even just makes sense, right, They were like, oh, 279 00:11:53,320 --> 00:11:55,760 Speaker 5: well we heard that it was fifty and one percent. 280 00:11:55,800 --> 00:11:58,000 Speaker 1: We'll just reverse that. Yeah. 281 00:11:58,040 --> 00:12:01,720 Speaker 5: And the Forbes Billionaire List, it gives real time daily 282 00:12:01,800 --> 00:12:04,760 Speaker 5: updates of the fortunes of the richest people in the world, 283 00:12:05,080 --> 00:12:09,120 Speaker 5: so pervy, very depressed. The top ten richest men, Like, 284 00:12:09,280 --> 00:12:11,800 Speaker 5: it's not a list of like just men, it's actually 285 00:12:11,880 --> 00:12:14,679 Speaker 5: just the top ten riches people happen to all be men. 286 00:12:14,720 --> 00:12:15,520 Speaker 1: Beck, which I. 287 00:12:15,480 --> 00:12:18,880 Speaker 5: Don't think anyone's surprised by have a master total of 288 00:12:19,120 --> 00:12:23,320 Speaker 5: nine hundred and sixty seven trillion dollars. 289 00:12:23,320 --> 00:12:25,840 Speaker 1: Beck whish is absolutely cool, my god. 290 00:12:25,920 --> 00:12:28,560 Speaker 5: But I feel like, as the average lay person like 291 00:12:28,640 --> 00:12:31,559 Speaker 5: you and I, we hear the word millionaire and billionaire, 292 00:12:31,640 --> 00:12:34,200 Speaker 5: you kind of go same bucket, right, Like you're just 293 00:12:34,280 --> 00:12:37,320 Speaker 5: like a million not that much different from a billion, right, 294 00:12:37,440 --> 00:12:39,679 Speaker 5: Like you go, that's like one hundred million, that's like 295 00:12:39,720 --> 00:12:42,160 Speaker 5: a lot. But like you kind of go, oh yeah, 296 00:12:42,200 --> 00:12:44,040 Speaker 5: like at some point, if you start collecting millions, you'll 297 00:12:44,040 --> 00:12:46,640 Speaker 5: become a billionaire. So let's put that into perspective of 298 00:12:46,679 --> 00:12:50,480 Speaker 5: how much bigger a billion dollars is than a million dollars? 299 00:12:50,559 --> 00:12:50,760 Speaker 1: Right? 300 00:12:50,800 --> 00:12:51,079 Speaker 4: Sure? 301 00:12:51,320 --> 00:12:55,880 Speaker 5: So seconds? One million seconds, beck is eleven days? 302 00:12:56,520 --> 00:12:59,880 Speaker 1: Cool? One billion seconds is thirty one and a half years. 303 00:13:00,200 --> 00:13:03,360 Speaker 4: Oh okay, I see, I see what about and you 304 00:13:03,440 --> 00:13:05,160 Speaker 4: might not notice off the top of your head, which 305 00:13:05,200 --> 00:13:07,760 Speaker 4: is completely fine. But what about a trillion seconds? 306 00:13:07,840 --> 00:13:09,199 Speaker 1: All right? You want to know trillion? 307 00:13:09,360 --> 00:13:14,080 Speaker 5: Yeah, so one million seconds is eleven point six days, yes, 308 00:13:14,280 --> 00:13:17,839 Speaker 5: one billion seconds is thirty one years or thirty one 309 00:13:17,840 --> 00:13:18,640 Speaker 5: point seven years. 310 00:13:18,679 --> 00:13:19,720 Speaker 1: I do apologize. 311 00:13:19,920 --> 00:13:23,960 Speaker 5: Wow, and one trillion seconds is three hundred and seventeen 312 00:13:24,000 --> 00:13:25,720 Speaker 5: point one centuries. 313 00:13:25,960 --> 00:13:32,200 Speaker 1: No, it's not, Yes, it is how that math is mathing, Like, 314 00:13:32,320 --> 00:13:32,920 Speaker 1: I feel like. 315 00:13:32,960 --> 00:13:35,640 Speaker 5: We just don't have the ability to comprehend what the 316 00:13:35,679 --> 00:13:38,359 Speaker 5: difference is. But I think that puts it into context, 317 00:13:38,520 --> 00:13:39,239 Speaker 5: so definitely. 318 00:13:39,520 --> 00:13:43,439 Speaker 4: So ten people share, well they're not sharing between each other, 319 00:13:43,480 --> 00:13:46,199 Speaker 4: but they have in total nine hundred and sixty seven 320 00:13:46,679 --> 00:13:49,120 Speaker 4: trillion dollars. 321 00:13:48,720 --> 00:13:50,800 Speaker 5: And that was one trillion. They have nine hundred and 322 00:13:50,880 --> 00:13:52,079 Speaker 5: sixty seven of those. 323 00:13:52,640 --> 00:13:55,560 Speaker 4: My god. Yeah, okay, let's go for a quick break, 324 00:13:55,559 --> 00:13:57,360 Speaker 4: fe I need to absorb all of this, but stick 325 00:13:57,360 --> 00:13:59,080 Speaker 4: around because after the break we're going to be looking 326 00:13:59,080 --> 00:14:01,480 Speaker 4: at some key concept around the myth of the self 327 00:14:01,600 --> 00:14:09,440 Speaker 4: made millionaire. OKAYV we are back and we've talked before 328 00:14:09,480 --> 00:14:11,160 Speaker 4: about how much money is a lot of money on 329 00:14:11,200 --> 00:14:13,400 Speaker 4: the show, but how much money do we really need? 330 00:14:13,480 --> 00:14:15,880 Speaker 4: And should there be a limit? Do you think that's 331 00:14:15,880 --> 00:14:17,240 Speaker 4: probably controversial. 332 00:14:16,840 --> 00:14:18,439 Speaker 1: But oh many people think yes. 333 00:14:18,520 --> 00:14:22,440 Speaker 5: I know, so I think in this day and age, 334 00:14:22,480 --> 00:14:24,520 Speaker 5: this is going to sound very entitled, but I do 335 00:14:24,560 --> 00:14:26,240 Speaker 5: think people should be allowed to be millionaire. 336 00:14:26,280 --> 00:14:27,240 Speaker 1: So I totally get that. 337 00:14:27,560 --> 00:14:30,120 Speaker 5: I think in this day and age, actually, if we're 338 00:14:30,120 --> 00:14:32,040 Speaker 5: talking about wealth generation, and my. 339 00:14:32,000 --> 00:14:34,440 Speaker 1: Favorite example, which you've heard on the podcast. 340 00:14:33,960 --> 00:14:36,320 Speaker 5: A million times is beck if you had a one 341 00:14:36,320 --> 00:14:40,240 Speaker 5: point two million dollar investment portfolio by the time you retire, 342 00:14:40,320 --> 00:14:43,360 Speaker 5: at a five percent interest rate return, that would return 343 00:14:43,400 --> 00:14:45,920 Speaker 5: you about sixty thousand dollars a year of income. 344 00:14:46,480 --> 00:14:47,960 Speaker 1: Right, So we. 345 00:14:48,000 --> 00:14:51,440 Speaker 5: Obviously as a podcast, as a community, me as an 346 00:14:51,480 --> 00:14:54,120 Speaker 5: ex financial advisor, I want you to reach that. A 347 00:14:54,160 --> 00:14:56,520 Speaker 5: million dollars sounds like a lot of money, but in 348 00:14:56,560 --> 00:15:00,560 Speaker 5: this day and age, sadly, it is not not actually 349 00:15:00,600 --> 00:15:03,120 Speaker 5: a lot of money when it comes to talking about retirement, 350 00:15:03,280 --> 00:15:07,440 Speaker 5: talking about generating wealth talking about property, Like, the average property. 351 00:15:07,080 --> 00:15:08,400 Speaker 1: Price is now a million dollars. 352 00:15:08,640 --> 00:15:11,200 Speaker 5: So if we think about that and the strategy of 353 00:15:11,360 --> 00:15:15,120 Speaker 5: getting to retirement, if the average millennial is purchasing a 354 00:15:15,200 --> 00:15:18,520 Speaker 5: property worth a million dollars, the strategy is to pay 355 00:15:18,560 --> 00:15:21,840 Speaker 5: off your property before you retire. Completely, right, that just 356 00:15:21,880 --> 00:15:24,920 Speaker 5: makes sense. That means that most of you will retire 357 00:15:25,040 --> 00:15:28,640 Speaker 5: with more than a million dollars of wealth. Right, just 358 00:15:28,680 --> 00:15:30,280 Speaker 5: because you're going to have a property worth in more 359 00:15:30,280 --> 00:15:32,040 Speaker 5: than a million dollars by the time we add in 360 00:15:32,080 --> 00:15:34,560 Speaker 5: your subranuation, hopefully that bumps it up. By the time 361 00:15:34,600 --> 00:15:36,880 Speaker 5: you retire to another million dollars, you're sitting at two 362 00:15:36,920 --> 00:15:41,040 Speaker 5: million dollars. Obviously, there might be other extenuating circumstances. You 363 00:15:41,080 --> 00:15:44,160 Speaker 5: might have an inheritance, you might have another investment portfolio, like, 364 00:15:44,360 --> 00:15:47,560 Speaker 5: it doesn't matter what it is. But the idea that 365 00:15:47,600 --> 00:15:50,480 Speaker 5: most millennials will actually retire with more than a million 366 00:15:50,520 --> 00:15:53,960 Speaker 5: dollars is not incomprehensible. It's actually quite normal. It sounds 367 00:15:54,080 --> 00:15:55,600 Speaker 5: like a lot because a million dollars is a lot 368 00:15:55,640 --> 00:15:57,600 Speaker 5: of money. But beck like, I hope that when you 369 00:15:57,720 --> 00:16:00,880 Speaker 5: retire you've got about that, if not more, because that's 370 00:16:00,920 --> 00:16:03,120 Speaker 5: what's going to create a level of financial freedom for 371 00:16:03,160 --> 00:16:06,480 Speaker 5: you not to work, especially with how money is going 372 00:16:06,480 --> 00:16:09,560 Speaker 5: to increase, because we know that a dollar today is 373 00:16:09,600 --> 00:16:12,240 Speaker 5: not worth a dollar tomorrow, like a dollar. 374 00:16:11,920 --> 00:16:13,520 Speaker 1: Today is going to mean. 375 00:16:13,760 --> 00:16:16,840 Speaker 5: We talked about this on the Triinflation episode, where like 376 00:16:16,920 --> 00:16:18,880 Speaker 5: back in the fifties, a basket of goods was like 377 00:16:18,920 --> 00:16:21,360 Speaker 5: twenty bucks and now it's one hundred and twenty dollars. Like, 378 00:16:21,400 --> 00:16:23,760 Speaker 5: we actually need more money in the future than you 379 00:16:23,840 --> 00:16:27,920 Speaker 5: need today. So it sounds like an incomprehensible amount of money, 380 00:16:27,960 --> 00:16:31,160 Speaker 5: but I promise you it is not. Many people obviously 381 00:16:31,320 --> 00:16:34,880 Speaker 5: going to have spicy views on this, that's fine. Your 382 00:16:34,920 --> 00:16:36,840 Speaker 5: opinion is not my opinion, and that's what makes the 383 00:16:36,840 --> 00:16:40,680 Speaker 5: world go around. But my opinion is that billionaires should 384 00:16:40,680 --> 00:16:44,880 Speaker 5: not exist. Nobody beck needs a billion dollars. Yes, not 385 00:16:44,960 --> 00:16:47,400 Speaker 5: one person needs a billion dollars. And with the amount 386 00:16:47,440 --> 00:16:50,920 Speaker 5: of impact that a billion dollars could have, like it 387 00:16:51,040 --> 00:16:53,680 Speaker 5: blows my mind to think that people, you know, just 388 00:16:53,760 --> 00:16:55,320 Speaker 5: hoard it and have all of this wealth. 389 00:16:55,480 --> 00:16:57,040 Speaker 1: Like we talked before. 390 00:16:57,000 --> 00:17:00,000 Speaker 5: About how the top ten richest men in the world, 391 00:17:00,320 --> 00:17:03,400 Speaker 5: literally the top ten richest men have nine hundred and 392 00:17:03,480 --> 00:17:06,760 Speaker 5: sixty seven trillion dollars. That amount of money, even half 393 00:17:06,800 --> 00:17:11,479 Speaker 5: of that amount of money could solve world Hunker. Yes, Like, 394 00:17:11,600 --> 00:17:14,320 Speaker 5: it could do so much good and they're just choosing 395 00:17:14,359 --> 00:17:16,880 Speaker 5: not to because it's their money. Hey, Like, it's their choice. 396 00:17:17,080 --> 00:17:20,320 Speaker 5: I don't know how you would do that. But there 397 00:17:20,359 --> 00:17:23,679 Speaker 5: is a concept called limitarianism, and it's a view that 398 00:17:23,800 --> 00:17:26,840 Speaker 5: states that there is a moral limit to how much 399 00:17:26,920 --> 00:17:29,920 Speaker 5: we can have. It is not as demanding as some 400 00:17:30,040 --> 00:17:34,000 Speaker 5: forms of egalitarianism because it actually accepts some level of 401 00:17:34,000 --> 00:17:38,080 Speaker 5: inequality can exist and can be acceptable back. But it 402 00:17:38,119 --> 00:17:40,840 Speaker 5: does have a clear cap on how much inequality there 403 00:17:40,840 --> 00:17:42,720 Speaker 5: could be before that becomes immoral. 404 00:17:43,080 --> 00:17:43,919 Speaker 1: And I think that that's. 405 00:17:43,800 --> 00:17:47,040 Speaker 5: Important kind of liked Otherwise, we live in a communist 406 00:17:47,080 --> 00:17:50,080 Speaker 5: society and that's not what actually makes us thrave. 407 00:17:50,520 --> 00:17:53,640 Speaker 1: Sure, Like I think that. You know, obviously there's lots 408 00:17:53,640 --> 00:17:54,960 Speaker 1: of different views on this. 409 00:17:55,160 --> 00:17:56,639 Speaker 5: There are going to be lots of people who go, no, 410 00:17:56,680 --> 00:17:59,080 Speaker 5: they shouldn't be millionaires, they shouldn't be billionaires. Like I 411 00:17:59,119 --> 00:18:01,840 Speaker 5: totally agree with it billionaire statement, But I just go, 412 00:18:01,920 --> 00:18:04,240 Speaker 5: all right, well, actually, for you to create wealth and 413 00:18:04,280 --> 00:18:06,840 Speaker 5: have a good life, yeah, becoming a millionaire is not 414 00:18:06,920 --> 00:18:09,919 Speaker 5: actually at the detriment of other people. Sure, but becoming 415 00:18:09,960 --> 00:18:13,400 Speaker 5: a billionaire absolutely is at the compromise that that money 416 00:18:13,440 --> 00:18:15,320 Speaker 5: could have done more and been more. And yes, we 417 00:18:15,359 --> 00:18:18,600 Speaker 5: could talk about having a billion dollars invested and it 418 00:18:18,840 --> 00:18:22,400 Speaker 5: creating a passive INCLM stream of XYZ and creating future wealth, 419 00:18:22,400 --> 00:18:23,040 Speaker 5: but no. 420 00:18:22,880 --> 00:18:24,879 Speaker 1: One needs that much money back at the end of 421 00:18:24,960 --> 00:18:26,040 Speaker 1: the day, no one does. 422 00:18:26,600 --> 00:18:30,680 Speaker 4: Yes, I quite like the sound of this limitarianism thing. 423 00:18:31,320 --> 00:18:34,040 Speaker 4: But as a business owner and someone who is now 424 00:18:34,160 --> 00:18:36,359 Speaker 4: not necessarily on the hustle the way you would have 425 00:18:36,400 --> 00:18:38,359 Speaker 4: been at the start of your career, do you think 426 00:18:38,400 --> 00:18:40,560 Speaker 4: that you have an opportunity to take a different approach 427 00:18:40,600 --> 00:18:42,119 Speaker 4: to distributing wealth in your company. 428 00:18:42,200 --> 00:18:46,320 Speaker 5: I think it's an interesting conversation because obviously I don't know. 429 00:18:46,320 --> 00:18:48,359 Speaker 5: I feel so uncomfortable talking about it because it just 430 00:18:48,400 --> 00:18:50,080 Speaker 5: makes me sound like a wankr. Let's be honest, but 431 00:18:50,119 --> 00:18:53,040 Speaker 5: I'm not the highest paid person in my team. Cool 432 00:18:53,320 --> 00:18:55,840 Speaker 5: it is, but it isn't like I have amassed some 433 00:18:56,000 --> 00:18:58,679 Speaker 5: level of wealth like I have a home, my husband 434 00:18:58,680 --> 00:19:01,440 Speaker 5: and I own an investment property, like my husband has 435 00:19:01,520 --> 00:19:04,600 Speaker 5: a good income that we rely on. And when we 436 00:19:04,640 --> 00:19:06,520 Speaker 5: did our maths and worked out, well, what do I 437 00:19:06,640 --> 00:19:08,760 Speaker 5: need to survive on how does this work? 438 00:19:08,800 --> 00:19:10,000 Speaker 1: What does this look like? 439 00:19:10,600 --> 00:19:13,520 Speaker 5: That meant that I could invest more into my business 440 00:19:13,920 --> 00:19:16,359 Speaker 5: When I say that, not sitting on mass amounts of 441 00:19:16,400 --> 00:19:19,320 Speaker 5: cash in my business, but meaning that my team are 442 00:19:19,440 --> 00:19:23,120 Speaker 5: paid very very well, like I don't know, being she's 443 00:19:23,160 --> 00:19:24,440 Speaker 5: on the money. I look at it, and I want 444 00:19:24,440 --> 00:19:26,480 Speaker 5: my team to be able to create wealth. I want 445 00:19:26,480 --> 00:19:29,040 Speaker 5: my team to comfortably be able to go on the 446 00:19:29,040 --> 00:19:32,040 Speaker 5: holidays that they deserve and buy the houses that they want. Like, 447 00:19:32,160 --> 00:19:35,360 Speaker 5: I can't think of anything more embarrassing as a business 448 00:19:35,400 --> 00:19:38,680 Speaker 5: owner than going, hey, like, I bought an investment property, 449 00:19:38,880 --> 00:19:41,120 Speaker 5: and I know full well that my team can't afford 450 00:19:41,119 --> 00:19:43,760 Speaker 5: to buy property to begin with. So you know, we 451 00:19:43,840 --> 00:19:46,280 Speaker 5: talk about Jess, right, She's in a position where she's 452 00:19:46,320 --> 00:19:48,359 Speaker 5: going to be able to buy property all on her own, 453 00:19:48,440 --> 00:19:51,399 Speaker 5: and that's absolutely fine. The only stumbling block is actually 454 00:19:51,400 --> 00:19:54,199 Speaker 5: the market, not her income. And so that makes me, 455 00:19:54,240 --> 00:19:56,159 Speaker 5: as a business owner, go, I must be running a 456 00:19:56,200 --> 00:19:59,960 Speaker 5: pretty okay business if that's the circumstance for my whole team, 457 00:20:00,280 --> 00:20:02,920 Speaker 5: And I'm not here going oh okay, so well rah rah, 458 00:20:03,200 --> 00:20:05,040 Speaker 5: like it is fair. They work really hard. It all 459 00:20:05,080 --> 00:20:08,160 Speaker 5: makes sense. But I think that there's this idea as 460 00:20:08,240 --> 00:20:11,440 Speaker 5: a business owner that you really should be talking and 461 00:20:11,800 --> 00:20:15,439 Speaker 5: thinking and looking at the wealth of your team, but 462 00:20:15,640 --> 00:20:17,680 Speaker 5: also the labor that they. 463 00:20:17,600 --> 00:20:18,280 Speaker 1: Put into it. 464 00:20:18,320 --> 00:20:20,480 Speaker 5: Because I'm in the position I'm in because my team 465 00:20:20,560 --> 00:20:22,560 Speaker 5: works so hard. I'm not just here because I had 466 00:20:22,600 --> 00:20:25,320 Speaker 5: a good idea and it started working. Like I have 467 00:20:25,400 --> 00:20:28,200 Speaker 5: the flexibility in my life. Do you know record these 468 00:20:28,240 --> 00:20:30,800 Speaker 5: podcasts on a Tuesday when they go out on a Wednesday? 469 00:20:31,119 --> 00:20:33,199 Speaker 5: And have you know this life where there is a 470 00:20:33,200 --> 00:20:35,880 Speaker 5: lot of flexibility, but that has come at the cost 471 00:20:35,920 --> 00:20:38,800 Speaker 5: of other people having to put labor on the table 472 00:20:38,840 --> 00:20:40,639 Speaker 5: and put their time, energy and effort into it. And 473 00:20:40,720 --> 00:20:43,280 Speaker 5: yes they're remunerated for it. But I look at it 474 00:20:43,320 --> 00:20:45,760 Speaker 5: and I just go, well, you know, I would like 475 00:20:45,840 --> 00:20:48,360 Speaker 5: this to be a sustainable business with team members who 476 00:20:48,440 --> 00:20:51,520 Speaker 5: are respected, and to me, that's how you do that. 477 00:20:51,800 --> 00:20:54,679 Speaker 5: So it's an interesting question when you're like, how do 478 00:20:54,720 --> 00:20:57,120 Speaker 5: you distribute wealth in your company? I just make sure 479 00:20:57,160 --> 00:20:59,399 Speaker 5: my team are well looked after. And it's not about 480 00:20:59,400 --> 00:21:01,880 Speaker 5: hoarding cash or sitting on it. It's always about making 481 00:21:01,960 --> 00:21:05,080 Speaker 5: sure that it's distributed well to them. We were talking 482 00:21:05,119 --> 00:21:08,880 Speaker 5: a couple of weeks ago actually on Instagram about Christmas parties, 483 00:21:09,280 --> 00:21:11,879 Speaker 5: and I posted this thing and I said, hey, guys, like, 484 00:21:12,119 --> 00:21:14,640 Speaker 5: what are some Christmas party ideas for Zella and Cheese 485 00:21:14,640 --> 00:21:17,639 Speaker 5: on the money? And you know, a Christmas party is fun, right. 486 00:21:17,680 --> 00:21:19,960 Speaker 5: I think everyone in the team looks forward going out, 487 00:21:20,080 --> 00:21:22,080 Speaker 5: having a drink, having a bit of a van, maybe 488 00:21:22,119 --> 00:21:24,919 Speaker 5: wearing a nice dress, and just having a good evening. 489 00:21:25,040 --> 00:21:25,240 Speaker 1: Right. 490 00:21:25,800 --> 00:21:28,720 Speaker 5: The amount of people that were suggesting things that their 491 00:21:28,800 --> 00:21:31,640 Speaker 5: businesses did for them, Like one of the examples Beck 492 00:21:32,000 --> 00:21:35,399 Speaker 5: was flying everybody to the Yarra Valley on a helicopter 493 00:21:35,480 --> 00:21:38,840 Speaker 5: to have an incredibly expensive lunch at a winery and 494 00:21:38,880 --> 00:21:41,119 Speaker 5: then flying them home. I looked at the cost of 495 00:21:41,160 --> 00:21:44,440 Speaker 5: that and I was like, okay, Like, would I spend 496 00:21:44,440 --> 00:21:46,920 Speaker 5: fifteen hundred dollars per team member to go to a 497 00:21:47,000 --> 00:21:47,840 Speaker 5: Christmas party? 498 00:21:47,920 --> 00:21:50,560 Speaker 1: Well, depends what kind of year it's been, let's be honest. 499 00:21:50,640 --> 00:21:53,960 Speaker 5: But you look at the impact of that fifteen hundred 500 00:21:53,960 --> 00:21:56,040 Speaker 5: dollars and I just know my team would value having 501 00:21:56,119 --> 00:21:58,720 Speaker 5: the cash in their account above and beyond that. And 502 00:21:58,800 --> 00:22:01,520 Speaker 5: it also makes me go, okay, well, if the businesses 503 00:22:01,520 --> 00:22:04,880 Speaker 5: that are making those decisions are making those decisions and. 504 00:22:04,880 --> 00:22:07,280 Speaker 1: Their team are like, yep, this is great. This is stunning. 505 00:22:07,800 --> 00:22:11,280 Speaker 5: Are those teams being appropriately remunerated each and every single 506 00:22:11,359 --> 00:22:13,280 Speaker 5: day for the labor that they put into their jobs 507 00:22:13,359 --> 00:22:17,280 Speaker 5: or are they just being you know remunerated Okay, but like, oh, 508 00:22:17,280 --> 00:22:19,760 Speaker 5: they don't have an emergency fund or they don't have 509 00:22:19,840 --> 00:22:21,800 Speaker 5: the ability to buy a house, in which case I 510 00:22:21,800 --> 00:22:24,760 Speaker 5: would be really embarrassed. That's the type of showy Christmas 511 00:22:24,800 --> 00:22:27,639 Speaker 5: party I was putting on when my team can't even 512 00:22:27,800 --> 00:22:29,960 Speaker 5: you know, put the same amount of food on the 513 00:22:30,000 --> 00:22:32,240 Speaker 5: table that they could the year before. Yeah, does that 514 00:22:32,280 --> 00:22:34,960 Speaker 5: make sense? Like, I just think there needs to be 515 00:22:35,000 --> 00:22:38,600 Speaker 5: some level of practicality and thought put into it when 516 00:22:38,600 --> 00:22:42,480 Speaker 5: it comes to team and wealth distribution, because you also 517 00:22:42,560 --> 00:22:45,280 Speaker 5: can't just pay people heaps and heaps of money. And 518 00:22:45,320 --> 00:22:48,800 Speaker 5: I say that because it actually locks people into a role. 519 00:22:49,000 --> 00:22:52,000 Speaker 5: Like let's pretend I paid you back five times what 520 00:22:52,040 --> 00:22:55,160 Speaker 5: the average annual income was for the role that you perform. 521 00:22:55,680 --> 00:22:58,600 Speaker 5: That means that you might become really disenchanted and not 522 00:22:59,000 --> 00:23:01,800 Speaker 5: you know, push your career forward or change anything, because 523 00:23:01,800 --> 00:23:04,960 Speaker 5: you're like, well, I can't leave working for Victoria because 524 00:23:05,080 --> 00:23:06,920 Speaker 5: I'm paid so well here, no one else will ever 525 00:23:07,000 --> 00:23:10,399 Speaker 5: measure up. So like in every other aspect of your life, 526 00:23:10,840 --> 00:23:13,760 Speaker 5: you might not be as actively engaged. Yeah, so it's 527 00:23:13,760 --> 00:23:16,240 Speaker 5: finding that fine balance of like, well, how do I 528 00:23:16,359 --> 00:23:19,960 Speaker 5: appropriately remunerate and reward staff while making sure that they 529 00:23:20,000 --> 00:23:22,840 Speaker 5: still have equal opportunity and flexibility in the rest of 530 00:23:22,880 --> 00:23:23,359 Speaker 5: their life. 531 00:23:24,240 --> 00:23:25,120 Speaker 4: That's a tough one. 532 00:23:25,200 --> 00:23:26,000 Speaker 1: It's very hard. 533 00:23:26,040 --> 00:23:30,320 Speaker 4: It's a tough one to balance. But the ultimately the 534 00:23:30,440 --> 00:23:32,159 Speaker 4: end of the day, what would you like people to 535 00:23:32,200 --> 00:23:32,840 Speaker 4: take away from this? 536 00:23:33,240 --> 00:23:36,919 Speaker 5: Honestly, this idea of a self made millionaire and my 537 00:23:37,000 --> 00:23:40,600 Speaker 5: reflections on it, I guess it opens up the idea 538 00:23:40,720 --> 00:23:43,399 Speaker 5: of a wider issue, and that's the undue emphasis that 539 00:23:43,440 --> 00:23:46,640 Speaker 5: we put on financial success and the lengths people go 540 00:23:46,840 --> 00:23:50,240 Speaker 5: to achieve it. I guess in our digitally driven society, 541 00:23:50,280 --> 00:23:52,400 Speaker 5: the idea of keeping up with the Joneses has really 542 00:23:52,520 --> 00:23:56,199 Speaker 5: changed into, I guess, a perpetual race against time, you 543 00:23:56,240 --> 00:23:59,119 Speaker 5: could say, where the measure of your success is not 544 00:23:59,520 --> 00:24:00,119 Speaker 5: just your way. 545 00:24:00,240 --> 00:24:01,760 Speaker 1: But how quickly you can achieve it. 546 00:24:02,400 --> 00:24:05,439 Speaker 5: Like, you know, if somebody retires at sixty five with 547 00:24:05,520 --> 00:24:07,520 Speaker 5: a million dollars, you're like, yeah, okay, that makes sense. 548 00:24:07,560 --> 00:24:09,680 Speaker 1: But if you said I'm twenty five with a million dollars, 549 00:24:09,680 --> 00:24:12,440 Speaker 1: You're like, wow, what a big dog? Like that's so impressive. 550 00:24:13,080 --> 00:24:17,000 Speaker 5: This consistent and relentless storm of what success stories look like, 551 00:24:17,119 --> 00:24:20,800 Speaker 5: I guess makes us feel crash about ourselves, Like how 552 00:24:20,800 --> 00:24:23,159 Speaker 5: many times have we seen young entrepreneurs that are like, 553 00:24:23,280 --> 00:24:25,880 Speaker 5: I achieved a six figure salary by the term hols 554 00:24:25,960 --> 00:24:27,000 Speaker 5: twenty two And you're. 555 00:24:26,880 --> 00:24:29,560 Speaker 1: Like, well, that never worked for me. That doesn't make sense. 556 00:24:30,119 --> 00:24:32,960 Speaker 5: And they're showing off their cars that are worthhouse deposits, 557 00:24:32,960 --> 00:24:35,640 Speaker 5: and they're always going on holidays to the Amalfi Coast, 558 00:24:35,640 --> 00:24:38,520 Speaker 5: And I just think it's so easy to forget those 559 00:24:39,000 --> 00:24:42,359 Speaker 5: of us in our community who work tirelessly day in, 560 00:24:42,600 --> 00:24:45,399 Speaker 5: day out, put food on the table, and they don't 561 00:24:45,480 --> 00:24:48,600 Speaker 5: end up amassing millions, and somehow that's not deemed to 562 00:24:48,640 --> 00:24:51,360 Speaker 5: be as worthy or like, what about those people who 563 00:24:51,400 --> 00:24:53,359 Speaker 5: work for the sheer passion of it, Like they're just 564 00:24:53,400 --> 00:24:56,439 Speaker 5: so wildly passionate about something, Like what if someone is 565 00:24:56,440 --> 00:24:59,360 Speaker 5: so wildly passionate about their craft or making a difference 566 00:24:59,359 --> 00:25:01,960 Speaker 5: to their community, why aren't we rewarding these people with 567 00:25:02,119 --> 00:25:04,440 Speaker 5: the center stage? I suppose when we talk about it 568 00:25:05,160 --> 00:25:07,200 Speaker 5: to me, I think it's like the artist that teaches 569 00:25:07,240 --> 00:25:11,640 Speaker 5: the community workers, the nurses, the caregivers, their contributions never 570 00:25:11,720 --> 00:25:14,960 Speaker 5: make the headlines. They made the headlines during COVID because 571 00:25:15,000 --> 00:25:17,600 Speaker 5: I think people finally realized how much we rely on 572 00:25:17,680 --> 00:25:20,320 Speaker 5: these people and how important they are when they always 573 00:25:20,359 --> 00:25:23,640 Speaker 5: were that important. But yeah, I think that their narrative 574 00:25:23,680 --> 00:25:26,719 Speaker 5: deserves so much more acknowledgment and respect. And you know, 575 00:25:27,320 --> 00:25:30,040 Speaker 5: when the spotlight gets put on people who have become 576 00:25:30,080 --> 00:25:32,919 Speaker 5: millionaires as being like the pinnacle or what we should 577 00:25:32,960 --> 00:25:37,159 Speaker 5: be becoming, it really, you know, obscures the fact that 578 00:25:37,760 --> 00:25:40,159 Speaker 5: you know, at some point a majority of us are 579 00:25:40,200 --> 00:25:42,160 Speaker 5: going to face financial struggle in our lives. 580 00:25:42,240 --> 00:25:43,760 Speaker 1: Yeah, we need to talk about that. 581 00:25:43,760 --> 00:25:46,200 Speaker 5: That's not something to be ashamed of, that's not something 582 00:25:46,280 --> 00:25:48,600 Speaker 5: to sweep under the rug. But if the narrative is, oh, 583 00:25:48,640 --> 00:25:51,480 Speaker 5: I became a self made millionaire, you immediately think, well, 584 00:25:51,520 --> 00:25:52,960 Speaker 5: these people don't have these problems. 585 00:25:53,000 --> 00:25:54,760 Speaker 1: I can't relate. I'll never be successful. 586 00:25:54,880 --> 00:25:57,800 Speaker 5: Sure, And I think that in a world where we 587 00:25:58,000 --> 00:26:01,760 Speaker 5: have unforeseen you know, interest rate rises, and we have 588 00:26:01,840 --> 00:26:04,240 Speaker 5: health issues or even just like a mere stroke of 589 00:26:04,240 --> 00:26:07,560 Speaker 5: bad luck can see us, you know, spiral into a 590 00:26:07,640 --> 00:26:08,960 Speaker 5: financial crisis. 591 00:26:09,640 --> 00:26:11,480 Speaker 1: We need to be protecting ourselves against that. 592 00:26:11,600 --> 00:26:14,360 Speaker 5: And that's not by becoming a millionaire and hustling our 593 00:26:14,400 --> 00:26:17,199 Speaker 5: way to the top. Beck, Like, I just think we 594 00:26:17,320 --> 00:26:20,639 Speaker 5: need to remember that wealth is not the only measure 595 00:26:20,680 --> 00:26:24,880 Speaker 5: of success in this world. Like personal growth, beautiful relationships, 596 00:26:25,280 --> 00:26:28,480 Speaker 5: contentment in your actual achievements, and what you do every 597 00:26:28,520 --> 00:26:31,760 Speaker 5: single day, no matter how small, are actually the indicators 598 00:26:31,800 --> 00:26:32,040 Speaker 5: of this. 599 00:26:32,119 --> 00:26:32,919 Speaker 1: And I think that. 600 00:26:33,520 --> 00:26:37,520 Speaker 5: It brings us to what I would say is the 601 00:26:37,560 --> 00:26:40,919 Speaker 5: irony of our time, and that while it's essential to 602 00:26:41,240 --> 00:26:44,080 Speaker 5: you know, have aspirations and push our boundaries, we also 603 00:26:44,119 --> 00:26:46,920 Speaker 5: need to be aware of not letting the societal pressures 604 00:26:46,920 --> 00:26:50,280 Speaker 5: that exist define your worth, because you're worth so much 605 00:26:50,280 --> 00:26:52,280 Speaker 5: more than that. And I won't go on and on 606 00:26:52,320 --> 00:26:54,520 Speaker 5: about that because I just I could and I would, 607 00:26:54,600 --> 00:26:57,359 Speaker 5: and if you gave me the platform, well, and we 608 00:26:57,480 --> 00:27:00,399 Speaker 5: might even link my article that I wrote for the 609 00:27:00,400 --> 00:27:03,119 Speaker 5: Agian City Morning Herald here, because that actually is another 610 00:27:03,240 --> 00:27:06,199 Speaker 5: thousand words of me ranting about how important sees if 611 00:27:06,200 --> 00:27:09,600 Speaker 5: you're interested. But I just think, Yeah, you can't do 612 00:27:09,720 --> 00:27:13,159 Speaker 5: anything in a vacuum, Beck, The world requires support. The 613 00:27:13,200 --> 00:27:17,639 Speaker 5: world requires us to have connections to be successful. And 614 00:27:17,680 --> 00:27:20,440 Speaker 5: when you have this narrative of the self made millionaire, 615 00:27:20,680 --> 00:27:23,240 Speaker 5: puts unnecessary pressure on you and me to do better. 616 00:27:23,240 --> 00:27:24,400 Speaker 1: And be better and hustle. 617 00:27:24,800 --> 00:27:27,640 Speaker 5: But also it doesn't acknowledge the people that are actually, 618 00:27:27,680 --> 00:27:30,040 Speaker 5: you know, supporting the fabric of our society. 619 00:27:30,200 --> 00:27:31,440 Speaker 4: Yeah, so true. 620 00:27:31,640 --> 00:27:34,280 Speaker 1: That's where we'll probably leave it though, like otherwise I'll 621 00:27:34,320 --> 00:27:35,080 Speaker 1: just go on and on that. 622 00:27:35,359 --> 00:27:37,800 Speaker 4: Hey, we can go on and on off mic, but 623 00:27:38,080 --> 00:27:39,479 Speaker 4: so good. And I think it's a really good thing 624 00:27:39,520 --> 00:27:41,320 Speaker 4: for people to take away from this episode is that 625 00:27:41,800 --> 00:27:44,960 Speaker 4: it's probably not on you. You are where you want 626 00:27:44,960 --> 00:27:46,440 Speaker 4: to be and where you have to be, and where 627 00:27:46,480 --> 00:27:47,280 Speaker 4: you should. 628 00:27:46,960 --> 00:27:50,080 Speaker 5: Be exactly exactly where you need to be right now, 629 00:27:50,160 --> 00:27:53,320 Speaker 5: my friends. Yes, and also my favorite quote of all time. 630 00:27:53,600 --> 00:27:55,880 Speaker 5: Let's leave on that arising tide. 631 00:27:55,600 --> 00:27:56,640 Speaker 1: Lifts all ships. 632 00:27:56,760 --> 00:27:57,679 Speaker 4: Love it, love it. 633 00:27:57,760 --> 00:28:00,159 Speaker 5: Let's go have the best day, my friends, and we 634 00:28:00,200 --> 00:28:01,480 Speaker 5: will see you on Friday. 635 00:28:01,600 --> 00:28:06,840 Speaker 4: Bye, guys. 636 00:28:08,280 --> 00:28:10,840 Speaker 5: The advice shared on She's on the Money is general 637 00:28:10,880 --> 00:28:14,760 Speaker 5: in nature and does not consider your individual circumstances. She's 638 00:28:14,800 --> 00:28:18,240 Speaker 5: on the Money exists purely for educational purposes and should 639 00:28:18,280 --> 00:28:21,440 Speaker 5: not be relied upon to make an investment or financial decision. 640 00:28:21,840 --> 00:28:24,280 Speaker 5: If you do choose to buy a financial product, read 641 00:28:24,320 --> 00:28:28,479 Speaker 5: the PDS TMD and obtain appropriate financial advice tailored towards 642 00:28:28,480 --> 00:28:31,760 Speaker 5: your needs. Victoria divine and she's on the money. Are 643 00:28:31,840 --> 00:28:36,840 Speaker 5: authorized representatives of money SHERPA pty Ltd ABN three two 644 00:28:36,880 --> 00:28:39,880 Speaker 5: one is six four nine two seven seven zero eight 645 00:28:40,160 --> 00:28:45,200 Speaker 5: AFSL four five one two eight nine