Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order KERNI Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money cast for
Speaker 4: millennials who want to become millionaires day.
Speaker 5: I see what you're doing there.
Speaker 4: My name is beck Side and with me is Victoria Divine.
Speaker 1: Hello, my friends. Hi, how are you?
Speaker 4: I'm good? How are you good?
Speaker 1: Week? I'm having that a week? Yeah, I'm having a
Speaker 1: good week. Buff.
Speaker 4: Now, I do want to ask you about something's a
Speaker 4: little bit controversial.
Speaker 1: Yeah.
Speaker 4: Are self made millionaires a thing?
Speaker 1: No?
Speaker 4: Is it an oxymoron?
Speaker 2: Like?
Speaker 1: It's crazy?
Speaker 5: I wrote an article a couple of weeks ago for
Speaker 5: The Age and Sydney Morning Herald. If you guys don't know,
Speaker 5: I have a weekly column in.
Speaker 1: There because I'm a big dog.
Speaker 4: Yeah.
Speaker 5: Also, I get really anxious every week when I write them,
Speaker 5: and I like fluster and I send it to six million.
Speaker 1: People because this good. Is the Internet going to come
Speaker 1: after me? Anyway?
Speaker 5: I wrote an article about this myth of the self
Speaker 5: made millionaire because I've just been thinking about it a lot.
Speaker 5: Thinking about this idea of the self made millionaire. I
Speaker 5: feel like I'd seen so many headlines that said I
Speaker 5: became a self made millionaire by the time I was forty,
Speaker 5: And there was another one that was like, oh, the
Speaker 5: surprisingly simple things I sacrificed to become rich.
Speaker 1: And I was just like, there's so much pressure on
Speaker 1: us to be.
Speaker 5: More and do more and have more and a mass
Speaker 5: more wealth, and that doesn't necessarily make us better human beings.
Speaker 5: But also we're not recognizing that for someone to become
Speaker 5: a millionaire, for someone to become a billionaire, it's at
Speaker 5: the cost of other people's labor. Like I was saying
Speaker 5: to you off air that if I dumped you on
Speaker 5: an island and said, okay, create wealth, and you didn't
Speaker 5: have anybody else to help you.
Speaker 1: You're not gonna make millions.
Speaker 5: Like, from my perspective, the only self made millionaire is
Speaker 5: someone who won the lottery. Yeah, because like you walked in,
Speaker 5: you bought a ticket, full stop, end of story. There
Speaker 5: was no real work or effort that had to go
Speaker 5: into that.
Speaker 1: And like if you google how to become a.
Speaker 5: Millionaire, there's so many tips and tricks and strategies. And
Speaker 5: I'm just I'm not talking about people who become millionaires
Speaker 5: on this episode as a bad thing. Like, please do
Speaker 5: not get me wrong. I have absolutely every intention of
Speaker 5: one day retiring and being able to say I am
Speaker 5: a millionaire, because that is going to put me in
Speaker 5: the best possible position to live the life that I
Speaker 5: have been working so hard for. But I think we
Speaker 5: need to talk about this idea that this narrative can
Speaker 5: be incredibly isolating, and this narrative can always put a
Speaker 5: lot more pressure on us and make us feel like
Speaker 5: we are less than when we are not. Like how
Speaker 5: many times do we look at social workers and nurses
Speaker 5: and teachers and those people that don't ultimately usually become millionaires.
Speaker 1: Those people deserve.
Speaker 5: So much more respect, so much more recognition, but these
Speaker 5: self made millionaires get that respect and recognition in the media,
Speaker 5: and it puts so much unnecessary pressure on us.
Speaker 1: Go, maybe I'm not enough, Maybe I should be doing more. No,
Speaker 1: you shouldn't.
Speaker 5: The world is about so much more than that, And ultimately,
Speaker 5: I think this episode is really about talking about how
Speaker 5: it takes a village to create wealth, regardless of where
Speaker 5: you can from. And I know that there are going
Speaker 5: to be some people listening to this and they're like, well,
Speaker 5: I'm wealthy now, but I grew up in poverty and
Speaker 5: I had all of these extranuating circumstances that for any
Speaker 5: other human being would have made it really hard to
Speaker 5: be successful.
Speaker 1: And you're not wrong.
Speaker 5: I'm not putting you in a position where I'm saying, beck,
Speaker 5: that person didn't work hard.
Speaker 1: Yes, you absolutely had to work hard.
Speaker 5: Like to amass any type of wealth, you have to
Speaker 5: have some level of intelligence of how to invest it
Speaker 5: and save it and put it in the right position.
Speaker 5: But you also have to work hard for that money
Speaker 5: to come in the door in the first place. But
Speaker 5: there's always going to have been some other labor in
Speaker 5: the background, because your time is ultimately capped, right, Like
Speaker 5: I am only going to be able to work for
Speaker 5: forty hours a week, right, But by growing my team
Speaker 5: and relying on their labor, yes, I'm paying for it,
Speaker 5: but relying on their labor, I can create a more
Speaker 5: successful business. Yes, I can, you know, become an individual
Speaker 5: who doesn't have any team members and become a millionaire.
Speaker 5: But it's because people teach you and offer you men
Speaker 5: touring opportunities and say yes when other people say no.
Speaker 5: So I think there's just so much to it, and
Speaker 5: I think we should break it down and talk about
Speaker 5: it because I don't believe that there is such thing
Speaker 5: as a self made millionaire, regardless of how many times
Speaker 5: people want to put it in the media.
Speaker 4: Yes, when you put it like that, I think I
Speaker 4: agree with you, But well, why are we talking about this?
Speaker 5: Obviously I could rant all day, but I just feel
Speaker 5: like at the moment, as I said before, there's just
Speaker 5: been so much in the media about how you know,
Speaker 5: at this point, we are putting so much pressure on
Speaker 5: ourselves to strive for more and be more and be
Speaker 5: better than we were the day before, and it just
Speaker 5: seems as though the sum of our life's worth is
Speaker 5: based on the number of zeros in your bank account
Speaker 5: and Beck is it.
Speaker 4: No?
Speaker 1: Oh my gosh, I hate that. It's not.
Speaker 4: That I'm so sorry.
Speaker 5: I feel like you're like the number one person that's like, man,
Speaker 5: money's helpful, but like totally I want to go lay
Speaker 5: in the grass and have a good time and enjoy
Speaker 5: my friend's company. And I think that you are the
Speaker 5: post to girl for being like, yes, who wants to
Speaker 5: be a self made millionaire? Not back?
Speaker 1: I mean, I don't think you'd say no.
Speaker 5: If someone was like, do you want to be a millionaire,
Speaker 5: you'd be like, I can buy a lot of English
Speaker 5: muffins for that.
Speaker 4: Yeah, I mean I wouldn't say no, But also I
Speaker 4: don't mind.
Speaker 5: Yeah. I feel like this idea of the self made
Speaker 5: millionaire has become really popular because like you click on it,
Speaker 5: you're like, I would like to become a self made millionaire,
Speaker 5: like that headline real catchy does the job. But we
Speaker 5: often hear stories of individuals who you know, came from
Speaker 5: humble beginnings and then worked tirelessly in amassed incredible wealth.
Speaker 5: And I just think, obviously we're not downplaying their incredible
Speaker 5: dedication and hard work. But the truth is, no one
Speaker 5: becomes successful in isolation. Every single person who has any
Speaker 5: level of success has actually benefited from some level of support,
Speaker 5: whether it's direct or indirect, along their journey to success.
Speaker 5: And we need to acknowledge that, Like, we need to
Speaker 5: talk about that and then also talk about what life
Speaker 5: is really about. Yeah, because I think it's about the
Speaker 5: relationships that we have and how much we give back
Speaker 5: and how much we care. Because I don't look at people.
Speaker 1: And go, hmmm, I wish they were richest so I
Speaker 1: could be friends with them back.
Speaker 5: Maybe you do, but I've never done it.
Speaker 4: I do. It's kind of a prerequisite. I do have
Speaker 4: to check my friend's bank accounts before we officially hang
Speaker 4: out as friends.
Speaker 5: Yeah, do you want me to send you a screenshop
Speaker 5: before or do you just want me to tell you?
Speaker 1: Like, how do I prove?
Speaker 4: Do you need some proof?
Speaker 5: Okay, sorry, I'll just give you my banking details. You
Speaker 5: can log in and check it.
Speaker 1: Whenever you want.
Speaker 4: Your card might be good?
Speaker 5: Yeah, actually, yeah, how about if I just give you
Speaker 5: a copy of my credit card?
Speaker 1: Yeah?
Speaker 4: Perfect, that would be great, Thank you so much. But
Speaker 4: v it seems like this episode today is a bit
Speaker 4: of I guess, like a mindset check. If you're someone
Speaker 4: who like myself. For example, there's definitely been a time
Speaker 4: in my life where it'll be like, oh my god,
Speaker 4: if I had just worked a little bit harder, I
Speaker 4: could be more wealthy or something like that. But let's say,
Speaker 4: for example, you grew up in a home, you're born
Speaker 4: into a family where there's like I don't know, abuse
Speaker 4: and trauma and all this stuff, and you end up
Speaker 4: moving into your teenage years you become I don't know.
Speaker 1: It's just like a troubled future for you.
Speaker 4: I can't imagine that hard work and dedication will make
Speaker 4: you become that's remodingly. It's not so like putting that
Speaker 4: pressure on ourselves. I mean, like, wow, if I had
Speaker 4: just worked hard on it is not crazy. It's not
Speaker 4: the case for everyone, you know what I mean. So,
Speaker 4: and yes, exactly as you're saying, it takes a village.
Speaker 1: Yeah, it's also about the support that you received, right,
Speaker 1: holding people up.
Speaker 5: It's crazy to think that people would drill it down
Speaker 5: and go, well, it's just about hard work and effort.
Speaker 1: Beck.
Speaker 5: If you put more hard work, like Beck, what if
Speaker 5: you started working ninety hour weeks at work, that's actually
Speaker 5: not going to translate to you earning more money.
Speaker 1: That's not how it works.
Speaker 5: Like, you have to have some level of support to
Speaker 5: create something different. You have to have some level of
Speaker 5: support to know where to go and what to do
Speaker 5: and how that all works. Because just putting in the effort,
Speaker 5: let's be honest, it's not enough. It's all about networking connections.
Speaker 1: And how all of that works.
Speaker 5: And even if that networking connection isn't in person, like
Speaker 5: you know, it's a part of my business. I do
Speaker 5: online courses, right, and I adore and we're about to
Speaker 5: launch a few new courses. And I don't have anyone
Speaker 5: that supports me on that, because there's no one in
Speaker 5: Australia that I know that does courses. But the support
Speaker 5: I receive is all of the YouTube videos that I
Speaker 5: have watched on how to set up that online course.
Speaker 5: That support from people that I don't know who have
Speaker 5: put out this content to help me grow. It's support
Speaker 5: from all of the blogs and the websites. And you know,
Speaker 5: I log into my course provide a platform, right and
Speaker 5: I have the live chat option to talk to people.
Speaker 5: So yes, you can work really hard, but you also
Speaker 5: need to realize that the world is now. You know,
Speaker 5: I think the self made millionaire is far more popular
Speaker 5: nowadays because it's a bit more accessible, if we're honest, Like,
Speaker 5: to become a millionaire these days is much easier today
Speaker 5: than it was back in the fifties because of technology
Speaker 5: and what we have access to. Like nowadays, everyone has
Speaker 5: access to the internet, and the Internet is a beautiful
Speaker 5: place that can change lives, can ruin lives as well,
Speaker 5: let's be honest, but we have access to information. But
Speaker 5: that information is there because of the labor of other people, right,
Speaker 5: Like it is there because other people have put it
Speaker 5: out there to help you. And when you go I'm
Speaker 5: self made, I did this all myself, I'm like, well, yeah,
Speaker 5: you did do.
Speaker 1: The work, but the hard work is not enough.
Speaker 2: Hmm.
Speaker 1: So that makes sense.
Speaker 4: That makes so much sense to me.
Speaker 5: I have some SATs though, So it's not just fluffy,
Speaker 5: So I know you said before, it's a bit of
Speaker 5: a mindset check. It totally is, because I want everyone
Speaker 5: to pull their heads in and care less about money,
Speaker 5: which is funny because this is a money podcast. But
Speaker 5: like that's I guess the ethos of She's on the money, right, Yeah,
Speaker 5: It's not about what you earn, it's about what you
Speaker 5: do with it and the values you hold and respecting
Speaker 5: those values and really reflecting what you want to create
Speaker 5: as a life. Yes, but global wealth inequity, what does
Speaker 5: it look like right now? Back, I'm so glad you
Speaker 5: asked Credit Swiss, who I.
Speaker 1: Really like their reports. Actually, they've documented the rise of
Speaker 1: the super rich and the growth in global inequality over
Speaker 1: the past decade with their Global Wealth Report, which by
Speaker 1: the way, has lots of infographics in it.
Speaker 5: So if you ever wanted to go and look at
Speaker 5: Global Wealth Report and thought, oh, that's not going to
Speaker 5: be good, it's just going to be text. It's not
Speaker 5: like it's so pervy. But I've pulled out a few
Speaker 5: stats for you, because Beck, you and I both know
Speaker 5: you were never going to go look.
Speaker 4: But I was going to ask the question and you read, well,
Speaker 4: you're not wrong exactly.
Speaker 5: So it found that in twenty nineteen, the richest ten
Speaker 5: percent of people in the world owned eighty two percent of.
Speaker 1: The world's wealth.
Speaker 5: Oh wow, this means that the top one percent of
Speaker 5: the richest people in the world own forty five percent
Speaker 5: of global wealth.
Speaker 4: Oh that's like half of the entire world.
Speaker 1: That's half of the world is owned by the one percent. Geez,
Speaker 1: isn't that cooked? Yeah, that is cooked half of the
Speaker 1: world's population, so fifty percent, Beck has one percent of
Speaker 1: the wealth.
Speaker 4: Wow, just shared up evenly. Yeah, not even.
Speaker 5: Really nice and even just makes sense, right, They were like, oh,
Speaker 5: well we heard that it was fifty and one percent.
Speaker 1: We'll just reverse that. Yeah.
Speaker 5: And the Forbes Billionaire List, it gives real time daily
Speaker 5: updates of the fortunes of the richest people in the world,
Speaker 5: so pervy, very depressed. The top ten richest men, Like,
Speaker 5: it's not a list of like just men, it's actually
Speaker 5: just the top ten riches people happen to all be men.
Speaker 1: Beck, which I.
Speaker 5: Don't think anyone's surprised by have a master total of
Speaker 5: nine hundred and sixty seven trillion dollars.
Speaker 1: Beck whish is absolutely cool, my god.
Speaker 5: But I feel like, as the average lay person like
Speaker 5: you and I, we hear the word millionaire and billionaire,
Speaker 5: you kind of go same bucket, right, Like you're just
Speaker 5: like a million not that much different from a billion, right,
Speaker 5: Like you go, that's like one hundred million, that's like
Speaker 5: a lot. But like you kind of go, oh yeah,
Speaker 5: like at some point, if you start collecting millions, you'll
Speaker 5: become a billionaire. So let's put that into perspective of
Speaker 5: how much bigger a billion dollars is than a million dollars?
Speaker 1: Right?
Speaker 4: Sure?
Speaker 5: So seconds? One million seconds, beck is eleven days?
Speaker 1: Cool? One billion seconds is thirty one and a half years.
Speaker 4: Oh okay, I see, I see what about and you
Speaker 4: might not notice off the top of your head, which
Speaker 4: is completely fine. But what about a trillion seconds?
Speaker 1: All right? You want to know trillion?
Speaker 5: Yeah, so one million seconds is eleven point six days, yes,
Speaker 5: one billion seconds is thirty one years or thirty one
Speaker 5: point seven years.
Speaker 1: I do apologize. Wow, and one.
Speaker 5: Trillion seconds is three hundred and seventeen point one centuries.
Speaker 1: No, it's not, Yes, it is how that math is mathing, Like,
Speaker 1: I feel like.
Speaker 5: We just don't have the ability to comprehend what the
Speaker 5: difference is. But I think that puts it into context,
Speaker 5: so definitely.
Speaker 4: So ten people share, well they're not sharing between each other,
Speaker 4: but they have in total nine hundred and sixty seven
Speaker 4: trillion dollars.
Speaker 5: And that was one trillion. They have nine hundred and
Speaker 5: sixty seven of those. My god.
Speaker 4: Yeah, okay, let's go for a quick break. V I
Speaker 4: need to absorb all of this, but stick around because
Speaker 4: after the break we're going to be looking at some
Speaker 4: key concept around the myth of the self made millionaire.
Speaker 4: OKAYV we are back and we've talked before about how
Speaker 4: much money is a lot of money on the show,
Speaker 4: but how much money do we really need? And should
Speaker 4: there be a limit? Do you think that's probably controversial.
Speaker 1: But oh many people think yes.
Speaker 5: I know, so I think in this day and age,
Speaker 5: this is going to sound very entitled, but I do
Speaker 5: think people should be allowed to be millionaire.
Speaker 1: So I totally get that.
Speaker 5: I think in this day and age, actually, if we're
Speaker 5: talking about wealth generation, and my.
Speaker 1: Favorite example, which you've heard on the podcast.
Speaker 5: A million times is beck if you had a one
Speaker 5: point two million dollar investment portfolio by the time you retire,
Speaker 5: at a five percent interest rate return, that would return
Speaker 5: you about sixty thousand dollars a year of income.
Speaker 1: Right, So we.
Speaker 5: Obviously as a podcast, as a community, me as an
Speaker 5: ex financial advisor, I want you to reach that. A
Speaker 5: million dollars sounds like a lot of money, but in
Speaker 5: this day and age, sadly, it is not not actually
Speaker 5: a lot of money when it comes to talking about retirement,
Speaker 5: talking about generating wealth talking about property, Like, the average property.
Speaker 1: Price is now a million dollars.
Speaker 5: So if we think about that and the strategy of
Speaker 5: getting to retirement, if the average millennial is purchasing a
Speaker 5: property worth a million dollars, the strategy is to pay
Speaker 5: off your property before you retire. Completely, right, that just
Speaker 5: makes sense. That means that most of you will retire
Speaker 5: with more than a million dollars of wealth. Right, just
Speaker 5: because you're going to have a property worth in more
Speaker 5: than a million dollars by the time we add in
Speaker 5: your subranuation, hopefully that bumps it up. By the time
Speaker 5: you retire to another million dollars, you're sitting at two
Speaker 5: million dollars. Obviously, there might be other extenuating circumstances. You
Speaker 5: might have an inheritance, you might have another investment portfolio, like,
Speaker 5: it doesn't matter what it is. But the idea that
Speaker 5: most millennials will actually retire with more than a million
Speaker 5: dollars is not incomprehensible. It's actually quite normal. It sounds
Speaker 5: like a lot because a million dollars is a lot
Speaker 5: of money. But beck like, I hope that when you
Speaker 5: retire you've got about that, if not more, because that's
Speaker 5: what's going to create a level of financial freedom for
Speaker 5: you not to work, especially with how money is going
Speaker 5: to increase, because we know that a dollar today is
Speaker 5: not worth a dollar tomorrow, like a dollar.
Speaker 1: Today is going to mean.
Speaker 5: We talked about this on the Triinflation episode, where like
Speaker 5: back in the fifties, a basket of goods was like
Speaker 5: twenty bucks and now it's one hundred and twenty dollars. Like,
Speaker 5: we actually need more money in the future than you
Speaker 5: need today. Yeah, so it sounds like an incomprehensible amount
Speaker 5: of money, but I promise you it is not. Many
Speaker 5: people obviously going to have spicy views on this, that's fine.
Speaker 5: Your opinion is not my opinion, and that's what makes
Speaker 5: the world go around. But my opinion is that billionaires
Speaker 5: should not exist. Nobody beck needs a billion dollars. Yes,
Speaker 5: not one person needs a billion dollars. And with the
Speaker 5: amount of impact that a billion dollars could have, like
Speaker 5: it blows my mind to think that people, you know,
Speaker 5: just hoard it and have all of this wealth.
Speaker 1: Like we talked before.
Speaker 5: About how the top ten richest men in the world,
Speaker 5: literally the top ten richest men have nine hundred and
Speaker 5: sixty seven trillion dollars. That amount of money, even half
Speaker 5: of that amount of money could solve world Hunker. Yes, like,
Speaker 5: it could do so much good and they're just choosing
Speaker 5: not to because it's their money. Hey, Like, it's their choice.
Speaker 5: I don't know how you would do that. But there
Speaker 5: is a concept called limitarianism, and it's a view that
Speaker 5: states that there is a moral limit to how much
Speaker 5: we can have. It is not as demanding as some
Speaker 5: forms of egalitarianism because it actually accepts some level of
Speaker 5: inequality can exist and can be acceptable back. But it
Speaker 5: does have a clear cap on how much inequality there
Speaker 5: could be before that becomes immoral.
Speaker 1: And I think that.
Speaker 5: That's important kind of liked Otherwise, we live in a
Speaker 5: communist society and that's not what actually makes us thrave.
Speaker 1: Sure, Like I think that.
Speaker 5: You know, obviously there's lots of different views on this.
Speaker 5: There are going to be lots of people who go, no,
Speaker 5: they shouldn't be millionaires, they shouldn't be billionaires. Like I
Speaker 5: totally agree with it billionaire statement, but I just go,
Speaker 5: all right, well, actually, for you to create wealth and
Speaker 5: have a good life, yeah, becoming a millionaire is not
Speaker 5: actually at the detriment of other people. Sure, but becoming
Speaker 5: a billionaire absolutely is at the compromise that that money
Speaker 5: could have done more and been more. And yes, we
Speaker 5: could talk about having a billion dollars invested and it
Speaker 5: creating a passive INCLM stream of XYZ and creating future wealth,
Speaker 5: but no.
Speaker 1: One needs that much money back at the end of
Speaker 1: the day, no one does.
Speaker 4: Yes, I quite like the sound of this limitarianism thing.
Speaker 4: But as a business owner and someone who is now
Speaker 4: not necessarily on the hustle the way you would have
Speaker 4: been at the start of your career, do you think
Speaker 4: that you have an opportunity to take a different approach
Speaker 4: to distributing wealth in your company.
Speaker 5: I think it's an interesting conversation because obviously I don't know.
Speaker 5: I feel so uncomfortable talking about it because it just
Speaker 5: makes me sound like a wankr. Let's be honest, but
Speaker 5: I'm not the highest paid person in my team.
Speaker 2: LA.
Speaker 5: Cool it is, but it isn't like I have amassed
Speaker 5: some level of wealth, like I have a home. My
Speaker 5: husband and I own an investment property, Like my husband
Speaker 5: has a good income that we rely on. And when
Speaker 5: we did our maths and worked out, well, what do
Speaker 5: I need to survive on? How does this work? What
Speaker 5: does this look like? That meant that I could invest
Speaker 5: more into my business When I say that, not sitting
Speaker 5: on mass amounts of cash in my business, but meaning
Speaker 5: that my team are paid very very well, like I
Speaker 5: don't know being she's on the money. I look at it,
Speaker 5: and I want my team to be able to create wealth.
Speaker 5: I want my team to comfortably be able to go
Speaker 5: on the holidays that they deserve and buy the houses
Speaker 5: that they want. Like, I can't think of anything more
Speaker 5: embarrassing as a business owner than going, hey, like, I
Speaker 5: bought an investment property, and I know full well that
Speaker 5: my team can't afford to buy property to begin with.
Speaker 5: So you know, we talk about Jess, right, She's in
Speaker 5: a position where she's going to be able to buy
Speaker 5: property all on her own, and that's absolutely fine. The
Speaker 5: only stumbling block is actually the market, not her income.
Speaker 5: And so that makes me, as a business owner, go,
Speaker 5: I must be running a pretty okay business if that's
Speaker 5: the circumstance for my whole team, and I'm not here
Speaker 5: going oh okay, so well rah rah, like it is fair.
Speaker 5: They work really hard. It all makes sense. But I
Speaker 5: think that there's this idea as a business owner that
Speaker 5: you really should be talking and thinking and looking at
Speaker 5: the wealth of your team, but also the labor that they.
Speaker 1: Put into it.
Speaker 5: Because I'm in the position I'm in because my team
Speaker 5: works so hard. I'm not just here because I had
Speaker 5: a good idea and it started working. Like I have
Speaker 5: the flexibility in my life. Do you know record these
Speaker 5: podcasts on a Tuesday when they go out on a Wednesday?
Speaker 5: And have you know this life where there is a
Speaker 5: lot of flexibility, but that has come at the cost
Speaker 5: of other people having to put labor on the table
Speaker 5: and put their time, energy and effort into it. And
Speaker 5: yes they're remunerated for it. But I look at it
Speaker 5: and I just go, well, you know, I would like
Speaker 5: this to be a sustainable business with team members who
Speaker 5: are respected, and to me, that's how you do that.
Speaker 5: So it's an interesting question when you're like, how do
Speaker 5: you distribute wealth in your company? I just make sure
Speaker 5: my team are well looked after. And it's not about
Speaker 5: hoarding cash or sitting on it. It's always about making
Speaker 5: sure that it's distributed well to them. We were talking
Speaker 5: a couple of weeks ago, actually on Instagram about Christmas parties,
Speaker 5: and I posted this thing and I said, hey, guys, like,
Speaker 5: what are some Christmas party ideas for Zella and Cheese
Speaker 5: on the money? And you know, a Christmas party is fun, right.
Speaker 5: I think everyone in the team looks forward going out,
Speaker 5: having a drink, having a bit of a van, maybe
Speaker 5: wearing a nice dress, and just having a good evening.
Speaker 1: Right.
Speaker 5: The amount of people that were suggesting things that their
Speaker 5: businesses did for them, Like one of the examples Beck
Speaker 5: was flying everybody to the Yarra Valley on a helicopter
Speaker 5: to have an incredibly expensive lunch at a winery and
Speaker 5: then flying them home. I looked at the cost of
Speaker 5: that and I was like, okay, Like, would I spend
Speaker 5: fifteen hundred dollars per team member to go to a
Speaker 5: Christmas party?
Speaker 1: Well, depends what kind of year it's been, let's be honest.
Speaker 5: But you look at the impact of that fifteen hundred
Speaker 5: dollars and I just know my team would value having
Speaker 5: the cash in their account above and beyond that. And
Speaker 5: it also makes me go, okay, well, if the businesses
Speaker 5: that are making those decisions are making those decisions and.
Speaker 1: Their team are like, yep, this is great. This is stunning.
Speaker 5: Are those teams being appropriately remunerated each and every single
Speaker 5: day for the labor that they put into their jobs
Speaker 5: or are they just being you know remunerated Okay, but like, oh,
Speaker 5: they don't have an emergency fund or they don't have
Speaker 5: the ability to buy a house, in which case I
Speaker 5: would be really embarrassed. That's the type of showy Christmas
Speaker 5: party I was putting on when my team can't even
Speaker 5: you know, put the same amount of food on the
Speaker 5: table that they could the year before. Yeah, does that
Speaker 5: make sense? Like, I just think there needs to be
Speaker 5: some level of practicality and thought put into it when
Speaker 5: it comes to team and wealth distribution, because you also
Speaker 5: can't just pay people heaps and heaps of money. And
Speaker 5: I say that because it actually locks people into a role.
Speaker 5: Like let's pretend I paid you back five times what
Speaker 5: the average annual income was for the role that you perform.
Speaker 5: That means that you might become really disenchanted and not
Speaker 5: you know, push your career forward or change anything, because
Speaker 5: you're like, well, I can't leave working for Victoria because
Speaker 5: I'm paid so well here, no one else will ever
Speaker 5: measure up. So like in every other aspect, of your
Speaker 5: life you might not be as actively engaged. Yeah, so
Speaker 5: it's finding that fine balance of like, well, how do
Speaker 5: I appropriately remunerate and reward staff for making sure that
Speaker 5: they still have equal opportunity and flexibility in the rest
Speaker 5: of their life.
Speaker 4: That's a tough one.
Speaker 1: It's very hard.
Speaker 4: It's a tough one to balance. But the ultimately the
Speaker 4: end of the day, what would you like people to
Speaker 4: take away from this?
Speaker 5: Honestly, this idea of a self made millionaire and my
Speaker 5: reflections on it, I guess it opens up the idea
Speaker 5: of a wider issue, and that's the undue emphasis that
Speaker 5: we put on financial success and the lengths people go
Speaker 5: to achieve it. I guess in our digitally driven society,
Speaker 5: the idea of keeping up with the Joneses has really
Speaker 5: changed into, I guess, a perpetual race against time, you
Speaker 5: could say, where the measure of your success is not
Speaker 5: just your way.
Speaker 1: But how quickly you can achieve it.
Speaker 5: Like, you know, if somebody retires at sixty five with
Speaker 5: a million dollars, you're like, yeah, okay, that makes sense.
Speaker 1: But if you said I'm twenty five with a million dollars,
Speaker 1: You're like, wow, what a big dog? Like that's so impressive.
Speaker 5: Ye, This consistent and relentless storm of what success stories
Speaker 5: look like, I guess makes us feel crash about ourselves.
Speaker 5: Like how many times have we seen young entrepreneurs that
Speaker 5: are like, I achieved a six figure salary by the
Speaker 5: term hols twenty two And you're like, well.
Speaker 1: That never worked for me. That doesn't make sense.
Speaker 5: And they're showing off their cars are worthhouse deposits, and
Speaker 5: they're always going on holidays to the Amalfi Coast, And
Speaker 5: I just think it's so easy to forget those of
Speaker 5: us in our community who work tirelessly day in, day out,
Speaker 5: put food on the table, and they don't end up
Speaker 5: amassing millions, and somehow that's not deemed to be as
Speaker 5: worthy or like what about those people who work for
Speaker 5: the sheer passion of it, Like they're just so wildly
Speaker 5: passionate about something, Like what if someone is so wildly
Speaker 5: passionate about their craft or making a difference to their community,
Speaker 5: why aren't we rewarding these people with the center stage?
Speaker 5: I suppose when we talk about it to me, I
Speaker 5: think it's like the artist that teaches the community workers,
Speaker 5: the nurses, the caregivers, their contributions never make the headlines.
Speaker 5: They made the headlines during COVID because I think people
Speaker 5: finally realized how much we rely on these people and
Speaker 5: how important they are when they always were that important.
Speaker 5: But yeah, I think that their narrative deserves so much
Speaker 5: more acknowledgment and respect. And you know, when the spotlight
Speaker 5: gets put on people who have become millionaires as being
Speaker 5: like the pinnacle or what we should be becoming, it really,
Speaker 5: you know, obscures the fact that you know, at some
Speaker 5: point a majority of us are going to face financial
Speaker 5: struggle in our lives.
Speaker 1: Yeah, we need to talk about that.
Speaker 5: That's not something to be ashamed of, that's not something
Speaker 5: to sweep under the rug. But if the narrative is, oh,
Speaker 5: I became a self made millionaire, you immediately think, well,
Speaker 5: these people don't have these problems.
Speaker 1: I can't relate. I'll never be successful. Sure, And I.
Speaker 5: Think that in a world where we have unforeseen you know,
Speaker 5: interest rate rises, and we have health issues or even
Speaker 5: just like a mere stroke of bad luck can see us,
Speaker 5: you know, spiral into a financial crisis.
Speaker 1: We need to be protecting ourselves against that.
Speaker 5: And that's not by becoming a millionaire and hustling our
Speaker 5: way to the top. Beck, Like, I just think we
Speaker 5: need to remember that wealth is not the only measure
Speaker 5: of success in this world. Like personal growth, beautiful relationships,
Speaker 5: contentment in your actual achievements, and what you do every
Speaker 5: single day, no matter how small, are actually the indicators
Speaker 5: of this.
Speaker 1: And I think that.
Speaker 5: It brings us to what I would say is the
Speaker 5: irony of our time, and that while it's essential to
Speaker 5: you know, have aspirations and push our boundaries, we also
Speaker 5: need to be aware of not letting the societal pressures
Speaker 5: that exist define your worth, because you're worth so much
Speaker 5: more than that. And I won't go on and on
Speaker 5: about that because I just I could and I would,
Speaker 5: and if you gave me the platform, well, and we
Speaker 5: might even link my article that I wrote for the
Speaker 5: Agian City Morning Herald here, because that actually is another
Speaker 5: thousand words of me ranting about how important you see
Speaker 5: if you're interested. But I just think, Yeah, you can't
Speaker 5: do anything in a vacuum, Beck, The world requires support.
Speaker 5: The world requires us to have connections to be successful.
Speaker 5: And when you have this narrative of the self made millionaire,
Speaker 5: puts unnecessary pressure on you and me to do better.
Speaker 1: And be better and hustle.
Speaker 5: But also it doesn't acknowledge the people that are actually,
Speaker 5: you know, supporting the fabric of our society.
Speaker 4: Yep, so true.
Speaker 1: That's where we'll probably leave it though, like otherwise I'll
Speaker 1: just go on and on that.
Speaker 4: Hey, we can go on and on off mic, but
Speaker 4: so good, And I think it's a really good thing
Speaker 4: for people to take away from this episode is that
Speaker 4: it's probably not on you. You are where you want
Speaker 4: to be and where you have to be, and where
Speaker 4: you should.
Speaker 5: Be exactly exactly where you need to be right now,
Speaker 5: my friends. Yes, and also my favorite quote of all time.
Speaker 5: Let's leave on that arising tide.
Speaker 1: Lifts all ships.
Speaker 4: Love it, love it.
Speaker 5: Let's go have the best day, my friends, and we
Speaker 5: will see you on Friday.
Speaker 4: Bye, guys.
Speaker 5: The advice shared on She's on the Money is general
Speaker 5: in nature and does not consider your individual circumstances. She's
Speaker 5: on the Money exists purely for educational purposes and should
Speaker 5: not be relied upon to make an investment or financial decision.
Speaker 5: If you do choose to buy a financial product, read
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