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Speaker 1: She's on the Money. She's on the Money. Hello, and

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Speaker 1: welcome to She's on the Money, the podcast for millennials

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Speaker 1: who want financial freedom. As you guys know, I'm financial

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Speaker 1: advisor Victoria the Vine, and this week we're mixing the

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Speaker 1: episode up a little bit by inviting my friend and

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Speaker 1: fellow money podcaster Glenn James from My Millennial Money on

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Speaker 1: the show.

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Speaker 2: Hello Glenn, Holy hoy, Hello Victoria, and hello to all

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Speaker 2: of your listeners.

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Speaker 1: Hello friends. Today on the show, we're going to be

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Speaker 1: addressing some of your most asked questions and to do that,

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Speaker 1: we've actually got our producer. And on another note, some

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Speaker 1: are breakfast radio host on KISSFM Brian John. To ask

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Speaker 1: Glenn and I the hardest hitting once.

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Speaker 2: So like embarrassing me.

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Speaker 1: I do. It's actually my favorite thing in this entire world.

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Speaker 1: But it seems quite reciprocal. Okay, before we get there though,

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Speaker 1: In true She's on the Money style, we are going

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Speaker 1: to be talking through our money wins in confessions from

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Speaker 1: this week, and Glenn, because you are our guest, you

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Speaker 1: get to go first. What have you got for us?

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Speaker 2: Well, when you said to come on the podcast and

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Speaker 2: have a money win, I'm like, oh, geez, I don't

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Speaker 2: know if I've got one this week.

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Speaker 1: Everybody has that.

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Speaker 2: No, it was last Friday night, I kid you not.

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Speaker 2: I was going to a mate's house for a barbecue.

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Speaker 2: Went to Cohl's. They had a pack of pre marinated meat,

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Speaker 2: you know, wings and drums and all that stuff, and

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Speaker 2: it had like discounted to sell because obviously it was

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Speaker 2: going out a date.

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Speaker 1: Yeah ten minutes, but you were going to be using

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Speaker 1: it that night, right exactly.

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Speaker 2: So it was thirteen dollars down to eleven dollars. Went

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Speaker 2: up to the counter and they scanned it and they said,

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Speaker 2: we can't sell it to you because it's best before today.

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Speaker 2: And I said, mate, it's going on the barbecue in

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Speaker 2: about ten minutes. I'm happy to still buy it. And

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Speaker 2: they got one guy. They couldn't work it out. The

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Speaker 2: next person came and I said, hey, I'll just take

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Speaker 2: it if you want, and they said, yeah, no's taken.

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Speaker 2: Oh my gosh. This is like, it's so bizarre because

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Speaker 2: most of us who have a job and have an

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Speaker 2: income dollars. It's not changing our world too.

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Speaker 1: Much, no, but it's exciting. I was.

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Speaker 2: I was so excited. I was bouncing out to my car,

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Speaker 2: and I'm like, I've got a money win this podcast.

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Speaker 3: I need to ask, though, It's only really a money

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Speaker 3: win if you ate it and didn't get sick, because

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Speaker 3: if it was in fact too old, then it's probably

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Speaker 3: not a win.

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Speaker 2: So how was it? What can I say? I was

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Speaker 2: in hospital for three days. I've still got my eleven

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Speaker 2: dollars health care.

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Speaker 1: It just really a spree, Ryan, Do you have a

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Speaker 1: money win or confession that might impress us just as much?

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Speaker 3: Certainly won't impress you. I've actually bought a confession.

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Speaker 1: Oh okay, no, I like those just as much if

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Speaker 1: I'm being honest.

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Speaker 2: Yeah.

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Speaker 3: So I've just moved into a house in Richmond down.

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Speaker 1: The road your fancy, Yes, thank you.

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Speaker 3: And I haven't moved all the utensils. I've got stuff

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Speaker 3: for the kitchen and stuff yet. So one of the

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Speaker 3: risks of moving to the city was me being scared

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Speaker 3: about spending too much on uber eats.

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Speaker 1: It is a real risk, yeah, because.

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Speaker 3: I live out in the country, so there's no obreeds

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Speaker 3: out there, and I promised Bridget I wouldn't spend much

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Speaker 3: on a new bread eat. But because I had no

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Speaker 3: plates and cutlery of my own. I had it on

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Speaker 3: Thursday night, Friday night, Saturday night, and Sunday.

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Speaker 1: Okay, so that's probably a little bit irresponsible.

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Speaker 2: Do we feel a bit guilty ordering from uber Eats

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Speaker 2: because I do, knowing that the retail, like the retail

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Speaker 2: is getting probably slammed with their sliced Uber eats.

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Speaker 1: I do, and I have recently been using a company

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Speaker 1: called door Dash because I feel better because a higher

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Speaker 1: percentage of their commission or whatever it is, goes to

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Speaker 1: the actual hospitality company providing the food. So I don't know. Yeah,

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Speaker 1: I think that's a legitimate concern. I do feel a

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Speaker 1: little bit guilty when that happens. Also a little bit

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Speaker 1: lazy when I'm ordering something from the place down the

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Speaker 1: road that is like three hundred meters away. So maybe

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Speaker 1: we should all use uber eats a little less and

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Speaker 1: not worry about not eating takeaway.

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Speaker 2: I drove around to my local pizza shop the other

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Speaker 2: night and I couldn't get a car park out the front,

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Speaker 2: and I almost parked back at my house. I just

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Speaker 2: want to.

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Speaker 3: Add that it's also a bit rich from Victoria de

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Speaker 3: Vine to say we shouldn't get uberats as much because

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Speaker 3: we've hung out all day today, v and this is

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Speaker 3: the first time we've hung out not had Uber eats

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Speaker 3: and probably the last six or seven times we've hung

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Speaker 3: out again.

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Speaker 1: Yah. I'm also just going to call it out. You

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Speaker 1: could have had an epic money win that every time

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Speaker 1: we order uberts it's usually me ordering it, and I

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Speaker 1: ordered you pizza on the weekend and we did too.

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Speaker 1: That was a pretty good money week over on the weekend,

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Speaker 1: and you're welcome. I also made some really really good

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Speaker 1: margaritas guys, recipes on my Instagram for those of you

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Speaker 1: who are interested, but moving on, I will let you

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Speaker 1: know what my money win or confession is this week.

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Speaker 1: I actually have a money win for you, guys. I've

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Speaker 1: bought a coffee machine, which is incredibly exciting. As you know,

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Speaker 1: I love a good coffee and usually go to the

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Speaker 1: cafe literally every single day, and I finally have my

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Speaker 1: own coffee machine and it is delightful. It has those

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Speaker 1: Lavasa pods, so it.

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Speaker 3: Literally, yeah, what sort did you get?

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Speaker 1: I got this Meg coffee machine with the pods and

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Speaker 1: it's like the Lavaza pods and they are premium. I

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Speaker 1: will let you know. They also make an epic espresso martini.

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Speaker 2: It's a paid ad.

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Speaker 1: No, it's not like I wish they were paying me.

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Speaker 1: But I would say ten out of ten would get

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Speaker 1: again because it's so easy. And I felt like I

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Speaker 1: was really worried about getting a coffee machine because the

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Speaker 1: cleanup would be something I didn't want to deal with.

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Speaker 1: But I'm probably going to get slammed for the fact

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Speaker 1: I use pods, but.

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Speaker 2: I'm gonna say that, is that what they're calling it? Coffee?

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Speaker 2: Is it?

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Speaker 1: Yeah? Yeah, like Len's a bit of a coffee commer sewer.

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Speaker 1: So I of strategically put this on this episode because

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Speaker 1: I knew i'd get slammed by him, and I welcome that.

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Speaker 2: Yeah, I'm launching my Millennial coffee and I've just done

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Speaker 2: all the testing. It's my own blend, because categorically, you

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Speaker 2: can save so much money making it at home, whether

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Speaker 2: it's through a filter and drip and all that stuff,

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Speaker 2: or French press or even through the pods. Categorically, over

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Speaker 2: the long term, if you actually want to save money

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Speaker 2: and you do love your coffee, you just have a

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Speaker 2: bit of an outlay and it's a bit of a

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Speaker 2: cost recovery exercise. But yeah, I support anyone making coffee

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Speaker 2: at time.

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Speaker 1: I love that. But moving on, let's take a look

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Speaker 1: at our Facebook communities. Usually we only look at their

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Speaker 1: She's on the Money community, but this week we are

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Speaker 1: going to look at our community as well as your

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Speaker 1: Facebook group My Millennial Money Glenn, so i'd love you

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Speaker 1: to again start. Did you have any posts that really

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Speaker 1: stood out to you this week?

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Speaker 2: I totally did, and it actually made me a bit

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Speaker 2: emotional in terms of the impact that Glenn, who's a

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Speaker 2: bogan on the Central Coast that likes Fords, had on

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Speaker 2: somebody from starting My Millennial Money.

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Speaker 1: But that's really sweet.

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Speaker 2: What is there, Emily? And she might even be in

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Speaker 2: your community, but whatever, or good Emily Rodman. Flashback to

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Speaker 2: September eighteen, leaving paycheck to paycheck and thirty grand in

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Speaker 2: personal car Loan debt and stressed, discovering this podcast, listening

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Speaker 2: to the back catalog and getting motivated plus all the

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Speaker 2: amazing people in the M three community. Flash forward to yesterday,

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Speaker 2: officially bad debt free, paid thirty grand in debt in

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Speaker 2: just over two years, five years early, and have three

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Speaker 2: months emergency fund setting place. So excited for what the

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Speaker 2: future holds and knowing that I've achieved this without sacrificing

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Speaker 2: fortnightly pizza.

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Speaker 1: That's very important.

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Speaker 2: Thank you so much, Glenn and the team for helping

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Speaker 2: me get my foundations and mindset sorted. It feels amazing.

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Speaker 1: How epic is that? I love that? And I couldn't

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Speaker 1: love it anymore, Like how exciting is that when your

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Speaker 1: community they don't just have like one money win, they've

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Speaker 1: literally changed their money story like that stuff.

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Speaker 2: But I mean, it's so amazing, Like you can guarantee

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Speaker 2: her income would probably not be and I'm being presumptuous,

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Speaker 2: but her income probably wouldn't be over one hundred grand.

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Speaker 2: She's just been intentional, She's been dialed in and she's

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Speaker 2: gone and got it.

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Speaker 1: I actually love that, and I think that it's so

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Speaker 1: nice to share money wins like that because it's also

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Speaker 1: motivational for the communities at large, because it's so possible

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Speaker 1: if you just put your nose down and get it

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Speaker 1: done like these people are doing it. If you're in

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Speaker 1: this situation, you absolutely can too. And also thank you

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Speaker 1: for trusting us and to share that story, like money

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Speaker 1: is not the easiest thing to talk about, but then

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Speaker 1: to go on a public platform, I mean semi private,

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Speaker 1: let's be honest public platform and talk to us about

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Speaker 1: exactly what you've done and what you've achieved. That's epic

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Speaker 1: and I'd love it.

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Speaker 2: Yeah, it's so good.

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Speaker 1: So thank you, Emily, Thank you, Emily, Ryan John. Have

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Speaker 1: you got something from our community. I really doubt it'll

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Speaker 1: be as self promotional as Glenn's was, but that's okay.

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Speaker 3: I actually feel a bit weird now because that was

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Speaker 3: so motivational and inspiring.

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Speaker 2: Mind is quite the opposite. It's from that.

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Speaker 3: She's on the money Instagram and her name is Chastely.

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Speaker 3: I believe awesome, she says, little win but exciting. Nonetheless,

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Speaker 3: I won the McDonald's monopoly voucher and it covered my

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Speaker 3: whole meal.

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Speaker 2: Nothing like some free food for a pick me up.

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Speaker 1: Now.

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Speaker 3: The reason I love this is because I've actually never

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Speaker 3: heard of anyone ever actually winning them McDonald's monopoly.

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Speaker 1: I would have to agree.

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Speaker 2: I always hear you.

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Speaker 3: See the ads. It comes out every year, collect little

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Speaker 3: things you off, I just get the other one in,

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Speaker 3: but I've never actually known anyone to actually win it.

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Speaker 3: So Chasley, well done on your free macis heel in

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Speaker 3: a monopoly contest?

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Speaker 1: Love that? And if anybody in our community has actually

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Speaker 1: won anything more than that on a McDonald's Monopoly game.

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Speaker 1: Please post it in our community. I want to see it.

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Speaker 2: Who gets those jet skis? Yeah?

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Speaker 1: Who got the jet ski?

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Speaker 2: All right?

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Speaker 3: The what's your favorite one?

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Speaker 2: This week?

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Speaker 1: So my community shout out again. Not as good as Glen's.

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Speaker 1: I believe that my millennial money's community has won out here.

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Speaker 1: But mine's really wholesome. And it's from our friend Lauren,

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Speaker 1: and she's posted and she said, so, I wanted to

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Speaker 1: share a little story with you. I was talking to

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Speaker 1: my eighty three year old grandfather about starting a little

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Speaker 1: side hustle, and he mentioned maybe he should make an

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Speaker 1: Instagram for his art paintings and maybe he could sell them.

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Speaker 1: She said, I know, right, eighty three years old and

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Speaker 1: now up on Instagram. I was thrilled. I think he's

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Speaker 1: so talented, but he always doubts himself. So the confidence

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Speaker 1: I got from she's on the money transferred over to

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Speaker 1: my eighty three year old grandfather. Here's a sample of

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Speaker 1: his work, and she's posted one of his absolutely stunning paintings,

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Speaker 1: and she's said she's very happy if you guys would

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Speaker 1: follow his Instagram, which is pop Art nineteen thirty seven.

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Speaker 1: She said, have a wonderful day. And honestly, it's the

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Speaker 1: most wholesome thing I've seen in our community in a

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Speaker 1: really long time. So I know we say don't promote

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Speaker 1: yourselves in the Facebook group, I just felt like I'd

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Speaker 1: let that one through because it was too cute not

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Speaker 1: to share.

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Speaker 2: That's so cute, that's so cool.

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Speaker 1: All right. Now, moving into the main chat of today's show,

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Speaker 1: a question and answer with arguably your favorite finance people,

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Speaker 1: Glenn and I Ryan. You're going to run the show

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Speaker 1: from here on in what is our first question?

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Speaker 2: All right?

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Speaker 3: Question one is from Brianna. She said, how do you

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Speaker 3: balance the risk of investing and in brackets losing it

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Speaker 3: all or not investing and therefore not building wealth? So

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Speaker 3: how do you get that balance right of wanting to

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Speaker 3: invest a bill wealth but also not wanting to lose

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Speaker 3: it all as well?

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Speaker 2: Let's ask out with you, Glenn. There's some misconceptions in

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Speaker 2: that statement, and that's okay because we've just got to

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Speaker 2: learn people often say I'll lose it all if I invest.

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Speaker 2: Now we just have to firstly unpack and work out

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Speaker 2: what investing actually is and at its purest form, if

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Speaker 2: you believe company like Woolworth's is a business that has

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Speaker 2: a long track record that has growth potential in the

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Speaker 2: way that people will always need groceries, and we buy

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Speaker 2: a share in that business, Well, that's not that risky

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Speaker 2: for the long term. However, if you think, well, I'm

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Speaker 2: not going to invest money for growth and leave it

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Speaker 2: in cash, you know, the economists listening will probably say, well,

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Speaker 2: that's not a good thing either, because inflation will actually

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Speaker 2: erode the buying power of your money. So at two

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Speaker 2: ends of the spectrum here, we've got the risk of

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Speaker 2: doing nothing over the long term and also the risk

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Speaker 2: of potential downside at the extremities. Now, sure, if you

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Speaker 2: purchased a new type of cryptocurrency that no one ever

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Speaker 2: heard of, yeah you're pretty much kissing your money away.

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Speaker 2: But if you bring it back to an everyday basket

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Speaker 2: of companies that are well run and they've got a

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Speaker 2: long track record, that's not as risky as a new cryptocurrency.

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Speaker 2: So it's just understanding the risk spectrum. And with investing

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Speaker 2: in Victoria, you'd probably agree that the short term in

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Speaker 2: the investing world is probably under five to seven years.

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Speaker 2: Longer term is over five to seven years. Whatever that

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Speaker 2: is in your situation. So you might go, oh, I

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Speaker 2: don't need the money for six years, Well there's a

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Speaker 2: risk that I leave it in cash and it gets

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Speaker 2: one point five percent in my savings account for the

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Speaker 2: next six years. Well, to me, that's a risk that

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Speaker 2: I don't want to take. So there's a risk of

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Speaker 2: opportunity cost of the money not being invested in a

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Speaker 2: diversified portfolio. So I think, if I don't need the

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Speaker 2: money within the next six years or seven years, I'm

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Speaker 2: going to invest that because the risk is too great

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Speaker 2: not to invest it. Do you think it's.

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Speaker 3: A lack of education or maybe just what makes headlines

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Speaker 3: is those big, juicy spectacular fails. But I was actually

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Speaker 3: saying to be earlier, there is this misconception of if

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Speaker 3: I put some money in investments, it could all be gone.

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Speaker 3: Is that Why is that that people think that way?

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Speaker 2: Yeah, because there is just I honestly think we just

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Speaker 2: get told by our family members. You hear their horror stories,

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Speaker 2: like your uncle's friend had this horror story and he

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Speaker 2: lost it all in shares. No, No, he bought into

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Speaker 2: a company that had no track record and they were

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Speaker 2: crap at running it, and that transfers over to buying

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Speaker 2: shares is risky, So I think if you understand what

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Speaker 2: you're investing is, you can actually start to quantify some

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Speaker 2: of that risk. But I think the first thing anyone

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Speaker 2: listening who actually works a job and gets paid superannuation,

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Speaker 2: you're an investor because you've got a super account that

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Speaker 2: has money invested in the market. And I would call

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Speaker 2: your superfund. You know, on your lunch break one day,

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Speaker 2: you take twenty minutes call your super fun and get

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Speaker 2: them to explain to you how your money is invested

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Speaker 2: in their fund. Number one, you pay them a bloody

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Speaker 2: fee so they can work for it. But number two,

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Speaker 2: it's an easy way for you to start to understand

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Speaker 2: investing because you already have money that's invested.

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Speaker 1: That's a really good point. And furthering that, I think

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Speaker 1: it's really important to understand investing as a whole because

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Speaker 1: once you start to understand the concept of investment and

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Speaker 1: the fact that a good investment portfolio is really well diversified,

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Speaker 1: you end up with a lot of companies that look

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Speaker 1: like Woolworth's, Like what you were talking about before, Glenn,

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Speaker 1: that you know, if will Worths for some reason isn't

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Speaker 1: doing so well maybe Cohle's is, and maybe something else

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Speaker 1: is going really well. So it's all about managing risk

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Speaker 1: by not putting all of your eggs in one basket.

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Speaker 1: So for me, these kinds of questions, and this is

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Speaker 1: not to stereotype, but these kinds of questions often come

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Speaker 1: from people who haven't spent enough time yet understanding what

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Speaker 1: the share market is made up of. Because, as you

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Speaker 1: were saying before, you're right, uncle Glenn put money into

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Speaker 1: a stock and lost everything. And it's like, well, actually,

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Speaker 1: if uncle Glenn had put his money in a well

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Speaker 1: diversified share portfolio, you know, fifty years ago, he'd be

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Speaker 1: in a banging position today. And I think that that's

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Speaker 1: what people forget to, you know, forget to take into consideration.

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Speaker 1: And something else I hear a lot is, oh, my

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Speaker 1: parents were investors and they lost everything during the DFC.

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Speaker 1: You kind of go, okay, but have you actually taken

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Speaker 1: the time to ask them what they were invested in

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Speaker 1: and how they lost money? And more often than not,

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Speaker 1: when you start digging, you find they lost money because

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Speaker 1: they pulled all of their shares out when they tanked,

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Speaker 1: or they lost money because they were invested in something

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Speaker 1: that actually wasn't going to perform well over the long term,

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Speaker 1: or they were taking on more risk than they should

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Speaker 1: have for their risk profile. So I think if you,

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Speaker 1: as an individual, start to learn what a risk profile

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Speaker 1: actually means and know what that means for you individually,

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Speaker 1: As you were saying before, Glenn, how long are you

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Speaker 1: investing for? How tenacious are you? Are you willing to

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Speaker 1: take on that risk or are you in a position

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Speaker 1: where you just want really conservative investments, in which case

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Speaker 1: maybe you do. You just want to keep things in cash, like,

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Speaker 1: there's nothing wrong with that. It's all about understanding your opportunities.

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Speaker 2: Let's go to Nicole because it's sort of on the

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Speaker 2: same topic.

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Speaker 3: She said, Obviously, with COVID and everything happening this year,

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Speaker 3: the stock market has been all over the place, So

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Speaker 3: when would be the best time to buy shares, keeping

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Speaker 3: in mind how volatile it's been. Do we wait until

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Speaker 3: COVID's over? What do we get in now? Is there

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Speaker 3: even an answer to this question?

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Speaker 2: We get you to go first on this one.

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Speaker 1: I think that there's a very good quote about this,

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Speaker 1: and it is be greedy when other people are fearful,

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Speaker 1: and fearful when other people are greedy. And that was

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Speaker 1: by the og Warren Buffett. But I think it's really

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Speaker 1: important to understand that the market being off isn't a

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Speaker 1: negative thing for new investors. I'm not saying go and

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Speaker 1: buy dodgy stocks and hope they recover, but right now

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Speaker 1: there are potentially a number of really great assets that

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Speaker 1: are currently being undervalued. So if you're going to purchase shares,

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Speaker 1: now might be a really good time to get on

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Speaker 1: it while it is off. In saying that, there are

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Speaker 1: also a number of shares that are really performing well

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Speaker 1: through this period, Like if you look at the performance

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Speaker 1: of I wouldn't say these are conservative investment by any

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Speaker 1: stretch of the imagination, but over the last twelve months

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Speaker 1: how Tesla and after pay have performed. And then we

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Speaker 1: look at like DocuSign and even Zoom, which we're using

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Speaker 1: at the moment, their share prices have gone through the roof.

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Speaker 1: So I wouldn't say as a whole every single share

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Speaker 1: price is off, but I would say, yeah, you're right,

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Speaker 1: some parts of the share market are suffering, and the

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Speaker 1: reason that they are suffering is because we've just gone

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Speaker 1: through a global pandemic. But that doesn't mean that that

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Speaker 1: business is a bad business. It just means that their

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Speaker 1: share price has dipped because of the way the market

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Speaker 1: is performing. Glenn, what do you reckon about this?

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Speaker 2: Yeah, I can only speak to what I do in

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Speaker 2: my own personal life, and that is I'm kind of

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Speaker 2: I invest in like a diversified pool of stocks, So

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Speaker 2: I use index funds, I used you managed funds and

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Speaker 2: all that stuff. My whole focus with investing is focusing

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Speaker 2: on spending less than what I earn and investing the rest,

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Speaker 2: and then by me and investing the rest. That is,

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Speaker 2: I've got a monthly amount set up that goes into

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Speaker 2: my portfolio every month. I've got a monthly amount setup

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Speaker 2: that goes into my souper every month. So I focus

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Speaker 2: my energy on how much money I can shovel into

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Speaker 2: good investments over the long term. Now, the best time

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Speaker 2: to buy shares with this coronavirus stuff was to go

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Speaker 2: back in time to the twenty second of March, which

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Speaker 2: is bottom of the correction. So the market has basically recovered.

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Speaker 2: And don't at me to say no, it hasn't, it's

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Speaker 2: not there, But I'm going to ask you, yeah, basically there,

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Speaker 2: basically it's back to where it was and that's been

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Speaker 2: a result of the economy starting to recover off the

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Speaker 2: back of the news that there will be a vaccine

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Speaker 2: probably in market globally by March. So to answer your question,

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Speaker 2: don't worry too much about the what ifs and if onlies.

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Speaker 2: Worry more about the future and how much you can

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Speaker 2: put in each month or each week or week, each

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Speaker 2: whatever your frequency is, because then at the end of

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Speaker 2: this year, I, with my twelve monthly installments, I would

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Speaker 2: have got the average by price anyway.

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Speaker 1: Absolutely, and this is something I talk about a lot

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Speaker 1: on the podcast. So apologies to my friends listening that

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Speaker 1: think I sound like a broken record, but I would

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Speaker 1: be an incredibly rich woman if I could time the market.

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Speaker 1: It's just not possible. So for me, it's actually about

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Speaker 1: consistency and your ability to start investing. So if you

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Speaker 1: were able to start investing, great, If that happened in March, fantastic,

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Speaker 1: you got off on a really great foot starting today,

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Speaker 1: starting tomorrow, starting in six months. It doesn't matter when.

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Speaker 1: Just as long as you can personally afford to be investing,

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Speaker 1: it's built into your budget and your cash flow, and

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Speaker 1: it makes sense for you to be able to do

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Speaker 1: that consistently. I think it's more about what's going on

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Speaker 1: with you, not what's going on with the markets. So

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Speaker 1: I think people get so caught up in oh, is

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Speaker 1: it a good time to invest or not, Whereas if

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Speaker 1: you're investing regularly and consistently, it shouldn't actually be about

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Speaker 1: what's going on in the market, but rather what you

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Speaker 1: can personally commit to during that period of time only

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Speaker 1: becomes a massive issue. In my personal opinion. If you

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Speaker 1: were planning on retiring in March.

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Speaker 2: Yeah, well you just worked a little bit longer, now,

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Speaker 2: aren't you.

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Speaker 1: Yeah, it sucks to you.

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Speaker 3: By all right, We've got one sentence to answer these

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Speaker 3: questions each.

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Speaker 2: Okay, all right.

439
00:20:32,760 --> 00:20:37,160
Speaker 3: This question is from McKenna. She said, how many bank

440
00:20:37,200 --> 00:20:38,280
Speaker 3: accounts do you have?

441
00:20:39,200 --> 00:20:42,000
Speaker 2: I've got my blow account, which is one. I've got

442
00:20:42,160 --> 00:20:45,720
Speaker 2: my savings account attached to my blow account on up banks.

443
00:20:45,760 --> 00:20:48,320
Speaker 2: So that's like my very very short what did you

444
00:20:48,320 --> 00:20:48,879
Speaker 2: call that account?

445
00:20:48,880 --> 00:20:50,760
Speaker 1: He calls it a blow account like he blows the

446
00:20:50,800 --> 00:20:53,680
Speaker 1: money like it's it's it's not for the type it

447
00:20:54,480 --> 00:20:56,600
Speaker 1: might be used to radio on.

448
00:20:58,240 --> 00:21:01,159
Speaker 2: So as part of the Glen Jay spending plan, I

449
00:21:01,359 --> 00:21:04,240
Speaker 2: just teach have one account and for me it's up Bank.

450
00:21:04,119 --> 00:21:06,760
Speaker 1: And I know Bank up Bank my best friends. I'm

451
00:21:06,800 --> 00:21:09,640
Speaker 1: currently trying to convince them to let me do videos

452
00:21:09,680 --> 00:21:10,040
Speaker 1: for them.

453
00:21:10,160 --> 00:21:12,680
Speaker 2: Oh so I transfer five hundred bucks a week to

454
00:21:12,720 --> 00:21:15,400
Speaker 2: my BLOW account, and that's the only account that's on

455
00:21:15,440 --> 00:21:18,320
Speaker 2: my phone, the only car that's in my wallet, and

456
00:21:18,640 --> 00:21:20,760
Speaker 2: that I just blow it without my using my brain

457
00:21:20,840 --> 00:21:24,320
Speaker 2: food Fuel Entertainment going out Blow account. So I've got

458
00:21:24,320 --> 00:21:27,159
Speaker 2: my Blow account and Upbank Savings account. I've got my

459
00:21:27,200 --> 00:21:29,639
Speaker 2: cash Hub on my mortgage off set. I've got my

460
00:21:29,840 --> 00:21:32,679
Speaker 2: tax because I'm self employed on my mortgage off set.

461
00:21:32,960 --> 00:21:36,320
Speaker 2: I've got my gifts closed Holidays Christmas account on my

462
00:21:36,320 --> 00:21:38,320
Speaker 2: mortgage off set. I've got my emergency fund on my

463
00:21:38,760 --> 00:21:41,399
Speaker 2: on my offset. So what's that six I've got in

464
00:21:41,480 --> 00:21:44,399
Speaker 2: my business for the podcast, I've got a business transactional account.

465
00:21:44,400 --> 00:21:47,120
Speaker 2: I've got a business SAVIS account for GST and retained earnings.

466
00:21:47,400 --> 00:21:50,200
Speaker 2: And my family trust has got a bank account. That's

467
00:21:50,320 --> 00:21:53,040
Speaker 2: what nine and running out of fingers and the tenth

468
00:21:53,200 --> 00:21:55,399
Speaker 2: on I've stook a nine G account that I have

469
00:21:55,520 --> 00:21:57,240
Speaker 2: here at the studio. If I need to send Nathan

470
00:21:57,240 --> 00:21:59,360
Speaker 2: around to the shop to buy some coffee, I think

471
00:21:59,359 --> 00:22:00,680
Speaker 2: that's it. We'll call it ten.

472
00:22:01,040 --> 00:22:03,800
Speaker 1: You failed at the one sentence, and I'm going to as.

473
00:22:03,720 --> 00:22:05,720
Speaker 2: Well, there's one long sentence back off.

474
00:22:05,760 --> 00:22:08,399
Speaker 3: Can I just say quickly that unfortunately no one can

475
00:22:08,440 --> 00:22:11,560
Speaker 3: see this being a podcast, but seeing Glenn James hold

476
00:22:11,560 --> 00:22:13,720
Speaker 3: a microphone and then count to ten on his fingers

477
00:22:13,720 --> 00:22:15,679
Speaker 3: at the same time and try and talk is hilarious.

478
00:22:15,760 --> 00:22:18,840
Speaker 2: I'm basic. I told you, I'm a basic fog. I

479
00:22:18,880 --> 00:22:19,280
Speaker 2: have Victoria.

480
00:22:19,320 --> 00:22:20,159
Speaker 3: How many accounts for you?

481
00:22:20,240 --> 00:22:23,280
Speaker 1: Okay? So same as Glenn. I actually follow my own

482
00:22:23,320 --> 00:22:26,280
Speaker 1: budget and cash flow plan, so I have six accounts. Personally,

483
00:22:26,359 --> 00:22:29,439
Speaker 1: I have my cash Hub account, which when I have

484
00:22:29,480 --> 00:22:32,240
Speaker 1: a mortgage one day, will be my offset and that's

485
00:22:32,280 --> 00:22:34,960
Speaker 1: where all my bills and fixed fox come out of. Then,

486
00:22:35,440 --> 00:22:38,159
Speaker 1: same as Glenn, biggest fan of up Bank, my weekly

487
00:22:38,200 --> 00:22:40,520
Speaker 1: spending account is my up Bank card and that's for

488
00:22:40,600 --> 00:22:42,760
Speaker 1: my food, my fuel, and my fun. It's also my

489
00:22:42,840 --> 00:22:46,720
Speaker 1: blow money. I then transfer every single week at the

490
00:22:46,880 --> 00:22:49,800
Speaker 1: end of the week, whatever's left in that account to

491
00:22:49,920 --> 00:22:52,960
Speaker 1: my emergency account that is not the emergency account, so

492
00:22:53,000 --> 00:22:55,760
Speaker 1: I literally have it labeled as the not an emergency,

493
00:22:55,760 --> 00:22:58,840
Speaker 1: but it feels like an emergency account. And then I

494
00:22:58,920 --> 00:23:01,919
Speaker 1: have three different savings accounts. Personally, I've got my medium

495
00:23:01,960 --> 00:23:03,920
Speaker 1: to long term savings account. I've got a short term

496
00:23:03,960 --> 00:23:07,040
Speaker 1: savings account for smaller goals. Got an emergency fund which

497
00:23:07,080 --> 00:23:10,160
Speaker 1: I'm not currently contributing to because it's just like sitting there.

498
00:23:10,200 --> 00:23:13,960
Speaker 1: And I do have about three months worth of expenses.

499
00:23:14,520 --> 00:23:17,639
Speaker 1: In that I don't have three months worth of like

500
00:23:17,800 --> 00:23:21,480
Speaker 1: income or savings or whatever. It is just literally three

501
00:23:21,560 --> 00:23:24,639
Speaker 1: months worth of my bills and fixed costs and food

502
00:23:24,680 --> 00:23:27,280
Speaker 1: money in case I ever need it. I then have

503
00:23:27,600 --> 00:23:31,320
Speaker 1: a cash account for my investment lan. I then have

504
00:23:31,480 --> 00:23:34,560
Speaker 1: my business account, and I have like a number of

505
00:23:34,600 --> 00:23:37,040
Speaker 1: different business accounts. I won't get too detailed into that,

506
00:23:37,359 --> 00:23:39,360
Speaker 1: just because for each entity that I own, I've got

507
00:23:39,359 --> 00:23:41,600
Speaker 1: a business account. Then I have a GST account, I

508
00:23:41,600 --> 00:23:43,879
Speaker 1: have a tax account, and then I have a general

509
00:23:43,960 --> 00:23:47,440
Speaker 1: work savings account, which is for stuff like team Christmas

510
00:23:47,440 --> 00:23:49,720
Speaker 1: parties and like things that I want to spend on,

511
00:23:49,960 --> 00:23:53,919
Speaker 1: I e. New microphone stuff for the office that is me.

512
00:23:54,240 --> 00:23:57,480
Speaker 1: That was six plus like six personal and then probably

513
00:23:58,000 --> 00:24:01,399
Speaker 1: five different business account and then on top of that,

514
00:24:01,480 --> 00:24:03,800
Speaker 1: my friends, I have a joint account with my partner Boom.

515
00:24:03,840 --> 00:24:04,440
Speaker 2: That's cute.

516
00:24:04,720 --> 00:24:06,080
Speaker 1: Thank you, Ry.

517
00:24:06,520 --> 00:24:08,280
Speaker 3: Who would have guessed with the two of you guys?

518
00:24:08,280 --> 00:24:10,240
Speaker 3: Asking that question that could have been the whole episode

519
00:24:10,440 --> 00:24:12,640
Speaker 3: to Glenn and Victoria's better.

520
00:24:12,920 --> 00:24:15,520
Speaker 1: The most important thing that you can get right, though, Ryan,

521
00:24:15,760 --> 00:24:18,240
Speaker 1: is literally your cash flow and budget. If you can

522
00:24:18,240 --> 00:24:20,280
Speaker 1: get on top of that, you can create the life

523
00:24:20,280 --> 00:24:23,160
Speaker 1: that you deserve, Like if you can understand where your

524
00:24:23,160 --> 00:24:26,000
Speaker 1: money's coming in and where it's going, like it makes

525
00:24:26,040 --> 00:24:28,480
Speaker 1: a lot of sense. But then also, Ryan, you said

526
00:24:28,480 --> 00:24:31,440
Speaker 1: something really important to me this morning, which I don't

527
00:24:31,480 --> 00:24:34,680
Speaker 1: know if you remember this, but you said, any good

528
00:24:34,720 --> 00:24:37,680
Speaker 1: business person will be able to understand their income and

529
00:24:37,720 --> 00:24:40,720
Speaker 1: their expenses like on their phone if you ask them

530
00:24:40,720 --> 00:24:44,199
Speaker 1: to produce them instantly. And I thought that that was

531
00:24:44,400 --> 00:24:47,800
Speaker 1: really interesting because I can definitely do that, and I

532
00:24:47,800 --> 00:24:49,840
Speaker 1: think I literally got it up and was like, oh,

533
00:24:49,920 --> 00:24:52,800
Speaker 1: they're just here. And I think that if you can't

534
00:24:52,800 --> 00:24:54,840
Speaker 1: do that with your own personal accounts, and you can't

535
00:24:54,880 --> 00:24:58,399
Speaker 1: do that with your cash flow and you don't immediately know, oh, well, actually, Glenn,

536
00:24:58,440 --> 00:25:00,159
Speaker 1: I spend two hundred and fifty dollars a week on

537
00:25:00,240 --> 00:25:03,240
Speaker 1: my blow account, Like I want to know that. You

538
00:25:03,400 --> 00:25:05,199
Speaker 1: need to know that if you're not in a position

539
00:25:05,200 --> 00:25:08,000
Speaker 1: where you're empowered to you know, reach that, and you're like, oh,

540
00:25:08,080 --> 00:25:10,800
Speaker 1: maybe I spend one hundred or maybe three hundred or

541
00:25:10,920 --> 00:25:12,760
Speaker 1: last week it was five hundred because I bought a

542
00:25:12,880 --> 00:25:15,119
Speaker 1: dress for a friend's thing. Like, to me, that's not

543
00:25:15,160 --> 00:25:17,119
Speaker 1: good enough. You're not on top of your money.

544
00:25:17,119 --> 00:25:21,239
Speaker 3: Well enough, Kerry says, how old were you when you

545
00:25:21,359 --> 00:25:22,480
Speaker 3: first invested?

546
00:25:22,560 --> 00:25:25,920
Speaker 2: And what was it? Oh, let's start with you, Glenn.

547
00:25:25,920 --> 00:25:28,719
Speaker 2: Can you remember? Yeah? I think I was eighteen and

548
00:25:28,800 --> 00:25:32,040
Speaker 2: it was a company out of Melbourne and it was

549
00:25:32,080 --> 00:25:34,840
Speaker 2: something to do with the poultry pig industry and they're

550
00:25:34,880 --> 00:25:38,280
Speaker 2: waiting on a grant because they're waiting on regulation thing

551
00:25:38,320 --> 00:25:40,320
Speaker 2: and it was going to be a banger, but I

552
00:25:40,320 --> 00:25:42,359
Speaker 2: think I lost my money And now I don't really

553
00:25:42,400 --> 00:25:43,919
Speaker 2: invest in single stocks.

554
00:25:43,560 --> 00:25:45,720
Speaker 1: Because you had a negative experience.

555
00:25:45,920 --> 00:25:47,480
Speaker 2: You're the person you're taking out before.

556
00:25:47,560 --> 00:25:52,280
Speaker 3: Yeah, basically, yeah, Victoria Devine first investment hour We.

557
00:25:52,760 --> 00:25:55,840
Speaker 1: Okay, So my first investment would have been when I

558
00:25:56,000 --> 00:26:00,359
Speaker 1: was about twenty three. I'd wanted to invest for a

559
00:26:00,400 --> 00:26:03,040
Speaker 1: really long time, didn't understand. It got to a point

560
00:26:03,040 --> 00:26:04,600
Speaker 1: where I was like, I'm going to buy something. I

561
00:26:04,640 --> 00:26:08,879
Speaker 1: did my research and I bought a Vanguard atf with

562
00:26:09,119 --> 00:26:12,359
Speaker 1: one hundred dollars and that was my first investment that

563
00:26:12,440 --> 00:26:15,399
Speaker 1: I can remember unless I invested in something earlier. I

564
00:26:15,440 --> 00:26:17,280
Speaker 1: don't think I did. I think that was my first

565
00:26:17,320 --> 00:26:20,240
Speaker 1: like trade and having to sign up to something.

566
00:26:20,400 --> 00:26:20,720
Speaker 2: Tips.

567
00:26:20,960 --> 00:26:24,160
Speaker 3: This is from Shelley Tips for a rental application. How

568
00:26:24,160 --> 00:26:27,199
Speaker 3: do I make myself look great on paper? And is

569
00:26:27,200 --> 00:26:29,719
Speaker 3: there any hidden costs or fees associated with renting?

570
00:26:30,000 --> 00:26:32,200
Speaker 2: Yes? So for me how to look good on paper?

571
00:26:32,680 --> 00:26:34,760
Speaker 2: Don't lie because if they want to call your bluff,

572
00:26:34,800 --> 00:26:37,119
Speaker 2: you might be screwed when looking for rental. And I

573
00:26:37,160 --> 00:26:39,200
Speaker 2: know this can be different whether you're in a capital

574
00:26:39,240 --> 00:26:42,880
Speaker 2: city or you're somewhere where the rental vacancy rates are

575
00:26:42,960 --> 00:26:44,879
Speaker 2: really low and you can google that for fun in

576
00:26:44,920 --> 00:26:47,439
Speaker 2: your spare time everybody. But when it's a tight market,

577
00:26:47,480 --> 00:26:49,879
Speaker 2: you might not be able to do this. However, where

578
00:26:50,000 --> 00:26:52,040
Speaker 2: I grew up and where I rented my first couple

579
00:26:52,040 --> 00:26:55,280
Speaker 2: of places, I would number one, try and organize an

580
00:26:55,280 --> 00:26:58,719
Speaker 2: inspection when it was just me and the agent, and

581
00:26:58,760 --> 00:27:01,520
Speaker 2: then two if there was other people, just try and

582
00:27:01,560 --> 00:27:04,760
Speaker 2: speak to the rental property manager and just ask them like, hey,

583
00:27:05,200 --> 00:27:07,840
Speaker 2: it's my first property or my second property. What does

584
00:27:07,880 --> 00:27:11,480
Speaker 2: the tenant want? Like is it worth my time filling

585
00:27:11,480 --> 00:27:13,640
Speaker 2: out this application? If they want a family of three

586
00:27:13,640 --> 00:27:16,680
Speaker 2: with the dog, where it's just me and my mate. Like,

587
00:27:17,000 --> 00:27:19,960
Speaker 2: so I would just kind of take the off the

588
00:27:20,440 --> 00:27:24,200
Speaker 2: record type approach if you can with the rental manager,

589
00:27:24,520 --> 00:27:26,080
Speaker 2: just be like, look what are we looking at? It

590
00:27:26,200 --> 00:27:29,000
Speaker 2: is it worth me applying? And then build a story

591
00:27:29,040 --> 00:27:32,080
Speaker 2: that way, and definitely try and get an inspection with

592
00:27:32,200 --> 00:27:34,760
Speaker 2: no one else so you can have that agent and

593
00:27:34,800 --> 00:27:36,879
Speaker 2: really suss out the property at your own pace and

594
00:27:36,920 --> 00:27:37,280
Speaker 2: all that.

595
00:27:37,640 --> 00:27:41,000
Speaker 3: Victoria your tips for getting a rental.

596
00:27:40,680 --> 00:27:44,199
Speaker 1: I like Glenn's approach, but I also think that it

597
00:27:44,320 --> 00:27:46,679
Speaker 1: is really hard to have that approach. I live in

598
00:27:46,720 --> 00:27:49,400
Speaker 1: the Melbourne I would say I live within ten kilometers

599
00:27:49,400 --> 00:27:51,720
Speaker 1: of the Melbourne CBD. When I was going for my

600
00:27:51,840 --> 00:27:54,439
Speaker 1: last rental property with my partner, I would turn up

601
00:27:54,440 --> 00:27:56,880
Speaker 1: to rental inspections and there'd be forty or fifty people

602
00:27:57,000 --> 00:27:57,719
Speaker 1: viewing the property.

603
00:27:57,760 --> 00:28:00,920
Speaker 2: Yeah, and that was my preface, like it's not always possible.

604
00:28:01,080 --> 00:28:03,720
Speaker 1: Yeah, absolutely, So it's not always possible. And it is

605
00:28:04,200 --> 00:28:08,080
Speaker 1: incredibly competitive where I live because there is a i

606
00:28:08,119 --> 00:28:10,800
Speaker 1: would say shortage of really good quality properties. So the

607
00:28:10,800 --> 00:28:14,200
Speaker 1: good quality properties that I wanted, so did every other

608
00:28:14,920 --> 00:28:19,280
Speaker 1: mid twenties couple, and we were all competing against each other.

609
00:28:19,680 --> 00:28:21,919
Speaker 1: So the way that I got an edge there was

610
00:28:21,920 --> 00:28:24,800
Speaker 1: to turn up to the inspection with my rental application

611
00:28:24,960 --> 00:28:28,359
Speaker 1: completely filled out, printed copies of my ID, copies of

612
00:28:28,400 --> 00:28:30,720
Speaker 1: literally everything that they would ask, so I could hand

613
00:28:30,760 --> 00:28:33,080
Speaker 1: it to the person then and there and say, here's

614
00:28:33,080 --> 00:28:36,440
Speaker 1: my application. It's complete. On top of that, I went

615
00:28:36,520 --> 00:28:39,440
Speaker 1: above and beyond, and some people in my Facebook community

616
00:28:39,480 --> 00:28:42,840
Speaker 1: have already laughed at me for this. I did a

617
00:28:42,960 --> 00:28:45,640
Speaker 1: small cover letter of who I was and who my

618
00:28:45,680 --> 00:28:47,960
Speaker 1: partner was and what we did and what we were

619
00:28:48,000 --> 00:28:50,840
Speaker 1: looking for. Because at the end of the day, the

620
00:28:50,880 --> 00:28:54,520
Speaker 1: rental application might say, oh, Victoria's a financial advisor and

621
00:28:54,520 --> 00:28:57,360
Speaker 1: this is what Victoria's partner does, but that doesn't really

622
00:28:57,400 --> 00:28:59,880
Speaker 1: tell you anything about you know, you as a couple.

623
00:29:00,280 --> 00:29:02,320
Speaker 1: So it was nice to just have a cover letter

624
00:29:02,360 --> 00:29:04,280
Speaker 1: and said, we're looking for our first home together, this

625
00:29:04,320 --> 00:29:05,920
Speaker 1: is what we want to do, this is how it is.

626
00:29:06,320 --> 00:29:08,960
Speaker 1: And then to further that we had a pet, so

627
00:29:09,040 --> 00:29:10,640
Speaker 1: I have a cat, or I now I have two

628
00:29:10,680 --> 00:29:13,240
Speaker 1: cats friends. I've got Henry and Bailey, and I actually

629
00:29:13,240 --> 00:29:16,280
Speaker 1: made a tiny resume for Bailey so that they knew

630
00:29:16,440 --> 00:29:19,560
Speaker 1: that they weren't agreeing to a nightmare cat and that

631
00:29:19,640 --> 00:29:21,680
Speaker 1: he was well groomed and really.

632
00:29:21,480 --> 00:29:23,880
Speaker 3: Nice and did the cat have its own resume?

633
00:29:24,040 --> 00:29:25,920
Speaker 1: He does. It's in my Facebook group. I'm happy to

634
00:29:25,960 --> 00:29:29,960
Speaker 1: repost it. He has his own little resume profile. Hi. Yeah. Literally,

635
00:29:30,000 --> 00:29:32,760
Speaker 1: it's like, Hi, my name's Bailey and I'm a Tonkinese

636
00:29:32,840 --> 00:29:35,200
Speaker 1: and these are the things I like. And he's he

637
00:29:35,320 --> 00:29:37,440
Speaker 1: actually had a reference from his vet and from my

638
00:29:37,560 --> 00:29:41,400
Speaker 1: last rental property manager who could verify that he was

639
00:29:41,400 --> 00:29:44,560
Speaker 1: a good cat. And ten hours later we had the

640
00:29:44,640 --> 00:29:47,360
Speaker 1: property and my real estate agent said that's why.

641
00:29:47,960 --> 00:29:50,040
Speaker 3: Well, it's obviously works. But let me just put it

642
00:29:50,040 --> 00:29:52,080
Speaker 3: on the record that I will never accept any time

643
00:29:52,160 --> 00:29:53,960
Speaker 3: you say to me, oh sorry, Ryan, I'm too busy

644
00:29:53,960 --> 00:29:55,560
Speaker 3: at the moment, because now I know what you do

645
00:29:55,680 --> 00:29:56,280
Speaker 3: with your.

646
00:29:56,200 --> 00:30:01,080
Speaker 1: Spare time was like five years ago. I'm done with you.

647
00:30:01,280 --> 00:30:05,200
Speaker 2: Thank question. On this whole rental application thing, I think

648
00:30:05,280 --> 00:30:08,360
Speaker 2: it's about, like you said, Victoria, making the life easy

649
00:30:08,400 --> 00:30:10,360
Speaker 2: for the land rental.

650
00:30:10,280 --> 00:30:12,880
Speaker 1: Absolutely, and it shows that you're a good tenant. Like

651
00:30:12,920 --> 00:30:15,120
Speaker 1: if you're going to put together a really beautiful application,

652
00:30:15,440 --> 00:30:17,280
Speaker 1: they're probably going to assume that you're going to keep

653
00:30:17,280 --> 00:30:18,200
Speaker 1: that property tidy.

654
00:30:18,720 --> 00:30:21,240
Speaker 2: But also, if you are in a different position, how

655
00:30:21,240 --> 00:30:23,560
Speaker 2: can you stand out, Like if it's like, hey, this

656
00:30:23,640 --> 00:30:25,960
Speaker 2: is a rental property, put on the application at the top,

657
00:30:26,280 --> 00:30:29,400
Speaker 2: Hey we would love to apply, Happy to discuss a

658
00:30:29,520 --> 00:30:32,560
Speaker 2: twelve month lease at the get go, or hey we

659
00:30:32,600 --> 00:30:35,200
Speaker 2: really love the property it's advertised at four fifty a

660
00:30:35,200 --> 00:30:37,120
Speaker 2: week or whatever it is in your area, happy to

661
00:30:37,160 --> 00:30:40,240
Speaker 2: pay for sixty? Yeah, Like, just go above and beyond.

662
00:30:40,280 --> 00:30:43,760
Speaker 2: Because me as a landlord, if I had an applicant

663
00:30:43,760 --> 00:30:45,880
Speaker 2: come in and they stood out and wanted a genuine

664
00:30:45,960 --> 00:30:47,920
Speaker 2: win win, I would certainly entertain that.

665
00:30:48,360 --> 00:30:52,040
Speaker 1: Okay. Second part of that question was about the unexpected

666
00:30:52,120 --> 00:30:53,040
Speaker 1: costs of renting.

667
00:30:53,440 --> 00:30:55,640
Speaker 2: I think if we just peel back the young in

668
00:30:55,720 --> 00:30:59,040
Speaker 2: a little bit and say, look in our budgets, we

669
00:30:59,160 --> 00:31:03,920
Speaker 2: generally don't budget for things that are unexpected. We have

670
00:31:04,000 --> 00:31:09,520
Speaker 2: an emergency fund. So you would budget for property insurance,

671
00:31:09,720 --> 00:31:14,360
Speaker 2: not like contents insurance. You would budget for, I don't know,

672
00:31:14,480 --> 00:31:17,680
Speaker 2: a removalist. If you had to move out, you would

673
00:31:17,680 --> 00:31:20,880
Speaker 2: budget for I don't know, I don't know if there

674
00:31:20,960 --> 00:31:23,480
Speaker 2: is any unexpected costs of renting, and.

675
00:31:23,440 --> 00:31:25,800
Speaker 3: So fair to say that's one of the benefits of renting.

676
00:31:26,440 --> 00:31:28,400
Speaker 1: What I was about to say, I think it's actually

677
00:31:28,400 --> 00:31:30,760
Speaker 1: one of the benefits of renting is you know if

678
00:31:30,760 --> 00:31:33,520
Speaker 1: something breaks, if the hot water system in your house breaks. Well, actually,

679
00:31:33,600 --> 00:31:35,040
Speaker 1: my friends, that's on your landlord.

680
00:31:35,320 --> 00:31:38,520
Speaker 3: Roseanne says, do you have any tips for helping an

681
00:31:38,600 --> 00:31:40,760
Speaker 3: impulse buyer in brackets?

682
00:31:41,000 --> 00:31:41,760
Speaker 2: My husband?

683
00:31:42,920 --> 00:31:45,400
Speaker 3: How do I approach the subject with him?

684
00:31:45,760 --> 00:31:50,200
Speaker 1: Well, Glenn, as an impulse buyer, how would you address this.

685
00:31:51,200 --> 00:31:54,160
Speaker 2: Speaking to someone who is your partner's message through Glenn?

686
00:31:54,720 --> 00:31:57,840
Speaker 2: So basically what I think this is kind of the

687
00:31:57,880 --> 00:32:01,240
Speaker 2: premise of how I I encourage people to set up

688
00:32:01,240 --> 00:32:04,080
Speaker 2: their budgets, and that is back to the spending plan

689
00:32:04,120 --> 00:32:08,680
Speaker 2: and having a blow account. The blow account is to

690
00:32:08,800 --> 00:32:12,640
Speaker 2: give the savers permission to spend. So it's allocated an

691
00:32:12,680 --> 00:32:15,960
Speaker 2: amount each week, each month, or whatever it is, into

692
00:32:15,960 --> 00:32:18,959
Speaker 2: a separate account. You have permission to spend that if

693
00:32:19,000 --> 00:32:21,800
Speaker 2: you're a saver, because your life has to be in balance.

694
00:32:22,120 --> 00:32:25,200
Speaker 2: You have to be I believe giving saving and spending

695
00:32:25,760 --> 00:32:28,600
Speaker 2: in that kind of order and have some balance there.

696
00:32:28,920 --> 00:32:32,200
Speaker 2: Now for the impulse purchases, what I would say is

697
00:32:32,240 --> 00:32:35,720
Speaker 2: having that blow account, it can actually bring it to

698
00:32:35,800 --> 00:32:39,720
Speaker 2: a front and give you that shock value of I've

699
00:32:39,720 --> 00:32:42,400
Speaker 2: only got X amount a week here that I can blow,

700
00:32:42,480 --> 00:32:44,760
Speaker 2: so I have to look at the impulses, I have

701
00:32:44,840 --> 00:32:47,240
Speaker 2: to actually consider it. Another thing I do in my

702
00:32:47,280 --> 00:32:49,600
Speaker 2: own life. I've got what we call a one percent rule,

703
00:32:49,960 --> 00:32:52,560
Speaker 2: and that is I don't buy anything at more than

704
00:32:52,600 --> 00:32:56,360
Speaker 2: one percent of my take home pay without sleeping on it.

705
00:32:56,680 --> 00:32:59,640
Speaker 2: So if you earned eighty grand a year and you

706
00:32:59,680 --> 00:33:03,720
Speaker 2: had sixty grand net income, your one percent is six

707
00:33:03,880 --> 00:33:06,520
Speaker 2: hundred dollars. You might ever do half a percent, make

708
00:33:06,640 --> 00:33:09,200
Speaker 2: some type of rule in your life that you do

709
00:33:09,280 --> 00:33:12,360
Speaker 2: not spend money without sleeping on it. So that would

710
00:33:12,360 --> 00:33:14,920
Speaker 2: just kind of quarantine and cap that. And I think

711
00:33:14,960 --> 00:33:18,280
Speaker 2: it's just my last part of this sermon on the

712
00:33:18,320 --> 00:33:21,120
Speaker 2: mount about being an impulse spender. A lot of the

713
00:33:21,160 --> 00:33:23,760
Speaker 2: times we spend money and we blow money and we

714
00:33:23,840 --> 00:33:27,600
Speaker 2: don't make good financial progress is when we're not organized

715
00:33:27,640 --> 00:33:29,360
Speaker 2: and we don't have a goal, or we don't have

716
00:33:29,400 --> 00:33:32,360
Speaker 2: something we're aiming for. So if you're aiming to save up,

717
00:33:32,640 --> 00:33:34,960
Speaker 2: I'm saving five thousand dollars because I really want this

718
00:33:35,040 --> 00:33:37,800
Speaker 2: new mountain bike, or I'm saving three thousand dollars because

719
00:33:37,840 --> 00:33:39,880
Speaker 2: I really want this new lounge that's going to be

720
00:33:39,920 --> 00:33:43,760
Speaker 2: on sale over Christmas. When I see something online for

721
00:33:43,840 --> 00:33:47,000
Speaker 2: eighty dollars that I don't need, and I'm speaking to

722
00:33:47,000 --> 00:33:49,880
Speaker 2: me here, I will go no, hang on, I would

723
00:33:49,960 --> 00:33:54,120
Speaker 2: rather put that eighty dollars towards my goal. So you've

724
00:33:54,120 --> 00:33:57,000
Speaker 2: got an instant front of mind trade off. So it's

725
00:33:57,080 --> 00:33:59,680
Speaker 2: kind of not just one thing. It's about developing money

726
00:33:59,720 --> 00:34:03,840
Speaker 2: CYSM and intentionality in your life so you can wake

727
00:34:03,960 --> 00:34:08,400
Speaker 2: up and spend and give and save and live intentionally.

728
00:34:08,840 --> 00:34:09,319
Speaker 1: I love that.

729
00:34:09,600 --> 00:34:11,360
Speaker 3: Yeah, Nvidia, have anything to add to that, because that

730
00:34:11,440 --> 00:34:12,160
Speaker 3: was a great answer.

731
00:34:12,400 --> 00:34:14,960
Speaker 1: Yeah, like maybe you should run cheese on the money.

732
00:34:15,080 --> 00:34:17,120
Speaker 1: I'll get you a wig and a pair of high

733
00:34:17,160 --> 00:34:18,600
Speaker 1: heels and you can be me.

734
00:34:19,120 --> 00:34:19,480
Speaker 2: Love it.

735
00:34:19,560 --> 00:34:22,839
Speaker 1: But I think everybody who listens to both of our

736
00:34:22,880 --> 00:34:25,000
Speaker 1: podcasts would know that you and I are very on

737
00:34:25,040 --> 00:34:27,399
Speaker 1: the same page. And so I have a similar rule,

738
00:34:27,440 --> 00:34:30,560
Speaker 1: and that is put twenty four hours between you and

739
00:34:30,640 --> 00:34:33,880
Speaker 1: your spending. So you said sleep on it and one percent.

740
00:34:34,239 --> 00:34:36,680
Speaker 1: I haven't done that. I like that, But I think

741
00:34:36,760 --> 00:34:40,560
Speaker 1: any purchase that is discretionary, that wasn't paying a bill,

742
00:34:40,880 --> 00:34:43,680
Speaker 1: that wasn't food or fuel or you know, things that

743
00:34:43,719 --> 00:34:45,960
Speaker 1: you actually had to spend money on, just sleep on it.

744
00:34:46,120 --> 00:34:49,040
Speaker 1: Put as much time between you and your purchase as possible.

745
00:34:49,360 --> 00:34:51,360
Speaker 1: Twenty four hours as a minimum. You know, if you

746
00:34:51,400 --> 00:34:52,880
Speaker 1: could do a week, if you can do a month,

747
00:34:52,960 --> 00:34:56,000
Speaker 1: that's fantastic, especially when it comes to things that are

748
00:34:56,160 --> 00:34:59,960
Speaker 1: quite impulsive. So we're not saying you cannot have that ite,

749
00:35:00,239 --> 00:35:02,360
Speaker 1: which makes you want it more. We're just saying you

750
00:35:02,400 --> 00:35:05,080
Speaker 1: can have that item next week if you still want it.

751
00:35:05,200 --> 00:35:05,399
Speaker 2: Yeah.

752
00:35:05,440 --> 00:35:08,200
Speaker 1: And I think that that plays into the difference between

753
00:35:08,200 --> 00:35:11,520
Speaker 1: instant gratification and delayed gratification, which puts you in a

754
00:35:11,520 --> 00:35:14,640
Speaker 1: position of control. So it's not saying no, you can't

755
00:35:14,680 --> 00:35:16,640
Speaker 1: have the item, it's just saying no, you can have

756
00:35:16,680 --> 00:35:19,400
Speaker 1: it later. And I think that that's the most important

757
00:35:19,400 --> 00:35:22,359
Speaker 1: thing here is we're not saying compromise your lifestyle. We're

758
00:35:22,400 --> 00:35:25,600
Speaker 1: not saying you can't have these things that's bad. We're

759
00:35:25,680 --> 00:35:29,840
Speaker 1: just saying, be really thoughtful about your purchases and create goals.

760
00:35:29,920 --> 00:35:32,680
Speaker 1: You'll be in a situation where if you have shared

761
00:35:32,680 --> 00:35:35,400
Speaker 1: goals as a couple, you are more likely to commit

762
00:35:35,480 --> 00:35:38,040
Speaker 1: to it. And I can probably guarantee you're not in

763
00:35:38,080 --> 00:35:41,080
Speaker 1: a position where you have really clean, clear financial goals

764
00:35:41,080 --> 00:35:44,560
Speaker 1: that you're working together for, because if you did, you'd

765
00:35:44,600 --> 00:35:47,000
Speaker 1: be in a position where you weren't worrying about your

766
00:35:47,000 --> 00:35:48,000
Speaker 1: partner's blow money.

767
00:35:48,160 --> 00:35:50,280
Speaker 2: Yeah, can I add to that, because that's so good,

768
00:35:50,360 --> 00:35:53,680
Speaker 2: Like it's just the whole sleeping on it, the whole

769
00:35:53,719 --> 00:35:57,040
Speaker 2: being planned. The reason this came home to rooster me

770
00:35:57,360 --> 00:35:59,360
Speaker 2: a few years ago before I developed kind of the

771
00:35:59,480 --> 00:36:02,719
Speaker 2: spending place that I'm doing, is because I got home

772
00:36:02,760 --> 00:36:05,520
Speaker 2: one night from shopping in the city and I had

773
00:36:05,520 --> 00:36:08,759
Speaker 2: a twelve hundred dollars Apple Watch that I woke up

774
00:36:08,840 --> 00:36:11,520
Speaker 2: that morning not planning. And that's a big problem for

775
00:36:11,560 --> 00:36:13,920
Speaker 2: a couple of reasons. Number one, it was an impulse purchase.

776
00:36:14,239 --> 00:36:17,040
Speaker 2: Number two, it was freaking over one thousand dollars and

777
00:36:17,120 --> 00:36:19,560
Speaker 2: that's the big yeah. And number three, why did I

778
00:36:19,640 --> 00:36:23,839
Speaker 2: have as a spender that much money on me in

779
00:36:23,840 --> 00:36:26,439
Speaker 2: my accounts anyway? And that's why I've got my little

780
00:36:26,480 --> 00:36:29,000
Speaker 2: iPhone here and my little Tapa pay thing. I don't

781
00:36:29,000 --> 00:36:31,319
Speaker 2: have credit cards on any of that stuff. I don't

782
00:36:31,320 --> 00:36:34,160
Speaker 2: have access to just mindlessly blow one thousand dollars.

783
00:36:34,400 --> 00:36:37,959
Speaker 1: Yeah, And that's really important, limiting your access if you're

784
00:36:37,960 --> 00:36:40,440
Speaker 1: in a position where you know that's something that you're

785
00:36:40,560 --> 00:36:41,440
Speaker 1: very likely to do.

786
00:36:41,520 --> 00:36:41,799
Speaker 2: All right.

787
00:36:41,880 --> 00:36:46,000
Speaker 3: Chloe Young has a question about side hustles and small businesses,

788
00:36:46,000 --> 00:36:47,120
Speaker 3: and it's sort of two questions.

789
00:36:47,120 --> 00:36:49,920
Speaker 1: So, is Chloe Young that graphics designer that we both

790
00:36:49,920 --> 00:36:51,320
Speaker 1: are in love with the work of Glad?

791
00:36:51,320 --> 00:36:52,080
Speaker 2: I'm not sure.

792
00:36:52,200 --> 00:36:53,640
Speaker 1: I know, I feel like it might be.

793
00:36:54,400 --> 00:36:59,680
Speaker 2: When I hired our graphic designer here, she was too

794
00:37:00,000 --> 00:37:01,040
Speaker 2: good for what I needed.

795
00:37:01,280 --> 00:37:02,919
Speaker 1: Yeah, I know, I think. I think that's who we're

796
00:37:02,920 --> 00:37:05,600
Speaker 1: talking about, Chloe, the graphic designer who has a side hustle,

797
00:37:05,640 --> 00:37:07,000
Speaker 1: who's literally too good for us.

798
00:37:07,719 --> 00:37:10,719
Speaker 2: Yeah, Loyll and Chloe, if you are listening, thank you.

799
00:37:10,960 --> 00:37:13,319
Speaker 2: I needed a bit more of an all rounder that

800
00:37:13,400 --> 00:37:15,600
Speaker 2: could do some other marketing stuff.

801
00:37:15,719 --> 00:37:18,480
Speaker 1: Glenn's recruitment feedback Glenn, you should have been providing that

802
00:37:18,520 --> 00:37:21,400
Speaker 1: feedback during the recruitment process. But what was her question,

803
00:37:21,560 --> 00:37:22,120
Speaker 1: Ryan John?

804
00:37:22,760 --> 00:37:26,160
Speaker 3: She asks, what tips do you give someone who's starting

805
00:37:26,239 --> 00:37:28,440
Speaker 3: a side hustle or a small business? So maybe just

806
00:37:28,640 --> 00:37:31,719
Speaker 3: from each of you, one really important thing to keep

807
00:37:31,719 --> 00:37:33,680
Speaker 3: in mind or to check off, or to you know,

808
00:37:34,080 --> 00:37:36,120
Speaker 3: have in front of mine before you're starting. And also

809
00:37:36,239 --> 00:37:38,840
Speaker 3: I'm going to add one, what's the opposite? What is

810
00:37:38,880 --> 00:37:40,680
Speaker 3: something that people should definitely not do?

811
00:37:41,000 --> 00:37:43,680
Speaker 1: So we'll start with you, v okay, So the first

812
00:37:43,719 --> 00:37:46,640
Speaker 1: thing for me would be create a budget for your

813
00:37:46,680 --> 00:37:51,280
Speaker 1: business and do as much stuff before you actually launch

814
00:37:51,360 --> 00:37:55,520
Speaker 1: your side hustle as possible. So build your website for free,

815
00:37:56,040 --> 00:37:58,200
Speaker 1: you know, organize how you're going to register it, make

816
00:37:58,239 --> 00:38:00,600
Speaker 1: a plan, make a business plan, put every thing together,

817
00:38:00,680 --> 00:38:04,440
Speaker 1: do your budgets. You can essentially create an entire business

818
00:38:04,480 --> 00:38:07,360
Speaker 1: model and make a plan, and you know, get quotes

819
00:38:07,400 --> 00:38:09,759
Speaker 1: for the product to be shipped in or whatever that is.

820
00:38:09,880 --> 00:38:12,920
Speaker 1: Before you actually start dabbling and putting your feet in

821
00:38:13,000 --> 00:38:15,520
Speaker 1: the water and putting a dollar into that business. What

822
00:38:15,560 --> 00:38:17,800
Speaker 1: I want you to do is create a very clean

823
00:38:17,840 --> 00:38:20,280
Speaker 1: and clear plan about how much that's going to cost

824
00:38:20,320 --> 00:38:23,319
Speaker 1: you and where you need to put that money. So

825
00:38:23,640 --> 00:38:26,520
Speaker 1: if you're starting a side hustle, no doubt you probably

826
00:38:26,560 --> 00:38:28,640
Speaker 1: have a little bit of a budget to spend, whether

827
00:38:28,680 --> 00:38:31,760
Speaker 1: that's five hundred dollars or five thousand dollars. I think

828
00:38:32,040 --> 00:38:34,680
Speaker 1: working out what your business plan is and how you're

829
00:38:34,680 --> 00:38:37,319
Speaker 1: going to allocate that budget so that you get the

830
00:38:37,320 --> 00:38:40,520
Speaker 1: best bang for buck upfront is really important because too

831
00:38:40,600 --> 00:38:45,240
Speaker 1: often do I see small business owners prioritizing the wrong things.

832
00:38:45,440 --> 00:38:48,400
Speaker 1: If you're just starting, social media is fantastic and a

833
00:38:48,440 --> 00:38:51,400
Speaker 1: really great free way of starting to promote your product

834
00:38:51,880 --> 00:38:55,000
Speaker 1: and seeing small business investing ten thousand dollars in a

835
00:38:55,040 --> 00:38:57,759
Speaker 1: website from the get go, when they don't even have,

836
00:38:58,160 --> 00:39:00,480
Speaker 1: you know, their first sale through the door, would argue,

837
00:39:00,560 --> 00:39:03,520
Speaker 1: is a really terrible idea. When you can go online,

838
00:39:03,680 --> 00:39:06,240
Speaker 1: create a free website so that your clients can find

839
00:39:06,280 --> 00:39:08,239
Speaker 1: you and do as much stuff for free, and then

840
00:39:08,360 --> 00:39:11,840
Speaker 1: upgrade once you've got cash flow. So for me budgeting,

841
00:39:12,560 --> 00:39:15,040
Speaker 1: hands down, what's yours, Glen, Yeah.

842
00:39:14,840 --> 00:39:17,319
Speaker 2: I'll go a different angle because that's I can't add

843
00:39:17,320 --> 00:39:20,719
Speaker 2: anything more perfect than that. I would say, as soon

844
00:39:20,760 --> 00:39:24,520
Speaker 2: as you step out into that world of I'm self employed,

845
00:39:24,560 --> 00:39:29,440
Speaker 2: I'm a site hustler. I use the example of a baker.

846
00:39:29,760 --> 00:39:32,279
Speaker 2: So you're a baker, you're employed as a baker, you

847
00:39:32,320 --> 00:39:35,080
Speaker 2: then go and start your own bakery. So that minute

848
00:39:35,080 --> 00:39:37,680
Speaker 2: you start your own bakery, my friend, you are no

849
00:39:37,719 --> 00:39:40,879
Speaker 2: longer a baker. The baking, the day to day has

850
00:39:40,920 --> 00:39:44,720
Speaker 2: to take care of itself. You can't be learning your craft,

851
00:39:45,239 --> 00:39:47,759
Speaker 2: practicing on your own clients. That has to take care

852
00:39:47,760 --> 00:39:50,239
Speaker 2: of itself. You are now a business owner first and

853
00:39:50,280 --> 00:39:53,160
Speaker 2: foremost all your energy. And this is what I do

854
00:39:53,239 --> 00:39:56,000
Speaker 2: when I started my business the first year, like, yeah,

855
00:39:56,040 --> 00:39:58,400
Speaker 2: you're gonna help people in your network and this is

856
00:39:58,440 --> 00:40:01,600
Speaker 2: what happens like those people that and I love Thermo

857
00:40:01,600 --> 00:40:03,840
Speaker 2: Mix parties because you go to the Thermo Mix party

858
00:40:04,120 --> 00:40:07,920
Speaker 2: and you get the mushroom Risotto made it and all that.

859
00:40:07,880 --> 00:40:11,279
Speaker 1: Stuff, and that's awesome, a lot of Thermomix parts just

860
00:40:11,320 --> 00:40:12,040
Speaker 1: to get free dinner.

861
00:40:12,160 --> 00:40:15,359
Speaker 2: But basically what happens is some of these money when yeah,

862
00:40:15,360 --> 00:40:19,080
Speaker 2: that's right, some of these small businesses. Small businesses fail

863
00:40:19,560 --> 00:40:22,120
Speaker 2: seventy five percent within the first kind of five years

864
00:40:22,440 --> 00:40:26,320
Speaker 2: and because basically people they use their personal networks and

865
00:40:26,320 --> 00:40:29,120
Speaker 2: they run out of people to serve and sell stuff too.

866
00:40:29,520 --> 00:40:33,400
Speaker 2: So in my first year of small business, I focused

867
00:40:33,440 --> 00:40:37,040
Speaker 2: on my whole energy was focusing on who can send

868
00:40:37,120 --> 00:40:41,480
Speaker 2: me clients? So I met with thirty two local businesses.

869
00:40:41,520 --> 00:40:43,520
Speaker 2: So I had a financial planning business. I'm at with

870
00:40:43,600 --> 00:40:47,879
Speaker 2: thirty two mortgage brokers, accountants, lawyers. Hey, I'm glad, Hey

871
00:40:47,920 --> 00:40:50,760
Speaker 2: I do this. Can can I help any of your clients?

872
00:40:50,960 --> 00:40:53,880
Speaker 2: Because then if you get that supply nailed, all the

873
00:40:53,920 --> 00:40:56,240
Speaker 2: other stuff will take over itself. You don't have clients,

874
00:40:56,600 --> 00:40:58,680
Speaker 2: you don't have people to work on, you don't have

875
00:40:58,680 --> 00:41:01,600
Speaker 2: a small business, and then that will build the sustainability

876
00:41:01,600 --> 00:41:04,200
Speaker 2: that you've got a constant inflow of new business. So

877
00:41:04,680 --> 00:41:08,080
Speaker 2: I love that you are a business owner. You're not

878
00:41:08,120 --> 00:41:11,400
Speaker 2: a graphic designer now, Chloe, you're a business owner. Chloe.

879
00:41:11,440 --> 00:41:14,239
Speaker 3: Pay attention, Pay attention, Chloe, and just on that is

880
00:41:14,280 --> 00:41:17,120
Speaker 3: that as well as time management, is it also just

881
00:41:17,320 --> 00:41:20,120
Speaker 3: a mindset of you're a business owner, not a baker

882
00:41:20,680 --> 00:41:20,960
Speaker 3: to use.

883
00:41:21,520 --> 00:41:24,680
Speaker 2: It's a mindset because you need So what the trap

884
00:41:24,719 --> 00:41:29,239
Speaker 2: can be is as the baker working in your own bakery. Now,

885
00:41:29,400 --> 00:41:31,120
Speaker 2: so you could be the best bakery in the world,

886
00:41:31,440 --> 00:41:33,839
Speaker 2: but you can't run a business like and you won't

887
00:41:33,880 --> 00:41:37,040
Speaker 2: make any money. And when you run a business yourself,

888
00:41:37,440 --> 00:41:39,880
Speaker 2: you actually need to make good money because you're risking

889
00:41:40,640 --> 00:41:44,240
Speaker 2: your time, your effort, your money. You're risking someone slipping

890
00:41:44,280 --> 00:41:46,680
Speaker 2: over in your shop and suing you. So you're taking

891
00:41:46,760 --> 00:41:50,480
Speaker 2: all this inherent risk on and risk needs reward, that's

892
00:41:50,520 --> 00:41:53,120
Speaker 2: a basic concept. So you need a premium for that

893
00:41:53,239 --> 00:41:56,560
Speaker 2: risk that you're taking. So you must must must know

894
00:41:56,680 --> 00:41:58,960
Speaker 2: that you are first and foremost a business owner and

895
00:41:59,000 --> 00:42:02,400
Speaker 2: not worry about making the best hot cross barn, which

896
00:42:02,880 --> 00:42:04,680
Speaker 2: all that's hygiene. You've got to be good at what

897
00:42:04,719 --> 00:42:07,400
Speaker 2: you do. You've got to do it, but don't stand

898
00:42:07,440 --> 00:42:10,920
Speaker 2: around trying to perfect the best hot cross barn if

899
00:42:10,920 --> 00:42:12,600
Speaker 2: you've got no customers to sell it to.

900
00:42:12,840 --> 00:42:14,960
Speaker 1: I think that's really important as well. I love that.

901
00:42:15,080 --> 00:42:15,279
Speaker 2: Yeah.

902
00:42:15,320 --> 00:42:17,200
Speaker 3: Can I a follow up question for both of you,

903
00:42:17,239 --> 00:42:18,280
Speaker 3: just sort of on that topic.

904
00:42:18,560 --> 00:42:20,200
Speaker 2: Yeah? Is it fair to say.

905
00:42:20,040 --> 00:42:23,200
Speaker 3: And I could be way off here, that if you're

906
00:42:23,280 --> 00:42:25,840
Speaker 3: a baker, let's stick with our example and you just

907
00:42:26,000 --> 00:42:30,080
Speaker 3: love baking bread, yeap. That doesn't have to mean you

908
00:42:30,120 --> 00:42:31,759
Speaker 3: have to own a bakery, because you might not be

909
00:42:31,840 --> 00:42:33,360
Speaker 3: interested in running a business.

910
00:42:33,400 --> 00:42:35,920
Speaker 1: You just want to bake the best bread.

911
00:42:35,920 --> 00:42:38,759
Speaker 3: Conversely, would it be true that maybe you're not the

912
00:42:38,800 --> 00:42:41,280
Speaker 3: best baker, but you would love to run a bakery,

913
00:42:41,480 --> 00:42:43,359
Speaker 3: And so it doesn't mean because you weren't the best

914
00:42:43,360 --> 00:42:46,560
Speaker 3: bakery in the world, you can't run a really successful bakery. Ever, too,

915
00:42:47,440 --> 00:42:49,000
Speaker 3: like mutually exclusive.

916
00:42:49,320 --> 00:42:51,640
Speaker 2: I think if I can jump in Victoria, I think

917
00:42:51,680 --> 00:42:53,719
Speaker 2: it's a little bit fraught with danger. A couple of

918
00:42:53,760 --> 00:42:55,920
Speaker 2: years ago, a friend of a friend of mine in

919
00:42:55,960 --> 00:42:58,520
Speaker 2: Sydney we looked at buying a you know, we're like, oh,

920
00:42:58,600 --> 00:43:01,160
Speaker 2: let's buy a Domino's Peach of Friends size. You know,

921
00:43:01,239 --> 00:43:03,839
Speaker 2: you've got to know, you've got to know how the

922
00:43:03,880 --> 00:43:06,000
Speaker 2: business works. You've got to know the processes. You've got

923
00:43:06,040 --> 00:43:08,319
Speaker 2: to know the lingo. So I think if you did

924
00:43:08,360 --> 00:43:11,080
Speaker 2: want to run a bakery and not be a baker,

925
00:43:11,360 --> 00:43:13,520
Speaker 2: I think you need to be in that world. Work there,

926
00:43:13,600 --> 00:43:15,799
Speaker 2: just beat the counter serving bread. You've got to learn

927
00:43:15,880 --> 00:43:18,560
Speaker 2: that world because that will make you a better business

928
00:43:18,600 --> 00:43:21,200
Speaker 2: owner if you understand the business.

929
00:43:21,360 --> 00:43:24,160
Speaker 1: I would one thousand percent agree with that, Glenn, as

930
00:43:24,600 --> 00:43:27,279
Speaker 1: a business owner and you are as well like me,

931
00:43:27,560 --> 00:43:31,520
Speaker 1: Understanding every single aspect of my business means that if

932
00:43:31,600 --> 00:43:34,560
Speaker 1: my team, and I really don't think they ever will,

933
00:43:34,600 --> 00:43:37,160
Speaker 1: but should someone on my team fail me, I can

934
00:43:37,200 --> 00:43:39,759
Speaker 1: step straight in and take over that role. So I

935
00:43:39,760 --> 00:43:42,520
Speaker 1: think it's incredibly the audio for this podcast. When there

936
00:43:42,560 --> 00:43:44,840
Speaker 1: is a will, there is a way round, John. But

937
00:43:45,520 --> 00:43:48,399
Speaker 1: I think knowing where to be able to step in

938
00:43:48,480 --> 00:43:52,000
Speaker 1: and do everything in your business is arguably essential, especially

939
00:43:52,040 --> 00:43:54,800
Speaker 1: when you're a small business. You can't rely on other people,

940
00:43:55,239 --> 00:43:59,160
Speaker 1: and I know inherently how to I would argue how

941
00:43:59,160 --> 00:44:01,600
Speaker 1: to run a financial services business because I am a

942
00:44:01,600 --> 00:44:05,000
Speaker 1: financial advisor and I still see clients, albeit I don't

943
00:44:05,040 --> 00:44:07,680
Speaker 1: see heaps of clients. For me, that's really important so

944
00:44:07,719 --> 00:44:10,240
Speaker 1: that I'm always staying in touch with how that business

945
00:44:10,320 --> 00:44:13,040
Speaker 1: is running and what compliance look like and what regulation

946
00:44:13,239 --> 00:44:15,600
Speaker 1: is so that I can be the best team member

947
00:44:15,680 --> 00:44:18,439
Speaker 1: I can be. But on the flip side, I don't

948
00:44:18,440 --> 00:44:21,200
Speaker 1: see anything wrong with you saying I just want to

949
00:44:21,200 --> 00:44:24,200
Speaker 1: be a baker. Go get a great job, like, get

950
00:44:24,200 --> 00:44:26,879
Speaker 1: a great job in a bakery, like not everyone has

951
00:44:26,920 --> 00:44:29,120
Speaker 1: to be a business owner. I feel like there's genuinely

952
00:44:29,160 --> 00:44:32,680
Speaker 1: too much pressure on people to be the best at it,

953
00:44:32,719 --> 00:44:34,480
Speaker 1: but then go out on their own, like you don't

954
00:44:34,600 --> 00:44:36,880
Speaker 1: have to if that's not aligned to your goals and values.

955
00:44:36,960 --> 00:44:40,160
Speaker 2: Yeah, and if if you're hating life where you're working,

956
00:44:40,880 --> 00:44:42,600
Speaker 2: it doesn't mean to do the my O thing is it?

957
00:44:42,760 --> 00:44:44,520
Speaker 2: Go get a new job, like just don't put up

958
00:44:44,520 --> 00:44:46,640
Speaker 2: with crap. The older I get, the lesser put up

959
00:44:46,640 --> 00:44:47,040
Speaker 2: with crap.

960
00:44:47,239 --> 00:44:51,000
Speaker 1: Okay, on that note, Ryan, is there any final parting

961
00:44:51,080 --> 00:44:52,439
Speaker 1: questions you want to ask us?

962
00:44:52,680 --> 00:44:54,759
Speaker 3: No? But I was just going to add, even though

963
00:44:54,800 --> 00:44:58,120
Speaker 3: the ven diagram of she's on the money and what

964
00:44:58,239 --> 00:44:59,759
Speaker 3: Glenn James does, I feel like a lot of people

965
00:44:59,800 --> 00:45:02,520
Speaker 3: are in both communities. But just in case, Glenn, can

966
00:45:02,520 --> 00:45:04,920
Speaker 3: you give us a final spiel on where we can

967
00:45:04,960 --> 00:45:06,560
Speaker 3: find your stuff and all the things you're up to,

968
00:45:06,640 --> 00:45:08,640
Speaker 3: because you've seem to be a very busy man with

969
00:45:08,680 --> 00:45:09,840
Speaker 3: new stuff happening all the time.

970
00:45:10,200 --> 00:45:15,200
Speaker 2: Yeah. So obviously Instagram podcasts. So you know, we run

971
00:45:15,320 --> 00:45:18,279
Speaker 2: my Millennial Career, which is the Career's podcast. I run

972
00:45:18,320 --> 00:45:21,080
Speaker 2: my Millennial Business, which you're about to start a businesswe

973
00:45:21,120 --> 00:45:24,040
Speaker 2: next to you. I think you've announced that on Yep. Sweet,

974
00:45:24,480 --> 00:45:26,840
Speaker 2: we run my Millennial Property and you're going to do

975
00:45:26,880 --> 00:45:28,279
Speaker 2: a property one we launch.

976
00:45:28,480 --> 00:45:29,720
Speaker 1: I just want to be Glenn James.

977
00:45:29,760 --> 00:45:34,120
Speaker 2: Guys. Yeah, we're launching my Millennial Health in January.

978
00:45:34,160 --> 00:45:36,719
Speaker 3: Cool, we're actually launching She's on the health kick.

979
00:45:38,200 --> 00:45:40,200
Speaker 1: Oh sweet, we're not actually.

980
00:45:41,880 --> 00:45:45,560
Speaker 2: Right, yeah, do it lots? Going on Facebook is our

981
00:45:45,560 --> 00:45:48,440
Speaker 2: best port of Instagram or the Facebook group. Yeah. We're

982
00:45:48,480 --> 00:45:50,400
Speaker 2: just having a lot of fun out here. And I

983
00:45:50,480 --> 00:45:53,600
Speaker 2: love when people listen to both podcasts because you know,

984
00:45:53,719 --> 00:45:55,800
Speaker 2: am I going to get it right every time? Nope,

985
00:45:56,239 --> 00:45:58,720
Speaker 2: He's Victoria going to get it right every time? Yep.

986
00:45:58,960 --> 00:46:02,360
Speaker 2: But you can get you can get some balance and

987
00:46:02,400 --> 00:46:05,240
Speaker 2: perspective because my way isn't the way, it's a way.

988
00:46:05,239 --> 00:46:07,880
Speaker 1: Exactly, and I think that that's important and probably a

989
00:46:08,000 --> 00:46:10,919
Speaker 1: very good note to leave it on. No one's ever

990
00:46:11,000 --> 00:46:13,319
Speaker 1: one hundred percent correct. I mean, we're not giving away

991
00:46:13,400 --> 00:46:15,680
Speaker 1: false information. But at the end of the day, just

992
00:46:15,680 --> 00:46:18,000
Speaker 1: because my opinion is on a podcast doesn't make it

993
00:46:18,000 --> 00:46:19,919
Speaker 1: the be all end all, And I'm sure you feel

994
00:46:19,960 --> 00:46:22,520
Speaker 1: the same way, Glenn, like it's so good, especially when

995
00:46:22,560 --> 00:46:25,440
Speaker 1: talking about money, to get heaps of opinions so you

996
00:46:25,480 --> 00:46:28,480
Speaker 1: can formulate one that is perfect for you totally. But

997
00:46:28,760 --> 00:46:30,920
Speaker 1: just before we head off, I would actually like to

998
00:46:30,960 --> 00:46:33,920
Speaker 1: acknowledge and pay respects to Australian's Aboriginal and Toros Strait

999
00:46:33,960 --> 00:46:37,480
Speaker 1: Islander people's, the traditional custodians of the lands, the waterways

1000
00:46:37,520 --> 00:46:40,160
Speaker 1: and the skies all across Australia. We thank you for

1001
00:46:40,200 --> 00:46:42,200
Speaker 1: sharing and for caring on the land which we are

1002
00:46:42,239 --> 00:46:44,839
Speaker 1: able to learn. We pay our respects to elders past

1003
00:46:44,920 --> 00:46:47,520
Speaker 1: and present, and we share our friendship and our kindness.

1004
00:46:48,600 --> 00:46:51,920
Speaker 1: Now I get to wrap the boring but important stuff

1005
00:46:51,960 --> 00:46:53,160
Speaker 1: all on my own.

1006
00:46:53,280 --> 00:46:55,400
Speaker 3: Excellent because I don't have all this information, so you

1007
00:46:55,440 --> 00:46:56,000
Speaker 3: just keep reading.

1008
00:46:56,160 --> 00:46:58,320
Speaker 1: That's fine. The advice shared on Cheese on the Money

1009
00:46:58,400 --> 00:47:01,840
Speaker 1: is general in nature and does not consider your personal circumstances.

1010
00:47:02,000 --> 00:47:04,880
Speaker 1: Geez on the Money exists purely for educational purposes and

1011
00:47:04,920 --> 00:47:07,160
Speaker 1: should not be relied upon to make an investment or

1012
00:47:07,200 --> 00:47:11,480
Speaker 1: personal decision and please stress less. I am an authorized

1013
00:47:11,520 --> 00:47:15,759
Speaker 1: representative of Australia Pacific Funds Management Proprietary Limited ABM three

1014
00:47:15,800 --> 00:47:19,080
Speaker 1: four one three two four six three two five seven

1015
00:47:19,160 --> 00:47:24,160
Speaker 1: AFSL double three nine one five one and as always,

1016
00:47:24,400 --> 00:47:27,520
Speaker 1: albeit he's not usually here for this part, Thank you

1017
00:47:27,760 --> 00:47:28,600
Speaker 1: so much.

1018
00:47:28,680 --> 00:47:31,000
Speaker 2: For thanks for me, who's going to edit this later.

1019
00:47:31,320 --> 00:47:33,800
Speaker 1: Thank you so much to Ryan John for one putting

1020
00:47:33,880 --> 00:47:36,480
Speaker 1: up with me, and two for putting today's podcast together.

1021
00:47:36,640 --> 00:47:39,440
Speaker 2: Welcome, thanks lend, thank you, and missus Georgia Bye, I

1022
00:47:39,480 --> 00:47:43,239
Speaker 2: love you, bye see Leada Vis