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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the

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Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we

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Speaker 2: get started on She's on the Money podcast, I would

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Speaker 2: like to acknowledge the traditional custodians of the land of

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Speaker 2: which this podcast is recorded on a wondery country, acknowledging

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Speaker 2: the elders, the ancestors and the next generation coming through

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Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 2: the storytelling of you to make a difference for today

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Speaker 2: and lasting impact for tomorrow.

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Speaker 1: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: for millennials who want financial freedom. My name is Georgia King,

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Speaker 4: and joining me as she does each and every Wednesday,

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Speaker 4: is Victoria Divine v.

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Speaker 1: Hello. Hello.

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Speaker 4: Today we are talking all about how to prepare for

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Speaker 4: a recession. This episode is a companion piece to last

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Speaker 4: week's episode where we broke down what exactly a recession

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Speaker 4: actually is.

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Speaker 5: Companion companion piece so cute too.

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Speaker 1: It's a companion piece, yesis carry on.

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Speaker 4: So the point of that is please go back and

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Speaker 4: listen to that when you are done with this episode,

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Speaker 4: so you know what a recession is.

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Speaker 5: So you know what we are talking about, and you're

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Speaker 5: welcome here. If you haven't listened to it, of course,

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Speaker 5: we would recommend that you listen to the first companion

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Speaker 5: piece before the second.

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Speaker 4: It makes more sense. But if you are doing it

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Speaker 4: the wrong way around. Some key takeaways with that episode

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Speaker 4: where that recessions are an economic reality sucked in everyone.

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Speaker 4: They're also challenging to predict with any precisions. That's good

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Speaker 4: to know. And they typically last about eleven months, which

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Speaker 4: is good shot and sweet, but then the impacts do

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Speaker 4: go on for longer. So kandada, is.

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Speaker 5: That literally how you summarizecastle, heart and soul into creating

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Speaker 5: that You're like, yeah, cool, there a reality. Also, they're

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Speaker 5: not very accurately, they're not around for a long time. Vie,

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Speaker 5: why did we bother? Is that where you're going with you? Yeah?

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Speaker 1: Well a little bit? Yea right, Well, I mean you're

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Speaker 1: not wrong.

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Speaker 5: So today we are going to talk about some things

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Speaker 5: to keep in mind when heading into a recession or

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Speaker 5: a time when the economy is a little bit sluggish.

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Speaker 5: So this is more the hard and fast tips and

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Speaker 5: tricks that you guys can implement feel a little bit

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Speaker 5: more financially secure, which we love. We want you to

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Speaker 5: be prepared for what might lay ahead because at the

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Speaker 5: end of the day, Gee, as you said before, they're

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Speaker 5: challenging to predict with any precision exactly. And yeah, that's right.

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Speaker 5: So I might be completely wrong in saying that there

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Speaker 5: is a recession coming. So could a whole heap of economists,

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Speaker 5: and I would argue it's way more embarrassing for them

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Speaker 5: than for me to say that.

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Speaker 1: So we want you to be prepared.

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Speaker 5: This means mental preparedness and a few simple tips to

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Speaker 5: reduce your risk and help weather this economic storm. And

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Speaker 5: that's what we're going to get into today, Georgia King.

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Speaker 4: What it also means, Victoria define is that I'm going

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Speaker 4: to tell you some stats that still hasn't did the chat,

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Speaker 4: and what have you got for us? Australia was the

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Speaker 4: only major economy to avoid a recession in the Global

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Speaker 4: Financial Crisis the GFC, so we touched on that last

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Speaker 4: as week, but the country was unable to escape the

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Speaker 4: COVID induced downturn. As we try, try as we might,

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Speaker 4: we were unsuccess. We gave it a crack gross domestic products.

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Speaker 4: So the GDP fell seven percent in the June twenty

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Speaker 4: twenty quarter, and that is the most significant decline since

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Speaker 4: records began in nineteen fifty nine.

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Speaker 5: And we spoke about that on the podcast during that

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Speaker 5: period of time. So go back to June twenty twenty

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Speaker 5: if you would like to hear some chat about that.

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Speaker 5: Some of it might be irrelevant now though, because the

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Speaker 5: world has changed significantly. It really has.

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Speaker 4: That followed a zero point three percent contraction in the

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Speaker 4: March twenty twenty quarter, which was when we were hit

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Speaker 4: by the bushfires and then the pandemic and everything else

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Speaker 4: that happens. So that's just a little bit of statistical context.

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Speaker 5: And then we fast forward all the way to June

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Speaker 5: twenty twenty two, and we officially were in a bear market,

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Speaker 5: which we said before means that we are twenty percent

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Speaker 5: down on the twelve month high, which is it seems

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Speaker 5: a lot more complicated than it is, but it means

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Speaker 5: that the market is going backwards at a pretty significant rate.

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Speaker 5: So Georgia King, that gives us a little bit of

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Speaker 5: context as to why we are currently here as we

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Speaker 5: stand today. Alongside the war in Ukraine, and so many

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Speaker 5: other complex forces.

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Speaker 1: So is a bit on.

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Speaker 5: Yeah, it's a bit hectic. This has been busy, absolutely,

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Speaker 5: but we're.

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Speaker 4: Here today to make everyone feel better by talking through

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Speaker 4: how we can prepare for the looming recession. What should

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Speaker 4: my priorities be in a time of a sluggish economy

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Speaker 4: slasher recession, and what steps should I be taking.

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Speaker 5: I wish I had some tips that were really specific

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Speaker 5: to this pl in time, because at the end of

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Speaker 5: the day, I think that's why you guys are all

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Speaker 5: listening to this. But these are tried and true tips

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Speaker 5: that are going to see you through any kind of

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Speaker 5: economic climate, and I think that we all should be

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Speaker 5: implementing anyway. So first things first, let's stop panicking. Let's

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Speaker 5: stop looking at the media because they make money off

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Speaker 5: making us anxious. They make money off us clicking on

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Speaker 5: headlines because we're like, oh my gosh, what and click

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Speaker 5: it is. They had a headline that was like business

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Speaker 5: as usual. You want to click at Georgia King.

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Speaker 1: You're not gonna click it.

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Speaker 5: No, I want to know about what's going on in

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Speaker 5: the Kardashians life.

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Speaker 1: Georgia.

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Speaker 5: I'm a click that headline instead. So first things first,

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Speaker 5: we're not gonna panic. We're gonna calm down because the

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Speaker 5: world likes to blow content out of proportion. At the

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Speaker 5: end of the day, yes, we are going to go

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Speaker 5: through this, but what that means for you is not

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Speaker 5: nearly as significant as what the media is making out.

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Speaker 5: The second thing we are going to do, if we

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Speaker 5: haven't done it already, I would hope that after three

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Speaker 5: years of that. She's on the Money podcast. You guys

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Speaker 5: have started to listen to me, But if you're anything

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Speaker 5: like me, you haven't taken a thing in Because I'm

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Speaker 5: gonna make my own decisions. I'm a Cancrian Georgia K.

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Speaker 5: So we're going to build an emergency fund. From my perspective,

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Speaker 5: people always say, oh, but what's a good amount of

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Speaker 5: money to have in an emergency fund? That's so personal?

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Speaker 5: I can't answer it. Not because we're verging on the

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Speaker 5: difference between personal and general advice. It's not that it's

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Speaker 5: that everybody's circumstances are literally different. If you live at

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Speaker 5: home and mum and dad are paying rent and you

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Speaker 5: don't even have to pay board, well, your emergency fund

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Speaker 5: is going to look so significantly different to a mum.

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Speaker 1: Who has three young kids.

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Speaker 5: Under five and is looking after them, has a mortgage

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Speaker 5: repayment and a husband that is in a rocky, unsteady job.

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Speaker 1: Right, Like, those two.

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Speaker 5: Circumstances are so different, and George you might go, oh,

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Speaker 5: I just need five hundred bucks. If anything pops up,

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Speaker 5: that mum might go, oh, well, I'm not going to

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Speaker 5: be able to sleep at all unless we have twenty

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Speaker 5: thousand dollars sitting in an emergency fund. So it's actually

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Speaker 5: what makes you comfortable. But my favorite starting point is

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Speaker 5: planning out three months worth of expenses, non negotiable expenses.

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Speaker 5: So we're not talking about your savings or your investment plans.

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Speaker 5: We're just talking about roof of your head, food on

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Speaker 5: the table, bill's paid. That is it. We're not talking

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Speaker 5: about g What do you spend on average three months

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Speaker 5: worth of expenses? And that amount of money is usually

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Speaker 5: a really good place to start. Then the next hot

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Speaker 5: tip here is stick it in a bank account. What

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Speaker 5: do we do with an emergency Fundjodgi A king?

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Speaker 1: Do not invest it?

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Speaker 5: Yes, clean, we do not invest our emergency funds because

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Speaker 5: our emergency fund's job is to sit and lie in

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Speaker 5: wait until it is called upon. It can't be working

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Speaker 5: somewhere else. Every dollar that comes into our bank accounts

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Speaker 5: gets given a job. Some of them they go out

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Speaker 5: to earn the money. They go out into their investment world.

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Speaker 5: They start making bank can they live there and that's

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Speaker 5: their job. Other dollars come in and we go. Your

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Speaker 5: job is to stay at home and make sure our

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Speaker 5: home is safe. And you put them in a savings account.

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Speaker 5: If you have a mortgage, perhaps you put them in

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Speaker 5: your offset account, because that operates in exactly the same

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Speaker 5: way that as savings account will, but it will offset

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Speaker 5: some of the interest that you're paying on your mortgage.

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Speaker 5: Money in money in same accessibility, same level of risk.

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Speaker 1: So we're all good.

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Speaker 5: But we never invest our emergency funds. A lot of

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Speaker 5: people over the last time, I don't know, three or

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Speaker 5: four weeks, I feel have slid into my DMS and

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Speaker 5: the like, vitrea, what do I do with my emergency fund?

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Speaker 5: I feel like it's doing nothing, Like I don't feel

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Speaker 5: like I'm making any money on it. I go, I

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Speaker 5: get it, But let's reframe this. That's its job. Its

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Speaker 5: job is to sit there and wait until something happens.

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Speaker 5: If something happens, then it will be called upon to

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Speaker 5: do its job. But right now, its job is to

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Speaker 5: sit there and guard your financial house. Right, So I

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Speaker 5: think we need to reframe what emergency funds look like

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Speaker 5: because so many of you have said they're not doing

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Speaker 5: anything like it feels like a waste having that money

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Speaker 5: sitting there not making any money. Because we obviously own

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Speaker 5: cheese on the money talk a lot about making money

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Speaker 5: with the money that you may, but your emergency fund,

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Speaker 5: its job is to sit at home and make sure

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Speaker 5: that your financial security is always front of mine.

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Speaker 4: Yes, that's a good point. I feel like we haven't

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Speaker 4: spoken that much about that in the past.

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Speaker 5: No, because I feel like it hasn't come up for

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Speaker 5: us that often. I mean, people have always said, should

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Speaker 5: we invest our emergency fund?

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Speaker 1: And I say no.

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Speaker 5: But at the end of the day, your emergency fund,

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Speaker 5: its job is to keep you safe.

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Speaker 1: And it has to be easily accessible, right.

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Speaker 5: Exactly like I need you to be able to walk

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Speaker 5: up to an ATM and pull that emergency money out

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Speaker 5: and be in a really good financial position. And from

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Speaker 5: my perspective, I feel like I've got a lot of

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Speaker 5: ranting to do because yesterday, George, I spent the entire

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Speaker 5: day recording my audiobook version of the investing book that's

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Speaker 5: coming out incredible, and one of the chapters at the

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Speaker 5: very front, we talk about this because I think it's

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Speaker 5: really important to preface.

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Speaker 1: You have to have an emergency fund.

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Speaker 5: Job is not to work hard, its job is to

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Speaker 5: work smart. But our emergency fund is not just for

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Speaker 5: those unexpected costs. It's for that financial freedom aspect. And

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Speaker 5: I talk about how some people see their emergency fund

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Speaker 5: as an f off fund. Yep, just kind of a

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Speaker 5: funder way to do it. I mean, I wouldn't swear

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Speaker 5: on this podcast, so that's why we're calling it that name.

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Speaker 5: But the reason we have that is so that we

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Speaker 5: can say no to things. Gee, if you've got a

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Speaker 5: good emergency fund and you're working for me and you're like,

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Speaker 5: I don't really like working with V anymore. Freedom to leave, Yeah, right,

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Speaker 5: in a relationship you want to get out of, but ooh,

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Speaker 5: don't have enough money to do so. Well, emergency fund

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Speaker 5: comes in to save the day.

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Speaker 1: Free to leave.

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Speaker 5: Go over to Europe with your friends having a terrible time.

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Speaker 5: You just go, I want to go home. Can buy

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Speaker 5: some emergency flights back home if you need it.

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Speaker 1: Free to leave, right, I like.

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Speaker 5: That you can leave any circumstance, situation, or place with

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Speaker 5: an emergency fund. It's not just for that red JO

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Speaker 5: bill that you didn't expect to pop up. Because if

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Speaker 5: we've got our financial house in order and we have

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Speaker 5: a good budget and cashlow plan, there won't be anything

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Speaker 5: that's unexpected except potentially random things that come up. Like

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Speaker 5: around my car Georgia on the weekend, who was really great,

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Speaker 5: I was reversing out of my driveway. Yeah, this is

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Speaker 5: entirely my fault. By the way, Stephen Lucy was standing

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Speaker 5: in front of the car. It was Saturday, I was

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Speaker 5: on the way to Sydney to speak at a conference.

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Speaker 5: They were on the way to the coffee shop to

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Speaker 5: get a coffee, and I'm like reversing the car out

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Speaker 5: like I usually do, and I'm like waving, being like bye,

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Speaker 5: my god by Steve, have a good day. And I

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Speaker 5: ran into our neighbor's car, which was parked somewhere. It

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Speaker 5: never is, so IM not saying it's their fault. It

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Speaker 5: was parked completely illegally on the street, but I didn't

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Speaker 5: see it, and I ran into the side of their

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Speaker 5: car with the back of mine. So I'm going to

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Speaker 5: have an unexpected insurance claim today and I'm gonna have

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Speaker 5: to cover my own excess. Right, that's an emergency. That

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Speaker 5: is me going, all right, well, this is a really

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Speaker 5: sucky situation, but I've got some money aside so that

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Speaker 5: I'm able to afford that. But from my perspective, all

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Speaker 5: these other costs should be planned for, and coming into

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Speaker 5: a quite tumultuous period of time, we can plan for that.

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Speaker 5: We can actually sit down and go all right, gee,

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Speaker 5: let's do our budget. Let's do our cash flow, so

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Speaker 5: you know, it might be twelve months in advance that

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Speaker 5: our reggio was do again, but let's like put that

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Speaker 5: into the budget so that there are no surprises. Like

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Speaker 5: right now, the last thing you want is a financial surprise,

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Speaker 5: because we just don't need to be stressed.

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Speaker 1: Let's move on now. V to talk about debt.

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Speaker 4: What should we be doing with our debt at this

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Speaker 4: time as we head into a recession?

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Speaker 5: Maybe all right, so spicy, but my view is that

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Speaker 5: you should have an emergency fund even if you have debt.

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Speaker 5: I've seen I'm on TikTok. I'm not saying I make

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Speaker 5: good videos on TikTok, but I consume a lot of

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Speaker 5: TikTok content. I actually tell my partner that I'm going

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Speaker 5: to bed and I'm going to bed to lay in

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Speaker 5: bed for an hour.

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Speaker 1: To watch TikTok. Rolin.

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Speaker 5: Yeah, like I'm addicted. What can I say?

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Speaker 1: Until that guy?

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Speaker 5: You don't have TikTok, But there's this random TikTok that

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Speaker 5: pops up from TikTok that says, ah ah, is it

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Speaker 5: time to turn out the life? Really, the shame of

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Speaker 5: seeing that, I'm always like no, and then I watch

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Speaker 5: two more tiktoks put my phone down because I'm like,

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Speaker 5: I don't want him to know that it was him

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Speaker 5: that got meen.

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Speaker 2: You know.

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Speaker 5: Anyway, I've seen a lot of advice on there about

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Speaker 5: smashing down debt with absolutely every dollar you have, and

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Speaker 5: I actually think that's really irresponsible, Okay. And the reason

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Speaker 5: I think that's irresponsible is debt is as much physical

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Speaker 5: because you've got to pay it back physically as it

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Speaker 5: is mental. And the issue with debt and feeling like

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Speaker 5: you're trapped in the debt cycle is that George, if

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Speaker 5: you had, you know, twenty thousand dollars on your credit

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Speaker 5: card and you're channeling every single dollar into that credit card,

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Speaker 5: so you don't really have any free cash flow. While

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Speaker 5: that might feel like you're achieving a lot because you're like,

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Speaker 5: the I'm smashing down that debt. What if an emergency

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Speaker 5: pops up. What if something pops up and you just

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Speaker 5: didn't budget for it. What if you've got a daughter

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Speaker 5: and oh my gosh, it's end of term three ballet

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Speaker 5: and there's a concert and it costumes one hundred and

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Speaker 5: fifty dollars. That situation very likely to happen, very normal

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Speaker 5: expense that might pop up. However, if you have no

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Speaker 5: emergency fund, have no saving you're going to go, oh

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Speaker 5: my god, I'm so bad at money. I have been

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Speaker 5: channeling all my cash to paying off my debt. Now

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Speaker 5: I have this other expense and I'm gonna have to

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Speaker 5: go further into debt. It feels like an awful cycle. Yeah,

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Speaker 5: it feels horrendous because you're just like, I've been working

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Speaker 5: so hard and then this bit me in the bottom.

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Speaker 5: Reframe that you've got an emergency fund, you've got some

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Speaker 5: free cash flow. Yeah, we're smashing down our debt. That

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Speaker 5: expense pops up, you go one hundred and fifty bucks,

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Speaker 5: no worries, pull that out of my emergency fund or

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Speaker 5: their savings I've got set aside, and you're not continuing

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Speaker 5: that debt cycle. You're gonna be proud of yourself for

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Speaker 5: not having had to rely on credit. You're not putting

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Speaker 5: yourself further behind because our emergency fund is there to

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Speaker 5: not only pay for things when they pop up, but

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Speaker 5: it's also to reframe our thoughts around money, because otherwise

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Speaker 5: this alternative is putting us further into debt. It's putting

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Speaker 5: us in a position where we feel awful about it. Go,

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Speaker 5: oh my gosh, I'm so bad at this. I'm so

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Speaker 5: bad at money. You're not. We just haven't planned to

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Speaker 5: be good at money. So having an emergency fund puts

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Speaker 5: you in a position where you don't need to continue

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Speaker 5: that debt cycle and go further into debt, so that

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Speaker 5: we can always stay in a really good mental place, Relliant.

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Speaker 1: Yeah, it's a good buffer, viz.

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Speaker 4: So we know we've got good debt like hex for example,

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Speaker 4: that's a fine debt, and then we have bad debt

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Speaker 4: which could be perceived as like a car loan or

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Speaker 4: a credit card or something like that. Which kinds of

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Speaker 4: debts should we be prioritizing at this time?

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Speaker 5: So the two types of debt that you're talking about,

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Speaker 5: they're really easy. I do good debt, bad debt, and

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Speaker 5: okay debt. Yeah, and I prioritize them based on good

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Speaker 5: debt helps you create wealth. It could be a home

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Speaker 5: loan or an investment loan. Bad debt is debt that

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Speaker 5: takes away from your ability to create wealth. So say

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Speaker 5: you went on a holiday and you put it on

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Speaker 5: a credit card, and now you're paying off that credit card,

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Speaker 5: and that money is now tied up in debt repayments

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Speaker 5: instead of helping you get ahead financially, and then we've

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Speaker 5: got okay debt. So that from my perspective, is things

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Speaker 5: like your help or hex debt. And I say it's

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Speaker 5: okay debt because some people look at debt as bad

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Speaker 5: and some people look at debt as good. And some

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Speaker 5: people in our community might say, oh, well, hexteat is

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Speaker 5: good because it got me ahead. But at the end

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Speaker 5: of the day, it's okay debt because it does have

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Speaker 5: inflation tied to it. But from my personal perspective, I

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Speaker 5: don't pay it down aggressively purely because I know if

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Speaker 5: something happened, let's say a really bad recession happened, and

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Speaker 5: she's on the money, couldn't produce content anymore, and we

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Speaker 5: had to go under. I know that if I didn't

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Speaker 5: have any income coming in, I don't have to pay

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Speaker 5: that back. So it can sit there and wait, there's

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Speaker 5: no time limit or there's no time frame on it.

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Speaker 1: It can kind of go stagnant.

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Speaker 5: So when we look at this from the perspective of

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Speaker 5: a recession, our priorities might be on getting out of

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Speaker 5: personal debt because that ties up our free cash flow.

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Speaker 5: Not worrying too much about our good debt, but talking

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Speaker 5: to our mortgage brokers or our investment advisors about putting

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Speaker 5: us in the best possible position and having the best

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Speaker 5: possible interest rate on that and not being too concerned

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Speaker 5: about that okay debt. From my perspectives, smashing down personal

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Speaker 5: debt is going to be a priority, regardless of the

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Speaker 5: economic circumstances of the world. Now, if you have multiple debts,

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Speaker 5: you could choose to tackle this in two different ways,

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Speaker 5: and one of them you might go Victoria. That is

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Speaker 5: the way you should be doing it, because financially that

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Speaker 5: makes the most sense, and that is the debt avalanche method.

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Speaker 5: So an avalanche method is where it starts at the

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Speaker 5: top and it falls down right, like an avalanche happens

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Speaker 5: and it crashes down. You're starting with the debt that

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Speaker 5: has the biggest interest rate associated with it. So if

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Speaker 5: you had three credit cards, one at five percent, one

377
00:17:35,960 --> 00:17:38,920
Speaker 5: at fifteen percent, and one at twenty percent, you'd start

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Speaker 5: with the twenty percent credit card, and then you would

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Speaker 5: move down to the fifteen percent credit card, and you

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Speaker 5: might then do the five percent credit card later. Usually,

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Speaker 5: when we look at how this works, twenty percent credit

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Speaker 5: card might be like twenty thousand dollars. That fifteen percent

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Speaker 5: credit card might have like I don't know, three grand

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Speaker 5: on it, and you're like, little debt might be only

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00:17:58,320 --> 00:18:01,200
Speaker 5: five hundred dollars. So you'd be leaving that five hundred

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Speaker 5: dollar debt till last, because you're trying to smash off

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Speaker 5: the biggest interest rate first, because it's technically costing you

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Speaker 5: the most, so financially that adds up. However, if you're

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Speaker 5: like me, it's not gonna work that well for you

390
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Speaker 5: because I like snowball myself off the momentum. So you know,

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Speaker 5: a snowball, it starts really small at the start, and

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Speaker 5: if you put it at the top of a hill,

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Speaker 5: and it rolled down, it would progressively get bigger. The

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00:18:25,119 --> 00:18:29,879
Speaker 5: Stowmall method, while it doesn't stack up quote financially, mentally

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Speaker 5: for me, that works better. That would mean I get

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Speaker 5: to cut up a credit card sooner. So I would

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Speaker 5: then start with that five hundred dollar debt with Yeah,

398
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Speaker 5: it's the lost interest rate, but that's the easy win

399
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Speaker 5: and I can prove to myself.

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Speaker 1: That I can do this.

401
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Speaker 5: And the gratification I get from being able to cut

402
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Speaker 5: up my first credit card and be like, oh my gosh,

403
00:18:47,119 --> 00:18:49,200
Speaker 5: I did it. Let's move on to the next one

404
00:18:49,480 --> 00:18:53,840
Speaker 5: is sometimes stronger than the necessity for paying down the

405
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Speaker 5: debt that makes the most financial sense, yes, So we

406
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Speaker 5: have to balance the mentality with the actual financial side

407
00:19:01,280 --> 00:19:03,680
Speaker 5: of things, because a lot of us will go, oh, well,

408
00:19:03,720 --> 00:19:06,160
Speaker 5: that makes the most sense, I'll do that, but I'll go, oh,

409
00:19:06,280 --> 00:19:09,959
Speaker 5: but historically has that worked for you? Or should we

410
00:19:10,000 --> 00:19:13,480
Speaker 5: look at it from a reward way and go all right, gee,

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Speaker 5: how are you going to feel the most reward? What's

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Speaker 5: going to keep that momentum up? Because at the end

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Speaker 5: of the day, getting out of debt is the key,

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00:19:19,400 --> 00:19:21,639
Speaker 5: and if it costs us a little bit more to

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Speaker 5: actually feel like we're prioritizing it.

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Speaker 1: That's okay my books, Yeah, brilliant.

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Speaker 4: Is it right that that's Dave Ramsey's approach is snowball

418
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Speaker 4: over avalanche.

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Speaker 5: To be honest, I have not consumed his contents.

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Speaker 1: In a while.

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00:19:33,560 --> 00:19:36,600
Speaker 5: Resonate with me because he also said you shouldn't go

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Speaker 5: out to a restaurant if you have any debt.

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Speaker 1: Oh, get out, We've got to leave Dave.

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Speaker 4: Forget about Dave. Would it be worth reducing our credit

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Speaker 4: limit fee? Look, that can be a.

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Speaker 5: Really good way to put ourselves back in the driver's See.

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Speaker 1: So some of us are.

428
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Speaker 5: Going to feel overwhelmed with having a really big credit

429
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Speaker 5: limit because we might be tempted to go and spend

430
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Speaker 5: up to that out. At the same time, if you've

431
00:20:02,480 --> 00:20:04,480
Speaker 5: paid off a certain amount and now you've maybe got

432
00:20:04,480 --> 00:20:07,119
Speaker 5: five thousand dollars left on that credit card that is

433
00:20:07,160 --> 00:20:10,600
Speaker 5: twenty thousand dollars, maybe reduce it down so that you

434
00:20:10,640 --> 00:20:12,480
Speaker 5: can go, oh my gosh, now I just don't even

435
00:20:12,560 --> 00:20:14,960
Speaker 5: have the ability to get back into that place. I

436
00:20:14,960 --> 00:20:17,600
Speaker 5: think that can be a really positive thing. But again,

437
00:20:17,960 --> 00:20:20,920
Speaker 5: it's all about how you feel and as much as

438
00:20:20,960 --> 00:20:23,360
Speaker 5: reducing your credit limit in general, if you were going

439
00:20:23,400 --> 00:20:26,000
Speaker 5: to get a mortgage could be a really good idea.

440
00:20:26,119 --> 00:20:28,639
Speaker 5: That doesn't necessarily mean you have to lower your credit

441
00:20:28,680 --> 00:20:31,400
Speaker 5: limit just cause. But when we're getting out of debt,

442
00:20:31,480 --> 00:20:33,639
Speaker 5: it's kind of like a peg along the way, right, Like,

443
00:20:34,000 --> 00:20:36,119
Speaker 5: we want to get rid of this credit card so bad.

444
00:20:36,440 --> 00:20:39,679
Speaker 5: Let's start chopping it up technically as we go. It

445
00:20:39,800 --> 00:20:42,400
Speaker 5: was twenty thousand dollars. Now it's ten thousand dollars. After

446
00:20:42,400 --> 00:20:44,280
Speaker 5: you've paid off that five, maybe you drop it down

447
00:20:44,359 --> 00:20:46,280
Speaker 5: to five, and it can go lower and lower and lower,

448
00:20:46,320 --> 00:20:48,199
Speaker 5: and then once it's completely gone, me actually get to

449
00:20:48,200 --> 00:20:50,920
Speaker 5: cut the plastic bit up. I think that can be

450
00:20:51,000 --> 00:20:55,080
Speaker 5: a really rewarding process as well, and it can really pinpoint.

451
00:20:55,160 --> 00:20:57,720
Speaker 5: I don't want to ever get back to that position again,

452
00:20:58,359 --> 00:21:01,879
Speaker 5: but let's loop back to that first point. Have an

453
00:21:01,920 --> 00:21:05,440
Speaker 5: emergency fund before you make that decision, because a lot

454
00:21:05,480 --> 00:21:07,840
Speaker 5: of us ended up with credit card debt because we

455
00:21:07,920 --> 00:21:11,560
Speaker 5: didn't have an emergency fund. I think there's this misconception

456
00:21:11,680 --> 00:21:14,200
Speaker 5: that credit card debt is just made up of frivolous purchases.

457
00:21:14,640 --> 00:21:17,920
Speaker 5: Like that is a really privileged perspective. And don't get

458
00:21:17,920 --> 00:21:20,439
Speaker 5: me wrong, that's what mine was made up of. Like

459
00:21:20,480 --> 00:21:22,720
Speaker 5: mine was shoes and clothes, and I went over to

460
00:21:22,760 --> 00:21:25,240
Speaker 5: France and I traveled and I bought a car.

461
00:21:25,359 --> 00:21:28,320
Speaker 1: That's where my personal learn came from. That's privileged.

462
00:21:28,760 --> 00:21:32,119
Speaker 5: Some people rely on credit cards because they don't have

463
00:21:32,240 --> 00:21:35,200
Speaker 5: any other option. Yeah, some people are like, you know what,

464
00:21:35,320 --> 00:21:37,520
Speaker 5: I really don't know how I'm gonna buy a new

465
00:21:37,520 --> 00:21:38,359
Speaker 5: school uniform.

466
00:21:38,560 --> 00:21:39,959
Speaker 1: I'm gonna have to put an on credit.

467
00:21:40,280 --> 00:21:42,880
Speaker 5: So if that is you and you are in that position,

468
00:21:43,080 --> 00:21:45,800
Speaker 5: don't feel any shame. You're being a good parent, you're

469
00:21:45,840 --> 00:21:48,280
Speaker 5: being a good person. Maybe you needed to go buy

470
00:21:48,320 --> 00:21:50,520
Speaker 5: some new shoes so that you could get to work

471
00:21:50,600 --> 00:21:53,600
Speaker 5: and have a good job. I think that going into

472
00:21:53,640 --> 00:21:56,320
Speaker 5: a recession or feeling like we're going into a period

473
00:21:56,320 --> 00:21:59,359
Speaker 5: of economic turmoil makes us put more pressure on ourselves

474
00:21:59,400 --> 00:22:02,679
Speaker 5: and feel bad about our circumstances when that shouldn't be

475
00:22:02,760 --> 00:22:04,880
Speaker 5: it at all. If you're in a circumstance where you're

476
00:22:04,880 --> 00:22:07,240
Speaker 5: in debt, it is what it is. Let's just get

477
00:22:07,240 --> 00:22:09,200
Speaker 5: out of it. Let's find a way to not put

478
00:22:09,200 --> 00:22:12,480
Speaker 5: ourselves in that position again. But also, if you're going

479
00:22:12,520 --> 00:22:15,120
Speaker 5: through this period of time and you're like, VI, I'm

480
00:22:15,160 --> 00:22:17,960
Speaker 5: going to have to go back into debt, Okay, No, problems,

481
00:22:18,000 --> 00:22:20,440
Speaker 5: but you've got the education to know where you need

482
00:22:20,480 --> 00:22:22,160
Speaker 5: to be and where you want to be, and that

483
00:22:22,240 --> 00:22:24,680
Speaker 5: can actually be a tool to help you get from

484
00:22:24,760 --> 00:22:27,800
Speaker 5: point A to point B. Not everyone's journey is linear.

485
00:22:28,119 --> 00:22:31,080
Speaker 5: Some people's journeys do involve debt. We just need to

486
00:22:31,080 --> 00:22:33,560
Speaker 5: be educated about it so that we know how to

487
00:22:33,720 --> 00:22:35,680
Speaker 5: ultimately put ourselves in the best position.

488
00:22:36,040 --> 00:22:36,600
Speaker 1: Nice.

489
00:22:36,960 --> 00:22:41,040
Speaker 4: Let's talk about loans slash helping out family members or

490
00:22:41,040 --> 00:22:43,200
Speaker 4: close ones who might be going through a tough time

491
00:22:43,400 --> 00:22:45,480
Speaker 4: during all this, if they lose their jobs or something

492
00:22:45,520 --> 00:22:47,959
Speaker 4: like that, how can we help them with that? So

493
00:22:48,119 --> 00:22:48,920
Speaker 4: hurting ourselves?

494
00:22:49,080 --> 00:22:52,240
Speaker 5: So from my perspective, haha, I don't believe in lending

495
00:22:52,240 --> 00:22:55,199
Speaker 5: money to friends. So if you lend money to a

496
00:22:55,240 --> 00:22:58,080
Speaker 5: friend and you go, all right, I'm going to give

497
00:22:58,119 --> 00:23:00,920
Speaker 5: Georgia King five hundred dollars, I need to think about

498
00:23:00,920 --> 00:23:04,119
Speaker 5: this before I give that to you and workout is

499
00:23:04,119 --> 00:23:09,920
Speaker 5: the money more important than my friendship because money taints relationships. Obviously,

500
00:23:10,000 --> 00:23:11,840
Speaker 5: if I'm going to lend you five hundred bucks, gee,

501
00:23:11,920 --> 00:23:14,080
Speaker 5: I'll probably be like, all right, let's put it in

502
00:23:14,119 --> 00:23:17,600
Speaker 5: a detailed email. Here's how you're going to pay it off.

503
00:23:17,680 --> 00:23:20,280
Speaker 5: Here's how the plan is, but that's actually a bigger problem.

504
00:23:20,480 --> 00:23:22,760
Speaker 5: Like if you, George needed to borrow five hundred bucks

505
00:23:22,760 --> 00:23:25,600
Speaker 5: from me? Is there something else I could help you with?

506
00:23:25,880 --> 00:23:28,879
Speaker 5: Are there financial resources I could share with you? The

507
00:23:28,920 --> 00:23:32,120
Speaker 5: Debt Free help Line is a really great place to start,

508
00:23:32,520 --> 00:23:35,320
Speaker 5: because the Debt Free Helpline is not just about being

509
00:23:35,359 --> 00:23:38,160
Speaker 5: in debt. They're financial counselors. Maybe you need to reframe

510
00:23:38,200 --> 00:23:40,680
Speaker 5: how you're spending your money. Maybe your friend needs to

511
00:23:40,720 --> 00:23:43,639
Speaker 5: focus on their budget and their cash flow. There's also

512
00:23:43,800 --> 00:23:47,400
Speaker 5: a company called The Good Shepherd, which I am obsessed with.

513
00:23:47,560 --> 00:23:49,639
Speaker 5: I think I mentioned it a lot in the start

514
00:23:49,680 --> 00:23:53,600
Speaker 5: of season two of our podcast, but haven't revisited it recently.

515
00:23:54,040 --> 00:23:54,600
Speaker 1: What do they do?

516
00:23:54,840 --> 00:23:58,280
Speaker 5: So the Good Shepherd, it's goodshp dot org dot au,

517
00:23:58,359 --> 00:24:00,280
Speaker 5: and we'll make sure that the link to this is

518
00:24:00,359 --> 00:24:03,640
Speaker 5: in these show notes. But it's Neals loans, so they're

519
00:24:03,640 --> 00:24:07,880
Speaker 5: no interest loans, and they're no interest, no fees, no charges. Ever,

520
00:24:08,440 --> 00:24:11,840
Speaker 5: they're obviously not available to absolutely everybody. You have to

521
00:24:11,880 --> 00:24:15,200
Speaker 5: be in a little bit of a sticky circumstance. And

522
00:24:15,359 --> 00:24:18,040
Speaker 5: they have loans that are available up to two thousand

523
00:24:18,080 --> 00:24:22,040
Speaker 5: dollars for essentials, so essential goods and services they're not

524
00:24:22,080 --> 00:24:24,760
Speaker 5: gonna let you get a new flat screen TV, but

525
00:24:24,840 --> 00:24:27,560
Speaker 5: they will let you get things that are household items that.

526
00:24:27,520 --> 00:24:28,240
Speaker 1: You might need.

527
00:24:28,680 --> 00:24:31,200
Speaker 5: I know people who have bought washing machines and dryers

528
00:24:31,200 --> 00:24:35,360
Speaker 5: and stuff like that on NILS. Loans, car repairs and registration,

529
00:24:35,640 --> 00:24:39,760
Speaker 5: medical and dental technology if you need it, housing and education,

530
00:24:40,080 --> 00:24:44,000
Speaker 5: like they are so fantastic, but they do also have

531
00:24:44,080 --> 00:24:46,760
Speaker 5: some criteria that you need to meet to be eligible.

532
00:24:47,000 --> 00:24:48,879
Speaker 5: So you either need to have a healthcare card or

533
00:24:48,920 --> 00:24:51,680
Speaker 5: a pension card, or you need to earn less than

534
00:24:51,720 --> 00:24:54,800
Speaker 5: seventy thousand dollars as a single or one hundred thousand

535
00:24:54,800 --> 00:24:57,320
Speaker 5: dollars as a couple, and you can show that you

536
00:24:57,359 --> 00:24:59,120
Speaker 5: have the capacity to repay the loan.

537
00:24:59,280 --> 00:25:00,680
Speaker 1: So that's pretty good. Okay, that's true.

538
00:25:00,880 --> 00:25:03,440
Speaker 5: Like it's not saying you need to have experienced really

539
00:25:03,440 --> 00:25:07,359
Speaker 5: significant disadvantage. But we really need to understand what it

540
00:25:07,480 --> 00:25:10,199
Speaker 5: means when a friend us to borrow money, Like I

541
00:25:10,320 --> 00:25:12,760
Speaker 5: do think it's not your position to be like George,

542
00:25:12,800 --> 00:25:14,080
Speaker 5: I let's give you an education.

543
00:25:14,440 --> 00:25:16,840
Speaker 1: But it's also like, hey, here are some resources.

544
00:25:16,920 --> 00:25:19,399
Speaker 5: I don't have the capacity to lend you five hundred

545
00:25:19,400 --> 00:25:21,680
Speaker 5: dollars or I really don't want to for the sake

546
00:25:21,720 --> 00:25:24,280
Speaker 5: of our friendship, because I feel like you're going to

547
00:25:24,359 --> 00:25:27,200
Speaker 5: lose one of those things if your friend's bad at money, right,

548
00:25:27,240 --> 00:25:28,800
Speaker 5: I'm either going to lose the friendship or I'm going

549
00:25:28,880 --> 00:25:31,560
Speaker 5: to lose the money. Yeah, And that's a really awkward

550
00:25:31,640 --> 00:25:34,840
Speaker 5: circumstance to be in. And if a person is coming

551
00:25:34,880 --> 00:25:38,840
Speaker 5: directly to you for cash, I always wonder, like, what

552
00:25:39,000 --> 00:25:43,000
Speaker 5: other avenues have they explored. Maybe it was just the

553
00:25:43,000 --> 00:25:45,440
Speaker 5: easiest one that they came to. Yeah, And I think

554
00:25:45,480 --> 00:25:49,160
Speaker 5: that we need to look into the alternatives because as

555
00:25:49,160 --> 00:25:52,399
Speaker 5: we know, payday loans are not great, Like they're going

556
00:25:52,480 --> 00:25:55,320
Speaker 5: to put you in an awful financial position. And I

557
00:25:55,440 --> 00:25:58,480
Speaker 5: guarantee over the next few months or even the next

558
00:25:58,520 --> 00:26:01,480
Speaker 5: twelve months, we're going to see an uptake of advertising

559
00:26:01,560 --> 00:26:04,679
Speaker 5: for those payday loans. I'm seeing them everywhere. On the

560
00:26:04,680 --> 00:26:06,520
Speaker 5: way here, I was listening to the radio and there

561
00:26:06,600 --> 00:26:08,560
Speaker 5: was an ad for a company called my pay Now

562
00:26:09,040 --> 00:26:10,920
Speaker 5: and it's get your pay on demand.

563
00:26:11,400 --> 00:26:11,760
Speaker 1: Guys.

564
00:26:11,840 --> 00:26:14,800
Speaker 5: It's just a new way of framing a payday loan.

565
00:26:15,200 --> 00:26:19,080
Speaker 5: They have very high interest. Their entire premise is they're like, oh,

566
00:26:19,119 --> 00:26:21,359
Speaker 5: will help you budget and cash flow easier because you

567
00:26:21,359 --> 00:26:23,080
Speaker 5: can get the pay that you're going to get paid

568
00:26:23,080 --> 00:26:25,640
Speaker 5: on the fifteenth next month today, and you go, oh,

569
00:26:25,680 --> 00:26:30,120
Speaker 5: that's really helpful, but it's actually putting you behind because

570
00:26:30,359 --> 00:26:33,080
Speaker 5: they're saying things like, oh, we changed the way people

571
00:26:33,119 --> 00:26:36,080
Speaker 5: get paid. No, you've changed the way you're making money.

572
00:26:36,160 --> 00:26:38,960
Speaker 5: You've gone from being a loan shark to pretending like

573
00:26:39,000 --> 00:26:41,399
Speaker 5: you're helping me with my budget and cash flow, and

574
00:26:41,440 --> 00:26:41,840
Speaker 5: you're not.

575
00:26:42,760 --> 00:26:43,760
Speaker 1: You're absolutely not.

576
00:26:43,840 --> 00:26:46,520
Speaker 5: You're clipping the ticket along the way, and it's expensive.

577
00:26:46,960 --> 00:26:49,560
Speaker 5: It's an absolute raw anyway. I just think we need

578
00:26:49,640 --> 00:26:52,520
Speaker 5: to talk more about what it means when friends and

579
00:26:52,600 --> 00:26:55,720
Speaker 5: family ask for money, because there's so many things we

580
00:26:55,760 --> 00:26:58,720
Speaker 5: can help with. But at the end of the day, again,

581
00:26:58,920 --> 00:27:01,320
Speaker 5: really way up, what are you going to lose in this?

582
00:27:01,520 --> 00:27:03,560
Speaker 5: If I lend you five hundred dollars? Am I losing

583
00:27:03,600 --> 00:27:06,920
Speaker 5: the friendship? Or am I losing the money? Because most

584
00:27:06,960 --> 00:27:09,240
Speaker 5: of the time you'll lose one of those things. Last

585
00:27:09,280 --> 00:27:11,800
Speaker 5: question before we head to the break V what if

586
00:27:11,800 --> 00:27:14,959
Speaker 5: it's your partner who's asking for money. I think it's

587
00:27:15,000 --> 00:27:17,479
Speaker 5: a bit of a different circumstance, and if they're your partner,

588
00:27:17,520 --> 00:27:20,560
Speaker 5: it would be around all right, let's talk about this, Why, when, where,

589
00:27:20,640 --> 00:27:22,880
Speaker 5: how I mean, if your partner's just lost their job

590
00:27:22,920 --> 00:27:25,880
Speaker 5: because their job was not a session proof, I think

591
00:27:25,920 --> 00:27:30,080
Speaker 5: that's a wider conversation to having a balanced conversation about

592
00:27:30,119 --> 00:27:33,639
Speaker 5: budget and cash flow and supporting your partner during that time.

593
00:27:33,880 --> 00:27:36,200
Speaker 5: But I think if it's you know, just a friend,

594
00:27:36,680 --> 00:27:40,040
Speaker 5: that's a different circumstance than looking after your partner.

595
00:27:40,160 --> 00:27:41,199
Speaker 1: Yeah, very different.

596
00:27:41,280 --> 00:27:45,000
Speaker 5: Okay, very good. Let's take a break here, v David.

597
00:27:45,040 --> 00:27:47,240
Speaker 4: On the other side, guys, we will be chatting about

598
00:27:47,280 --> 00:27:49,040
Speaker 4: what we should do when it comes to our jobs

599
00:27:49,080 --> 00:27:52,680
Speaker 4: and our investments in preparation for a recession. So please

600
00:27:52,800 --> 00:28:00,639
Speaker 4: don't go anywhere, all right, Vicky d We're not panicking.

601
00:28:00,720 --> 00:28:01,720
Speaker 1: I've been called VICKI g.

602
00:28:02,359 --> 00:28:06,680
Speaker 4: We're establishing an emergency fund. We are, and we're striving

603
00:28:06,720 --> 00:28:08,760
Speaker 4: to pay off our debt as best we can.

604
00:28:08,920 --> 00:28:12,119
Speaker 5: We're not crucifying ourselves if we are in debt. We

605
00:28:12,160 --> 00:28:15,000
Speaker 5: are being very kind to ourselves. But there is a

606
00:28:15,000 --> 00:28:17,160
Speaker 5: lot more to get to. V I want to start

607
00:28:17,160 --> 00:28:20,199
Speaker 5: by talking about interest rates, which I believe you have

608
00:28:20,240 --> 00:28:23,480
Speaker 5: a special episode coming in. We hate brands Grove, the

609
00:28:23,520 --> 00:28:26,920
Speaker 5: Directential Cell Wealth. I mean, I'm unbiased, but they're a

610
00:28:26,920 --> 00:28:28,280
Speaker 5: pretty good mortgage broking company.

611
00:28:28,920 --> 00:28:32,800
Speaker 4: Pretty good, not bad, absolutely so. Interest rates have been

612
00:28:32,960 --> 00:28:36,840
Speaker 4: sickeningly high. How do we prepare for a recession if

613
00:28:36,840 --> 00:28:38,520
Speaker 4: we have a mortgage.

614
00:28:38,000 --> 00:28:39,400
Speaker 1: Let's zoom out yep.

615
00:28:39,480 --> 00:28:42,120
Speaker 5: When in doubt, dem out, zoom learn that we're gonna

616
00:28:42,120 --> 00:28:43,080
Speaker 5: look at the big picture.

617
00:28:43,440 --> 00:28:43,680
Speaker 3: Gee.

618
00:28:43,680 --> 00:28:46,000
Speaker 5: I think it's really important to put things in perspective

619
00:28:46,080 --> 00:28:48,560
Speaker 5: because if we look back to nineteen ninety, neither of

620
00:28:48,640 --> 00:28:51,600
Speaker 5: us were alive yet, but interest rates were seventeen percent,

621
00:28:52,000 --> 00:28:54,560
Speaker 5: so yes, they can get that high. However, at the

622
00:28:54,560 --> 00:28:57,840
Speaker 5: time the interest rates were seventeen percent, houses also were

623
00:28:57,880 --> 00:29:01,320
Speaker 5: costing between two and four times your your salary to purchase.

624
00:29:01,760 --> 00:29:05,560
Speaker 5: Now here in Melbourne, that's thirteen times your annual salary

625
00:29:05,560 --> 00:29:10,760
Speaker 5: to purchase a home. That's disgusting, that's sickening. However, past

626
00:29:10,760 --> 00:29:13,840
Speaker 5: performance doesn't help me from feeling not stressed right Like,

627
00:29:13,920 --> 00:29:16,440
Speaker 5: you can't just go of a People had it worse,

628
00:29:16,560 --> 00:29:19,480
Speaker 5: so you're not in the worst position. This is where

629
00:29:19,560 --> 00:29:22,000
Speaker 5: you need to take your power back. Stop looking at

630
00:29:22,000 --> 00:29:24,720
Speaker 5: the media. They're the ones making us anxious and talk

631
00:29:24,840 --> 00:29:27,640
Speaker 5: to your broker. Have a chat with them about what

632
00:29:27,680 --> 00:29:30,640
Speaker 5: that means. If you already have a mortgage, go to them.

633
00:29:31,080 --> 00:29:34,480
Speaker 5: Some banks g have actually dropped their interest rates because

634
00:29:34,520 --> 00:29:37,160
Speaker 5: they are trying to protect their communities, and I think

635
00:29:37,240 --> 00:29:40,479
Speaker 5: that's great. What a better time to refinance to a

636
00:29:40,560 --> 00:29:43,360
Speaker 5: lower interest rate to put you in the best position

637
00:29:43,520 --> 00:29:47,240
Speaker 5: going into a time of economic turmoil. However, if you're

638
00:29:47,320 --> 00:29:49,880
Speaker 5: thinking about getting into the market, it can make you

639
00:29:49,960 --> 00:29:52,640
Speaker 5: a little bit anxious because you might have the deposit

640
00:29:52,720 --> 00:29:56,040
Speaker 5: to borrow six hundred grand, but if interest rates increase again,

641
00:29:56,080 --> 00:29:58,560
Speaker 5: that might drop to like five hundred and eighty or

642
00:29:58,640 --> 00:30:01,880
Speaker 5: five hundred and fifty thousand, and that changes the ball game.

643
00:30:02,320 --> 00:30:05,000
Speaker 5: In saying that the property market is coming off, so

644
00:30:05,200 --> 00:30:07,760
Speaker 5: it's not nearly as competitive as it was, and that

645
00:30:07,840 --> 00:30:10,800
Speaker 5: means that prices are very likely to come down because obviously,

646
00:30:10,800 --> 00:30:12,680
Speaker 5: with interest rates rising, people are like, well, I don't

647
00:30:12,680 --> 00:30:14,600
Speaker 5: want to buy right now because it's more expensive than

648
00:30:14,640 --> 00:30:18,800
Speaker 5: it was, so we'll just wait. However, it's really important

649
00:30:18,840 --> 00:30:21,200
Speaker 5: to always pay attention to what your interest rate is

650
00:30:21,240 --> 00:30:23,320
Speaker 5: and make sure that you're getting the best one with.

651
00:30:23,280 --> 00:30:24,280
Speaker 1: Your mortgage broker.

652
00:30:24,720 --> 00:30:29,000
Speaker 5: So yes, rising interest rates can be really scary. But

653
00:30:29,120 --> 00:30:30,800
Speaker 5: the thing I want you to remember there is when

654
00:30:30,840 --> 00:30:33,720
Speaker 5: you speak to a broker, because of the bank's requirement,

655
00:30:33,960 --> 00:30:36,560
Speaker 5: they always add three percent when assessing what you can

656
00:30:36,600 --> 00:30:39,320
Speaker 5: pay back. So even g if you were like, all right,

657
00:30:39,320 --> 00:30:41,680
Speaker 5: well I got assessed it three percent and now the

658
00:30:41,720 --> 00:30:44,640
Speaker 5: interest rate is five and a half, your broker would

659
00:30:44,640 --> 00:30:47,000
Speaker 5: have sat you down and said, if this increases to this,

660
00:30:47,240 --> 00:30:49,360
Speaker 5: you can still pay it off. Let's have a look

661
00:30:49,360 --> 00:30:51,720
Speaker 5: at your budget and cash flow, like the bank doesn't

662
00:30:51,760 --> 00:30:53,880
Speaker 5: actually want to give you a loan you can't pay off,

663
00:30:54,280 --> 00:30:57,280
Speaker 5: because then we'd be in a circumstance like the GFC

664
00:30:57,560 --> 00:31:00,560
Speaker 5: where so many people were defaulting on mortgage because they

665
00:31:00,560 --> 00:31:03,920
Speaker 5: were given mortgages they couldn't afford. So here in Australia

666
00:31:03,960 --> 00:31:06,640
Speaker 5: there is very strict regulation, which is why it's so

667
00:31:06,720 --> 00:31:09,640
Speaker 5: hard to get into the property market around who can

668
00:31:09,680 --> 00:31:12,280
Speaker 5: have a mortgage and what the interest rate might rise

669
00:31:12,360 --> 00:31:15,560
Speaker 5: to and how to assess you So don't worry too much.

670
00:31:15,600 --> 00:31:18,280
Speaker 5: But my advice would be talk to a mortgage broker

671
00:31:18,600 --> 00:31:21,920
Speaker 5: or your financial advisor and if you're super worried about

672
00:31:21,920 --> 00:31:25,840
Speaker 5: it increasing, maybe consider having a locked in mortgage rate

673
00:31:26,120 --> 00:31:29,800
Speaker 5: instead of a variable loan going through this period of time, beautiful.

674
00:31:30,200 --> 00:31:32,320
Speaker 5: Let's move on to talk about jobs.

675
00:31:32,480 --> 00:31:32,800
Speaker 1: Now.

676
00:31:32,880 --> 00:31:35,760
Speaker 4: We mentioned last week that they can be greatly impacted

677
00:31:35,840 --> 00:31:39,600
Speaker 4: during a recession. How can we safeguard ourselves during this time.

678
00:31:39,440 --> 00:31:41,840
Speaker 5: Play the long game with your job, Gking. One of

679
00:31:41,880 --> 00:31:44,720
Speaker 5: the points you know, looking into this is that during

680
00:31:44,720 --> 00:31:48,840
Speaker 5: a recession, it's not usually recommended to move jobs. It's

681
00:31:48,920 --> 00:31:52,000
Speaker 5: usually recommended to sit down and find your place and

682
00:31:52,080 --> 00:31:55,040
Speaker 5: you know, just wait out the storm, like bunk it down.

683
00:31:55,640 --> 00:31:58,880
Speaker 5: And that makes sense because during a recession there are

684
00:31:58,920 --> 00:32:02,120
Speaker 5: less jobs going around anyway, there are less pay rises,

685
00:32:02,200 --> 00:32:04,920
Speaker 5: You're less likely to be able to move up and up.

686
00:32:05,320 --> 00:32:08,880
Speaker 5: This period of time is more about having financial stability

687
00:32:08,960 --> 00:32:11,840
Speaker 5: instead of trying to increase your pay rate. While I'm

688
00:32:11,920 --> 00:32:14,040
Speaker 5: not saying don't seize an opportunity if it's right in

689
00:32:14,080 --> 00:32:16,080
Speaker 5: front of you, like if someone knocked on your georgey

690
00:32:16,200 --> 00:32:18,120
Speaker 5: and was like, hey, here's a step up, here's a

691
00:32:18,120 --> 00:32:21,160
Speaker 5: great role. This job is quite recession proof because you're

692
00:32:21,200 --> 00:32:24,080
Speaker 5: working in an area that isn't impacted by recession. You

693
00:32:24,120 --> 00:32:26,320
Speaker 5: might go, yeah, right, no problems, but that might not

694
00:32:26,400 --> 00:32:29,600
Speaker 5: be the reality for everybody. So while I encourage you

695
00:32:29,640 --> 00:32:32,960
Speaker 5: to always back yourself, if you're not happy or supported

696
00:32:33,000 --> 00:32:37,000
Speaker 5: in your workplace, obviously move on. But I think it's

697
00:32:37,000 --> 00:32:40,680
Speaker 5: also time to realize that the job market or what's available,

698
00:32:40,680 --> 00:32:42,680
Speaker 5: and the job market is going to be much less

699
00:32:42,760 --> 00:32:45,960
Speaker 5: than it usually is because coming into times like this,

700
00:32:46,160 --> 00:32:48,600
Speaker 5: a lot of businesses and I look at it too,

701
00:32:48,880 --> 00:32:50,920
Speaker 5: you know, as a business owner, and go ooh, is

702
00:32:50,920 --> 00:32:52,840
Speaker 5: it a good idea to hire somebody else? I don't

703
00:32:52,840 --> 00:32:55,080
Speaker 5: know what's going to happen. They might just put the

704
00:32:55,120 --> 00:32:57,840
Speaker 5: brakes on hiring. They might put a hiring freeze on

705
00:32:58,040 --> 00:33:01,440
Speaker 5: just to make sure that they're not increasing or shifting around.

706
00:33:01,800 --> 00:33:04,800
Speaker 5: So the opportunities you want might not actually exist at

707
00:33:04,800 --> 00:33:07,360
Speaker 5: this point in time. If you do need to quit

708
00:33:07,720 --> 00:33:10,240
Speaker 5: and you don't have another job to immediately, go.

709
00:33:10,160 --> 00:33:12,240
Speaker 1: To emergency fund George A.

710
00:33:12,320 --> 00:33:15,280
Speaker 5: Kying make sure you have enough cash to support you

711
00:33:15,400 --> 00:33:18,120
Speaker 5: during that period of time that it might take to

712
00:33:18,200 --> 00:33:22,280
Speaker 5: find some new work. And then also side hustle, why

713
00:33:22,280 --> 00:33:25,680
Speaker 5: can't we make some extra money during this time. Let's

714
00:33:25,720 --> 00:33:28,400
Speaker 5: go side hustle. We had an uber driver on the

715
00:33:28,440 --> 00:33:31,880
Speaker 5: show a couple of weeks ago, legend making bank.

716
00:33:32,000 --> 00:33:33,200
Speaker 1: That's really flexible.

717
00:33:33,240 --> 00:33:35,560
Speaker 5: There are so many ways in twenty twenty two to

718
00:33:35,560 --> 00:33:37,280
Speaker 5: add extra income to your life.

719
00:33:37,360 --> 00:33:37,880
Speaker 1: I love it.

720
00:33:37,960 --> 00:33:40,160
Speaker 5: So if that's something you want to do, go for it.

721
00:33:40,440 --> 00:33:44,240
Speaker 5: And then if you're staying in your job, upskill, find

722
00:33:44,320 --> 00:33:46,800
Speaker 5: ways to make yourself more valuable in that. So once

723
00:33:46,840 --> 00:33:48,600
Speaker 5: we do come out the other side, maybe it's time

724
00:33:48,640 --> 00:33:50,760
Speaker 5: to grow, Maybe it's time to step up. I think

725
00:33:50,760 --> 00:33:53,600
Speaker 5: that we should always be looking for opportunities to upskill

726
00:33:53,800 --> 00:33:56,959
Speaker 5: or study or do something to get ourselves ahead, because

727
00:33:57,720 --> 00:34:01,560
Speaker 5: not only do employers expect that, but your finances are

728
00:34:01,600 --> 00:34:04,440
Speaker 5: going to benefit from you being more valuable.

729
00:34:04,560 --> 00:34:08,840
Speaker 4: Right, definitely, Okay, I feel like that's interesting because it

730
00:34:08,840 --> 00:34:12,080
Speaker 4: doesn't marry up with the great resignation that we've seen

731
00:34:12,120 --> 00:34:13,040
Speaker 4: and how many people have.

732
00:34:13,040 --> 00:34:15,440
Speaker 1: Been, so it's actually so interesting.

733
00:34:15,600 --> 00:34:20,120
Speaker 5: The juxtaposition of TikTok content again is so interesting because

734
00:34:20,160 --> 00:34:22,480
Speaker 5: so many people are like, no, you're right, tell your

735
00:34:22,480 --> 00:34:25,000
Speaker 5: boss yes and that and quit if you're not being valued,

736
00:34:25,040 --> 00:34:27,719
Speaker 5: and I totally get that. But then the juxtaposition of

737
00:34:28,000 --> 00:34:30,320
Speaker 5: there's going to be a whole heap of recession content

738
00:34:30,400 --> 00:34:33,640
Speaker 5: coming of like staying in your job and being stable, Like,

739
00:34:33,840 --> 00:34:36,839
Speaker 5: it's just so interesting how much advice floats around that

740
00:34:36,880 --> 00:34:41,560
Speaker 5: you go, this is like completely conflicting one another. So

741
00:34:41,600 --> 00:34:43,520
Speaker 5: I think the important thing is just stay in your

742
00:34:43,560 --> 00:34:45,759
Speaker 5: own lane. Look at your own job. If you work

743
00:34:45,800 --> 00:34:48,840
Speaker 5: in a job where it is quite stable during a

744
00:34:48,920 --> 00:34:50,839
Speaker 5: period of economic turmoil, you're good.

745
00:34:51,280 --> 00:34:52,440
Speaker 1: But if it's a bit.

746
00:34:52,320 --> 00:34:54,560
Speaker 5: Risky, maybe have a think about adding a little bit

747
00:34:54,600 --> 00:34:57,200
Speaker 5: of extra cash to your emergency fund, because we all

748
00:34:57,239 --> 00:34:58,400
Speaker 5: deserve to sleep well at night.

749
00:34:58,520 --> 00:35:02,000
Speaker 4: Speaking of risk fee, would you say it's too risky

750
00:35:02,000 --> 00:35:04,080
Speaker 4: if I have dreams of opening my own wine bar

751
00:35:04,360 --> 00:35:08,480
Speaker 4: or maybe a cafe that at a time of potential recession,

752
00:35:08,480 --> 00:35:10,400
Speaker 4: that's probably not the best time to be doing so.

753
00:35:10,600 --> 00:35:11,440
Speaker 1: Or should I go for it?

754
00:35:12,960 --> 00:35:15,719
Speaker 5: I want to support you so bad gee, but I

755
00:35:15,719 --> 00:35:18,160
Speaker 5: would argue that now and might not be the time

756
00:35:18,360 --> 00:35:21,000
Speaker 5: to start a cafe or a boutique that you've always

757
00:35:21,080 --> 00:35:23,960
Speaker 5: dreamed of if you don't have a solid financial plan.

758
00:35:24,560 --> 00:35:27,439
Speaker 5: Early on in a recession is not arguably the time

759
00:35:27,480 --> 00:35:29,879
Speaker 5: to stick your neck out and get it done. Later,

760
00:35:29,920 --> 00:35:33,080
Speaker 5: once the economy starts to show signs of a sustainable recovery,

761
00:35:33,200 --> 00:35:35,360
Speaker 5: then we can think about it. Then might be a

762
00:35:35,400 --> 00:35:39,680
Speaker 5: really good opportunity that you can seize, because unfortunately, during

763
00:35:39,680 --> 00:35:42,160
Speaker 5: a recession a lot of businesses do and we all

764
00:35:42,200 --> 00:35:45,239
Speaker 5: shut down, So there could be really great commercial opportunities.

765
00:35:45,400 --> 00:35:47,400
Speaker 5: Great time to pick up a cheap commercial lease if

766
00:35:47,400 --> 00:35:49,680
Speaker 5: you're opening a shop, Great time to pick up a

767
00:35:49,719 --> 00:35:52,560
Speaker 5: cafe in a good location. Maybe there are a whole

768
00:35:52,600 --> 00:35:55,839
Speaker 5: heap of opportunities, but I'm one that is quite quite

769
00:35:55,880 --> 00:35:58,480
Speaker 5: a verse to risk, and I would be concerned if

770
00:35:58,480 --> 00:36:01,440
Speaker 5: you wanted to open something right here and now, not

771
00:36:01,640 --> 00:36:03,120
Speaker 5: knowing what the future might hold.

772
00:36:03,239 --> 00:36:05,040
Speaker 1: But that information and.

773
00:36:05,000 --> 00:36:07,960
Speaker 5: That advice could have been true in COVID too, right,

774
00:36:08,400 --> 00:36:10,200
Speaker 5: And I think that we need to learn a lot

775
00:36:10,239 --> 00:36:13,040
Speaker 5: from what happened during COVID and our lockdowns, because look

776
00:36:13,040 --> 00:36:16,240
Speaker 5: at how many businesses absolutely flourished.

777
00:36:15,920 --> 00:36:17,000
Speaker 1: Even online.

778
00:36:17,239 --> 00:36:18,719
Speaker 5: So I think we just need to look at the

779
00:36:18,840 --> 00:36:22,000
Speaker 5: type of business you're opening and work out whether it's

780
00:36:22,080 --> 00:36:25,600
Speaker 5: still going to be an attractive offering when people have

781
00:36:25,760 --> 00:36:29,279
Speaker 5: less disposable income. In saying that, gee, we've also talked

782
00:36:29,320 --> 00:36:32,560
Speaker 5: on the podcast before about the lipstick recession and how

783
00:36:32,680 --> 00:36:35,520
Speaker 5: people are very likely to spend during a recession on

784
00:36:35,640 --> 00:36:38,400
Speaker 5: small luxuries because they can't afford the big ones. So

785
00:36:38,719 --> 00:36:41,600
Speaker 5: maybe Nail's the time to cease, But that is honestly

786
00:36:41,719 --> 00:36:43,440
Speaker 5: not up to me. It's going to only be up

787
00:36:43,440 --> 00:36:46,920
Speaker 5: to you. I'd just be apprehensive saying that starting any business,

788
00:36:46,960 --> 00:36:48,959
Speaker 5: you should be thinking about risk and what that means

789
00:36:48,960 --> 00:36:50,840
Speaker 5: and what's the worst thing that could happen, so that

790
00:36:50,880 --> 00:36:52,720
Speaker 5: you can plan to not have that happen.

791
00:36:52,840 --> 00:36:56,080
Speaker 4: Great podcast about business, cool, business Bible all that time.

792
00:36:56,280 --> 00:36:58,839
Speaker 5: If you're interesting, We'll bring that back at some point

793
00:36:58,880 --> 00:37:00,480
Speaker 5: next year from us it's coming.

794
00:37:01,200 --> 00:37:05,000
Speaker 4: Two final questions for today V and they involve spending

795
00:37:05,000 --> 00:37:08,480
Speaker 4: money in this time while prices are really low. If

796
00:37:08,520 --> 00:37:11,719
Speaker 4: you are in a position to invest, is now the

797
00:37:11,840 --> 00:37:14,879
Speaker 4: right time or prices alone? Can we say like shares

798
00:37:14,880 --> 00:37:17,600
Speaker 4: are on sale. Shares are on sale, so that's goodeen

799
00:37:17,920 --> 00:37:18,399
Speaker 4: money win.

800
00:37:18,680 --> 00:37:21,120
Speaker 5: But from my perspective, the best time to invest is

801
00:37:21,160 --> 00:37:23,880
Speaker 5: the time that works for you. However, a lot of

802
00:37:23,920 --> 00:37:26,200
Speaker 5: people in our community are seeing right now as a

803
00:37:26,239 --> 00:37:29,760
Speaker 5: really great opportunity to add some stuff to their portfolios

804
00:37:29,800 --> 00:37:31,600
Speaker 5: because shares are on sale.

805
00:37:31,760 --> 00:37:32,040
Speaker 1: Again.

806
00:37:32,080 --> 00:37:34,279
Speaker 5: I'd go back to your cash flow, can you afford that?

807
00:37:34,480 --> 00:37:36,680
Speaker 5: Or should you really be prepping yourself to have a

808
00:37:36,760 --> 00:37:39,520
Speaker 5: bit more of a financially secur at home, Like should

809
00:37:39,560 --> 00:37:42,800
Speaker 5: we be building up our emergency fund a little bit more?

810
00:37:42,880 --> 00:37:47,280
Speaker 5: And before anybody starts investing. Summary of my next book,

811
00:37:47,320 --> 00:37:50,080
Speaker 5: George comes out on the twentieth of October. Have an

812
00:37:50,120 --> 00:37:53,919
Speaker 5: emergency fund before we even consider investing, because we never

813
00:37:54,040 --> 00:37:56,680
Speaker 5: ever ever want to buy a share, and then what

814
00:37:56,760 --> 00:37:59,200
Speaker 5: happens if you lose your job in a month, George, Like,

815
00:37:59,239 --> 00:38:01,080
Speaker 5: then you have to say, and the market might have

816
00:38:01,160 --> 00:38:03,400
Speaker 5: gone down even more because it might have because you

817
00:38:03,480 --> 00:38:06,479
Speaker 5: lost your job. What then we pull out the money

818
00:38:06,480 --> 00:38:08,719
Speaker 5: and we've lost even more. It's just it's not a

819
00:38:08,719 --> 00:38:09,720
Speaker 5: position we want.

820
00:38:09,520 --> 00:38:10,080
Speaker 1: To be in.

821
00:38:10,160 --> 00:38:12,799
Speaker 5: Anything we put into the market, we want to put

822
00:38:12,800 --> 00:38:15,200
Speaker 5: into the market for a long period of time so

823
00:38:15,239 --> 00:38:17,960
Speaker 5: that we can benefit from the magic of compound interest.

824
00:38:18,400 --> 00:38:20,920
Speaker 5: And if you can't do that, it wouldn't be investing it.

825
00:38:21,280 --> 00:38:23,360
Speaker 5: So it's not the time to make short term gains.

826
00:38:23,400 --> 00:38:25,880
Speaker 5: It's not about buying now and selling in six months.

827
00:38:25,920 --> 00:38:29,480
Speaker 5: One because you'll have big CGT issues capital gains tax

828
00:38:29,480 --> 00:38:34,000
Speaker 5: scus I'm not needed here. But two because we just

829
00:38:34,040 --> 00:38:36,840
Speaker 5: don't want to be in a circumstance where we're forced

830
00:38:36,840 --> 00:38:40,600
Speaker 5: to sell something. And we also can't predict the markets, Like,

831
00:38:40,680 --> 00:38:42,839
Speaker 5: how do you know in six months that that's going

832
00:38:42,920 --> 00:38:43,600
Speaker 5: to go up?

833
00:38:43,960 --> 00:38:46,359
Speaker 1: If we could predict the market's jeeking up, be well,

834
00:38:46,600 --> 00:38:48,120
Speaker 1: be well, you'd definitely be wealthyer.

835
00:38:48,520 --> 00:38:51,000
Speaker 5: Oh you'd be taking about me like they talk about

836
00:38:51,040 --> 00:38:52,920
Speaker 5: Lauren Bucket, and I'm all about that.

837
00:38:53,280 --> 00:38:55,879
Speaker 4: So you would also say we're obviously in a bear

838
00:38:55,920 --> 00:38:59,520
Speaker 4: market as discussed, are we shouldn't feel the temptation to sell.

839
00:38:59,719 --> 00:39:03,680
Speaker 5: No, we need to remember the emotional journey of investing.

840
00:39:04,160 --> 00:39:07,520
Speaker 5: When people are really scared, that's often a really good

841
00:39:07,560 --> 00:39:11,080
Speaker 5: time to pick up more investments. However, it's not a

842
00:39:11,120 --> 00:39:13,840
Speaker 5: good time to sell because say you had ten shares

843
00:39:13,920 --> 00:39:15,920
Speaker 5: g and you bought them for ten dollars, so a

844
00:39:15,960 --> 00:39:19,080
Speaker 5: dollar per share, and then we're going through this bear market,

845
00:39:19,160 --> 00:39:22,560
Speaker 5: they've dropped in value. Your shares now worth fifty cents each.

846
00:39:22,680 --> 00:39:25,759
Speaker 5: You're absolutely terrified and you're like, maybe I should take

847
00:39:25,760 --> 00:39:30,520
Speaker 5: my cash off the table. No, because you're accepting less

848
00:39:30,800 --> 00:39:33,680
Speaker 5: for something that was worth more. And we want to

849
00:39:33,719 --> 00:39:35,840
Speaker 5: make sure that we are putting ourselves in the best

850
00:39:35,840 --> 00:39:39,040
Speaker 5: possible position, and the best position is to educate ourselves

851
00:39:39,120 --> 00:39:40,799
Speaker 5: on what that means and have a look at those

852
00:39:40,840 --> 00:39:43,120
Speaker 5: shares and go all right, well, right now they're worth

853
00:39:43,120 --> 00:39:45,799
Speaker 5: fifty cents each of my share portfolio might only be

854
00:39:45,840 --> 00:39:48,400
Speaker 5: worth five dollars. But when in doubt, zoom ount. We

855
00:39:48,480 --> 00:39:53,200
Speaker 5: look at how every other hiccup in history has always recovered,

856
00:39:53,239 --> 00:39:55,880
Speaker 5: and then some you look at the Great Depression, you

857
00:39:55,920 --> 00:39:58,799
Speaker 5: look at the GFC, you look at COVID. We are

858
00:39:58,920 --> 00:40:03,120
Speaker 5: up and up. Since then, nobody, if they had invested

859
00:40:03,200 --> 00:40:06,160
Speaker 5: ten thousand dollars over a period of thirty years in

860
00:40:06,200 --> 00:40:09,800
Speaker 5: the Australian stock market, had a portfolio that went back food, George,

861
00:40:10,280 --> 00:40:12,400
Speaker 5: So we need to zoom out see the big picture.

862
00:40:12,440 --> 00:40:15,640
Speaker 5: It might be stressful. However, the amount that you are

863
00:40:15,719 --> 00:40:18,719
Speaker 5: seeing in your investment portfolio today is not how much

864
00:40:18,760 --> 00:40:22,120
Speaker 5: money you have. It's how much money your investment portfolio

865
00:40:22,160 --> 00:40:25,200
Speaker 5: would be worth if you sold it. But we're not

866
00:40:25,239 --> 00:40:25,719
Speaker 5: going to sell it.

867
00:40:25,719 --> 00:40:27,440
Speaker 1: Are we just not going to sell it?

868
00:40:27,760 --> 00:40:30,440
Speaker 5: And the same is true if you're looking at your superannuation,

869
00:40:30,600 --> 00:40:34,000
Speaker 5: you're like, should I put it in a more conservative portfolio? Okay,

870
00:40:34,040 --> 00:40:37,280
Speaker 5: well that might be more aligned to your risk profile. However,

871
00:40:37,960 --> 00:40:41,160
Speaker 5: if you move it right now, you are accepting losses

872
00:40:41,280 --> 00:40:44,279
Speaker 5: in that previous portfolio to then sell it down and

873
00:40:44,320 --> 00:40:46,200
Speaker 5: put it in a different one. Is that what you

874
00:40:46,239 --> 00:40:48,080
Speaker 5: want to do with your money? But I can't answer

875
00:40:48,080 --> 00:40:49,960
Speaker 5: that for you. You might not want to do that,

876
00:40:50,040 --> 00:40:52,279
Speaker 5: g but someone else might go. But V I'd sleep

877
00:40:52,320 --> 00:40:53,160
Speaker 5: so much better at night.

878
00:40:53,360 --> 00:40:54,200
Speaker 1: You do, you boo.

879
00:40:54,520 --> 00:40:57,240
Speaker 5: But our job is to make sure you are super

880
00:40:57,400 --> 00:41:00,520
Speaker 5: educated and have all the tools and skills and options

881
00:41:00,520 --> 00:41:03,560
Speaker 5: on the table necessary to make the right decision for you.

882
00:41:03,640 --> 00:41:05,799
Speaker 5: Because sadly, as much as I would love to give

883
00:41:05,840 --> 00:41:08,720
Speaker 5: each and every single one of you personal advice and go, gee,

884
00:41:08,760 --> 00:41:11,279
Speaker 5: this is right for you, Ana, Lisa, this is right

885
00:41:11,280 --> 00:41:13,200
Speaker 5: for you, Lucy the Dog, this is how you do

886
00:41:13,239 --> 00:41:16,560
Speaker 5: your finances, Unfortunately, there's not enough of me to go around.

887
00:41:16,800 --> 00:41:17,879
Speaker 1: And that's why I.

888
00:41:17,800 --> 00:41:19,480
Speaker 5: Want to put you in a position where you can

889
00:41:19,520 --> 00:41:20,880
Speaker 5: make that decision for yourself.

890
00:41:21,000 --> 00:41:24,160
Speaker 4: All right, VD, I'm feeling zen, I'm feeling calm and

891
00:41:24,160 --> 00:41:27,200
Speaker 4: feeling ready for this gorgeous recession on the way. Moral

892
00:41:27,239 --> 00:41:29,480
Speaker 4: of the story is set yourself up with an emergency fund.

893
00:41:29,640 --> 00:41:32,239
Speaker 5: Yeah. Moral of the story is that always understand what

894
00:41:32,280 --> 00:41:34,239
Speaker 5: it means to go through a period of time that

895
00:41:34,360 --> 00:41:38,080
Speaker 5: isn't so certain, and maybe think about upskilling or doing

896
00:41:38,120 --> 00:41:41,640
Speaker 5: some side jobs, or how are you going to generate

897
00:41:41,680 --> 00:41:43,640
Speaker 5: income if you were to lose your job.

898
00:41:43,680 --> 00:41:45,960
Speaker 1: I think is a very good question to answer yourself.

899
00:41:45,960 --> 00:41:46,400
Speaker 1: As well.

900
00:41:46,480 --> 00:41:49,799
Speaker 4: As I said in a previous episode, V, honestly, I'm

901
00:41:49,840 --> 00:41:53,600
Speaker 4: excited for this period after the recession. Yeah, the flapper era, oh,

902
00:41:53,640 --> 00:41:56,600
Speaker 4: the flappey era getting in our little skirts. We're going

903
00:41:56,640 --> 00:41:57,200
Speaker 4: for a dance.

904
00:41:57,400 --> 00:42:00,760
Speaker 1: Oh, we we're going. I love it. We're all invited.

905
00:42:00,840 --> 00:42:04,719
Speaker 4: She's on the Money having against part Yeah, absolutely, just you're.

906
00:42:04,680 --> 00:42:05,680
Speaker 1: Done here, alrighty.

907
00:42:05,680 --> 00:42:08,360
Speaker 4: The advice chair on She's on the Money is general

908
00:42:08,440 --> 00:42:11,919
Speaker 4: in nature and does not consider your individual circumstances. She's

909
00:42:11,960 --> 00:42:14,920
Speaker 4: on the money exists purely for educational purposes and should

910
00:42:14,920 --> 00:42:16,799
Speaker 4: not be relied upon to make an investment or a

911
00:42:16,800 --> 00:42:20,600
Speaker 4: financial decision. And we promise Victoria divine and She's on

912
00:42:20,640 --> 00:42:25,320
Speaker 4: the Money are authorized representatives in Focus Securities Australia Proprietary

913
00:42:25,360 --> 00:42:28,200
Speaker 4: Limited AVM four seven zero nine seven seven nine seven

914
00:42:28,320 --> 00:42:31,640
Speaker 4: zero four nine as L two three six by two three.

915
00:42:32,200 --> 00:42:35,800
Speaker 1: We will see you on Friday. Team, see you on Friday, guys.

916
00:42:35,840 --> 00:42:36,160
Speaker 5: Bye,