Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to a brand new you with She's
Speaker 4: on the Money.
Speaker 2: The Happy Yeah, Happy newv Oh my gosh, how exciting.
Speaker 4: This is so exciting.
Speaker 2: I feel like the last five years have like flown by.
Speaker 2: It wasn't just like the last year. It's like the
Speaker 2: last five years. Do you know twenty nineteen was five
Speaker 2: years ago?
Speaker 4: I cannot believe that.
Speaker 2: It's actually insane anyway, what are we doing? Beck?
Speaker 4: Okay, so new year, knew you, knew me, knew us.
Speaker 4: So obviously I feel like we're you know, setting intentions
Speaker 4: and goals and those kind of go hand in hand.
Speaker 4: We're seeing happy new year at this time of year.
Speaker 2: Which I'm really excited about because side note, in two
Speaker 2: days my Best Year Yet course is coming out and
Speaker 2: it's essentially a course for setting goals and intentions. Oh,
Speaker 2: not about investing, not about money. It's more like amazing
Speaker 2: you know how sometimes I get like my ADHD side
Speaker 2: gig things that happened. I was like, I'm going to
Speaker 2: sit down with all of my friends and set some goals,
Speaker 2: but like tangible ones so that we can set ourselves
Speaker 2: up for the best year yet. So do that, or
Speaker 2: we can talk more about money, which is obviously why
Speaker 2: you're on this podcast, because we want to be the
Speaker 2: best investor ever. Like it's your yet for being an investor.
Speaker 4: I think it might be. I've got a good feeling
Speaker 4: between twenty four.
Speaker 2: Are you gonna start investing this year?
Speaker 4: Be genuinely, Like I know you probably don't believe me,
Speaker 4: but genuinely, I think I will.
Speaker 2: I feel like you've had your toes like dipping sort
Speaker 2: of in the water, even doing a bit more research. Yeah,
Speaker 2: like you know, getting excited about it. Like now when
Speaker 2: I talk to you about investing. You're not like wait, why,
Speaker 2: You're like, where do I start? Which is really fun? Yes,
Speaker 2: thank you, thank you for it's really fun, even if
Speaker 2: you don't do it right now, like maybe even in
Speaker 2: six months when you're actually ready, because how many times
Speaker 2: do people go when's the best time to invest? The
Speaker 2: best time to invest is when you're ready, Beck, Yes,
Speaker 2: because otherwise it's overwhelming and you're going to back out
Speaker 2: and run away.
Speaker 4: Yes, exactly. We don't want you doing.
Speaker 2: Something early just because you think it's a good idea.
Speaker 4: Absolutely, But that takes me to the point of the episode.
Speaker 4: Today we are talking five ways to be better investor
Speaker 4: in twenty twenty four. But in true She's on the
Speaker 4: Money style, we want to make sure it's all sustainable.
Speaker 2: It's all they talk about, right, Like, Hi, welcome to
Speaker 2: twenty twenty four Victoria Divine back on the mic being
Speaker 2: a broken record again, like I love it. But that's
Speaker 2: why we've got to talk about. You know, when it
Speaker 2: comes to sustainability, it's not about investing in sustainable shares.
Speaker 2: It's actually creating a strategy that's sustainable for you, Beck,
Speaker 2: creating a strategy that you can commit to, because I
Speaker 2: think there's this misconception still even in twenty twenty four,
Speaker 2: that you have to have lots of money to be
Speaker 2: an investor or, you have to be going big or
Speaker 2: not bothering at all, whereas we don't need to go
Speaker 2: big or go home. We actually just need to commit
Speaker 2: to something small and continuous and sustainable, and that's what
Speaker 2: this episode is about. Obviously, if you want to go
Speaker 2: back and listen to our Ethically Investor podcast or our
Speaker 2: sustainable investing podcasts, go do that. Will make sure that
Speaker 2: you know they're linked in the show notes, but this
Speaker 2: is more like an episode to make sure that you
Speaker 2: beck and everyone listening is just really confident about going
Speaker 2: into twenty twenty four because obviously we haven't heard from
Speaker 2: the RBA yet. Slightly nice thing. They don't actually meet
Speaker 2: in January, so like interest rates aren't going to go
Speaker 2: up until February. Okay, so we've got a bit of time,
Speaker 2: got a bit of time before the RBA have their
Speaker 2: big board meeting. So obviously in December they were like, no,
Speaker 2: we're going to give you a little bit of reprieve,
Speaker 2: and we were like, thank you so much.
Speaker 4: Yes, they're not.
Speaker 2: Going to stack it on us in January, but in February,
Speaker 2: I think that we might get a rude surprise, but
Speaker 2: that doesn't mean we can't thrive still. Yes, so I
Speaker 2: think it's super, super exciting, And I mean, this is
Speaker 2: not going to be like a Hey Beck, here's actually
Speaker 2: a list of investments I think you should buy to
Speaker 2: have your best year. Yet it's actually more of a
Speaker 2: you know, give a gal a fish in your feeder
Speaker 2: for a day, Teach a gal to fish, and she'll
Speaker 2: teach the rest of you know, the community to fish,
Speaker 2: and we'll all be better off for it, because that's
Speaker 2: what we do here at She's on the money. Essentially,
Speaker 2: when one of us rises, we all rise because we
Speaker 2: all gain I guess a bit of confidence.
Speaker 4: The ship rises with the tides.
Speaker 2: Orter rely, we are the tide.
Speaker 4: We are the time tie, and our community is the ship.
Speaker 2: I mean, I could give you a list of my
Speaker 2: favorite I guess shares, but I actually can't now I
Speaker 2: think about it because I'm licensed to give general financial
Speaker 2: advice legally not allowed. But I mean over the next year,
Speaker 2: like last year, so obviously side note New Year. Knew
Speaker 2: us very excited to be back on the show, but
Speaker 2: like we sat down and did all this strategy for
Speaker 2: she's on the money content for the next you know,
Speaker 2: twelve months, there's a lot coming up, Like very excited.
Speaker 2: There's so much stuff coming up on like you know,
Speaker 2: picking shares and the right shares and like kind of
Speaker 2: taking it to the next level, which I'm really excited about.
Speaker 2: But this one's really more of a confidence episode, getting
Speaker 2: you on the right track and at the end of
Speaker 2: the day back even if I was like, all right,
Speaker 2: well you know what, I will give you my favorite shares,
Speaker 2: that actually only would help you in the short term,
Speaker 2: not in the long term, because what happens in six
Speaker 2: months when the markets change stressing out about what's going on,
Speaker 2: So it would get me in trouble as well. So
Speaker 2: we don't want to do that, of course. So my
Speaker 2: job here is to get you educated, get you on
Speaker 2: your journey, keep you on your journey, help build I guess,
Speaker 2: your intuition around investing and the instincts that are gonna
Speaker 2: last a lifetime when it comes to the investment world.
Speaker 2: Before the breakback, we've got a lot to cover. But
Speaker 2: before we get there, I'm actually going to give you
Speaker 2: some things to think about to help you get into
Speaker 2: an investment mindset, because this year, for me, it's all
Speaker 2: about mindset. It's all about reframing about mindset, about making
Speaker 2: sure that we're not comparing ourselves. I've talked so much
Speaker 2: historically about comparison culture, and perhaps this year I'm more
Speaker 2: passionate about it because I'm doing that a lot. Or
Speaker 2: I found myself in the last six months, just like
Speaker 2: really looking at other people and what they were achieving
Speaker 2: and making myself feel bad about it. And I'm assuming
Speaker 2: if I'm doing that, because social media is so prevalent.
Speaker 2: You know, you're on TikTok, you're on Instagram all the time,
Speaker 2: I'm assuming I'm not the only one. So let's get
Speaker 2: over this. We're gonna have our best year yet. Like,
Speaker 2: let's get on the right track. Let's do a little
Speaker 2: bit of I guess an investment and mindset spring clean
Speaker 2: so that we can all be super pumped for what
Speaker 2: we can achieve and not be worrying so much about
Speaker 2: what we haven't achieved yet, because that doesn't help us,
Speaker 2: does it.
Speaker 1: No?
Speaker 2: Never, So after the break, then we're going to go
Speaker 2: through my top five key things that are going to
Speaker 2: help make you a better investor in twenty twenty four.
Speaker 2: So I feel like I've written this out. Yeah, I
Speaker 2: think it's gonna be powerful, beck.
Speaker 4: Yep, I think so. I'm very excited for after break,
Speaker 4: but I'm also excited for before break.
Speaker 2: We're gonna be a bit more fluffy before break, but
Speaker 2: before break, maybe I need to stop using the word fluffy.
Speaker 2: We need to be more like. No, mindset's actually really important. Yes,
Speaker 2: mindset is ninety percent of your or even ninety nine
Speaker 2: percent of your investment journey. Like no, if you're not committed,
Speaker 2: if you're not confident, if you aren't you know, trusting
Speaker 2: your gut and actually doing the research, like, you're not
Speaker 2: gonna have a good investment journey totally.
Speaker 4: And you know what they say about mindset starts in
Speaker 4: the vocal or something like that. Probably don't say did.
Speaker 2: You just make that?
Speaker 4: I made that up? That's really good, thank you, no
Speaker 4: v So we know that historically men were more inclined
Speaker 4: to invest than women, but what are the latest stats
Speaker 4: on that?
Speaker 2: I mean, before we get there, men are more likely
Speaker 2: to invest than women, probably because they get paid more
Speaker 2: than us and have much, you know, money to play with.
Speaker 2: Just an issue that come March, come International Women's day
Speaker 2: come equal payday. I'm gonna be having some words with
Speaker 2: you about women are better investors if we do the
Speaker 2: research than men. But I'm not who that is a
Speaker 2: big call. Last year the ASX Australian Investors Study, they
Speaker 2: surveyed five thousand, or around five thousand, five hundred Australian
Speaker 2: adults and they found a few things that I think
Speaker 2: you're interesting here. Fifty one percent of Australian adults invest
Speaker 2: Oh isn't that cool? Fifty one percent percent more than half,
Speaker 2: more than half. Forty two percent of those are women.
Speaker 4: Okay, okay, okay.
Speaker 2: Obviously the stats aren't as exciting. So the average age
Speaker 2: of an Australian investor beck Actually, guess what do you
Speaker 2: think the average age of an Australian investor is?
Speaker 4: I'm skewing younger. Oh yeah, I just I think twenty seven. No,
Speaker 4: it's forty.
Speaker 2: Seven, okay, which is really good because lots obviously we
Speaker 2: have forty seven year old listeners. In fact, I got
Speaker 2: a letter the other day, a handwritten.
Speaker 4: Letter, and written letter.
Speaker 2: I cried for like two hours.
Speaker 4: Oh my goodness.
Speaker 2: A woman in her seventies had written in and said
Speaker 2: that she had finally started investing for her future. Whoa,
Speaker 2: and it made my heart so full because there's obviously
Speaker 2: no such thing as being too late.
Speaker 4: Yeah.
Speaker 2: But what excites me most about that stat, Beck, is
Speaker 2: most of our community sit below that, so that she's
Speaker 2: on the money. Community sits between the age of twenty
Speaker 2: five and thirty five on average. Obviously, we have heaps
Speaker 2: of outlies and absolutely everybody is welcome, but like we
Speaker 2: as a com community are starting earlier than the average.
Speaker 4: Great.
Speaker 2: You know what that does puts us significantly ahead. Like
Speaker 2: that's epic to me, and it makes me so so
Speaker 2: excited because it just means, Beck, our community is ahead
Speaker 2: of the game, even if you haven't even started investing yet.
Speaker 4: Yeah, I love that, will Genia says, look at us
Speaker 4: go Yeah, seriously, I'm really excited for so excited for
Speaker 4: everyone's future right now. But often getting started speaking and
Speaker 4: getting started that is kind of the worst part of
Speaker 4: the process.
Speaker 2: Because everyone's putting it off until they're a.
Speaker 4: That's why I've put off like literally the whole year.
Speaker 2: But can you give away with three days into the year.
Speaker 4: Yeah, I forgot what day was. Oh my gosh, it's
Speaker 4: twenty twenty four.
Speaker 2: I have've literally been been putting it off all years.
Speaker 4: Yeah all ye all year, three whole days. V. But
Speaker 4: can you give me and the community some tips on
Speaker 4: how to make a start when you can't really get
Speaker 4: started analysis paralysis?
Speaker 2: Yeah exactly. We call it analysis paralysis. And you know what,
Speaker 2: women are worse at this than men, Like men are
Speaker 2: more likely to just like jump in, give it a crack,
Speaker 2: no worries, mate, Yeah, I don't really know what I'm
Speaker 2: going to do, but I'm going to make it up
Speaker 2: as I go. That's not us, is it like we've
Speaker 2: got more to lose? Yeah exactly, that's not us at all.
Speaker 2: And what I see, I guess in our community is
Speaker 2: our community picks up the information goes, oh my gosh,
Speaker 2: I have never, you know, really thought about this before,
Speaker 2: or it's never been presented in a way that's been
Speaker 2: appealing to me before. And so they start diving into
Speaker 2: the content. Right, they might read my books, they might
Speaker 2: read other finance content creators books. You might be absorbing
Speaker 2: lots of different podcasts like You've got She's on the Money,
Speaker 2: You've obviously got my millennial money and a heap of
Speaker 2: I guess other people in our network and beck that
Speaker 2: to me, does beautiful things because it educates you and
Speaker 2: it makes me so so excited because I know you're
Speaker 2: on the right path. But sometimes you get a little
Speaker 2: bit too deep and you go, all right, well, you know,
Speaker 2: last year they put out her top ten performing ETFs,
Speaker 2: and then Glenn put out here, and a few other
Speaker 2: you know, finance podcasts have started doing the same, and
Speaker 2: you start comparing them and being really critical, and then
Speaker 2: you go, oh, they're not all the same, and they're
Speaker 2: never going to be the same. Beck like everybody in
Speaker 2: this space has different opinions, different methodologies that they work with,
Speaker 2: and you get what's called analysis paralysis, which is where
Speaker 2: you go, I've been doing so much research, and I've
Speaker 2: been trying so hard to become a good investor, and
Speaker 2: now I'm more confused than ever because you're trying to
Speaker 2: get too much into the nitty gritty before even diving in.
Speaker 2: And the best thing that you can do is actually
Speaker 2: pick a platform first. Don't try and pick your first
Speaker 2: share before picking a platform. Pick your platform, work out
Speaker 2: you know the pros and cons of each platform, because
Speaker 2: they're all very different. Pick the one that works for you,
Speaker 2: and then start doing your research using that platform, not
Speaker 2: using everybody else's opinions, because opinions they're like butttholes. Everyone
Speaker 2: has them, and no one really cares about each other's right,
Speaker 2: Like I.
Speaker 4: Care about yours?
Speaker 1: Do you?
Speaker 2: Thank you so much? I'm pregnant, So there's a lot
Speaker 2: going on. But I think it's really important to not
Speaker 2: get analysis paralysis and get too deep and think that
Speaker 2: you're going to mess it up. Especially in the She's
Speaker 2: on the Money community, we are always saying, beck, just
Speaker 2: start with five bucks, Like we're not trying to risk
Speaker 2: your life savings. That's a really dumb idea, because we
Speaker 2: want to build your confidence over time. It's five bucks.
Speaker 2: I have lost more on less, I promise, And like,
Speaker 2: don't get me wrong, I'm not saying that five dollars
Speaker 2: isn't a lot of money, especially like when you get
Speaker 2: to the end of the month and there's still not
Speaker 2: enough money left. Yes, like five bucks far out that
Speaker 2: can stretch, right.
Speaker 4: That'll save your life, that'll save your bi like you
Speaker 4: can buy a.
Speaker 2: Lot of dry pasta for that. Pinitely, we need to
Speaker 2: also realize that if you're on your investing journey, you've
Speaker 2: probably got a few things set in place. You probably
Speaker 2: have a budget, you have your cash flow sorted out,
Speaker 2: you have a bit of an emergency fund. So that
Speaker 2: five bucks that we're investing with for the first time, Beck,
Speaker 2: it shouldn't impact your day to day life. It shouldn't
Speaker 2: be the thing that is make or break. And if
Speaker 2: it is, now's not the time to invest. Now's the
Speaker 2: time to focus on you and maybe getting a little
Speaker 2: bit of an emergency fund behind you, even if you
Speaker 2: are really passionate about money. So I have four things
Speaker 2: that I want you to consider here. Okay, So first things, First,
Speaker 2: set yourself a deadline and make a decision, like just
Speaker 2: do it, like do it, just do it, just do it.
Speaker 2: If you have no timeline for when a decision needs
Speaker 2: to be made, you're ultimately going to spend a lot
Speaker 2: of time, just like I guess, waffling back and forth
Speaker 2: between different options and then ultimately not making a decision.
Speaker 2: So set yourself a deadline or a specific timeframe for
Speaker 2: when that decision needs to be made. So, and I
Speaker 2: want you to do this, Tue Beck, great idea. I
Speaker 2: want you to go, all right, I know I'm going
Speaker 2: to invest, you know, my first five dollars by the
Speaker 2: end of February yeah, but where you don't know right now,
Speaker 2: but like at least you know that that deadline's coming up,
Speaker 2: and you go, oh, I'm really going to have to
Speaker 2: make a decision on where this is going. Otherwise it
Speaker 2: will be June and then it will be September and
Speaker 2: then it will be December and we'll be talking about
Speaker 2: content for twenty twenty five.
Speaker 4: That's true. Yes.
Speaker 2: The second thing I want you to do is narrow
Speaker 2: down your options early. So if you have an overwhelming
Speaker 2: amount of options, which often we all do, get rid
Speaker 2: of some of them right away. So like there might
Speaker 2: be heaps of options on the table that you're like, oh,
Speaker 2: that one's really nice, but it doesn't really suit me,
Speaker 2: but I'm going to leave it on the table. She's
Speaker 2: in the bin for now. Yeah, So figure out what
Speaker 2: you want your expected outcome or decision to be, and
Speaker 2: then get rid of any options that don't actually fit
Speaker 2: the qualifications I suppose of this outcome. So if you're like, oh,
Speaker 2: I really want good diversification and I don't want to
Speaker 2: manage things actively myself, well let's get rid of all
Speaker 2: of the direct shares and only focus on like the
Speaker 2: ETFs or managed funds. Because even if your friend said,
Speaker 2: you know, NAB or BHP or an individual share is
Speaker 2: a good option, that's not going to work for the
Speaker 2: strategy that you've got. And I feel like so many
Speaker 2: times when we're starting our investment journey, we like want
Speaker 2: to take everybody's opinion into account. Well, beck, she's investing
Speaker 2: in direct shares, maybe I should copy her, because you know,
Speaker 2: beckst a really good job. But if you then didn't
Speaker 2: want to ultimately manage direct shares, well, why is it
Speaker 2: still on the table? Why are we overwhelming ourselves?
Speaker 4: Right that put in the bin? Put in the bin,
Speaker 4: don't think.
Speaker 2: Twice number three, We're going to practice decision making quickly.
Speaker 2: So this is where impulsivity, it's not the worst thing
Speaker 2: in the entire world. You and I we are going
Speaker 2: to thrive with this. Forot impulsive, I would get out.
Speaker 4: I wouldn't have put impulsivity and investing investing in the
Speaker 4: same sentence.
Speaker 2: But hear me out, hear me out.
Speaker 4: Okay.
Speaker 2: The inconsequential things like deciding where to eat for dinner
Speaker 2: or what path to take when you get to work
Speaker 2: are going to help you be more decisive when you're
Speaker 2: making bigger decisions. So when It comes down to it,
Speaker 2: like if you're doing analysis paralysis on a few different
Speaker 2: investing platforms and you've whittled it down to like three,
Speaker 2: just pick one. I promise they're all going to be
Speaker 2: very similar, Like, just pick one back if you don't
Speaker 2: like it. Down the track, We're not trying to invest
Speaker 2: your life savings. Swapping platforms is not going to be
Speaker 2: the end of the world.
Speaker 4: That is very, very true. It's like the start of
Speaker 4: Pokemon when you have to pick any kind of one
Speaker 4: of the three creatures. Just do it. Yeah, just a
Speaker 4: Meani miney Mo situation exactly.
Speaker 2: I really like to saying. And I feel like I've
Speaker 2: embraced this a lot in the last six months. It's
Speaker 2: not that deep, Beck, It's not that deep. Like when
Speaker 2: making decisions on different things, I feel like I've been
Speaker 2: really overwhelmed. And I mean it makes sense because in
Speaker 2: the last six months, Beck, I've been preparing to have
Speaker 2: a baby, and there's a lot of decisions that you
Speaker 2: need to make, Like far out. Everyone's got an opinion
Speaker 2: on the snoo, which is like this automatic basinette for
Speaker 2: your baby, like rocks your baby back to sleep. Right, Oh,
Speaker 2: cozy sounds great, but then you start reading mum forums,
Speaker 2: and then you start listening to people on Instagram, and
Speaker 2: then you're in some random mum Facebook group which you
Speaker 2: never thought you were going to be in, and you're
Speaker 2: taking all these opinions on and some people are like,
Speaker 2: beck this snoo's the best thing that's ever happened to
Speaker 2: me in my entire life. And then other moms are like,
Speaker 2: I would never let my kid in a snooz. That's irresponsible.
Speaker 2: You cannot have a bacinet rocking your baby back to
Speaker 2: sleep when you should be connecting with them. You're like, oh, oh,
Speaker 2: didn't think of it that way, and then someone else
Speaker 2: is like, that's a very expensive basinet and my baby
Speaker 2: hated it, and you're like, oh, what if that happens
Speaker 2: to me? Like so you're getting all these conflicting opinions
Speaker 2: from different people, but in reality, what matters is whether
Speaker 2: I want to do that or not. Sure not what
Speaker 2: Shirley on an internet forum has said about how her
Speaker 2: baby did it, because her baby's not actually going to
Speaker 2: be my baby. And they're all different, and the same
Speaker 2: goes for investing. Sometimes, Becky, you just got to pick one.
Speaker 4: Give it a crack yep, that's so true.
Speaker 2: I did get the snow.
Speaker 4: Did you get the snow?
Speaker 2: I got the snow. We're going to give it a crack.
Speaker 2: I love it.
Speaker 4: Do you think you could fit an adult in there?
Speaker 2: Honestly, my husband's already like, do you reckon? There's like
Speaker 2: an adult version of this? Seriously, that rocks you back
Speaker 2: to sleep, right if it notices you're awake as well,
Speaker 2: it gives you like sleep sounds. Oh that is so considerate,
Speaker 2: so cute. And they get strapped in in there like spottles,
Speaker 2: so they're really snuggy buggy.
Speaker 4: Oh my god, I.
Speaker 2: Want an adult snow. Anyway. Moving on, that's where we're
Speaker 2: talking about practicing decision making and you know, being a
Speaker 2: bit impulsive. We're not saying be impulsive from the start.
Speaker 2: We're saying, let yourself be impulsive. Once you've done all
Speaker 2: of that research and you have your list, you know what,
Speaker 2: you probably like all of the options and they're all going.
Speaker 4: To work, right, Yeah, you deserve a bit of impulsivity
Speaker 4: at that point.
Speaker 2: Not that deep. That deep, and number four use a
Speaker 2: framework for your decision making process, so believe it or not,
Speaker 2: there is a whole framework for the decision making process.
Speaker 2: So by following a step by step guide, you can
Speaker 2: actually help take away some of the cognitive heavy work
Speaker 2: that's required to make a really big decision. And you
Speaker 2: can find obviously lots of resources online to help guide
Speaker 2: you through I guess the steps to effective decision making.
Speaker 2: And I'm not giving you a specific resource here because
Speaker 2: I think you should google it yourselves and find a
Speaker 2: framework that kind of resonates with you, because there's lots
Speaker 2: of them. So I would google decision making framework and
Speaker 2: like then because I'm lazy, and I'm also a visual
Speaker 2: click on images.
Speaker 4: Oh my god, I do the same things.
Speaker 2: I don't want to read all of the articles. I'm
Speaker 2: a click the images and I want to see what
Speaker 2: flow chart makes the most sense for me, and then
Speaker 2: I will pick that one. Because it actually doesn't matter
Speaker 2: which framework you use as long as you're using something
Speaker 2: to get to an end destination. Yeah, does that make sense?
Speaker 1: Yeah?
Speaker 4: Absolutely.
Speaker 2: I mean I'll probably post a decision making framework sometime
Speaker 2: this week on our Instagram because I have one that
Speaker 2: I like. You don't need to use that one, you
Speaker 2: can use anyone. And I actually think it's really important
Speaker 2: to have a look at like the different options and
Speaker 2: methodologies that exist.
Speaker 4: I'm going to keep my keen eye out for that.
Speaker 2: I'll send it to you direct.
Speaker 4: Thank you so much. No worries now that we've kind
Speaker 4: of gotten over analysis paralysis?
Speaker 2: Oh over it? Oh?
Speaker 4: Like probably not.
Speaker 2: I think we're more aware of We're just not good
Speaker 2: at dealing with it.
Speaker 1: Yeah.
Speaker 2: Yes, we've got the tools that we need.
Speaker 4: To exactly exactly what would you say? The first step
Speaker 4: is to getting ourselves into an investing mindset.
Speaker 2: I just choose just a choice, that's right, Yeah.
Speaker 4: Just choose investing mindset.
Speaker 2: No, absolutely not. That's not how the world works. You
Speaker 2: can't just decide to change your mindset. It's so much work, right,
Speaker 2: It's like therapy, Like yeah, I mean, if we could
Speaker 2: just choose to be mentally better, we would, wouldn't we
Speaker 2: I suppose anyway. That's what keeps my therapist in business.
Speaker 2: But first things first, I would say, do your budget
Speaker 2: and cash flow so we know what you're working with.
Speaker 2: This is obviously really important at the start of this year,
Speaker 2: but also before setting any goals, because do you know
Speaker 2: how disheartening it is? And I'm sure you've experienced this before. Actually,
Speaker 2: I know you've experienced this before, because late last year
Speaker 2: you were talking about how you really wanted to go
Speaker 2: to Meredith, and then you didn't go to Meredith because
Speaker 2: your budget didn't allow for it, and you're like, oh,
Speaker 2: I probably shouldn't do this, but like you were all like,
Speaker 2: I'm going, I'm going, I'm going. Didn't have a ticket yet,
Speaker 2: but like you were going, you were going, and then
Speaker 2: it came closer to the date and you realized, I
Speaker 2: think quite quickly, oh I actually don't have the budget
Speaker 2: for this. And as much as you, I guess from memory,
Speaker 2: took that in your stride, you were like, you know what,
Speaker 2: I'm really proud of myself for making that decision. But
Speaker 2: if you've done your budget and cash flow and known
Speaker 2: what additional income you had to I guess do that
Speaker 2: would be I can almost guarantee you would have gone
Speaker 2: to Meredith because there was like a plan in place
Speaker 2: and were working towards it. And it's just a good example.
Speaker 2: It's not a good or a bad thing. We just
Speaker 2: all know that Besied buries her head in the sand
Speaker 2: when it comes to budget still, and one of my
Speaker 2: goals for this year is to sit your sorry button
Speaker 2: down and go through.
Speaker 4: It with you know me too well.
Speaker 2: But it's really important to do this before setting goals,
Speaker 2: because there's nothing more disheartening than going, oh, I don't
Speaker 2: get to do that anymore, and I really want to
Speaker 2: do because you really wanted to go to Meredith. I
Speaker 2: really did, and it was really annoying that you didn't
Speaker 2: get to go.
Speaker 1: I know.
Speaker 2: So we can avoid that in the future, and that
Speaker 2: can be the same for like literally any goal in
Speaker 2: our life, whether it is a financial goal or like
Speaker 2: an emotional goal or any other type of goal. Set
Speaker 2: your financial goals back. But when I say set your
Speaker 2: financial goals, let's like take a step back. Obviously I've
Speaker 2: said this before and I'll say it again when in
Speaker 2: doubt zoom out. Let's look at the long term. What
Speaker 2: are your long term goals? Then what are your medium
Speaker 2: term goals? And your short term goals. Again, we're gonna
Speaker 2: use Meredith as an example here. Meredith was more of
Speaker 2: a short term goal. Wasn't like a long term you'd
Speaker 2: been planning for years to go. It was more tickets
Speaker 2: came out and you're like, oh, yeah, I do really
Speaker 2: want to go, and it's in the next few months,
Speaker 2: I'm gonna go to work towards that. We actually need
Speaker 2: to look at all of them, because let's be honest,
Speaker 2: in this economy, beck can't do everything at once. No, absolutely, Like,
Speaker 2: and if you've got this medium term goal of going
Speaker 2: on and overseas holiday and maybe a longer term goal
Speaker 2: of buying your first home, you might go, hold up,
Speaker 2: hold up, hold up. If I go to Meredith, I'm
Speaker 2: not going to be able to go to Bali with
Speaker 2: my girlfriends. And that's in November this year, which one
Speaker 2: would you prefer more?
Speaker 1: Yeah?
Speaker 2: So, like we're actually sitting down and prioritizing what our
Speaker 2: financial goals look like and putting in place our own
Speaker 2: of a framework to go. Actually, these short term goals,
Speaker 2: they're really important to me. So maybe I will sacrifice
Speaker 2: that medium term goal not going to go to Bali
Speaker 2: or do it the next year. Does that make sense? So,
Speaker 2: like we're kind of renegotiating with ourselves. And the next
Speaker 2: thing I want you to do is really understand risk.
Speaker 2: So when we are in an investment mindset, we're really
Speaker 2: excited about growth, but we aren't that excited if we
Speaker 2: hear that our portfolio is going to go down, right,
Speaker 2: And I've said it before and I'll say it again.
Speaker 2: Even when I log into my investment portfolio today, if
Speaker 2: I see it down, I get that little twang in
Speaker 2: my chest. I'm like, Oh, even though I arguably should
Speaker 2: be one of the more educated people in this space,
Speaker 2: investing is inherently emotional. So making sure that you understand risk.
Speaker 2: So what is risk? How does it work? What is
Speaker 2: your personal risk profile? We've done whole episodes on risk profiling.
Speaker 2: Go and listen to them so that you know what
Speaker 2: you are willing to take on and what you're not
Speaker 2: willing to take on. And it's going to, you know,
Speaker 2: take you through a number of questions that's going to
Speaker 2: help ascertain what type of risk profile you have, and
Speaker 2: if you understand that, you will be whistling down very
Speaker 2: easily the types of assets you would invest in and
Speaker 2: the types you wouldn't invest in, and wipes heaps of
Speaker 2: stuff off the table for you from the get go. Yeah, okay,
Speaker 2: so that's where I would start and where I would focus.
Speaker 2: If you're experiencing a little bit of analysis paralysis.
Speaker 4: Got he's good. So at this point I would say,
Speaker 4: let's have a little break, but don't go anywhere, because
Speaker 4: after the break of fee it's going to give you
Speaker 4: the five key things to help make you a better
Speaker 4: investor in twenty twenty four. Let's go, let's go. Welcome
Speaker 4: back everyone. We are talking about investing in mindset and
Speaker 4: v You've promised to share with us five ways to
Speaker 4: be a better investor in twenty.
Speaker 2: Isn't that nice of me?
Speaker 4: Very nice of you, so very very nice.
Speaker 2: Here, let's start, all right, So are you ready?
Speaker 4: I think I'm ready.
Speaker 2: Are you going to be a better investor?
Speaker 1: Or?
Speaker 2: Are you just going to become an investor? I think
Speaker 2: I'll become your jokes on. You have superanuation?
Speaker 4: Oh, I forgot about that.
Speaker 2: She's already an investor, A good one. I don't know.
Speaker 2: I haven't looked at your super I can tell you
Speaker 2: that after the show, babe, Okay, but I think that's
Speaker 2: a good place to start. You're actually already an investor.
Speaker 2: If you've got superannuation actually gives me confidence. Well, it
Speaker 2: gives you confidence, but it also lets you kind of go, oh,
Speaker 2: I'm not missing out as much as I think I was. Like,
Speaker 2: I think a lot of people just assume, oh, I'm
Speaker 2: not in the market, Like what the hell? Like, my friend,
Speaker 2: if you have a superannuation portfolio, whether it's one dollar
Speaker 2: or one million dollars, you are an investor, and that's
Speaker 2: actually a really you know, side note before I get
Speaker 2: into my list. That's a really easy way to kind
Speaker 2: of log in, see what your portfolio has been doing,
Speaker 2: what's your risk profile in that space, how much are
Speaker 2: your fees in that space? What are you invested in?
Speaker 2: Are you happy you're invested in that? Like, I think
Speaker 2: it's just take control of that because ultimately that's not
Speaker 2: going to cost you any money today. You don't even
Speaker 2: have to put your money where your mouth is. You
Speaker 2: don't even have to, you know, take anything out of
Speaker 2: savings to start, right, have a look at that beck
Speaker 2: because it'll make you feel more empowered and you go, oh,
Speaker 2: I've been invested in that for ages and it's actually
Speaker 2: doing okay. Like it'll give you a bit of a boost,
Speaker 2: a bit of confidence. And also, let's be honest, if
Speaker 2: there's something not so good about your super, you're gonna
Speaker 2: be hundreds of thousands of dollars better off in retirement
Speaker 2: if you check it today, right, Like, if you check
Speaker 2: it today, that is a very cheap and easy way
Speaker 2: to get yourself ahead. Financially in the long term without
Speaker 2: having to put a doll You could be in mountains
Speaker 2: of debt right now and still check your super and
Speaker 2: be in a better financial position. Yeah, that's a sleigh,
Speaker 2: I said. I wasn't going to say sleigh in twenty
Speaker 2: twenty four, but guess we're here.
Speaker 4: Well, it's a little bit Christmasy to say slay. I
Speaker 4: think I'm changing it into an eigh. So I think
Speaker 4: it's okay.
Speaker 2: Again, you think it's okay because Christmas was so recent? Yeah, okay,
Speaker 2: all right, Well I'll take it. I'm really going to
Speaker 2: take whatever. But I've written you a list of five
Speaker 2: things to do to be a better investor in twenty
Speaker 2: twenty four, after you've sorted your super hour, right, all right,
Speaker 2: So first thing first, we're just gonna do it. We're
Speaker 2: just going to make a start.
Speaker 4: Just do it.
Speaker 3: Just do it.
Speaker 2: Sorry, Nike, don't come after me. I'm borrowing your trademark.
Speaker 2: But that is okay. You don't need lots of money
Speaker 2: to start your investment journey. Invest small amounts regularly if
Speaker 2: that's all you have. There's no such thing as investing
Speaker 2: too little. How many times have I harped on about
Speaker 2: the fact that investing early and little amounts sets you
Speaker 2: up to be in the right mind frame for when
Speaker 2: you do have more money to invest. If you can't
Speaker 2: manage one dollar, beck, I promise you can't manage ten
Speaker 2: thousand dollars, and you ultimately aren't going to be able
Speaker 2: to manage a million dollar portfolio. If that's your plan,
Speaker 2: So start with the one dollar and start caring about
Speaker 2: that a lot today. Even if you go this is fruitless.
Speaker 2: It's not even going to buy me a coffee. I
Speaker 2: get that. But you know what it's doing. It's setting
Speaker 2: up your mindset. It's putting you on the right path.
Speaker 2: You've already got the investing platform, you've got the framework.
Speaker 2: You maybe have already automated the payments to that platform.
Speaker 2: What you can do over time, as we get higher
Speaker 2: incomes or you know, birthday money or Christmas money, or
Speaker 2: like you get your tax return come July this year,
Speaker 2: you can invest more and slowly start building it so
Speaker 2: there's no such thing as too little, too late. The
Speaker 2: next thing we are going to do is do our research.
Speaker 2: It's not that sexy. Sorry, that seems like work, but
Speaker 2: it can be fun. I think it's fun. You have
Speaker 2: a wine. It can be extra fun. True. You know
Speaker 2: who I'm going to refer to in this next point.
Speaker 2: The most successful investor of all time is our eighty
Speaker 2: plus year old friend Warren Buffett and our mate Buffett.
Speaker 2: He gives us two key pieces of advice when evaluating
Speaker 2: a company to invest in. So first look at the
Speaker 2: quality of the company, then at the price. Okay, so
Speaker 2: we're not looking at the price first, we're looking at
Speaker 2: whether it's a good company to begin with, a.
Speaker 4: Like values and morals all we talk. It could be.
Speaker 2: Values, it could be morals, it could be whether it's
Speaker 2: a good company or not. I have used this example
Speaker 2: on the pod before. Remember, obviously I'm never going to
Speaker 2: work with after pay, so don't mind throwing them straight
Speaker 2: under the bus. But remember way back when everyone was
Speaker 2: talking about how great after pay shares were, Oh my gosh,
Speaker 2: they're amazing, and they started getting really expensive, and I
Speaker 2: think a lot of us thought that expensive was indicative
Speaker 2: of quality and being a good investment option, because why
Speaker 2: would they increase so much? Why would they increase so quickly?
Speaker 2: Back the reality of that is they increased because of
Speaker 2: I guess the social status they had. The media was
Speaker 2: talking about them. Everyone on Instagram was talking about them.
Speaker 2: Everyone in the kitchen at aarn was talking about them,
Speaker 2: going oh this is great, Oh my gosh, you're going
Speaker 2: to get so much good return. But we were looking
Speaker 2: at the price of them, going oh that's cool. We
Speaker 2: weren't looking at the quality of the business. You looked
Speaker 2: at the quality of the business, you would have seen
Speaker 2: there in debt they are in or were at that
Speaker 2: point in time, an in debt business that was trying
Speaker 2: to get ahead, that was investing significantly in what they
Speaker 2: were doing, which is nice. Sometimes they also weren't paying
Speaker 2: dividends to their investors. So to me, let's look at
Speaker 2: the quality of a company, because I know that as
Speaker 2: a more conservative investor, instead of an after pay share,
Speaker 2: I much prefer blue chip stock. Something that is a
Speaker 2: blue chip stock is a tried, true investment that has
Speaker 2: been in the market for a really long time. They
Speaker 2: don't do that many sexy things, but you know what
Speaker 2: they do do back, They pay on time, They're consistent.
Speaker 2: They're the tribes and true, steady steed. Like I'm not
Speaker 2: the sexiest investor ever, Like if you looked at my
Speaker 2: personal portfolio, be like kind of expected more but but
Speaker 2: I like her because she's conservative. She does the job properly.
Speaker 1: Right.
Speaker 2: The second thing is so obviously looking at the quality
Speaker 2: of a company requires you to read, I guess, a
Speaker 2: few financial statements. You could listen to some conference calls,
Speaker 2: or like vet management, you could do a lot of things.
Speaker 2: You could just also, like you know, jump on your
Speaker 2: shares z app and read through all the information that
Speaker 2: they provide on the company so that you can do
Speaker 2: a bit of research that way. But please don't jump
Speaker 2: on anything just because the media or your friends are
Speaker 2: saying it is cool. And then only after you have
Speaker 2: the confidence in it being a good quality company should
Speaker 2: the price then be evaluated and you can go is
Speaker 2: that a reasonable price for a quality company or not? Right?
Speaker 2: If that makes sense? As our mate Warren puts it,
Speaker 2: it's far better to buy a wonderful company at a
Speaker 2: fair price than a fair company at a wonderful price.
Speaker 2: You love. I'm in love with that.
Speaker 4: It was straight out of the head.
Speaker 2: Yeah, that's incredible with him.
Speaker 4: So would you say I should be doing what Warren
Speaker 4: Buffett says?
Speaker 2: I mean, lots of people, do d you? He has
Speaker 2: like an online cult following If he makes an investment
Speaker 2: trade soda. Like millions of other people, I'm not shocked, actually,
Speaker 2: and neither am I I'm one of them. By I'm
Speaker 2: actually not. I just really like following what he does,
Speaker 2: not necessarily implementing it. Just pervy. You know you've met that.
Speaker 2: I need to look under the hood of everybody. Absolutely Anyway,
Speaker 2: I guess that leads me to my next point, which
Speaker 2: is trust yourself and have some conviction back. So, how
Speaker 2: many times have you read an article, watched a news report,
Speaker 2: jumped online, took a tip from a friend about the
Speaker 2: next hot stock, and lost money a.
Speaker 4: Couple of times?
Speaker 2: Yeah, you have bitcoin being number one?
Speaker 4: Yeah, doge coin. Doge coin was the other.
Speaker 2: Yeah. So like we don't trust Beck with her environment recommendation,
Speaker 2: listen to me. There is only one piece of advice
Speaker 2: I would say you should ever act upon, and that's
Speaker 2: used your own exhaustive research based on facts, not opinions.
Speaker 2: Those two things are very different obtained from trusted sources.
Speaker 2: Other advice can be considered and obviously verified, but it
Speaker 2: should never be the sole reason to commit money to something. Yep,
Speaker 2: just because someone said it was good, Beck, and just
Speaker 2: because your mates were doing it does not mean that
Speaker 2: it is a good decision at all. Do your research,
Speaker 2: have a bit of a think about it, make sure
Speaker 2: it fits your risk profile and what you're trying to achieve.
Speaker 2: The next thing is look ahead. I always say, when
Speaker 2: in doubt throom out, look at the bigger picture. I
Speaker 2: genuinely mean that successful investors don't actually look at what's
Speaker 2: happening today. It's why when you know the uproar about
Speaker 2: the Big four banks was happening last year, Like I remember,
Speaker 2: everyone was talking about, oh my gosh, they're screwing investors
Speaker 2: because they're increasing interest rates. What does this mean? Should
Speaker 2: I still be invested in them? I didn't even second look.
Speaker 2: I own a couple of the Big four banks in
Speaker 2: my portfolio. I didn't even blink. And the reason I
Speaker 2: didn't blink is because I already know they're tried, true
Speaker 2: quality businesses, and what was going on was reflective of
Speaker 2: the market. It did not matter what was going on
Speaker 2: with other people's opinions because they didn't know what they
Speaker 2: were talking about. At the end of the day, Les
Speaker 2: Warren Buffett is out here telling me, yes, I don't
Speaker 2: know why my friend that's a doctor or a dentist
Speaker 2: or a hairdresser is going to know more about the
Speaker 2: investment world than people who actually work in investment right right.
Speaker 2: One of my favorite books, and if you're looking for
Speaker 2: an investment book to read at the start of this year,
Speaker 2: I read this every year and it's the most dry, bland,
Speaker 2: boring book in the entire world. But I read it
Speaker 2: all the time.
Speaker 4: You go for it.
Speaker 2: I read it all the time because it's like the
Speaker 2: investing basics, Like it's the start of the start. It's
Speaker 2: called The Richest Man in Babylon and it's about I
Speaker 2: guess investing basics, like where investments started, and it started
Speaker 2: in marketplaces. And one of the things that is said
Speaker 2: in The Richest Man in Babylon is you would never
Speaker 2: take advice on buying diamonds from a bricklayer. And you
Speaker 2: just go that makes sense. That does make sense. So
Speaker 2: every time someone gives you some advice, go, well, where
Speaker 2: is it coming from. Yes, so you can have a
Speaker 2: really beautiful conversation over brunch, don't shut your friends down.
Speaker 2: Have those chats. Absorb that information. But when it comes
Speaker 2: back to making your own decision, be like, did I
Speaker 2: get this advice from the diamond trader or did I
Speaker 2: get it from the bricklayer, because if I'm buying diamonds,
Speaker 2: I probably want to be talking to a diamond specialist.
Speaker 2: I don't actually want to be talking to a bricky
Speaker 2: that's beautiful. Does that make sense? Yeah, So anyway, that's
Speaker 2: where I would be looking. Look at the momentum of
Speaker 2: a company as well or an entire economy and how
Speaker 2: it interacts with its competitors. If you invested now, what
Speaker 2: will happen in the future. I think it's really important
Speaker 2: to understand that most businesses are really forward thinking. If
Speaker 2: you're looking at investing something now, or trying to jump
Speaker 2: on the bandwagon of an investment that's already like in
Speaker 2: its heyday, already had all of that social media momentum
Speaker 2: that's had short term gains, you've actually probably already missed out.
Speaker 2: Like you're probably not going to like if your mate
Speaker 2: is talking about how they've had really great gains in
Speaker 2: the last six months with a particular stock, like why
Speaker 2: would that continue in this economy?
Speaker 1: Right?
Speaker 2: Like sounds good, sound sexy, but it's probably not going
Speaker 2: to be sustainable for the future. So we need to
Speaker 2: look at that. So try and find the next big thing,
Speaker 2: not necessarily the thing that has been the big thing
Speaker 2: for your friends. But then always anchor your portfolio with
Speaker 2: great companies that have, you know, long term track records
Speaker 2: and steady growth, not like, oh my gosh, dos coin
Speaker 2: is really trendy, young and for my money in there,
Speaker 2: sorry to attack you like, which beck leads me to
Speaker 2: my final point, be patient. It's a long game.
Speaker 4: That's the time parts a long game.
Speaker 2: I'm impulsive, so this doesn't work for me either, which
Speaker 2: is I guess why I had to become so educated,
Speaker 2: because I just want things to happen right now. If
Speaker 2: I invest today, right, it would be so good to
Speaker 2: be a millionaire tomorrow, ideally, ideally right, Like, what do
Speaker 2: you mean, I'm going to check it tomorrow and it's
Speaker 2: gonna be worth nothing. It might be worthless.
Speaker 4: That's so scaring.
Speaker 2: But we actually have to zoom out. So you will
Speaker 2: have heard me say a million times even in this
Speaker 2: episode when in doubt, zoom out, look at the bigger picture. Yeah,
Speaker 2: I promise that is going to make you a better investor,
Speaker 2: if you are able to genuinely go hold up my
Speaker 2: portfolios down. Let's actually just like, look at the bigger picture.
Speaker 2: One of my favorite resources is the Vanguard Interactive Index chart.
Speaker 2: Go have a look at that online, because when you
Speaker 2: zoom out and go, oh, well, what has the market
Speaker 2: done over the last thirty years, forty years, fifty years,
Speaker 2: however long you're planning on being invested, I promise it
Speaker 2: looks far more sexy than what the returns over the
Speaker 2: last twelve months have Because, like, everyone's a bit of
Speaker 2: a hard time during this economy. But if you look
Speaker 2: at what's going on in our economy right now, and
Speaker 2: then you compare it to the global financial crisis, which
Speaker 2: arguably was our biggest financial crisis, you know, I guess
Speaker 2: you could say, more modern times, that happened in two
Speaker 2: thousand and eight, two thousand and nine. And if we
Speaker 2: go back that far and have a look at what
Speaker 2: the dip in the market there looked like and cut
Speaker 2: it off, you go, oh, my gosh, the market was
Speaker 2: steadily going up and then it crashed down. Beck it
Speaker 2: was terrifying. But then if you go from two thousand
Speaker 2: and nine to twenty twenty four, the market recovers even
Speaker 2: greater than what the crash was. So it always comes back,
Speaker 2: and we needed to understand that. That's how the economy works.
Speaker 2: So during the Global Financial crisis, so many people freaked out,
Speaker 2: sold their portfolios, that were selling their house. Like there's
Speaker 2: obviously a lot to the GFC, which we can explain
Speaker 2: another day, but lots of people freaked out because it
Speaker 2: was the biggest crash in history. Beck. But the people
Speaker 2: that made the most money during the Global Financial Crisis
Speaker 2: were the colme that left their money invested, so that
Speaker 2: today it is outperforming even what the high of the
Speaker 2: Global financial crisis market wash.
Speaker 4: You'd be absolutely cheering exactly.
Speaker 2: And if you had sold, then you're absolutely kicking yourself,
Speaker 2: right because now you're looking at this bigger chart going wow,
Speaker 2: like it actually recovered. And at the time it didn't
Speaker 2: feel like it was going to recover, felt like the
Speaker 2: financial world was falling down around us. But when in doubt,
Speaker 2: zoom ount. It is so important to I guess, take
Speaker 2: a step back and go if this is happening to
Speaker 2: me as an individual investor, it's probably happening to millions
Speaker 2: of individual investors. And if you're on a good platform
Speaker 2: and you're in you know, a solid ETF for a
Speaker 2: solid business, I promise they're freaking out more than you
Speaker 2: are because they want their returns to go back to
Speaker 2: normal too. Ye, so don't stress too much, don't panic
Speaker 2: when in doubt, zoom out.
Speaker 4: Okay, are there any other things to consider before we
Speaker 4: wrap up?
Speaker 2: I mean, obviously there are some really good books She's
Speaker 2: on the Money, any investinguish sheees on the Money. Obviously,
Speaker 2: listen to podcasts. There are so many out there. Obviously
Speaker 2: we can talk about our own, but if you're this
Speaker 2: far into this episode, you already listen to us. But
Speaker 2: I've got a couple of favorites. Obviously, I love my
Speaker 2: millennial money. I think that they are really Obviously they
Speaker 2: can be a lot more technical than I am, which
Speaker 2: some people absolutely love, and they deep dive into different things.
Speaker 2: Go have a listen to them. Even just look up
Speaker 2: money podcasts online and see what other content exists that
Speaker 2: you might resonate with. Join our Facebook group, keep in
Speaker 2: touch with the community, have a good chat with people,
Speaker 2: Start bringing it up at brunch. Like you don't need
Speaker 2: to do this alone, even if you don't have any
Speaker 2: quote friends in your immediate friend circle that are going
Speaker 2: to talk about this with you. I will jump into
Speaker 2: our Facebook group. I live there on the daily. Like
Speaker 2: you ask questions I'm a there to answer. This is
Speaker 2: why we are here, right, So I think that then
Speaker 2: gets specific with your situation. So work out what you
Speaker 2: can do. Beg, your sitch is going to be very
Speaker 2: different to someone in their fifties investing for the first time.
Speaker 2: So don't look at what other people are doing. Look
Speaker 2: at what Beck needs to do and how she needs
Speaker 2: to you know, just put one foot in front of
Speaker 2: the other to get into the market. If you're already
Speaker 2: in the market and you want to be a better investor,
Speaker 2: what does that look like for you? Because if you
Speaker 2: then compare yourself to other people's journeys, you're going to
Speaker 2: be like, I've been investing for ten years and then
Speaker 2: you see, you know Sharon down the road and she's
Speaker 2: been investing for ten years, but she had so much
Speaker 2: disposable income and is now rolling in it. Right, what's
Speaker 2: that going to do for you?
Speaker 4: Make me sad?
Speaker 2: Exactly? Do we want to do that?
Speaker 4: No?
Speaker 2: What benefit does that provide?
Speaker 1: Yeah?
Speaker 4: I see what are saying.
Speaker 2: So That's where I'm at, and I think now it's
Speaker 2: time to wrap because I deserve a coffee after all.
Speaker 4: Yeah. Absolutely, you changed my life, that's for sure.
Speaker 2: Thanks babe. Because I bought your coffee exactly.
Speaker 4: Let's get another one.
Speaker 2: All right, Have a good week, guys. We will see
Speaker 2: you on Friday. Bye.
Speaker 3: The advice shared on She's on the Money is generally
Speaker 3: nature and does not consider your individual circumstances.
Speaker 4: She's on the Money exists purely for.
Speaker 3: Educational purposes and should not be relied upon to make
Speaker 3: an investment or financial decision. If you do choose to
Speaker 3: buy a financial product, read the PDS TMD and obtain
Speaker 3: appropriate financial advice tailored towards your needs. Victoria Divine and
Speaker 3: She's on the Money are authorized representatives of Money Sherper
Speaker 3: Pty Ltd ABN three two one IS six four nine
Speaker 3: two seven seven zero eight AFSL four five one two
Speaker 3: eight nine