Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
Speaker 1: Kaka ya Ya beIN ah Waka Nian our gay In Nimbini,
Speaker 1: yak um Jar, dominyamiga Umaga, Ihowaka, Nile, Waman damon Immalan,
Speaker 1: Bumba bang gadaboma in and now in Waka ghana on
Speaker 1: yak rum Jar Watanadaa. Hello, beautiful friends, we gather on
Speaker 1: the lands of the Aboriginal people. We thank acknowledge and
Speaker 1: respect the Aboriginal people's land that we're gathering on today.
Speaker 1: Take pleasure in all the land and respect all that
Speaker 1: you see. She's on the Money podcast acknowledges culture, country,
Speaker 1: community and connections, bringing you the tools, knowledge and resources
Speaker 1: for you to thrive.
Speaker 2: She's on the Money.
Speaker 3: She's on the Money. Hello and welcome to She's on
Speaker 3: the Money, the podcast that makes personal finance fun, especially
Speaker 3: on a Friday. Beck and I are back with another
Speaker 3: edition of Friday Drinks, where we get together to celebrate you,
Speaker 3: our incredible shites on the Money community. While Vituere's away,
Speaker 3: we'll be hearing all of your money wins and boat
Speaker 3: tips help push it your dollar further. Speaking of this
Speaker 3: week's money Dilimma is all about spending, specifically how to
Speaker 3: spend responsibly when you've grown up frugal. And as always,
Speaker 3: we'll be answering a left of center question from our
Speaker 3: community and a DM that asks whether it's okay to
Speaker 3: withdraw your investments if you've got to kill a business idea.
Speaker 3: If you've always wanted your money dilemma ends it on
Speaker 3: the show, please head to our website and record your
Speaker 3: message on the podcast page. We love hearing from you,
Speaker 3: and your dilemma might just help another listener who's going
Speaker 3: through it now. Beck I, Hello, how are you?
Speaker 2: And good? Hell?
Speaker 3: You could fun when it's the two of us.
Speaker 4: I know.
Speaker 3: I can just tell that you are raring to share
Speaker 3: a review with us.
Speaker 2: Oh my goodness, I'll say one of our favorites, because
Speaker 2: we have a couple favorites in this episode. The whole
Speaker 2: thing is our favorite. One of our favorite parts of
Speaker 2: the episode is the five star review, and the rumors
Speaker 2: are true. It is time for a five star review,
Speaker 2: and this one comes from Jenna, who says, just listen
Speaker 2: to the episode with Jess and Beck missed fe d
Speaker 2: of course, but just wanted to say what a vibe.
Speaker 2: Your genuine laughter, so contagious, perfect drive to work listen,
Speaker 2: impossible not to smile. Thank you. Side note, I started
Speaker 2: investing in chairs eas since listening to your podcast fifty
Speaker 2: dollars a week on auto invest I'm up to fifteen
Speaker 2: hundred dollars and have set the next five year investing goals,
Speaker 2: which will require me to add more money above the
Speaker 2: fifty dollars a week to hit my goals. I'm also
Speaker 2: going to chat to our accountants soon about making extra
Speaker 2: super contributions. Thanks again for sharing your knowledge with us
Speaker 2: all that's so nice. Thank you.
Speaker 3: That makes me feel really good because you're gonna hear
Speaker 3: a little bit of us in the next few weeks.
Speaker 3: And I've been a little bit stressed because I know
Speaker 3: that everybody comes here for the financing and the VD
Speaker 3: knowledge and you know tiny they want to learn. Yeah,
Speaker 3: understandably so, and sometimes I just think, well, I don't
Speaker 3: know what I'm offering you, but I know I'm glad
Speaker 3: you're enjoying it, and so I was.
Speaker 2: It just explained to Jess off air that it will
Speaker 2: feel like and let's all take it as though it's
Speaker 2: a school day and it's raining and you're inside watching
Speaker 2: a movie. It's like, maybe you're not learning anything today,
Speaker 2: but we're just going to be cozy and have fun.
Speaker 3: Yeah, the substitute teacher is purely just here to fill
Speaker 3: some space. Make sure nobody kills each other exactly exactly,
Speaker 3: sc everybody, behave and we'll pop the movie on for you.
Speaker 2: Yeah, get crazy. Thank you so much, Yeta, it's so sweet.
Speaker 2: Thank you for sharing. Keep those reviews coming through. It's
Speaker 2: a highlight of the week. You can share reviews of
Speaker 2: She's and the Money wherever you get your podcasts. Not
Speaker 2: that it doesn't make us feel nice, but it helps
Speaker 2: other people find us too.
Speaker 3: I know you're spreading the good word, as I always
Speaker 3: like to say, reading the good word exactly right, and
Speaker 3: we really appreciate you. Now, are you ready for this
Speaker 3: week's question of the Wei?
Speaker 2: Yes please, yes please.
Speaker 3: They've been really good lately. I feel like Victoria is
Speaker 3: missing out and Jess excellent name, would like to know
Speaker 3: which fictional character would you recommend She's on the Money too.
Speaker 2: WHOA, that's a good one.
Speaker 3: I'm going to go like a Cinderella Cinderella. Well, because
Speaker 3: I think she comes from nothing, she's got no money,
Speaker 3: and all of a sudden she's really rich because she's
Speaker 3: married a prince.
Speaker 2: True.
Speaker 3: True, It seemply makes sense to me that you'd want
Speaker 3: a little bit of financial literacy, don't rely on them.
Speaker 2: Yes, yes, and this is like prime not that it
Speaker 2: would be intentional maybe maybe not prime financial abuse dependence situation,
Speaker 2: because she's.
Speaker 3: Like never significant women's rights and exactly exactly, so I
Speaker 3: was like, yeah, she needs it.
Speaker 2: I just, oh my god, Well I was on the
Speaker 2: same train as you, but I'm like, I didn't want
Speaker 2: to like recommend to just women. I wanted to recommend
Speaker 2: it to Squidward because I feel like he is He's
Speaker 2: I don't think he's financially literit, of course, I mean,
Speaker 2: can'try her, but mister Crabs is, and then SpongeBob is silly,
Speaker 2: and then he's in the middle. I feel like he's
Speaker 2: got the bones for it.
Speaker 3: Is mister Krabbs taking advantage of sword.
Speaker 2: I don't think. So have you spen seen SpongeBob?
Speaker 5: Not really really, that's crazy. I know, like this is Patrick,
Speaker 5: that's so you, that's so sweet.
Speaker 2: No, not necessarily, I just think that in terms of
Speaker 2: like brain sponginess, that you could only really put it on.
Speaker 3: That I'm christ I say, and you know what financial
Speaker 3: literally is for everybody, even everybody giant squids exackly question
Speaker 3: you're dying to know the answer to you. We've got
Speaker 3: some really great deep answers for my friends. You can
Speaker 3: send it through in the comments on Spotify, or you
Speaker 3: can damn it to us. Whatever votes your boat, We
Speaker 3: don't mind.
Speaker 2: So should we move on to the money wins?
Speaker 3: Absolutely, I've got some goodies this week for you.
Speaker 2: It's amazing.
Speaker 3: First one I've got comes from Morgan, who said, Irang
Speaker 3: Medibang Private ready to have a bit of a winge
Speaker 3: because there are always promos for new customers, but nothing
Speaker 3: ever pops up for those of us that are already existing,
Speaker 3: and they immediately have discounted my cover by ten percent
Speaker 3: for the next twelve months.
Speaker 2: Wow.
Speaker 3: All I'm saying is sometimes it pays to have a
Speaker 3: wingch Exactly, well done, Morgan. Next time money went from Kimberly,
Speaker 3: who said I took a phone call from a relative
Speaker 3: on my birthday after ordering my takeaway coffee. The shop
Speaker 3: assistant overheard and told me I could pick something from
Speaker 3: the cabinet for free. She scored a free gourmet muffin
Speaker 3: and it made her day as a working mum who
Speaker 3: was on her way to work on a Sunday on
Speaker 3: her birthday. Oh my god, have you heard there, Kimberly.
Speaker 3: I hope you had a great day, and good on
Speaker 3: your fastling hard And how nice of that kill of
Speaker 3: the cafe too true, That's so sweet. I love a
Speaker 3: little community moment. Next, I've got one from Kayla who said,
Speaker 3: I've be getting so many kids clothes on Clearance, which
Speaker 3: I'm buying for next season for my girls just by
Speaker 3: purchasing the next size up. She said, I'm literally buying
Speaker 3: them for two to five dollars per item. Genius crazy
Speaker 3: as well, And kids go through clothes so quickly, yeah,
Speaker 3: like they either ruin them at daycare, so I've heard,
Speaker 3: or they just grow out of them really fast. So
Speaker 3: buying up a couple of size is just having them
Speaker 3: tucked away, especially if it's two bucks. Totally, very very clever.
Speaker 3: Then I've got one from clear who said I tore
Speaker 3: my acl and hobbled to the medical center which had
Speaker 3: after hours, and just asked for some crutches. I didn't
Speaker 3: need to see anybody because I've done it before, so
Speaker 3: sorry to hear clear, the ACL is never a fun
Speaker 3: one to do. They said, they'll give me the crutches
Speaker 3: to hire, which will be sixty dollars, but I have
Speaker 3: to see somebody first, which would be another sixty dollars
Speaker 3: for the appointment. So I said no, thank you and
Speaker 3: just hopped away. I asked a largish group chat if
Speaker 3: anybody happened to have a pair of crutches, and I
Speaker 3: got given them straight away. Great, so I saved myself
Speaker 3: one hundred and twenty dollars and I got to keep them.
Speaker 2: I mean, consider me really something lucky, maybe also ignorant, maybe,
Speaker 2: but I just didn't know you had to pay for crutches.
Speaker 2: But also like, yeah, where did.
Speaker 3: They come from? But that's it's like if you break
Speaker 3: your arm, you have to buy a sling.
Speaker 2: You have to buy a sling.
Speaker 3: So I break my arm when I was a kid,
Speaker 3: so it's been a very long time. But they would, oh, true,
Speaker 3: it's touch wood, touch wood. Whenever I do that, my
Speaker 3: boyfriend always says, sister, that's just so cute that no,
Speaker 3: so broy my arm, and they I think they temporary
Speaker 3: sling there with just a b bandage, but then the
Speaker 3: one that you can wear constantly, wash and stuff, Yeah,
Speaker 3: you have to buy. And I'm pretty sure they weren't
Speaker 3: cheap either, jeez. My reference of ficiar. He is constantly
Speaker 3: bringing home like compression things and like different wraps, and
Speaker 3: it's stuff that people have to buy, and it can
Speaker 3: get pretty pricey from what I've seen.
Speaker 2: Jeez.
Speaker 3: Then I've got two money wins, both from Jessica's. There's
Speaker 3: a lot of praying around. So Jessica, Jessica up, that's
Speaker 3: what her name is on Facebook said. My client canceled
Speaker 3: their shift just as I was turning into their streets,
Speaker 3: which you'd think would be a money loss, but I
Speaker 3: still get paid for it, so I'm counting it as
Speaker 3: a money win.
Speaker 2: Hell yeah.
Speaker 3: And then the other Jessica said, I visited the Haiges
Speaker 3: chocolate factory when I was on a weekend trip to Adelaide.
Speaker 3: They had a second section which was a lot cheaper
Speaker 3: but tasted just as good. Such good value basically because
Speaker 3: the chocolate wasn't poured symmetrically. Oh just beautiful too.
Speaker 2: Yeah, totally. It's like the odd bunch of Hayes is yes, yeah.
Speaker 3: One hundred percent like ones that are a little bit
Speaker 3: wonky or don't meet the standards. That's so far and
Speaker 3: we'll take it absolutely. And then last of this, I've
Speaker 3: got money in from Kaylor who said I have been
Speaker 3: looking at Ikea wardrobes as a project at home. I
Speaker 3: found exactly what I wanted with additional add ons from
Speaker 3: a seller on Facebook Marketplace, five hundred and fifty dollars
Speaker 3: out of pocket, with the total value being over two thousand,
Speaker 3: five hundred, massive savings and even more storage than I
Speaker 3: had planned and budgeted for gorgeous. I hadn't thought to
Speaker 3: look on Facebook Marketplace for wardrobe stuff, and as someone
Speaker 3: who is getting ready to do that for the new
Speaker 3: build when it's done, I will be trawling.
Speaker 2: Oh absolutely, you can find some good stuff on there.
Speaker 2: I know.
Speaker 3: I'm so excited to go hunting.
Speaker 2: Oh my god, can I keep my you know, like
Speaker 2: sometimes it notifies you if something comes up. Can I
Speaker 2: put wardrobe whatever else you're looking for in there?
Speaker 3: I'll your yes, please, It's always fun.
Speaker 2: I love to window shops. Oh my gosh.
Speaker 3: Well, the community is absolutely killing it. But you know
Speaker 3: this already because you've been reading their broke tea.
Speaker 2: Yes, ma'am, what good ones have you got? Okay, so
Speaker 2: this first one, I just thought i'd start off nice
Speaker 2: and light, but just I think it's interesting. You know
Speaker 2: when you get those Lebanese cucumbers and they come in
Speaker 2: like the plastic.
Speaker 3: Yes, why they am plastic?
Speaker 2: I don't know, to be honest, but I just know
Speaker 2: that I don't know how you do it, but I
Speaker 2: like slice it off and I take the whole thing
Speaker 2: off and then I just like do whatever. But I
Speaker 2: saw this thing on TikTok. This TikTok was sent me
Speaker 2: by Yana. Thank you so much, Yana. And so you
Speaker 2: get that long plastic sleeve and you don't fully cut
Speaker 2: it off, You just like fold it. You kind of
Speaker 2: twist the top and then on the side. It's really
Speaker 2: hard to explain, but you do.
Speaker 3: Beautiful.
Speaker 2: Hand just realized, So that is a thick cucump.
Speaker 3: Sorry, I'm a handog to.
Speaker 2: Well it's not something I'm used to, but you twist
Speaker 2: the plastic wrapping. I'm anti clockwise, yeah, until almost like
Speaker 2: you know when you're like watching a movie, it's like
Speaker 2: robotic doors like kind of close all the way in
Speaker 2: into a circle. It's like that is happening at the
Speaker 2: top of the cucumber. I know it doesn't make any sense,
Speaker 2: And maybe we'll link the TikTok in.
Speaker 3: A discressions, or we'll cut these video into socials and
Speaker 3: put it maybe on one of ours. So I don't
Speaker 3: think that's making fuss.
Speaker 2: So fair if we could maybe dub something over the top,
Speaker 2: because the hand gestures don't really go with this cucumber,
Speaker 2: we can put it on TikTok and.
Speaker 3: Maybe somebody can, like preparing captions.
Speaker 2: With going captions, puts a music over the top and
Speaker 2: then just like whatever you think is happening.
Speaker 3: That's so funny.
Speaker 2: So all that to say, you can keep it fresh
Speaker 2: and maybe save that plastic and I think you've got
Speaker 2: to throw it out eventually, but it just feels like
Speaker 2: such a dreadful waiste.
Speaker 3: Yes, agree, what's next?
Speaker 2: The next one comes from Nadine. They saw this on Reddit.
Speaker 2: It looks like and it says I just ordered the
Speaker 2: same thing as I do every morning for macas a
Speaker 2: toasty and small tea. Some mornings it's seven seventy, others
Speaker 2: it's eight eighty. They asked why they are different some
Speaker 2: mornings and the lady said, it's how I ordered this morning.
Speaker 2: I ordered the toasty first and the tea yesterday, the
Speaker 2: tea than the toasty. That's how they get you and
Speaker 2: charge extra. She said. The toasty can be an add
Speaker 2: on making it cheaper. What a trick to charge extra?
Speaker 3: So surely like it doesn't matter what order they're put in.
Speaker 2: No, I think it does. And when I read it,
Speaker 2: I was like, true, because sometimes I guess if you're
Speaker 2: like ordering it anyway and there's no obligation to say, oh, hey,
Speaker 2: do you know if you got a combo a coffee
Speaker 2: and a toasty, then it's like cheaper if you And
Speaker 2: it's happened before where I've been like can I have
Speaker 2: this and then also grub fries and then also a
Speaker 2: grub a can it's like And then after I order,
Speaker 2: I realized that's literally me and me that's cheaper. And
Speaker 2: so like if you order it in a certain way
Speaker 2: and they have no obligation to say, hey, this is
Speaker 2: actually this thing, it's a little bundle, then you'd be
Speaker 2: charged more, I assume, so.
Speaker 3: Clever fun maybe I feel like you need to say, Hi,
Speaker 3: can I get a tea and toasty combo?
Speaker 6: Yeah?
Speaker 3: And it doesn't matter what you say first, because you're
Speaker 3: like clearly saying.
Speaker 2: Totally, you know, totally you should try that with everything.
Speaker 2: I feel like maybe there was a combo somewhere and
Speaker 2: they're like, whoa, how'd you know? That's a great one?
Speaker 2: Thank you so much. My one is really dumb, and
Speaker 2: I'm scared that everyone's gonna hate me for it. But
Speaker 2: this is my because I'm new to the lash game,
Speaker 2: the beauty game, you know. It's just I'm just trying
Speaker 2: to like take care of my skin these days. And
Speaker 2: so I just my friend went and got lash perm
Speaker 2: and I was like, well, I don't really have, like
Speaker 2: I don't know however much it is, maybe like eight
Speaker 2: olds or something, and so I was like, well, instead,
Speaker 2: I went and bought a lash curler and now I
Speaker 2: curl my lashes every single day twice a day, which
Speaker 2: is maybe really bad. And that is it's almost as effective,
Speaker 2: if not like the same as a lash perm and
Speaker 2: way cheaper. Did you guys know that that's a way
Speaker 2: cheaper good?
Speaker 3: You can also get kids to do them yourself at
Speaker 3: home to your in.
Speaker 2: Lash paan true, you can. And then also I haven't
Speaker 2: tried that serum where you get like long lashes. I
Speaker 2: don't know if that's real or not. Yeah, it seems
Speaker 2: like magic. But if anyone knows of any good ones,
Speaker 2: let me know, because I'm really I'm going through a
Speaker 2: skin face beauty change transformation. Thank you things.
Speaker 3: I've got some things that can give you great thank
Speaker 3: you amazing. So that's me for this week. He's in there.
Speaker 3: Thank you for sharing.
Speaker 2: Okay, so let's take a quick break, and when we
Speaker 2: come back, we'll be hearing about a money dilemma that's
Speaker 2: all about spending money.
Speaker 3: Welcome back, everybody. Let's take a listen to this week's
Speaker 3: money dilemma.
Speaker 4: Hi, there, have you got a money dilemma you just
Speaker 4: can't solve? The Sheese on the Money team is here
Speaker 4: to help. Every week, we tackle your dilemmas, both big
Speaker 4: and small, to answer your most burning money, career and
Speaker 4: life questions. To get involved, simply head to our website
Speaker 4: and leave us a short voice recording and you might
Speaker 4: just find yourself on the show.
Speaker 3: Now, let's take a listen to this this week's money dilemma.
Speaker 6: Hi, ladies, I'm just ringing with my money dilemma. I've
Speaker 6: been married to my husband for ten years and we
Speaker 6: are in a pretty comfortable money situation. We agree on
Speaker 6: almost everything, and the one thing that we don't necessarily
Speaker 6: agree on is when to spend our money because I
Speaker 6: don't feel comfortable spending our money. I grew up in
Speaker 6: a household where money was really tight. We didn't have
Speaker 6: money for luxuries, and it was always the basics. So
Speaker 6: now as an adult, when I do have money, I'm
Speaker 6: having a really hard time letting it go. I feel
Speaker 6: like a hoarder of the money, which is not always
Speaker 6: a bad thing, but I really want to understand how
Speaker 6: to let go of this childhood trauma and understand that
Speaker 6: spending your money is okay.
Speaker 3: Do you have any tips around this?
Speaker 4: Thanks?
Speaker 2: That's very fair. It's so interesting a lot of people
Speaker 2: when they grow up without money and there's like a
Speaker 2: bit of a scarcity kind of mindset. The difference that creates,
Speaker 2: like in adulthood is either for me, that created like
Speaker 2: I can't hold money, and then for other people it's
Speaker 2: like I can't spend money, and boy do I wish
Speaker 2: it was it was the other way. Not to say
Speaker 2: that it's easier or anything like that, of course, but
Speaker 2: I imagine that would be really, really tricky. So I think,
Speaker 2: obviously therapy is good all the time, no matter what.
Speaker 2: I really hate when people suggest therapy to me when
Speaker 2: I come to them with like advice, because it feels
Speaker 2: like they're saying you're too much and you're crazy and
Speaker 2: you definitely need therapy, like and that's not at all
Speaker 2: what I mean. No, And that's so I just don't
Speaker 2: want that to ever feel like that's what I'm saying.
Speaker 2: I just mean in general, like it's really good to
Speaker 2: but ironically it's like you got to spend money to
Speaker 2: do that, and it's like you don't really want to.
Speaker 2: That might be a tricky thing as well. I mean
Speaker 2: it should be free, but that'sry for another time. Therapy
Speaker 2: or I think just like honestly listening to we have
Speaker 2: some episodes about mindsets and know it's more than a mindset,
Speaker 2: steeper than a mindset. It's like, I don't want to
Speaker 2: minimize it, but I think that it would be helpful
Speaker 2: if you in the meantime, or if you're not in
Speaker 2: therapy right now, or you can't afford therapy right now,
Speaker 2: didn't listen to some of those episodes about mindset, and
Speaker 2: I find reddit really helpful. I know this is probably
Speaker 2: is not very helpful, but I find Reddit really helpful
Speaker 2: when it's like I would type in the most niche
Speaker 2: specific thing and then put red at the end, and
Speaker 2: there'll be people who have been through the exact same thing,
Speaker 2: have the exact same experience, and they will talk about
Speaker 2: how they kind of got out of it, and I think, yeah,
Speaker 2: just like following other people's journeys, googling it, going on
Speaker 2: Reddit and seeing how people kind of maybe we're in
Speaker 2: the same situation and manage that a little bit. So
Speaker 2: I think it's really helpful. But yeah, as someone who
Speaker 2: unfortunately grew up on the other end of the spending spectrum,
Speaker 2: I don't think I can offer too much useful advice
Speaker 2: in terms of how to spend because for me it
Speaker 2: comes far too easy.
Speaker 3: I would like to get the other way. I'd like
Speaker 3: to I think that's a really good shout. We have
Speaker 3: a full episode on managing spending gial. It is a
Speaker 3: few years old now, but I think it's a really
Speaker 3: good episode, especially because a lot of people deal with this.
Speaker 3: I think exactly as you said, our childhood experiences play
Speaker 3: such a pivotal role in our money stories and really
Speaker 3: inform how we feel about a lot of those things
Speaker 3: as adults, so you're definitely not alone in the experience
Speaker 3: that you're having where the people are on either end
Speaker 3: of the spectrum. It is more common, I think than
Speaker 3: you would believe. So we'll link that in the show notes,
Speaker 3: along with any other episodes we think might be helpful
Speaker 3: for you. I also think, depending on how you're managing
Speaker 3: your money currently, does your budget have money allocated to
Speaker 3: specific spending. So for me personally, as you guys know,
Speaker 3: I love to break my money down into lots and
Speaker 3: lots of savers. I have like thirteen savings accounts, and
Speaker 3: within those, I have very specific allocations for spending on
Speaker 3: specific categories based on what feels comfortable to me. And
Speaker 3: that is because I would look at my spending month
Speaker 3: on month and I identified patterns and I kind of
Speaker 3: thought to myself that I'm more than happy to spend
Speaker 3: on these things, but I want to set limits. And
Speaker 3: so for me personally, I have a specific allocated budget
Speaker 3: for clothing. I have a specific allocated budget for beauty
Speaker 3: because those are things that are important to me, but
Speaker 3: I still wanted to fit them in with my overall
Speaker 3: budgeting system. Is there something like that in place for you,
Speaker 3: because I think that that would maybe free up for
Speaker 3: me personally, It frees up that guilt because I go, oh,
Speaker 3: I know that there's room in the budget, that there's
Speaker 3: plan in the budget for me to be spending this
Speaker 3: money on this specific thing, whether it's eating out, whether
Speaker 3: it's a holiday, whether it's buying a new expensive item
Speaker 3: or device that you've been really wanting. If the money
Speaker 3: is always labeled for that, does that change how you
Speaker 3: feel about it? Because for me, my savers are named
Speaker 3: what they are, so you know there's one for clothing,
Speaker 3: there's one right now, I'm saving for an earth Thredder,
Speaker 3: which is like a fancy overlocker, And so when I
Speaker 3: make side hustle money, that goes into that safe, and
Speaker 3: I know that that's what that money is for because
Speaker 3: that's how it's labeled. That's how I see it, that's
Speaker 3: how I visualize it. Maybe psychologically that would make you
Speaker 3: feel a bit better about it, because that money is
Speaker 3: always identified as being for that specific thing. Whereas if
Speaker 3: you just have a big savings account and then you go, oh, well,
Speaker 3: I want to take one thousand dollars out to buy
Speaker 3: this new air threader. Seeing that money go down can
Speaker 3: be disappointing or can feel like you're not meeting your goal,
Speaker 3: even if your goal was to save for that thing. Yeah,
Speaker 3: so look at if you haven't already, maybe like specifying
Speaker 3: or carving out some room in your existing budget for
Speaker 3: those things you're wanting to spend on. Otherwise, I totally
Speaker 3: agree therapy is a great place to work through some stuff,
Speaker 3: especially you know, if there's some things that you need
Speaker 3: to work through or you know, chat about. There's no
Speaker 3: shame in it. I think it's really positive. And even
Speaker 3: if you're not going through something tough, I think it's
Speaker 3: really nice to speak to somebody.
Speaker 2: Yeah, just like be curious about your the way like
Speaker 2: your child wood shaped you see, for anything that you
Speaker 2: could learn. Yeah, I think it's really really important for
Speaker 2: all if you can afford it.
Speaker 3: A hundred percent. Every week we tell you guys to
Speaker 3: slide into our dms and you never disappoint. This week,
Speaker 3: I've got one that comes from somebody who is quite
Speaker 3: good at investing and might have a life changing business
Speaker 3: idea on their hands. They said, over the past three years,
Speaker 3: I've invested one thousand dollars per month, So just over
Speaker 3: thirty five thousand into ETFs. I work full time in
Speaker 3: tech sales, but have dreamed of starting my own business.
Speaker 3: I have an idea that I'm confident that I can
Speaker 3: make work. But guess what it's going to cost me
Speaker 3: thirty five grand to get it off the ground. I
Speaker 3: have a separate emergency fund, so I'm not in financial trouble,
Speaker 3: but I'm not sure if I should withdraw my investments
Speaker 3: to back myself. I promise myself I would never touch
Speaker 3: my shares, So I am in quite the dilemma. Thanks guys.
Speaker 2: I mean, I think that it might be worth it,
Speaker 2: but I'm also it's a tricky one. If it was
Speaker 2: like savings, I'd be like, hell yeah, the shares part
Speaker 2: of it all. And I understand that that's the dilemma here,
Speaker 2: but I really want to know what this business is.
Speaker 3: I'm so curious. I don't tell anybody because I could
Speaker 3: still the idea.
Speaker 2: Don't tell anyone. I think, like if you're sure, and
Speaker 2: I mean it's like hard to know, like a y,
Speaker 2: Like how sure could you be? And is it exactly
Speaker 2: thirty five thousand? That is that all we need to spend?
Speaker 2: Or is it like I'm just so curious about this
Speaker 2: whole thing. But I think that genuinely, if you only
Speaker 2: need to spend thirty both thousand dollars and you won't
Speaker 2: see that you're taking out all of your shares and
Speaker 2: then going into debt as well, then I think maybe
Speaker 2: it's worth it. Could you get a business loan? I
Speaker 2: don't know, are they like financially better? I don't know. Oh.
Speaker 2: I guess what you could do is figure out how
Speaker 2: much interest you're gaining on that thirty five thousand, and
Speaker 2: then figure out how much interest you'd be paying on
Speaker 2: a business loan.
Speaker 3: When you say how much interest you're gaining, you mean
Speaker 3: what your potential ten shore growth in your shares exact
Speaker 3: or dividend payments would be.
Speaker 2: Exactly potentially, Let's say it's like, on average ninety percent peranum,
Speaker 2: and then you're only paying like three percent. I don't
Speaker 2: know if that's the thing paranum on a business loan.
Speaker 2: I'm like, well, seems to me like maybe that's a
Speaker 2: better idea.
Speaker 6: Maybe.
Speaker 2: I mean, I'm not a fan angel anything, so does
Speaker 2: that sound right?
Speaker 3: I think that pulling money out of your shares is
Speaker 3: not the worst idea. You know, people sometimes have invested
Speaker 3: for the long term and then pulled some of their
Speaker 3: growth out for house deposits or for big purchases. What
Speaker 3: you're kind of referring to is basically weighing up the
Speaker 3: opportunity costs. So what would the potential growth in your
Speaker 3: shares be over time versus not only what you would
Speaker 3: lose to a loan, but what is the potential growth
Speaker 3: of this business. And it's obviously really hard to project
Speaker 3: success in a business, I think, especially in this economy
Speaker 3: as well. I don't want to be a negative nancy,
Speaker 3: but it is tough out there for businesses, especially small businesses.
Speaker 3: So if you haven't already, I would definitely be making
Speaker 3: sure you're doing some really solid market research around the
Speaker 3: product or the service or whatever it is that you're
Speaker 3: planning to offer. Have you checked that there is an
Speaker 3: appetite for it. Have you checked if there are competitors?
Speaker 3: Have you checked to see what the cost for your
Speaker 3: raw materials or overheads would be. Have you factored all
Speaker 3: of those things in, Because yes, it might take thirty
Speaker 3: five thousand dollars to get it off the ground, but
Speaker 3: generally speaking, there are also long term operational costs with
Speaker 3: running a business. Especially it sounds like if you're needing
Speaker 3: to invest in capital, I'm assuming you've probably got some
Speaker 3: product or maybe you need to invest in some equipment
Speaker 3: or something of that nature. So it's not just a
Speaker 3: matter of paying your upfront costs, but also making sure
Speaker 3: that well, if this business is not profitable, which there's
Speaker 3: a very good chance that it won't be because a
Speaker 3: lot of small businesses start off in the red, are
Speaker 3: you going to be able to sustain that or are
Speaker 3: you going to find yourself in a pickle twelve twenty four,
Speaker 3: thirty six months down the track.
Speaker 2: Great point, thank you. I think that.
Speaker 3: I mean, in an ideal world, you'd always leave your
Speaker 3: money in shares that you can always take advantage of
Speaker 3: the growth. But at the same time, depending on what
Speaker 3: your business is, there's also the opportunity for growth there,
Speaker 3: and you could look at it as a different kind
Speaker 3: of investment. I just think you would want to be
Speaker 3: really confident about what you hope to happen. I think
Speaker 3: it's really fun to have a dream and to go well,
Speaker 3: I think this business would be awesome, But just do
Speaker 3: everything that you can to make sure that you'll be
Speaker 3: in a good position, because you just never know, and
Speaker 3: as we all know, I'm very risk adverse, and just
Speaker 3: with everything happening in the world, there's a very good
Speaker 3: chance that you know, the cost of freight is going
Speaker 3: to continue to rise, the cost of material is going
Speaker 3: to continue to rise. So really run your numbers and
Speaker 3: look at those operational costs and make sure that you
Speaker 3: can sustain whatever it is you need to sustain for
Speaker 3: long enough to give it a red hot go, Because
Speaker 3: if you're going to give it a go, I want
Speaker 3: you to really be able to do the best you
Speaker 3: possibly can.
Speaker 2: At a great point, I think definitely do it either way,
Speaker 2: but I think that's a great idea.
Speaker 3: Definitely make sure you can afford it. What did everybody
Speaker 3: else say? All Right, we got lots of responses, a
Speaker 3: bit of a mixed bag on this one. So the
Speaker 3: first question we asked was would you cash out your
Speaker 3: investments to back yourself and your business idea? Very close
Speaker 3: fifty four percent of people said yes, forty six percent
Speaker 3: of people said no. Then we said, if you were
Speaker 3: in this position, what would your non negotiables be before
Speaker 3: taking the leap? Fifty nine percent of you said you
Speaker 3: would want at least six to twelve months of an
Speaker 3: emergency fund, which I think is a great idea. Twenty
Speaker 3: seven percent of you said you would want the ability
Speaker 3: to rebuild your investments, which is also a great shout.
Speaker 3: Eleven percent of you said you would want to have
Speaker 3: full confidence in the idea, and three percent of you
Speaker 3: said nothing, I just go for it. Yeah, okay, giving big,
Speaker 3: big energy with that one. How we said, would you
Speaker 3: rather regret trying the business or regret never giving it
Speaker 3: a shot? Sixty nine percent of you said you would
Speaker 3: regret never giving it a go. Well, thirty one percent
Speaker 3: of you said you would regret trying and failing.
Speaker 2: Yeah.
Speaker 3: And then, as always, of course, we said what is
Speaker 3: your two cents? And it seems like the moral dilemma
Speaker 3: really struck a no with a lot of people. One
Speaker 3: person said, give it a shot, girl. If it works,
Speaker 3: thirty five grand will be recovered in no time. If not,
Speaker 3: at least you tried. Another person said, is the business
Speaker 3: plan time sensitive? If it can wait, I would save up.
Speaker 3: If it's urgent, you should back yourself. That's a good point, Yeah,
Speaker 3: something I hadn't considered personally. Someone else this is a
Speaker 3: three parter, said, as long as you don't do something
Speaker 3: stupid like I did, and try one of the businesses
Speaker 3: in a box more than ten thousand dollars down the
Speaker 3: drain as they were just a scammer. They went into
Speaker 3: liquidation and are living the high life between Bali and Dubai.
Speaker 2: I do regret that, my God.
Speaker 3: So again, just making sure you've really done your research
Speaker 3: with whatever you're doing. Have you maybe gotten some samples
Speaker 3: of things if it's a product, yes, to make sure
Speaker 3: it's viable, that sort of stuff. Somebody said the business
Speaker 3: could far out earn an investment in shares and provide
Speaker 3: a different kind of life, while somebody else on the
Speaker 3: flip side said investments are for future you to enjoy girls,
Speaker 3: lunches and trips to France think of her. Hell yeah,
Speaker 3: people are kind of sitting either side of the fence.
Speaker 3: This one. Someone was in agreement with you. They said,
Speaker 3: business loan rather than shares. They should be no touchy duchy.
Speaker 3: Somebody else said, and this is a great call, and
Speaker 3: I cant believe I didn't think of it.
Speaker 1: This.
Speaker 3: Look at business grants first, because there are a lot
Speaker 3: of grounds out there that are aimed specifically at helping
Speaker 3: small as your businesses get off the ground.
Speaker 2: Yes, true.
Speaker 3: See if you can do that, or can you raise
Speaker 3: capital in another way? Would you want to look at,
Speaker 3: you know, getting investors or something like that. It's not
Speaker 3: saying it's the right option, but it is an option.
Speaker 3: Somebody said find a way to test it first for cheaper,
Speaker 3: and then someone else has said go for it. You
Speaker 3: can always earn the money back. And I'm going to
Speaker 3: finish it on this one because I think it is
Speaker 3: just really nice. What's money for in life if not
Speaker 3: to chase the things we dream about for us or
Speaker 3: for our children. Hell yeah, I agree with that, which
Speaker 3: I think is a really beautiful sentiment, and I think
Speaker 3: it's true. I think you don't want to live your
Speaker 3: life with regrets.
Speaker 2: Yep.
Speaker 3: But I just also, as a really anxious person, want
Speaker 3: you to do everything you can to give yourself the
Speaker 3: best chance of success.
Speaker 2: That's really beautiful, and I guess this is very helpful
Speaker 2: for money dilemma listener, because yeah, I think to board end,
Speaker 2: just enjoy as much as is responsible.
Speaker 3: I want to put that on a T shirt. Perfect fazy. Well,
Speaker 3: thank you so much for joining us, friends, That's all
Speaker 3: we've got time for. If you want to participate in
Speaker 3: our weekly dilemmas. Definitely join the Facebook group, follow us
Speaker 3: on Instagram. That's where we do all about research. We
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Speaker 3: a week and we would love to see you so
Speaker 3: thank you so much for joining us, and wherever you're
Speaker 3: tuning in from, we'll catch you next week. By guys. Bye.
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