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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Order

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Speaker 1: Order Kerni Whoalbury and a waddery woman. And before we

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Speaker 1: get started on She's on the Money podcast, I would

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Speaker 1: like to acknowledge the traditional custodians of the land of

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Speaker 1: which this podcast is recorded on a wondery country, acknowledging

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Speaker 1: the elders, the ancestors and the next generation coming through

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Speaker 1: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. Do you ever spend

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Speaker 2: hours and hours of researching the perfect chairs and ETFs

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Speaker 2: but then freeze and never actually invest?

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Speaker 4: Yes?

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Speaker 2: I know, I certainly don't. But have you gone down

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Speaker 2: a rabbit hole of comparing all your insurance options to

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Speaker 2: get a better deal? Just be overwhelmed and stick with

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Speaker 2: what you've got? That actually I can relate to. But

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Speaker 2: what about when you spend so much time stressing over

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Speaker 2: all the little details of your trip away that you

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Speaker 2: kick yourself because the price goes up because you've waited

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Speaker 2: too long. If you answer yes to any of those questions,

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Speaker 2: then it's likely that you've fallen victim to analysis paralysis,

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Speaker 2: a phenomenon that's holding you back from moving forward and

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Speaker 2: can even be costing you money. Oh my goodness, this

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Speaker 2: is so relatable. Beads on her favorite topics. I'm begsited

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Speaker 2: and joining me today for what I know is going

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Speaker 2: to be a very empowering chat. Is the person you

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Speaker 2: want on your team when it comes to all things

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Speaker 2: finance and behavioral psychology. Victoria Divine, Divine.

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Speaker 4: She's shaken up the intro. I'm proud of you. I

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Speaker 4: love where you're going with this absolute sleigh.

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Speaker 2: Thank you so much so, Vie. I guess like for

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Speaker 2: anyone who isn't familiar, let's start by outlining exactly what

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Speaker 2: analysis paralysis is.

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Speaker 4: It's a really nice term because it rhymes that just flows.

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Speaker 4: It makes it easy to rememberke sense. Yeah, I like it.

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Speaker 4: I also feel like we talk about it a lot

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Speaker 4: on the podcast, but we haven't done a full episode

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Speaker 4: on it, So now is it's time to shine. So

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Speaker 4: analysis paralysis is a state of overthinking or over analyzing

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Speaker 4: a situation to the point where a decision it's never made,

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Speaker 4: essentially paralyzing the decision making process. The phenomenon occurs when

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Speaker 4: you become so overwhelmed by the potential outcomes, the amount

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Speaker 4: of available information, or the fear of making the wrong choice,

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Speaker 4: that you're unable to make any decision at all. And

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Speaker 4: as I've said before, Beck, not making a decision is

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Speaker 4: actually making a decision in itself, So we really need

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Speaker 4: to address analysis paralysis and not bury our heads in

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Speaker 4: the sand. Was a study done in the US, because

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Speaker 4: that seems to be where the most studies come out

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Speaker 4: of best believe, I'm always trying to find Australian studies,

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Speaker 4: but alas, everything's bigger in Texas, as they say. But

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Speaker 4: it was known as the jam jar study, which sounds

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Speaker 4: kind of cute, where psychologists Sheena Inger and Mark Lepper

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Speaker 4: showed how too many options can overroil us. No shit, Sherlock.

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Speaker 4: But in a supermarket they set up two tables, one

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Speaker 4: with twenty four different jars of jam and one with

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Speaker 4: just six. The results about thirty shoppers picked a jar

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Speaker 4: from the limited options, while only three percent picked from

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Speaker 4: the larger variety, so shoppers, Beck were ten times more

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Speaker 4: likely to make a purchase when they were faced with

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Speaker 4: fewer options.

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Speaker 2: It's a while to think about because I feel like

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Speaker 2: when we are if I was decided business, for example,

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Speaker 2: and I wouldn't like, you know, maybe sell jams as

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Speaker 2: exactly like this experiment, I would be like, oh, I

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Speaker 2: have as many options as possible because people love different things.

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Speaker 2: But it turns out it really does.

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Speaker 4: It's so interesting, right. There's also another study that was

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Speaker 4: actually done in Australia, not so research backed, but it

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Speaker 4: was about a coke can vending machine. Right, So they

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Speaker 4: had a coke can vending machine and they put it

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Speaker 4: on a train station platform, and like, if you owned

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Speaker 4: that vending machine, Beck, you'd be pretty annoyed if you

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Speaker 4: then found out that PEPSI had put a vending machine

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Speaker 4: beside yours, wouldn't clever? You'd be like, well, clever, but

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Speaker 4: also really annoying because Node exactly, but it actually increased

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Speaker 4: sales of both. Why you might ask Beck, because while

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Speaker 4: not analysis paralysis, it's just really interesting, I think Beck,

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Speaker 4: The question for the consumer went from do I buy

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Speaker 4: a coke or not? To do I buy a coke

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Speaker 4: or do I buy a PEPSI M.

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Speaker 2: That makes so much sense.

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Speaker 4: Yeah, right, so it's interesting to talk about I guess

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Speaker 4: consumer psychology and this is what that plays in. To

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Speaker 4: give people less options and they're more likely to make

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Speaker 4: a decision, overwhelm them with too many options and they'll

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Speaker 4: just go this is all too hard. I am going home.

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Speaker 2: That's really really interesting. It does make sense. But I

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Speaker 2: want to touch on this because you have a background

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Speaker 2: in behavioral psychology.

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Speaker 4: So a little bits of a nerd you are correct.

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Speaker 2: Yeah, and so do you kind of like know why

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Speaker 2: this happened?

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Speaker 4: Yes, I do, and I feel like I've just started

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Speaker 4: explaining it before you even asked me, So good prompting, Beck.

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Speaker 4: But humans are naturally wired to avoid risk, Beck, I've

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Speaker 4: spoken about this before. Like remember, way back in the

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Speaker 4: caveman times, it was all about survival of the fittest,

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Speaker 4: So I don't really Yeah, like we were both there,

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Speaker 4: so we really don't want to take on unnecessary risk

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Speaker 4: and a lot of us still have that hardwired into us.

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Speaker 2: Right.

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Speaker 4: Behavior is rooted in evolutionary psychology. This inclination. It's linked

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Speaker 4: to our survival instincts, where avoiding potential dangers meant that

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Speaker 4: we were more likely to survive and therefore reduce, which

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Speaker 4: is obviously the most important thing in the entire world, Beck,

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Speaker 4: our reproductive abilities, especially as.

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Speaker 2: Women, exactly as women, and especially for the queer community,

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Speaker 2: It's most important thing is that you reproduce.

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Speaker 4: I have heard, Beck that you've been trying very hard

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Speaker 4: to but not being successful yet. Yeah, that's a conversation

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Speaker 4: for another day.

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Speaker 2: That's a that it's conversation for another day. I'm so

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Speaker 2: sorry to get.

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Speaker 4: I watched Mean Girls and I heard that if you

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Speaker 4: have sex, you will get pregnant and you will die.

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Speaker 4: And you've been basically risking it for the biscuit.

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Speaker 2: Yeah, I know, and nothing's happened yet. So I mean,

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Speaker 2: I guess we just gotta keep we gotta get trying, lucky.

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Speaker 4: This isn't a podcast about sex because we've known literally

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Speaker 4: nothing anyway. Segueing back to the actual conversation, Beck.

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Speaker 2: Great Calvy. So, I guess like the majority of our

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Speaker 2: listeners are, of course millennials, but high to those who

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Speaker 2: do not fit in that category as well. Research shows

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Speaker 2: us that our gen is particularly vulnerable to analysis prolysis,

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Speaker 2: And I mean, like I do have suchies.

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Speaker 4: Why I want to know your theories before I get

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Speaker 4: into it. I'm sure, of course I do. I mean

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Speaker 4: from the woman who has been trying to get pregnant

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Speaker 4: with another woman, I just feel like this is going

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Speaker 4: to be enlightening at best.

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Speaker 2: Absolutely, you can tell that I'm extremely bright, the sharpest

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Speaker 2: tool in the shed, they say. But I guess, like

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Speaker 2: for me, I'm thinking that if you were born maybe

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Speaker 2: in the older generation, you didn't have to you know,

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Speaker 2: I'm kind of like really zooming out here, but you

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Speaker 2: didn't have to pay for education. Houses were a lot cheaper,

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Speaker 2: like I don't know, millennials and younger, and I'm sure

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Speaker 2: you know this goes for everyone. There's a lot of

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Speaker 2: people that would be struggling with finances. But for us,

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Speaker 2: it kind of feels like we don't have a lot

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Speaker 2: of the flexibility. We don't have that safety blanket of

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Speaker 2: just being like I'm not gonna think about this one.

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Speaker 2: I'm just gonna go for it and see what happens.

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Speaker 2: We actually sometimes can't do that because we might literally

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Speaker 2: not survive. So I guess that's why maybe it's more

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Speaker 2: prominent in our generation. But I do want to ask you,

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Speaker 2: what is it about our generation that makes us more susceptible.

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Speaker 4: So I think you're right, Like zooming out is really

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Speaker 4: helpful if we look back historically, like even the way

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Speaker 4: that my parents made decisions, which wasn't that long ago

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Speaker 4: when they were you know, our age, making decisions about things.

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Speaker 4: If they were purchasing their first home, they weren't able

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Speaker 4: to jump online and do a heap of research and

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Speaker 4: do a market analysis. They were asking their parents and

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Speaker 4: their friends for advice. And I feel like the same

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Speaker 4: is true, Like at the moment there's a conversation online,

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Speaker 4: particularly on TikTok as you know, a victim of the algorithm,

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Speaker 4: I basically live there. Now. It's information overload and there's

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Speaker 4: so much weight that we carry on our shoulders. And

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Speaker 4: when it comes to even news, I feel like today, Beck,

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Speaker 4: you and I are so well educated, and I'm so

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Speaker 4: grateful for that privilege, but we're so well educated of

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Speaker 4: what's going on in the world that the older demographic

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Speaker 4: is actually really struggling with this because you know, if

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Speaker 4: we think about our grandparents, people in their eighties, they

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Speaker 4: are used to this amount of information overload. Like if

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Speaker 4: I look back and look at my grandparents, right, like

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Speaker 4: Mi Nan and Pop, they grew up in a world

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Speaker 4: where they were in Tasmania. They were on a tiny

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Speaker 4: island off the ghost of Australia. They were sheep farmers

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Speaker 4: and they also farmed poppies. That's what they knew. Like,

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Speaker 4: they didn't have a lot of outside influence, and when

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Speaker 4: they did it was the local paper. And what does

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Speaker 4: the local paper feature? Local news? So the worst things

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Speaker 4: that could happen to them were really based in Australia.

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Speaker 4: And even though the news stories internationally were massive and

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Speaker 4: you know, terrifying and honestly some of the things happening

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Speaker 4: were just as bad as the things that are happening today,

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Speaker 4: they went privy to them. So now that they are

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Speaker 4: being overloaded by this information, lots of them are experiencing

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Speaker 4: significant levels of distress because of this information overload. Right,

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Speaker 4: and in today's digital world that you and I have

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Speaker 4: arguably grown up in, we constantly bombarded with endless streams

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Speaker 4: of information and choice, whether that's about world news or

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Speaker 4: beck buying your first home, or which savings account is

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Speaker 4: the best savings account or you know which ETF do

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Speaker 4: I purchase? I mean, you've got analysis paralysis. Just the

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Speaker 4: other day when you were downloading chasis. You downloaded and

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Speaker 4: you're like, this is simple, and then you're like, wait,

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Speaker 4: what do I invest in? And I think that that

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Speaker 4: happens to all of us. The mental load of our

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Speaker 4: modern lifestyles. It demands we juggle numerous responsibilities and decisions,

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Speaker 4: which leads to cognitive overload. And this state of being

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Speaker 4: overwhelmed can cause decision fatigue, which is over it where

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Speaker 4: the sheer volume of decisions becomes mentally exhausting. As millennial women,

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Speaker 4: you and I, Beck, we often face high expectations for

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Speaker 4: success and fulfillment, which can then lead to heightened anxiety

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Speaker 4: over making the right choice for our future. We also

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Speaker 4: experience fomo like never before, because Beck, if my parents'

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Speaker 4: friends went out, they heard about it the next time

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Speaker 4: they caught up with their friends, and by that stage,

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Speaker 4: which they're probably forgetting what had happened. If I don't

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Speaker 4: go out with my mates, I see it on Instagram,

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Speaker 4: I see what they ate ten minutes after they ate it,

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Speaker 4: or even, let's be honest, back before they even got

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Speaker 4: to try it, because they took the photo to post

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Speaker 4: before they actually dived in. But we get fomo at

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Speaker 4: a level that's never been experienced before. And we are

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Speaker 4: consistently worried about making the wrong decision, which can paralyze

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Speaker 4: us into inaction.

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Speaker 2: That actually makes a lot of sense. So V, how

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Speaker 2: does this impact our finances?

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Speaker 1: Ah?

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Speaker 4: Significantly. Look, it might not be the biggest deal. Like

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Speaker 4: how I experienced last night, my husband and I could

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Speaker 4: not pick what we wanted to watch on Netflix. Analysis proalysis,

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Speaker 4: too many options. We ended up going with a show

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Speaker 4: that we'd already seen. But analysis paralysis in financial decision

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Speaker 4: making can actually cost you a lot of money. This

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Speaker 4: is known as opportunity cost. You need to think about

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Speaker 4: what you were actually risking by not taking any risk

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Speaker 4: at all. Let's take investing for example, Beck, because it

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Speaker 4: is my favorite topic ever. You know you want to invest,

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Speaker 4: but you're trapped in analysis paralysis. You're trying to figure

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Speaker 4: out where to put your money. You know that you

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Speaker 4: want to invest, you know that you have some money

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Speaker 4: to invest. Maybe you've already picked a platform. This is

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Speaker 4: literally you Beck in a nutshell, but you're stuck comparing

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Speaker 4: the different fees of maybe the different platforms if you

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Speaker 4: haven't picked one yet. Meanwhile, the clock is ticking and

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Speaker 4: then suddenly it's six months later and you still haven't started.

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Speaker 4: Suddenly it's three years later and you haven't invested a dollar.

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Speaker 4: Every moment of indecision means that you're missing out on

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Speaker 4: potential money in your pocket, as your investment could have

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Speaker 4: been compounding over this time. And we know on average,

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Speaker 4: money compounds every seven years. So Beck, the amount of

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Speaker 4: decisions I've put off for that period of time is wild.

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Speaker 2: I know, and I know this isn't the same, but

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Speaker 2: I was just thinking, as you're saying that that, like

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Speaker 2: I really wouldn't find your phone, and I know it's

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Speaker 2: not smart. I know it's not wise because my phone works.

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Speaker 4: On my doesn't I actually need a new phone?

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Speaker 5: Well?

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Speaker 4: This so this is a good example. Tell me more so.

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Speaker 2: Last week the Google Pixel eight pro was on special.

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Speaker 2: It was like seven hundred dollars cheaper than it usually is.

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Speaker 4: I forgot that you were a non iPhone girly.

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Speaker 2: I'm not an iPhone girly. I do love my Google Pixels.

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Speaker 2: And then I was like, oh, sick, Like it's a

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Speaker 2: thousand bucks. Let me just think about it for like

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Speaker 2: a few days. That's so much money back, it's so

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Speaker 2: much money. It's so much money. But I was like, oh,

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Speaker 2: it's so much cheaper than usual. I might, yeah, I'll

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Speaker 2: probably buy it, but let me just like sit on

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Speaker 2: it and get my finances in order. And then I

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Speaker 2: went to buy it and it was just as special

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Speaker 2: for a week and it's gone back to regular price.

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Speaker 4: And so so I used to This is a side

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Speaker 4: conversation if something was discounted and the discount was motivating

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Speaker 4: you to purchase it, beck huh, and then it isn't

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Speaker 4: discounted anymore, and you somehow don't need the item. Did

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Speaker 4: you really need the item to begin with?

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Speaker 2: Well, that's you're so right, Victoria.

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Speaker 4: You're like, that's not what this episode is about, Victoria Devine.

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Speaker 2: No, that's true. Well I'm gonna buy it any way.

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Speaker 2: That's the problem.

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Speaker 4: So you did need the item?

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Speaker 2: I did?

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Speaker 1: I did?

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Speaker 4: Okay for me?

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Speaker 2: So anyway, that's my story on analysis paralysis. Let me

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Speaker 2: hear what you've got if you have anything.

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Speaker 4: I feel like I get analysis paralysis over so much

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Speaker 4: like even analysis paralysis. This is probably a bougier purchase,

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Speaker 4: but my wedding dress. So like I didn't want to

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Speaker 4: spend heaps of money on my wedding dress. Spoiler, I did,

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Speaker 4: but I didn't at the start, and I was like,

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Speaker 4: you know what I'll do, Like I'll buy a second

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Speaker 4: hand dress off Still White, because you know, wedding dresses

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Speaker 4: are exorbitant, like they're so expensive, and it didn't make

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Speaker 4: any sense to me. Anyway, went back and forth and

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Speaker 4: back and forth, and I ended up buying a dress

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Speaker 4: off Still White, so a secondhand wedding dress, and I

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Speaker 4: thought this is perfect because let's be honest, the dresses

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Speaker 4: would warm once. Like people aren't wearing these dresses and

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Speaker 4: then selling them because they've worn them for a year

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Speaker 4: and they're over it and it's out of they're wardrobe.

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Speaker 4: They wore it for their special day, and honestly, most

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Speaker 4: brides wear their dresses for a max of like six

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Speaker 4: hours before they change. Anyway, back to the story at hand,

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Speaker 4: I bought one basically shotgunk because I started to get

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Speaker 4: worried that I was going to miss out on it,

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Speaker 4: and I purchased it and then it didn't fit my

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Speaker 4: body properly, and I thought, all right, well, maybe I'll

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Speaker 4: go on a diet, maybe I'll do all of this

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Speaker 4: other stuff to fit in the dress. Turns out that's

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Speaker 4: a terrible idea. I was like, come to my senses.

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Speaker 4: I was like, why am I dieting for a wedding?

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Speaker 4: Like that is not who I am at my core,

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Speaker 4: absolutely not. I do not want this. So then I

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Speaker 4: put off for ages what I would do because I

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Speaker 4: was like, I feel like I've now wasted money on

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Speaker 4: this secondhand dress. Yes, I did relist it to try

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Speaker 4: and sell it, but like, what do I do now?

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Speaker 4: Beck Anyway, analysis prolysis ended with me having to spend

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Speaker 4: even more on my dress because I'd left it so late.

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Speaker 4: And it turns out that you needed to have like

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Speaker 4: a long period of time for your wedding dress to

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Speaker 4: be made, so it had to be on like a

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Speaker 4: shorter timeframe, which is more expensive. And anyway, it was

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Speaker 4: a lot and I ended up wasting a lot of

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Speaker 4: money getting to my dream wedding dress. I don't regret

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Speaker 4: it for a second because I'm in love with that

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Speaker 4: dress and now I will not be selling it. But ah,

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Speaker 4: analysis paralysis in that circumstance cost me a lot because

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Speaker 4: I feel like I was throwing good money after bad

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Speaker 4: even though it wasn't. And if I had just got

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Speaker 4: myself together and worked out what I actually wanted instead

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Speaker 4: of putting it off and putting it off, I wouldn't

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Speaker 4: have spent nearly as much as what I actually did. Yes,

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Speaker 4: let's get back on track. Yes, because I feel like

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Speaker 4: both of us have suffered with analysis paralysis. We now

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Speaker 4: know what it is, and I'm going to arm you

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Speaker 4: today with a toolkit full of mindset shifts and actionable

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Speaker 4: tips to be able to push through that analysis paralysis

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Speaker 4: and get your decision making Mojo jojo back.

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Speaker 2: That sounds really juicy, So I's have a really quick

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Speaker 2: break before we jump into that. Don't go anywhere, guys,

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Speaker 2: Welcome back everyone. We are chatting about analysis paralysis. V

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Speaker 2: I'm dying to know how to get myself out of

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Speaker 2: the dreaded loop of indecision.

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Speaker 4: All right, beck, this is going to come as absolutely

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Speaker 4: no surprise, but you all, oh no. I am a

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Speaker 4: big mindset girly, So I think we should start with

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Speaker 4: three shifts in your thinking that you can make to

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Speaker 4: help you get unstuck. First things first, Now, this one

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Speaker 4: is going to be hard for our perfectionists out there,

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Speaker 4: But firstly, what you need to do is embrace the imperfection.

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Speaker 4: Once you realize that there is no such thing as

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Speaker 4: the perfect decision. Aiming for good enough is often, honestly

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Speaker 4: the best approach you've heard, the saying before Beck, done

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Speaker 4: is better than perfect. There's books called done is better

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Speaker 4: than perfect, like they're onto something. The next thing I

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Speaker 4: want you to consider, And another key mindset change is

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Speaker 4: to accept uncertainty. Not all variables can be controlled, and

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Speaker 4: that's actually okay, Beck. Making a decision despite uncertainty is

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Speaker 4: how we grow and how new opportunities arise for us.

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Speaker 4: And then finally, there's never gonna be a perfect time

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Speaker 4: if you're waiting for all your worries to disappear or

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Speaker 4: you to be in the absolute perfect position to do

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Speaker 4: make a move now, otherwise you're going to be waiting forever.

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Speaker 4: Beg how many times do you say to yourself, I'll

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Speaker 4: just do it once I xyzm oh, my gosh, Beck,

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Speaker 4: I'm going to start saving once I earn more money,

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Speaker 4: like years real, that's not going to happen. Lifestyle creep's

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Speaker 4: going to get you because you already have your head

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Speaker 4: in the sand.

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Speaker 2: That's so true. And then you think about like when

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Speaker 2: you were a year younger or two years younger, and

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Speaker 2: you still say the same thing. And honestly, like some

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Speaker 2: people literally can't save and invest in all these other things.

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Speaker 2: But I totally get that. But if you have the

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Speaker 2: capacity to, you'd rather be you know, for example, I'm

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Speaker 2: going to be thirty five eventually. I'd rather be thirty

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Speaker 2: five with like an extra two hundred bucks of savings

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Speaker 2: than yes, you know exactly so going to get there eventually,

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Speaker 2: but it may as well have a little bit of

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Speaker 2: a surplus, you know.

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Speaker 4: And I feel like we're all guilty of it, right

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Speaker 4: And my favorite time of the year to be reminded

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Speaker 4: that analysis paralysis strikes us all these New years when

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Speaker 4: you're like, should I set any New Years resolutions? No?

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Speaker 4: Because I don't do them?

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Speaker 2: Yeah, yep, yeah, yeah, it's a real reminder. It's a

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Speaker 2: bit dire, Yeah, unfortunately, but yeah, I think so that

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Speaker 2: makes sense. Like I feel like those mindset shifts really

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Speaker 2: would feel quite empowering and freeing. But what about when

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Speaker 2: it actually comes to making a decision?

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Speaker 4: You know, me, I am if nothing predictable. I love

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Speaker 4: a good goal setting session. We've got one coming up.

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Speaker 4: Vis's on the money soon, not for the audience, but

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Speaker 4: for you and I were going to sit down and

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Speaker 4: set some goals, which is going to be slay, but

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Speaker 4: you know that I never jump into a decision without

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Speaker 4: setting some clear goals and working out what is important

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Speaker 4: to me. I feel like goal setting is like breaking

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Speaker 4: down the big task that feels overwhelming so that it

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Speaker 4: can be like small bite sized pieces. And if they're

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Speaker 4: not pieces that you feel like you can buy it

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Speaker 4: because they're still too big, break them down even further,

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Speaker 4: like tiny steps are still steps in the right direction,

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Speaker 4: And I think that's really important to remember. The next

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Speaker 4: is I really like a deadline. I work really well

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Speaker 4: under pressure. In fact, if I do not have a timeline,

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Speaker 4: things do happens. So give yourself a really specific time

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Speaker 4: frame to decide. Like when you look at a menu

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Speaker 4: and can't decide between having the parts that are or

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Speaker 4: the pizza, give yourself until the weight it gets back

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Speaker 4: to you and then you're forced to make a decision.

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Speaker 4: I feel like that's how I always make menu decisions.

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Speaker 4: Back Like I'm a really last minute I can't make

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Speaker 4: a decision like a brunch on like French toast eggs,

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Speaker 4: Oh my god, they've got pancakes, French toast eggs, pancakes,

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Speaker 4: And then the way there comes in, I'm like, I'll

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Speaker 4: just have a piece of toast. Thanks, Like, I just

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Speaker 4: can't make a decision and then I default back to

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Speaker 4: what I always order.

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Speaker 2: It's usually the wrong life I'm not trying to.

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Speaker 4: It, and then I get bomoyah. I mean, it's probably

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Speaker 4: a really good place to start and practice our decision

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Speaker 4: making because let's be honest, investing can be overwhelming and

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Speaker 4: money decisions can be overwhelming. Like let's start small. Let's

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Speaker 4: start reading the menu and have an answer for the

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Speaker 4: waiter of by the time they get back. Yeah, that

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Speaker 4: sounds small, but that's big for me totally.

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Speaker 2: And I feel like, yeah, if you start there, like

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Speaker 2: that's pretty inconsequential, Like you can't really at that too wrong.

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Speaker 2: So practice, practice, practice exactly.

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Speaker 4: Practice makes perfect, and setting a deadline is going to

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Speaker 4: help you from overthinking and just keep things moving the way.

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Speaker 4: It doesn't need to go away for another couple of

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Speaker 4: minutes for you to make a decision that's going to

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Speaker 4: be the same decision you were going to make at

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Speaker 4: that point in time, Like just order the food, you

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Speaker 4: know what I mean, I feel it's deep, it's really deep, guys.

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Speaker 4: Then what I want you to do, and this is

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Speaker 4: where analysis paralysis really sets in right, and that's I

433
00:21:23,520 --> 00:21:26,240
Speaker 4: want you to do your research, but put a limit

434
00:21:26,320 --> 00:21:29,119
Speaker 4: on it. So to really stop the information overwhelm, I

435
00:21:29,200 --> 00:21:31,600
Speaker 4: need you to limit two things, so the amount of

436
00:21:31,600 --> 00:21:34,080
Speaker 4: time that you're going to allow for research, and then

437
00:21:34,320 --> 00:21:37,239
Speaker 4: the amount of sources you are going to use. So

438
00:21:37,840 --> 00:21:40,480
Speaker 4: I like this because then it feels like a university

439
00:21:40,520 --> 00:21:43,360
Speaker 4: project or like a school project. Right, like beck, you

440
00:21:43,400 --> 00:21:46,040
Speaker 4: have five hundred words and you can use three references

441
00:21:46,440 --> 00:21:49,240
Speaker 4: like right. I think that that means that it feels

442
00:21:49,280 --> 00:21:51,240
Speaker 4: a little bit more structured. You feel like you're doing

443
00:21:51,240 --> 00:21:55,160
Speaker 4: your due diligence. But getting started and actually getting some

444
00:21:55,200 --> 00:21:57,680
Speaker 4: skin in the game is going to be the best research.

445
00:21:58,240 --> 00:22:00,000
Speaker 4: And I think that that's what we want to get

446
00:22:00,119 --> 00:22:03,800
Speaker 4: too faster. They're putting my psychology hat back on. A

447
00:22:03,880 --> 00:22:06,800
Speaker 4: law in psychology known as Hicks law actually tells us

448
00:22:06,880 --> 00:22:09,080
Speaker 4: the more choices we have, the longer it takes to

449
00:22:09,160 --> 00:22:12,080
Speaker 4: choose due to the increased cognitive load of processing of

450
00:22:12,119 --> 00:22:14,119
Speaker 4: each option. And do you know what that leads to?

451
00:22:14,520 --> 00:22:17,879
Speaker 4: What not actually even making better decisions.

452
00:22:17,560 --> 00:22:19,360
Speaker 2: Of course, of course, which.

453
00:22:19,200 --> 00:22:22,280
Speaker 4: Is kind of hence the toast. Yeah, hence the toe

454
00:22:22,320 --> 00:22:23,520
Speaker 4: I love toast.

455
00:22:24,760 --> 00:22:25,280
Speaker 2: That case.

456
00:22:25,760 --> 00:22:29,040
Speaker 4: Honestly, my default option at brunch, if you should care,

457
00:22:29,160 --> 00:22:32,520
Speaker 4: is actually two poached eggs on buttered toast, because there's

458
00:22:32,560 --> 00:22:35,760
Speaker 4: nothing worse than a cafe bringing out your eggs on

459
00:22:35,800 --> 00:22:38,040
Speaker 4: toast with no butter. Like, be for real, who's ordering

460
00:22:38,160 --> 00:22:39,320
Speaker 4: eggs on toast with no butter?

461
00:22:39,400 --> 00:22:39,560
Speaker 1: Beck?

462
00:22:39,840 --> 00:22:42,480
Speaker 2: Yeah's so true. That order will stay with me forever.

463
00:22:42,560 --> 00:22:44,080
Speaker 2: Do you like them runny or hard?

464
00:22:44,680 --> 00:22:47,359
Speaker 4: Just like normal poached eggs? Runny like? If they're hard, like,

465
00:22:47,400 --> 00:22:50,600
Speaker 4: that's actually quite illegal. Yeah. So, ultimately you want to

466
00:22:50,640 --> 00:22:53,439
Speaker 4: be informed back, but not overwhelmed, because that actually doesn't

467
00:22:53,440 --> 00:22:56,760
Speaker 4: help anybody, and you don't need to know absolutely everything

468
00:22:56,760 --> 00:22:58,719
Speaker 4: on the topic to make a good decision. And if

469
00:22:58,720 --> 00:23:00,680
Speaker 4: you're listening to this, yes I I am, in fact

470
00:23:00,720 --> 00:23:04,280
Speaker 4: talking to you the person who over analyzes absolutely everything

471
00:23:04,280 --> 00:23:06,119
Speaker 4: and still goes, oh my gosh. But there's still so

472
00:23:06,240 --> 00:23:09,280
Speaker 4: much to learn about investing thee You're right, there is.

473
00:23:09,400 --> 00:23:12,199
Speaker 4: I'm even still learning. But that doesn't mean that you

474
00:23:12,200 --> 00:23:13,800
Speaker 4: stop yourself from getting started.

475
00:23:14,080 --> 00:23:16,520
Speaker 2: Exactly. You can learn on the journey. It's never too

476
00:23:16,600 --> 00:23:19,800
Speaker 2: late to learn, and it's never too early to start.

477
00:23:20,560 --> 00:23:23,480
Speaker 2: All right, I think that I've summarized this whole thing

478
00:23:23,520 --> 00:23:25,960
Speaker 2: and we're done. But no, I'm off, Queen, thank you

479
00:23:26,000 --> 00:23:27,919
Speaker 2: so much. V. I want to know what about when

480
00:23:27,960 --> 00:23:29,520
Speaker 2: you're comparing differences?

481
00:23:29,640 --> 00:23:32,960
Speaker 4: All right, So when I'm trying to compare difference as often,

482
00:23:33,000 --> 00:23:36,400
Speaker 4: I make a spreadsheet. I'm so for those of you interested. Recently,

483
00:23:36,480 --> 00:23:38,560
Speaker 4: I traveled to Europe. This is a little bit of

484
00:23:38,560 --> 00:23:40,159
Speaker 4: a flex to remind you that I got to go

485
00:23:40,200 --> 00:23:43,080
Speaker 4: to Europe this summer. But also I made a spreadsheet

486
00:23:43,119 --> 00:23:46,560
Speaker 4: comparing the pros and cons of different travel prams for Harvey.

487
00:23:46,880 --> 00:23:48,919
Speaker 4: And that's who I am at my core. I know

488
00:23:49,040 --> 00:23:51,400
Speaker 4: that not everybody is like that. But what I do

489
00:23:51,440 --> 00:23:53,720
Speaker 4: that you could do is I work out what's important

490
00:23:53,760 --> 00:23:56,639
Speaker 4: to me and then prioritize them in order of importance.

491
00:23:57,080 --> 00:24:00,440
Speaker 4: So if we were talking about investing for exams, Beck,

492
00:24:00,480 --> 00:24:02,760
Speaker 4: I could sit down and go, well, what's the list,

493
00:24:02,960 --> 00:24:05,520
Speaker 4: Like what's important to me? Like I'd say, Beck, you

494
00:24:05,560 --> 00:24:06,160
Speaker 4: want to invest?

495
00:24:06,240 --> 00:24:06,400
Speaker 2: Yeah?

496
00:24:06,400 --> 00:24:09,040
Speaker 4: And you go yeah, Well what's important? Is it important

497
00:24:09,080 --> 00:24:11,639
Speaker 4: for you to have ultimate control over your shares? Is

498
00:24:11,640 --> 00:24:15,040
Speaker 4: it important that you have direct shares over ETFs? And

499
00:24:15,119 --> 00:24:18,120
Speaker 4: you might go no, okay, is it important that you're

500
00:24:18,119 --> 00:24:20,760
Speaker 4: an ethical investor? Yes? Or no? Like these are so

501
00:24:21,000 --> 00:24:23,959
Speaker 4: easy to answer. We're not trying to do deep amounts

502
00:24:24,000 --> 00:24:26,520
Speaker 4: of research. But then what I want to do is

503
00:24:26,600 --> 00:24:29,399
Speaker 4: create a pros and cons list. It's classic, right, but

504
00:24:29,560 --> 00:24:32,240
Speaker 4: it's a really effective way to visualize your options and

505
00:24:32,240 --> 00:24:35,200
Speaker 4: then consider the worst case scenarios. There is a book

506
00:24:35,280 --> 00:24:37,719
Speaker 4: called What is the Worst Thing That Never Happened?

507
00:24:37,720 --> 00:24:37,919
Speaker 1: To You?

508
00:24:39,280 --> 00:24:40,280
Speaker 2: That's powerful.

509
00:24:40,480 --> 00:24:43,800
Speaker 4: It's because so often we consider the worst case scenarios

510
00:24:43,840 --> 00:24:46,800
Speaker 4: and then get anxiety from these worst case scenarios, and

511
00:24:46,880 --> 00:24:50,960
Speaker 4: ultimately most of these things never actually happen. Sometimes knowing

512
00:24:51,000 --> 00:24:53,320
Speaker 4: the worst that can happen can actually make the decision

513
00:24:53,359 --> 00:24:55,879
Speaker 4: easier as well. Like, Beck, what's the worst thing that

514
00:24:55,880 --> 00:24:59,720
Speaker 4: could happen? You lose money? Okay, what's your initial investment?

515
00:25:00,119 --> 00:25:02,399
Speaker 4: Like beck Leer's pick one? All right, so let's pretend

516
00:25:02,400 --> 00:25:04,639
Speaker 4: it's fifty dollars. To me, fifty dollars is not a

517
00:25:04,640 --> 00:25:08,480
Speaker 4: trivial amount of money. It is a significant amount. Yeah,

518
00:25:08,480 --> 00:25:10,119
Speaker 4: and you would agree, I think.

519
00:25:10,080 --> 00:25:11,520
Speaker 2: Oh yeah, oh yeah, for sure.

520
00:25:11,800 --> 00:25:14,879
Speaker 4: So when it comes to this fifty dollars, if we

521
00:25:14,960 --> 00:25:18,080
Speaker 4: invested that, Beck, and then oh my gosh, you lost

522
00:25:18,080 --> 00:25:20,960
Speaker 4: it all, is that actually the worst thing to ever happen.

523
00:25:21,640 --> 00:25:22,399
Speaker 2: Not to ever happen.

524
00:25:22,440 --> 00:25:26,480
Speaker 4: That's true, exactly so like, let's try and contextualize this,

525
00:25:26,960 --> 00:25:29,800
Speaker 4: and if putting fifty dollars into the share market and

526
00:25:29,880 --> 00:25:31,560
Speaker 4: losing it is going to be the worst thing that

527
00:25:31,640 --> 00:25:34,720
Speaker 4: ever happened, I think we need to strip back. I

528
00:25:34,720 --> 00:25:36,760
Speaker 4: think we need to go back to our financial house

529
00:25:36,760 --> 00:25:39,320
Speaker 4: and create an emergency fund and do our budget and

530
00:25:39,359 --> 00:25:40,960
Speaker 4: do our cash flow. And I would say that maybe

531
00:25:41,000 --> 00:25:45,080
Speaker 4: you're not ready to invest, because if losing fifty dollars

532
00:25:45,240 --> 00:25:47,800
Speaker 4: is the worst ever and it's going to impact your

533
00:25:47,840 --> 00:25:51,000
Speaker 4: financial life significantly, we need to reassess our goals, right.

534
00:25:51,600 --> 00:25:56,240
Speaker 4: I then also always talk to independent experts, get their advice,

535
00:25:56,680 --> 00:26:00,200
Speaker 4: financial advisors, mortgage brokers. They can be in value all

536
00:26:00,240 --> 00:26:03,800
Speaker 4: sources of information. Literally it's their job to know everything

537
00:26:03,800 --> 00:26:06,480
Speaker 4: that you don't about that topic. So take advantage of

538
00:26:06,520 --> 00:26:09,680
Speaker 4: it and it might lighten your mental load. And then beck,

539
00:26:10,000 --> 00:26:11,679
Speaker 4: if you're really struggling to choose, do you know what

540
00:26:11,680 --> 00:26:12,560
Speaker 4: I'm going to say.

541
00:26:12,840 --> 00:26:13,679
Speaker 2: I have a feeling?

542
00:26:14,160 --> 00:26:15,800
Speaker 4: Is it when in doubt zoom out?

543
00:26:16,040 --> 00:26:18,360
Speaker 2: Yes, ask yourself.

544
00:26:17,920 --> 00:26:20,800
Speaker 4: If the small differences that you're stressing over right now

545
00:26:21,119 --> 00:26:24,639
Speaker 4: actually what really matters in the long term, Like spoiler,

546
00:26:25,080 --> 00:26:26,080
Speaker 4: they probably don't matter.

547
00:26:26,280 --> 00:26:27,159
Speaker 2: Yeah, that's so true.

548
00:26:27,240 --> 00:26:30,960
Speaker 4: And that's not to invalidate it, but ultimately, yes, is

549
00:26:31,040 --> 00:26:34,040
Speaker 4: it going to change the trajectory of your entire life?

550
00:26:34,080 --> 00:26:37,480
Speaker 4: Probably not if you pick the wrong ETF today. Beck,

551
00:26:38,040 --> 00:26:40,520
Speaker 4: do you know what you can do? You can invest

552
00:26:40,520 --> 00:26:42,640
Speaker 4: in it for a little while and then change your

553
00:26:42,640 --> 00:26:45,919
Speaker 4: investment a little down the track. It's really easy. Yeah, Like,

554
00:26:46,160 --> 00:26:48,040
Speaker 4: it's not the end of the world.

555
00:26:48,480 --> 00:26:51,640
Speaker 2: Sure, sure, sure, Okay. So let's say hypothetically we've come

556
00:26:51,680 --> 00:26:53,640
Speaker 2: to a decision. What's next.

557
00:26:53,960 --> 00:26:56,640
Speaker 4: So once we've made a decision, this is the hard part.

558
00:26:57,640 --> 00:27:00,320
Speaker 4: We have to take action. How many times do we

559
00:27:00,400 --> 00:27:02,800
Speaker 4: say to ourselves we've made a decision and then we're like,

560
00:27:03,160 --> 00:27:05,440
Speaker 4: we actually haven't made a decision because we don't want

561
00:27:05,480 --> 00:27:07,280
Speaker 4: to action it. Yeah, We're like, oh yeah, no, no,

562
00:27:07,320 --> 00:27:08,840
Speaker 4: I've decided I'm getting the red one.

563
00:27:08,960 --> 00:27:09,280
Speaker 2: Mm hmm.

564
00:27:09,680 --> 00:27:12,200
Speaker 4: Have you ordered the red one back? No? No, no?

565
00:27:12,400 --> 00:27:14,040
Speaker 4: And then all right, well why don't you order it

566
00:27:14,160 --> 00:27:15,840
Speaker 4: right now? And then you go, oh my god, but

567
00:27:16,040 --> 00:27:18,080
Speaker 4: they've also got blue do you reckon? I should change

568
00:27:18,080 --> 00:27:18,520
Speaker 4: to blue?

569
00:27:19,960 --> 00:27:20,280
Speaker 1: Right?

570
00:27:20,560 --> 00:27:22,359
Speaker 4: So we want to make a decision, but then we

571
00:27:22,400 --> 00:27:26,320
Speaker 4: want to take action and actually trigger that. This reduces

572
00:27:26,359 --> 00:27:29,080
Speaker 4: the likelihood of second guessing, Like, just get it. Done back,

573
00:27:29,240 --> 00:27:31,320
Speaker 4: Just pick the red one, order the red one, because

574
00:27:31,320 --> 00:27:32,880
Speaker 4: then if I bring up that there's a blue one,

575
00:27:32,880 --> 00:27:35,320
Speaker 4: you're like, ah Vi, I have actually already ordered it.

576
00:27:35,320 --> 00:27:38,560
Speaker 4: It's all good though. Thanks. Though, if jumping in all

577
00:27:38,600 --> 00:27:41,800
Speaker 4: at once feels like it's too much, beck, just start small.

578
00:27:42,160 --> 00:27:45,239
Speaker 4: Gradual actions can build your confidence. Think about it as

579
00:27:45,320 --> 00:27:47,399
Speaker 4: kind of like dipping your toe in the pool before

580
00:27:47,440 --> 00:27:51,320
Speaker 4: diving right in. I've said this time and time again, like,

581
00:27:51,359 --> 00:27:54,639
Speaker 4: if the steps are too big, make them smaller. We

582
00:27:54,720 --> 00:27:59,320
Speaker 4: can take tiny, tiny steps. If the analysis paralysis you're

583
00:27:59,480 --> 00:28:03,199
Speaker 4: actually experiencing is actually over researching to begin with, like

584
00:28:03,240 --> 00:28:04,800
Speaker 4: you're like, oh my god, I don't even know where

585
00:28:04,840 --> 00:28:08,320
Speaker 4: to start. Google what is an ETF? Today, you just

586
00:28:08,359 --> 00:28:11,440
Speaker 4: took a tiny step in the right direction. So do

587
00:28:11,520 --> 00:28:13,040
Speaker 4: small things that add up back.

588
00:28:13,400 --> 00:28:15,919
Speaker 2: Okay, so Vhie. What I'm taking away from today is

589
00:28:15,960 --> 00:28:17,920
Speaker 2: that you don't need to know every little detail to

590
00:28:17,960 --> 00:28:20,760
Speaker 2: make a good decision. It's all about breaking things down

591
00:28:20,800 --> 00:28:23,720
Speaker 2: into manageable steps and not letting the fear of missing

592
00:28:23,720 --> 00:28:27,720
Speaker 2: out on the quote unquote perfect choice hold you back.

593
00:28:28,040 --> 00:28:31,520
Speaker 2: It's really about simplifying your options and focusing on what's important,

594
00:28:31,760 --> 00:28:34,880
Speaker 2: which will make you feel less overwhelmed and more confident

595
00:28:34,920 --> 00:28:38,600
Speaker 2: in your financial decisions. Taking action will feel so much

596
00:28:38,640 --> 00:28:41,480
Speaker 2: better than being stuck in indecision exactly.

597
00:28:41,800 --> 00:28:45,200
Speaker 4: And like, there's no such thing as making perfect decisions.

598
00:28:45,600 --> 00:28:47,880
Speaker 4: In fact, some of the worst decisions I've ever made

599
00:28:48,040 --> 00:28:51,200
Speaker 4: I do not regret because they've led me here, right, Yeah,

600
00:28:51,720 --> 00:28:54,040
Speaker 4: like some of the worst decisions. And I'm like, let's

601
00:28:54,040 --> 00:28:56,800
Speaker 4: be honest, was it smart of me to get into

602
00:28:57,120 --> 00:28:59,160
Speaker 4: forty thousand dollars worth of personal debt back?

603
00:29:00,240 --> 00:29:00,320
Speaker 1: Not?

604
00:29:00,400 --> 00:29:01,920
Speaker 4: No one would look at that and be like, oh,

605
00:29:02,000 --> 00:29:05,200
Speaker 4: that's so smart vee. But she's on the.

606
00:29:05,120 --> 00:29:07,880
Speaker 2: Money, was born, She's on the money exactly.

607
00:29:08,720 --> 00:29:11,680
Speaker 4: And I feel like we all have situations like this

608
00:29:11,800 --> 00:29:14,560
Speaker 4: where I'm not saying, make the wrong decision and just yollow,

609
00:29:14,960 --> 00:29:17,920
Speaker 4: do a little bit of research, understand it. We can grow,

610
00:29:18,000 --> 00:29:20,600
Speaker 4: we can learn, but nothing is going to be perfect.

611
00:29:20,760 --> 00:29:23,360
Speaker 4: And sometimes you can do all the research in the world,

612
00:29:23,400 --> 00:29:25,320
Speaker 4: beck you can make what you deem to be the

613
00:29:25,320 --> 00:29:28,880
Speaker 4: perfect decision, and then tomorrow Trump could come out and

614
00:29:28,920 --> 00:29:31,840
Speaker 4: say that something happened online, tweet about it, and the

615
00:29:32,000 --> 00:29:35,240
Speaker 4: entire economy could go into a panic, like we can't

616
00:29:35,280 --> 00:29:39,080
Speaker 4: predict the unpredictable. Yeah, it's wild. And I guess the

617
00:29:39,160 --> 00:29:40,680
Speaker 4: last thing I want to leave you on, because I've

618
00:29:40,720 --> 00:29:43,600
Speaker 4: just realized how long we have been recording for Beck,

619
00:29:43,800 --> 00:29:46,760
Speaker 4: is that I don't think we should underestimate the power

620
00:29:46,760 --> 00:29:49,800
Speaker 4: of trusting your gut. No one knows your situation better

621
00:29:49,800 --> 00:29:50,240
Speaker 4: than you do.

622
00:29:50,680 --> 00:29:50,840
Speaker 1: Well.

623
00:29:50,920 --> 00:29:55,400
Speaker 4: Researching and getting advice they're great tools, right, Ultimately, you're

624
00:29:55,440 --> 00:29:57,320
Speaker 4: the one who's going to be the best judge of

625
00:29:57,360 --> 00:30:00,440
Speaker 4: what is right for you. So Beck, I want everyone

626
00:30:00,440 --> 00:30:02,840
Speaker 4: to confidently take a leap of faith and just believe

627
00:30:02,920 --> 00:30:05,080
Speaker 4: in your own ability to make the best decision for

628
00:30:05,160 --> 00:30:07,840
Speaker 4: you in your financial future. At the end of the day,

629
00:30:08,680 --> 00:30:11,320
Speaker 4: it's not gonna be what my decision is. It's not

630
00:30:11,360 --> 00:30:13,640
Speaker 4: going to be what Beck's decision is, and even my

631
00:30:13,760 --> 00:30:17,120
Speaker 4: own Bech's decisions, they're so different. You've got to kind

632
00:30:17,160 --> 00:30:19,200
Speaker 4: of pave your own path. Put those blinkers on, and

633
00:30:19,240 --> 00:30:19,840
Speaker 4: you've got.

634
00:30:19,640 --> 00:30:22,240
Speaker 2: This summed up so perfectly.

635
00:30:22,320 --> 00:30:25,200
Speaker 4: Fee, I love this all right. Well, you're in Sydney,

636
00:30:25,240 --> 00:30:27,080
Speaker 4: my love, so you've got to get back to this

637
00:30:27,200 --> 00:30:31,240
Speaker 4: holiday that you're having. Thank you for doing a little

638
00:30:31,280 --> 00:30:35,080
Speaker 4: episode on analysis paralysis with me. Thank you, And we'll

639
00:30:35,080 --> 00:30:37,240
Speaker 4: see everybody on Friday, and then you'll be back in

640
00:30:37,280 --> 00:30:40,920
Speaker 4: the studio, bright eyed and bushy tailed. Next week for another.

641
00:30:41,240 --> 00:30:46,080
Speaker 2: I will be I'll see you guys, then bye bye.

642
00:30:49,880 --> 00:30:50,840
Speaker 4: Did buy shared on?

643
00:30:51,000 --> 00:30:53,440
Speaker 5: She's on the Money is general in nature and does

644
00:30:53,480 --> 00:30:57,480
Speaker 5: not consider your individual circumstances. She's on the Money exists

645
00:30:57,600 --> 00:31:00,800
Speaker 5: purely for educational purposes and should not be relied upon

646
00:31:00,880 --> 00:31:03,920
Speaker 5: to make an investment or financial decision. If you do

647
00:31:04,040 --> 00:31:07,040
Speaker 5: choose to buy a financial product, read the PDS TMD

648
00:31:07,200 --> 00:31:11,480
Speaker 5: and obtain appropriate financial advice tailored towards your needs. Victoria

649
00:31:11,520 --> 00:31:15,040
Speaker 5: Divine and She's on the Money are authorized representatives of

650
00:31:15,120 --> 00:31:17,720
Speaker 5: Money sherper P t y lt D A b N

651
00:31:17,960 --> 00:31:21,120
Speaker 5: three two one six four nine two seven seven zero

652
00:31:21,240 --> 00:31:24,960
Speaker 5: eight AFSL four five one two eight nine