Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: Millennials who want Financial Freedom.
Speaker 2: This week, I am super excited to announce.
Speaker 4: A brand new co host just for this week, my friend,
Speaker 4: the gorgeous Moana Hope.
Speaker 2: Mo Welcome to She's on the.
Speaker 5: Money Financial Advice. And you brought me on here.
Speaker 4: Yeah, I mean I just felt like it was fair.
Speaker 4: I've been on your show a couple of times.
Speaker 2: You have to come on mine. I'm coming on yours again.
Speaker 4: No, I actually think that you are the perfect person
Speaker 4: to talk to today and when it came to International
Speaker 4: Women's Day, my team and I sat down and we
Speaker 4: like brainstormed some people that we could sit down with
Speaker 4: and you know, have a good chat that would add
Speaker 4: value to the community, but also be engaging for me,
Speaker 4: because I don't want to just get people on the
Speaker 4: show that I'm like, they had a cool name, you know,
Speaker 4: like that doesn't make sense.
Speaker 2: You know who came up.
Speaker 4: You came up, and Maria came up, and we were like,
Speaker 4: all right, well it makes sense. They're a very hot couple.
Speaker 4: But also you are just such a powerful woman that
Speaker 4: I look at you and I go, this makes sense.
Speaker 4: Like this year's theme for International Women's Day is count
Speaker 4: her in, and we want to be investing in women
Speaker 4: and accelerating their progress. And obviously, when it comes to
Speaker 4: financial literacy, that was something that you've spoken out before.
Speaker 4: We've had some really beautiful conversations on your radio show
Speaker 4: about the lack of financial literacy for women and how
Speaker 4: we can increase that. And I just think that obviously
Speaker 4: it's an important topic for our community. But I just
Speaker 4: thought that having a good conversation about you, your money story,
Speaker 4: where you've come from, what you think about the future,
Speaker 4: and everything in between would be very wholesome for my
Speaker 4: community because you're in the right place.
Speaker 5: Well, I'm ready, you're ready.
Speaker 4: I was like, don't think you're coming on here, and
Speaker 4: I'll be like, all right, So if someone's investing.
Speaker 5: In a portfolio, I'm glad do not. I'm the kid
Speaker 5: that grew up in housing commission. I was talking about this, yes,
Speaker 5: say on my show, and I always talk about you
Speaker 5: on my show because I still can't save. But the
Speaker 5: things that simple things that you explain on your podcast
Speaker 5: and on Instagram, I'm just like, how does nobody know
Speaker 5: this stuff? Why aren't we taught these things? So for me,
Speaker 5: like I was never taught that stuff. I was never
Speaker 5: taught how to save or what it takes to buy
Speaker 5: a house or you know, I've got my own business. No,
Speaker 5: I didn't even know how I'm doing it. But I'm
Speaker 5: just somehow making it up. So I'm not making it up,
Speaker 5: like making it up, but I can't at it or
Speaker 5: not make it up. I learned as I went. I
Speaker 5: taught myself. I googled, I watched, I listened, I absorbed,
Speaker 5: and I implemented what I thought was right.
Speaker 4: But isn't it wild that you can say, oh, I
Speaker 4: just taught myself how to do it in twenty twenty four,
Speaker 4: Like it's completely possible to change your money story and
Speaker 4: to change the trajectory of your life and where it's
Speaker 4: going and what that looks like, and like you are
Speaker 4: obviously a really good example of that. But if we
Speaker 4: go back fifty years, that wasn't a privilege that we had,
Speaker 4: Like you couldn't sit down and be like, well, I
Speaker 4: want to start a business, because do you know what,
Speaker 4: you would have had to have a male co sign
Speaker 4: any type of business like loan that you needed, no
Speaker 4: one would have trusted. You needn't have access to the information.
Speaker 4: I just think that we're in such a privileged position today,
Speaker 4: And I guess that's why when it came to the
Speaker 4: topic of talking about economic empowerment and accelerating you know,
Speaker 4: gender equality, it made sense to get you in because
Speaker 4: I feel like you've been like, you know, I'm just
Speaker 4: going to take it by the horns. This was my
Speaker 4: past and look at my future. Look what I'm doing
Speaker 4: for my kids. Like I just look at it and go,
Speaker 4: I need to all the things. So it sounds like
Speaker 4: a bit of a wordy topic, but in a nutshell.
Speaker 2: We're talking about.
Speaker 4: How women being empowered in the financial space is one
Speaker 4: of the best ways that we can actually create gender equality.
Speaker 2: And I guess I want to talk.
Speaker 4: To you a bit more like at the start about
Speaker 4: your relationship with money. Like growing up you've said, you know,
Speaker 4: I grew up in commission housing. That wasn't it. What
Speaker 4: did that relationship with money look like? Because it's changed
Speaker 4: since then, and now you are in a position.
Speaker 2: You could buy a house, you could do all of
Speaker 2: this stuff. But like going back to baby Mo, did
Speaker 2: she know that that was a possibility.
Speaker 5: No, Like generally, even as an eighteen year old, my
Speaker 5: only goal was to be able to pay my rent.
Speaker 5: That was it, fucking pay rent and buy myself furniture.
Speaker 5: I'm winning the way. I grew up watching my parents
Speaker 5: do it tough, lost my dad at a young age,
Speaker 5: grew up in really a house full of domestic violence.
Speaker 5: To be fair and to be real, was never taught anything.
Speaker 5: I don't even think I was old. I was loved
Speaker 5: as a child, so I had to teach myself literally everything.
Speaker 5: And I know your producers looking at me like pity eyes,
Speaker 5: But what pity? The first time I was told I
Speaker 5: was loved. I was twenty four years of age from
Speaker 5: a parent. So for me, my whole life has been
Speaker 5: like survival and teach yourself. And I just knew that,
Speaker 5: you know, And no disrespect to my family. I love them,
Speaker 5: but they're all stuck in a cycle and I needed
Speaker 5: to break that. And there's nothing I wanted more than
Speaker 5: my own family. But I promised myself I would not
Speaker 5: bring children into this world unless I can afford to
Speaker 5: keep a roof over the head and put food on
Speaker 5: a table. And that was my drive. And so I
Speaker 5: got my first job at seventeen eighteen as a traffic controller,
Speaker 5: just working on the road, trying to make money. I've
Speaker 5: been evicted from houses, I've almost lost my car, I've
Speaker 5: lost my phone that's been turned off. I've been through everything,
Speaker 5: but I've learned from all of that, and I just
Speaker 5: had to teach myself what money is. And because I
Speaker 5: didn't have it, I didn't want to go for that
Speaker 5: thing of now I've got it, now I just spend it,
Speaker 5: because like I've really wanted to learn how I can
Speaker 5: not buy the things that I want, but only get
Speaker 5: the things I need. And I think that's just kind
Speaker 5: of what I've done, and it's what.
Speaker 2: You've maintained as well.
Speaker 4: I think that's my favorite thing about all of this
Speaker 4: is you are still so down to earth. You are
Speaker 4: the person on Mike that you are off Mic, and
Speaker 4: that's incredible because I feel like so many people when
Speaker 4: they come into a different financial circumstance aren't. And like,
Speaker 4: you're talking about your family and not being told that
Speaker 4: you're loved, and I go, you know what, you would
Speaker 4: never know if you looked from the outside in, because
Speaker 4: you shower your kids with so much love, dive deeper
Speaker 4: into it, and there's obviously a story there of that's
Speaker 4: not what you've got, and you're like, no, I'm going
Speaker 4: to be so aggressive about making sure that they know
Speaker 4: they are loved.
Speaker 5: Can I tell you something? Of course, absolutely not. That's
Speaker 5: not what I was, which is so beautiful when I
Speaker 5: love that about myself, and that's why I talked to
Speaker 5: Maribe all the time. I love that the way parenting
Speaker 5: and I appreciate your kind words is not because I'm
Speaker 5: trying to be what they weren't. I'm just being what
Speaker 5: I want to be, and that is loving.
Speaker 2: I true, you are being my.
Speaker 5: Kids to feel nothing but love and support and be
Speaker 5: there any moment that they need me exactly.
Speaker 2: I just want to be a parent like you.
Speaker 4: Like I was saying that to my husband the other day,
Speaker 4: because you know, when you're pregnant, you haven't had your
Speaker 4: first baby yet, you're like you're anxious, right, You're like,
Speaker 4: am I even gonna be good at this? Like this
Speaker 4: child service is going to come and take this child
Speaker 4: off me because they'll be like Victoria, like you don't
Speaker 4: have a parenting license, Like I literally at three am
Speaker 4: worry so much about like am I going to be
Speaker 4: able to give them what they deserve? Am I going
Speaker 4: to be able to provide them with, you know, absolutely
Speaker 4: everything while still you know, maintaining a piece of me.
Speaker 4: And you know, he goes, well, you know you've got
Speaker 4: a heap of like mum friends, Like what mum friends
Speaker 4: do you look at the most? And I go, Mo,
Speaker 4: I want to be MO, Like I just you've got
Speaker 4: this drive, you have this passion. You're still running your
Speaker 4: business like you've got an epic radio show. You've got
Speaker 4: so much going on, but the priority in your life
Speaker 4: is your children always, like over and above absolutely everything.
Speaker 2: And I just go, That's who I want to be yeah.
Speaker 5: Well, you know, as a kid when my dad died
Speaker 5: of cancer, I didn't have a great relationship with him,
Speaker 5: but I remember listening to him two days out from dying.
Speaker 5: He was in his room and all he kept saying
Speaker 5: was regret. And he called my older brother sisters in.
Speaker 5: He was saying goodbye, and he's like, I'm sorry, I
Speaker 5: didn't do this. I'm sorry. As a twelve year old kid,
Speaker 5: I said to myself in that moment, I'd never want
Speaker 5: to be him. Don't ever be on your deathbed regretting life.
Speaker 5: And for me, you can have all the money in
Speaker 5: the world, but you still get buried alone. If I'm
Speaker 5: privileged enough to live to an old woman, which is
Speaker 5: what I hope I get to be as old, I
Speaker 5: hope I'm surrounded by love, because at the end of
Speaker 5: the day, being surrounded by money to me meanshit. I
Speaker 5: want to be surrounded by the people I love and
Speaker 5: I will drop everything that happens in my life right
Speaker 5: now if my kids need me. And that's just the
Speaker 5: kind of person I am. That's why I adore you.
Speaker 4: That's why I was like, please come on my shirt
Speaker 4: and can I share you with my community? Obviously growing
Speaker 4: up with a large amount of siblings. How did you
Speaker 4: change that you knew that you wanted to. You were like,
Speaker 4: this isn't who I want to be going through that
Speaker 4: experience at twelve, going I don't want regrets like my
Speaker 4: dad has.
Speaker 2: What were you doing to change that?
Speaker 1: Like?
Speaker 4: How have you crafted your money story in such a
Speaker 4: way that it is what it is now?
Speaker 5: Work hard to be fair, Just really work hard. Like
Speaker 5: there were times where we couldn't eat well, we didn't
Speaker 5: eat is kids, we didn't have food to take to school.
Speaker 5: I had this teacher as my favorite teacher, Missus Harrison.
Speaker 5: I still remembered why teachers are so important. Should bring
Speaker 5: an extra lunch every day in case I didn't have food.
Speaker 5: So for me, I just knew I had to work
Speaker 5: so hard. I didn't go to school, so I didn't
Speaker 5: do any high school because I actually moved out with
Speaker 5: my dad to take care of him with his cancer
Speaker 5: because the doctor said he couldn't leave home. So I
Speaker 5: cared for him for like five seven years, So no schooling.
Speaker 5: And when I got my first job, I just knew
Speaker 5: that if I worked really hard, I could do something,
Speaker 5: and even if that just meant being able to pay rent,
Speaker 5: buy food, and pay the bill. I am winning, do
Speaker 5: you know what I mean? Like I wanted to move
Speaker 5: away from using Centralink or you know, living in housing commission.
Speaker 5: I knew I wanted more in life, so I started
Speaker 5: with just rent bills, the basics and just having the
Speaker 5: dream car, which back then the dream car was a hold.
Speaker 5: And don't judge me.
Speaker 2: Not judging me, that's very broady of you, though, Yeah that.
Speaker 5: Was my dream car. I was like, oh my god,
Speaker 5: that's like my now version of like Arrange Rover. But
Speaker 5: that was it. And I did that. I mean, I
Speaker 5: got paid off for the next eight years.
Speaker 2: And that's not the point. I got your bits on
Speaker 2: it exactly.
Speaker 5: And that just made me so proud of myself to
Speaker 5: know that I'd done that, because that's something that my
Speaker 5: mom wasn't able to do. Like my mom was married
Speaker 5: to my dad for I don't know, almost thirty something years,
Speaker 5: and she not once from the age of nineteen to
Speaker 5: forty nine. She was not allowed access to money. She
Speaker 5: did not see a cent of the money, and she
Speaker 5: wasn't allowed to know where the money went. She worked
Speaker 5: full time, she was a nurse. She ended the financial
Speaker 5: come none of her income he took it all. So
Speaker 5: for me, I was like, I'm doing what I want
Speaker 5: to do and I'm really proud of myself. So that's
Speaker 5: where I started. And once I was renting a house,
Speaker 5: I brought my self furniture, I've got my car. Then
Speaker 5: I was like, my dream one day is to buy
Speaker 5: a house because I wanted to make my mom proud.
Speaker 5: Do you know what I mean? I would love for
Speaker 5: a house, yeah, but I also want to be like, Mum,
Speaker 5: someone brought a house one of your kids did this?
Speaker 5: Do you know what I mean? Like that was a
Speaker 5: thing for me, So that became my next goal.
Speaker 2: And then what was it like sharing that news with
Speaker 2: your mom?
Speaker 5: I call my mom with everything, So to call my
Speaker 5: mom and be like, hey, guess what I think I'm
Speaker 5: going to be able to buy a house. Of course,
Speaker 5: it's like we here in Glenroy.
Speaker 2: I love her.
Speaker 4: I love it right here right, Like it has to
Speaker 4: be like next door.
Speaker 5: Right Yeah. I was like, Mom, it's not where I'm working,
Speaker 5: can't do that, but it's actually one of my dreams
Speaker 5: to buy an investment property in Glenroy, just because that's home.
Speaker 5: But yeah, to share that moment with her, for me,
Speaker 5: every moment I've had, and being able to share with
Speaker 5: her has just been some of the best memories of
Speaker 5: my life because for me, I watched that woman sacrifice
Speaker 5: her whole life literally, and she went through how to
Speaker 5: have just the smallest things that she did, but she
Speaker 5: stayed and she fought for.
Speaker 2: Us, and she was all about her kids always.
Speaker 4: But I feel like every time you and I catch up,
Speaker 4: we always talk about your mum, like something comes back
Speaker 4: to your mum, and like the way that you talk
Speaker 4: about her is so wholesome and so beautiful, and you
Speaker 4: just know that you have so much admiration for everything
Speaker 4: that she did and everything that she went through.
Speaker 2: I look at it and go, that's so special.
Speaker 4: But also it's just so nice to see the way
Speaker 4: that your value system sits because you look at it
Speaker 4: and go, you know, it's still all about those basic
Speaker 4: needs that everybody deserves, right and coming from where you
Speaker 4: came from, paying rent, like that's a goal. And I
Speaker 4: think too often we live in this world where social
Speaker 4: media takes over, and you know, I scroll through TikTok
Speaker 4: and everyone's got a designer this and a designer that,
Speaker 4: and like there's just this next level of expectation, and
Speaker 4: we look at ourselves and go, I'm not good enough
Speaker 4: if I don't X y Z. But we're forgetting that
Speaker 4: that's not what I asks about. Life is about friends
Speaker 4: and family and having food on the table. And I
Speaker 4: think that so many of us need to go back
Speaker 4: to being grateful for that and actually appreciating the small things,
Speaker 4: because the bigger things they mean nothing if you can't
Speaker 4: appreciate what you already have.
Speaker 5: And that's something that I'll always be grateful for. If
Speaker 5: I have roof over my head and food on a table,
Speaker 5: I'm winning. And I look at my sister who's special needs,
Speaker 5: you know, Vinny, but you know what she is a
Speaker 5: perfect example of if she came in here and she
Speaker 5: sat right next to you, and you can probably afford
Speaker 5: to buy anything for her, Let's be real.
Speaker 4: I mean she always asks you for stuff that's like
Speaker 4: not that eart.
Speaker 5: And I made this point to this lady who own
Speaker 5: a real estate agency, right, so quite wealthy. Yeah, I said.
Speaker 5: The difference between her and us is she's categorized as disabled, right,
Speaker 5: and we're supposed to be the normal ones. But watch this,
Speaker 5: ask her three things that if she wanted anything in
Speaker 5: the world. I buy it for her, go and ask
Speaker 5: her what she wants, and she did, and Levini said,
Speaker 5: I just want a wall charger for my iPhone. Right,
Speaker 5: it's what ten bucks? I need a new lead for
Speaker 5: that phone because I broke mine. It's probably another ten bucks.
Speaker 5: And she wanted ten dollars credit for a phone.
Speaker 4: So in total, I love that she's like, I don't
Speaker 4: even need a lot of credit, just ten bucks.
Speaker 5: Now that she could have said a house, a boat,
Speaker 5: a trip around the world, but she just said, what
Speaker 5: are the three things I need right now in life?
Speaker 5: What will make me happy? The simple things? I love
Speaker 5: her so much, and that's me. I just like the
Speaker 5: simple things. My favorite pea shorts is the same shorts
Speaker 5: I warrant Survivor four years ago. I still wear them
Speaker 5: every day. They've got a hold of them. I don't
Speaker 5: give a shit whatever.
Speaker 2: They're still evaves.
Speaker 5: But I don't care about brands. Like brands don't bother me.
Speaker 5: Like this is yes, I'm wearing a ruffler and jump
Speaker 5: it was gifted to me by Free Maria.
Speaker 4: Oh yeah, she's though she got fancy wardrobe, which is
Speaker 4: why we're so different. No, the opposites are tract right, like,
Speaker 4: I feel like you balance each other out and that's
Speaker 4: literally perfect. Let's go to a really quick break because
Speaker 4: I want to talk a little bit more about how
Speaker 4: we can empower women in my community and broader than that,
Speaker 4: to be economically empowered, because for so long, these stereotypes
Speaker 4: of men running the world have existed, and I mean
Speaker 4: it's been peppered throughout your childhood of your dad running
Speaker 4: all of the financeers. But we're kicking back from that,
Speaker 4: so guys don't go anywhere, all right, mo, we are back,
Speaker 4: and I want to dive straight in. One of the
Speaker 4: positive things that we see through women becoming economically empowered
Speaker 4: is a lot of women actually stepping into side hustles
Speaker 4: and small businesses. And recently we surveyed my community, and
Speaker 4: you know, one of the questions we asked was like,
Speaker 4: do you have a small business or a side hustle?
Speaker 4: Twenty two percent of them said yes, And I was like, wait,
Speaker 4: what twenty two percent of you, like twenty five have
Speaker 4: a small business or a side hustle going on. They're
Speaker 4: like making some extra cash on the side, And I
Speaker 4: just was like, what, like, how cool is that in
Speaker 4: twenty twenty four or I did this research in twenty
Speaker 4: twenty three, but same, same, They're just out there hustling
Speaker 4: and that's something that we've not been able to I
Speaker 4: guess see before. It's not something that we've been empowered
Speaker 4: to do. We've always been you know, strapped to the
Speaker 4: home or like you know, controlled by the patriarchy. And
Speaker 4: I just think it is so epic that we see
Speaker 4: this growth. And according to an article written by the
Speaker 4: Minister's Treasury Portfolio Julie Collins, the Minister for Housing and
Speaker 4: Homelessness and the Minister for Small Business, women account for
Speaker 4: around one third of Australia's small business population. That number
Speaker 4: has grown by twenty four percent between two thousand and
Speaker 4: six and two thousand and one, which I think is
Speaker 4: very epic. But it's more than three times the growth
Speaker 4: of their male counterparts. Obviously very encouraging stats. But do
Speaker 4: we need to have a side hustle to be successful?
Speaker 5: On my Ready show, which I've come on, I I
Speaker 5: give you like three fours entrepreneurs.
Speaker 2: To reruns because I can't chine them when you're life.
Speaker 2: I'm a creepy I know.
Speaker 5: I have to say. Every single woman I've interviewed has
Speaker 5: said they've had a side hustle. They had a side
Speaker 5: hustle to have that business. And what makes me happy
Speaker 5: about the stats you've just read out is I'm going
Speaker 5: to give you a really sad stat right that is,
Speaker 5: in Australia, women over the age of fifty five are
Speaker 5: the fastest growing group of homelessness. Right because women historically,
Speaker 5: thank you, patriarchally get fucked. Don't know if I can
Speaker 5: swear sorry, told women to stay home, cook for the man,
Speaker 5: clean up, take care of the kids. And then when
Speaker 5: the kids are in school, where do they go. They've
Speaker 5: got no job, no experience, no one will hire them.
Speaker 5: And then what happens. They get left, they get divorced,
Speaker 5: They've got nowhere to go, no savings, no super and
Speaker 5: now they're homeless living on the streets.
Speaker 2: To me, it is cooked.
Speaker 4: I know that stat and it breaks me because it's
Speaker 4: not obvious the way it happens. Right, Like, you don't
Speaker 4: sign up to be a mum because you go, all right, well,
Speaker 4: I really.
Speaker 2: Want to not have economic empowerment.
Speaker 4: You sign up to be a mum because it's going
Speaker 4: to be the greatest adventure of your entire life. Right,
Speaker 4: And I'm pretty sure so many women if we said
Speaker 4: to them, if you had the opportunity to stay home
Speaker 4: twenty four to seven with your kids, do you want that?
Speaker 2: They would jump at that opportunity.
Speaker 4: Right, So it's not as though we're being forced into
Speaker 4: these roles. But at the same time, we're not being considered,
Speaker 4: we're not being allocated for. We're not having these deeper
Speaker 4: conversations with our partners to say, all right, well, mo,
Speaker 4: you're going back to work, your partner's going to stay
Speaker 4: home with a partner. Are you contributing to their superannuation
Speaker 4: so that they're never behind or left out? Are we
Speaker 4: talking about, you know, making sure that we're not talking
Speaker 4: about giving your wife an allowance. We're talking about, you know,
Speaker 4: having actual financial empowerment in a relationship. Because I believe
Speaker 4: that people who stay home to be the primary care
Speaker 4: of children are actually worth so much more than the
Speaker 4: person that's going to work and bringing in the cash
Speaker 4: because they are completely irreplaceable.
Speaker 2: You lose that.
Speaker 4: Person, how much is it going to cost for you
Speaker 4: to still maintain your full time job and have the
Speaker 4: kids cared for in exactly the same way.
Speaker 5: I can answer that, well, how? And the other issue
Speaker 5: is women face also to be about seeing a women
Speaker 5: as well. Daycare prices are a joke. Like I looked
Speaker 5: at putting one kid into daycare last year, and it
Speaker 5: was going to cost me weekly nine hundred dollars for
Speaker 5: him to be in daycare.
Speaker 2: Actually insane.
Speaker 5: I did point.
Speaker 4: I did the research as well, because it turns out
Speaker 4: daycare is not just expensive, it's really elitist and you
Speaker 4: can't just get in immediately exactly.
Speaker 5: And this is another ridiculous part that I didn't know,
Speaker 5: and I learned the hard way. I put him in
Speaker 5: because I don't have a choice right split with my
Speaker 5: ex wife. I had to keep working or I couldn't
Speaker 5: pay for food. Put it in my heart, but I
Speaker 5: was like, I need to do it right, So I
Speaker 5: put him in. The first day he was there, he
Speaker 5: got sick. He had croup, he was unbelievably unwell for
Speaker 5: two weeks. They invoiced me for two weeks. I was like,
Speaker 5: what do you mean he's not there? They go, yeah,
Speaker 5: but if he's sick, you still have to pay. So
Speaker 5: that is a rule on all daycares that if your
Speaker 5: kid does not attend one a day that you're registered
Speaker 5: to go, you still have to pay. So now think
Speaker 5: of single women or women who come to the agreement
Speaker 5: with their partner and then decide to put their kid
Speaker 5: into daycare so they can go to work. What are
Speaker 5: you working for? Not many women earn over nine hundred
Speaker 5: dollars a month a week. I don't have statistics for you,
Speaker 5: but there's not.
Speaker 4: No And it's insane to think about that trade off
Speaker 4: as well, because let's pretend they do come home with
Speaker 4: one thousand dollars a week, Like, we're still paying tax
Speaker 4: on that amount of money. We're still going all right, well,
Speaker 4: what is the cost of me being away? And this
Speaker 4: is something that I feel like so many mums are
Speaker 4: having the battle of, like is it worth the extra
Speaker 4: ninety bucks I'll end up bringing into the family every.
Speaker 2: Week to be away for them to be sick.
Speaker 4: But then also, I could talk about this for forever, right,
Speaker 4: what happens when the baby is sick the primary care
Speaker 4: there's usually a default parent. It's not like, oh, yep,
Speaker 4: i'll do it this time you did at that time.
Speaker 4: There's usually some level of power dynamic that says, well,
Speaker 4: I've got the bigger job, I've got the better job,
Speaker 4: I really need the sleep, and it starts so early on,
Speaker 4: and I've been doing a lot of research. I think
Speaker 4: I'm just passionate about it because I feel so supported
Speaker 4: in my life, like my husband is going to bend
Speaker 4: over backwards for this baby. And you know, a lot
Speaker 4: of my friends, I'll speak to them and be like, Oh,
Speaker 4: how's it going. They'll be like, Yeah, my husband's back
Speaker 4: at work, so I'm staying up at night doing all
Speaker 4: of the feeds, so when he wakes up in the
Speaker 4: morning and goes to work, he's fresh and ready for
Speaker 4: a whole day of work. And I'm like, you're forgetting
Speaker 4: that you have a whole day of work as well,
Speaker 4: and that being a parent is actually a job, Like
Speaker 4: it's actually exhausting, Like you can't just sleep when the
Speaker 4: baby sleeps. What are we going to do the washing
Speaker 4: when the baby does the washing, and do the cleaning
Speaker 4: when the baby does a cleaning, Like it actually grinds
Speaker 4: my gears that there's just this power imbalance inherently built
Speaker 4: into relationships. But that's I guess, going back to your
Speaker 4: conversation about homelessness and how so many women over the
Speaker 4: age of fifty five are in that cohort, it's because
Speaker 4: it creeps up on you like you go, all right,
Speaker 4: well take some time out to have a baby.
Speaker 2: That's absolutely fine.
Speaker 4: Maybe you have thought about super but it's one year,
Speaker 4: and then it's two, two years, and then you're making
Speaker 4: compromises on the career that you could have had because
Speaker 4: you go, well, actually love the kids, I don't actually
Speaker 4: want to return full time. That aspiration of you know,
Speaker 4: becoming something bigger or having a career gets put on
Speaker 4: the side, and you might make a choice that's like,
Speaker 4: all right, well, I know what I want to do.
Speaker 4: I want to take an admin job for three days
Speaker 4: a week because that gives me the best work life balance.
Speaker 4: And you're going down a completely different path, and then
Speaker 4: ultimately something might happen, your relationship dissolves, and you've found
Speaker 4: yourself not prepared in the way that you would have
Speaker 4: been if you had chosen in exactly the same way
Speaker 4: that your partner could have.
Speaker 2: This is a stereotype.
Speaker 4: I got to go and become the best lawyer, but
Speaker 4: you didn't have that because you were consistently compromising the
Speaker 4: choices that you were making to put your family first,
Speaker 4: and that ultimately put you last.
Speaker 5: Yes, don't even know how to add sex one hundred
Speaker 5: percent agree and just pisses me off. I also think
Speaker 5: that in my old marriage, as the person had worked
Speaker 5: all the time for me, it was so stressful thinking
Speaker 5: that if I lost my job, my business went under,
Speaker 5: our family screwed. I would want my partner to contribute
Speaker 5: financially if they can do you know what I mean.
Speaker 5: Pressure was for the first three years, stay home, look
Speaker 5: after the kids, which I'm not saying lightly at all
Speaker 5: right now.
Speaker 4: It's a privilege and it's one that you could make
Speaker 4: that decision of and that's sleigh.
Speaker 3: Yeah.
Speaker 5: But when I say stay home, I'm like, we both
Speaker 5: know being that home parent is way harder than being
Speaker 5: the parent that goes to work. So once the kids
Speaker 5: got old enough, then contribute one hundred percent. But if
Speaker 5: Maria quits work when we have a kid, she's in
Speaker 5: trouble because I'm not going to.
Speaker 2: Go work.
Speaker 5: I need money, this kid needs I like it.
Speaker 2: Yep, agreed.
Speaker 4: I feel like it's about compromise, though, and I think
Speaker 4: that we all have to make compromises. And I mean
Speaker 4: traditionally that gender pay gap exists because the compromise was
Speaker 4: always the stereotypical female would stay home and look after
Speaker 4: the kids, right, But I guess women might not be
Speaker 4: as aware of the gap as they could be. And
Speaker 4: I think that sometimes we also bury our heads in
Speaker 4: the sand when something exists but it doesn't directly impact us. So,
Speaker 4: like the gender pay gap exists and it frustrates me because.
Speaker 2: I'm in that world all the time.
Speaker 4: But you know, people in our community might step back
Speaker 4: and be like, oh, I don't really see it. Like
Speaker 4: I earn eighty thousand dollars, my husband earns eighty thousand dollars.
Speaker 2: It's not really a thing anymore. You just go, you've
Speaker 2: got your.
Speaker 4: Blinkers on, because it's not actually about you, like it's
Speaker 4: about the wider community. So I've written down a few
Speaker 4: stats and according to data provided by the Australian Bureau
Speaker 4: of Statistics, Australia's national pay gap is thirteen percent. I
Speaker 4: think that's a lot because like on any investment, right,
Speaker 4: I'm getting thirteen percent, that's pretty big dog return.
Speaker 2: Like that's good.
Speaker 4: But as of May twenty twenty three, the full time
Speaker 4: adult average weekly ordinary time earnings across all industries and
Speaker 4: occupations was nineteen hundred and thirty eight dollars and thirty
Speaker 4: cents for men and sixteen hundred and eighty six dollars
Speaker 4: for women. So for every dollar on average the a
Speaker 4: man earns, a woman earns eighty seven cents, that's a
Speaker 4: difference of two hundred and fifty two dollars and thirty
Speaker 4: cents less than men each and every single week, and
Speaker 4: over the course of one year, that adds up to
Speaker 4: thirteen thousand dollars. Extrapolating that out, MO, if you were
Speaker 4: in the privileged position of starting work, Let's pretend like
Speaker 4: you start your first professional job. We're not talking about,
Speaker 4: you know, being a big dog lawyer, but at eighteen
Speaker 4: you start investing. If at eighteen you had invested that
Speaker 4: money and you're investing thirteen thousand, one hundred and nineteen
Speaker 4: dollars to strop it down to ten grand, because we're
Speaker 4: being conservative again, because like I'm going to spend some
Speaker 4: of my savings on coffee, that's more than six million
Speaker 4: dollars in retirement, we're worse off. That is six million
Speaker 4: reasons why we need to care. That is six million
Speaker 4: reasons why that thirteen percent actually matters. Like we're not
Speaker 4: talking here about you know, thirteen grand. I think a
Speaker 4: lot of people go it's only thirteen grand, like getting
Speaker 4: the grand schame of things. My husband earns that back
Speaker 4: and like it doesn't even matter, Like literally, sit down,
Speaker 4: because if women who were in that demographic of being
Speaker 4: over fifty five had that knowledge, no one would be
Speaker 4: going homeless at that point because they could absolutely pave
Speaker 4: the way, even cut it in half. You don't even
Speaker 4: need half, you don't even need a quarter to create that.
Speaker 5: Why are we so complacent because like sometimes you hear
Speaker 5: and I've seen a statistic that we're not going to
Speaker 5: see equal pay for another one hundred and thirty two years.
Speaker 2: Yeah, and it used to be one hundred and it's
Speaker 2: getting worse.
Speaker 5: It's getting worse every year. But why is it that
Speaker 5: people would go, oh, yeah, we're getting better, Like it's okay,
Speaker 5: because it's improving for us to asks for equal opportunity
Speaker 5: and equal pay to a mail that's doing the same
Speaker 5: fucking role as you. Is not asking if we can
Speaker 5: be paid twenty percent more. It's not asking if we
Speaker 5: could be gifted a house because we are women. We
Speaker 5: are asking for equal rights.
Speaker 4: How hard I want to work as hard as you like.
Speaker 4: I don't want to do less and get more. I
Speaker 4: want to do what you're doing and get paid the same.
Speaker 4: But right now I'm doing what you're doing and getting
Speaker 4: paid less.
Speaker 5: Working twice is hard for half the opportunity.
Speaker 4: Exactly, And I think that obviously, I'm mildly passionate about
Speaker 4: the investment space because I can see it every day
Speaker 4: in our community. How that puts women ahead, because you
Speaker 4: don't have to earn millions, You don't even have to
Speaker 4: earn more than one hundred thousand dollars to put yourself
Speaker 4: in a financially secure position, Like you just need to
Speaker 4: have the level of financial literacy gifted to you early
Speaker 4: so that you know how to make decisions.
Speaker 2: And you know how to put yourself first.
Speaker 4: And you ask the question of like, why are we
Speaker 4: so complacent because we as women have always been excluded
Speaker 4: from the conversation. We are not smart enough. We you know,
Speaker 4: don't need to worry about that. That's a man's job.
Speaker 4: They're the ones that run the household income, They're the
Speaker 4: ones that invest. It's not very sexy for a woman
Speaker 4: to invest, but it is so flipping simple, Like if
Speaker 4: you can just create a pathway to know, contribute a
Speaker 4: couple of dollars a week, that is an investment in
Speaker 4: your financial literacy. As your income increases or you come
Speaker 4: across another fifty bucks, you can put it into that
Speaker 4: investment and watch it grow. We don't live in a
Speaker 4: world anymore where the minimum investment amounts are hundreds of dollars.
Speaker 4: You can invest for as little as one cent, and
Speaker 4: that's going to put you in the best possible position.
Speaker 4: And I mean if you're in debt and you're listening
Speaker 4: to this and you're like, oh, y, like that would
Speaker 4: be so nice, But like, I don't think you understand.
Speaker 4: We're in the middle of a cost of living crisis
Speaker 4: and it's fucking hard to put food on the table.
Speaker 4: You are doing the right thing, like, there's nothing shameful
Speaker 4: or worrisome about that, But I still want you to
Speaker 4: invest in understanding those concepts so that when you can
Speaker 4: pick it up, it makes sense and works for you.
Speaker 4: I think so many times when we feel like we are,
Speaker 4: you know, not in our perfect position. How many times
Speaker 4: have you heard people, especially women, say, yeah, I'll get
Speaker 4: around to investing when I have a bit more cash,
Speaker 4: or I'll get around to investing once I get out
Speaker 4: of debt, or I'll get around to understanding that concept
Speaker 4: once I'm ready. Once you're ready, it's too late because
Speaker 4: you could have been starting. We deserve to give ourselves
Speaker 4: financial literacy, and that is free.
Speaker 5: So I'll pose this to you. Yes, if I was
Speaker 5: that person, I had that ten thousand dollars from that year,
Speaker 5: where am I investing it? Oh?
Speaker 4: Okay, So we'll take this offline because I'll actually tell you.
Speaker 4: I mean, I would never tell you. That would be illegal.
Speaker 5: But where someone start?
Speaker 2: So it's about picking a platform.
Speaker 5: Yes, so I've never invested in my life, right, and
Speaker 5: that's because I don't know.
Speaker 2: All right, Well, we'll go out of coffee after this,
Speaker 2: but sit down.
Speaker 5: But the answer to a people listening that I'm probably
Speaker 5: in the same spot. So we invest.
Speaker 4: So first I'll listen to my back to Basics of
Speaker 4: investing one oh one series that I did a couple
Speaker 4: of months ago, which will tell you exactly what it is.
Speaker 4: But I think we get, especially as women, analysis, paralysis overpicking.
Speaker 4: Immediately you go what do I invest in? And that's
Speaker 4: not the question, mo, The question is how do I start?
Speaker 4: You start by going, Okay, I know how much I
Speaker 4: have to play with. It might be one cent, it
Speaker 4: might be ten dollars. It might be one hundred dollars.
Speaker 4: You might have got an inheritance and it's one hundred
Speaker 4: thousand dollars. But we need a platform to invest in.
Speaker 4: You can't just go down the shop and be like, hey, Vanguard,
Speaker 4: can I please have this without like a third party.
Speaker 4: I always explain it like going to the supermarket, like
Speaker 4: you want to go by yogurt, Like you're going to
Speaker 4: go to the third party and you're going to go
Speaker 4: into the supermarket and purchase the yogurt from them. You're
Speaker 4: not going to like go directly to the dairy. You're
Speaker 4: gonna have a supermarket. So your investing platform is your supermarket,
Speaker 4: and you need to pick an investing platform that makes
Speaker 4: sense for you. So there are lots of investing platforms around.
Speaker 4: One of the most popular ones at the moment is
Speaker 4: self Wealth. But we then need to look at what
Speaker 4: that can provide you with. So that can provide you
Speaker 4: with direct access to everything, but they have a minimum
Speaker 4: investment amount of five hundred dollars. So you might go
Speaker 4: that doesn't work for me, and I go all right, well,
Speaker 4: what other options could you look at? And you might
Speaker 4: look at a platform like Shares's and you go well,
Speaker 4: what can that give me access to?
Speaker 2: What are they selling that shop?
Speaker 5: Right?
Speaker 4: And you go, well, actually, they don't just have Australian shares.
Speaker 4: They give you access to Australian US and New Zealand
Speaker 4: shares and they're growing still, there might be more stuff
Speaker 4: on there in the future. And you go, sounds pretty good.
Speaker 4: But what's a caveat? Like how much money you do
Speaker 4: I need to start? Well, Chasi's is one cent, so
Speaker 4: you kind of go, oh, actually that becomes a little
Speaker 4: bit easier. And so I would always start with what
Speaker 4: platform do I want to download so that I can
Speaker 4: start playing or going to the shops, because you can
Speaker 4: go to the shops and not buy anything, right, So
Speaker 4: like downloading the platform is kind of like going to
Speaker 4: the supermarket. And if we step foot in the supermarket,
Speaker 4: we don't actually have to buy anything. You might like
Speaker 4: go around the.
Speaker 2: Grocery store and go their produce is not as fresh.
Speaker 4: I mean, they're all selling the same stuff, but you
Speaker 4: might just not like the user experience and you look around.
Speaker 4: You might go, I actually prefer like a Wooli's over coals,
Speaker 4: And that's fine, it's all personal preference. But we're picking
Speaker 4: that platform after we've picked that platform, and we need
Speaker 4: to have a really good think about like what type
Speaker 4: of person am I? My real risky do I want
Speaker 4: to buy like, you know, really risky like penny stocks,
Speaker 4: which is a stock that doesn't have a lot of backing.
Speaker 4: They're really dirt cheap, and a lot of people want
Speaker 4: to invest in them or get a lot of joy
Speaker 4: out of investing in them because it's kind of like gambling.
Speaker 4: You get a little bit of a kick when you
Speaker 4: pick a penny stock that goes well. I'm the type
Speaker 4: of person who's really conservative when it comes to investment
Speaker 4: because I don't like loss. Like when I look at
Speaker 4: the risk reward scale, I go, oh, yeah, I could
Speaker 4: get a lot more reward, but I'd just like to
Speaker 4: sit in the middle and be happy and just you know,
Speaker 4: have my standard returns over time. So I might say
Speaker 4: that a standard blue chip stock, which is just a
Speaker 4: stock that's been around for a long time. We're talking
Speaker 4: you know, Woollies, Coals, BHP, all of those ones that
Speaker 4: if you heard them on the teller, you go, yeah,
Speaker 4: they're shares, full stop.
Speaker 2: End of story. That's what I look at.
Speaker 4: Or you might want something where you don't have to
Speaker 4: manage it as much. You might want an ETF which
Speaker 4: is an exchange traded fund, which is a bucket of shares,
Speaker 4: so you don't have to make too many decisions. But
Speaker 4: you go, that aligns to my values. I'm just going
Speaker 4: to tip my money in there. So the question isn't
Speaker 4: what do I invest in? It's what's the pathway to
Speaker 4: get invested? And how do I? One get on that pathway?
Speaker 4: But two where do I start? You start with a platform,
Speaker 4: then you think about who you are and what you
Speaker 4: want to invest, and then you might play on the
Speaker 4: platform a little while and see what it's actually like.
Speaker 4: You know, you might track a few stocks for a
Speaker 4: few months before even biting the bullet.
Speaker 2: Like.
Speaker 4: All of that is fine, but it's about that level
Speaker 4: of financial literacy because I think people immediately want to go, well,
Speaker 4: where do I put all my money? And if you
Speaker 4: do that first, the second that the market dips even
Speaker 4: for a minute, you're gonna ship bricks and.
Speaker 2: You're going to go, am I doing the right thing?
Speaker 2: What's going on?
Speaker 4: Whereas if we work backwards, it's going to dip and
Speaker 4: you go, I've.
Speaker 2: Seen this happen before.
Speaker 4: This happens often because over your lifetime mo the market
Speaker 4: is essentially going to crash seven times, and we need
Speaker 4: to be prepared mentally for that because to me, money
Speaker 4: is more psychological than it is physical. Like if I
Speaker 4: tell you you know these two bucks, you'll be like whatever.
Speaker 4: But if you then, over the last ten years had
Speaker 4: been investing in a share portfolio, and I go, you
Speaker 4: could lose half of that, that's not okay, Like you're
Speaker 4: not going to agree to that. You're not going to
Speaker 4: consent to that. But if you knew what the market
Speaker 4: was doing and that it would recover, and you're going
Speaker 4: to go through these things every seven years, and you've
Speaker 4: got you know, someone like me on your team who
Speaker 4: can go mote, it's the market. It's this like when
Speaker 4: in doubt, zoom out, Like let's look at the bigger picture.
Speaker 4: You can be like, all right, I see that it's down,
Speaker 4: but I also see I still own every single share
Speaker 4: that I purchased. I actually haven't lost anything. I'll only
Speaker 4: lose something if I sell the shares for what they're
Speaker 4: worth today.
Speaker 2: But I'm not going to do that and get a
Speaker 2: hold on for the long term. Does that make sense?
Speaker 5: Makes sense? You're really good at making it accessible just because.
Speaker 4: We use examples like going to the supermarket. Because you know,
Speaker 4: when some people don't about have to make it complex.
Speaker 5: They make it sound like they're giving a lecture at
Speaker 5: a university and you just don't get it.
Speaker 2: Well, it's not you don't get it, you just don't care.
Speaker 5: Well you tune out because you just don't understand it enough.
Speaker 4: And do you know what, I think that people do
Speaker 4: that on purpose to justify their roles. I think they
Speaker 4: do it on purpose to justify high fees and make
Speaker 4: themselves feel better about the fact that they're so smart.
Speaker 2: Like I don't believe.
Speaker 4: That intelligence is linked to, you know, being a good investor.
Speaker 4: Like some of the best investors that I had as
Speaker 4: clients when I was a financial advisor just moms and
Speaker 4: dads who were just consistent. Some of the worst investors
Speaker 4: were the ones that came to me and they had
Speaker 4: super high incomes and they're really aggressive and they wanted
Speaker 4: to tell all their friends about what they owned. And
Speaker 4: then as a financial advisor, I'd sit down and be like,
Speaker 4: why have you done this? Like it was such a
Speaker 4: boys club mentality and like I slipped into having a
Speaker 4: number of clients who were male footballers in the AFL
Speaker 4: and it was such a wank mo. They'd be like, oh, well,
Speaker 4: can you construct my portfolio? My friends got this, this
Speaker 4: and this, and I'd be like, I don't know why
Speaker 4: they have that, it makes no sense. Well that's what
Speaker 4: I want because they've got it and they got really
Speaker 4: good return. I'm like, you don't understand that the reality
Speaker 4: of this is, you know you have worked in football.
Speaker 4: For me, we need to make hay while the sun shining,
Speaker 4: because you're not always going to earn what you're earning.
Speaker 2: All right, let's wrap this up.
Speaker 4: You have two beautiful kids, Spha and a he, and
Speaker 4: you are so well balanced and I feel like you're
Speaker 4: really taking charge of your financial future at this point.
Speaker 4: I know you and I have had a lot of
Speaker 4: conversations about money, about what you want to do in
Speaker 4: the future and where that's going. But how are you
Speaker 4: talking to them about money? Like how are they starting
Speaker 4: to go, oh, that makes sense? And I'm assuming they're
Speaker 4: probably not because a money story really starts at seven,
Speaker 4: because they're too young to conceptualize it beforehand. But what
Speaker 4: does that look like for you? Like, how are you
Speaker 4: going to introduce money to your kids.
Speaker 5: I changed. I did something wrong at the start, and
Speaker 5: I think I'm much better at it now. As a kid,
Speaker 5: I've mentioned I had nothing, and so for my daughter, particularly,
Speaker 5: what I would do is just whatever you want, babe,
Speaker 5: I'll buy it for you.
Speaker 2: Go to shop, I get it.
Speaker 5: You want five of those? Go get them? Do you
Speaker 5: know every shop? What do you want?
Speaker 1: They have?
Speaker 5: No problem, I'll get it for you want to buy? Done.
Speaker 5: And I'm not trying to sound arrogant with money. It's
Speaker 5: just that I didn't want that to happen to my kid.
Speaker 5: But I learned all I needed with my kid in
Speaker 5: those moments is memories, right, and memories are not made
Speaker 5: by things made of money. I grew up with a
Speaker 5: lot of memories and a lot of them didn't involve money.
Speaker 5: So I learned financially pretty quickly, and I knew that
Speaker 5: it was triggered by my childhood. And once I learned
Speaker 5: that for me, you know, all of our adventures of
Speaker 5: my kids, majority of time we're outdoors at a park
Speaker 5: that's free, you know, not spending money on everything. Just
Speaker 5: so that they understand. So I think, yeah, they're probably
Speaker 5: still a bit young, but it's like little things like
Speaker 5: that that I'm being able to teach them that I
Speaker 5: think is going to make a difference.
Speaker 4: Yeah, No, I love it. I do think that's all
Speaker 4: we have time for today.
Speaker 1: Mo.
Speaker 4: This is not the last time I'm going to get
Speaker 4: you on my podcast though.
Speaker 2: We have so much to talk about, so.
Speaker 4: Much to do, And I just know that our community
Speaker 4: are going to listen to this and adore it. I
Speaker 4: hope they share it with friends. I hope they share
Speaker 4: it with family and just go. You need to listen
Speaker 4: to this conversation. Mo is inspirational and empowering and knows
Speaker 4: tho shit like you stand up for what you believe in,
Speaker 4: and I think that that's what all the good Eggs
Speaker 4: in the entire world do. So thank you for joining us.
Speaker 4: Has been an absolute pleasure.
Speaker 5: Pleasures online. Thank you for having me.
Speaker 4: The advice shared on She's on the Money is general
Speaker 4: in nature and does not consider your individual circumstances. She's
Speaker 4: on the Money exists purely for educational purposes and should
Speaker 4: not be relied upon to make an investment or financial decision.
Speaker 4: If you do choose to buy a financial product, read
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards
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