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 through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money, She's on
Speaker 2: the Money.
Speaker 3: Hello, and welcome to She's on the Money, the podcast
Speaker 3: Millennials who Want Financial Freedom. My friends, this is an
Speaker 3: extra exciting episode because I am joined by our very
Speaker 3: first and a very special co host, and I have
Speaker 3: been so so excited to bring her on for you guys.
Speaker 2: Vivian two is.
Speaker 3: A Wall Street girlie who is now known as.
Speaker 2: Your rich BFF.
Speaker 3: Vivian learned the finance basics from her old work on
Speaker 3: Wall Street, but didn't like how finance content was dry,
Speaker 3: boring and targeted to old rich men relatable. She began
Speaker 3: creating her own content to create fun and easy to
Speaker 3: understand resources. Vivian is now get this, the CEO and
Speaker 3: founder of Your Rich BFF which no biggie but like
Speaker 3: You were named as Forbes thirty Under thirty in twenty
Speaker 3: twenty three, and also named in twenty twenty two as
Speaker 3: one of Forbes's Top Creators. If that wasn't enough to
Speaker 3: keep you busy, You've gone ahead and written a whole
Speaker 3: damn book, my friends. Your book reach AF the Winning
Speaker 3: Money Mindset that will Change Your Life, is hitting stores
Speaker 3: officially on the twenty sixth of December. I don't even
Speaker 3: think we need to do a whole podcast. I'm just
Speaker 3: like ridiculously impressed from that. But welcome to She's on
Speaker 3: the Money, my friends.
Speaker 2: Thank you so much for having me. That was such
Speaker 2: like a generous introduction. I feel like I'm just.
Speaker 3: So excited to share with my community. I just I
Speaker 3: know how much they love the content that you create,
Speaker 3: and I think that they're just going to be so
Speaker 3: excited when this drops that I just I genuinely am like,
Speaker 3: this is a sleigh.
Speaker 2: I can't wait to chat with them.
Speaker 3: Oh my gosh, I want to know Vivian. I'm so excited,
Speaker 3: but tell me a little bit more about you and
Speaker 3: your story. Obviously you're rich, bff, what a great tagline.
Speaker 2: But who are you? What do you do?
Speaker 3: How do you do it?
Speaker 2: Yeah? So I am very much a happy accident. I
Speaker 2: would say I was the only daughter to Chinese immigrant parents.
Speaker 3: They must be so proud.
Speaker 2: I didn't even tell them about your rich BFF until
Speaker 2: I was eight months in and starting to monetize, because
Speaker 2: I was like, they're not gonna be cool with this.
Speaker 3: Like, so there's a founder in Australia, Jane two. Do
Speaker 3: you know Jane? She yes, Oh my gosh, yes, she
Speaker 3: is a sligh as well. But she hid it from
Speaker 3: her parents. She used to pretend to go to work.
Speaker 2: Yeah, she was working on her startup.
Speaker 3: Yeah, you two two peas in a pot. You know.
Speaker 2: I just think there's like a little bit of like
Speaker 2: a cultural expectation that you do well in school, you
Speaker 2: become a lawyer, doctor, engineer. It's like kind of like
Speaker 2: a you pick one of the three and that's your life.
Speaker 2: But I was a big troublemaker growing up. I was
Speaker 2: a little bit of a chatterbox. Could never really fit
Speaker 2: into that square, but I was a really good student.
Speaker 2: I ended up going to the University of Chicago, very
Speaker 2: much known to be a feeder school for Wall Street.
Speaker 2: Got the internship, got the job, and I thought I'd
Speaker 2: made it. I was like, I was kind of just like,
Speaker 2: fuck it, we're here. But I thought I had made it.
Speaker 2: I was like, as long as I can stay at
Speaker 2: this job and do well, like, I'm gonna be rich,
Speaker 2: I'm going to have the life I wanted. Go me
Speaker 2: slave until I got there, and I was so lucky.
Speaker 2: My very first manager was a woman. She was the
Speaker 2: only other woman. She was the only other Asian person.
Speaker 2: And everybody else we worked with was like white guys,
Speaker 2: old white guys. Mediaora, middle aged white guys is what
Speaker 2: I liked. Yes, correct so much audacity. Hey, nobody is
Speaker 2: more confident. Where do they get it from? We say?
Speaker 3: They say my team all the time when we're like
Speaker 3: a little bit flat with like channel, you're in a mediorca,
Speaker 3: middle aged white man and if he would do it,
Speaker 3: you can do.
Speaker 2: Yeah, literally exactly. And for the first year and a
Speaker 2: half it was great. I was learning so much. I was,
Speaker 2: you know, making more money than I'd ever made in
Speaker 2: my entire life and then came to the beginning of
Speaker 2: the end. The head of our desk actually got let go.
Speaker 2: And how it works generally on Wall Street is when
Speaker 2: the head of the desk gets let go, all of
Speaker 2: the people that they hired or they were close with,
Speaker 2: the new guy will at them too.
Speaker 3: Yeah, of course, it's the same same on the Australian
Speaker 3: stock ites change like your desk is going, Your desk
Speaker 3: is going, and they want their own tame, right, They
Speaker 3: just want a clean house and they want all of
Speaker 3: the people that they trust to witch. In theory, you go,
Speaker 3: that makes sense, but in your shoes that would be
Speaker 3: terriblying terrible exactly.
Speaker 2: So this team that like hired me, nurtured me, liked me,
Speaker 2: treated me well. Suddenly fifty percent of the team was
Speaker 2: different and it's a bunch of new people that I'm like, damn,
Speaker 2: now I got to like earn my stripes. I've impressed
Speaker 2: people all over again. And my new head of the
Speaker 2: desk found out that I had a little bit more
Speaker 2: excel knowledge because I had spent a summer in commercial
Speaker 2: banking before going to trading. He was like, hey, like,
Speaker 2: do you want to come work for my bff? He's starting,
Speaker 2: he's going to be, you know, doing some really cool stuff,
Speaker 2: cool projects. I ended up going to work for this guy,
Speaker 2: leaving my manager, my mentor the only person who I
Speaker 2: was like, Mama, like take care of me.
Speaker 3: Your safety knit.
Speaker 2: Yeah. I was like a baby bird. I was like,
Speaker 2: just teach me everything, like feed me. And this new
Speaker 2: guy sucked. He was such a d bag and he
Speaker 2: would say things like you're too girly to work here
Speaker 2: or sorry, what right? As if like that's something that
Speaker 2: I could change about myself or is it even a negative?
Speaker 2: Is that an insult? Like girly? Like of course, I've
Speaker 2: been a woman in my entire life, Like, you know,
Speaker 2: this is how I identify, this is how I speak.
Speaker 2: You know, if I get my nails done, they're gonna
Speaker 2: click clack on the keyboard. There's nothing and about that
Speaker 2: makes me less qualified.
Speaker 3: But even like qualification aside, like I'm a confident person.
Speaker 2: That's why I'm here, right exactly. But it really came
Speaker 2: to a head when one day I came into the
Speaker 2: office and I was wearing a lock Hart again, and
Speaker 2: he looked at me and he touched his hands together
Speaker 2: and he bowed and he goes Ooh is that a kimono? Oh?
Speaker 3: See you later? Yeah, racist prick? Yeah, so I was
Speaker 3: are you joking?
Speaker 1: Oh?
Speaker 3: Do you think that in that moment he knew what
Speaker 3: he was doing or he actually thought he was funny?
Speaker 2: I genuinely think he thought he was funny.
Speaker 3: Oh my god, Like I have like secondhand embarrassment for him,
Speaker 3: like I would. Oh, I would have been sick in
Speaker 3: that moment.
Speaker 2: And I was like, you know that sensation where like
Speaker 2: your face just starts to get hot. That was me
Speaker 2: for good reason. And so I go and I tell
Speaker 2: my initial mentor I'm like, I'm quitting today. Good And
Speaker 2: she goes, don't be an idiot. You don't have another
Speaker 2: job lined up.
Speaker 3: I don't have a good one because I don't need
Speaker 3: this one.
Speaker 2: Yeah, and she goes, you know you're gonna have a
Speaker 2: gap on your resume. It's gonna be hard to get
Speaker 2: a job. Just like whatever happened. We'll talk about it
Speaker 2: after work, but like, just tough it out today and
Speaker 2: we'll talk. And so I tell her what happens. She's like, okay,
Speaker 2: I'll help you look for something different. And I'm like, great, Okay,
Speaker 2: at least I have this woman on my side, like
Speaker 2: I can handle this. Yes, So I'm sitting it out,
Speaker 2: gritting my teeth through the rest of this job. But
Speaker 2: I end up interviewing with my first manager's best friend
Speaker 2: and lo and behold through an interview process, her best
Speaker 2: friend becomes my first manager at my second job. Oh
Speaker 2: my god. This stars have a lot. The stars really
Speaker 2: did a line and I ended up going to BuzzFeed
Speaker 2: and it was a huge, huge cool not.
Speaker 3: Cool, no, but like the idea that you got to
Speaker 3: work at BuzzFeed sound like you I'm from Australia, my
Speaker 3: friend like I am small fry, like I might have
Speaker 3: a big podcast, but like I have a small brain.
Speaker 2: Like everybody thought it was so cool, except it wasn't
Speaker 2: cool for the people that matter. Yeah, my cool. My
Speaker 2: parents were so disappointed. They were like, you know, you
Speaker 2: go to this type of school to get this type
Speaker 2: of job. We've spent so much money and now what
Speaker 2: are you gonna do. I'm gonna go like rate quizzes
Speaker 2: for a living and I'm like, that's not even the
Speaker 2: team that I'm working on. But okay, even if I
Speaker 2: was like, don't you want me to be happy? And
Speaker 2: I think that was a really painful experience because.
Speaker 3: You don't want to let the people around you down,
Speaker 3: but you also want to follow what you know. You've
Speaker 3: obviously had these beautiful experiences with these people, and you're like,
Speaker 3: I can see a future here.
Speaker 2: It might all know.
Speaker 3: Exactly what it is, but like I can see the opportunity, like,
Speaker 3: and I want you to see that for me too.
Speaker 2: Yeah, and they didn't.
Speaker 3: I'm so sorry that was the case. That honestly, that sucks.
Speaker 3: I want to be like, guys, come on, I know.
Speaker 2: And it wasn't until I want to say, I was
Speaker 2: like two years in at BuzzFeed when I started making
Speaker 2: way more money than I did. Ever, how do you
Speaker 2: like me now Wall Street? Suddenly my mom was like, Wow,
Speaker 2: this job's really wonderful. That you get to wear RiPP
Speaker 2: jeans to work, and like you work in nine to
Speaker 2: five and then like come home and like you have
Speaker 2: time to hang out with your fiance or like my
Speaker 2: now fiance at the time boyfriend.
Speaker 3: But like she was like, congrats, thank you, thank you.
Speaker 2: But I have this happy work life balance. And while
Speaker 2: I'm at BuzzFeed, I make all these new friends, right,
Speaker 2: I feel very lucky. I end up really loving a
Speaker 2: lot of my colleagues. We become friends outside of work
Speaker 2: and they're like, hey, you worked on Wall Street? What
Speaker 2: am I buying in my four winking? Which health insurance
Speaker 2: am my picking?
Speaker 3: That would have been my favorite conversation ever. It's like,
Speaker 3: is it not the most exciting when somebody who's like,
Speaker 3: you know, excited to be around you, excited to have
Speaker 3: these conversations and you know how much impact you can
Speaker 3: have and how much you can change their life by
Speaker 3: sharing that.
Speaker 2: Yes and no, Because I got so many questions. It
Speaker 2: was like a line forming at my dusk to the
Speaker 2: point where like I couldn't even get my day job done.
Speaker 2: So I was like, you know what, I'm going to
Speaker 2: put this on the internet, and you guys can refer
Speaker 2: to you know, video seven for this, video, four for this, video,
Speaker 2: ten for that, and.
Speaker 3: You're a queen and you did all of that for them.
Speaker 2: I did it for my friends. I did not make
Speaker 2: your rich BFF because I wanted to be an influencer
Speaker 2: or creator. I made this for my four idiot friends
Speaker 2: at work who wouldn't stop harassing me. And I was like, Haha,
Speaker 2: they'll love this. I love it so much.
Speaker 3: That's literally why I created cheese on the money. It's
Speaker 3: because my girlfriend's got sick of hearing me brag on
Speaker 3: about retirement saving zip brunch. And I was a financial
Speaker 3: advisor and I didn't have time for it. But I
Speaker 3: was also really bored being a financial advisor because making
Speaker 3: rich people richer was not my vibe. But that was
Speaker 3: like the area that I worked in, like the ultra
Speaker 3: high NetWorld space, Like yeah, as you can imagine, like
Speaker 3: it's just not sound sexy, it's really shiny, and I
Speaker 3: got to wear elite suits, but and great dinners, great dinners,
Speaker 3: great shoes, Like yeah, the bdms just want to take
Speaker 3: you out everywhere I was willing to go. But you
Speaker 3: don't really get a lot of I guess joy out
Speaker 3: of that. After yeah, you're like, oh, I may say
Speaker 3: I totally resonated.
Speaker 2: I made someone who had, you know, two hundred and
Speaker 2: fifty million dollars now they have five hundred million dollars. Ooh,
Speaker 2: like yeah, sick good one. Whereas when I put my
Speaker 2: very first video up, it ended up going viral for
Speaker 2: good reason, and by the end of the week, I
Speaker 2: had one hundred thousand followers, and I was like, oh,
Speaker 2: end of the week, you had a thousand following.
Speaker 3: I have been Slavy Go Way for a hundred thousand followers.
Speaker 3: I was like, oh shit, what do I do exactly
Speaker 3: what you did before? Because it works?
Speaker 2: Yeah, And so I just started creating content, content that
Speaker 2: I thought my friends would watch, content that I thought
Speaker 2: people needed, based off of a lot of the questions
Speaker 2: I was getting, and it's been history ever since. Are
Speaker 2: you really proud of yourself? I am. I think one
Speaker 2: thing that I'm working on this year is taking a
Speaker 2: second to smell the roses. When you're in this business,
Speaker 2: and I'm sure you probably feel this way a little
Speaker 2: bit too, it can feel like every opportunity is the
Speaker 2: last and you need to strike while the iron's hot
Speaker 2: and it's go, go, go, go go, because you only
Speaker 2: get five good years of this. But I'm trying to
Speaker 2: take a second to be like, you've already come so far.
Speaker 2: It's okay to take a beat and enjoy the success,
Speaker 2: and then you can always keep going tomorrow. But absolutely
Speaker 2: you can. You don't have to earn rest. And for
Speaker 2: a while I was like, I need to earn rest.
Speaker 2: I need to ID eight seven videos so I can
Speaker 2: take a break, or I need to film, you know,
Speaker 2: three YouTube, so I can take a break and now
Speaker 2: it's like I can take a break for a break's sake, exactly.
Speaker 3: And that's actually one of the reasons why when I'm
Speaker 3: interviewing someone or mating them for the first time and
Speaker 3: I genuinely think that they're really impressive or they've got
Speaker 3: a really great journey or story to share, I always
Speaker 3: ask like, are you proud of yourself? And I feel
Speaker 3: like it does catch people a little bit unaware, because
Speaker 3: you know you're saying, oh, your parents must be so proud.
Speaker 3: You're like, yeah, yeah, cool, go cool. But I'm like you,
Speaker 3: and I think it's that moment of reflection where you're like, actually,
Speaker 3: I'm really cool, Like I did this and I created this,
Speaker 3: and you know, you can create something and somebody could
Speaker 3: have you know, served those hundred thousand people to you
Speaker 3: on a platter, and you could have been like, that's
Speaker 3: way too overwhelming.
Speaker 2: I didn't do it.
Speaker 3: But you've grown it and you've nurtured it and you've
Speaker 3: like taken it with both hands and be like, no,
Speaker 3: this is me. This is how it's gonna work. And
Speaker 3: now you're a full blown author. Like I just get
Speaker 3: so excited talking to I guess other money people, but
Speaker 3: people I can also learn from. I want to know.
Speaker 3: You know, at the end of the day, you are
Speaker 3: teaching people how to money. How to money. It is
Speaker 3: a language that not of a lot of us are
Speaker 3: actually fluent in. How do we money? Vivian like, you know,
Speaker 3: I am, let's pretend in a nine to five job,
Speaker 3: and I might not have the grace of, you know,
Speaker 3: having a scalable job where you know, in your situation
Speaker 3: you pump out some more content, you might get some
Speaker 3: more revenue. Not everybody is there, what can we do
Speaker 3: to maximize our nine to five salary? And you know,
Speaker 3: how do we do that?
Speaker 2: So people ask me, how do I, you know, be
Speaker 2: smart with my money? How do I make good decisions?
Speaker 2: And I'm like, you should strip? And everyone's like, what
Speaker 2: did you just say?
Speaker 3: Are you going to pay me for that? Right?
Speaker 2: Because like, if you are, how do you We'll get
Speaker 2: some cash out of the ATM and we'll start throwing money.
Speaker 3: But striding pregnant, this is not going to be a
Speaker 3: good experience for either of us.
Speaker 2: But strip is actually an acronym, okay, And I think it's.
Speaker 3: A little bit disappointing. I'm hoping that this picks up
Speaker 3: from me.
Speaker 2: Yeah, you're so funny. STRIP is just an acronym, and
Speaker 2: I think it's like a cute little acronym that everyone
Speaker 2: can use to remember that this is what you should
Speaker 2: do if you have no idea where to start. So
Speaker 2: S stands for savings when you have a good job
Speaker 2: where your needs are met. I think one thing that
Speaker 2: a lot of us struggle with is that lifestyle inflation.
Speaker 2: We start making more money and we start spending more money,
Speaker 2: and then you're like, oh shit, why don't I have
Speaker 2: any money?
Speaker 3: I creep because exactly, it's really rude.
Speaker 2: It is incredibly rude. But for savings, the first thing
Speaker 2: I say everybody should do is set aside an emergency fund.
Speaker 2: And if you are a young singleton, you rent your house,
Speaker 2: you you know, are just taking care of yourself. Three
Speaker 2: to six months is totally fine. If you are a parent,
Speaker 2: you own a home, you got kids, like you know,
Speaker 2: you got a pet, you got kids, you got a
Speaker 2: car payment, you got all that stuff. I would say,
Speaker 2: try to get closer to six to twelve months.
Speaker 3: Okay, So pressure is on for me, precious on for me.
Speaker 2: I don't want us to feel like pressure. I wanted
Speaker 2: to feel like today you taking care of future you.
Speaker 3: And future you is going to be so grateful, right grateful.
Speaker 3: Like how many times do you do small things and
Speaker 3: you're like, damn, I'm so smart for already doing.
Speaker 2: It, even just like laying out your outfit for the
Speaker 2: next that is the example.
Speaker 3: Like how many times do you get up and you'll
Speaker 3: immediately like last night May was a genius.
Speaker 2: Genius.
Speaker 3: Now think about that when you're rich af Yeah, exactly,
Speaker 3: even better.
Speaker 2: Yeah, So you got to take care of future you.
Speaker 2: Then we go to T, which stands for total debt.
Speaker 2: I think this is true in the US, this is
Speaker 2: true in Australia, this is true pretty much all of
Speaker 2: the world these days. But like there's a debt crisis,
Speaker 2: and when it comes to having a lot of debt,
Speaker 2: the first thing people do is they look at the
Speaker 2: big number and they're like, oh shit, and they get
Speaker 2: so overwhelmed. They stick their head in the sand and
Speaker 2: they're like, I'll deal with this next weekend. And then
Speaker 2: next weekend comes and they're like I'll deal with this
Speaker 2: next weekend, and then it's next weekend, next weekend, next weekend,
Speaker 2: until you're six months down the line, and your debt
Speaker 2: has only compounded because you haven't made a plan to
Speaker 2: start paying it down, and.
Speaker 3: Now it's this paralysis is going to kill you.
Speaker 2: So with t total debt, I say use the avalanche method,
Speaker 2: rank your debt from highest to lowest interest rate, because
Speaker 2: if you make the minimum payment across everything, but then
Speaker 2: any additional funds towards the highest interest rate debt, you're
Speaker 2: gonna be able to pay that debt down as fast
Speaker 2: as humanly possible while also paying the least an interest.
Speaker 2: And who wants to pay interest? Literally nobody? Zero out
Speaker 2: of ten I do not.
Speaker 3: I don't know about you, but I've literally never met
Speaker 3: one person that goes, I got a credit card so
Speaker 3: I can start paying interest, like I.
Speaker 2: Want to pay more forbody. Nobody said that. Nobody says that,
Speaker 2: So pay it down that way and at least have
Speaker 2: a plan. I don't care if you're chipping away at
Speaker 2: this thing so slow. But if you don't have a
Speaker 2: plan and you're just running around like a chicken with
Speaker 2: its head cut off, like you're going to be in
Speaker 2: a worse position than if you have a slow and
Speaker 2: steady plan. Exactly.
Speaker 3: We say this in my community, all the time. But
Speaker 3: we always say from little things, big things grow, and
Speaker 3: that has really, I guess, compounded in our community. And
Speaker 3: it's like, you know, the rabbit in the turtle, Like
Speaker 3: the turtle's going to win because the rabbit he ran
Speaker 3: out of steam. And so I think that a lot
Speaker 3: of the time in our community, and I see it
Speaker 3: in yours as well. It's just like celebrating the small steps,
Speaker 3: because the small steps, when you look back, are actually
Speaker 3: the big steps, but at the time they don't feel
Speaker 3: that way, right, Like when you first hear in debt,
Speaker 3: you're like, I really don't want to have to do this,
Speaker 3: Like this makes no sense. It's five dollars. Why does
Speaker 3: it matter? Or it matters.
Speaker 2: When you run a marathon, you still have to take
Speaker 2: those first steps. You have to run that first mile
Speaker 2: to get to the second mile, to get to the
Speaker 2: third mile, to finally getting to twenty six point two miles.
Speaker 2: You don't just run the marathon starting from the back
Speaker 2: like a mile twenty six. No, a couple first steps
Speaker 2: are going to get you there.
Speaker 3: Love love all right, tell me about.
Speaker 2: Our stands for retirement. So speaking of today, you taking
Speaker 2: care of future? You very sexy. I am very much
Speaker 2: of the camp. But I want to be that crazy
Speaker 2: retiree drinking pina coladas on the beach.
Speaker 3: I Alrea, do you want to be that person?
Speaker 2: They Vivian, Oh, the same.
Speaker 3: I mean, so like we're not going to do the
Speaker 3: fire method where we're like just loading it all up.
Speaker 3: I think you and I are in the same pace.
Speaker 2: So I think retirement is really important because of two reasons. One,
Speaker 2: it's important to take care of you yourself because you
Speaker 2: can't work forever. There is going to be a point
Speaker 2: where your mind and your body start to decay. And
Speaker 2: I hate to say that, but it's life until we
Speaker 2: find some sort of everlasting fountain of youth. Nobody gets
Speaker 2: out of this life alone. Nobody. Nobody gets out of
Speaker 2: this life alive. And it's important to start considering things like,
Speaker 2: you know, in Australia you're super thinking about your four
Speaker 2: oh one k at your employer. If you're in the
Speaker 2: US thinking about a roth ira, if you you know,
Speaker 2: just don't get an employer sponsored plan. These are all
Speaker 2: different strategies that not only can you receive tax benefits.
Speaker 3: For which uh like, honestly sligh, everybody loves a tax benny.
Speaker 3: I want a million tax Why wouldn't I want to
Speaker 3: pay fewer taxes legally, I don't know exactly.
Speaker 2: But also again, you're taking care of you in the future,
Speaker 2: and there's nobody who's going to be better to you
Speaker 2: than you can be. So with the eye and strip,
Speaker 2: it's important to remember you can't just put the money in,
Speaker 2: you actually have to invest it. What I know, everybody,
Speaker 2: this is my analogy. Imagine you know, close r eyes.
Speaker 2: You drive to the grocery store. Okay, you got your
Speaker 2: purse slung over your shoulder. You walk into the grocery store,
Speaker 2: you take a good old lap, you leave, You get
Speaker 2: back in your car, and you go home. Then you
Speaker 2: open up your fridge and you're like, why didn't I
Speaker 2: have Why don't I have groceries? It's like you didn't
Speaker 2: buy any You literally just walked around the store.
Speaker 3: And I think when people open you have lists now
Speaker 3: because you spent money.
Speaker 2: On the gas, yes, exactly, and you put my ledge
Speaker 2: on that car. But it's important that when you are
Speaker 2: opening up these retirement accounts, you actually buy investments. And
Speaker 2: there are super easy ways to do this, whether that
Speaker 2: be investing in a target date retirement fund or just
Speaker 2: index funds that track the broader market, or even just
Speaker 2: getting a Roebo advisor to do it for you. Paying
Speaker 2: a small management fee is not the worst thing in
Speaker 2: the world if it means you can get started soon
Speaker 2: rather than later. The love and I also like to
Speaker 2: say that there's also a secret eye in there.
Speaker 3: There's a secret eye.
Speaker 2: There's a secret I must there's to eye. But there's
Speaker 2: a secret eye. The secret eye is income. You can
Speaker 2: only save as much as you earn, but you can
Speaker 2: always earn more money. And it is so critically important
Speaker 2: to not just talk about cutting out the latte, which,
Speaker 2: by the way, cheers cheers to the starbus. It's not
Speaker 2: enough just to cut back the lattes and the avocado toast.
Speaker 2: I'm sorry. I want to live a happy life. I
Speaker 2: want to enjoy myself. It's also important to make more
Speaker 2: money because do you know how easy it is to
Speaker 2: ask for a five thousand dollar raise? Super easy? A
Speaker 2: five thousand dollar raise is not unheard of at all.
Speaker 3: Oh no, but like you can only do that once.
Speaker 3: You can't do that all the time. You can do
Speaker 3: that well every year, oh one hundred percent, you can,
Speaker 3: But like you can go earn another five grand on
Speaker 3: top of that five thousand dollar rais and it's so
Speaker 3: much easier, Like, guys, it's twenty twenty three. Yeah, we're
Speaker 3: not living in the nineteen fifties. Like you can earn
Speaker 3: five grand and not even leave your house.
Speaker 2: Yes, exactly, But do you know how heart it is
Speaker 2: to cut out five thousand dollars worth to do that?
Speaker 2: Like you don't have Netflix anymore, You don't get to
Speaker 2: drink your coffee, you don't get to go out to brunch,
Speaker 2: you don't get to get your manny petties. Not like
Speaker 2: cutting five thousand dollars out of your budget is brutal.
Speaker 2: Getting an extra five thousand dollars of cash coming in
Speaker 2: the doors not that hard. It is hard for a
Speaker 2: lot of people.
Speaker 3: I reckon in both of our communities because we're women.
Speaker 3: And remember how like we don't have the audacity of
Speaker 3: media commitdle aged white men. And the stats way too
Speaker 3: that men they're going to put themselves forward for a
Speaker 3: raise or like a promotion when they don't even meet
Speaker 3: the criteria. But we seem to think we need to
Speaker 3: meet one hundred percent of the criteria. We don't do
Speaker 3: exactly the same thing. You don't like, ask yourself what
Speaker 3: would a medio commddle aged white men do? And then
Speaker 3: do that?
Speaker 2: Babe, Yeah, exactly do that and then pee. Everybody's favorite
Speaker 2: part of strip is plan. Everybody who's listening, just like,
Speaker 2: take a second. If you're driving, don't do this closure out.
Speaker 3: Maybe just think about doing this thing.
Speaker 2: Think about doing this later, but just close your eyes
Speaker 2: for a second and think about your happily ever after?
Speaker 2: What does that look like? Do you live in Naples,
Speaker 2: Florida or Naples, Italy? Do you own two homes? Or
Speaker 2: would you rather retire at thirty and live in an RV?
Speaker 2: There is no right answer. The right answer is the
Speaker 2: one that puts a smile on your face. Do you
Speaker 2: want to have, you know, an entire crew of Golden
Speaker 2: Retriever dogs? Do you want to have two kids? Do
Speaker 2: you want to have jobs? Do you want whatever you want?
Speaker 3: I want all of that that I want so much fun.
Speaker 3: Do you say I can have a FuMB of Golden
Speaker 3: Retriever is exactly but like, but we need to get
Speaker 3: rich to do that.
Speaker 2: And the peace stands for plan. You got to make
Speaker 2: a plan to hit your happily ever after and knowing
Speaker 2: what that Happily ever after looks like helps you back
Speaker 2: into a lot of those other numbers that you're going
Speaker 2: to need to hit to get there and get there
Speaker 2: as soon as possible. So I just think this fantasizing
Speaker 2: is so healthy. And I do this with my fiance
Speaker 2: all the time. And I say, don't you think it'll
Speaker 2: be amazing when we have so much money and we're
Speaker 2: able to take you know, your parents and my parents
Speaker 2: and your siblings and their kids on vacation. And his
Speaker 2: retort is always, ew, I don't want to take all
Speaker 2: of them on vacation with us. That doesn't sound fun
Speaker 2: at all.
Speaker 3: Okay, but we can send them on vacation while we
Speaker 3: go somewhere else completely separate, and we can pay for
Speaker 3: the lifestyle you deserve.
Speaker 2: But those conversations are one so fun to have with
Speaker 2: a significant other if you're just looking to have like
Speaker 2: a fun, little cheeky conversation like on a Thursday. Dan
Speaker 2: dates so many different lives, so many different lives. It's
Speaker 2: also really healthy to have with yourself because it gives
Speaker 2: you a visual of what you're working so hard for.
Speaker 2: And I think that's great.
Speaker 3: I don't think there's anything too big about that either.
Speaker 3: I think sometimes, especially as women, we end up with
Speaker 3: a cap and we're like, oh, that's probably a bit much.
Speaker 3: I'm a bit much, and it's it's not like.
Speaker 2: You're not too much. Find someone who needs less, No.
Speaker 3: You don't find someone to find someone who needs, someone
Speaker 3: who doesn't need, someone who doesn't need less exactly. Oh
Speaker 3: my gosh, I am obsessed with that. I saw it
Speaker 3: on something like that on TikTok the other day and
Speaker 3: they're like breaking up with their boyfriend. They're like, go
Speaker 3: find someone who wants less than go exactly. Like, I'm
Speaker 3: not mad about that. And I think that that.
Speaker 2: You're allowed to have high standards. You're allowed to want
Speaker 2: this happily ever after. You are allowed to want those things,
Speaker 2: and if you make a plan you can hit them.
Speaker 2: I agree. I love this strip.
Speaker 3: I thought you were going to disappoint me because you
Speaker 3: really started by tell really you were gonna throw money
Speaker 3: at me, and I was one thousand percent across it.
Speaker 3: And then we got a bit disappointed. You were like,
Speaker 3: it's not real strip, and I was like, okay, but
Speaker 3: this is a plan that makes so much sense. And
Speaker 3: the thing that I love about this plan is your
Speaker 3: energy throughout. This is so much like the from little things,
Speaker 3: big things grow, Like these are easy steps to take,
Speaker 3: Like we're doing some savings, we're doing you know, total debt,
Speaker 3: which can be really overwhelming. But if you pull your
Speaker 3: head out of the sand, like you're going to be
Speaker 3: in a better position. We're going to do retirement. Then
Speaker 3: we're going to do our you know, we're going to
Speaker 3: do our income.
Speaker 2: You don't do this all in once. You don't do
Speaker 2: this all in one weekend. You do this little by little,
Speaker 2: You chip away at it until you go from to
Speaker 2: st to you have the forward strip. Yeah strip, I
Speaker 2: love it.
Speaker 3: Oh my gosh. All right, Well, obviously earning money, yeah,
Speaker 3: as we said before comes with managing money. And we
Speaker 3: said before, from little things, big things grow, and it's
Speaker 3: all about the small things. You were talking about lifestyle creep,
Speaker 3: which I'm so on board with. But what's the best
Speaker 3: way that we can make sure that we are managing
Speaker 3: money properly because obviously, if we can't manage tendallers, we're
Speaker 3: not going to be able to manage ten thousand. But
Speaker 3: how many times do you hear people saying I'll do
Speaker 3: it when I earn more Vivian, I'll do it when
Speaker 3: I you know amount of debt, I'll do it when I.
Speaker 2: How do we start, like? Why today? Because the best
Speaker 2: day to get good with money was yesterday and the
Speaker 2: second best day is today. And when we talk about
Speaker 2: getting rich and having money, we have to remember that
Speaker 2: it's not about timing the market. It's not about picking
Speaker 2: the perfect investment. It's not about suddenly having a million
Speaker 2: dollars fall from the sky because you won the lottery.
Speaker 2: It's about time, commitment, consistency, and time in the market
Speaker 2: beats timing the market. So time in tim E space
Speaker 2: I N beats timing T I M I N G.
Speaker 3: You've won the spelling base, Dude, I not a good
Speaker 3: spelling No, well, you've proven everybody wrong.
Speaker 2: It beats it every time. Because you don't need to
Speaker 2: be the smartest, fastest, strongest person. You need to be
Speaker 2: the person who has a plan, who starts as early
Speaker 2: as possible and just sits and waits. And that is
Speaker 2: how we get to the final goal. And I think
Speaker 2: it's really important to call out that investing and having
Speaker 2: this life is not only for smart people or people
Speaker 2: who come from generational wealth, or it's for everybody. And
Speaker 2: the reason why there's such a vast divide between people
Speaker 2: who have money and who don't is education. And I
Speaker 2: think it's a damn sure. I don't know if this
Speaker 2: is the case in Australia, but like in the US,
Speaker 2: we don't teach this stuff in school. Oh no, we
Speaker 2: don't teach it in school.
Speaker 3: It's why I'm a psycho when it comes to our
Speaker 3: content and why I just get so frustrated because yeah,
Speaker 3: and I'm sure you're exactly the same as me. The
Speaker 3: more you learn about it, the more you're just motivated
Speaker 3: to share it because you're like everybody deserves this, Like
Speaker 3: it makes no sense that we learn trigonometry and we're
Speaker 3: talking about algebra when my school and the schooling system
Speaker 3: in Australia it doesn't. So in Australia, you can start
Speaker 3: working it fourteen years and nine months. You can go
Speaker 3: get your fast okay, sligh, But they don't tell you
Speaker 3: that you need to be retirement saving. They don't tell
Speaker 3: you anything about how taxes work, but they do expect
Speaker 3: you to come and still do a you know, a
Speaker 3: whole thing on trigonomics. When am I going to use
Speaker 3: that in.
Speaker 2: The future, Like when have I ever used sign and
Speaker 2: co sign? Literally never?
Speaker 3: And I do you know what my favorite thing is?
Speaker 3: When I was at school, This is showing my age
Speaker 3: now and that I am most definitely in my thirties.
Speaker 3: They used to say you won't always have a calculator
Speaker 3: in your pocket. Literally I always have a calculator now,
Speaker 3: So like, talk to me about taxes. I love to
Speaker 3: say media committle aged white man, and I feel like
Speaker 3: you're resonating with that. So amazing, But historically I wish
Speaker 3: we could say that. You know, it's twenty twenty three.
Speaker 3: Vivian and I.
Speaker 2: We've invented investing. We are so smart.
Speaker 3: But I don't know if you've read my favorite book,
Speaker 3: The Richest Man in Babylon, And I say that's not
Speaker 3: my favorite only just giving me your book so it
Speaker 3: might overtake it, like rich Af coming to your stawny you.
Speaker 3: But my favorite book is The Richest Man in Babylon.
Speaker 3: It's the driest book ever. Like reading it, it is
Speaker 3: mind numbing.
Speaker 2: Mine donkeys instead of Coachala tickets. But you know what,
Speaker 2: it's exactly okay.
Speaker 3: It is my favorite book because it's like, no, this
Speaker 3: stuff has existed forever However, the medioca middle aged white
Speaker 3: men have gate kept that from us for a very
Speaker 3: long time. And I mean, you worked on Wall Street,
Speaker 3: so I feel like you, of anybody else in the
Speaker 3: entire world, is going to know how well those medioca
Speaker 3: middle aged white men like gatekeeping that content. But why
Speaker 3: do you think historically this content has been gate kept
Speaker 3: and it has been inaccessible for us? And I guess
Speaker 3: a little bit boring when I.
Speaker 2: Don't know about you.
Speaker 3: But the more and more I learn about wealth creation
Speaker 3: and getting rich, af the more excited I am about it.
Speaker 3: Why has it been boring? And why is it so
Speaker 3: important to change this moving forward?
Speaker 2: If I am super rich and I'm part of the
Speaker 2: status quo, what incentivizes me to make this easier for you.
Speaker 2: I still need a minimum wage worker to flip my burger,
Speaker 2: I need someone to pump my gas, and I need
Speaker 2: someone to come clean my house. I am not incentivized
Speaker 2: to make this easier for you. And I hate to
Speaker 2: sound like an absolutely tinfoil hat like conspiracy theorists.
Speaker 3: We're wearing Matchington foil.
Speaker 2: Maxington foil hats. But like, if you know this information
Speaker 2: and you're like, wow, this is amazing, I got rich
Speaker 2: using this information. I'm going to pass this information down
Speaker 2: to my son. I'm gonna take him to the country club.
Speaker 2: We're gonna go tea off, And as we're teeing off,
Speaker 2: I'm gonna explain to my son the rules of the world.
Speaker 2: Right because I'm a to quote another book, I'm a
Speaker 2: rich dad. Yes, and my rich son will know all
Speaker 2: of this information too.
Speaker 3: Of course, but not you're rich, tolda because that would
Speaker 3: be ridiculous.
Speaker 2: You know, because because my rich daughter doesn't have anything
Speaker 2: to work about, because she married she's rich. She's gonna
Speaker 2: marry a rich man. Because we grew up in the
Speaker 2: society and in the game, in the gated community, somebody
Speaker 2: else's rich son is going to take care of her,
Speaker 2: and so proof, foolproof plan. But it perpetuates and perpetuates,
Speaker 2: and then these same communities just literally recycle money throughout
Speaker 2: them because they know the secret. Somebody way way way
Speaker 2: up the family tree, so far up that you you
Speaker 2: don't even know what their name is. They managed to
Speaker 2: figure it out. Good for them, But that information has
Speaker 2: now been held in those family lines in those communities
Speaker 2: for so so long. And if you grow up to
Speaker 2: a single mother who is working hard to put food
Speaker 2: on the table, who is constantly stressed about making rent,
Speaker 2: who barely has any time to come to your soccer practice,
Speaker 2: if you can even afford the soccer program to come
Speaker 2: pick you up after school whatever. Her biggest concern is
Speaker 2: not taking you to the golf course. Oh absolutely, her
Speaker 2: biggest concern is feeding you and clothing you and taking
Speaker 2: care of you and being a good parent. And it's
Speaker 2: not necessarily like a shame on you for not teaching
Speaker 2: your kid that. It's like mom probably didn't know this
Speaker 2: information either.
Speaker 3: No, that's because it wasn't afforded to her because unfortunately
Speaker 3: she wasn't born into the right family. But do you
Speaker 3: know what frustrates me the most about that that mom
Speaker 3: worked harder than anybody else in that way. Her family
Speaker 3: didn't she, And she, like Li, truly sacrificed her entire life,
Speaker 3: her friends, her family, like the lifestyle goals she had
Speaker 3: for herself to put that in front of you. And
Speaker 3: I think that that's the most heartbreaking part about it,
Speaker 3: because if we can teach those moms, we can teach
Speaker 3: those kids that advice, they can start filtering it down
Speaker 3: to their families and their kids and motivate them in
Speaker 3: a way that they've never known how before.
Speaker 2: I've i mentioned this in the book that you know
Speaker 2: my BFFs, I've lovingly dubbed them the leftovers. So it's
Speaker 2: a lot of women, it's a lot of people of color,
Speaker 2: it's members of the LGBTQ community. It's people who grew
Speaker 2: up low income, people who are in any way part
Speaker 2: of a marginalized community, immigrants, what have you. And you
Speaker 2: know what happens when we give those communities more money.
Speaker 3: They get power, and then they get powerful and they
Speaker 3: can change their entire lives.
Speaker 2: But also they put that money back into those communities.
Speaker 2: It gets recycled into those community I want to know.
Speaker 3: Yes, they're the ones that we want to be BFFs
Speaker 3: with because they're the good eggs.
Speaker 2: These good eggs then filter that information, both money and
Speaker 2: information back into their communities and it helps to uplift
Speaker 2: entire neighborhoods, entire segments of the population. And when they
Speaker 2: do better, we all do better.
Speaker 3: Do you know what my favorite coid is and it
Speaker 3: is literally about that. It's a rising tide lifts bullships.
Speaker 3: And I say it so often that my team is
Speaker 3: so over me they're like, Victoria, give it up. We've
Speaker 3: heard it a million times. I'm like, and I will
Speaker 3: say it a million more, Yeah, because it's just it's
Speaker 3: so true. Put that in their pens of the people
Speaker 3: that need it the most, and they're going to be
Speaker 3: the most powerful with it because they want everybody else
Speaker 3: to rise. Put it in the hands of the medio
Speaker 3: and middle aged white men who want to gate keep
Speaker 3: it and they'll give it to their son on a
Speaker 3: golf course.
Speaker 2: It's not even like the necessarily just middle aged, mediocre
Speaker 2: white men, like they think about it to bring down
Speaker 2: one but like corporations right, like we talk about, oh,
Speaker 2: if we pass certain legislation so that corporations can save money,
Speaker 2: they're going to pass that savings on to the consumer,
Speaker 2: when in reality, have we ever seen that happen? Literally never,
Speaker 2: Like you know what corporations do. They had their margins,
Speaker 2: they make more money, and then they give their CEOs
Speaker 2: bigger bonuses.
Speaker 3: It breaks my heart. I was talking to my production
Speaker 3: team here at iHeart earlier today because obviously I'm from
Speaker 3: Australia and everything is so different like here in America,
Speaker 3: Like we tip like I have never done that before.
Speaker 2: All the prices.
Speaker 3: Include the you know, the service fee, the service charge
Speaker 3: plus tip, And I'm like, how do you then add taxes?
Speaker 3: Like I'm not good at this, Like I have never
Speaker 3: felt worse at money, Vivia, and it is the worst.
Speaker 3: But I learned about your minimum wages and I just.
Speaker 2: Was sure, shut up.
Speaker 3: I was so angry, like I was frustrated and disappointed,
Speaker 3: and I completely understand how that works in the culture
Speaker 3: of it all that like these people aren't even earning
Speaker 3: living wages to put food on their tables, and then
Speaker 3: they're seeing content that gets rolled out about investing and
Speaker 3: they're like, that's not for me. But then they see
Speaker 3: you and they're like, she is for me, Like she
Speaker 3: is my rich bff and she wants to lift me.
Speaker 3: And I just I get so excited about it because obviously,
Speaker 3: in internationally there are such differences in our economies and
Speaker 3: what my economy looks like versus yours. But at the
Speaker 3: end of the day, the money rules. And you know
Speaker 3: you were talking earlier about this concept of strip that's international,
Speaker 3: Like it doesn't matter where you live or what you do,
Speaker 3: they're the basics, and if you're given the foundations, you
Speaker 3: can actually thrive and I just I get so excited
Speaker 3: about it.
Speaker 2: And I also think that this fear, this stress, this
Speaker 2: just you know, concern around money. It spans countries, any
Speaker 2: sort of borders, and even languages. I think there are
Speaker 2: people in every single country who worry about money, and
Speaker 2: it's most people. Frankly, it's most people.
Speaker 3: And unrelatable problem to not worry about, right.
Speaker 2: I think a big part of addressing that concern and
Speaker 2: addressing how to make things better is talking about the
Speaker 2: actual amount we make, how much we spend, what we see,
Speaker 2: what we invest, and making it really trans parent for people.
Speaker 2: Because until people see the numbers, they're not going to
Speaker 2: get it. And we can do what we can. But
Speaker 2: I want everybody listening call your best friend, call them
Speaker 2: and have a money date. Talk about money, talk about
Speaker 2: what you make. Tell them that because when we talk
Speaker 2: about money, we make it less taboo. And when we
Speaker 2: all know what each other are earning, we all know
Speaker 2: what we're spending on rent, we all know how we
Speaker 2: can save and budget and use credit card points or
Speaker 2: do better, or buy a car for less and get
Speaker 2: more out of our lives. We do better in corporations
Speaker 2: do worse, and that's good. That is a very good outcome.
Speaker 2: All right, let's go to a really quick break.
Speaker 3: I love talking about this, but we are going to
Speaker 3: flip to my favorite topic and testing. So guys do
Speaker 3: not go anywhere, including you. Vivian. All right, Vivian way back,
Speaker 3: and I have loved out chat. Like, I am so
Speaker 3: upset that I haven't read your book already because it
Speaker 3: hasn't come out yet and I've literally just.
Speaker 2: Became just gifted her.
Speaker 3: I'm corrected for the limited distribution, so like I've got
Speaker 3: it on pre order. It's not because I was lazy
Speaker 3: and didn't read the book of the person I was interviewing,
Speaker 3: I promise, because usually I'm psycho about that. But in
Speaker 3: your book, you obviously talk a lot about investing, and
Speaker 3: as you said before, if you're not investing, it's like
Speaker 3: going to the grocery store and they're not taking home
Speaker 3: anything and wondering why your fridge is empty. So in
Speaker 3: your experience, what do you think the biggest barrier is
Speaker 3: that people face when they think about I guess taking
Speaker 3: that first leap into investing, because it can be so overwhelming.
Speaker 2: It's so overwhelming, it's so jargon heavy, and I think
Speaker 2: there's a little bit of a myth that only people
Speaker 2: who are rich can invest, because you hear people talk
Speaker 2: about like how your worth individuals, like the people you
Speaker 2: used to work with.
Speaker 3: Like they're just not my people, Vivian, Yeah, and they're
Speaker 3: not yours either.
Speaker 1: No.
Speaker 2: But you know what, people think that those are the
Speaker 2: only people who can invest. That's not true. That's how
Speaker 2: they became high networth individuals is by investing.
Speaker 3: Everyone started somewhere, correct.
Speaker 2: And what I like to say is investing is the
Speaker 2: only way that you, as a single human being, can
Speaker 2: have a two income household without anybody else. And why
Speaker 2: have one income when you can have two? Sligh Yep.
Speaker 2: We have to think about ourselves as humans, right, how
Speaker 2: many hours a day do you think you could feasibly
Speaker 2: work before you're like, I hate my life and I'm
Speaker 2: burned out.
Speaker 3: Me personally, Well, it depends what I'm working on, babe,
Speaker 3: Like four hours maybe four.
Speaker 2: I thought you were going to go a little higher
Speaker 2: than that, But that's true.
Speaker 3: I'm joking. I'm joking. I am somebody who has burnt themselves. Yeah,
Speaker 3: Like as a financial advisor, like, I look back on it,
Speaker 3: and I used to have this perception that you had
Speaker 3: to be that get up at five am goalie, Like
Speaker 3: I would go to the gym before getting my bullet
Speaker 3: coffee and going to the office, like I wanted to
Speaker 3: be the first person in the office. And this is
Speaker 3: very like investing money finance world, like if you're there before,
Speaker 3: like your contract might say eight thirty am for a start,
Speaker 3: oh no, no, no, like if you're not there at seven,
Speaker 3: like what are you doing with your life?
Speaker 1: Yeah?
Speaker 3: And so I used to think that was an indicator
Speaker 3: of success. And I was doing like sixty seventy eighty
Speaker 3: hours a week like quite often because I thought that
Speaker 3: was what is expected of me. And it's not like
Speaker 3: it's gonna burn you out.
Speaker 2: That's unsustainable, it's super unsustainable. But if we think about
Speaker 2: how much the average human being con fusibly work a day,
Speaker 2: you end up with like a rough max of like
Speaker 2: sixteen hours. That's like when like my fiance was in
Speaker 2: the trenches of investment banking, living like the worst life possible.
Speaker 2: Many people work about eight hours.
Speaker 3: A day, which is very reasonable, very.
Speaker 2: Reasonable, But you really can't work more than that because
Speaker 2: you still need to sleep, you still need to eat,
Speaker 2: you still need to take a bathroom break, you need
Speaker 2: to shower occasionally and like live your life.
Speaker 3: Only occasionally, only occasionally occasionally good same page.
Speaker 2: Your money can work for you twenty four to seven.
Speaker 3: Your money doesn't need a shower occasion.
Speaker 2: Your money does not need a shower Your money does
Speaker 2: not need a lunch break. They don't need a bathroom break,
Speaker 2: they don't need anything. They can work for you twenty
Speaker 2: four to seven as they should. As it should because
Speaker 2: you deserve it. And what's so amazing is that at
Speaker 2: the beginning of your career it's really important to work
Speaker 2: hard for your money. And as you start to earn
Speaker 2: that money, if you are able to be really mindful
Speaker 2: and start investing it, as time passes on, you will
Speaker 2: do less and less of working hard for your money
Speaker 2: and more and more of your money working hard for you.
Speaker 3: The magic of the very sexy compound interests correct, which
Speaker 3: makes me so excited, But like that's overwhelming, Like where
Speaker 3: do I start? If I am a gualie who you know,
Speaker 3: I'm listening to this and I'm like, you guys are
Speaker 3: so fun Like Vivian sounds like she's written the best
Speaker 3: book in the end, I would and I am a
Speaker 3: thousand percent going to go rate it. What do I
Speaker 3: need to do as the very first step? Do I
Speaker 3: need five dollars? Do I need fifty thousand dollars?
Speaker 1: Like?
Speaker 3: I feel like there's this misconception if you don't have
Speaker 3: a minimum of like you know, a couple of thousand
Speaker 3: to start, why boda? Is that the truth?
Speaker 2: Not even a little bit? So we are not living
Speaker 2: in our parents' generation. Now you can start investing with
Speaker 2: literally a dollar because of something called fractional shares. This
Speaker 2: is so exciting, so much fun. Essentially, I like to say,
Speaker 2: think about this again. Back in the grocery store metaphor,
Speaker 2: what you need to do is pick a purse. Okay,
Speaker 2: just a bag. Some people want to take their whole
Speaker 2: foods tope bag, some people take their work purse. Some
Speaker 2: people just take a random plastic bag that they have.
Speaker 3: Just it's me, Yeah, that's me, random plastic bag. Let's go,
Speaker 3: how are we investing?
Speaker 2: Pick a bag, and this bag represents the type of
Speaker 2: account you're opening. Some of these accounts are cooler than others.
Speaker 2: Some of these bags are cooler than others. Maybe they
Speaker 2: have tax benefits for retirement. Maybe they're just a standard
Speaker 2: regular plastic bag, which is more of an individual brokerage
Speaker 2: account something like that. But it doesn't super matter. There
Speaker 2: are some bags that are better than others. But just
Speaker 2: use an account, pick an account.
Speaker 3: You just need a bag, and you just need need
Speaker 3: to make sure it doesn't have holes in it.
Speaker 2: Correct. Then what you do is you take your money
Speaker 2: and you put it in the bag. So you take
Speaker 2: cash out of a checking or savings account wherever you bank,
Speaker 2: and you put it into this special bag. Then you
Speaker 2: go to the store, the store being a brokerage. A
Speaker 2: brokerage is anywhere that you are able to purchase securities.
Speaker 2: These are a lot of the online platforms you probably
Speaker 2: are really familiar with. And once you get there, this
Speaker 2: is the part that everybody seems to faff. You can't
Speaker 2: just again walk around the grocery store and leave. You
Speaker 2: actually need to buy apples, tent don't. That was not
Speaker 2: an investment advice to buy apple. Do not just oh,
Speaker 2: put all your money into one center.
Speaker 1: No.
Speaker 3: I thought you genuinely meant the fruit, and that was
Speaker 3: a good analogy of having really solid things that you
Speaker 3: meant to have in your fridge.
Speaker 2: But what I like to say is like you have
Speaker 2: to buy your fruits. You have to buy your veggies.
Speaker 2: You have to buy your grains or your carbs. You
Speaker 2: gotta get your meats, a little bit of cheese, a
Speaker 2: couple of beverages.
Speaker 3: We have some chocolate, and yeah, only after we've done
Speaker 3: the basics.
Speaker 2: Yeah, a little bit chocolate just in case, and maybe
Speaker 2: a one little tray of grocery store sushi because I'm disgusting.
Speaker 3: No, that's not disgusting. That is that is an elite
Speaker 3: form erect of dining.
Speaker 2: Correct, And that is equivalent to you purchasing investments. And again,
Speaker 2: like I mentioned, target day funds are great index funds
Speaker 2: that track broader intoices. You can utilize these through the
Speaker 2: form of ETFs, which are exchange traded funds. They're essentially
Speaker 2: like baskets of stocks or mutual funds, which are again
Speaker 2: more baskets of investments, but they're more typically managed by
Speaker 2: a human being city behind a desk, or again just
Speaker 2: pick a robo advisor. It's kind of like a what
Speaker 2: do you guys have in Australia.
Speaker 3: We have robo advisors in no, no, no, I'm.
Speaker 2: Trying to think what's the equivalent. So like we have
Speaker 2: like go puff here or like oh keep hard.
Speaker 3: Yeah, okay, we have like stock Spot and stuff like that,
Speaker 3: but we also have you were talking about fractional shares before,
Speaker 3: and this isn't something that we've been able to access
Speaker 3: for ages, because America is so ahead of us, and
Speaker 3: I'm so annoyed. But we have a platform called Shares's,
Speaker 3: which we champion in our community because you can buy
Speaker 3: fractional shares, so like, just like you were saying, you
Speaker 3: can invest for as little as a dollar. To us,
Speaker 3: that's quite new and it is so sexy and I'm
Speaker 3: so excited about it because it just brings so much
Speaker 3: more opportunity. Like some shares are hundreds of dollars per
Speaker 3: share or per stock, and you can buy a dollar
Speaker 3: worth of it if you still want exposure to that asset.
Speaker 3: And I just think it's so exciting when you can start.
Speaker 3: You become a big dog immediately you do.
Speaker 2: And it's think about like buying one grape out of
Speaker 2: a bushel of grapes or I guess whatever that might
Speaker 2: be all you need.
Speaker 3: I have no idea a bushel of grapes of yours, right, yeah,
Speaker 3: a cluster. We are good at money, not fruit fruits.
Speaker 2: Yes, but you can basically buy one chip out of
Speaker 2: the bag, one grape out of the bunch, one slice
Speaker 2: of turkey out of there.
Speaker 3: So it might be all you need.
Speaker 2: That might be all you need, but it's great to
Speaker 2: start with that. And so you can start with as
Speaker 2: little as a dollar. It's so easy and truly don't
Speaker 2: overthink it, like I feel like the longer you wait,
Speaker 2: the worse off you'll likely be. Whereas even just starting
Speaker 2: with a couple dollars, Like, what's losing three dollars to you?
Speaker 2: It's probably not a huge deal. Let's start with three dollars,
Speaker 2: see what happens, and once you get really really comfortable,
Speaker 2: move on now.
Speaker 3: Yes, one day and you're going to be rich. Yeah right,
Speaker 3: that's right, ah sligh. All right, let's take it a
Speaker 3: back a step. We're talking about the golf course and
Speaker 3: how all the little boys get to go to golf
Speaker 3: course and learn really early about money. We have in
Speaker 3: the shes on the Money community member, so many members
Speaker 3: who ask me about investing fear kids and what that
Speaker 3: looks like. What do you think the most effective way
Speaker 3: to invest for kids is and what that looks like
Speaker 3: in ways that we can I guess build wealth for
Speaker 3: families through investing.
Speaker 2: Yeah, so I'm not sure if there's necessarily an equivalent
Speaker 2: account in Australia. However, in the US you can open
Speaker 2: up something called a custodial roth i array, which is
Speaker 2: so wonderful. It essentially is the similar retirement account except
Speaker 2: for your kid, and before they become a legal age,
Speaker 2: you are able to start putting their earned income into
Speaker 2: these accounts. So say your kid mo'slams or babysits, or
Speaker 2: you are an influencer and have a wonderful podcast and
Speaker 2: your kid is in part of the marketing materials or
Speaker 2: some of the photos.
Speaker 3: Yeah, like we're commercializing this baby.
Speaker 2: Yes, like the baby gone to work. This baby does
Speaker 2: not get to live in the house.
Speaker 1: Run.
Speaker 3: You are not gonna be nepo baby. I'm telling you
Speaker 3: that right now.
Speaker 2: Yea are going to know you're worth Yes. So if
Speaker 2: they have earned income, the parent can then help put
Speaker 2: that money into that account for that kid. That money
Speaker 2: can start growing right off of the bat, start immediately compounding.
Speaker 2: And what's so amazing is that you know, again, this
Speaker 2: custodial roth iray has a lot of the benefits that
Speaker 2: a normal roth IArray would have, meaning you can take
Speaker 2: any of the contributions out at any time, penalty free.
Speaker 2: You just can't withdraw the earnings. But that money can
Speaker 2: be used to help fund their future retirement or potentially
Speaker 2: a big house purchase down the line, or if they
Speaker 2: need money for anything else like that money can be
Speaker 2: utilized for a lot of things. And if you don't
Speaker 2: touch it, they're gonna be totally set and they're gonna
Speaker 2: be a millionaire, almost guaranteed if you're putting a couple
Speaker 2: hundred dollars in each month by the time they retire.
Speaker 2: And that is comfort and financial freedom that like, frankly
Speaker 2: I didn't have growing up, Like I did not have,
Speaker 2: you know, any sort of like trust fund set up
Speaker 2: or anything like that. But like, I'd love to do
Speaker 2: that for my kids.
Speaker 3: I'm still waiting for my parents to turn around one
Speaker 3: day and be like, Victoria, we have just been trying
Speaker 3: to teach you to be huh, we actually have a
Speaker 3: trust fund for you, but we wanted you to work
Speaker 3: it out on your own. They haven't done that yet.
Speaker 3: I'm in my thirties. Maybe it all happened in my forties.
Speaker 2: Actually, Uh, Victoria, we need to tell you a big
Speaker 2: secret of the family. You are the princess of Genovia.
Speaker 3: Yes see, I would be living my best life. The
Speaker 3: custodial roth Ira sadly isn't available in Australia, but we
Speaker 3: have something relatively similar called an investment bond that you
Speaker 3: can use for children in Australia. I would love it
Speaker 3: if there was an ability to open a sernuation fund
Speaker 3: for kids because in Australia the tax system honestly on kids.
Speaker 3: It makes sense because it's meant to stop the rich
Speaker 3: getting richer and distributing their income to their children. So
Speaker 3: kids actually in Australia have a tax rate of about
Speaker 3: sixty five percent. Oh wow, So they're like, oh, that's
Speaker 3: a bad idea. Obviously, if you're really rich, you're not
Speaker 3: going to choose to distribute income from your family trust
Speaker 3: to your children in that case, but it shoots people
Speaker 3: who are in our communities who want to start early
Speaker 3: get their kids ahead. So a investment bond could be
Speaker 3: something that might work for you. So have a look
Speaker 3: into that. Because obviously a customer of your roth Ira
Speaker 3: is very sexy. I love sexy. I'm very jealous, but
Speaker 3: I can't have one, so I love it. Let's wrap
Speaker 3: up investing because obviously in finance. We cover a lot
Speaker 3: of I would say burning topics. But what is one
Speaker 3: question that you wish people would ask you when they interview,
Speaker 3: Like you get to tell me what to ask you.
Speaker 3: What's the most powerful question I could ask you in
Speaker 3: this moment?
Speaker 2: Probably what money topics you need to talk about with
Speaker 2: a partner? Oh?
Speaker 3: Yes, by see tell me what money topics do I
Speaker 3: need to ask my partner about? What a good idea?
Speaker 3: I came up with it myself.
Speaker 2: I am very much of the camp that you need
Speaker 2: to be asking your partner about any death they have,
Speaker 2: about how much they have in savings, what they make
Speaker 2: every year, what they're happily ever after, looks like if
Speaker 2: they plan on helping support their parents, how many kids
Speaker 2: they want to have, where they want to live, what
Speaker 2: are their views on splitting expenses, what type of wedding
Speaker 2: they're looking forward to, basically everything. And that's the problem,
Speaker 2: right because I don't know if the divorce rate is
Speaker 2: as high as it is in the US. Yeah, it's
Speaker 2: like fifty percent here, And that's troublesome because sex and
Speaker 2: money rank as numbers one and two on topics as
Speaker 2: reasons why couples fight, and can you imagine if you
Speaker 2: were just able to never fight about money ever again,
Speaker 2: that would be the best thing in the entire world.
Speaker 2: You would be saving on so much heartache, so many fights,
Speaker 2: so many arguments. And the reason why people fight about
Speaker 2: money is because one secrets are revealed late in the game,
Speaker 2: or there's a disagreement about your fundamental views on what
Speaker 2: a dollar is worth. And these are conversations.
Speaker 3: You need to be having when you decide to marry them,
Speaker 3: before you.
Speaker 2: Decide to get the government involved. Please, And so it's
Speaker 2: so important to have these conversations right because I truly
Speaker 2: think who you choose as a partner is one of
Speaker 2: the most important decisions you will ever make in your
Speaker 2: entire lifetime, if not the most important.
Speaker 3: I could not agree more.
Speaker 2: Because if your partner is a sparkling baby angel, amazing,
Speaker 2: you are going to have like unfiltered support. You're gonna
Speaker 2: have a conscientious partner. You're gonna have someone who lifts
Speaker 2: you up, someone who supports you, someone who's great. But
Speaker 2: if you have like a demon hater at home, imagine
Speaker 2: having a hater at home.
Speaker 3: Like one out of ten, Like that does not sounds
Speaker 3: like a good time.
Speaker 2: No, like you are going home to try and have
Speaker 2: that be your safe space. And then you have someone
Speaker 2: who's like, I don't think you should take that job off,
Speaker 2: or that's not a good idea, or like I don't
Speaker 2: think you should start the side hustle that you want
Speaker 2: to do, or your passionate proudding like you're such a.
Speaker 3: Ready flag, like red flag, get out of my house.
Speaker 2: Yes, Like you want to have a partner who believes
Speaker 2: in you when you don't believe in you, and you
Speaker 2: want to have that person not necessarily be rich, but
Speaker 2: they better be financially stable, and they better have a plan.
Speaker 2: It's okay for them to have debt. It's okay for
Speaker 2: them to not have a ton of money, it's okay
Speaker 2: for them to not make a ton of money, But
Speaker 2: what's their plan to make enough money paid on that
Speaker 2: debt and have enough savings to do all the things
Speaker 2: they want to do in their life. Because if they
Speaker 2: don't have a plan, you're not going anywhere fast.
Speaker 3: And if your partner doesn't want to do that, maybe
Speaker 3: have a little bit of a think about it. But
Speaker 3: Vivian's partner, I can almost guarantee, is going to listen
Speaker 3: to this episode and be.
Speaker 2: Like that's me, guys.
Speaker 3: She yeah talking about me?
Speaker 2: Can I tell you? I talked about him on another
Speaker 2: podcast and I caught him listening to it and I
Speaker 2: was like, wait, are you like listening to this in secret?
Speaker 2: We were on vacation and I caught him listening to
Speaker 2: it with his headphones in, and I was like.
Speaker 3: I love him. He's your biggest family, He's my biggest thing.
Speaker 2: But I was like, were you checking to see if
Speaker 2: I said anything bad? And he was like, no, I
Speaker 2: don't think he would say anything bad because I don't
Speaker 2: do anything bad. And I was like, fair fah feah.
Speaker 3: I feel like that's like my husband who I am
Speaker 3: obsessed with, and he's exactly the same. And like way
Speaker 3: when it comes to money, like when we got together,
Speaker 3: I was in debt, Like we went through that journey together.
Speaker 3: It's not as though I, you know, came into this
Speaker 3: and was like, hey, money's really easy. It was hard,
Speaker 3: but the whole time we had these conversations and now
Speaker 3: it's so easy because we respect each other.
Speaker 2: My fiance and I can I say like, first off,
Speaker 2: we rarely fight because I feel like we have one
Speaker 2: brain that we share same.
Speaker 3: People are like, why don't you fight. I'm like, because
Speaker 3: I've never had an original thought.
Speaker 2: Literally, but we've never ever thought about money because we've
Speaker 2: made it such a priority to talk about it every
Speaker 2: single month, every single week, and frankly all the time,
Speaker 2: so that we're always on the same page. How much
Speaker 2: we want to spend on xyz for our wedding, how
Speaker 2: much do we want to be gifting our parents in
Speaker 2: laws whatever for the holidays, what do we want to
Speaker 2: be spending on vacations on It.
Speaker 3: Makes me so everything like that is so sex And.
Speaker 2: He's the one who pushed me to take your bff
Speaker 2: full time, Like this would not exist without this man.
Speaker 3: Yeah, and if you don't have the biggest supporter at home,
Speaker 3: you're not going to be able to create the life
Speaker 3: that you deserve. Correct one out of ten. So the
Speaker 3: advice here from this podcast is by Vivian's book, And
Speaker 3: marry or intend to marry an investment banker is no, no, no.
Speaker 3: I mean that's what I'm getting from this because he
Speaker 3: seems really switched on and wants to talk about exactly
Speaker 3: you know.
Speaker 2: I think for me, dating someone in finance was really
Speaker 2: nice because I had crazy hours. I had to cancel
Speaker 2: last minute on dates sometimes.
Speaker 3: I got it and he was on your page. So
Speaker 3: that's why because we worked, I didn't make an investment
Speaker 3: banker because they're rich. I mean, that's another perk. But
Speaker 3: also I think.
Speaker 2: It's he understood what I was going through and so
Speaker 2: we had so much to you know, share. But I
Speaker 2: think just marrying and dating someone who values a dollar
Speaker 2: the same way you do, and values you and believes
Speaker 2: in you even more than you believe in yourself, I
Speaker 2: think that's the key.
Speaker 3: That's so beautiful. I feel like that's a really good
Speaker 3: place to leave it. So, Vivian, I want to know
Speaker 3: where can I find you? Where can I order your book?
Speaker 3: Where can I consume more of you? Because you are
Speaker 3: such joy Like I'm so excited to have met you.
Speaker 3: I just feel like our community is going to embrace
Speaker 3: this wholeheartedly.
Speaker 2: But like I need more.
Speaker 3: I need to have strip in literally written form, and
Speaker 3: I'm assuming it's in your book.
Speaker 2: Well, thank you so much for sharing me with that.
Speaker 2: She's on the money community. You can purchase my book
Speaker 2: at richaf dot me. Yes, the url is a manifestation
Speaker 2: lay time Absan. We love it so rich af dot
Speaker 2: me for the book, order url and then you can
Speaker 2: find me across social media as your rich BFF. And
Speaker 2: I also have a podcast called net Worth and Chill.
Speaker 3: I love it. I am going to be listening to
Speaker 3: every single episode. I cannot wait to run into you
Speaker 3: again because we have so much to talk about, but
Speaker 3: you guys, unfortunately, that is all we have time for today.
Speaker 3: So Vivian, thank you for being so generous with yours.
Speaker 2: Thank you so much for having me.
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