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Speaker 1: She's on the Money. She's on the Money. Hello, and

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Speaker 1: welcome to She's on the Money, the podcast Millennials Like

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Speaker 1: Financial Freedom. My name is Dodger King. I'm a copywriter

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Speaker 1: and journalism students and every Wednesday I sit down for

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Speaker 1: a fun finance chat with millennial money expert Victoria to

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Speaker 1: I'm Victoria.

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Speaker 2: Hello, Georgia, Hello, Hello.

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Speaker 1: Now we have a monster show lined up for you today, guys.

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Speaker 1: It's part two about deep dive into micro investing, where

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Speaker 1: we will be answering ten of our favorite questions from

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Speaker 1: our Facebook group, including everything from how to get started

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Speaker 1: to how much you should be investing to see a

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Speaker 1: worthwhile return. Now, if you haven't listened to part one

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Speaker 1: of the micro Investing Chat, which we've recorded last week,

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Speaker 1: then we recommend you go back and listen to that

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Speaker 1: one first so you have a bit of context if

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Speaker 1: you are just learning about micro investing for the first time.

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Speaker 1: Today on the show, we will also be hearing from

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Speaker 1: a money who has had a money makeover this year,

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Speaker 1: and we will be answering a listener question on when

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Speaker 1: is the right time to graduate from micro investing and

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Speaker 1: move on to investing on a larger scale. Goodness a lot.

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Speaker 1: They're victoria to find a lot to get through.

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Speaker 2: Not enough maybe part three, Oh.

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Speaker 1: Maybe we'll see. We'll see how today it goes. Before

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Speaker 1: we do get into today's show, though, Money wins and confessions.

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Speaker 1: What happened this.

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Speaker 3: Week, Georgia King, once again, I have a money win

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Speaker 3: slash confession for you. This week, I decided to buy

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Speaker 3: myself a couple of new tops online. Now, don't get

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Speaker 3: too excited. They are isolation tops, so think soft, long sleeves,

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Speaker 3: T shirt material, like, we're not too bougie.

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Speaker 2: But the website that I.

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Speaker 3: Was purchasing them on, i'd put it all into my

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Speaker 3: cart and then left it because I got a bit

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Speaker 3: lazy to shut my laptop and went back to order

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Speaker 3: them this morning. Actually, and now they have forty percent

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Speaker 3: off on top of their already fifteen percent discount.

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Speaker 2: So I'm winning.

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Speaker 3: And I think my top's are like twelve dollars each.

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Speaker 3: If that's not a money win, I don't know what

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Speaker 3: it is. Don't ask whether I need more tops or not.

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Speaker 3: Though that's a classic money win. I love that classic.

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Speaker 3: I'm spending money to save money, so I'm pretty much

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Speaker 3: making money.

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Speaker 1: Yeah, Well that's what's that's he That's exactly how it works, right.

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Speaker 3: But let's move on from that because my money wins

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Speaker 3: and money confessions are getting a little bit dire. Have

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Speaker 3: you got a dire money win on confession for us

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Speaker 3: this week?

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Speaker 2: Georgia?

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Speaker 1: I actually feel like my money win this week is

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Speaker 1: like quintessential she's on the money post a girl vibe.

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Speaker 1: I sounded like, oh, guess when I said that?

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Speaker 2: Can I guess?

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Speaker 3: Yeah?

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Speaker 1: You can guess.

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Speaker 2: Is it about cheese?

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Speaker 4: No?

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Speaker 2: Is it about like insurance?

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Speaker 4: Yes?

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Speaker 1: How did you know? Because we spoke about it?

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Speaker 3: Because I feel like all we do, all we do

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Speaker 3: in this group is e cheese and go in hustle insurance.

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Speaker 1: But it's true.

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Speaker 2: So this week it is actually true. Did I get that?

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Speaker 1: You did get that? But this week the dreaded car

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Speaker 1: insurance was due and instead of just you know, paying

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Speaker 1: it mindlessly, I was like, what would she's on the

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Speaker 1: money listeners do. They would challenge the fee, They would

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Speaker 1: look around compare the pair. Ah, So I had to

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Speaker 1: look at heaps of different companies and found one for

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Speaker 1: one hundred dollars less than what I was going to pay.

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Speaker 3: So hey, that's pretty good. Was it with the same

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Speaker 3: company or was it with the different company. I feel

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Speaker 3: like everybody's been doing that in the Facebook group. So

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Speaker 3: if you've been thinking about it and you have your

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Speaker 3: car insurance coming up, definitely try and save yourself a.

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Speaker 2: Couple of hundred bucks. Why not.

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Speaker 3: That's an absolute money win that I think we can

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Speaker 3: all try and make.

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Speaker 2: Do it.

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Speaker 1: Loved it post of the week? What have you got

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Speaker 1: for me?

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Speaker 3: Okay, so this week I have one from Jess, and

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Speaker 3: Jess posted and these are my favorite posts.

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Speaker 2: Just for the record, I'm not biased.

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Speaker 3: She posted, Oh my gosh, you guys, I am finally

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Speaker 3: debt free. She said, thanks to this podcast, I pulled

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Speaker 3: my head out of the sand. I feel like that's

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Speaker 3: such a victoria.

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Speaker 1: That's very ute.

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Speaker 3: Yeah, like I pulled my head out of the sand,

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Speaker 3: Like it's written all over it. But she went through

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Speaker 3: her statement for her loans and she essentially snowballed it all,

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Speaker 3: got out of debt, and now after a few months

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Speaker 3: she's completely debt free. And these are the stories that

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Speaker 3: I adore hearing in our group, Like they are so

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Speaker 3: inspiring for those of us who are in debt and

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Speaker 3: are slowly working our ways out of it. Because there's

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Speaker 3: a light at the end of the tunnel. And then

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Speaker 3: for those of us who aren't in debt, like, I

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Speaker 3: just feel like we're so proud of our little community

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Speaker 3: being debt free and like the weight that's lifted off

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Speaker 3: her shoulders, like I know what that feels like, and

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Speaker 3: I just feel like that's such a win, like a

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Speaker 3: genuine win.

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Speaker 5: Yeah.

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Speaker 3: Anyway, that was my favorite one from the week. Please

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Speaker 3: try try and hustle me that.

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Speaker 1: Okay, this one is whatsap mean, Victoria?

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Speaker 2: Hold on, please try and top that, Georgia. Key.

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Speaker 1: I don't know if I can top that.

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Speaker 2: I can allot, It's fine, just tap out now, I can.

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Speaker 1: I can mushroom top it because this there's not mushroom

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Speaker 1: in our script for your money.

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Speaker 3: Win, Okay, just for everyone listening this, I knew what

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Speaker 3: her money wind was going to be as well.

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Speaker 1: It's about mushking about it. Yeah, exactly. So this one

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Speaker 1: is from the lovely Fiona who, in March this year,

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Speaker 1: I decided to make a conscious decision decision to move

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Speaker 1: towards a more plant based diet, which would make you proud, Victoria.

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Speaker 2: It definitely does.

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Speaker 1: The qualm was though that she began smashing through mushrooms

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Speaker 1: because you can't eat soy and was spending about twelve

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Speaker 1: dollars a week on shrooms, which is, you know, it's

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Speaker 1: a lot of dollars. Fortunately, she found a grow your

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Speaker 1: own mushroom kit last month on Facebook Marketplace for twenty dollars.

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Speaker 1: Sounds sus, but the results here are amazing. After three

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Speaker 1: weeks of basically hiding it in her laundry cupboard and

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Speaker 1: occasionally spritzing it with water, she harvested some yesterday, about

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Speaker 1: five hundred grams worth, and that was only a quarter

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Speaker 1: of what had sprouted. She said they tasted amazing, and

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Speaker 1: a kit yields about every six to ten weeks, depending

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Speaker 1: on how well you care for it. And I just

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Speaker 1: think that is the most like unique money win that

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Speaker 1: we've ever seen on the show, Victoria.

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Speaker 3: I'm not gonna lie, it's a pretty good money win,

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Speaker 3: but I just feel like it is a very sus

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Speaker 3: money win as well, like, hey, I've been growing some

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Speaker 3: stuff in my laundry and it's a.

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Speaker 2: Yeah link saving me.

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Speaker 1: Yes.

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Speaker 2: No, I really love it. And Fiona is great.

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Speaker 3: She's actually been a part of our Facebook community because

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Speaker 3: I swear I have seen her name since the very

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Speaker 3: beginning in our community. She posts all the time, she

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Speaker 3: always talks about our stuff online, and she's just a

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Speaker 3: delightful human to be honest. So when I saw that

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Speaker 3: you were posting about Fiona mushrooms, I was stoked. And

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Speaker 3: to be honest, I'm probably going to copy her and

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Speaker 3: try and grow my own do it.

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Speaker 2: I did. Let us know how you go. I just

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Speaker 2: think it'd be a bit of fun if nothing else,

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Speaker 2: if I mess it.

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Speaker 1: Up like it was a fun time, just shrooms in

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Speaker 1: the cupboard, love it shroom chat Aside, Victoria, we can

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Speaker 1: move on to the main topic of today's show. So

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Speaker 1: today is really all about addressing your most burning micro

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Speaker 1: investing questions. Now, when you posted in the group about

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Speaker 1: this subject, to me, it got a lot of traction.

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Speaker 1: We had like five hundred comments questions.

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Speaker 2: Yeah, look, I'm not gonna lie.

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Speaker 3: I didn't expect it to be that wild, And we

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Speaker 3: obviously can't answer five hundred questions.

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Speaker 1: We'll go for too lot.

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Speaker 3: But you've gone through and picked ten of the best

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Speaker 3: or ten of the most pointed questions, and I agree

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Speaker 3: with a lot of them being in this list.

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Speaker 1: So Glad, what do you reckon about just jumping straight in,

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Speaker 1: let's do it all right. So our first question here,

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Speaker 1: which I think is pretty apt, is when it comes

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Speaker 1: to micro investing, how do you even start?

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Speaker 3: So first things first, you need to understand your goals

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Speaker 3: and values, which is probably going to be the most

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Speaker 3: basic thing. It's like saying sticking your head in the

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Speaker 3: sand or fake rich real. I just feel like I'm

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Speaker 3: a broken record and you guys are probably going to

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Speaker 3: get really sick of me really soon. But at the

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Speaker 3: end of the day, it's all about your values and

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Speaker 3: your goals. If you're trying to understand when to start

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Speaker 3: micro investing, but you have other financial goals, well maybe

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Speaker 3: now's not the right time if you just don't have

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Speaker 3: the cash flow for it. In saying that, you don't

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Speaker 3: need massive amounts of money to start investing. On micro

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Speaker 3: investing platforms, you can literally start with as little as

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Speaker 3: five dollars, and if you use a referral code, you

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Speaker 3: can often get that five bucks for free, which is

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Speaker 3: honestly a big money win. One hundred percent return on

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Speaker 3: your non existent investment, so that's pretty good. But essentially

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Speaker 3: all you need to do is download one of the

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Speaker 3: apps app of your choice and enter all your information.

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Speaker 3: It's secure of course on the platforms that we talk

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Speaker 3: about and we've reviewed, and basically you're set to go

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Speaker 3: within five minutes, so it's not hard to start. It's

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Speaker 3: more around making sure that these things actually align to

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Speaker 3: your goals in values and that you understand why you

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Speaker 3: want to invest, not just oh, I listened to the

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Speaker 3: Sheese on the Money podcast, so therefore I guess I

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Speaker 3: have to micro invest. That's not the point of this

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Speaker 3: at all. This is just about educating you so that

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Speaker 3: you can make a decision that might help you achieve

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Speaker 3: your goals in line with your values.

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Speaker 1: Perfect, all right, So our next question here is when

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Speaker 1: starting to use a micro investing app, is it better

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Speaker 1: to start with a large deposit and add to it

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Speaker 1: in small or large increments or does it not matter

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Speaker 1: how much slash when you add it?

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Speaker 2: So all of those are correct.

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Speaker 3: I think that this is a really interesting one because

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Speaker 3: everyone seems to think that you need to save heaps

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Speaker 3: and heaps to start investing, when that simply not the case.

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Speaker 5: For me.

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Speaker 3: The most important thing is having cash flow so that

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Speaker 3: you're able to afford it. There's genuinely like, not no point,

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Speaker 3: but it's far better for you to invest on a

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Speaker 3: regular basis as opposed to just putting fifty dollars in

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Speaker 3: there and just wishing for the best. It's not something

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Speaker 3: I would recommend by any stretch of the imagination. So

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Speaker 3: when you're starting with a microinvesting app, to be honest,

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Speaker 3: i'd want you to start small and just be consistent,

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Speaker 3: Like I don't need you to tip your life savings

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Speaker 3: in or even consider that. To be honest, that's a

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Speaker 3: terrible idea. We want to just dip our toes in

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Speaker 3: the water with microinvesting apps, see what's going on with it,

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Speaker 3: and then start to increase it in line with what

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Speaker 3: we want to achieve. So obviously, if you are, you know,

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Speaker 3: putting fifty dollars in, you can't expect to have a

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Speaker 3: five thousand dollars return. So it's going to quantify depending

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Speaker 3: on how much to invest over how long a period.

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Speaker 3: But at the end of the day, I've said this

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Speaker 3: on the podcast so many times. From little things, big things.

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Speaker 2: Really do grow.

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Speaker 3: And if you can afford fifty dollars a week, that's fantastic,

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Speaker 3: And you know what, like even if it's five or

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Speaker 3: ten dollars a week, just getting in the habit of

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Speaker 3: beginning to invest is going to set you up for

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Speaker 3: financial success in the long term.

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Speaker 1: Love that, well, said b Off the back of that question,

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Speaker 1: would you say that it would be better to do

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Speaker 1: fifty dollars a week every week instead of like five

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Speaker 1: hundred dollars one time here and then five months doing

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Speaker 1: a grand or something like that.

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Speaker 3: Yes, yes, yes, And the reason I would say that

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Speaker 3: is because of dollar cost averaging. Now that is not

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Speaker 3: the sexiest term, but like you know what, and she's

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Speaker 3: on the money, We're not about sexy anything. I mean,

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Speaker 3: we use terms like stick it in the sand. Dollar

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Speaker 3: cost averaging is a really effective way of managing your risk.

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Speaker 3: So say you invest that. You know you said before

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Speaker 3: five hundred dollars, So you invested that today in the

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Speaker 3: share market. You don't know if the share market's going

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Speaker 3: to crash tomorrow or if it's going to grow exponentially.

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Speaker 3: Like we can't predict the future. I've said a million

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Speaker 3: times that if I could, I'd be really rich, and

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Speaker 3: it's just not going to happen because I'm no Warren Buffett,

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Speaker 3: and even he isn't always one hundred percent on the money.

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Speaker 3: But essentially, dolar cost averaging is a really great alternative

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Speaker 3: to investing in a lump sum. Instead of investing all

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Speaker 3: your capital at one time, the idea is you invest

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Speaker 3: smaller fixed amounts on a really regular basis over an

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Speaker 3: extended period of time. So, for example, instead of investing

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Speaker 3: five hundred dollars in one transaction, you could just invest

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Speaker 3: fifty dollars each month for the foreseeable future. The price

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Speaker 3: of the asset you're buying might go up and down

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Speaker 3: in that time period, though, but you are always investing

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Speaker 3: the same amount. What happens is you end up buying

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Speaker 3: more of the asset when the price falls in any

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Speaker 3: given month, and fewer if that price is higher. So

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Speaker 3: dolo cost averaging is in some cases kind of like

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Speaker 3: taking away the timing risk of the market of trying

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Speaker 3: to pick the bottom of the market, which as I've

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Speaker 3: said before, no one can actually do, and can possibly

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Speaker 3: offer other benefits in volatility or hard to predict markets

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Speaker 3: where investing a lump sum can actually just be really

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Speaker 3: nerve wracking, Like at the end of the day, it

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Speaker 3: can be really scary to invest a lump some into

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Speaker 3: the market. So, for example, let's just really simplify this

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Speaker 3: back if I invested one dollar. Like, let's just be

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Speaker 3: as simple as possible. If I invested one dollar in

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Speaker 3: the share market today and that gave me one hundred shares.

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Speaker 3: I wish it was like that, but this is going

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Speaker 3: to make a lot of sense. Right, one dollar into

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Speaker 3: the market and for that I got one hundred shares

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Speaker 3: in return, And then next week the share market drops

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Speaker 3: by half, so every share is worth half of what

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Speaker 3: it was previously. But I'm still investing one dollar. Well,

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Speaker 3: I got double the shares that I got last time,

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Speaker 3: because now for a dollar, I can buy two hundred

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Speaker 3: shares instead of one hundred shares, So you're always investing

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Speaker 3: the same amount. But the same thing is going to

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Speaker 3: be true if you then invest that same one dollar

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Speaker 3: and the share market is up, so you'll get less shares,

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Speaker 3: but you'll still be investing the same amount of money.

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Speaker 3: And what happens over time is this on average brings

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Speaker 3: down the average of each individual share. So say if

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Speaker 3: you go back to that example before, if the one

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Speaker 3: dollar being invested, this's one dollar one month and one

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Speaker 3: dollar the next month. One month it's up or it's

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Speaker 3: down fifty percent, that would mean that your average share

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Speaker 3: price goes to seventy five cents instead of one dollar

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Speaker 3: for one hundred shares. Does that make sense? So we're

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Speaker 3: just like trying to bring it down, but we're always

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Speaker 3: making use of the fact that we cannot time the market.

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Speaker 3: So for me, it's better to be consistent than it

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Speaker 3: is for having.

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Speaker 2: Lump massive amounts going in.

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Speaker 4: Now.

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Speaker 3: That's not to say Georgia and I feel like we're

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Speaker 3: getting off track here a little bit, but that's okay

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Speaker 3: because this is just more investment chat and I feel

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Speaker 3: like if you guys, the more you know, the more

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Speaker 3: empowered you're going to be. That's not to say you

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Speaker 3: shouldn't have a lump sum in there to begin with

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Speaker 3: to justify the fees and justify how much it's going

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Speaker 3: to cost you to invest. So it's always nice to

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Speaker 3: kind of like start with a certain amount, like, you know,

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Speaker 3: if you can afford it, putting a couple of one

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Speaker 3: hundred dollars in there, whether that's two hundred or three

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Speaker 3: hundred dollars, just to make sure the monthly fee of

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Speaker 3: whatever platform you choose is definitely worth it, because you

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Speaker 3: don't want to just be investing five dollars a month

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Speaker 3: and then half of that, you know, two dollars fifty

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Speaker 3: is your monthly fee, Like, that's not smart finance in

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Speaker 3: saying that, I said on last week's podcast, and you

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Speaker 3: guys can go back to that. To me, two dollars

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Speaker 3: fifty a month is actually very very cheap for a

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Speaker 3: financial education in the share market.

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Speaker 1: What you just said leads in perfectly to our third question.

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Speaker 1: So this might be a really quick answer because you

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Speaker 1: pretty much said it there. But is there a minimum

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Speaker 1: amount we should be investing to cover the cost of

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Speaker 1: any fees involved in using the platform?

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Speaker 2: Yes and no.

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Speaker 3: So I think it's important to just work out what

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Speaker 3: your goals and values are and remember that you know,

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Speaker 3: investing to begin with is going to be more expensive

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Speaker 3: than investing hundreds of thousands of dollars. So the more

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Speaker 3: you invest, the cheaper investment usually becomes because obviously you

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Speaker 3: get scale and you're able to you know, do things

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Speaker 3: like wholesale investing, and that's the ultimate goal. But do

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Speaker 3: be prepared for an investment to the cost some money

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Speaker 3: up front. And I think that's something that is a

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Speaker 3: little bit shocking to a lot of people when they go, oh,

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Speaker 3: that investing it's.

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Speaker 2: Just not worth it.

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Speaker 3: And it's like, well, actually it is in the long term,

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Speaker 3: but they're you know, no paying, no gain kind of thing.

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Speaker 3: So like, if you're starting with it a micro investing platform,

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Speaker 3: usually it will be the monthly fee, or on some

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Speaker 3: platforms there are no monthly fees, which is fantastic. But

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Speaker 3: once you start to step into the realm of investing

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Speaker 3: properly and I say properly because I'm micro investing is

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Speaker 3: proper investment, but it's not your own share portfolio. It's

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Speaker 3: kind of on a different platform and it will always

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Speaker 3: be there. But for me, it would be about taking

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Speaker 3: into consideration at what point is it worth paying a

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Speaker 3: financial advisor. I personally wouldn't want to charge you a

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Speaker 3: couple of thousand dollars for financial advice if you're only

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Speaker 3: investing one thousand dollars. That's not financially responsible of me.

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Speaker 3: But for you as an investor, I think you should

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Speaker 3: be looking for introm options where you can build up

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Speaker 3: your amount and then once you reach a certain point

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Speaker 3: where you say this is worth it for me, at

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Speaker 3: that point you get proper financial advice. So no, there's

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Speaker 3: not a minimum amount. Obviously the minimum will be required

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Speaker 3: on each different platform and I'm pretty sure for most

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Speaker 3: micro investing platforms it's about five dollars. But if you

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Speaker 3: really want to make sure that the fees are really reasonable,

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Speaker 3: I would be making sure that they are at least

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Speaker 3: below one percent of your platform's invested amount. But in

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Speaker 3: saying that, if I was just starting, I wouldn't be

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Speaker 3: too concerned. I'd just be more concerned about making sure

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Speaker 3: that I can be consistent and actually, you know, grow

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Speaker 3: a portfolio in the first place.

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Speaker 1: So beautiful. And again that leads into the next question. So,

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Speaker 1: how long roughly should we be expecting to keep money

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Speaker 1: in there for it to be worthwhile?

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Speaker 2: Can I say forever? Because forever? Yeah, and a story

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Speaker 2: next question.

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Speaker 3: No, guys, I always always, always say this investing is

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Speaker 3: not for the short term. Don't go into micro investing

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Speaker 3: with the attitude that you can just chuck fifty dollars

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Speaker 3: in a month and you're going to become a millionaire.

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Speaker 3: It's really the same as investing in any other way.

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Speaker 3: It's just on a smaller scale. So the return is

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Speaker 3: going to be smaller if you're investing small amounts, and

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Speaker 3: if you're investing larger amounts in the stock market, your

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Speaker 3: returns would be higher, so it's not going to happen overnight.

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Speaker 3: But I would leave it in honestly for as long

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Speaker 3: as you possibly can, but in line with your goals

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Speaker 3: and values. To me, I would never want a client

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Speaker 3: investing in an asset for anything under ten years. In

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Speaker 3: saying that, I've got friends who use Raise, I even

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Speaker 3: use Rays, and I pull it out after a year

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Speaker 3: when it hits a certain amount, I pull mine out

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Speaker 3: so I know, and I'm always really transparent about this

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Speaker 3: in the Facebook group. But once my raise hits about

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Speaker 3: one thousand dollars, I pull that out and I put

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Speaker 3: it into my bigger share platform just because I look

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Speaker 3: at it and I go, okay, no problems, Like I'd

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Speaker 3: much prefer.

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Speaker 2: It to be in my other, you know portfolio.

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Speaker 3: It's not because Raise is bad, it's not because the

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Speaker 3: platforms are bad. It's just my personal preference and I

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Speaker 3: can't really justify why, except I like all of my

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Speaker 3: stuff in one place. I also have friends who use

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Speaker 3: it to buy golf clubs, like they have their spare

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Speaker 3: change roundup, and they're really happy to watch it be

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Speaker 3: invested and get a little bit of return, and they

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Speaker 3: will only take it out when the market is up

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Speaker 3: and they've made something and they go, you know what,

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Speaker 3: that didn't sting me. I'll go buy some golf clubs

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Speaker 3: and you're like, okay, no problems, like you do you

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Speaker 3: The same could go for anything. I've got friends who

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Speaker 3: also use these platforms to help them save for holidays.

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Speaker 3: I don't think that there's any right or wrong way

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Speaker 3: to use these platforms. But to me, it's about making

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Speaker 3: sure that you understand the platforms because at the end

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Speaker 3: of the day, if you are just getting one of

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Speaker 3: these platforms to save, you need to know that it's

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Speaker 3: not a savings account, it's an investment account, and if

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Speaker 3: you aren't willing to take on that risk, then it's

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Speaker 3: probably the wrong choice for you.

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Speaker 1: So I feel like there could be a perception because

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Speaker 1: micro investing platforms are apps, they appeal to millennials, you know,

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Speaker 1: they're easy to use, whatever, that's kind of their usp.

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Speaker 1: Would you say that, like you you can't just go

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Speaker 1: into it with like a two month outlook like yeah,

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Speaker 1: no way, longer.

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Speaker 2: Yeah, no way.

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Speaker 3: And we've seen this on our Facebook group before where

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Speaker 3: people have posted and they're like, oh my gosh, well

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Speaker 3: I deleted my Raise account because the returns were dismal,

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Speaker 3: and you're like, what I like, personally, I've had great

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Speaker 3: returns from Rais Right now I've got, you know, not

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Speaker 3: so great returns in all of my portfolios. Because it

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Speaker 3: turns out, Georgia we're going through a global pandemic and

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Speaker 3: that is quite well reflected in the share market. But

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Speaker 3: in saying that, I just feel like, potentially these people

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Speaker 3: aren't educated enough in investment to know that if you're

442
00:19:39,280 --> 00:19:42,040
Speaker 3: going to you know, and this happened recently, if you're

443
00:19:42,080 --> 00:19:44,520
Speaker 3: going to start investing on a micro investing platform, and

444
00:19:44,600 --> 00:19:47,360
Speaker 3: you picked that micro investing platform in March this year,

445
00:19:47,760 --> 00:19:49,920
Speaker 3: and then by June you were really upset with the

446
00:19:50,119 --> 00:19:52,360
Speaker 3: response that is happening on your platform.

447
00:19:52,880 --> 00:19:53,800
Speaker 2: Like, of course it was.

448
00:19:53,840 --> 00:19:57,000
Speaker 3: Going to go down. That's market returns, that's market volatility,

449
00:19:57,080 --> 00:19:59,159
Speaker 3: that is how it works. You were always going to

450
00:19:59,240 --> 00:20:03,560
Speaker 3: lose money or lose value in your portfolio because Georgia,

451
00:20:03,640 --> 00:20:05,440
Speaker 3: as we always say, you do not lose money on

452
00:20:05,520 --> 00:20:09,560
Speaker 3: the share market unless you actually cash that money out. Yes,

453
00:20:09,640 --> 00:20:11,800
Speaker 3: it was going to go down, but that is actually

454
00:20:11,840 --> 00:20:14,280
Speaker 3: an okay thing. And what I would want to see

455
00:20:14,359 --> 00:20:17,439
Speaker 3: people have the mind frame of is when they start

456
00:20:17,640 --> 00:20:20,480
Speaker 3: investing and the share market drops, and maybe if they've

457
00:20:20,480 --> 00:20:22,280
Speaker 3: got a little bit extra cash, that might be a

458
00:20:22,359 --> 00:20:24,560
Speaker 3: really good time to put it into the share market

459
00:20:24,600 --> 00:20:27,360
Speaker 3: to get a better return. In saying that, that's obviously

460
00:20:27,480 --> 00:20:30,879
Speaker 3: not advice, it's just you know, how I run my portfolios.

461
00:20:31,119 --> 00:20:34,600
Speaker 1: Let's move on to our next question here. Micro investing

462
00:20:34,680 --> 00:20:37,080
Speaker 1: seems good for diversity in a short period of time,

463
00:20:37,280 --> 00:20:39,160
Speaker 1: but is it really worth it over the long run

464
00:20:39,280 --> 00:20:42,359
Speaker 1: in terms of fees, etc. Is it more beneficial to

465
00:20:42,440 --> 00:20:44,960
Speaker 1: consistently invest in single company shares?

466
00:20:45,520 --> 00:20:46,240
Speaker 2: Okay, Georgia.

467
00:20:46,440 --> 00:20:50,840
Speaker 3: So when we talk about diversity, micro investing platforms are

468
00:20:50,960 --> 00:20:54,040
Speaker 3: usually really well diversified because they have what's called a

469
00:20:54,280 --> 00:20:58,000
Speaker 3: fund manager running them. So fund manager sounds complicated, but

470
00:20:58,160 --> 00:21:01,080
Speaker 3: it is one dude or one woman who runs the

471
00:21:01,200 --> 00:21:03,719
Speaker 3: fund and that's their job. They pick the stocks, they

472
00:21:03,760 --> 00:21:06,040
Speaker 3: come in, they come out, They you know, run it

473
00:21:06,119 --> 00:21:08,960
Speaker 3: and make the decisions on behalf of the entire community

474
00:21:09,040 --> 00:21:11,720
Speaker 3: that are investing in that platform. And they're kind of

475
00:21:11,800 --> 00:21:14,320
Speaker 3: like the boss in charge of it. So they've obviously

476
00:21:14,359 --> 00:21:17,120
Speaker 3: got teams behind them, but they will make the decision

477
00:21:17,160 --> 00:21:19,200
Speaker 3: to go, Okay, cool, We're going to sell Apple shares

478
00:21:19,280 --> 00:21:21,040
Speaker 3: today and pick up some more.

479
00:21:21,119 --> 00:21:23,040
Speaker 2: You know, Microsoft shares.

480
00:21:22,880 --> 00:21:25,040
Speaker 3: Like these are the people making the big decisions on

481
00:21:25,119 --> 00:21:27,640
Speaker 3: behalf of you in relation to the market. And that's

482
00:21:27,680 --> 00:21:30,560
Speaker 3: something that a micro investing platform brings to the table

483
00:21:30,920 --> 00:21:34,240
Speaker 3: because otherwise, if you're just investing in individual company shares

484
00:21:34,280 --> 00:21:37,240
Speaker 3: on your own, how do you know what the market's doing?

485
00:21:37,680 --> 00:21:41,000
Speaker 3: Are you a financial advisor? Can you make these decisions?

486
00:21:41,359 --> 00:21:43,040
Speaker 3: At what point do you know it's a good time

487
00:21:43,160 --> 00:21:45,760
Speaker 3: to sell something or buy something? Should you be buying

488
00:21:45,800 --> 00:21:48,040
Speaker 3: it in the first place? Is actually aligned to your

489
00:21:48,119 --> 00:21:50,800
Speaker 3: value proposition and your values as a whole.

490
00:21:51,320 --> 00:21:52,040
Speaker 2: It depends.

491
00:21:52,359 --> 00:21:55,520
Speaker 3: But also you've got to remember that the reason we

492
00:21:55,600 --> 00:21:59,000
Speaker 3: want diversity is too low a risk. Like we are young,

493
00:21:59,200 --> 00:22:01,840
Speaker 3: or most people but are listening to this podcast are

494
00:22:01,920 --> 00:22:05,280
Speaker 3: relatively young, haven't started their investment journey yet because they

495
00:22:05,400 --> 00:22:07,560
Speaker 3: simply just don't have the income for it yet. So

496
00:22:07,680 --> 00:22:11,960
Speaker 3: we want diversification in our portfolios to lower risk. And

497
00:22:12,080 --> 00:22:14,520
Speaker 3: what I mean by that is, you know, if real

498
00:22:14,680 --> 00:22:17,280
Speaker 3: estate is off and you have some shares in some

499
00:22:17,400 --> 00:22:21,840
Speaker 3: commercial real estate companies, well, maybe healthcare is performing, so

500
00:22:22,280 --> 00:22:25,120
Speaker 3: you know that'll hold your portfolio up. And maybe healthcare

501
00:22:25,200 --> 00:22:28,240
Speaker 3: is performing at like ten percent, but real estate's performing

502
00:22:28,320 --> 00:22:30,359
Speaker 3: at like negative two for some reason, and these are

503
00:22:30,359 --> 00:22:33,199
Speaker 3: all hypotheticals, it would bring it back down to an

504
00:22:33,240 --> 00:22:37,520
Speaker 3: average return. Whereas if you're investing in individual company stocks,

505
00:22:37,560 --> 00:22:40,159
Speaker 3: and now I'm not saying this about people who have

506
00:22:40,359 --> 00:22:44,000
Speaker 3: invested in, you know, a diversified portfolio of individual stocks,

507
00:22:44,040 --> 00:22:46,200
Speaker 3: that's a different thing. But if you just go out

508
00:22:46,200 --> 00:22:48,320
Speaker 3: and buy a bank because you say, well, banks are good,

509
00:22:48,560 --> 00:22:52,320
Speaker 3: they're a good asset, they're pretty stable, you know, Australian banks,

510
00:22:52,760 --> 00:22:55,280
Speaker 3: that's a thing that people invest in. Maybe I'll just

511
00:22:55,359 --> 00:22:59,000
Speaker 3: go on my comset app and just buy that consistently. Well,

512
00:22:59,080 --> 00:23:01,600
Speaker 3: what if that banks a bad day, what if it

513
00:23:01,800 --> 00:23:05,040
Speaker 3: just completely GNOVS dives by ten percent, you are going

514
00:23:05,119 --> 00:23:08,919
Speaker 3: to feel that entire ten percent drop in your portfolio,

515
00:23:09,280 --> 00:23:12,120
Speaker 3: as opposed to it having been weighed up by something else.

516
00:23:12,600 --> 00:23:15,360
Speaker 3: So if you're investing in you know, spaceship for example,

517
00:23:15,520 --> 00:23:19,040
Speaker 3: they give you exposure companies like Apple and Microsoft and Adobe,

518
00:23:19,200 --> 00:23:21,480
Speaker 3: and they have a whole heap of different areas that

519
00:23:21,600 --> 00:23:25,200
Speaker 3: they invest so that when one thing's off, usually something

520
00:23:25,240 --> 00:23:28,240
Speaker 3: else is performing. And we're looking for an average return.

521
00:23:28,840 --> 00:23:32,200
Speaker 3: When you invest just in a direct company stock, you're

522
00:23:32,240 --> 00:23:35,679
Speaker 3: feeling the full brunt of that one individual shares return

523
00:23:36,119 --> 00:23:39,120
Speaker 3: and therefore that is just the return. There's no averaging

524
00:23:39,200 --> 00:23:39,480
Speaker 3: it out.

525
00:23:39,600 --> 00:23:40,480
Speaker 1: It is what it is.

526
00:23:41,000 --> 00:23:43,240
Speaker 3: So for me, it's more about just making sure that

527
00:23:43,320 --> 00:23:46,200
Speaker 3: we are safe and we are secure, and instead of

528
00:23:46,280 --> 00:23:49,200
Speaker 3: being on super rough seas where we feel every single

529
00:23:49,320 --> 00:23:52,080
Speaker 3: drop and every single high, we kind of just sit

530
00:23:52,160 --> 00:23:53,720
Speaker 3: on calm water that trickles and.

531
00:23:53,920 --> 00:23:56,560
Speaker 1: You know, ebbs and flows, ebbs and flows.

532
00:23:56,640 --> 00:23:59,000
Speaker 3: It's very nice, the edge of the lake, beautiful day,

533
00:23:59,080 --> 00:24:01,240
Speaker 3: you know what I mean. Like, yes, one of those

534
00:24:01,320 --> 00:24:06,280
Speaker 3: things where diversification is not complicated to understand when you

535
00:24:06,400 --> 00:24:09,600
Speaker 3: understand that, it's about just having one pie with lots

536
00:24:09,640 --> 00:24:12,600
Speaker 3: of little slices in it that make up the big slice.

537
00:24:12,640 --> 00:24:15,120
Speaker 3: So if one little slice is you know, taken away,

538
00:24:15,200 --> 00:24:18,159
Speaker 3: it doesn't really impact the big pie. Whereas if you

539
00:24:18,280 --> 00:24:21,080
Speaker 3: invest in one share that big pie, if someone takes

540
00:24:21,119 --> 00:24:23,480
Speaker 3: a slice, they take the entire thing. So I think

541
00:24:23,560 --> 00:24:26,880
Speaker 3: it's really important to just understand the importance of having

542
00:24:26,960 --> 00:24:30,680
Speaker 3: diversification in any platform and in any type of share

543
00:24:31,040 --> 00:24:32,040
Speaker 3: investment strategy.

544
00:24:32,200 --> 00:24:34,040
Speaker 1: So we want lots of different slices.

545
00:24:34,119 --> 00:24:36,000
Speaker 2: I could talk about this for ages. We need to

546
00:24:36,040 --> 00:24:39,960
Speaker 2: do more investing podcasts. Tragicy Oh, my gosh, it's my

547
00:24:40,160 --> 00:24:40,920
Speaker 2: favorite topic.

548
00:24:41,040 --> 00:24:43,520
Speaker 1: I couldn't even you can tell you're glowing over there

549
00:24:43,560 --> 00:24:44,920
Speaker 1: on the zoom screen. Sp.

550
00:24:44,960 --> 00:24:49,840
Speaker 3: It's actually concerning, Like, honestly, it is so concerning how

551
00:24:49,920 --> 00:24:51,720
Speaker 3: excited I get about this stuff.

552
00:24:51,880 --> 00:24:54,600
Speaker 1: It's good your passionate. Thank you. You go to our

553
00:24:54,640 --> 00:24:57,400
Speaker 1: next question, of course we should, okay, So how much

554
00:24:57,440 --> 00:24:59,840
Speaker 1: should you aim to be putting away into these accounts

555
00:25:00,200 --> 00:25:02,960
Speaker 1: a certain percentage of your income? Question mark.

556
00:25:03,320 --> 00:25:05,639
Speaker 3: I like how you say that, Georgia, because you know

557
00:25:05,960 --> 00:25:12,000
Speaker 3: that grinds my years. Yeah, okay, So I dislike, strongly dislike.

558
00:25:12,160 --> 00:25:14,800
Speaker 3: I grew up with a very beautiful mother who used

559
00:25:14,800 --> 00:25:17,160
Speaker 3: to tell me, Victoria, you don't hate anything, You only

560
00:25:17,240 --> 00:25:20,080
Speaker 3: ever strongly dislike things. Hate is not a word we

561
00:25:20,240 --> 00:25:22,639
Speaker 3: use in this family. So I don't hate things.

562
00:25:22,760 --> 00:25:23,119
Speaker 2: Friends.

563
00:25:23,480 --> 00:25:28,080
Speaker 3: I strongly dislike basing your income on percentages because I

564
00:25:28,119 --> 00:25:31,159
Speaker 3: think it's wildly unrealistic and it is just not a

565
00:25:31,280 --> 00:25:34,240
Speaker 3: fair way of going about things. So if I say

566
00:25:34,280 --> 00:25:37,600
Speaker 3: to you, Georgia, like, let's just live in hypothetical land again,

567
00:25:37,680 --> 00:25:39,760
Speaker 3: because I feel like that's a really great place to be.

568
00:25:39,920 --> 00:25:42,639
Speaker 3: For examples, if we earn forty thousand dollars a year,

569
00:25:42,720 --> 00:25:45,280
Speaker 3: for example, if I then said, Georgia, you need to

570
00:25:45,440 --> 00:25:48,639
Speaker 3: save and invest fifteen percent of your income, you might

571
00:25:48,720 --> 00:25:51,560
Speaker 3: go but Victoria, I have rent and bills, and I've

572
00:25:51,600 --> 00:25:53,760
Speaker 3: got a kid, and you know, I've got all these

573
00:25:53,800 --> 00:25:56,320
Speaker 3: other financial goals and things that I've got to payoff,

574
00:25:56,359 --> 00:25:59,479
Speaker 3: and I've got this loan over here of five grand. Like, Victoria,

575
00:25:59,560 --> 00:26:03,560
Speaker 3: I can't reasonably pay fifteen percent of my income into

576
00:26:03,560 --> 00:26:06,439
Speaker 3: a savings or investment portfolio each month. And I go, well,

577
00:26:06,480 --> 00:26:08,920
Speaker 3: that makes sense. But then Georgia, maybe in a couple

578
00:26:08,960 --> 00:26:10,760
Speaker 3: of years you come to me and you say, Victoria,

579
00:26:10,880 --> 00:26:13,440
Speaker 3: I'm earning four hundred thousand dollars, and I go, gee,

580
00:26:13,600 --> 00:26:16,960
Speaker 3: you clearly don't work for shees on the money and

581
00:26:17,280 --> 00:26:20,400
Speaker 3: you then say, so I'm investing in saving fifteen percent.

582
00:26:20,240 --> 00:26:20,800
Speaker 2: Of my income.

583
00:26:21,400 --> 00:26:23,600
Speaker 3: Well, Georgia, King, that's just not enough for your income,

584
00:26:24,200 --> 00:26:27,120
Speaker 3: Like you are not investing enough. Whereas on the flip side,

585
00:26:27,160 --> 00:26:29,280
Speaker 3: if you were earning an income of forty thousand dollars,

586
00:26:29,560 --> 00:26:31,960
Speaker 3: that might just be too much and be too ridiculous

587
00:26:32,000 --> 00:26:35,440
Speaker 3: and put too much unnecessary pressure on yourself to achieve something.

588
00:26:35,720 --> 00:26:38,320
Speaker 3: So if we could just drop having a certain percentage

589
00:26:38,359 --> 00:26:40,959
Speaker 3: of your income going into something and actually working out

590
00:26:41,000 --> 00:26:43,040
Speaker 3: what our budget is, what our cash flow is, and

591
00:26:43,119 --> 00:26:44,919
Speaker 3: working out what we can afford in line with our

592
00:26:44,960 --> 00:26:48,120
Speaker 3: goals and values. We're going to be far better off

593
00:26:48,440 --> 00:26:51,000
Speaker 3: because there is not one thing wrong with not being

594
00:26:51,080 --> 00:26:53,560
Speaker 3: able to afford to invest right now. And I don't

595
00:26:53,560 --> 00:26:55,879
Speaker 3: want people to be listening along going but Victoria, I

596
00:26:55,960 --> 00:26:58,720
Speaker 3: can't afford five hundred dollars a month, like girl, I know,

597
00:26:59,000 --> 00:27:01,320
Speaker 3: and it's really hard that you're in that position at

598
00:27:01,359 --> 00:27:03,680
Speaker 3: the moment, and hopefully one day you will be in

599
00:27:03,760 --> 00:27:06,200
Speaker 3: that position. But I think we need to just drop

600
00:27:06,240 --> 00:27:08,800
Speaker 3: the unnecessary pressure that we're putting on ourselves to do

601
00:27:08,920 --> 00:27:11,640
Speaker 3: what other people are doing, especially if we're just doing

602
00:27:11,680 --> 00:27:13,760
Speaker 3: the best that we can. And like, if you're here

603
00:27:13,840 --> 00:27:17,679
Speaker 3: listening to this podcast, like you are five million steps

604
00:27:17,720 --> 00:27:20,720
Speaker 3: ahead of everybody else who quote Victori at Vine is

605
00:27:20,760 --> 00:27:21,800
Speaker 3: sticking their head in the sand.

606
00:27:21,920 --> 00:27:24,679
Speaker 1: Yeah yeah, well said Okay, so you kind of already

607
00:27:24,800 --> 00:27:27,960
Speaker 1: answered the next question, but it is from a New

608
00:27:28,080 --> 00:27:30,960
Speaker 1: Zealand listener, which I'm here for.

609
00:27:31,720 --> 00:27:34,320
Speaker 3: So yeah, New Zealand's my favorite place on it I

610
00:27:34,359 --> 00:27:37,840
Speaker 3: have never been a killin Honestly, it is the most

611
00:27:37,880 --> 00:27:40,399
Speaker 3: delightful place in the entire world. And that's coming from

612
00:27:40,440 --> 00:27:43,480
Speaker 3: a Tasmanian who has come from a beautiful state in

613
00:27:43,520 --> 00:27:46,800
Speaker 3: the beginning. So honestly it's stunning. If you've not been

614
00:27:46,840 --> 00:27:48,840
Speaker 3: to New Zealand, get on over there. They've also got

615
00:27:48,960 --> 00:27:50,680
Speaker 3: kind people and they're always so nice in our grip,

616
00:27:50,760 --> 00:27:51,919
Speaker 3: so obviously that's a thing.

617
00:27:52,680 --> 00:27:54,600
Speaker 1: Well, I mean, we've got the travel bubble now, so

618
00:27:54,960 --> 00:27:57,119
Speaker 1: you know, maybe we can do a little travel bonus

619
00:27:57,200 --> 00:27:59,080
Speaker 1: episode that yeah, bad idea.

620
00:28:00,080 --> 00:28:03,360
Speaker 3: Not yeah, guys, money loss Actually, just to add add

621
00:28:03,440 --> 00:28:07,199
Speaker 3: in here, like bonus money loss from Victoria, I had

622
00:28:07,240 --> 00:28:09,359
Speaker 3: a holiday booked to New Zealand and I had to

623
00:28:09,400 --> 00:28:13,800
Speaker 3: cancel it, which is absolutely fine, and I lost the flights. Okay,

624
00:28:14,160 --> 00:28:16,800
Speaker 3: that sucks, but I also have accommodations, so I guess

625
00:28:16,800 --> 00:28:19,280
Speaker 3: I've got to justify our holiday to New Zealand at

626
00:28:19,320 --> 00:28:21,200
Speaker 3: some point in the near future to make up for that.

627
00:28:21,320 --> 00:28:24,239
Speaker 1: Oh so your accommodation is still booked sort of thing.

628
00:28:24,560 --> 00:28:27,600
Speaker 3: We got given holiday credits, yeah, right, so that we

629
00:28:27,720 --> 00:28:30,159
Speaker 3: can still go over and still you know, stay in

630
00:28:30,200 --> 00:28:32,200
Speaker 3: the hotel that we're going to stay in that and

631
00:28:32,359 --> 00:28:33,520
Speaker 3: we're meant to go in like July.

632
00:28:33,880 --> 00:28:35,720
Speaker 2: So clearly that didn't happen. Guys.

633
00:28:35,920 --> 00:28:39,240
Speaker 1: Hopefully next year. Hopefully next year. Yeah, honestly, this next

634
00:28:39,320 --> 00:28:41,360
Speaker 1: year would be all chat from us. I'm loving it.

635
00:28:42,200 --> 00:28:42,440
Speaker 1: Are you?

636
00:28:43,960 --> 00:28:47,920
Speaker 3: Victoria didn't get to go skiing? Most first world problem ever?

637
00:28:48,400 --> 00:28:49,920
Speaker 1: You privileged bitch?

638
00:28:50,080 --> 00:28:55,000
Speaker 2: I mean, well that's true. I am incredibly lucky.

639
00:28:55,080 --> 00:28:59,200
Speaker 1: But back to your question, Yeah, New Zealand listener, Yes,

640
00:28:59,440 --> 00:29:02,640
Speaker 1: so I I've just started with chess in New Zealand,

641
00:29:02,840 --> 00:29:05,640
Speaker 1: but I'm only able to do a small amount per week.

642
00:29:06,080 --> 00:29:08,760
Speaker 1: I then wonder if it's even worth only doing a

643
00:29:08,800 --> 00:29:11,520
Speaker 1: small amount, like ten dollars a week small amount? Is

644
00:29:12,440 --> 00:29:14,800
Speaker 1: the reality that you need larger amounts or is it

645
00:29:14,960 --> 00:29:16,720
Speaker 1: just a case of having to start somewhere?

646
00:29:16,880 --> 00:29:19,960
Speaker 3: Ten dollars a week is an incredible amount to start with. Yeah, Like,

647
00:29:20,120 --> 00:29:23,120
Speaker 3: that's five hundred and twenty dollars a year, or two

648
00:29:23,200 --> 00:29:25,280
Speaker 3: hundred dollars over ten years that you may not have

649
00:29:25,400 --> 00:29:28,760
Speaker 3: invested otherwise. So I definitely wouldn't be dismissing that small

650
00:29:28,880 --> 00:29:30,920
Speaker 3: number at all. I say it all the time.

651
00:29:31,080 --> 00:29:34,000
Speaker 1: From little things, big things grow and you know it

652
00:29:34,080 --> 00:29:35,240
Speaker 1: starts at ten dollars and.

653
00:29:35,280 --> 00:29:37,600
Speaker 3: Then you might have a spare five dollars to add

654
00:29:37,760 --> 00:29:40,080
Speaker 3: to that, and then it's fifteen, and then you creep

655
00:29:40,200 --> 00:29:42,440
Speaker 3: up and you get you know, a salary increase so

656
00:29:42,520 --> 00:29:45,800
Speaker 3: you can afford thirty dollars a week. And honestly, it's

657
00:29:45,880 --> 00:29:48,720
Speaker 3: about setting the habit up and saying to yourself this,

658
00:29:49,040 --> 00:29:50,920
Speaker 3: this is a priority for me. This is something that

659
00:29:51,000 --> 00:29:53,600
Speaker 3: I really want to continue and grow. So do not

660
00:29:53,720 --> 00:29:55,640
Speaker 3: look at five or ten dollars a week as being

661
00:29:55,760 --> 00:29:58,760
Speaker 3: too small. There is no such thing. It's just about

662
00:29:58,880 --> 00:30:01,400
Speaker 3: kind of like putting or you know, putting your hand

663
00:30:01,520 --> 00:30:03,680
Speaker 3: up and putting your like do I want to say

664
00:30:03,760 --> 00:30:06,280
Speaker 3: dice on the board, Like you're just putting yourself out

665
00:30:06,320 --> 00:30:06,800
Speaker 3: there to.

666
00:30:06,840 --> 00:30:09,240
Speaker 1: Actually already be in the ring. You're already in the game.

667
00:30:09,560 --> 00:30:12,840
Speaker 3: It is about scaling that game as opposed to just

668
00:30:12,960 --> 00:30:15,200
Speaker 3: not being in it at all. Yeah, if you weren't

669
00:30:15,240 --> 00:30:17,440
Speaker 3: investing that ten dollars a week either, like you are

670
00:30:17,480 --> 00:30:19,280
Speaker 3: stuck in the mind frame of going one day I

671
00:30:19,360 --> 00:30:21,960
Speaker 3: want to be investing. Like how empowering is it to be?

672
00:30:22,040 --> 00:30:25,120
Speaker 3: Like no, I'm an investor, Like you're twenty fantastic, Like

673
00:30:25,480 --> 00:30:27,680
Speaker 3: how good would it have been, Georgia if someone had

674
00:30:27,720 --> 00:30:30,800
Speaker 3: told us when we were nineteen or twenty, hey, start investing.

675
00:30:30,840 --> 00:30:33,000
Speaker 3: I mean I probably wouldn't have listened, But that is

676
00:30:33,160 --> 00:30:33,800
Speaker 3: not the point.

677
00:30:33,840 --> 00:30:36,040
Speaker 1: All right, next question here v which was one of

678
00:30:36,120 --> 00:30:39,640
Speaker 1: my favorites in terms of how much time you have

679
00:30:39,800 --> 00:30:42,720
Speaker 1: to build. Is micro investing really worth it for a

680
00:30:42,760 --> 00:30:44,760
Speaker 1: forty year old or am I better off going a

681
00:30:44,800 --> 00:30:45,280
Speaker 1: different way.

682
00:30:45,560 --> 00:30:48,000
Speaker 3: I don't think there's such thing as starting too late.

683
00:30:48,320 --> 00:30:51,600
Speaker 3: And if you are, you know, investing in your forty, fantastic,

684
00:30:51,840 --> 00:30:54,960
Speaker 3: like you are starting your journey. Same thing goes, you're

685
00:30:55,000 --> 00:30:58,400
Speaker 3: just starting your financial education or your investment education. In

686
00:30:58,600 --> 00:31:01,240
Speaker 3: saying that, if you are, and you are, you know,

687
00:31:01,360 --> 00:31:04,200
Speaker 3: twenty five years away from retirement, you have so much

688
00:31:04,320 --> 00:31:07,560
Speaker 3: power still, like you have you know, two entire rounds

689
00:31:07,600 --> 00:31:10,320
Speaker 3: of compounding to go, which is crazy good, Like it's

690
00:31:10,360 --> 00:31:12,600
Speaker 3: not a bad thing at all, Like you are in

691
00:31:12,720 --> 00:31:15,760
Speaker 3: such a powerful position. So I would recommend seeing a

692
00:31:15,840 --> 00:31:18,360
Speaker 3: financial advisor if you're at that age and you know

693
00:31:18,480 --> 00:31:22,120
Speaker 3: you're like not investing already, or you just want some clarity,

694
00:31:22,480 --> 00:31:26,000
Speaker 3: because now is kind of the time when things do

695
00:31:26,240 --> 00:31:28,640
Speaker 3: start to become and I don't want to be too dramatic,

696
00:31:28,720 --> 00:31:31,680
Speaker 3: but things do start to become critical because at forty

697
00:31:31,680 --> 00:31:32,760
Speaker 3: you've got so much power.

698
00:31:33,000 --> 00:31:34,560
Speaker 2: At fifty you have fifty.

699
00:31:34,280 --> 00:31:37,160
Speaker 3: Percent less power than you had, and at sixty you've

700
00:31:37,200 --> 00:31:39,520
Speaker 3: got five years and you won't even go through a

701
00:31:39,600 --> 00:31:42,360
Speaker 3: full round of compounding. So it's more about going, Okay,

702
00:31:42,440 --> 00:31:45,600
Speaker 3: well I probably should see someone, and financial advisors will

703
00:31:45,640 --> 00:31:48,800
Speaker 3: often do a consultation like their first fact find meeting

704
00:31:48,880 --> 00:31:51,640
Speaker 3: complementary and even if you just want to call someone

705
00:31:51,720 --> 00:31:53,480
Speaker 3: and be like, hey, this is my situation. Should I

706
00:31:53,560 --> 00:31:55,720
Speaker 3: be seeing you for advice? Is this something I should do?

707
00:31:56,120 --> 00:31:58,600
Speaker 3: Pick up the phone, have that conversation. I just think

708
00:31:58,640 --> 00:32:01,880
Speaker 3: that too many people think about getting financial advice when

709
00:32:01,920 --> 00:32:04,280
Speaker 3: they're that age, then don't do it, then regret it.

710
00:32:04,560 --> 00:32:07,280
Speaker 1: Yeah, all right. Next question, This one came up a

711
00:32:07,480 --> 00:32:09,400
Speaker 1: lot there. It's probably going to be the most popular

712
00:32:09,640 --> 00:32:13,040
Speaker 1: question you will answer. Can you please compare the pros

713
00:32:13,120 --> 00:32:16,640
Speaker 1: and cons between RAYS and Spaceship Slash? Is there any

714
00:32:16,720 --> 00:32:17,760
Speaker 1: merit in having both?

715
00:32:18,160 --> 00:32:21,240
Speaker 3: They are both very different platforms, and I think that

716
00:32:21,360 --> 00:32:24,400
Speaker 3: it is important to understand it's not one or the other.

717
00:32:25,200 --> 00:32:28,040
Speaker 3: RAYS is a platform where you're able to invest in

718
00:32:28,120 --> 00:32:32,600
Speaker 3: one of six different diversified portfolios, each having varying levels

719
00:32:32,680 --> 00:32:34,400
Speaker 3: of risk, so that you can have a conservative, a

720
00:32:34,480 --> 00:32:38,400
Speaker 3: moderately conservative, a moderate, a moderately regressive and in aggressive portfolio,

721
00:32:38,480 --> 00:32:41,040
Speaker 3: and they also have an Emerald portfolio for those of

722
00:32:41,080 --> 00:32:43,120
Speaker 3: you who want to invest ethically, which I saw came

723
00:32:43,200 --> 00:32:45,720
Speaker 3: up a lot in the thread for today's show. What

724
00:32:45,920 --> 00:32:49,719
Speaker 3: is important to understand there though, and we Georgia are

725
00:32:49,840 --> 00:32:52,960
Speaker 3: going to be doing an entire episode soon on ethical

726
00:32:53,160 --> 00:32:56,280
Speaker 3: investment because it means very different things to very different

727
00:32:56,320 --> 00:32:58,000
Speaker 3: people and we need to all get on the same

728
00:32:58,040 --> 00:32:58,680
Speaker 3: page about it.

729
00:32:59,000 --> 00:33:00,720
Speaker 2: But the Emerald folio.

730
00:33:00,840 --> 00:33:03,640
Speaker 3: Does cost flight me more, so it is important to

731
00:33:03,720 --> 00:33:07,320
Speaker 3: understand that that exists. But then also a lot of

732
00:33:07,400 --> 00:33:10,560
Speaker 3: people that I've had deep conversation with about this, the

733
00:33:10,640 --> 00:33:13,840
Speaker 3: Emerald portfolios had things that they didn't expect to be

734
00:33:14,040 --> 00:33:17,280
Speaker 3: in there, like banks. So I'm not saying that banks

735
00:33:17,320 --> 00:33:19,400
Speaker 3: are bad. I'm just saying that a lot of people

736
00:33:19,560 --> 00:33:23,400
Speaker 3: assumed that an ethical portfolio wouldn't hold banks. But more

737
00:33:23,480 --> 00:33:26,400
Speaker 3: often than not, ethical doesn't actually refer to what they

738
00:33:26,520 --> 00:33:28,959
Speaker 3: invest in, but rather their business practices.

739
00:33:29,320 --> 00:33:30,000
Speaker 2: So banks are.

740
00:33:30,000 --> 00:33:32,400
Speaker 3: Ethical because they pay their staff well, they do the

741
00:33:32,520 --> 00:33:35,600
Speaker 3: right job, they are you know, putting their money to

742
00:33:35,720 --> 00:33:39,720
Speaker 3: good causes, they're donating to charity. That sometimes is enough

743
00:33:39,840 --> 00:33:43,120
Speaker 3: to be ethical. And it's also important to understand this

744
00:33:43,320 --> 00:33:44,920
Speaker 3: is me or my high horse. Again, I feel like

745
00:33:45,040 --> 00:33:48,480
Speaker 3: all I do islah, I get so excited and worked

746
00:33:48,520 --> 00:33:51,880
Speaker 3: up about this. But in Australia it is really important

747
00:33:51,920 --> 00:33:57,600
Speaker 3: to understand that quote ethical investment isn't a regulated term.

748
00:33:58,040 --> 00:34:00,440
Speaker 3: For example, if you go to the supermarket and you're like,

749
00:34:00,520 --> 00:34:03,800
Speaker 3: I would like some organic pears, you know that there's

750
00:34:03,840 --> 00:34:06,800
Speaker 3: a set of requirements associated with being able to use

751
00:34:06,880 --> 00:34:10,480
Speaker 3: that sticker that says organic that does not exist for

752
00:34:10,760 --> 00:34:14,719
Speaker 3: ethical investments and ethical and green and emerald and all

753
00:34:14,800 --> 00:34:18,400
Speaker 3: of these words make us feel like things are ethical

754
00:34:18,640 --> 00:34:21,840
Speaker 3: when maybe they don't actually align to our values. So

755
00:34:22,000 --> 00:34:23,880
Speaker 3: make sure that you're looking into that if that is

756
00:34:23,960 --> 00:34:26,200
Speaker 3: something that is really important to you. That's not a

757
00:34:26,280 --> 00:34:29,440
Speaker 3: reflection on Rays by any stretch of the imagination. It's

758
00:34:29,640 --> 00:34:31,360
Speaker 3: just a point that's come up that I think you

759
00:34:31,480 --> 00:34:36,239
Speaker 3: guys should understand. The other moving on the other distinguishing

760
00:34:36,320 --> 00:34:39,280
Speaker 3: features of Rays, that they do have that round up feature.

761
00:34:39,520 --> 00:34:41,719
Speaker 3: So we've spoken about this before on the show, but

762
00:34:41,920 --> 00:34:44,520
Speaker 3: it's where you invest your spare change from your coffee

763
00:34:44,560 --> 00:34:47,120
Speaker 3: and you pop that towards your investments. So if you

764
00:34:47,160 --> 00:34:49,640
Speaker 3: buy a four dollars fifty oh lata one new winning

765
00:34:49,640 --> 00:34:52,560
Speaker 3: because actually lates are a little bit more expensive than that,

766
00:34:52,800 --> 00:34:55,680
Speaker 3: It'll round up to five dollars and put that fifty

767
00:34:55,760 --> 00:34:58,560
Speaker 3: cents towards your investment without you having to lift a finger.

768
00:34:58,960 --> 00:35:01,320
Speaker 3: It might not sound like a lot, but if you

769
00:35:01,400 --> 00:35:03,960
Speaker 3: do this every day for an entire year, which I

770
00:35:04,040 --> 00:35:06,520
Speaker 3: could potentially be very guilty of because I'm very good

771
00:35:06,520 --> 00:35:09,000
Speaker 3: at spending money on coffee, then that's one hundred and

772
00:35:09,040 --> 00:35:11,759
Speaker 3: eighty two dollars fifty straight into your investment without you

773
00:35:11,920 --> 00:35:14,560
Speaker 3: lifting a finger. You can also invest larger sums on

774
00:35:14,600 --> 00:35:16,880
Speaker 3: a regular basis too, because they have the ability to,

775
00:35:17,280 --> 00:35:20,320
Speaker 3: you know, just contribute weekly or monthly or yearly based

776
00:35:20,360 --> 00:35:22,279
Speaker 3: on what you would like to do, and you can

777
00:35:22,320 --> 00:35:25,719
Speaker 3: withdraw your money at any time, which is quite cool. Personally,

778
00:35:26,120 --> 00:35:28,719
Speaker 3: I do use this platform, and I use it just

779
00:35:28,800 --> 00:35:31,920
Speaker 3: because I like the platform. I'm not gonna lie. It's

780
00:35:32,000 --> 00:35:34,880
Speaker 3: not because I know invest massive amounts of money on it.

781
00:35:35,040 --> 00:35:38,080
Speaker 3: It is purely because I like playing with the platform.

782
00:35:38,200 --> 00:35:40,479
Speaker 3: I like using it for work, and to be honest,

783
00:35:40,560 --> 00:35:42,680
Speaker 3: the amount of times in client meetings I whack my

784
00:35:42,760 --> 00:35:45,000
Speaker 3: own raise portfolio out and put it on the table

785
00:35:45,040 --> 00:35:47,160
Speaker 3: because I know it's not like it's not me going

786
00:35:47,200 --> 00:35:48,799
Speaker 3: oh look how much money I have. There's usually only

787
00:35:48,800 --> 00:35:50,480
Speaker 3: one hundred and eighty bucks or so in there, but

788
00:35:50,560 --> 00:35:53,440
Speaker 3: I go, this is how a microinvesting platform works. This

789
00:35:53,640 --> 00:35:56,440
Speaker 3: is how a share portfolio works on these platforms, And

790
00:35:56,520 --> 00:35:58,320
Speaker 3: it's just a good tool for me as a financial

791
00:35:58,360 --> 00:36:00,960
Speaker 3: advisor to have access to to take you through so

792
00:36:01,120 --> 00:36:03,840
Speaker 3: it doesn't feel so overwhelming. And what's the go with

793
00:36:04,040 --> 00:36:07,040
Speaker 3: fees on Raise V so at the moment and this

794
00:36:07,360 --> 00:36:11,240
Speaker 3: is what October twenty twenty, the fees are two dollars

795
00:36:11,320 --> 00:36:13,800
Speaker 3: fifty a month for accounts that are under ten thousand

796
00:36:13,840 --> 00:36:17,600
Speaker 3: dollars or zero point two seven five for balances of

797
00:36:17,680 --> 00:36:20,400
Speaker 3: accounts with more than ten thousand dollars in them. So

798
00:36:20,600 --> 00:36:22,279
Speaker 3: do keep an eye on that though, because if you're

799
00:36:22,280 --> 00:36:24,319
Speaker 3: listening to this well into the future, which I hope

800
00:36:24,360 --> 00:36:26,919
Speaker 3: you are, it's one of those things where these things

801
00:36:27,000 --> 00:36:30,400
Speaker 3: can fluctuate over time. So again, please read your pedoses.

802
00:36:31,040 --> 00:36:34,040
Speaker 1: Love it okay, Now, Spaceship talk to me about that.

803
00:36:34,200 --> 00:36:37,000
Speaker 3: Look, we've seen lots of people in our community jumping

804
00:36:37,040 --> 00:36:39,799
Speaker 3: over from Raise to Spaceship this year, which has been

805
00:36:39,880 --> 00:36:43,160
Speaker 3: quite interesting and not something I expected, but it kind

806
00:36:43,200 --> 00:36:46,200
Speaker 3: of makes sense because the main difference with Spaceship is

807
00:36:46,440 --> 00:36:49,239
Speaker 3: that there aren't actually any fees until you hit five

808
00:36:49,320 --> 00:36:51,960
Speaker 3: thousand dollars, which is pretty appealing to a lot of people.

809
00:36:52,320 --> 00:36:55,040
Speaker 3: But the other difference is Spaceship doesn't offer those six

810
00:36:55,120 --> 00:36:59,280
Speaker 3: different portfolios that Raise offers. Spaceship offers two different managed funds,

811
00:36:59,320 --> 00:37:02,640
Speaker 3: so they have this Spaceship Index Portfolio or the Spaceship

812
00:37:02,760 --> 00:37:07,800
Speaker 3: Universe portfolio. So the Spaceship Spaceship is such a mouthful

813
00:37:07,840 --> 00:37:10,360
Speaker 3: when you're trying to talk and be clear about it,

814
00:37:10,480 --> 00:37:15,319
Speaker 3: Georgia King. But the Spaceship Index portfolio is a low

815
00:37:15,440 --> 00:37:19,160
Speaker 3: cost market index fund that contains two hundred of Australia's

816
00:37:19,200 --> 00:37:22,040
Speaker 3: biggest companies plus a handful of major companies from around

817
00:37:22,120 --> 00:37:24,120
Speaker 3: the world. As I said before, if you stay under

818
00:37:24,160 --> 00:37:26,200
Speaker 3: five grand in there there are no fees, but when

819
00:37:26,200 --> 00:37:29,239
Speaker 3: you surpass that fee, they are zero point zero five

820
00:37:29,520 --> 00:37:33,240
Speaker 3: percent per year. In comparison to that, the Spaceship Universe

821
00:37:33,280 --> 00:37:37,320
Speaker 3: portfolio is personally managed by Spaceship and it invests in,

822
00:37:37,560 --> 00:37:41,320
Speaker 3: to quote their website, Georgia, the one hundred companies of tomorrow,

823
00:37:41,440 --> 00:37:44,600
Speaker 3: which sounds quite promising, which means it is more risky

824
00:37:45,040 --> 00:37:48,920
Speaker 3: but has the potential of greater return. Fifty percent of

825
00:37:48,920 --> 00:37:52,160
Speaker 3: its current portfolio currently consists of US based companies, which

826
00:37:52,200 --> 00:37:53,719
Speaker 3: is quite interesting as well.

827
00:37:53,960 --> 00:37:56,320
Speaker 1: Which one of those do you use? Be out of curiosity?

828
00:37:56,400 --> 00:37:58,560
Speaker 3: Can we play a game and make you guess like

829
00:37:58,719 --> 00:38:02,200
Speaker 3: gues Victoria's risk fuh dun dun du? I can have

830
00:38:02,400 --> 00:38:05,600
Speaker 3: like the come on down music from Hey, Hey, It's Saturday.

831
00:38:06,040 --> 00:38:08,840
Speaker 1: Fun retro reference, but I love it. I reckon you

832
00:38:08,880 --> 00:38:10,600
Speaker 1: would go with the riskier one.

833
00:38:10,840 --> 00:38:11,160
Speaker 2: I would.

834
00:38:11,160 --> 00:38:12,640
Speaker 1: I don't know why you're a thrill seeker.

835
00:38:12,760 --> 00:38:15,320
Speaker 2: I'm a thrill seeker. I just love the sheer market.

836
00:38:15,400 --> 00:38:15,960
Speaker 2: Georgia King.

837
00:38:16,239 --> 00:38:20,200
Speaker 3: No, I am a Spaceship Universe portfolio user, and the

838
00:38:20,320 --> 00:38:23,520
Speaker 3: reason for that is just because I am more attuned

839
00:38:23,640 --> 00:38:26,520
Speaker 3: to taking on more risk. I do fully understand the risks.

840
00:38:26,800 --> 00:38:29,520
Speaker 3: I never invest more than I can afford, and to

841
00:38:29,640 --> 00:38:32,919
Speaker 3: be honest, I much prefer returns like that. Like I'm

842
00:38:32,960 --> 00:38:34,880
Speaker 3: investing because I want to see good returns and I

843
00:38:35,000 --> 00:38:36,960
Speaker 3: want to create financial future of myself.

844
00:38:37,200 --> 00:38:40,520
Speaker 2: But I also have time on my side. So as

845
00:38:40,560 --> 00:38:42,840
Speaker 2: you guys know, I am twenty nine.

846
00:38:42,719 --> 00:38:45,520
Speaker 3: Which is nearly thirty, which is quite scary, but that's okay,

847
00:38:46,160 --> 00:38:48,479
Speaker 3: but it means that I've got thirty plus years before

848
00:38:48,520 --> 00:38:51,440
Speaker 3: I even consider retiring. So for me to ride that

849
00:38:51,560 --> 00:38:53,839
Speaker 3: risk for a long period of time, I'm actually really

850
00:38:53,960 --> 00:38:56,920
Speaker 3: okay with that. So that's just personally, that's not you know,

851
00:38:57,280 --> 00:38:59,840
Speaker 3: what everybody should do. It's just how it works. But

852
00:39:00,320 --> 00:39:02,719
Speaker 3: on that Spaceship offers a lot of information about the

853
00:39:02,760 --> 00:39:05,360
Speaker 3: companies that you're investing in on its interface, so you

854
00:39:05,480 --> 00:39:07,959
Speaker 3: have a lot of transparency there, which is really good.

855
00:39:08,200 --> 00:39:10,840
Speaker 3: And it also tends to invest in like tech companies,

856
00:39:11,160 --> 00:39:13,120
Speaker 3: which mean that you're more likely to see a higher

857
00:39:13,120 --> 00:39:15,600
Speaker 3: return than you would in other apps or funds, but

858
00:39:15,680 --> 00:39:18,200
Speaker 3: it also means the risk is higher, So please remember

859
00:39:18,239 --> 00:39:20,959
Speaker 3: that when picking something, don't just go with it because

860
00:39:20,960 --> 00:39:23,960
Speaker 3: you're like, oh that's shiny, that's cool. Like, understand what

861
00:39:24,080 --> 00:39:25,920
Speaker 3: aligns with your values, my friends.

862
00:39:26,200 --> 00:39:28,560
Speaker 1: So to make it really clear, V, can you rattle

863
00:39:28,600 --> 00:39:30,040
Speaker 1: off the key differences between the two?

864
00:39:30,560 --> 00:39:30,719
Speaker 5: Yeah?

865
00:39:30,800 --> 00:39:31,160
Speaker 2: I could.

866
00:39:31,280 --> 00:39:32,920
Speaker 3: I mean if you were listening, I wouldn't have to

867
00:39:33,000 --> 00:39:36,080
Speaker 3: do this. But that's okay, Georgia, see you with your coffee.

868
00:39:36,120 --> 00:39:38,880
Speaker 3: It's all good. But when it comes to the minimum

869
00:39:38,960 --> 00:39:42,640
Speaker 3: investment amount, Spaceship requires a total of one dollar, my friends,

870
00:39:42,920 --> 00:39:46,040
Speaker 3: while Raise requires five dollars or more. And then fees

871
00:39:46,120 --> 00:39:49,160
Speaker 3: for Spaceship don't exist until you hit five grand in

872
00:39:49,200 --> 00:39:51,960
Speaker 3: your account, and then fees are still quite small in

873
00:39:52,080 --> 00:39:54,839
Speaker 3: my opinion. And Raise charges two dollars fifty a month

874
00:39:54,920 --> 00:39:57,560
Speaker 3: on accounts that hold five grand or less, and zero

875
00:39:57,680 --> 00:40:00,680
Speaker 3: point two seven five on an account has more than

876
00:40:00,760 --> 00:40:02,840
Speaker 3: five grand in it, So that's on fees.

877
00:40:03,160 --> 00:40:04,560
Speaker 2: But then to compare that.

878
00:40:04,960 --> 00:40:07,720
Speaker 3: The level of risk on Spaceship is arguably higher because

879
00:40:07,719 --> 00:40:12,120
Speaker 3: they don't have a conservative profile. And Raise does offer

880
00:40:12,200 --> 00:40:15,080
Speaker 3: greater diversity, which means that you're able to choose from

881
00:40:15,080 --> 00:40:17,400
Speaker 3: the several options I mentioned before, so you can tailor

882
00:40:17,440 --> 00:40:19,520
Speaker 3: it if you want low or high risk score. You know,

883
00:40:20,239 --> 00:40:22,800
Speaker 3: it just makes more sense in terms of diversification, whereas

884
00:40:22,840 --> 00:40:25,239
Speaker 3: with Spaceship you just have one of two options, which,

885
00:40:25,320 --> 00:40:27,799
Speaker 3: to be honest, if you like me, Georgia, I hate

886
00:40:27,840 --> 00:40:29,880
Speaker 3: going to a restaurant having six million things on the

887
00:40:29,960 --> 00:40:32,520
Speaker 3: menu that I can eat. It just feels overwhelming. So

888
00:40:32,600 --> 00:40:34,839
Speaker 3: I'm not gonna lie. I do really like Spaceship. It's

889
00:40:34,880 --> 00:40:37,080
Speaker 3: like left or right, and I'm like, oh ah, right,

890
00:40:37,239 --> 00:40:41,080
Speaker 3: I guess so for me, I like it for that reason.

891
00:40:41,360 --> 00:40:44,800
Speaker 3: But in terms of investment strategy, Spaceship goes with the

892
00:40:44,880 --> 00:40:49,359
Speaker 3: personal money management approach, whereas RAISE puts your money into ETFs.

893
00:40:49,719 --> 00:40:52,319
Speaker 3: So in terms of investment strategy, that means that RAISE

894
00:40:52,400 --> 00:40:55,200
Speaker 3: goes with more of a personal money management approach, whereas

895
00:40:55,320 --> 00:40:58,440
Speaker 3: RAISE goes into putting all your money straight into ETFs.

896
00:40:58,920 --> 00:41:01,319
Speaker 3: In terms of withdrawal, which is something that I get

897
00:41:01,360 --> 00:41:03,560
Speaker 3: a lot of questions about, like when can I pull

898
00:41:03,600 --> 00:41:06,120
Speaker 3: my money out? How does that work? Both Raise and

899
00:41:06,239 --> 00:41:09,160
Speaker 3: Spaceship let you sell your investment whenever. They don't charge

900
00:41:09,200 --> 00:41:11,520
Speaker 3: an expert fee, which I think is really important, and

901
00:41:11,640 --> 00:41:14,239
Speaker 3: with any type of investment, that is usually back in

902
00:41:14,360 --> 00:41:17,520
Speaker 3: your account in three to five business days. So it's

903
00:41:17,600 --> 00:41:20,480
Speaker 3: not because they're dragging their feet. It's literally because if

904
00:41:20,560 --> 00:41:23,440
Speaker 3: you choose to sell your investment, they actually have to

905
00:41:23,520 --> 00:41:25,239
Speaker 3: do a number of things to get it back into

906
00:41:25,320 --> 00:41:27,640
Speaker 3: your account. It's not just you know, a quick bank

907
00:41:27,719 --> 00:41:30,319
Speaker 3: transfer from their bank to yours. It's they will take

908
00:41:30,400 --> 00:41:32,880
Speaker 3: the shares that you'll own, they will sell those shares

909
00:41:32,960 --> 00:41:35,640
Speaker 3: down that will money will go into their account, and

910
00:41:35,719 --> 00:41:37,880
Speaker 3: then once they have that they can transfer it to you.

911
00:41:38,280 --> 00:41:40,239
Speaker 3: So it does take a little bit longer than just

912
00:41:40,360 --> 00:41:43,000
Speaker 3: like transferring money that you have from another bank, But

913
00:41:43,239 --> 00:41:45,759
Speaker 3: I do want you guys to understand that that is

914
00:41:45,880 --> 00:41:49,520
Speaker 3: pretty quick, like in comparison to other asset classes, like

915
00:41:49,640 --> 00:41:51,840
Speaker 3: say you've got a house Georgia, Like, how do you

916
00:41:51,920 --> 00:41:54,080
Speaker 3: get money from that? You've got to put it online.

917
00:41:54,239 --> 00:41:56,719
Speaker 3: It probably will be up for marketing and open for

918
00:41:56,800 --> 00:41:59,680
Speaker 3: home inspections. Then you'll have maybe a ninety day settlement

919
00:41:59,719 --> 00:42:02,640
Speaker 3: and be literally three months before that money's back in

920
00:42:02,719 --> 00:42:06,680
Speaker 3: your account. That's why I quite like having shares, because

921
00:42:06,719 --> 00:42:08,320
Speaker 3: I know that if I ever run into trouble and

922
00:42:08,400 --> 00:42:10,799
Speaker 3: I really need my money back, I can just sell

923
00:42:10,880 --> 00:42:12,960
Speaker 3: down my portfolio and in about a week I'll have

924
00:42:13,160 --> 00:42:15,120
Speaker 3: all of it back in my account. It's not something

925
00:42:15,160 --> 00:42:17,319
Speaker 3: we should rely on. It is just an important fact

926
00:42:17,360 --> 00:42:21,239
Speaker 3: to understand about investment and Georgia. On that final point

927
00:42:21,280 --> 00:42:23,200
Speaker 3: that I'm going to make, Praise has a round up

928
00:42:23,239 --> 00:42:25,680
Speaker 3: feature whereas Spaceship does not. You have to set up

929
00:42:25,719 --> 00:42:28,680
Speaker 3: automatic transfers in Spaceship, whereas Rays does the thing with

930
00:42:28,760 --> 00:42:32,040
Speaker 3: your coffees, which is quite attractive. So I don't prefer

931
00:42:32,160 --> 00:42:34,320
Speaker 3: one over the other. I think it's really important to

932
00:42:34,440 --> 00:42:36,920
Speaker 3: note that, like I've said before, I use both. The

933
00:42:37,000 --> 00:42:39,600
Speaker 3: reason that I haven't, you know, included a whole heap

934
00:42:39,640 --> 00:42:42,759
Speaker 3: of other platforms in This is purely because I just

935
00:42:42,800 --> 00:42:44,799
Speaker 3: think that we need to understand it on a base level.

936
00:42:45,000 --> 00:42:47,000
Speaker 3: Like if I started bringing in all of these other

937
00:42:47,120 --> 00:42:49,839
Speaker 3: micro investing platforms, which you know what, they might be great,

938
00:42:49,880 --> 00:42:51,960
Speaker 3: they might be exactly the same. But I think with

939
00:42:52,080 --> 00:42:54,480
Speaker 3: this level of knowledge, everyone can go away and make

940
00:42:54,520 --> 00:42:57,160
Speaker 3: their own decision. If you find another micro investing platform

941
00:42:57,200 --> 00:42:59,400
Speaker 3: you're interested in, I would hope that you would just

942
00:42:59,440 --> 00:43:01,560
Speaker 3: go read the peace and understand if it's a good

943
00:43:01,640 --> 00:43:04,600
Speaker 3: idea for you. In saying that, I think it's really

944
00:43:04,640 --> 00:43:07,359
Speaker 3: important as well to point out here that we are

945
00:43:07,600 --> 00:43:11,360
Speaker 3: not sponsored by Raise or Spaceship. This is purely my

946
00:43:11,480 --> 00:43:14,400
Speaker 3: opinion at George's opinion. I don't want you guys to

947
00:43:14,480 --> 00:43:17,520
Speaker 3: think for any stretch of the imagination that Raise or

948
00:43:17,520 --> 00:43:19,799
Speaker 3: Spaceship have asked us for this. I have never even

949
00:43:19,840 --> 00:43:22,799
Speaker 3: talked to either of those brands. So I think that's

950
00:43:22,880 --> 00:43:25,040
Speaker 3: important there because a few of you might go, oh,

951
00:43:25,080 --> 00:43:27,200
Speaker 3: why are you such an advocate of it? No, friends,

952
00:43:27,280 --> 00:43:30,480
Speaker 3: I'm an advocate of investing and you guys understanding what's

953
00:43:30,560 --> 00:43:33,920
Speaker 3: going on, and these are really really topical conversations going

954
00:43:34,000 --> 00:43:35,359
Speaker 3: on in our community at the moment.

955
00:43:35,960 --> 00:43:39,239
Speaker 1: Okay, well, that leads us to our last question here

956
00:43:39,520 --> 00:43:42,480
Speaker 1: v I actually loved this one as well, and it

957
00:43:42,600 --> 00:43:45,200
Speaker 1: is the perfect one to end on. I think so

958
00:43:45,440 --> 00:43:48,520
Speaker 1: She's written in I feel like I can regurgitate so

959
00:43:48,760 --> 00:43:52,320
Speaker 1: much information about investing because of this podcast. Yes, Queen,

960
00:43:53,680 --> 00:43:56,879
Speaker 1: my friends and family are genuinely shocked by how much

961
00:43:56,960 --> 00:43:59,200
Speaker 1: I can tell them. But even in doing so, I

962
00:43:59,360 --> 00:44:02,960
Speaker 1: still don't feel confident enough about opening an account. Now

963
00:44:03,040 --> 00:44:06,000
Speaker 1: I get the confidence to take that first step from it,

964
00:44:06,080 --> 00:44:09,040
Speaker 1: little things, big things grow my friends. I think it's

965
00:44:09,080 --> 00:44:11,560
Speaker 1: about not going so hard, like, don't go put your

966
00:44:11,600 --> 00:44:14,520
Speaker 1: life savings in an account that makes you feel unstable

967
00:44:14,640 --> 00:44:15,520
Speaker 1: at the end of the day.

968
00:44:15,800 --> 00:44:17,640
Speaker 3: You need to sleep really well at night. And I

969
00:44:17,719 --> 00:44:21,960
Speaker 3: think that potentially a microinvesting platform could be a good

970
00:44:22,000 --> 00:44:25,120
Speaker 3: option for you to consider if you're looking at taking

971
00:44:25,160 --> 00:44:27,919
Speaker 3: a first step without really carrying a lot of the risk.

972
00:44:28,040 --> 00:44:28,440
Speaker 2: Now I'm not.

973
00:44:28,560 --> 00:44:31,160
Speaker 3: Saying risk in terms of, you know, oh, they're a

974
00:44:31,200 --> 00:44:33,680
Speaker 3: really safe way to do it, Like they have exactly

975
00:44:33,760 --> 00:44:36,359
Speaker 3: the same amount of risk as any other platform. They're

976
00:44:36,360 --> 00:44:38,960
Speaker 3: an investment platform. But at the end of the day,

977
00:44:39,480 --> 00:44:42,520
Speaker 3: would you be willing to lose ten dollars potentially? I

978
00:44:42,560 --> 00:44:45,719
Speaker 3: mean not everyone's in that situation. But you know, if

979
00:44:45,719 --> 00:44:48,200
Speaker 3: you've gone ahead and saved up ten grand and you're

980
00:44:48,400 --> 00:44:51,160
Speaker 3: really really passionate about investing and you really want to start,

981
00:44:51,480 --> 00:44:53,759
Speaker 3: I wouldn't be putting that ten thousand dollars straight into

982
00:44:53,800 --> 00:44:56,799
Speaker 3: the share market if you genuinely wouldn't sleep well at

983
00:44:56,880 --> 00:44:58,839
Speaker 3: night doing that. Start with ten dollars a month.

984
00:44:58,920 --> 00:44:59,920
Speaker 2: See how you go grow?

985
00:45:00,000 --> 00:45:03,120
Speaker 3: Oh, it's slowly become confident. I think it's just about

986
00:45:03,160 --> 00:45:06,320
Speaker 3: taking the first step. The first step is honestly always

987
00:45:06,400 --> 00:45:08,759
Speaker 3: the hardest one, and you'll look back on this moment

988
00:45:08,960 --> 00:45:11,440
Speaker 3: twelve months room now I'll be like, geez, why.

989
00:45:11,320 --> 00:45:13,240
Speaker 2: Didn't I just invest more at the beginning?

990
00:45:13,560 --> 00:45:15,799
Speaker 3: And I'd prefer you to be in that position than

991
00:45:15,920 --> 00:45:18,120
Speaker 3: feeling overwhelmed and pulling all your money out of it

992
00:45:18,160 --> 00:45:21,040
Speaker 3: two months later and then never considering investing again.

993
00:45:21,480 --> 00:45:25,560
Speaker 1: Perfectly said, they're very Hopefully that helps that listener as well.

994
00:45:26,200 --> 00:45:27,959
Speaker 1: But now it's over to our listener question.

995
00:45:29,480 --> 00:45:32,319
Speaker 5: Hey, girls, I've been using rays for the last year

996
00:45:32,440 --> 00:45:34,840
Speaker 5: and I've loved it for the most part. Obviously, this

997
00:45:35,000 --> 00:45:37,080
Speaker 5: year things took a bit of a dip, but I

998
00:45:37,160 --> 00:45:39,520
Speaker 5: feel like it's really helped me gain a better understanding

999
00:45:39,560 --> 00:45:42,719
Speaker 5: of how investing works. My question for you is when

1000
00:45:42,760 --> 00:45:44,680
Speaker 5: do you think it's time to move from a micro

1001
00:45:44,800 --> 00:45:48,680
Speaker 5: investing platform into more serious investing. I feel like I

1002
00:45:48,800 --> 00:45:50,399
Speaker 5: might be ready, but I'm not really sure.

1003
00:45:50,880 --> 00:45:54,160
Speaker 1: Thanks Victoria. This is one that came up a lot

1004
00:45:54,360 --> 00:45:57,680
Speaker 1: in that Facebook thread as well. So how would you

1005
00:45:57,800 --> 00:45:58,160
Speaker 1: answer this?

1006
00:45:58,440 --> 00:46:01,879
Speaker 3: This is actually such a good question, and I feel

1007
00:46:01,920 --> 00:46:04,239
Speaker 3: like giving you guys listen to my answers on all

1008
00:46:04,320 --> 00:46:06,080
Speaker 3: of the other questions, or I hope you were listening.

1009
00:46:06,160 --> 00:46:10,920
Speaker 3: Maybe you weren't concentrating. I wouldn't, but consistent cash flow

1010
00:46:11,120 --> 00:46:13,040
Speaker 3: is what I would say. So if you're in a

1011
00:46:13,120 --> 00:46:16,000
Speaker 3: situation where you've been using your raise platform or your

1012
00:46:16,040 --> 00:46:19,400
Speaker 3: spaceship platform for the last twelve months and you're consistently

1013
00:46:19,440 --> 00:46:21,759
Speaker 3: investing each and every single month, and you see that

1014
00:46:21,920 --> 00:46:26,920
Speaker 3: continuing for the foreseeable future, I would consider changing your platform.

1015
00:46:27,000 --> 00:46:29,640
Speaker 3: Because we don't want to be on micro investing platforms forever.

1016
00:46:30,120 --> 00:46:32,440
Speaker 3: We do want to create, you know, long term wealth.

1017
00:46:32,800 --> 00:46:34,960
Speaker 3: So I think it is really important to work out

1018
00:46:35,040 --> 00:46:38,040
Speaker 3: what your consistent cash flow situation looks like, and if

1019
00:46:38,040 --> 00:46:41,120
Speaker 3: you've been able to commit to investing each and every

1020
00:46:41,160 --> 00:46:43,680
Speaker 3: single month. In that case, i'd probably go hmm, maybe

1021
00:46:43,760 --> 00:46:46,600
Speaker 3: I will start to see a financial advisor or you know,

1022
00:46:46,760 --> 00:46:49,600
Speaker 3: start some conversations around that, because at the end of

1023
00:46:49,680 --> 00:46:53,040
Speaker 3: the day, that's the most important part, because to be honest,

1024
00:46:53,239 --> 00:46:55,600
Speaker 3: like if you're on spaceship and you've got four thousand

1025
00:46:55,600 --> 00:46:58,719
Speaker 3: dollars invested, and you know, you're not investing anything every

1026
00:46:58,760 --> 00:47:01,120
Speaker 3: week or every month, just adding a ten dollars here

1027
00:47:01,239 --> 00:47:05,160
Speaker 3: or there, I think potentially staying on that platform might

1028
00:47:05,320 --> 00:47:07,719
Speaker 3: be a good idea for you purely because there's no

1029
00:47:07,800 --> 00:47:10,239
Speaker 3: fees associated with it, and once you step up to

1030
00:47:10,400 --> 00:47:14,120
Speaker 3: another platform, you will have brokerage fees to get in

1031
00:47:14,400 --> 00:47:17,440
Speaker 3: and out of the market, you will have platform investment

1032
00:47:17,560 --> 00:47:20,840
Speaker 3: fees and other fees and costs associated with it. Potentially

1033
00:47:20,840 --> 00:47:24,600
Speaker 3: even a financial advisor cost that if you're not investing consistently,

1034
00:47:24,680 --> 00:47:26,080
Speaker 3: don't make sense for you to engage in.

1035
00:47:26,160 --> 00:47:29,200
Speaker 1: All right, well said their fie, So consistent cash flow

1036
00:47:29,360 --> 00:47:32,640
Speaker 1: is the key. Really, Hopefully that helps answer today's listener question.

1037
00:47:33,040 --> 00:47:41,560
Speaker 4: Yay, hey guys, I'm twenty four and in twenty twenty

1038
00:47:41,680 --> 00:47:44,560
Speaker 4: I had a money makeover and this is my money diary.

1039
00:47:44,800 --> 00:47:47,040
Speaker 1: Now it's time for a snack peek into the financial

1040
00:47:47,120 --> 00:47:50,400
Speaker 1: lives of perfect strangers. It's time for money diaries.

1041
00:47:50,680 --> 00:47:53,520
Speaker 4: I started the year about five K in debt, and

1042
00:47:54,120 --> 00:47:57,239
Speaker 4: my friends kind of inspired me. My boyfriend was my

1043
00:47:57,280 --> 00:48:00,000
Speaker 4: biggest inspiration to kind of get that out of the world,

1044
00:48:00,680 --> 00:48:03,799
Speaker 4: and so I worked really hard at snowballing the debt

1045
00:48:03,960 --> 00:48:07,120
Speaker 4: out and within eight months I was debt free, and

1046
00:48:07,280 --> 00:48:10,480
Speaker 4: I just about doubled that in savings for my car

1047
00:48:10,600 --> 00:48:13,080
Speaker 4: that I wanted. You may have actually seen it on

1048
00:48:13,120 --> 00:48:15,600
Speaker 4: the Facebook page, and I just want to thank everyone

1049
00:48:15,719 --> 00:48:19,320
Speaker 4: for your client comments and encouragement. It really helped me

1050
00:48:19,400 --> 00:48:19,919
Speaker 4: along the way.

1051
00:48:20,080 --> 00:48:21,960
Speaker 1: So what does she do for work? How much does

1052
00:48:22,040 --> 00:48:24,640
Speaker 1: she earn and how much does she have in her account?

1053
00:48:25,120 --> 00:48:30,000
Speaker 4: I work as a disability support worker for two different organizations,

1054
00:48:30,840 --> 00:48:33,800
Speaker 4: just supporting people in the community, and I really love it.

1055
00:48:33,920 --> 00:48:37,760
Speaker 4: It's kind of my dream job. And I earn around

1056
00:48:38,120 --> 00:48:42,120
Speaker 4: thirty nine thousand a year because I'm just working casually

1057
00:48:42,200 --> 00:48:44,759
Speaker 4: for the two companies. What I have in my bank

1058
00:48:44,800 --> 00:48:47,600
Speaker 4: account If you had asked me a few months ago,

1059
00:48:47,680 --> 00:48:49,640
Speaker 4: it would have been a lot more because I was

1060
00:48:49,719 --> 00:48:52,360
Speaker 4: actually saving. It was my goal to save a large

1061
00:48:52,440 --> 00:48:57,000
Speaker 4: chunk for a new car. So right now it's gone

1062
00:48:57,080 --> 00:48:59,520
Speaker 4: down a fair bit, but I have the goal to

1063
00:48:59,600 --> 00:49:02,000
Speaker 4: now build up my savings into my accounts.

1064
00:49:02,000 --> 00:49:04,440
Speaker 1: Again, what happens to her money, he wants it arrives

1065
00:49:04,480 --> 00:49:05,080
Speaker 1: in her account.

1066
00:49:05,400 --> 00:49:08,279
Speaker 4: When the money reaches my accounts. Being casual for two

1067
00:49:08,320 --> 00:49:11,600
Speaker 4: different companies, that can fluctuate a fair bit, but generally

1068
00:49:11,640 --> 00:49:13,880
Speaker 4: I've got a bit of a normal amount that i

1069
00:49:14,000 --> 00:49:17,280
Speaker 4: receive for my work, so when that reaches my account.

1070
00:49:17,400 --> 00:49:20,759
Speaker 4: I actually have three separate banks that I'm with. I

1071
00:49:20,920 --> 00:49:23,880
Speaker 4: have my normal Combank when my pays arrive, and then

1072
00:49:23,920 --> 00:49:28,880
Speaker 4: I have direct Debit automatically transfer money to Upbank and

1073
00:49:29,000 --> 00:49:32,440
Speaker 4: from Upbank, I then have all my normal expenses, my

1074
00:49:32,480 --> 00:49:35,120
Speaker 4: electricity rent, that kind of stuff. And then I also

1075
00:49:35,280 --> 00:49:38,600
Speaker 4: have another account with Westpac. I've kind of tried to

1076
00:49:38,680 --> 00:49:42,520
Speaker 4: take advantage of both the bonus rates that can be generated.

1077
00:49:43,000 --> 00:49:45,760
Speaker 4: So I do that, and it's quite easy because because

1078
00:49:45,760 --> 00:49:49,040
Speaker 4: I've got all my expenses coming automatically out of these accounts,

1079
00:49:49,120 --> 00:49:52,279
Speaker 4: I hit the bonus rate and I'm sitting pretty well there,

1080
00:49:52,680 --> 00:49:54,800
Speaker 4: and I pretty much my Westpac is there for my

1081
00:49:54,880 --> 00:49:57,799
Speaker 4: savings so that I can get that three percent interest rate.

1082
00:49:58,200 --> 00:50:00,239
Speaker 4: It's a bit of a mess if you think it,

1083
00:50:00,280 --> 00:50:02,840
Speaker 4: but I've kind of sat down and just had everything

1084
00:50:02,920 --> 00:50:04,960
Speaker 4: automatically set up, so I can kind of just sit

1085
00:50:05,040 --> 00:50:06,160
Speaker 4: back and let it do its thing.

1086
00:50:06,440 --> 00:50:09,920
Speaker 1: What are her investment plans? What are her attitudes towards investing.

1087
00:50:10,320 --> 00:50:13,360
Speaker 4: I don't currently invest, but we have been Me and

1088
00:50:13,480 --> 00:50:15,839
Speaker 4: my boyfriend have been talking about it. Someday we might

1089
00:50:15,960 --> 00:50:18,400
Speaker 4: look into doing it together. It was kind of funny

1090
00:50:18,400 --> 00:50:21,279
Speaker 4: because this week we're actually talking about micro investing. Because

1091
00:50:21,320 --> 00:50:23,400
Speaker 4: I'm telling him all about the podcast, I'm like, you

1092
00:50:23,480 --> 00:50:25,920
Speaker 4: need to listen. It's like for everybody. I was like,

1093
00:50:26,160 --> 00:50:29,120
Speaker 4: they talk about investing, and he's like, oh cool. And

1094
00:50:29,200 --> 00:50:32,280
Speaker 4: then literally the next day, micro Investing was the episode,

1095
00:50:32,280 --> 00:50:34,640
Speaker 4: and I was like, I'm telling you, yeah, So I

1096
00:50:34,719 --> 00:50:37,360
Speaker 4: think eventually we'll look into doing that together.

1097
00:50:37,600 --> 00:50:38,760
Speaker 1: Does she have any debts?

1098
00:50:39,200 --> 00:50:42,400
Speaker 4: I don't currently have any personal loans for any banks

1099
00:50:42,600 --> 00:50:45,799
Speaker 4: or credit cards. With my car, I was a little

1100
00:50:45,840 --> 00:50:48,600
Speaker 4: bit under what I was required to pay, but I

1101
00:50:48,600 --> 00:50:51,200
Speaker 4: actually had a family member offered to loan me some

1102
00:50:51,360 --> 00:50:53,719
Speaker 4: money for that amount, so I'm actually just paying back

1103
00:50:53,920 --> 00:50:57,200
Speaker 4: them the money because that kind of meant I didn't

1104
00:50:57,360 --> 00:51:01,200
Speaker 4: have to worry about like account keeping fee penalties at

1105
00:51:01,239 --> 00:51:03,239
Speaker 4: those kind of things. But I have the goal to

1106
00:51:03,280 --> 00:51:05,040
Speaker 4: pay that off in about twelve months.

1107
00:51:05,280 --> 00:51:06,640
Speaker 1: What is her best money habit?

1108
00:51:06,800 --> 00:51:09,840
Speaker 4: I guess my best money habit would be being aware

1109
00:51:09,920 --> 00:51:12,680
Speaker 4: of where my money is and where it's going. So

1110
00:51:13,080 --> 00:51:15,920
Speaker 4: I kind of I have like this big spreadsheet I created,

1111
00:51:16,040 --> 00:51:18,720
Speaker 4: and I know exactly what amount goes into which account

1112
00:51:18,760 --> 00:51:21,920
Speaker 4: every fortnight. A couple months ago, I probably had no

1113
00:51:22,080 --> 00:51:25,440
Speaker 4: good money habits, but I really sat down and fine

1114
00:51:25,520 --> 00:51:28,719
Speaker 4: tuned and like sacrificed and worked really hard to kind

1115
00:51:28,760 --> 00:51:31,640
Speaker 4: of get better and make myself more knowledgeable, so I

1116
00:51:31,719 --> 00:51:33,000
Speaker 4: knew what was happening.

1117
00:51:32,680 --> 00:51:33,279
Speaker 2: With my money.

1118
00:51:33,560 --> 00:51:35,319
Speaker 1: What's her worst money habit in.

1119
00:51:35,360 --> 00:51:38,680
Speaker 4: The past, It probably was trying to avoid looking at

1120
00:51:38,719 --> 00:51:40,960
Speaker 4: my money my bank account, Like I used to not

1121
00:51:41,040 --> 00:51:43,840
Speaker 4: even be aware when things were leaving my account. I

1122
00:51:43,920 --> 00:51:47,719
Speaker 4: guess that's changed. But my probably worst money habit now

1123
00:51:47,840 --> 00:51:49,960
Speaker 4: is I find I get a bit of anxiety actually

1124
00:51:50,640 --> 00:51:53,360
Speaker 4: spending money now that I'm in such a habit of saving,

1125
00:51:53,560 --> 00:51:55,120
Speaker 4: I kind of get to a point where I'm like,

1126
00:51:55,719 --> 00:51:58,120
Speaker 4: I do have this money to spend, like I've put

1127
00:51:58,200 --> 00:52:01,320
Speaker 4: it aside. It's there, but I've almost feel guilty spending it,

1128
00:52:01,960 --> 00:52:03,840
Speaker 4: and so I kind of have to work through, like no,

1129
00:52:04,200 --> 00:52:06,480
Speaker 4: like you can treat yourself, you can do this. I

1130
00:52:06,600 --> 00:52:10,080
Speaker 4: do like a good hot chocolate, So that's probably where

1131
00:52:10,160 --> 00:52:13,160
Speaker 4: my money goes to that I don't worry too much.

1132
00:52:13,239 --> 00:52:14,240
Speaker 4: But everything else I'm.

1133
00:52:14,120 --> 00:52:15,440
Speaker 2: Like, oh, I don't need to spend that.

1134
00:52:16,280 --> 00:52:18,080
Speaker 1: What is her big money goal?

1135
00:52:18,520 --> 00:52:21,480
Speaker 4: My biggest goal would be to firstly pay back this

1136
00:52:21,640 --> 00:52:24,279
Speaker 4: money to my family that they've loaned me, which I'm

1137
00:52:24,320 --> 00:52:26,600
Speaker 4: super grateful for, Like that's put me into a really

1138
00:52:26,640 --> 00:52:30,800
Speaker 4: good position moving forward. I guess growing my savings accounts

1139
00:52:30,840 --> 00:52:33,360
Speaker 4: some more to like a decent buffer amount that I

1140
00:52:33,400 --> 00:52:36,239
Speaker 4: could lean on if I need to. Biggest goal would

1141
00:52:36,239 --> 00:52:39,960
Speaker 4: be like someday my partner he's got a house that

1142
00:52:40,080 --> 00:52:42,239
Speaker 4: he's paying off, and I guess someday the big goal

1143
00:52:42,280 --> 00:52:45,000
Speaker 4: would be that we would get married and pay it

1144
00:52:45,080 --> 00:52:48,080
Speaker 4: off together kind of thing. Yeah, so that would be

1145
00:52:48,200 --> 00:52:50,520
Speaker 4: probably the biggest goal. Maybe get into property a bit

1146
00:52:50,600 --> 00:52:51,120
Speaker 4: more together.

1147
00:52:51,440 --> 00:52:54,239
Speaker 1: And what grade would our twenty four year old money

1148
00:52:54,320 --> 00:52:55,840
Speaker 1: makeover give herself?

1149
00:52:56,320 --> 00:53:00,200
Speaker 4: I would have said for beginning of the year, probably D,

1150
00:53:01,719 --> 00:53:04,200
Speaker 4: maybe a little bit higher because it was not good.

1151
00:53:04,560 --> 00:53:07,400
Speaker 4: But now I want to say that I'm probably a

1152
00:53:07,520 --> 00:53:08,680
Speaker 4: B plus maybe an.

1153
00:53:08,640 --> 00:53:11,960
Speaker 1: A arati Victoria divine, what did you make of our

1154
00:53:12,080 --> 00:53:14,000
Speaker 1: twenty four year old money? Makeover.

1155
00:53:14,440 --> 00:53:17,280
Speaker 3: I want to be her friend. She sounded so kind

1156
00:53:17,680 --> 00:53:20,600
Speaker 3: and like she's a disability support worker that takes such

1157
00:53:20,640 --> 00:53:23,400
Speaker 3: a special person to do that job, and doing it

1158
00:53:23,800 --> 00:53:27,560
Speaker 3: for two different organizations. I just feel like these people

1159
00:53:27,680 --> 00:53:30,160
Speaker 3: need to be paid more, Like there's just such a

1160
00:53:30,280 --> 00:53:32,359
Speaker 3: lapse in what they get. Like Please don't get me wrong,

1161
00:53:32,400 --> 00:53:34,360
Speaker 3: this is not what this segment is about. But you

1162
00:53:34,440 --> 00:53:37,640
Speaker 3: can just tell when people work in these industries start talking,

1163
00:53:37,760 --> 00:53:40,400
Speaker 3: who just tell their like glowy, really nice humans that

1164
00:53:40,520 --> 00:53:42,200
Speaker 3: I want to be a part of. So No, I

1165
00:53:42,320 --> 00:53:44,839
Speaker 3: really liked it, and I really liked that she's kind

1166
00:53:44,840 --> 00:53:48,080
Speaker 3: of like done an entire financial makeover. There's nothing sexier

1167
00:53:48,120 --> 00:53:50,719
Speaker 3: than that, let's be honest, having gone from being in

1168
00:53:50,920 --> 00:53:53,440
Speaker 3: debt to like being in a situation where she feels

1169
00:53:53,440 --> 00:53:56,120
Speaker 3: empowered by her finances even though she's not completely out

1170
00:53:56,160 --> 00:53:59,080
Speaker 3: of debt yet. That's amazing and I'm really really proud

1171
00:53:59,160 --> 00:54:01,279
Speaker 3: of her. And I just I think that that's yeah,

1172
00:54:01,440 --> 00:54:04,200
Speaker 3: just so special and so nice, and I just I.

1173
00:54:04,280 --> 00:54:06,160
Speaker 2: Really like it. What did you think, Georgia, Well, I

1174
00:54:06,239 --> 00:54:06,799
Speaker 2: had a couple of.

1175
00:54:06,880 --> 00:54:08,920
Speaker 1: Questions for you, but I agree with you, Like, I

1176
00:54:09,040 --> 00:54:12,440
Speaker 1: definitely think people in those industries should be paid more

1177
00:54:12,560 --> 00:54:15,440
Speaker 1: and that she clearly has an amazing energy. It was

1178
00:54:15,520 --> 00:54:18,400
Speaker 1: lovely to listen to. But my questions for you. So

1179
00:54:18,520 --> 00:54:21,320
Speaker 1: she mentioned that she has three separate bank accounts. It

1180
00:54:21,400 --> 00:54:24,399
Speaker 1: was up Westpact and west Pact west Pac and one

1181
00:54:24,440 --> 00:54:25,560
Speaker 1: other one didn't catch it.

1182
00:54:26,200 --> 00:54:28,560
Speaker 3: Is that a good idea if that's how she wants

1183
00:54:28,640 --> 00:54:31,040
Speaker 3: to manage her money, and it makes sense, I think

1184
00:54:31,080 --> 00:54:34,120
Speaker 3: it is a good idea. Some people actually need to

1185
00:54:34,239 --> 00:54:36,799
Speaker 3: have their money in different banks to make it hard

1186
00:54:36,880 --> 00:54:39,920
Speaker 3: to access it. So that if you have your up

1187
00:54:40,040 --> 00:54:43,319
Speaker 3: bank card that you are tapping every day, having maybe

1188
00:54:43,400 --> 00:54:47,279
Speaker 3: your savings that you are consistently dipping into in a

1189
00:54:47,360 --> 00:54:49,800
Speaker 3: different bank might be, you know, kind of another hurdle

1190
00:54:49,840 --> 00:54:52,320
Speaker 3: for you to jump. That makes sense in saying that,

1191
00:54:53,239 --> 00:54:56,320
Speaker 3: Ryan John and I did give her the online course

1192
00:54:56,400 --> 00:54:58,279
Speaker 3: that we have done so that she can do that

1193
00:54:58,680 --> 00:55:01,360
Speaker 3: because we felt like maybe it was an assistant that

1194
00:55:01,520 --> 00:55:04,600
Speaker 3: was working as seamlessly as it could, and we spoke

1195
00:55:04,640 --> 00:55:07,400
Speaker 3: about cash flow and just made sure she understood how

1196
00:55:07,520 --> 00:55:09,520
Speaker 3: all that worked so that essentially she can make her

1197
00:55:09,560 --> 00:55:12,080
Speaker 3: cash flow work for her. So there were some tweaks

1198
00:55:12,120 --> 00:55:14,200
Speaker 3: that she could do, so for me, it would be

1199
00:55:14,280 --> 00:55:17,200
Speaker 3: about making sure that she understood her weekly spend so

1200
00:55:17,320 --> 00:55:19,879
Speaker 3: on discretionary things like you know, is she going out,

1201
00:55:20,080 --> 00:55:22,680
Speaker 3: you know, grabbing coffees, Like what does that add up

1202
00:55:22,719 --> 00:55:26,080
Speaker 3: to in comparison to like debt repayments? And is she

1203
00:55:26,200 --> 00:55:29,040
Speaker 3: making every single dollar that comes into her account work

1204
00:55:29,160 --> 00:55:31,759
Speaker 3: for her? So for me, that was what I guess

1205
00:55:31,800 --> 00:55:34,080
Speaker 3: the next steps for her were going to be. And

1206
00:55:34,200 --> 00:55:36,040
Speaker 3: I think that the budgeting and cash flow tool that

1207
00:55:36,120 --> 00:55:38,360
Speaker 3: we have is actually going to be really powerful for

1208
00:55:38,480 --> 00:55:42,120
Speaker 3: her once she does the course. Obviously, but in saying that,

1209
00:55:42,320 --> 00:55:44,759
Speaker 3: I just feel like her tenacity and you know, how

1210
00:55:44,800 --> 00:55:48,560
Speaker 3: committed she is to making her life financially powerful. Like

1211
00:55:48,719 --> 00:55:50,680
Speaker 3: I loved it, and I just felt like she's got

1212
00:55:50,680 --> 00:55:52,360
Speaker 3: a lot to bring to the table and I cannot

1213
00:55:52,400 --> 00:55:53,920
Speaker 3: wait to see what she does in the next five

1214
00:55:54,000 --> 00:55:54,480
Speaker 3: or ten years.

1215
00:55:54,560 --> 00:55:56,839
Speaker 1: One hundred percent. Was there anything you wanted to add

1216
00:55:57,000 --> 00:56:00,719
Speaker 1: about well, she mentioned that her worst is feeling anxiety

1217
00:56:00,800 --> 00:56:03,439
Speaker 1: about spending now that she's a bit of a savings queen.

1218
00:56:03,560 --> 00:56:06,200
Speaker 1: Was there any message that you wanted to share there

1219
00:56:06,280 --> 00:56:07,600
Speaker 1: or any advice words of wisdom?

1220
00:56:07,719 --> 00:56:09,600
Speaker 3: Yeah, And I think that that's actually a really important

1221
00:56:09,600 --> 00:56:12,160
Speaker 3: thing that you've picked up, because that was why we

1222
00:56:12,320 --> 00:56:15,120
Speaker 3: recommended the online course, and I know that that sounds

1223
00:56:15,160 --> 00:56:17,680
Speaker 3: really promotional, but at the end of the day, sometimes

1224
00:56:17,760 --> 00:56:20,520
Speaker 3: we just go too hard, like it's all or nothing

1225
00:56:20,600 --> 00:56:22,759
Speaker 3: with a lot of us, like we're either spenders or

1226
00:56:22,800 --> 00:56:25,400
Speaker 3: we're savers. We can't seem to find the happy medium.

1227
00:56:25,800 --> 00:56:27,680
Speaker 3: And I think she needed to give herself a bit

1228
00:56:27,760 --> 00:56:29,920
Speaker 3: of her mission to go all right, you know what

1229
00:56:30,680 --> 00:56:32,319
Speaker 3: at the end of the day, like debt is debt,

1230
00:56:32,400 --> 00:56:34,960
Speaker 3: draw a line in the sand, don't judge yourself for it.

1231
00:56:35,239 --> 00:56:37,520
Speaker 3: I'm getting out of it. But that doesn't mean that

1232
00:56:37,600 --> 00:56:40,640
Speaker 3: you have to sacrifice everything in your life, Like I'm

1233
00:56:40,680 --> 00:56:43,040
Speaker 3: a very big believer in you know, you don't have

1234
00:56:43,200 --> 00:56:45,719
Speaker 3: to completely sacrifice everything to get out of debt, Like

1235
00:56:45,840 --> 00:56:48,840
Speaker 3: sometimes you do have to sacrifice her fair bit. But

1236
00:56:48,920 --> 00:56:50,759
Speaker 3: at the end of the day, I think she needs

1237
00:56:50,800 --> 00:56:53,520
Speaker 3: to have a little bit more leeway when it comes

1238
00:56:53,600 --> 00:56:56,400
Speaker 3: to spending, because we don't want money to be something

1239
00:56:56,480 --> 00:56:58,759
Speaker 3: that invokes anxiety. Like at the end of the day,

1240
00:56:58,880 --> 00:57:01,240
Speaker 3: money is a tool that we use to live our lives.

1241
00:57:01,320 --> 00:57:01,680
Speaker 5: That is it.

1242
00:57:01,880 --> 00:57:03,600
Speaker 3: We should just see it as the tool that it

1243
00:57:03,800 --> 00:57:06,560
Speaker 3: is and deal with it effectively. If it means that

1244
00:57:06,640 --> 00:57:09,520
Speaker 3: we allocate some of that tool towards our self care

1245
00:57:09,680 --> 00:57:11,280
Speaker 3: and ourselves.

1246
00:57:10,760 --> 00:57:11,320
Speaker 2: To be happy.

1247
00:57:11,520 --> 00:57:14,319
Speaker 3: Like, I'm here for that, And I just think that sometimes,

1248
00:57:14,680 --> 00:57:17,800
Speaker 3: especially around debt, we just feel too nervy to do

1249
00:57:17,960 --> 00:57:20,440
Speaker 3: that or give ourselves a permission to do so. This

1250
00:57:20,680 --> 00:57:23,840
Speaker 3: is your little reminder if you're listening, that you need

1251
00:57:23,920 --> 00:57:26,720
Speaker 3: to give yourself permission to look after yourself and that

1252
00:57:26,880 --> 00:57:29,640
Speaker 3: is often just as important as getting rid of the debt.

1253
00:57:29,680 --> 00:57:31,880
Speaker 3: If it means a couple more months being in debt,

1254
00:57:32,000 --> 00:57:35,000
Speaker 3: but those months are really happy months. Probably not the

1255
00:57:35,160 --> 00:57:38,240
Speaker 3: best best financial advice you've ever gotten, but I promise

1256
00:57:38,480 --> 00:57:41,160
Speaker 3: for your mental health and wellbeing, it will absolutely be

1257
00:57:41,320 --> 00:57:41,600
Speaker 3: worth it.

1258
00:57:41,840 --> 00:57:44,880
Speaker 1: Yeah, enjoy those hot chocolates as well, all right, one

1259
00:57:44,960 --> 00:57:45,640
Speaker 1: hundred percent?

1260
00:57:45,840 --> 00:57:47,400
Speaker 2: How good's a hot shoky Georgia?

1261
00:57:47,480 --> 00:57:49,840
Speaker 1: Kiy, have you had a hot shocky with oat milk? Reckon?

1262
00:57:49,920 --> 00:57:52,280
Speaker 2: That be gorge? I think we need to try that.

1263
00:57:52,640 --> 00:57:56,000
Speaker 3: Yeah, let's look into it, all right, A mocker oat

1264
00:57:56,080 --> 00:57:58,000
Speaker 3: milk I've tried. This is the end of the episode,

1265
00:57:58,040 --> 00:57:59,920
Speaker 3: and I knew you'd weise a oat milk somewhere.

1266
00:58:00,000 --> 00:58:03,760
Speaker 2: I just know it true. Just before the end of

1267
00:58:03,840 --> 00:58:05,040
Speaker 2: the show, oat milk.

1268
00:58:04,800 --> 00:58:07,400
Speaker 3: Aside, just before we head off, we'd really like to

1269
00:58:07,440 --> 00:58:10,760
Speaker 3: acknowledge and pay respects to Australia's Aboriginal and torrest Right

1270
00:58:10,800 --> 00:58:14,480
Speaker 3: Islander people's, the traditional custodians of the lands, the waterways

1271
00:58:14,560 --> 00:58:17,520
Speaker 3: and the skies across Australia. We thank you for sharing

1272
00:58:17,640 --> 00:58:19,680
Speaker 3: and caring for the land on which we are able

1273
00:58:19,760 --> 00:58:22,680
Speaker 3: to learn. We pay our respects to elders past and present,

1274
00:58:22,760 --> 00:58:24,600
Speaker 3: and share our friendship and our kindness.

1275
00:58:25,120 --> 00:58:28,360
Speaker 1: Now it's time for the old, boring but important stuff.

1276
00:58:28,800 --> 00:58:30,960
Speaker 1: The advice shed on ses on the money is general

1277
00:58:31,000 --> 00:58:34,480
Speaker 1: in nature and does not consider your individual circumstances. She

1278
00:58:34,640 --> 00:58:37,600
Speaker 1: is on the money exists purely for educational purposes and

1279
00:58:37,680 --> 00:58:40,040
Speaker 1: should not be relied upon to make an investment or

1280
00:58:40,160 --> 00:58:44,440
Speaker 1: financial decision. And relax, Max we promise. Victoria Divine is

1281
00:58:44,480 --> 00:58:48,920
Speaker 1: an authorized representative of Australia Pacific Funds Management Propriety Limited

1282
00:58:49,360 --> 00:58:51,840
Speaker 1: ABN three four one three two four six three two

1283
00:58:51,920 --> 00:58:54,800
Speaker 1: five seven AFOSL three three nine one five one. I

1284
00:58:54,840 --> 00:58:57,200
Speaker 1: love how my voice like faulted halfway through that. It's

1285
00:58:57,240 --> 00:59:02,360
Speaker 1: beautiful as always, big old thank you to ours, Ryan John,

1286
00:59:02,400 --> 00:59:05,920
Speaker 1: who I nearly called rusidiser, But cut is lit, so

1287
00:59:06,040 --> 00:59:06,800
Speaker 1: we'll cut that out.

1288
00:59:07,000 --> 00:59:09,040
Speaker 2: Don't cut it out. Don't cut it out. If people

1289
00:59:09,120 --> 00:59:11,200
Speaker 2: have made it this far into their pod, they deserve

1290
00:59:11,280 --> 00:59:13,680
Speaker 2: this type. That's very true.

1291
00:59:13,720 --> 00:59:15,200
Speaker 1: The point is thanksful And if.

1292
00:59:15,120 --> 00:59:18,160
Speaker 3: You still haven't joined our Facebook group, what are you

1293
00:59:18,400 --> 00:59:21,560
Speaker 3: actually doing with your life? Our community shares money tips

1294
00:59:21,640 --> 00:59:24,800
Speaker 3: and tricks every single day, free of judgment. So she's

1295
00:59:24,880 --> 00:59:27,280
Speaker 3: on the money on Facebook and join us. If Facebook's

1296
00:59:27,320 --> 00:59:28,720
Speaker 3: not your thing, or you just want to hang out

1297
00:59:28,760 --> 00:59:30,520
Speaker 3: with us on the Gram, you can find us and

1298
00:59:30,680 --> 00:59:33,440
Speaker 3: she's on the money aus And to subtly plug it,

1299
00:59:33,760 --> 00:59:36,360
Speaker 3: not so subtly, I'm now on TikTok as well at

1300
00:59:36,480 --> 00:59:38,280
Speaker 3: Victoria Underscore Devine.

1301
00:59:38,680 --> 00:59:41,000
Speaker 2: Join me for my six sick money tips.

1302
00:59:41,320 --> 00:59:44,120
Speaker 1: She's gone full influencer. Guys, I think we'll see you

1303
00:59:44,200 --> 00:59:44,600
Speaker 1: next week.

1304
00:59:44,760 --> 00:59:45,480
Speaker 2: Bye, friends,