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Speaker 1: She's on the Money. She's on the Money.

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

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Speaker 3: Podcast for millennials who want financial freedom. My name is

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Speaker 3: Tony Lodge, and joining me for another shotback Money Diary

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Speaker 3: is Victoria Devine, Financial Advisor to the Stars.

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Speaker 4: Winky Dink, Hey, my clients are all stars. Oh beautiful,

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Speaker 4: you're welcome.

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Speaker 3: Well our money Diary, Tony, Yeah, okay, great, cal instead

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Speaker 3: of me rattling off your use of qualifications which can

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Speaker 3: take an amount of time, and.

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Speaker 4: Also my clients, which would be a gross misuse of IP.

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Speaker 4: But let's jump straight in, Tony, can you read this

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Speaker 4: week's money arrests email out?

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Speaker 3: Hi, She's on the Money team. I grew up with

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Speaker 3: no financial literacy. Credit cards and loans were encouraged to

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Speaker 3: get what I want. I made poor financial decisions throughout

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Speaker 3: my early twenties, rapped up constant debt, credit cards, loans

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Speaker 3: overpayment from Scentlink even my parents told me to consider

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Speaker 3: it an interest free loan, and was terrible at paying

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Speaker 3: things off to avoid interest. My priorities were partying, new

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Speaker 3: clothes and travel, despite spending more money than I made Q,

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Speaker 3: meeting my partner, reading a basic finance book and then

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Speaker 3: finding this pod.

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Speaker 4: Yay.

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Speaker 3: I now have zero consumer debt. We're in the process

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Speaker 3: of finalizing our first home build with a twenty percent deposit.

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Speaker 3: I do not own a credit card and now dabbling

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Speaker 3: into investing. I still make bad money choices often, and

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Speaker 3: I am very impulsive with spending sometimes. I'm especially proud

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Speaker 3: of the fact that I'm now teaching my husband about

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Speaker 3: the basics of investing and how we can set up

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Speaker 3: our financial future. Thank you, she's on the money team.

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Speaker 3: You have really made such a difference in my life.

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Speaker 4: Oh my gosh, I love this Money Diary.

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Speaker 2: Or Worry Sweet.

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Speaker 5: What a wholesome story.

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Speaker 4: I love that, and I think it's so relatable as well,

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Speaker 4: because so many people would have gone through this and

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Speaker 4: the last few years kind of like picked up books

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Speaker 4: or podcasts or started to become financially literate.

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Speaker 5: And I love it.

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Speaker 3: Well, we've got our Money Diarist on the line, of course,

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Speaker 3: to share her side of the story, even though we've

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Speaker 3: kind of just heard it.

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Speaker 4: But the long version, Yeah, the long version, and we

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Speaker 4: get to ask her all the perfect questions, Tony. So

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Speaker 4: let's jump straight into it, Money Diarist. I am so

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Speaker 4: excited that you are here. But first question is what

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Speaker 4: is your attitude towards money?

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Speaker 6: I would say my attitude towards money is constantly evolving.

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Speaker 6: Up until three years ago, it was terrible. I didn't

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Speaker 6: have a clue and I didn't really.

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Speaker 7: Care about money.

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Speaker 6: But now I would say it is good ish. I

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Speaker 6: am much more aware of what's important around money, but

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Speaker 6: a lot more I need to implement to say that

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Speaker 6: I'm satisfied with how I am with money.

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Speaker 7: That makes sense, Yes.

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Speaker 5: It totally makes sense.

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Speaker 4: Now what do you do for work and how much money.

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Speaker 5: Do you earn?

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Speaker 6: So I am a pediatric ICU nurse, but I work

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Speaker 6: for another special niche within that. My base pay is

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Speaker 6: eighty six thousand per annum, but last financial year I

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Speaker 6: made one hundred and two thousand with penalties and overtime.

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Speaker 2: Wow get it.

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Speaker 6: And then I also had a bit of a creative

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Speaker 6: side hustle on top of that, and I earned about

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Speaker 6: twelve thousand dollars with that last year.

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Speaker 5: Oh my god, come on, give us the goss. What

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Speaker 5: is this creative side?

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Speaker 6: So I got into photography, which I absolutely adore, but doesn't.

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Speaker 7: Really merge well with my current job. So at a

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Speaker 7: family newborn photography.

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Speaker 5: Oh how sweet?

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Speaker 7: Is add a nice balance to what I do day

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Speaker 7: to day and just like.

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Speaker 2: Scratch that creative itach as well.

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Speaker 7: Yeah, yeah, exactly, Yeah, I love it.

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Speaker 2: And what's the niche in your nursing career?

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Speaker 6: So I transport sick children around the state.

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Speaker 7: So our job is.

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Speaker 6: To go go wherever in the state is required to

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Speaker 6: collect sick children, save, wize them, and take them to

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Speaker 6: the children's hospital.

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Speaker 7: Oh that's yeah, Yeah, it's awesome. I love it. It's stressful,

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Speaker 7: but so.

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Speaker 5: F be Oh my gosh, how fun all.

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Speaker 4: I have so many questions, but this isn't like open

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Speaker 4: question time. So next question is what is currently your

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Speaker 4: big money goal?

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Speaker 7: My big bunny goal. Let's shared goal with my husband.

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Speaker 6: I suppose we are building a house, so we've put

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Speaker 6: deposit on a land outside of the city.

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Speaker 7: So our current.

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Speaker 6: Goal is is that which we have our full deposit for,

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Speaker 6: but just kind of saving little bits.

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Speaker 5: To check you.

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Speaker 7: Nicer, but investing beyond that.

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Speaker 6: We want to invest and set up our financial future

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Speaker 6: and make our money work for us.

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Speaker 5: That's my next big thing.

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Speaker 7: Yeah.

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Speaker 5: I love that so much.

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Speaker 4: So do you currently have any debts?

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Speaker 6: I have about four thousand dollars owing on my hex,

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Speaker 6: which will be gone once I process my current tax

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Speaker 6: with it. But other than that, no, no debts at all.

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Speaker 5: How exciting.

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Speaker 3: Only four thousand dollars left on your hex. I imagine

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Speaker 3: it would have been a lot more than that being

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Speaker 3: a nurse.

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Speaker 7: Yeah, it was.

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Speaker 6: After all of my postgraduate studies. It kind of bumped

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Speaker 6: up quite a bit. But yeah, it's nearly all gone.

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Speaker 6: So that's really exciting.

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Speaker 4: Well, congratulations, so good, How exciting. Next question, do you

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Speaker 4: currently have any investments?

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Speaker 7: Yes, not much so.

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Speaker 6: I currently invest five dollars a day into rays, which

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Speaker 6: thank you Ryan John I coffee coffee, Yeah, so I

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Speaker 6: was spending a lot of money on coffee before, so

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Speaker 6: now I put five dollars a day.

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Speaker 7: Still treat myself every couple of days, but not every day,

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Speaker 7: but I don't hey it does.

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Speaker 6: So I started at the start of June and I

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Speaker 6: have about six hundred dollars in there now, which is crazy.

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Speaker 4: Six hundred dollars since June.

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Speaker 6: Yeah, so I think I put one hundred or one

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Speaker 6: hundred and fifty in initially.

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Speaker 7: And then I told get my startus. Yeah, just to

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Speaker 7: make it, just.

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Speaker 5: To make it feel comfy. Yeh know, we've all been there.

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Speaker 5: I've done that before as well.

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Speaker 4: Like I'm opening this like micro investing platform, but I

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Speaker 4: also don't want to start with just five dollars, like

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Speaker 4: I just.

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Speaker 5: Bump it up a little bit. It's cheeky, but it

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Speaker 5: makes you feel more motivated.

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Speaker 6: It does, and looking at that number definitely helps me.

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Speaker 6: And then I have got another account which has no investments,

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Speaker 6: but I plan to do it very soon.

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Speaker 7: Exciting.

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Speaker 4: How did you decide to make that decision? Like, how

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Speaker 4: did you decide what platform or how you were going

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Speaker 4: to set yourself up.

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Speaker 6: I've been doing a lot of research. I still don't

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Speaker 6: know if I'm making all of the right choices with it,

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Speaker 6: but I've just I've done a lot of reading and

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Speaker 6: understanding what brokerage and what like investing means as a whole,

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Speaker 6: and that's helped. Reading has definitely helped me. But I

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Speaker 6: still don't feel one hundred percent that I'm.

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Speaker 7: Making the right choices all of the time. But I'm

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Speaker 7: getting there.

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Speaker 5: Oh my gosh, we've all been there.

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Speaker 4: But speaking of right choices, next question is do you

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Speaker 4: use shot back when shopping online?

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Speaker 7: I do now, So I've only just opened my account.

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Speaker 6: I actually used the code, but forgot to spend the

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Speaker 6: money before it expie. I oh no, but I've been

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Speaker 6: about twenty dollars in shot back. But I am becoming

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Speaker 6: more conscious of looking at things through there now all right.

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Speaker 4: Next question is what is your best money habit.

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Speaker 6: I think my best money habit has been talking to

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Speaker 6: my husband about money and implement my various bank accounts

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Speaker 6: to divvy up what I need to pay for and

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Speaker 6: what I need to save. But I think the biggest

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Speaker 6: thing is actually been sharing my savings account with my

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Speaker 6: husband because it's making me accountable, which I wasn't very

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Speaker 6: good at doing that myself. So having merged that, I

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Speaker 6: don't just go in there all the time and take

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Speaker 6: little bits out because I'm really.

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Speaker 7: Conscious of you can see.

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Speaker 6: So that's probably my first tabit because I haven't got

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Speaker 6: good self control, So I think sharing has helped.

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Speaker 4: Accountability partners are really important because if you're one of

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Speaker 4: those people that sneaks money out of savings accounts, if

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Speaker 4: you know somebody else can see it, you are much

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Speaker 4: less likely to dip in and dip out, and you're

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Speaker 4: more likely to think about the decision before you make it,

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Speaker 4: which some of us don't need. But if you do

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Speaker 4: and I do, I think it's really helpful.

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Speaker 5: And that doesn't just have to be a partner.

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Speaker 4: It could be like telling Tony like, hey, Tony, I've

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Speaker 4: got X amount in my savings account. Can you check

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Speaker 4: in on me because I think I'm going to dip

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Speaker 4: into it? And Tony can be like, Victoria, what have

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Speaker 4: you done? And I used to do that with my

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Speaker 4: old housemate because I used to be really cheeky with

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Speaker 4: my savings.

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Speaker 5: I mean I was still cheeky, but not as bad,

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Speaker 5: you know. It was just a helpful top two, all right.

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Speaker 4: Speaking of good money habits, there's always the opposite of

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Speaker 4: good money habits, and that is your worst money habits.

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Speaker 4: So what is your worst money habit?

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Speaker 6: Impulsive impulsivity. I am very impulsive with my money. I

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Speaker 6: can spend money at.

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Speaker 7: The job of a hat, particularly on night shift.

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Speaker 6: Yeah, absolutely that because I still, even though I have

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Speaker 6: done so well to save what I have, I still

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Speaker 6: spend recklessly.

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Speaker 7: Nowhere near as much, but I still spend a lot.

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Speaker 3: But it seems like from the brief amount we know

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Speaker 3: about you from your money diary entry, it seems like

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Speaker 3: you've come such a long way in terms of your

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Speaker 3: attitude to money. Given like growing up you were like

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Speaker 3: it was encouraged to put things on a credit card.

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Speaker 2: And if that's all your parents know.

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Speaker 3: That's all then you know, because you don't have anyone

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Speaker 3: else teaching you anything different. So I think that even

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Speaker 3: though you might spend a little bit recklessly, which you

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Speaker 3: think you can kind of rain in a little bit,

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Speaker 3: it seems like you've come so far from the position

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Speaker 3: you could be in. Imagine if you hadn't done anything

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Speaker 3: about how reckless you've been in the past, you wouldn't

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Speaker 3: have saved such a huge deposit for a house, like

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Speaker 3: you and your husband, wouldn't have such a healthy relationship

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Speaker 3: around money together and all of those things. So even

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Speaker 3: though it feels like you always need to do better,

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Speaker 3: you're doing pretty bloody well.

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Speaker 5: I think you're doing so well. And when we get.

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Speaker 4: To the part where I can ask you lots of questions,

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Speaker 4: I want to ask all about that. But Lucky, last

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Speaker 4: question of the set of questions we always ask is

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Speaker 4: what grade would you give yourself if we forced you

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Speaker 4: to give yourself a money grade.

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Speaker 6: I would give myself a bs irade. But there's just

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Speaker 6: I feel there's so much room for growth. There's so

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Speaker 6: much more I can implement that's going to help us later.

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Speaker 6: So I'm pretty comfident in the BNS.

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Speaker 2: Oh.

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Speaker 5: I love that.

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Speaker 4: I think that's really important to be able to see

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Speaker 4: where you're at and see where you're going. Would you

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Speaker 4: have said that you're a B minus three years ago?

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Speaker 7: No, I was a D. I was atrocious. I was

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Speaker 7: not good with money.

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Speaker 4: But we've grown. I love that you know that you've

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Speaker 4: grown as well. And I think that so many times

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Speaker 4: people just don't have the ability to reflect on what

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Speaker 4: they have gone through and where they are now. And

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Speaker 4: I think that's really special, especially to have a laugh

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Speaker 4: about it, be like, oh I was a D but

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Speaker 4: now i'm a B mins and yeah, that's really special.

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Speaker 7: Thank you. Yeah, I'm proud of it.

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Speaker 4: I love it.

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Speaker 2: Oh that's great.

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Speaker 4: I want to ask you all about how you got

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Speaker 4: from a D to a BET, but I'll do that

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Speaker 4: in a minute. All right, money diarist, I have loved

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Speaker 4: listening to your questions.

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Speaker 5: USh.

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Speaker 4: I want to start with how you've done it and

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Speaker 4: how you got to this point. You said a few

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Speaker 4: years ago you weren't so good at money, and then

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Speaker 4: you picked up a book and obviously have fallen into

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Speaker 4: the Shees on the money community, which I'm really grateful for.

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Speaker 5: But what book did you pick up?

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Speaker 4: How did you begin this journey, and what made you

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Speaker 4: want to pick that book up? Because money is something

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Speaker 4: that not many of us actually liked talking about, so

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Speaker 4: taking the first step is really overwhelming, But like, how

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Speaker 4: did you get to that point?

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Speaker 6: So I distinctly remember it was about four months into

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Speaker 6: my new relationship with my now husband, and was sitting

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Speaker 6: out on his balcony having a drink. And I don't

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Speaker 6: know how he got onto the topic of money, but

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Speaker 6: he somehow mentioned that he had a healthy savings and

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Speaker 6: I was like, oh, yeah, that's a drum.

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Speaker 2: I like that.

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Speaker 6: Yeah, And so he never said like a figure, but

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Speaker 6: indicated that it was, you know, a hell around almost

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Speaker 6: six figure is healthy?

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Speaker 4: Nice.

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Speaker 5: That was him trying to lock you down.

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Speaker 7: So I wasn't very honest in that conversation.

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Speaker 6: I just I was just overwhelmed and said, oh, yeah,

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Speaker 6: I have savings too, and I think I had about

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Speaker 6: one thousand dollars which was going towards my next holiday.

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Speaker 6: That's so I it was around the time Barefoot Investor

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Speaker 6: came out, and there was a little discussion happening around that,

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Speaker 6: which I wasn't really interested in until i'd had.

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Speaker 7: That conversation with my husband.

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Speaker 6: So I read that. Well, I didn't read the whole thing.

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Speaker 6: I still haven't, but I read the first couple of

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Speaker 6: chapters about creating various bank accounts and you know, looking

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Speaker 6: into your super and is it working for you, and

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Speaker 6: not having a credit card. So as soon as I

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Speaker 6: had read those two or three chapters, I cut up

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Speaker 6: my credit card and I made a promise to myself

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Speaker 6: that I was going to pay that off first and

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Speaker 6: then dividing my money accordingly. So that's what I did,

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Speaker 6: and I managed to get into a really good place

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Speaker 6: with that.

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Speaker 4: I love that three chapters of The Barefoot Investor. My

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Speaker 4: book can't do it that quickly, Guys.

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Speaker 7: It might have been more. I can't recall.

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Speaker 6: I just remember I read enough to know those things,

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Speaker 6: and then I didn't go beyond it.

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Speaker 4: I don't need to know the rest. Thanks though, Yeah

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Speaker 4: I probably should have.

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Speaker 6: Maybe I would understand what I'm investing, but I didn't

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Speaker 6: feel ready.

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Speaker 7: To learn about investing, so I didn't. I didn't go

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Speaker 7: into that.

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Speaker 3: Yeah, did you find it a bit confronting given your

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Speaker 3: whole life, you know, the things that your parents had

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Speaker 3: taught you were almost the opposite of what you're reading.

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Speaker 2: You're like, hang on, something's amiss here, this isn't what

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Speaker 2: I know.

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Speaker 7: It actually made me feel quite angry.

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Speaker 6: I just I felt like I'd been cheated that whole

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Speaker 6: important well not cheated, but you know, there's there's so

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Speaker 6: much importance around money and what it does for you

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Speaker 6: for your whole life, and I just felt like I

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Speaker 6: didn't learn any of that at home, and I certainly

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Speaker 6: didn't learn any of that at school, which they should. Yeah,

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Speaker 6: I just yeah, I just felt really mad that I

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Speaker 6: just wasn't aware of interest rates. So I remember having

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Speaker 6: a credit card and I'm pretty sure the interest was

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Speaker 6: about fifteen percent or something, and I never paid that

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Speaker 6: oft on time, and I never knew I never thought

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Speaker 6: about the implications of that, which is just it just

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Speaker 6: made me so furious that it had taken me that.

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Speaker 7: Long to get to a point where I understood.

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Speaker 4: Yeah, and it's not uncommon unfortunately, the amount of people

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Speaker 4: that I speak to, I'm like, okay, cool, so you've

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Speaker 4: got a credit card, what's the interest.

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Speaker 5: Rate of that?

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Speaker 4: They're like, oh, I don't know, I've got no idea, And.

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Speaker 5: I'm like, what do you mean?

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Speaker 4: And they're like, oh, like I just got the one

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Speaker 4: that my girlfriend had, or I just got the one

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Speaker 4: that my bank had, Like you know, it's a credit card.

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Speaker 4: You're like, there's a difference, Like there's a massive difference

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Speaker 4: between paying fifteen percent like you had, and some credit

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Speaker 4: cards go all the way up to twenty four percent?

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Speaker 4: Like what and you don't know?

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Speaker 2: Long?

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Speaker 4: Yeah, And it baffles me, But it also makes a

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Speaker 4: lot of sense because if you've never learnt, why would

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Speaker 4: you know.

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Speaker 5: Like a credit cards at all?

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Speaker 4: Like as you get older, we open bank accounts, you

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Speaker 4: get a credit card, right, Like those two things go

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Speaker 4: hand in hand.

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Speaker 5: How old were you.

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Speaker 4: When you got your first credit card?

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Speaker 7: Nineteen?

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Speaker 6: So I'd moved away from home, quite a few hours

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Speaker 6: away from home, and I wasn't earning a great deal,

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Speaker 6: and so I got a credit card because that meant

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Speaker 6: I could still do what I wanted to do, or

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Speaker 6: so I thought, well I did, but then I had

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Speaker 6: the debt and.

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Speaker 4: How did you like, was there a really easy process

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Speaker 4: to apply? And do you remember what the limit on

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Speaker 4: that credit card was?

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Speaker 6: It was only eighteen hundred or two thousand. I never

360
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Speaker 6: went with a high limit, but it was very easy.

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Speaker 6: I got it instantly, which is scary.

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Speaker 4: So slippery slope as well, because you look at it

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Speaker 4: and so many times I meet people and I speak

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Speaker 4: to people who are in debt or who do have

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Speaker 4: a credit card, and they're like, yeh, but it's such

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Speaker 4: a low limit, like it's only two grand. It'd be

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Speaker 4: really easy to pay that back off. But money Diary,

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Speaker 4: I'm assuming when you first moved out of home and away,

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Speaker 4: two thousand dollars out of a monthly paycheck would have

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Speaker 4: been a very significant chunk, right, Like we're not talking,

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Speaker 4: Oh okay, no problems. I'll just pay that off and

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Speaker 4: I still have ninety nine percent of my salary left, right.

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Speaker 6: Yeah, I was only earning about five hundred dollars a

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Speaker 6: week like by attending around you.

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Speaker 4: So that was your entire monthly salary that you were borrowing,

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Speaker 4: which I think is important to put in context as well,

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Speaker 4: because too many times do we say, oh, it's not

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Speaker 4: that high of a limit. You're like, yeah, but that's

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Speaker 4: your entire monthly salary, Like that would require significant sacrifice

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Speaker 4: to pay off all in one month, right, And I

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Speaker 4: would argue that that was impossible for you? Or is that? Yeah?

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Speaker 7: And I never did it.

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Speaker 6: And I also never made it a priority because I

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Speaker 6: didn't think about it.

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Speaker 5: Yeah, yeah, So growing up? What I just have so

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Speaker 5: many questions?

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Speaker 4: I'm sorry, So growing up? Is this something that you

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Speaker 4: saw your parents doing? Is this something that was encouraged,

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Speaker 4: Like do you think that this has been ingrained or

390
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Speaker 4: was it just a lack of knowing and a lack

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Speaker 4: of education or is this something that you just grew

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Speaker 4: up with and knew that debt was easy or yeah,

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Speaker 4: what did.

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Speaker 5: That look like for you?

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Speaker 7: I think it's a combination of the both.

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Speaker 6: I grew up we didn't talk about money really, but

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Speaker 6: I know Mum put everything on a credit card, you know,

398
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Speaker 6: we went shopping for clothes, went grocery shopping, she talked

399
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Speaker 6: about buying things.

400
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Speaker 7: It was like, yeah, I'll just put it on the

401
00:18:28,000 --> 00:18:29,560
Speaker 7: credit card. I'll just put it on the credit card.

402
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Speaker 6: And never really talked about the ramifications of that, so

403
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Speaker 6: I never thought any differently.

404
00:18:36,359 --> 00:18:37,920
Speaker 7: So when I got a credit card, I was like, yeah,

405
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Speaker 7: I'll just put on the credit card.

406
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Speaker 6: I want a new dress and just put it on

407
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Speaker 6: a credit card and yeah, so I kind of learned

408
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Speaker 6: those habits and then developed those habits some more as

409
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Speaker 6: I as I was away from home.

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Speaker 4: Yeah, And I think that that's one of those things

411
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Speaker 4: where we just don't realize how ingrained it.

412
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Speaker 5: Is to just go, yeah, well, that's normal.

413
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Speaker 4: Whereas we might speak to people whose parents had just

414
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Speaker 4: never had a credit card, and they might not have

415
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Speaker 4: even discussed it.

416
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Speaker 5: But they're still scared of them.

417
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Speaker 4: They're like, oh, yeah, but they're kind of like the unknown.

418
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Speaker 4: So you got comfortable with them just purely by exposure,

419
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Speaker 4: not even someone saying that this is good or this

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Speaker 4: is bad. You've just seen them around, so therefore you

421
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Speaker 4: are comfortable with them. My next question goes back you

422
00:19:19,480 --> 00:19:22,240
Speaker 4: said at the time he was I'm assuming your boyfriend.

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Speaker 4: Maybe not your boyfriend yet because it can only be

424
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Speaker 4: in four months, but you're probably telling your girlfriends that

425
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Speaker 4: he was your boyfriend. You started having money conversations about savings,

426
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Speaker 4: and you mentioned in the first part of our chat

427
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Speaker 4: that that kind of made you uncomfortable and maybe you

428
00:19:37,200 --> 00:19:41,080
Speaker 4: weren't super truthful in that conversation. How did you start

429
00:19:41,200 --> 00:19:44,920
Speaker 4: having positive money conversations with your partner because you've gone

430
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Speaker 4: from saying Okay, cool, like I've got this really great relationship.

431
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Speaker 4: I'm open about my savings with my partner. But at

432
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Speaker 4: the beginning, I wasn't how do we all learn from

433
00:19:53,160 --> 00:19:56,800
Speaker 4: you and take those steps from maybe not being super

434
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Speaker 4: truthful about how much savings we have all the way

435
00:19:59,760 --> 00:20:03,680
Speaker 4: through to having that partner be really helpful on our journey.

436
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Speaker 6: I think obviously talking about it in the first instance

437
00:20:08,920 --> 00:20:12,200
Speaker 6: was the catalyst for me. But I think moving in together,

438
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Speaker 6: having some shared expenses, and then as a couple having

439
00:20:16,280 --> 00:20:20,440
Speaker 6: bigger and bigger goals, and I think that started changing

440
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Speaker 6: how I viewed money in our relationship. I'm also quite

441
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Speaker 6: fiercely independent, and I wanted to get a house.

442
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Speaker 7: We wanted to build a house or.

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Speaker 6: Buy a house, and I wanted to contribute a good

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Speaker 6: chunk and be like, yes, I did that, Like I

445
00:20:35,840 --> 00:20:39,119
Speaker 6: made a difference in this, And so I guess that

446
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Speaker 6: stubborn side of me also helped that along. But I

447
00:20:42,960 --> 00:20:46,120
Speaker 6: think it was moving in together, it was having shared accounts,

448
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Speaker 6: it was having the shared goals and then wanting to

449
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Speaker 6: be an equal in that yeah.

450
00:20:52,240 --> 00:20:55,000
Speaker 3: And also kind of having nowhere to hide in that instance,

451
00:20:55,080 --> 00:20:58,280
Speaker 3: kind of being like Okay, we're really committing to each other.

452
00:20:58,320 --> 00:20:59,439
Speaker 2: Now we're moving in together.

453
00:20:59,840 --> 00:21:03,320
Speaker 3: Is safe space when some people don't ever experience that,

454
00:21:03,560 --> 00:21:06,200
Speaker 3: you know, safe space with their partner, to be honest

455
00:21:06,240 --> 00:21:07,960
Speaker 3: about it, which is when you know, debt kind of

456
00:21:08,000 --> 00:21:10,800
Speaker 3: snowballs out of control, which you know we've seen on

457
00:21:10,880 --> 00:21:14,560
Speaker 3: money diaries before. And I think it's just really great

458
00:21:14,640 --> 00:21:19,960
Speaker 3: that instead of feeling confronted by what your now husband

459
00:21:20,119 --> 00:21:21,200
Speaker 3: was saying, you were kind of.

460
00:21:21,160 --> 00:21:23,400
Speaker 2: Like, Okay, this is like the kick in the bottom.

461
00:21:23,080 --> 00:21:25,520
Speaker 3: That I needed to make sure that I am really

462
00:21:25,560 --> 00:21:28,840
Speaker 3: taking control of my money. And even though I don't

463
00:21:28,840 --> 00:21:30,800
Speaker 3: have any prior knowledge, I'm going to I'm going to

464
00:21:30,840 --> 00:21:32,320
Speaker 3: read the first three chapters of this.

465
00:21:32,480 --> 00:21:37,000
Speaker 4: Book, and I think it's a really good example that

466
00:21:37,080 --> 00:21:39,960
Speaker 4: you actually don't need to dive in boots and all.

467
00:21:40,000 --> 00:21:42,520
Speaker 4: You don't need to read every single finance book out there.

468
00:21:42,560 --> 00:21:44,600
Speaker 4: In fact, it only takes the first three chapters of

469
00:21:44,680 --> 00:21:46,080
Speaker 4: The Barefoot investig Guys like.

470
00:21:46,240 --> 00:21:48,760
Speaker 5: You don't ever need to do that much. But it's

471
00:21:48,800 --> 00:21:49,520
Speaker 5: all about.

472
00:21:49,359 --> 00:21:52,199
Speaker 4: Being open to learning and wanting to change. And I

473
00:21:52,200 --> 00:21:54,160
Speaker 4: guess that's what I'm getting out of this, Like you've

474
00:21:54,160 --> 00:21:56,639
Speaker 4: come from a money story that you weren't super proud

475
00:21:56,680 --> 00:21:59,480
Speaker 4: of and you wanted to change and you changed it.

476
00:21:59,600 --> 00:22:02,960
Speaker 4: But I'm sure that maybe, like two years before changing

477
00:22:02,960 --> 00:22:05,920
Speaker 4: your money story, you didn't know you wanted to change it.

478
00:22:05,920 --> 00:22:07,920
Speaker 4: It was just really normal. And I think that we

479
00:22:08,000 --> 00:22:11,120
Speaker 4: all get at some point slapped with a catalyst that goes, oh,

480
00:22:11,640 --> 00:22:14,240
Speaker 4: I want to change and I don't know where to start,

481
00:22:14,280 --> 00:22:16,679
Speaker 4: And hopefully that she's on the money community can be

482
00:22:16,720 --> 00:22:19,680
Speaker 4: a safe place to land and learn about those things.

483
00:22:19,760 --> 00:22:22,439
Speaker 4: I know that we're not all on the same page yet,

484
00:22:22,520 --> 00:22:24,680
Speaker 4: but we're all in the same book, so we'll get

485
00:22:24,680 --> 00:22:27,600
Speaker 4: there at some point. And I'm really really proud that

486
00:22:27,640 --> 00:22:29,959
Speaker 4: you've changed it, and you seem so positive about it,

487
00:22:30,000 --> 00:22:30,720
Speaker 4: and I love it.

488
00:22:30,800 --> 00:22:33,040
Speaker 5: But it's so relatable, and.

489
00:22:32,960 --> 00:22:34,960
Speaker 4: I think that's why I was so excited to hear

490
00:22:35,000 --> 00:22:37,480
Speaker 4: your money Diary. Like when Tony read out the letter,

491
00:22:37,520 --> 00:22:39,400
Speaker 4: I was like, yes, like it's time we had one

492
00:22:39,440 --> 00:22:42,320
Speaker 4: that ninety nine percent of our community can go Yeah,

493
00:22:42,320 --> 00:22:45,119
Speaker 4: that's me because it was me as well. Like I

494
00:22:45,240 --> 00:22:48,320
Speaker 4: remember being in UNI and finishing UNI and getting my

495
00:22:48,359 --> 00:22:50,760
Speaker 4: first grad job, and I remember thinking I was earning

496
00:22:51,119 --> 00:22:55,360
Speaker 4: so much money, like I was making According to Victoria

497
00:22:55,400 --> 00:22:58,800
Speaker 4: Devine at twenty two bank, but in reality, I was

498
00:22:58,880 --> 00:23:01,440
Speaker 4: earning minimum wage and I was in a grad role.

499
00:23:01,800 --> 00:23:04,200
Speaker 4: But I went and got a credit card, and exactly

500
00:23:04,240 --> 00:23:06,520
Speaker 4: the same as you, my first credit cards limit was

501
00:23:06,560 --> 00:23:10,080
Speaker 4: two thousand dollars and it just snowballed from there. And

502
00:23:10,119 --> 00:23:12,399
Speaker 4: then I ended up wanting to do some further study

503
00:23:12,440 --> 00:23:15,400
Speaker 4: and study overseas, and I needed to take personal loan

504
00:23:15,400 --> 00:23:17,800
Speaker 4: out because I definitely didn't have savings to be able

505
00:23:17,800 --> 00:23:20,600
Speaker 4: to afford that. And then came the personal loan, and

506
00:23:20,880 --> 00:23:23,680
Speaker 4: from there it kind of just went from strength to strength.

507
00:23:23,760 --> 00:23:26,399
Speaker 4: And you know, in the same way that I harp

508
00:23:26,440 --> 00:23:30,280
Speaker 4: on about investing being a good thing because of compounding interest.

509
00:23:30,680 --> 00:23:33,119
Speaker 4: If you look at a compound interest to graph and

510
00:23:33,160 --> 00:23:35,440
Speaker 4: how attractive that is, and I've shared a lot of them,

511
00:23:35,520 --> 00:23:38,240
Speaker 4: so it's not hard to find one. Take that flip

512
00:23:38,280 --> 00:23:41,639
Speaker 4: it upside down. That's how debt works. It compounds like

513
00:23:42,000 --> 00:23:45,600
Speaker 4: any interest rate compounds in exactly the same way that

514
00:23:45,720 --> 00:23:48,879
Speaker 4: investments do. But we don't pay attention, and we just

515
00:23:48,920 --> 00:23:50,800
Speaker 4: don't see it that way, and we don't see how

516
00:23:50,840 --> 00:23:53,920
Speaker 4: scary that can be. And the longer you leave it,

517
00:23:53,960 --> 00:23:56,400
Speaker 4: the harder it is to pay off. And I don't

518
00:23:56,440 --> 00:23:59,840
Speaker 4: think that people understand that, and I definitely didn't, which

519
00:23:59,880 --> 00:24:02,720
Speaker 4: is I ended up in such a pickle. But now

520
00:24:02,720 --> 00:24:04,919
Speaker 4: I'm grateful that I'm in the position i'm in and

521
00:24:04,920 --> 00:24:08,120
Speaker 4: I'm obviously not in that money story or mind frame anymore.

522
00:24:08,160 --> 00:24:10,320
Speaker 4: And I do have, I would say, a really good

523
00:24:10,359 --> 00:24:13,359
Speaker 4: money story. I mean, if you ask Tony, maybe I

524
00:24:13,400 --> 00:24:16,600
Speaker 4: am really good at online shopping and all three in

525
00:24:16,680 --> 00:24:20,359
Speaker 4: the oufice. But I'm working on it, and I'm working

526
00:24:20,359 --> 00:24:22,760
Speaker 4: on it with the community, and I'm so so so

527
00:24:22,800 --> 00:24:25,520
Speaker 4: grateful that you're a part of it because you're one

528
00:24:25,560 --> 00:24:29,080
Speaker 4: of those people that is the positive cheerleader for everybody

529
00:24:29,080 --> 00:24:32,160
Speaker 4: else in our community just growing and doing their own

530
00:24:32,200 --> 00:24:34,919
Speaker 4: thing and finding their own way because we all have

531
00:24:35,000 --> 00:24:37,960
Speaker 4: a money story. And I think that's yeah, that's so special.

532
00:24:38,359 --> 00:24:39,040
Speaker 7: It really is.

533
00:24:39,160 --> 00:24:41,680
Speaker 6: And I just hope that this gives somebody that little

534
00:24:41,720 --> 00:24:44,960
Speaker 6: bit of inspiration to start because it was so it

535
00:24:45,000 --> 00:24:45,439
Speaker 6: was so.

536
00:24:45,320 --> 00:24:45,960
Speaker 7: Simple for me.

537
00:24:46,280 --> 00:24:49,600
Speaker 6: I implemented small changes and all of a sudden, look

538
00:24:49,640 --> 00:24:51,240
Speaker 6: at that glow up you know.

539
00:24:51,400 --> 00:24:51,640
Speaker 7: Three.

540
00:24:51,760 --> 00:24:54,560
Speaker 6: Yeah, Yeah, it just blows my mind because it felt

541
00:24:54,640 --> 00:24:55,560
Speaker 6: so slow going.

542
00:24:57,119 --> 00:24:59,720
Speaker 2: I like it, but it does feel really slow going.

543
00:24:59,760 --> 00:25:01,760
Speaker 3: And the same as you guys fell into that credit

544
00:25:01,800 --> 00:25:04,200
Speaker 3: card hoole at like twenty one because I moved out

545
00:25:04,200 --> 00:25:06,360
Speaker 3: of home and I was living with my boyfriend and

546
00:25:06,600 --> 00:25:11,359
Speaker 3: I felt invincible. And you know, it was not very

547
00:25:12,119 --> 00:25:15,200
Speaker 3: long ago that I realized, you know, a thousand dollars

548
00:25:15,280 --> 00:25:17,720
Speaker 3: isn't a lot of money to have, but it's a

549
00:25:17,760 --> 00:25:21,680
Speaker 3: lot of money to owe. Yeah and yeah, but it's

550
00:25:21,720 --> 00:25:23,520
Speaker 3: one of those things you think, oh, one thousand dollars

551
00:25:23,640 --> 00:25:26,160
Speaker 3: is not that much, but it's it turns into a ways.

552
00:25:26,280 --> 00:25:28,359
Speaker 4: I'm going to put that quote on a little inspo

553
00:25:28,480 --> 00:25:30,200
Speaker 4: board and check it on the gram, Tony.

554
00:25:30,280 --> 00:25:30,960
Speaker 5: See how many.

555
00:25:30,880 --> 00:25:31,560
Speaker 2: Please tag me?

556
00:25:32,000 --> 00:25:34,000
Speaker 7: Oh yeah, yeah, that'll make full credit.

557
00:25:34,640 --> 00:25:36,520
Speaker 4: We can put it on our money Diris Fridge. We

558
00:25:36,520 --> 00:25:39,880
Speaker 4: can make stickies with it, we can make like phone backgrounds.

559
00:25:39,960 --> 00:25:43,639
Speaker 3: It's inspirationally made it guysspotional quote.

560
00:25:43,920 --> 00:25:44,639
Speaker 6: I love that.

561
00:25:45,520 --> 00:25:47,440
Speaker 3: I haven't even read the first three chapters of The

562
00:25:47,440 --> 00:25:50,320
Speaker 3: Barefoot Investor and look at her.

563
00:25:50,800 --> 00:25:52,159
Speaker 2: I love it.

564
00:25:52,240 --> 00:25:54,960
Speaker 4: Well, thank you so much, money, direst. I feel like

565
00:25:55,000 --> 00:25:57,959
Speaker 4: this story has been a really positive, happy one that

566
00:25:58,160 --> 00:26:01,440
Speaker 4: we can all learn from but also relate to. Because

567
00:26:01,800 --> 00:26:05,120
Speaker 4: I've been there, You've obviously been there, Tony. She's got

568
00:26:05,119 --> 00:26:08,360
Speaker 4: her quote about the thousand dollars, and I just feel like.

569
00:26:08,359 --> 00:26:10,960
Speaker 5: It's one of those ones where you go, just start.

570
00:26:11,160 --> 00:26:14,159
Speaker 4: Like starting doesn't have to be overwhelming. It doesn't have

571
00:26:14,240 --> 00:26:17,359
Speaker 4: to be doing a course in personal finance. It could

572
00:26:17,359 --> 00:26:19,320
Speaker 4: be just picking up the book and reading the first

573
00:26:19,359 --> 00:26:21,320
Speaker 4: chapter and seeing how you feel about it.

574
00:26:21,400 --> 00:26:24,159
Speaker 5: And yeah, I hope that more people do that.

575
00:26:24,240 --> 00:26:26,600
Speaker 4: I'm sure more people will do that because you've shared

576
00:26:26,600 --> 00:26:27,200
Speaker 4: this with us.

577
00:26:27,240 --> 00:26:29,280
Speaker 5: So thank you so much.

578
00:26:29,720 --> 00:26:31,400
Speaker 7: No, thank you, it's been a pleasure.

579
00:26:31,720 --> 00:26:33,439
Speaker 5: Thank you so much again.

580
00:26:33,840 --> 00:26:36,600
Speaker 4: But as always, just before we head off, we'd like

581
00:26:36,640 --> 00:26:40,560
Speaker 4: to acknowledge and pay respect to Australia's Aboriginal and torust

582
00:26:40,640 --> 00:26:44,600
Speaker 4: Rate islander people's. They're the traditional custodians of the lands,

583
00:26:44,760 --> 00:26:48,400
Speaker 4: the waterways and the skies all across Australia. We thank

584
00:26:48,480 --> 00:26:50,439
Speaker 4: you for sharing and for caring for the land on

585
00:26:50,480 --> 00:26:53,080
Speaker 4: which we are able to learn. We pay our respects

586
00:26:53,080 --> 00:26:55,800
Speaker 4: to elders past and present, and we share our friendship

587
00:26:55,840 --> 00:26:56,879
Speaker 4: and our kindness.

588
00:26:57,400 --> 00:26:59,880
Speaker 3: The advice shared on She's on the Money is generally

589
00:27:00,359 --> 00:27:03,760
Speaker 3: and does not consider your individual circumstances. Shares on the

590
00:27:03,800 --> 00:27:07,080
Speaker 3: Money exists purely for educational purposes and should not be

591
00:27:07,160 --> 00:27:10,200
Speaker 3: relied upon to make an investment or any financial decision,

592
00:27:10,680 --> 00:27:14,160
Speaker 3: and we promise that Victoria Divine is an authorized representative

593
00:27:14,200 --> 00:27:18,320
Speaker 3: of Australia Pacific Funds Management Proprietary Limited ABM three four

594
00:27:18,359 --> 00:27:21,560
Speaker 3: one three two four six three two five seven AFSL

595
00:27:21,640 --> 00:27:23,480
Speaker 3: three three nine one five one.

596
00:27:23,600 --> 00:27:24,960
Speaker 5: See you next week, guys.

597
00:27:25,000 --> 00:27:29,440
Speaker 1: Bye,