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

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

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

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

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

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

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

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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

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Speaker 4: Hello, and welcome to She's on the Money, the podcas

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Speaker 4: for millennials who want financial freedom. I'm back with another

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Speaker 4: episode that has been far too long between recordings. Mister

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Speaker 4: Glenn James from Money, Money, Money or M three joins us. Glenn, Hi,

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Speaker 4: welcome to the show.

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Speaker 2: Thank you so much. It's been a long time.

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Speaker 4: You're one of the only guys I let on the

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Speaker 4: show like you are.

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Speaker 2: Welcome, Thank you, and hello to everyone who's listening. I

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Speaker 2: know that we've got a lot of crossover listeners.

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Speaker 4: We do. I'm so excited for this episode because one

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Speaker 4: you're visiting me down in Melbourne, which is really kind

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Speaker 4: of you. But two you've released another book. I have,

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Speaker 4: what is it called.

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Speaker 2: It's called The Quick Start Guide to Investing.

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Speaker 4: And you're doing that with my friend. Nick Bradley is

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Speaker 4: now my friend who was your friend. We went to

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Speaker 4: America together last year, and he's funny, Like he's like, really.

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Speaker 2: Funny moving to Spain.

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Speaker 4: I know, it's actually insane. He's just picked up his

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Speaker 4: entire family and moved them to Spain. He's not only

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Speaker 4: funny as in not funny because he's moving to Spain,

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Speaker 4: but funny in isolation. So cool life.

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Speaker 2: Story, but it's weird. Like I introduced you to my

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Speaker 2: friend Nick, and then you guys all went out for

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Speaker 2: the football or something one night.

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Speaker 4: Social being more social, you were invited and you're like, no,

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Speaker 4: I don't want to go out. I want to get

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Speaker 4: ice cream and we're like, yeah, no, worries have fun

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Speaker 4: on your own were he had hot dogs, Nick showed

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Speaker 4: us American football. I had so much fun. And I

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Speaker 4: also learned how to transfer money internationally because Nick bought

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Speaker 4: my footy ticket? Do they call it footyo over there?

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Speaker 4: I don't know. Nick bought my football ticket and I

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Speaker 4: had to give him cash back, and it was a conundrum.

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Speaker 4: I see the value in just being able to transfer

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Speaker 4: money between our bank accounts. Glen totally like the American

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Speaker 4: banking system cooked. But that's not what we here today

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Speaker 4: talk about. I'm also not here to really talk about

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Speaker 4: your book either, but you annoyed it. I did anoint it.

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Speaker 4: We're in the book. Could I see my quote and number.

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Speaker 2: For the first page at the top?

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Speaker 4: I like that I'm first page at the top, But

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Speaker 4: like on the back, I didn't get the cover because.

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Speaker 2: I want to be a median. On the back, I

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Speaker 2: wanted a comedian, But like, why.

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Speaker 4: Is a comedian got to endorse an investing book?

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Speaker 2: Well, why does everything have to be so serious all

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Speaker 2: the time.

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Speaker 4: You are so lucky that you're good at investing content,

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Speaker 4: because otherwise I don't know if i'd endorse this. But

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Speaker 4: I'm excited for this because this goes a little bit

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Speaker 4: deeper than my investing book. And what was saying before

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Speaker 4: off air that this probably is a really good Like

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Speaker 4: if you've read Investing with Sheees on the Money and

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Speaker 4: you want to kind of like take it a level

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Speaker 4: up Nick. He's a right nerd, but like speaks in

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Speaker 4: really general terms, so like his content is really easy

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Speaker 4: to follow, and it's really highlighted, so you could just

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Speaker 4: skip all the parts in this book that Glenn wrote

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Speaker 4: and just focus on a niche part. Yeah, and I

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Speaker 4: think that that's a really good way to approach it.

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Speaker 4: But we asked our community Glenn a heap of investing questions,

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Speaker 4: and I was hoping that you would be open to

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Speaker 4: answering a few of them on the show and having

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Speaker 4: a general chat about investing, because even though we're in

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Speaker 4: the middle of the cost of living crisis, I feel

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Speaker 4: like so many people are still really interested in self

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Speaker 4: education and really interested in starting the process, even if

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Speaker 4: it means they're just starting with twenty bucks.

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Speaker 2: Yeah, and that's really good because there's a spectrum of

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Speaker 2: life that we're all on, and someone could be starting

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Speaker 2: out with their career, starting out with their first job,

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Speaker 2: still at school or in university and not having much

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Speaker 2: money and want to invest or. It could be the

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Speaker 2: other end of the spectrum where like you've got more

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Speaker 2: money than God, but a lot of people fit right

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Speaker 2: in this middle part where things are tight, rent might

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Speaker 2: be expensive, the mortgage repayments might be and have been increasing,

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Speaker 2: or we might be trying to get out of consumer debt,

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Speaker 2: but we still want to invest. And one thing I'm

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Speaker 2: a big fan of is yes, putting your toe in

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Speaker 2: the water. And I did a little table in the

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Speaker 2: book where if you earn, say seventy thousand dollars a year,

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Speaker 2: well let's try and make it so we're not going

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Speaker 2: to not invest, but maybe allocate one percent of our investing,

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Speaker 2: so seven hundred dollars a year. Or if you earn

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Speaker 2: a thousand dollars, let's start with one percent. So it

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Speaker 2: just keeps us Even if it's thirty or forty dollars

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Speaker 2: a month, you're still getting out of debt or you're

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Speaker 2: still trying to you know, keep things going along. But

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Speaker 2: it keeps us interested and it keeps.

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Speaker 4: Us engaged, which I think is really important. Like for me,

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Speaker 4: engagement with the process is more important than saving up

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Speaker 4: a really big lump sum to start. I literally just

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Speaker 4: finished recording in episode Glenn about getting back on track

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Speaker 4: with your investing plan this year, because so many of

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Speaker 4: us set out to like invest in January, and then

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Speaker 4: it was February, and then all of a sudden it

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Speaker 4: was July and we're like, oh, we've fallen off the horse,

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Speaker 4: Like maybe next year. But like, investing doesn't have to

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Speaker 4: have a start point that's like so defined. We can

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Speaker 4: actually just start investing today and putting ourselves in the

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Speaker 4: best possible position. And I mean right now, coming into

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Speaker 4: the second half of the year. Like a book called

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Speaker 4: The Quick Start Guide to Investing feels like the book

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Speaker 4: I actually need, Like if I'm not at the start

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Speaker 4: of year and I need some motivation, that's maybe not

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Speaker 4: New Year, New Me vibes, but like, let's just get started. Glenn,

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Speaker 4: you already have a book. Why did you want to

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Speaker 4: write another one?

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Speaker 2: Because I wanted to just get to the point.

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Speaker 4: And why didn't you get to the point in your

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Speaker 4: first book?

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Speaker 2: Because with my first book, Soort Your Money Out, people

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Speaker 2: would always ask me, oh, what do you think about money?

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Speaker 2: Or how should I get out of debt? Or how

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Speaker 2: should I build a budget? Or how should I set

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Speaker 2: up superannuation? Here's my book, He's all my thoughts. But

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Speaker 2: this book it is smaller. So like I had a

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Speaker 2: message from my cousin the other day and she said, Glenn,

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Speaker 2: everyone at works talking about this trade a three thousand platform.

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Speaker 2: What do you think. I'm like, it sounds like rubbish,

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Speaker 2: that sounds like a scam. Yeah right, I said, I'm

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Speaker 2: literally getting the book and I'm giving you a copy

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Speaker 2: because that book is everything I think about investing.

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Speaker 4: That's why I wrote my Investing one, because I think

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Speaker 4: you were the same as me. I was so excited

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Speaker 4: to write a book, and I thought, I'm just going

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Speaker 4: to put everything I know about money in this one

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Speaker 4: and I'll be one and done.

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Speaker 2: That's right.

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Speaker 4: I will never write another book again. The writing process

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Speaker 4: is so challenging, and I know you and I struggle

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Speaker 4: with the same stuff. So we were both like, writing

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Speaker 4: a book challenging as hell. But then obviously the questions

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Speaker 4: come and people want more, and it's exciting to write

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Speaker 4: another book because you can really niche down into a

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Speaker 4: particular topic. So like I was being rude before, but

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Speaker 4: that's maybe because I know you, But also I'm really

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Speaker 4: excited to dive into this. But our community is also

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Speaker 4: really excited to dive into this. I'm going to use

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Speaker 4: this as a little bit of a Q and A session.

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Speaker 4: I'm asking the questions, you're answering them, Glenn, I've got

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Speaker 4: you captive Christa has asked, at what point should you

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Speaker 4: move from micro investing to a big league investing platform.

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Speaker 2: It's a very interesting and common question, and I actually

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Speaker 2: think if the platform or the setup that you've got

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Speaker 2: at the moment is working and the shoe fits, I

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Speaker 2: don't know if you need to graduate. I mean maybe

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Speaker 2: if you were starting to build significant amounts of wealth.

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Speaker 2: I think the question always and it's exactly what I

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Speaker 2: covered in the strategy chapter of the book. The question

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Speaker 2: needs to be more about what's your long term strategy

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Speaker 2: goals and why and what ownership structure do we need

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Speaker 2: to house that investment in. Then we can work on, Okay,

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Speaker 2: what's the best platform, app, brokerage account, Because what you

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Speaker 2: invest in and how you own the investment, whether it's

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Speaker 2: in your own name, whether it's in your superannuation, whether

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Speaker 2: it's in trust if you're a complex investor, whether it's

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Speaker 2: an investment bond, whether it's a joint name account, whether

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Speaker 2: it's in a company, all that stuff, how you own it,

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Speaker 2: what you buy is more important than the actual underlying

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Speaker 2: brokerage account or platform. But I think when the student

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Speaker 2: is ready, the teacher will appear.

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Speaker 4: That's fun.

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Speaker 2: I think it was from like an old movie karate Kid.

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Speaker 4: Maybe karate Kid. Yeah, don't quote me, but I thought

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Speaker 4: you were going to like quote like someone really not

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Speaker 4: eligible candy. Yeah, you're gonna be like that's a Gandhi quote.

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Speaker 4: You're like wow, deep and you're like karate Kids. So

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Speaker 4: I was like, oh, okay.

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Speaker 2: As an example, I think one of my hobbies is

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Speaker 2: technology and.

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Speaker 4: And purchasing useless technology.

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Speaker 5: Is that what you mean?

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Speaker 2: Yes, So I wanted to when I set up my

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Speaker 2: first podcast studio.

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Speaker 4: This man is not lying.

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Speaker 2: I wanted to get all these camera gear, and you know,

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Speaker 2: you buy the first camera and you get to the

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Speaker 2: point where you know it so well. The limitations appear

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Speaker 2: the more that you know and I know nothing, and

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Speaker 2: then it's like, okay, so I'm now upgrading from a

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Speaker 2: maybe a little Sony handheld digital SLR.

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Speaker 4: We're still there yet.

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Speaker 2: I went to black Magic, which is remember that like really.

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Speaker 4: High using those no good about investment.

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Speaker 2: It was good at the time, but too complex for

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Speaker 2: what I needed. So now I'm back to Sony cameras

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Speaker 2: from JB High Fire. And I say that to say,

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Speaker 2: with you're investing, the more that you learn about the platform,

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Speaker 2: what you're investing in. You know, in the book we

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Speaker 2: talk about building your portfolio. Do you want a single

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Speaker 2: share portfolio of ten individual shares? Do you want a

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Speaker 2: DIY three ETF simple portfolio, or do you want to

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Speaker 2: one and done investment in a box ETF portfolio.

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Speaker 4: I feel like I'm on the same page as you

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Speaker 4: about that. But that shouldn't be surprising to anyone who's

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Speaker 4: ever heard us create content together. Yeah, because we're always like, yeah,

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Speaker 4: that sounds about right.

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Speaker 2: Well, my answer to the question is continue to learn

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Speaker 2: about why you're investing, what you're investing in, what your

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Speaker 2: investment strategy is, and then you'll start to see if

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Speaker 2: there are any limitations to your current platform or brokerage account.

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Speaker 2: There is a big discussion out there in personal finance

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Speaker 2: land around chess sponsorship, brokers and custodium what is And

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Speaker 2: I went to town on it in the book, gave

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Speaker 2: my two cents.

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Speaker 4: I know what that two cents is and can you

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Speaker 4: just spoil it for us? How do you feel about

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Speaker 4: chess sponsorship? So I think actually that track for those

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Speaker 4: listening who are like, hold up, hold up, this has

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Speaker 4: gone real deep, real quick. What is chess sponsorship? Glenn.

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Speaker 2: So. Chess is the system at the ASX Australian Securities Exchange,

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Speaker 2: and Chess is the system that electronically tracks purchases and

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Speaker 2: assigns that to a dedicated number quarter HIN identification number. Now,

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Speaker 2: if I opened a brokerage account that was quote unquote

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Speaker 2: CHESS sponsored, it would be under the name of Glenn James.

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Speaker 2: I could then log in purchase shares in I don't know,

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Speaker 2: Woolworth's or whatever, and then on the AX register it

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Speaker 2: would say, you know, one hundred shairs in Woolworth's HIN

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Speaker 2: number Glenn James yep, and then that's track yeah, directly

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Speaker 2: on my personal name. With a whole bit of different

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Speaker 2: investment apps and platforms, they have what we call an

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Speaker 2: omnibus hin, which means, you know, if I created my

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Speaker 2: own investing platform called the Glen James Investing.

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Speaker 4: Platform, moneybus sounds like something I get on in Bali

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Speaker 4: to go to.

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Speaker 2: A club sounds pretty fun.

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Speaker 4: It's not that fun. But sorry, like Bali, I do digress, Yes,

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Speaker 4: I do, like Bali. I've been a few times.

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Speaker 2: Yeah, I'm going in November.

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Speaker 4: Okay, well we'll talk about that later.

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Speaker 2: So if I created a platform and this is where

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Speaker 2: the advantages are with micro investing. I could have all

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Speaker 2: these shareholders use my platform and we have one HIN

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Speaker 2: or one listing with the ASX, and then that HIN

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Speaker 2: is spread all through the different owners. Now that money

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Speaker 2: that we invest on the platform is held in custody

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Speaker 2: or on trust, So if the Glenn James investment platform

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Speaker 2: goes under quote unquote, people's money isn't lost. Now there

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Speaker 2: is this thing in personal finance land and stockbroking land

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Speaker 2: where there is a purest play that you must hold

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Speaker 2: investments on your own hint for absolute security. I push

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Speaker 2: back on that to say, if you're going to have

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Speaker 2: that logic, you need to be careful because everyone or

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Speaker 2: most people's superannuation is effectively in a custodian model. If

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Speaker 2: you buy ETFs, you are not buying the underlying shares,

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Speaker 2: You're buying units in the ETF. The wealth is on

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Speaker 2: custody on the ETF provider's balance.

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Speaker 4: Sheet, and both you and I, Glenn, I think this

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Speaker 4: probably tells people a lot because we obviously can't give

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Speaker 4: advice on well what should I do there? But let

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Speaker 4: you and I both own ETFs and both of us

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Speaker 4: have superanuation funds that operate under a custo to your model,

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Speaker 4: and we are both comfortable with that.

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Speaker 2: I don't have any of my wealth with a Chess

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Speaker 2: sponsored broker, And the main thing is when you strip

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Speaker 2: back and look at your strategy and how you're going

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Speaker 2: to invest. The main thing for me is paperwork and

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Speaker 2: ease of administration. So I have my investments on a

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Speaker 2: platform and that platform has its own hint with the

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Speaker 2: registrar and every year I get consolidated tax report. I

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Speaker 2: don't have to keep records myself. And for me, you know,

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Speaker 2: every time there's a dividends paid, they get paid into

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Speaker 2: the cash account and then they get sucked back up

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Speaker 2: and I have to repurchase ETFs. I don't have to

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Speaker 2: keep any records.

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Speaker 4: And that's worthy of consideration because so many people get

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Speaker 4: caught up in this purest model of going. But that's

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Speaker 4: the right thing to do. But the risk that is

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Speaker 4: being carried in that decision, a whole heap has to

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Speaker 4: happen to the Australian economy before you would be impacted.

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Speaker 4: Like we're talking banks falling down before that's a thing.

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Speaker 4: And I promise you there are bigger fish to fry

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Speaker 4: when it comes to setting up your.

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Speaker 2: Platform and I think my thing and we will move

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Speaker 2: on to the other questions. But you know we've both

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Speaker 2: had paid work with Chasi's they're a platform or on

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Speaker 2: app in Australia and New Zealand. I don't want you

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Speaker 2: to be scared by people online saying you've got to

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Speaker 2: have a chest sponsored broker and you've got to do

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Speaker 2: it this way. Let's celerate people investing on that.

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Speaker 4: I also think it's really important to understand that when

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Speaker 4: it's not chess sponsored, it's more accessible. So accessibility is

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Speaker 4: something that to me is incredibly important in this investing world.

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Speaker 4: And a platform like shares Is enables you to purchase

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Speaker 4: fractions of shares and that is never going to be

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Speaker 4: possible if you want to be completely chess sponsored individually,

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Speaker 4: that's right, Like it's just not going to be an option.

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Speaker 2: And so for example, when we talked about before, if

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Speaker 2: you are cleaning up your mess, if you are building

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Speaker 2: your career, if things are tight and you still want

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Speaker 2: skin in the game, and you've got an income of

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Speaker 2: fifty thousand dollars a year, one percent of year is

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Speaker 2: five hundred dollars, that's forty one dollars a month, that's

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Speaker 2: pretty achieve You can't do that with a brokerage account.

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Speaker 2: You've got to use an appal platform.

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Speaker 4: Yeah, exactly.

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Speaker 2: Now I will say as well, if you have a

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Speaker 2: brokerage account, and because you're a chess purist and you

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Speaker 2: only buy shares that are direct in your name with

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Speaker 2: the ASEX, must be nice. The moment you go onto

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Speaker 2: your brokerage account and buy direct shares in Tesla, Microsoft

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Speaker 2: Apple in the US, you're exiting the chest system. Yeah,

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Speaker 2: so you're going back into custody. Most of the world

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Speaker 2: operates in the custodian model.

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Speaker 4: It's not that common.

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Speaker 2: Yeah, So let's just have a shower and a chill

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Speaker 2: pill cold shower, that is. And don't get scared by

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Speaker 2: other people saying you have to do this. Because one

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Speaker 2: thing I was really proud of, which we'll put a

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Speaker 2: link in the show notes in the back of the book,

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Speaker 2: I've got what we call an investing constitution, and what

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Speaker 2: I challenge people to do is go through your investing constitution.

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Speaker 2: So an example, here, you write down your goal, your why,

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Speaker 2: your time horizon, your asset allocation, the ownership structure, the

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Speaker 2: investing strategy, how you're rebalancing, what you're doing. So when

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Speaker 2: things get tough or when you hear people say, oh,

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Speaker 2: do it this way, we'll do it that way. You

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Speaker 2: Oh no, No, I've got.

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Speaker 4: My formula, I've got my strategy. I have my own plan,

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Speaker 4: thank you.

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Speaker 2: Yes. So a lot of it is turning down the

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Speaker 2: noise and being so clear on your own investing strategy.

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Speaker 4: I think that's really important. All right, let's move on

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Speaker 4: to the next question, because I feel like it does flow.

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Speaker 4: Bell has asked Glenn, how do I pick a platform?

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Speaker 4: There are so many I would say to Bell, how

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Speaker 4: do you pick a car?

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Speaker 2: There are so many I want to know.

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Speaker 4: So, like if I wasn't in an investment land and

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Speaker 4: I didn't have any level of understanding this, how do

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Speaker 4: we understand what's a sham? Like before you were telling

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Speaker 4: me off air that someone had asked you about an

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Speaker 4: investing platform that both you and I immediately we heard

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Speaker 4: the name, well like scam, absolutely steer clear. But how

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Speaker 4: do we get to being able to identify that and

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Speaker 4: then picking a platform that works for us?

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Speaker 2: Yeah? So I think again, I do sound like a

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Speaker 2: broken record, And this is why, Okay, you.

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Speaker 4: Haven't sounded like a broken record in a long time

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Speaker 4: on my podcast, So just bring it back, all right,

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Speaker 4: we're bringing it back the old classics.

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Speaker 2: The whole thing about this philosophy this book is to

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Speaker 2: work out why you're investing, So the why, how long

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Speaker 2: you need to be invested for what you're going to

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Speaker 2: be investing in. Do you want to do direct equities?

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Speaker 2: Do you want to do ETFs? Do you want to

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Speaker 2: do one soop shop? You nail that stuff and then

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Speaker 2: you go, okay, what do I want to invest in?

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Speaker 2: So it could be well, I actually want some American equities,

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Speaker 2: I want some Australian or I just want to invest

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Speaker 2: in Australia. So we work out exactly what we want

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Speaker 2: to invest in. Then once we're clear on what we're

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Speaker 2: investing in. And so if someone's thinking, like you've got

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Speaker 2: older listeners who might be ten years out from age sixty.

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Speaker 2: If someone's like, I just want to build wealth for retirement,

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Speaker 2: well the question is we're probably looking at superannuation for that,

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Speaker 2: So we're not really looking at an app or a platform.

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Speaker 2: So once you get on your strategy and the why

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Speaker 2: and the what, then we can look at the how.

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Speaker 2: A lot of the discussion online and everything you see

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Speaker 2: it always speaks to the how and the execution is

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Speaker 2: always the easiest part. Well, if you're, for example, like

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Speaker 2: I'm really comfortable investing in the top two hundred shares

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Speaker 2: in Australia via an index, you've worked that out, you

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Speaker 2: can go, okay, well what do we look at? You

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Speaker 2: could ask your friends and family, Hey, what investment platform

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Speaker 2: do you use and what do you like about it?

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Speaker 2: Or you could ask people online. But the thing is

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Speaker 2: you've just got to be so careful that when you

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Speaker 2: ask these questions, people's response isn't going to impact your

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Speaker 2: strategy or deter you from what you want to do.

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Speaker 2: But I think any type of you know, if you

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Speaker 2: want to get to the technical things, reputable platforms, they've

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Speaker 2: got to be licensed in Australia. So on their website

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Speaker 2: at the very bottom the front page of every money website,

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Speaker 2: your website, she's on the money. My website, go to

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Speaker 2: the very bottom of the front page, you'll have details

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Speaker 2: of their license. Our websites have details.

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Speaker 4: Of our lifey people check that license.

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Speaker 2: Google reviews, heck, send probably don't, but do it whatever

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Speaker 2: ask us and we'll say our Facebook group people will

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Speaker 2: tell you like, I think it's getting too a trusted community.

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Speaker 2: We can't give personal advice, but for example, as a

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Speaker 2: bit of a sales thing for my audience, I tell.

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Speaker 4: Them I've told people in my community that's a scam,

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Speaker 4: don't do it. Yeah, I'll tell people if i'll I

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Speaker 4: think it's trash.

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Speaker 2: But if it's not trash, we'll say, you can't tell you.

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Speaker 4: No, no, no. If it's trash, I'll be like, do not

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Speaker 4: touch that with a ten foot poll. Then if you

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Speaker 4: send me something that you know is legitimate, I'll be like, hey, yeah,

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Speaker 4: I had a look online. They have a credit license.

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Speaker 4: I have no experience with this platform. Good luck. Like,

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Speaker 4: I can't give you advice, I can't tell you what

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Speaker 4: to do, and I never will because even though it's illegal,

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Speaker 4: it's also for me quite unethical. Like I don't know

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Speaker 4: your situation, like that could be the perfect platform for you,

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Speaker 4: or you might have a whole heap of stuff going

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Speaker 4: on that I have no idea about and it doesn't

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Speaker 4: make sense for you. So it's irresponsible of us to

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Speaker 4: have an opinion. But I will stop you from jumping

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Speaker 4: into a scam.

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Speaker 2: I won't tell anyone on my podcast or in my

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Speaker 2: Facebook group what investment account that I use or what

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Speaker 2: I invest in.

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Speaker 4: What do you invest in?

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Speaker 2: Well, I can't tell you, but in the book, we've

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Speaker 2: got lots of practical examples, right, And I said to Nick,

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Speaker 2: if we're using practical examples, I need to do a

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Speaker 2: disclosure section at.

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Speaker 4: The back, so the outline that they never paid.

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Speaker 2: So like, for example, it's like disclosures Glen Hold's the

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Speaker 2: following investments mentioned in this book. There's some of the

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Speaker 2: investments that I personally hold.

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Speaker 4: I'll see how number one is bitcoin?

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Speaker 2: I did it. Well, don't read the other ones. Gosh,

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Speaker 2: but I said listed alphabetically. I just did it alphabetical.

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Speaker 4: Okay, so bitcoin is still number one. Then't worries.

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Speaker 2: Glenn has active accounts with don't you read them live? Oh,

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Speaker 2: same as me and Glenn's business we host the podcast

436
00:22:09,080 --> 00:22:12,080
Speaker 2: has been paid or I've done corporate speaking with Amazon

437
00:22:12,119 --> 00:22:15,159
Speaker 2: aware super So I think what I'm saying is, if

438
00:22:15,200 --> 00:22:17,080
Speaker 2: you want to know what I use personally, by the book,

439
00:22:17,280 --> 00:22:21,000
Speaker 2: but I like that. I like all that, go to

440
00:22:21,160 --> 00:22:25,880
Speaker 2: a reputable community like your Facebook group and ask other

441
00:22:26,080 --> 00:22:27,280
Speaker 2: like market investors.

442
00:22:27,520 --> 00:22:29,200
Speaker 4: Yeah, the conversation.

443
00:22:29,440 --> 00:22:30,480
Speaker 2: Look at Google reviews.

444
00:22:30,520 --> 00:22:34,720
Speaker 4: So don't take some random person's opinion as gospel, like

445
00:22:34,840 --> 00:22:37,840
Speaker 4: do your own research, get comfortable with it. That leads

446
00:22:37,880 --> 00:22:41,399
Speaker 4: me into Glenn, I just saw a name in your

447
00:22:41,480 --> 00:22:44,520
Speaker 4: book that we won't read on the show, but Kelly

448
00:22:44,560 --> 00:22:47,280
Speaker 4: has asked, Glenn, how do I invest for my child?

449
00:22:47,560 --> 00:22:50,679
Speaker 2: You've got a variety of options. I think it's one

450
00:22:50,720 --> 00:22:55,879
Speaker 2: of the most complex areas. And number one, if you

451
00:22:55,960 --> 00:22:58,879
Speaker 2: want to do it the right way, you have to

452
00:22:58,880 --> 00:23:01,600
Speaker 2: set up a tax file number for your child. And

453
00:23:01,640 --> 00:23:04,639
Speaker 2: then if you set up an investment account. So like

454
00:23:04,800 --> 00:23:07,919
Speaker 2: heaps of investment platforms and companies, they allow you to

455
00:23:07,960 --> 00:23:09,960
Speaker 2: click set up a child account, right and it just

456
00:23:10,040 --> 00:23:13,040
Speaker 2: mirrors the account and it can be on trust for

457
00:23:13,119 --> 00:23:15,960
Speaker 2: the child. Then what you basically have to do is

458
00:23:16,320 --> 00:23:20,080
Speaker 2: you have to declare that income or dividends on the

459
00:23:20,160 --> 00:23:23,760
Speaker 2: child's tax return. The problem is when you're a minor.

460
00:23:24,080 --> 00:23:26,840
Speaker 4: You have there's a lot tax rate.

461
00:23:27,040 --> 00:23:29,200
Speaker 2: Yeah, and then it steps up to sixty and then

462
00:23:29,280 --> 00:23:30,440
Speaker 2: back to forty.

463
00:23:30,600 --> 00:23:32,480
Speaker 4: Like it's it's a cook to savage.

464
00:23:32,520 --> 00:23:35,639
Speaker 2: So my personal view is so get.

465
00:23:35,560 --> 00:23:37,800
Speaker 4: Rich, getting richer, so like I'm not that mad, but

466
00:23:37,880 --> 00:23:40,359
Speaker 4: at the same time, make it easier for people trying

467
00:23:40,400 --> 00:23:41,440
Speaker 4: to invest for their kids.

468
00:23:41,480 --> 00:23:44,520
Speaker 2: Yeah, it's a big discussion. I personally for my niece

469
00:23:44,560 --> 00:23:48,000
Speaker 2: and nephews have an investment bond. I've got the view

470
00:23:48,480 --> 00:23:51,280
Speaker 2: with because I did a holy research on all the

471
00:23:51,280 --> 00:23:53,520
Speaker 2: options that you can do, and if you want, I

472
00:23:53,520 --> 00:23:55,919
Speaker 2: can share a link to the blog. I would love

473
00:23:56,160 --> 00:23:58,119
Speaker 2: the show notes and it will just step through. I

474
00:23:58,160 --> 00:24:00,359
Speaker 2: think there's six different ways you can invest you kids,

475
00:24:00,720 --> 00:24:04,040
Speaker 2: and just quickly I've resolved after doing all that research

476
00:24:04,200 --> 00:24:07,639
Speaker 2: that healthy parents financially or financially healthy parents they'll do

477
00:24:08,280 --> 00:24:13,439
Speaker 2: equals healthy financial kids. And the only other thing as

478
00:24:13,480 --> 00:24:15,080
Speaker 2: well that I think is really cool. If you're a

479
00:24:15,080 --> 00:24:18,399
Speaker 2: little bit older, and if you have kids and you're forty,

480
00:24:18,480 --> 00:24:21,880
Speaker 2: for example, or in your forties, and once you get

481
00:24:21,880 --> 00:24:24,080
Speaker 2: to age sixty, the kids are going to becoming quote

482
00:24:24,160 --> 00:24:28,280
Speaker 2: unquote online as adults, So eighteen twenty thirty or whatever,

483
00:24:28,680 --> 00:24:31,359
Speaker 2: you could actually set up a separate superannuation account in

484
00:24:31,400 --> 00:24:34,320
Speaker 2: your name and just put money for the kids in

485
00:24:34,359 --> 00:24:38,480
Speaker 2: there and just have that turn off the insurances put

486
00:24:38,520 --> 00:24:41,400
Speaker 2: them as a beneficiary, so the estate planning is protected.

487
00:24:41,680 --> 00:24:44,159
Speaker 2: It's very complex, but that's I like that option. But

488
00:24:44,600 --> 00:24:45,600
Speaker 2: I honestly.

489
00:24:45,200 --> 00:24:49,399
Speaker 4: Thinknd's way too complex for me, Like not for me

490
00:24:49,560 --> 00:24:52,639
Speaker 4: in general, but I think exceptionally. Yeah, as a concept.

491
00:24:52,720 --> 00:24:55,840
Speaker 4: If you are, you know, a little bit overwhelmed with

492
00:24:55,960 --> 00:24:57,960
Speaker 4: the space, I think the first thing I would do

493
00:24:58,119 --> 00:25:01,160
Speaker 4: is go what type of tax do I have as

494
00:25:01,160 --> 00:25:03,679
Speaker 4: an individual, and how is this going to impact my

495
00:25:03,760 --> 00:25:06,520
Speaker 4: child's investment, because most investments are going to be kept

496
00:25:06,520 --> 00:25:10,159
Speaker 4: in your personal name until the child becomes eighteen or

497
00:25:10,280 --> 00:25:12,399
Speaker 4: until you decide to give them access to it, and

498
00:25:12,440 --> 00:25:14,359
Speaker 4: that's going to put you in a position where, you know,

499
00:25:14,440 --> 00:25:16,600
Speaker 4: if you are on the highest marginal tax rate, is

500
00:25:16,600 --> 00:25:18,920
Speaker 4: that something that you want to consider. If you are

501
00:25:19,040 --> 00:25:21,720
Speaker 4: on the highest marginal tax rate and you want something

502
00:25:21,760 --> 00:25:24,520
Speaker 4: like an investment bond, have a look into them like

503
00:25:24,560 --> 00:25:26,520
Speaker 4: they are not a bad option. I know you use

504
00:25:26,600 --> 00:25:28,800
Speaker 4: them for your niece and nephew, and we have recently

505
00:25:28,880 --> 00:25:31,960
Speaker 4: established one for Harvey. So for me, it's a really

506
00:25:32,000 --> 00:25:35,600
Speaker 4: good tool. It's quite tax effective, and there's obviously a

507
00:25:35,600 --> 00:25:38,080
Speaker 4: lot of benefits. There's also a little bit of a

508
00:25:38,119 --> 00:25:40,359
Speaker 4: barrier to entry. You need to have a certain amount

509
00:25:40,400 --> 00:25:42,280
Speaker 4: of money to be able to access it. It's not

510
00:25:42,320 --> 00:25:44,640
Speaker 4: like a share'ss where you can go on the platform

511
00:25:44,680 --> 00:25:47,200
Speaker 4: and just start investing with as you know, like a cent.

512
00:25:47,680 --> 00:25:49,800
Speaker 4: But at the end of the day. You need to

513
00:25:49,800 --> 00:25:51,520
Speaker 4: have a look at all of these options. And I

514
00:25:51,560 --> 00:25:53,159
Speaker 4: do talk about it in my book. I know you

515
00:25:53,240 --> 00:25:55,399
Speaker 4: touched on it in your first book. Have you touched

516
00:25:55,440 --> 00:25:57,800
Speaker 4: on it in your second book? What about the options

517
00:25:57,840 --> 00:25:59,399
Speaker 4: about investing for children?

518
00:25:59,520 --> 00:26:02,080
Speaker 2: I didn't heaps touch on it. I did a little bit.

519
00:26:02,200 --> 00:26:06,240
Speaker 2: So in the strategy chapter, I did a deep analysis

520
00:26:06,280 --> 00:26:09,280
Speaker 2: on the six ways that you can own things, so

521
00:26:09,480 --> 00:26:12,159
Speaker 2: in your own name, joint name, superinvestment on company, and

522
00:26:12,200 --> 00:26:15,560
Speaker 2: trust and each of those things. I did a concept.

523
00:26:15,600 --> 00:26:18,240
Speaker 2: I did how tax works year on year. I did

524
00:26:18,240 --> 00:26:21,639
Speaker 2: how tax works when you sell the shares, and most importantly,

525
00:26:21,760 --> 00:26:24,320
Speaker 2: estate planning for each option, and then the pros and

526
00:26:24,359 --> 00:26:25,040
Speaker 2: cons of.

527
00:26:25,000 --> 00:26:28,080
Speaker 4: Each, which is all really important to understand before you're

528
00:26:28,119 --> 00:26:31,080
Speaker 4: planning on investing for a child. Anyway, I feel like

529
00:26:31,200 --> 00:26:34,159
Speaker 4: lots of us want to invest for our children and

530
00:26:34,200 --> 00:26:36,359
Speaker 4: want to put them in the best possible position, but

531
00:26:36,440 --> 00:26:39,040
Speaker 4: often it's to our demise. Maybe you're not investing for

532
00:26:39,080 --> 00:26:41,640
Speaker 4: yourself first, you don't have an emergency fund for yourself.

533
00:26:41,880 --> 00:26:43,879
Speaker 4: I think there are a lot of things that we

534
00:26:43,960 --> 00:26:47,199
Speaker 4: need to be planning for and pouring from an empty

535
00:26:47,240 --> 00:26:50,440
Speaker 4: cup is not possible. So like set your financial house

536
00:26:50,520 --> 00:26:53,679
Speaker 4: up for you and then work out what you're planning

537
00:26:53,720 --> 00:26:54,280
Speaker 4: on doing.

538
00:26:54,400 --> 00:26:58,280
Speaker 2: You know, I'm a pragmatist to a fault, and you

539
00:26:58,280 --> 00:27:02,040
Speaker 2: know when I was practicing as an advisor and you're

540
00:27:02,080 --> 00:27:05,400
Speaker 2: now a retired advisor slave, welcome to the retirement club.

541
00:27:05,480 --> 00:27:05,879
Speaker 4: Thank you.

542
00:27:06,040 --> 00:27:08,280
Speaker 2: The amount of people that we set up investments for

543
00:27:08,400 --> 00:27:12,320
Speaker 2: kids when the child was born four years down the track,

544
00:27:12,320 --> 00:27:14,119
Speaker 2: I'll need a new lounge or we need something, and

545
00:27:14,119 --> 00:27:15,840
Speaker 2: they I will just take that money like it doesn't

546
00:27:16,280 --> 00:27:18,800
Speaker 2: I don't know, like it's just tough, and I just think,

547
00:27:18,880 --> 00:27:20,480
Speaker 2: build wealth in your own name.

548
00:27:20,480 --> 00:27:23,239
Speaker 4: And distribute it to those kids and lay it down

549
00:27:23,280 --> 00:27:23,960
Speaker 4: the show when.

550
00:27:23,800 --> 00:27:26,119
Speaker 2: They need it. You might want to help your child

551
00:27:26,280 --> 00:27:29,000
Speaker 2: out when they turn it in they're switched on with money,

552
00:27:29,320 --> 00:27:31,240
Speaker 2: like hey, let's set up a shared investment account in

553
00:27:31,280 --> 00:27:34,200
Speaker 2: your name. I'll see to it with five grand I'll

554
00:27:34,240 --> 00:27:37,480
Speaker 2: do that. Or they might be free spirit I want

555
00:27:37,480 --> 00:27:38,959
Speaker 2: to get all right, we're going to pay for your

556
00:27:38,960 --> 00:27:40,960
Speaker 2: flight to Europe. We want you to have this life

557
00:27:40,960 --> 00:27:45,280
Speaker 2: giving experience. Or I don't know. I just think healthy

558
00:27:45,520 --> 00:27:49,159
Speaker 2: financially healthy parents equals options for kids if they're not

559
00:27:49,200 --> 00:27:51,320
Speaker 2: little brats and you want to help them when they

560
00:27:51,320 --> 00:27:52,840
Speaker 2: come online as an adult. True.

561
00:27:52,920 --> 00:27:56,440
Speaker 4: All right, Moving on, Maddie has a question. She wants

562
00:27:56,480 --> 00:27:59,560
Speaker 4: to know, Glenn, what are the downfalls of having multiple

563
00:27:59,560 --> 00:28:01,800
Speaker 4: investing platforms. I have a few at the moment.

564
00:28:02,000 --> 00:28:04,760
Speaker 2: It's just going to record keeping. So number one, if

565
00:28:04,800 --> 00:28:08,720
Speaker 2: you've got, say a traditional brokerage account might be with

566
00:28:08,760 --> 00:28:11,280
Speaker 2: one of the big banks, You're going to keep dividends

567
00:28:11,440 --> 00:28:16,240
Speaker 2: records each year. Some of those brokerage accounts will not

568
00:28:16,359 --> 00:28:19,520
Speaker 2: pay interest on cash that's in the cash account. You

569
00:28:19,520 --> 00:28:22,720
Speaker 2: need to check that with your investment app or platform.

570
00:28:22,960 --> 00:28:25,959
Speaker 2: Another downfall is you may have investment overlap. So if

571
00:28:26,000 --> 00:28:28,680
Speaker 2: I've got I don't know, a Comsec account over here,

572
00:28:28,720 --> 00:28:33,320
Speaker 2: and I'm invested in IoZ, which is the Australian two

573
00:28:33,440 --> 00:28:37,639
Speaker 2: hundred index by black Rock Top two hundred Companies weighted Index,

574
00:28:38,160 --> 00:28:41,960
Speaker 2: and then on my Chase's account, I invest in VAS

575
00:28:42,080 --> 00:28:45,200
Speaker 2: which is the Vanguard Australian Share Index, which invests in

576
00:28:45,280 --> 00:28:48,440
Speaker 2: the top three hundred Autralian companies, You've literally got overlap,

577
00:28:49,200 --> 00:28:52,440
Speaker 2: I would probably say, And this is cool because when

578
00:28:52,440 --> 00:28:55,160
Speaker 2: you get started and we've all been guilty this, we

579
00:28:55,200 --> 00:28:57,560
Speaker 2: set up different investing apps and accounts, and oh, this

580
00:28:57,600 --> 00:29:00,560
Speaker 2: is cool, I would say, probably pick one that you

581
00:29:00,720 --> 00:29:04,040
Speaker 2: like using the most, one that has the features that

582
00:29:04,080 --> 00:29:07,480
Speaker 2: you like, one that might be really easy for reporting,

583
00:29:08,040 --> 00:29:10,560
Speaker 2: the one I use. I just like it and it

584
00:29:10,560 --> 00:29:14,840
Speaker 2: does the job and it's sweet, then you might go okay.

585
00:29:14,880 --> 00:29:17,800
Speaker 2: Any in the money world, we call it new money.

586
00:29:17,880 --> 00:29:20,560
Speaker 2: If you're investing new money, which is I've been paid,

587
00:29:20,600 --> 00:29:22,600
Speaker 2: it's been in my savings account, then I've moved onto

588
00:29:22,640 --> 00:29:25,800
Speaker 2: the app or the platform. You might decide that going forward,

589
00:29:26,200 --> 00:29:30,280
Speaker 2: any new money will be directed to this investment account,

590
00:29:30,400 --> 00:29:34,480
Speaker 2: and I'm going to just use this going forward. You

591
00:29:34,560 --> 00:29:36,960
Speaker 2: might be able to do an in specie transfer from

592
00:29:37,080 --> 00:29:40,720
Speaker 2: the other investment account and move the ETFs or shares

593
00:29:40,720 --> 00:29:42,840
Speaker 2: across to the new one. But I think it's just

594
00:29:42,920 --> 00:29:49,160
Speaker 2: about having clear and clean housekeeping. The downsides, they're not

595
00:29:49,280 --> 00:29:54,760
Speaker 2: really going to be hugely financially detrimental, because if you're

596
00:29:54,800 --> 00:29:57,960
Speaker 2: just holding ETFs and not doing new investments, well, the

597
00:29:58,000 --> 00:30:01,200
Speaker 2: ETFs have internal fees, so you'll get on either platform.

598
00:30:01,640 --> 00:30:04,360
Speaker 2: The only downside would be if you're paying investing on

599
00:30:04,360 --> 00:30:06,480
Speaker 2: one week and the next the other week into the

600
00:30:06,480 --> 00:30:09,920
Speaker 2: same underlying vibe. For what it's worth, you might pay

601
00:30:10,040 --> 00:30:13,040
Speaker 2: higher brokerage on one, but I shared some options in

602
00:30:13,040 --> 00:30:15,440
Speaker 2: the book where if you go through this set your

603
00:30:15,440 --> 00:30:18,120
Speaker 2: strategy you're like, oh crap, I've been building wealth in

604
00:30:18,160 --> 00:30:21,760
Speaker 2: my super but I should use this option instead, or

605
00:30:21,760 --> 00:30:24,800
Speaker 2: whatever reason. I talk about ways how we can unscramble

606
00:30:24,800 --> 00:30:25,160
Speaker 2: that egg.

607
00:30:25,320 --> 00:30:29,080
Speaker 4: Unscramble an egg. I would actually that's impossible.

608
00:30:28,600 --> 00:30:32,720
Speaker 2: Done possible as said it is, but there are ways

609
00:30:33,200 --> 00:30:36,360
Speaker 2: to slowly cut over. But in my life I've got

610
00:30:36,440 --> 00:30:40,720
Speaker 2: one main platform per entity, So in my.

611
00:30:40,760 --> 00:30:43,320
Speaker 4: Own I feel like that's the most important part of

612
00:30:43,320 --> 00:30:46,120
Speaker 4: it for me. Right Like, when I look at that,

613
00:30:46,160 --> 00:30:49,080
Speaker 4: I go, well, if you've got multiple platforms, I'm assuming

614
00:30:49,120 --> 00:30:51,720
Speaker 4: you would across the board have the same risk tolerance,

615
00:30:51,960 --> 00:30:55,440
Speaker 4: which means you've probably picked very similar assets on both platforms,

616
00:30:55,520 --> 00:30:59,760
Speaker 4: and therefore the diversification is probably not having the intended impact.

617
00:31:00,160 --> 00:31:02,440
Speaker 4: I would say that, being really generalist about it, you've

618
00:31:02,440 --> 00:31:06,160
Speaker 4: probably picked an Australian ETF in one and probably something

619
00:31:06,200 --> 00:31:08,920
Speaker 4: similar but maybe something different, and you're just overlapping and

620
00:31:08,960 --> 00:31:11,160
Speaker 4: it's not actually giving you the diversification.

621
00:31:11,520 --> 00:31:15,960
Speaker 2: Though you've reminded me something of which is cool. So

622
00:31:16,080 --> 00:31:18,720
Speaker 2: Nick Bradley, who was my co author, who talks about

623
00:31:18,800 --> 00:31:22,600
Speaker 2: advanced strategies like options trading and swing trading, and you know,

624
00:31:23,000 --> 00:31:25,360
Speaker 2: trying to time the market is wild. He's great. I

625
00:31:25,400 --> 00:31:28,040
Speaker 2: love him. So what if Maddie, you were like, oh,

626
00:31:28,160 --> 00:31:31,720
Speaker 2: I really love investing and I want to do what

627
00:31:32,160 --> 00:31:36,680
Speaker 2: all these people say. So basically, once we work out

628
00:31:37,200 --> 00:31:41,080
Speaker 2: what our investment strategy is, part of that could be

629
00:31:41,280 --> 00:31:44,920
Speaker 2: I want to allocate ten percent of my portfolio to

630
00:31:45,320 --> 00:31:49,080
Speaker 2: individual companies, so Specky's or oh I saw this company,

631
00:31:49,080 --> 00:31:51,600
Speaker 2: I think they're an up and comer. You may set

632
00:31:51,640 --> 00:31:54,640
Speaker 2: up Maddie one of your accounts as So, if I

633
00:31:54,680 --> 00:31:57,960
Speaker 2: had a total twenty thousand dollars investment account we have,

634
00:31:57,960 --> 00:32:02,280
Speaker 2: we call it twenty thousand dollars. Because Maddie's growing financially successfully,

635
00:32:02,720 --> 00:32:05,320
Speaker 2: she might say, this account over here, I'm going to

636
00:32:05,360 --> 00:32:07,640
Speaker 2: keep around two thousand dollars in it, and I'm going

637
00:32:07,680 --> 00:32:10,080
Speaker 2: to buy individual shares just because I want to be

638
00:32:10,120 --> 00:32:13,160
Speaker 2: interested in investing. I want to buy Jbhi Fi, I

639
00:32:13,160 --> 00:32:16,320
Speaker 2: want to buy A Cole's, Woolworth's, and the other one

640
00:32:16,760 --> 00:32:20,720
Speaker 2: she keeps her broad based ETF. Long term, I'm just

641
00:32:20,760 --> 00:32:24,440
Speaker 2: building wealth over here because in this other account, she's

642
00:32:24,520 --> 00:32:29,120
Speaker 2: quarantined the money, which helps with behavior. And if she

643
00:32:29,200 --> 00:32:32,160
Speaker 2: invests two thousand dollars in a single stock, and that

644
00:32:32,240 --> 00:32:34,719
Speaker 2: single stock gets flushed, It's not going to flush her

645
00:32:34,760 --> 00:32:39,360
Speaker 2: whole portfolio. So maybe, depending how interested you are, Maddie,

646
00:32:39,560 --> 00:32:42,280
Speaker 2: you could actually say, well, one of these accounts will

647
00:32:42,280 --> 00:32:45,800
Speaker 2: be my long term broad based portfolio. The other one

648
00:32:45,840 --> 00:32:48,680
Speaker 2: has ten percent of my total value, which, because I'm

649
00:32:48,720 --> 00:32:50,720
Speaker 2: interested in individual shares, I'll do it that way.

650
00:32:50,880 --> 00:32:53,360
Speaker 4: All right, let's go to a really quick break, Glenn,

651
00:32:53,400 --> 00:32:55,120
Speaker 4: And on the flip side, I have a few questions

652
00:32:55,160 --> 00:32:58,400
Speaker 4: about mindset and your favorite income streams, and I also

653
00:32:58,440 --> 00:33:01,560
Speaker 4: want to talk about reverse engineering some investment goals. So

654
00:33:01,640 --> 00:33:08,880
Speaker 4: guys don't go anywhere. All right, Glenn, we are back,

655
00:33:08,960 --> 00:33:12,440
Speaker 4: and I have a question from Claudia. Claudia says Glenn James,

656
00:33:12,480 --> 00:33:14,440
Speaker 4: what is your favorite passive income stream?

657
00:33:14,640 --> 00:33:17,320
Speaker 2: Oh, I reckon my book royalties.

658
00:33:18,480 --> 00:33:20,360
Speaker 4: But how much you're making from not much?

659
00:33:20,480 --> 00:33:24,320
Speaker 2: Yeah, doesn't mean the most successful? Yeah?

660
00:33:24,360 --> 00:33:27,320
Speaker 4: Okay, that's true. That's true. Why is it your favorite?

661
00:33:27,400 --> 00:33:30,160
Speaker 2: Okay? So we hear about this stuff online all the

662
00:33:30,240 --> 00:33:34,320
Speaker 2: time about passive income, right, and I see people post

663
00:33:34,400 --> 00:33:37,480
Speaker 2: stories like, oh, I've got my passive income.

664
00:33:37,560 --> 00:33:38,880
Speaker 4: I do affiliate marketing.

665
00:33:39,080 --> 00:33:42,360
Speaker 2: Yeah, or I was literally last night in the hotel,

666
00:33:42,440 --> 00:33:44,680
Speaker 2: in the bath looking up new propeller for my boat.

667
00:33:45,000 --> 00:33:48,200
Speaker 4: Baths at they w They're nice, really nice, Yeah, really nice,

668
00:33:48,240 --> 00:33:50,120
Speaker 4: like kind of woodlog fire vibes.

669
00:33:50,480 --> 00:33:53,800
Speaker 2: Love it. And so this company that I purchased the

670
00:33:53,840 --> 00:33:58,520
Speaker 2: propellers from, it was kind of their Yeah, well we

671
00:33:58,560 --> 00:34:00,880
Speaker 2: all need a propeller. If you've got a boat, don't

672
00:34:00,880 --> 00:34:04,160
Speaker 2: at me everyone you get a boat. Yeah, it is

673
00:34:04,560 --> 00:34:05,760
Speaker 2: carry on. That's what I value.

674
00:34:05,760 --> 00:34:08,400
Speaker 4: It is your favorite passive income stream. Hey, is that

675
00:34:08,440 --> 00:34:10,600
Speaker 4: what you did with your income stream? You've got a

676
00:34:10,600 --> 00:34:13,520
Speaker 4: passive income stream, You've got a boat. Okay, again relatable.

677
00:34:14,120 --> 00:34:16,799
Speaker 2: So this guy that I purchased the propellers off, that's

678
00:34:16,800 --> 00:34:20,839
Speaker 2: his side hustle, right, that's his side thing. Now, I've

679
00:34:20,840 --> 00:34:23,640
Speaker 2: seen people online say I've got this passive income thing.

680
00:34:23,719 --> 00:34:28,200
Speaker 2: I sell propellers on eBay or marketplace. Okay, there's not

681
00:34:28,360 --> 00:34:33,520
Speaker 2: much passive in boxing up a propeller, printing a postage lab.

682
00:34:33,760 --> 00:34:38,120
Speaker 2: It's pretty active. Yeah. So, I honestly think the best

683
00:34:38,320 --> 00:34:43,120
Speaker 2: passive income thing that you'll get on this island or

684
00:34:43,160 --> 00:34:45,600
Speaker 2: anywhere in the world is investing in shares.

685
00:34:45,840 --> 00:34:47,720
Speaker 4: Yeah, that's what I was going to say, was mine.

686
00:34:47,840 --> 00:34:50,279
Speaker 4: I mean Claudia didn't ask me, She asked.

687
00:34:50,040 --> 00:34:52,040
Speaker 2: You, but what's your favorite investing in shares?

688
00:34:52,120 --> 00:34:54,759
Speaker 4: I would say it's my share portfolio because I don't

689
00:34:54,840 --> 00:34:58,440
Speaker 4: do anything to it. And if tomorrow I stopped investing

690
00:34:58,760 --> 00:35:01,520
Speaker 4: and stopped adding, I guess because every month we add

691
00:35:01,520 --> 00:35:04,000
Speaker 4: a certain amount to it. If I stopped, it would

692
00:35:04,040 --> 00:35:07,160
Speaker 4: still pay me. And I agree, like it's very cool

693
00:35:07,200 --> 00:35:11,080
Speaker 4: to have book royalties, but like that depends on whether

694
00:35:11,120 --> 00:35:13,600
Speaker 4: people are purchasing my book and marketing and branding, and

695
00:35:13,640 --> 00:35:16,000
Speaker 4: I'm assuming at some point people are going to stop

696
00:35:16,000 --> 00:35:19,759
Speaker 4: purchasing my book, whereas my shares are well diversified and

697
00:35:19,840 --> 00:35:22,200
Speaker 4: kind of set and forget in the Australian share market

698
00:35:22,200 --> 00:35:24,880
Speaker 4: and the international share market to be really clear out.

699
00:35:24,920 --> 00:35:27,319
Speaker 2: And I will say so Claudia, I would say as

700
00:35:27,360 --> 00:35:31,080
Speaker 2: well that if you're thinking about this stuff, what are

701
00:35:31,080 --> 00:35:34,400
Speaker 2: you really good at in your life? Because sure, like

702
00:35:34,800 --> 00:35:36,960
Speaker 2: I've written a book, I've done online courses and all

703
00:35:36,960 --> 00:35:40,480
Speaker 2: that stuff. There's a lot of active work to start with,

704
00:35:40,880 --> 00:35:43,720
Speaker 2: but once it's launched, it's pretty low maintenance.

705
00:35:43,880 --> 00:35:47,600
Speaker 4: Everything that is going to create good passive income. I

706
00:35:47,719 --> 00:35:52,400
Speaker 4: believe takes really big initial investment, not necessarily financial, but

707
00:35:52,520 --> 00:35:55,719
Speaker 4: time energy, effort, planning research.

708
00:35:55,960 --> 00:35:58,680
Speaker 2: Well you think. So if someone's like, oh, I want

709
00:35:58,680 --> 00:36:01,480
Speaker 2: to invest in shares because it's the only passive income

710
00:36:01,520 --> 00:36:04,440
Speaker 2: game in town, there's got to be a trade of

711
00:36:04,520 --> 00:36:07,440
Speaker 2: human capital. So if you want to put I don't know,

712
00:36:07,480 --> 00:36:10,279
Speaker 2: one hundred dollars in your investing account, if you're on

713
00:36:10,400 --> 00:36:13,600
Speaker 2: thirty three dollars an hour, it's three hours of your time.

714
00:36:14,640 --> 00:36:16,960
Speaker 2: But also it's probably more because thirty three dollars an

715
00:36:16,960 --> 00:36:19,080
Speaker 2: hour it's pre tax. And that's kind of you talked

716
00:36:19,120 --> 00:36:22,640
Speaker 2: about mindset. I did a whole chapter in this book

717
00:36:22,760 --> 00:36:27,160
Speaker 2: about establishing your investing mindset and having the mindset of

718
00:36:27,200 --> 00:36:31,360
Speaker 2: an investor and ask VD, why do you invest.

719
00:36:31,120 --> 00:36:33,320
Speaker 4: Because I want to be rich? AF it's good.

720
00:36:33,160 --> 00:36:36,759
Speaker 2: Answer, richie most wealthy acting ritual making folks. So as

721
00:36:36,760 --> 00:36:38,440
Speaker 2: long as you don't act rich, that's fine.

722
00:36:38,600 --> 00:36:40,839
Speaker 4: I mean, I've fallen into the trap of that, right,

723
00:36:40,960 --> 00:36:43,560
Speaker 4: Like I think that I definitely have fallen into the

724
00:36:43,600 --> 00:36:48,040
Speaker 4: trap historically of like lifestyle creep and enjoying life. And

725
00:36:48,080 --> 00:36:50,480
Speaker 4: I don't regret that. But I feel like I'm making

726
00:36:50,520 --> 00:36:53,520
Speaker 4: wealthier decisions now, which is really nice. But if I'm

727
00:36:53,520 --> 00:36:57,480
Speaker 4: being frank, like, I am investing because I want to

728
00:36:57,520 --> 00:37:00,839
Speaker 4: be wealthy, and I don't think that there should be

729
00:37:00,880 --> 00:37:03,640
Speaker 4: any shame around that. I think that we should be

730
00:37:03,880 --> 00:37:06,480
Speaker 4: more open with that. I think, you know, obviously, in

731
00:37:06,520 --> 00:37:10,440
Speaker 4: addition to creating wealth for me and my family, I

732
00:37:10,440 --> 00:37:13,520
Speaker 4: feel like that to me is freedom of time, It

733
00:37:13,640 --> 00:37:16,880
Speaker 4: is choice. It is giving my kids the best possible

734
00:37:16,960 --> 00:37:20,200
Speaker 4: upbringing and experiences and setting them up so that they

735
00:37:20,239 --> 00:37:22,720
Speaker 4: don't have to struggle financially. I mean, you can delve

736
00:37:22,760 --> 00:37:25,239
Speaker 4: into it, but like if you said in a sentence, V,

737
00:37:25,360 --> 00:37:27,520
Speaker 4: why do you like investing, I go, well, I know

738
00:37:27,640 --> 00:37:32,080
Speaker 4: that every single month I'm creating a asset that is

739
00:37:32,120 --> 00:37:35,480
Speaker 4: going to pay me and pay my family into the future,

740
00:37:35,520 --> 00:37:38,400
Speaker 4: and that to me is very sexy. I think that

741
00:37:38,480 --> 00:37:40,200
Speaker 4: at the moment, there seems to be a lot of

742
00:37:40,200 --> 00:37:42,600
Speaker 4: shame because we are in the middle of a cost

743
00:37:42,640 --> 00:37:44,880
Speaker 4: of living crisis. And like I laugh at you sometimes

744
00:37:44,960 --> 00:37:48,320
Speaker 4: because you have your boat and a lot of people

745
00:37:48,360 --> 00:37:51,120
Speaker 4: come for you for that online. I mean they come

746
00:37:51,120 --> 00:37:54,880
Speaker 4: for me when I fly business class on Points, they

747
00:37:55,400 --> 00:37:57,160
Speaker 4: come for me, when I go to Europe, they come

748
00:37:57,200 --> 00:37:59,200
Speaker 4: for me, you know, when I'm just doing day to

749
00:37:59,280 --> 00:38:02,440
Speaker 4: day thing. But I also think that we need to

750
00:38:02,480 --> 00:38:05,959
Speaker 4: remember that that is also earned. And it's not us

751
00:38:06,040 --> 00:38:08,839
Speaker 4: showing it off in your face to be like na, nah,

752
00:38:08,880 --> 00:38:12,160
Speaker 4: it's actually us going, hey, we've done this ourselves from scratch.

753
00:38:12,200 --> 00:38:14,200
Speaker 4: You can do it too. Like I don't think I'm

754
00:38:14,200 --> 00:38:16,000
Speaker 4: a genius, and I know that you don't think you're

755
00:38:16,040 --> 00:38:17,920
Speaker 4: a genius. In fact, I think we're both as baffled

756
00:38:17,960 --> 00:38:20,719
Speaker 4: as each other that we've gotten this far, and I

757
00:38:20,760 --> 00:38:22,960
Speaker 4: think that we need to look at it and go, well, actually,

758
00:38:23,040 --> 00:38:25,799
Speaker 4: if Glenn and Victoria can do that for themselves, we

759
00:38:25,840 --> 00:38:27,640
Speaker 4: can probably do something clearly similar.

760
00:38:27,719 --> 00:38:30,320
Speaker 2: Yeah, And I would just say, you know, I'm speaking

761
00:38:30,320 --> 00:38:32,520
Speaker 2: to your audience, but do you want the host of

762
00:38:32,560 --> 00:38:37,000
Speaker 2: a money podcast who isn't financially successful? I mean, I'm

763
00:38:37,000 --> 00:38:38,320
Speaker 2: not out there doing a hair growth.

764
00:38:38,360 --> 00:38:40,800
Speaker 4: Have you read the book? No, no one will be

765
00:38:40,800 --> 00:38:41,480
Speaker 4: paying for that.

766
00:38:41,560 --> 00:38:44,719
Speaker 2: No, I'm not out there doing a get good abs podcast.

767
00:38:44,960 --> 00:38:47,520
Speaker 4: Oh you could try, I could. Is it comedy?

768
00:38:47,920 --> 00:38:49,000
Speaker 2: It is? It's fiction.

769
00:38:49,480 --> 00:38:51,640
Speaker 4: But have you read and this is probably my favorite

770
00:38:51,680 --> 00:38:53,719
Speaker 4: investing book and it's probably showing my nerdy a side

771
00:38:53,760 --> 00:38:57,600
Speaker 4: the richest man in Babylon. So I probably haven't because

772
00:38:57,719 --> 00:38:58,560
Speaker 4: you're planning.

773
00:38:58,320 --> 00:38:58,840
Speaker 2: Touched on it.

774
00:38:58,880 --> 00:39:00,640
Speaker 4: You would have picked up the book you needed it

775
00:39:00,680 --> 00:39:03,120
Speaker 4: out the window because you don't have the patience for it.

776
00:39:03,440 --> 00:39:06,520
Speaker 4: But right now, right now. But in that book it

777
00:39:06,560 --> 00:39:09,040
Speaker 4: says you would never take advice on buying a diamond

778
00:39:09,080 --> 00:39:11,200
Speaker 4: from a brick layer. And I think that that's a

779
00:39:11,239 --> 00:39:15,160
Speaker 4: really important thing to carry irrespective of whether we're talking

780
00:39:15,160 --> 00:39:17,920
Speaker 4: about money content or content in general. Like if you're

781
00:39:17,920 --> 00:39:19,600
Speaker 4: going to get legal advice, Glenn, are you going to

782
00:39:19,640 --> 00:39:21,239
Speaker 4: ask your mate at the bar or are you going

783
00:39:21,320 --> 00:39:24,279
Speaker 4: to go, oh, this is actually pretty serious message in

784
00:39:24,360 --> 00:39:29,400
Speaker 4: a crisis, And yeah, okay, that's fair, that's fair. But

785
00:39:29,480 --> 00:39:32,960
Speaker 4: I think it's really important to remember that, like I

786
00:39:33,000 --> 00:39:36,279
Speaker 4: would not want to take money advice from somebody who

787
00:39:36,360 --> 00:39:40,359
Speaker 4: wasn't managing their money well, like at the crux.

788
00:39:40,000 --> 00:39:42,319
Speaker 2: Of it, yeah, I just want a bit of a

789
00:39:42,480 --> 00:39:45,920
Speaker 2: mind game for your listeners. And this is what I

790
00:39:45,960 --> 00:39:49,920
Speaker 2: talked about in like knowing your why with investing. Have

791
00:39:50,080 --> 00:39:54,640
Speaker 2: you got a simple money manto or vibe or plan

792
00:39:54,719 --> 00:39:58,479
Speaker 2: for your life? And I share my three point plan

793
00:39:58,560 --> 00:39:59,360
Speaker 2: for managing money.

794
00:39:59,360 --> 00:40:02,439
Speaker 4: What does it get rich and then or die train?

795
00:40:02,640 --> 00:40:07,080
Speaker 2: Yeah, so the first one Glenn James's three point plan

796
00:40:07,200 --> 00:40:10,400
Speaker 2: managing money. I live on less than I own, Like

797
00:40:10,680 --> 00:40:11,840
Speaker 2: straight up, I don't.

798
00:40:11,680 --> 00:40:14,560
Speaker 4: Just honestly surprising. Yeah, I don't see that coming through.

799
00:40:14,640 --> 00:40:17,600
Speaker 2: Really, I don't live on consumer debt. I don't have

800
00:40:18,840 --> 00:40:23,320
Speaker 2: any personal loans. I live on lesson I own. Okay,

801
00:40:23,480 --> 00:40:25,640
Speaker 2: that's the first thing I do. The second thing I

802
00:40:25,680 --> 00:40:30,440
Speaker 2: do is I give generously. So I very You know

803
00:40:30,520 --> 00:40:35,279
Speaker 2: I've outspoken about well, if you're struggling to make ends meet,

804
00:40:35,320 --> 00:40:37,200
Speaker 2: it's not your time to give financially, you need to

805
00:40:37,200 --> 00:40:39,839
Speaker 2: look after your family first, or if you are in

806
00:40:39,880 --> 00:40:44,480
Speaker 2: a position to help other people financially, do it. I'm

807
00:40:44,520 --> 00:40:46,960
Speaker 2: not talking about those people that go, oh, I volunteer

808
00:40:47,080 --> 00:40:50,000
Speaker 2: instead of giving. No, you volunteered once for half a

809
00:40:50,080 --> 00:40:52,960
Speaker 2: day at work three years ago. You don't volunteer.

810
00:40:53,320 --> 00:40:54,719
Speaker 4: I feel like there's going to be some people who

811
00:40:54,760 --> 00:40:55,440
Speaker 4: feel attacked.

812
00:40:55,440 --> 00:40:58,640
Speaker 2: But okay, Glenn, so I give generously. I'm a generous giver.

813
00:40:59,040 --> 00:41:01,560
Speaker 2: The third thing I do is I invest the rest.

814
00:41:01,800 --> 00:41:04,000
Speaker 4: So how should we be investing, Glenn, Well.

815
00:41:04,680 --> 00:41:08,040
Speaker 2: However you like that's in line with your values. But

816
00:41:08,239 --> 00:41:10,600
Speaker 2: I really spend a bit of time in this mindset thing.

817
00:41:10,920 --> 00:41:15,879
Speaker 2: I actually don't invest to have my investing account make

818
00:41:15,960 --> 00:41:16,399
Speaker 2: me rich.

819
00:41:17,200 --> 00:41:18,520
Speaker 4: And that's weird because I do.

820
00:41:18,680 --> 00:41:21,480
Speaker 2: Yeah, So let's walk down this garden path.

821
00:41:21,600 --> 00:41:23,239
Speaker 4: What are we investing for?

822
00:41:23,480 --> 00:41:25,920
Speaker 2: Then? Yep. So I'm living on less than I own,

823
00:41:26,040 --> 00:41:29,120
Speaker 2: which means I'm having a good life. I'm buying propellers

824
00:41:29,160 --> 00:41:32,800
Speaker 2: on eBay, going to debt and all that stuff. Yeah,

825
00:41:32,880 --> 00:41:36,359
Speaker 2: I'm generous giver. I invest the rest. So how I

826
00:41:36,360 --> 00:41:38,640
Speaker 2: invest the rest and what I'm investing the rest for

827
00:41:38,840 --> 00:41:44,800
Speaker 2: is My whole thing is I'm parking money long term

828
00:41:44,920 --> 00:41:48,560
Speaker 2: for the glen of tomorrow. And my only metrics I don't.

829
00:41:48,400 --> 00:41:50,160
Speaker 4: Want to park it, Glenn. I want to park it

830
00:41:50,239 --> 00:41:53,120
Speaker 4: and see it get bigger, and then that's for future

831
00:41:53,200 --> 00:41:53,600
Speaker 4: v yea.

832
00:41:53,719 --> 00:41:59,040
Speaker 2: So my guard rails with parking it is must be

833
00:41:59,160 --> 00:42:01,759
Speaker 2: higher than cash and inflation, and I'm happy to take

834
00:42:01,800 --> 00:42:02,479
Speaker 2: the market risk.

835
00:42:02,719 --> 00:42:05,920
Speaker 4: Okay, So that's basically what I do. I know, Like

836
00:42:06,040 --> 00:42:08,560
Speaker 4: on the flip side, like for those of you listening along,

837
00:42:08,640 --> 00:42:11,560
Speaker 4: Glenn and I are friends outside of podcast land, and

838
00:42:11,880 --> 00:42:14,400
Speaker 4: I mean inside of podcast land as well, but I

839
00:42:14,440 --> 00:42:15,719
Speaker 4: know what he holds, and he holds a lot of

840
00:42:15,760 --> 00:42:17,560
Speaker 4: stuff that I hold. So I was shocked when he

841
00:42:17,560 --> 00:42:19,960
Speaker 4: said I'm not investing to create wealth. I was like, sir,

842
00:42:20,840 --> 00:42:21,279
Speaker 4: you are.

843
00:42:21,560 --> 00:42:24,799
Speaker 2: Well, but this is so the mindset thing I want

844
00:42:24,800 --> 00:42:29,120
Speaker 2: to teach people about mindset. I'm not investing to get

845
00:42:29,160 --> 00:42:34,080
Speaker 2: one hundred percent return to make my life better overnight, because.

846
00:42:33,760 --> 00:42:35,000
Speaker 4: Oh no, it's a long term thing.

847
00:42:35,080 --> 00:42:38,800
Speaker 2: Well, like I've shared publicly on my podcast, i struggle

848
00:42:38,840 --> 00:42:44,120
Speaker 2: with depression, anxiety. I'm collecting all the things right, and

849
00:42:44,400 --> 00:42:48,960
Speaker 2: I know categorically that money doesn't fix your life. It

850
00:42:49,000 --> 00:42:51,560
Speaker 2: makes it better. It gives you more options. So what

851
00:42:51,600 --> 00:42:55,120
Speaker 2: I do is I encourage people just to invest the

852
00:42:55,200 --> 00:42:59,200
Speaker 2: rest after they've lived and gived. I like that now

853
00:42:59,400 --> 00:43:04,040
Speaker 2: within that, I'm comfortable with market returns from broad based indexes.

854
00:43:04,719 --> 00:43:07,600
Speaker 2: And there's a heap of examples in the book where

855
00:43:08,200 --> 00:43:11,880
Speaker 2: if I need my investing account to make lots of

856
00:43:11,960 --> 00:43:15,480
Speaker 2: money so I can quit my job and my life's better,

857
00:43:16,120 --> 00:43:19,000
Speaker 2: I would need to be hanging out in places in

858
00:43:19,040 --> 00:43:23,040
Speaker 2: the investing world that is way too risky. Yeah, So

859
00:43:23,080 --> 00:43:26,160
Speaker 2: we talked about the question of before who might have

860
00:43:26,200 --> 00:43:31,000
Speaker 2: a hypothetical twenty thousand dollars portfolio. If she had a

861
00:43:31,040 --> 00:43:36,400
Speaker 2: twenty thousand dollar portfolio and invested it in one unicorn

862
00:43:36,840 --> 00:43:38,879
Speaker 2: and it got one hundred percent return in a year,

863
00:43:39,200 --> 00:43:44,280
Speaker 2: amazing return. That's an extra twenty thousand dollars that twenty

864
00:43:44,320 --> 00:43:46,600
Speaker 2: thousand dollars. While it's great, I'll take it. I'm not

865
00:43:46,640 --> 00:43:52,239
Speaker 2: allergic to money that's not quote unquote life changing. So

866
00:43:52,280 --> 00:43:55,040
Speaker 2: we need to make sure. And this is why I

867
00:43:55,080 --> 00:43:57,040
Speaker 2: wrote the career book. First, I think you had shell

868
00:43:57,080 --> 00:43:57,919
Speaker 2: on the show I did.

869
00:43:58,000 --> 00:43:59,560
Speaker 4: Yeah, she was way better than you or as shy.

870
00:43:59,600 --> 00:44:02,799
Speaker 2: Yeah she really is. Soort your career out and make

871
00:44:02,840 --> 00:44:05,480
Speaker 2: more money. The first investment you should make is in

872
00:44:05,520 --> 00:44:09,760
Speaker 2: your career because that's the annuity that produces the income.

873
00:44:09,840 --> 00:44:13,440
Speaker 2: So that can change your human capital to money. So

874
00:44:14,040 --> 00:44:17,000
Speaker 2: if I think my life sucks and I hate my life, well,

875
00:44:17,080 --> 00:44:19,240
Speaker 2: to save enough money so I can quit my job,

876
00:44:19,680 --> 00:44:22,120
Speaker 2: I need to be investing six grand a month to

877
00:44:22,160 --> 00:44:24,920
Speaker 2: build out this big portfolio because when you're starting, the

878
00:44:24,920 --> 00:44:27,600
Speaker 2: capital you put in will do more than the returns

879
00:44:27,600 --> 00:44:29,799
Speaker 2: you're getting to start with. And if it takes five

880
00:44:29,880 --> 00:44:31,319
Speaker 2: years to build up that, and if you did have

881
00:44:31,360 --> 00:44:34,200
Speaker 2: five grand a month to invest, you're going through five

882
00:44:34,280 --> 00:44:37,480
Speaker 2: years of hell. So let's go back and build a

883
00:44:37,520 --> 00:44:39,759
Speaker 2: life that we like and we love. If you hate

884
00:44:39,760 --> 00:44:42,000
Speaker 2: your job and you're listening, you might not be able

885
00:44:42,040 --> 00:44:45,120
Speaker 2: to change tomorrow, but you can tomorrow start to think

886
00:44:45,160 --> 00:44:48,279
Speaker 2: about what would my life look like if I was

887
00:44:48,320 --> 00:44:51,560
Speaker 2: doing something I love, because then the investing part isn't

888
00:44:51,560 --> 00:44:53,280
Speaker 2: the answer to all my life problems.

889
00:44:53,440 --> 00:44:55,839
Speaker 4: That's true, That is very true. I feel like it's

890
00:44:55,840 --> 00:44:58,680
Speaker 4: about enjoying the rest coming to my No no worries

891
00:44:58,719 --> 00:45:00,879
Speaker 4: do I have to pay? Oh, thank you? That one

892
00:45:01,000 --> 00:45:03,680
Speaker 4: was for free. We were talking about mindset, and we

893
00:45:03,719 --> 00:45:07,959
Speaker 4: actually have a mindset question from Chelsea. She's asked, how,

894
00:45:08,080 --> 00:45:11,280
Speaker 4: Glenn do I mentally shift away from saving five hundred

895
00:45:11,320 --> 00:45:14,799
Speaker 4: dollars every month to investing that amount. She's struggling with it.

896
00:45:14,920 --> 00:45:17,880
Speaker 2: So I think what we need to do, Chelsea, is

897
00:45:18,640 --> 00:45:22,839
Speaker 2: we get our house in order. And you know you've

898
00:45:22,880 --> 00:45:25,080
Speaker 2: seen it. I've talked about in my Sound Financial House,

899
00:45:25,120 --> 00:45:26,920
Speaker 2: It's in the book. We want to get to the

900
00:45:26,920 --> 00:45:29,360
Speaker 2: point where we've got our emergency fund, we might have

901
00:45:29,360 --> 00:45:31,680
Speaker 2: a budget and cash flow, we might have our insurance

902
00:45:31,680 --> 00:45:35,480
Speaker 2: a setup, and we've got a good foundation. Then what

903
00:45:35,520 --> 00:45:38,960
Speaker 2: we can do is say, okay, I say five hundred

904
00:45:39,000 --> 00:45:42,440
Speaker 2: dollars a month. I want Chelsea to get really clear

905
00:45:43,200 --> 00:45:47,279
Speaker 2: on her life goals now, whether that is I want

906
00:45:47,280 --> 00:45:49,360
Speaker 2: to save up and buy a new lounge in a

907
00:45:49,360 --> 00:45:52,279
Speaker 2: few months, whether I want to go to Europe, or

908
00:45:52,840 --> 00:45:54,840
Speaker 2: I don't want to just build wealth because I'm in

909
00:45:54,840 --> 00:45:59,440
Speaker 2: this fortunate position. So once we've got our emergency fund

910
00:45:59,800 --> 00:46:02,000
Speaker 2: and she's in the great position to have five hundred

911
00:46:02,000 --> 00:46:05,960
Speaker 2: dollars free per month, can we at least start to

912
00:46:05,960 --> 00:46:08,799
Speaker 2: put the toe in the water. Because it's a behavioral thing.

913
00:46:09,280 --> 00:46:12,520
Speaker 2: So my challenge is, can you start by doing one

914
00:46:12,600 --> 00:46:15,840
Speaker 2: hundred dollars a month investing for the long term or

915
00:46:15,960 --> 00:46:18,400
Speaker 2: do some type of thing. It's like, all right, I

916
00:46:18,440 --> 00:46:21,719
Speaker 2: need to do these lifestyle goals. So I think over

917
00:46:21,719 --> 00:46:23,880
Speaker 2: the next twelve months it will cost me x. The

918
00:46:23,960 --> 00:46:26,560
Speaker 2: rest is just going to be invested. But it's not

919
00:46:26,640 --> 00:46:29,000
Speaker 2: all or nothing. You're allowed to start by doing one

920
00:46:29,080 --> 00:46:31,719
Speaker 2: or two hundred dollars a month. When I talk about

921
00:46:31,719 --> 00:46:37,720
Speaker 2: in the book about starting with one percent of your income,

922
00:46:38,120 --> 00:46:39,759
Speaker 2: if you are cleaning up your mess and all that

923
00:46:39,800 --> 00:46:43,200
Speaker 2: stuff I talk about. Now, once we start to do

924
00:46:43,400 --> 00:46:47,160
Speaker 2: what I call wholesale investing, now that isn't what Acid

925
00:46:47,200 --> 00:46:50,120
Speaker 2: says that you've got over five hundred thousand dollars in

926
00:46:50,160 --> 00:46:53,400
Speaker 2: someone's life. Five hundred dollars a month investing is real money.

927
00:46:53,719 --> 00:46:57,239
Speaker 2: It's serious amounts. Right. We need to be very strategic

928
00:46:57,680 --> 00:47:02,799
Speaker 2: on how we're buying who's owning it? So is it

929
00:47:02,840 --> 00:47:04,480
Speaker 2: in our own name, is it in a joint name,

930
00:47:04,600 --> 00:47:10,520
Speaker 2: is it in superannuation what we're buying, then we can say, Okay,

931
00:47:10,880 --> 00:47:15,399
Speaker 2: we're very clear on our strategy. Let's now ratchet up

932
00:47:15,560 --> 00:47:18,000
Speaker 2: within the next three or four months. I want to

933
00:47:18,040 --> 00:47:19,600
Speaker 2: get to the point where I am doing that five

934
00:47:19,680 --> 00:47:24,279
Speaker 2: hundred a month. And I would say, Chelsea, even if

935
00:47:24,320 --> 00:47:27,400
Speaker 2: you want to feel a little bit more comfortable, and

936
00:47:27,480 --> 00:47:29,880
Speaker 2: if your emergency fund says three months of expenses, he's

937
00:47:29,920 --> 00:47:33,960
Speaker 2: ten thousand dollars, maybe fifteen thousand dollars, then start investing

938
00:47:34,040 --> 00:47:36,080
Speaker 2: like you're allowed to have a higher emergency fund just

939
00:47:36,120 --> 00:47:37,560
Speaker 2: because you want to go.

940
00:47:37,719 --> 00:47:40,840
Speaker 4: One hundred percent. And I feel like that mental shift

941
00:47:40,880 --> 00:47:45,239
Speaker 4: away from saving to investing often it's because you feel

942
00:47:45,239 --> 00:47:47,600
Speaker 4: like you're losing something because it's further out of reach.

943
00:47:47,920 --> 00:47:50,560
Speaker 4: So making sure that you have your emergency fund set

944
00:47:50,600 --> 00:47:53,200
Speaker 4: up and you are financially confident and you've got your

945
00:47:53,239 --> 00:47:55,880
Speaker 4: cash flow going, that's going to mean that when you

946
00:47:56,000 --> 00:47:58,520
Speaker 4: move into that investing space and that five hundred dollars

947
00:47:58,600 --> 00:48:01,719
Speaker 4: that you've been saving each and every seath now becomes

948
00:48:01,920 --> 00:48:04,839
Speaker 4: an investment. It doesn't hurt it doesn't feel like you're

949
00:48:04,840 --> 00:48:07,839
Speaker 4: missing anything. And I think that's then about making sure

950
00:48:07,840 --> 00:48:10,080
Speaker 4: that you have enough clarity over that platform as well,

951
00:48:10,120 --> 00:48:11,600
Speaker 4: so you can log in, you can see it, you

952
00:48:11,600 --> 00:48:14,680
Speaker 4: can feel it. But often when I'm talking to people

953
00:48:14,719 --> 00:48:18,080
Speaker 4: about starting their investing journey, I say save it first,

954
00:48:18,440 --> 00:48:21,040
Speaker 4: because we don't want to find out that we couldn't

955
00:48:21,040 --> 00:48:22,839
Speaker 4: afford to invest it, and then we have to pull

956
00:48:22,880 --> 00:48:26,080
Speaker 4: it out and it's not a good experience. Glenn, I'm

957
00:48:26,160 --> 00:48:29,399
Speaker 4: running out of time, but I have another question for you.

958
00:48:29,440 --> 00:48:31,640
Speaker 4: This one comes from Tara, and I feel like this

959
00:48:31,680 --> 00:48:34,920
Speaker 4: is a fun question. Glenn. If you had fifty thousand

960
00:48:34,920 --> 00:48:36,279
Speaker 4: dollars today, what would you do with it?

961
00:48:38,160 --> 00:48:40,440
Speaker 2: Oh? I would?

962
00:48:41,080 --> 00:48:43,400
Speaker 4: I feel like everyone it was in the investing question.

963
00:48:43,480 --> 00:48:45,680
Speaker 4: So I'm assuming she thinks you're going to invest, but

964
00:48:45,800 --> 00:48:46,600
Speaker 4: I know you're not going to.

965
00:48:46,800 --> 00:48:49,799
Speaker 2: Well, I would like before we start a recording, I said, oh,

966
00:48:50,080 --> 00:48:51,759
Speaker 2: get Josh to bring in a tape measure because I'm

967
00:48:51,760 --> 00:48:52,920
Speaker 2: about to build a new studio.

968
00:48:53,200 --> 00:48:57,360
Speaker 4: You would buy a studio, probably do that or if

969
00:48:57,400 --> 00:49:00,160
Speaker 4: it's with fifty thousand dollars, build a Glenn jay is

970
00:49:00,200 --> 00:49:01,200
Speaker 4: approved studio.

971
00:49:01,440 --> 00:49:04,719
Speaker 2: No, And that's this is the problem I've got it's

972
00:49:04,760 --> 00:49:07,759
Speaker 2: so annoying. Everything's expensive. But what it does speak to

973
00:49:07,960 --> 00:49:12,239
Speaker 2: is because I'm at the stage in my life and

974
00:49:12,280 --> 00:49:13,720
Speaker 2: a lot of your listeners are.

975
00:49:13,760 --> 00:49:15,319
Speaker 4: Where where it's a retiree.

976
00:49:15,440 --> 00:49:17,920
Speaker 2: Well, we're established, so you are.

977
00:49:18,480 --> 00:49:21,719
Speaker 4: I spent all my money? Yeah, I being dumb, so

978
00:49:21,880 --> 00:49:24,319
Speaker 4: did I On that mindset, That's how I feel.

979
00:49:24,400 --> 00:49:26,759
Speaker 2: Right, I'm terrible at saving money. I'm a terrible saver.

980
00:49:26,880 --> 00:49:28,560
Speaker 2: I'm a great investor. So I've trained myself to be

981
00:49:28,600 --> 00:49:31,200
Speaker 2: a great investor. If fifty thousand dollars came into my

982
00:49:31,280 --> 00:49:35,080
Speaker 2: lap tomorrow, it would only go towards income producing assets.

983
00:49:36,280 --> 00:49:37,160
Speaker 2: A little bit of giving.

984
00:49:37,440 --> 00:49:39,600
Speaker 4: You get to hire your studio out to me. If

985
00:49:39,640 --> 00:49:42,640
Speaker 4: you come up to Newcastle, Newcastle, absolutely go to your studio.

986
00:49:42,719 --> 00:49:45,239
Speaker 2: But yeah, it would be income producing assets. Look, if

987
00:49:45,239 --> 00:49:47,680
Speaker 2: it was had to go into an ETF, I'd probably

988
00:49:47,719 --> 00:49:51,319
Speaker 2: split it between IVV and IoZ because I like those

989
00:49:51,360 --> 00:49:54,920
Speaker 2: two ETFs YEP, Broad Based Index Australia the US. I

990
00:49:54,920 --> 00:49:59,799
Speaker 2: don't hate to invest in quote unquote global ETFs YEP

991
00:50:00,080 --> 00:50:03,399
Speaker 2: because I've got the view that, for right or wrong,

992
00:50:03,480 --> 00:50:05,400
Speaker 2: don't do what you want. Everyone don't do what I do.

993
00:50:05,880 --> 00:50:09,000
Speaker 2: Most of the big companies listed on the US Exchange

994
00:50:09,160 --> 00:50:11,840
Speaker 2: operate all around the world, and I just want a

995
00:50:11,840 --> 00:50:14,799
Speaker 2: simple portfolio. But everyone you speak to when it comes

996
00:50:14,840 --> 00:50:18,000
Speaker 2: to investing will have a different view or vibe.

997
00:50:18,000 --> 00:50:20,200
Speaker 4: Of course, and you've got to work out your own

998
00:50:20,440 --> 00:50:20,879
Speaker 4: that's right.

999
00:50:20,960 --> 00:50:24,239
Speaker 2: So income producing assets. The best investment that anyone could

1000
00:50:24,280 --> 00:50:26,960
Speaker 2: ever make, I believe would be their own business. Not

1001
00:50:27,000 --> 00:50:30,160
Speaker 2: everyone's cut out to do that. That's okay, is hard,

1002
00:50:30,400 --> 00:50:34,680
Speaker 2: it is, so it's income generating is my studio or

1003
00:50:34,719 --> 00:50:38,000
Speaker 2: into ETFs. Although I do want a new car, all.

1004
00:50:37,960 --> 00:50:40,560
Speaker 4: Right, Well that's where we might leave it before this

1005
00:50:40,680 --> 00:50:44,000
Speaker 4: goes completely off track, Glenn. Where can we buy your

1006
00:50:44,000 --> 00:50:48,320
Speaker 4: book anywhere? Literally anywhere books are sold? Be nice to

1007
00:50:48,320 --> 00:50:50,560
Speaker 4: write a book and then it's anywhere, okay, try.

1008
00:50:50,520 --> 00:50:54,440
Speaker 2: Next to yours VD big WQBD dimicks.

1009
00:50:54,680 --> 00:50:56,960
Speaker 4: It's also in the link in our show notes. So

1010
00:50:57,480 --> 00:50:59,239
Speaker 4: that's super super easy for you. See.

1011
00:50:59,320 --> 00:51:01,839
Speaker 2: I just want to thank all your listeners for you know,

1012
00:51:02,160 --> 00:51:05,239
Speaker 2: supporting what we do over at Money, Money Money and

1013
00:51:05,360 --> 00:51:09,200
Speaker 2: our pod Vegas. And yeah, I say to people, if

1014
00:51:09,200 --> 00:51:11,480
Speaker 2: you buy the book and you're not satisfied with it,

1015
00:51:11,880 --> 00:51:13,680
Speaker 2: take it back to the retailer, tell them it's faulty,

1016
00:51:13,680 --> 00:51:14,400
Speaker 2: and see what happens.

1017
00:51:14,560 --> 00:51:17,640
Speaker 4: Oh my gosh, plend James, get off my show. Thanks

1018
00:51:17,719 --> 00:51:18,200
Speaker 4: for coming.

1019
00:51:18,280 --> 00:51:23,640
Speaker 2: See friends by.

1020
00:51:25,840 --> 00:51:28,360
Speaker 5: The advice shared on She's on the Money is general

1021
00:51:28,440 --> 00:51:29,600
Speaker 5: in nature and does.

1022
00:51:29,440 --> 00:51:32,600
Speaker 4: Not consider your individual circumstances. She's on the.

1023
00:51:32,560 --> 00:51:36,120
Speaker 5: Money exists purely for educational purposes and should not be

1024
00:51:36,200 --> 00:51:39,560
Speaker 5: relied upon to make an investment or financial decision. If

1025
00:51:39,560 --> 00:51:41,920
Speaker 5: you do choose to buy a financial product, read the

1026
00:51:41,960 --> 00:51:45,200
Speaker 5: PDS TMD and obtain appropriate financial.

1027
00:51:44,760 --> 00:51:46,560
Speaker 4: Advice tailored towards your needs.

1028
00:51:46,920 --> 00:51:50,880
Speaker 5: Victoria Divine and She's on the Money are authorized representatives

1029
00:51:50,920 --> 00:51:54,799
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1030
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1031
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