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Speaker 1: She's on the Money.

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

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Speaker 2: the Money, the podcast Millennials Who Want Financial Freedom. My

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Speaker 2: name is Georgia King. I'm a copywriter and journalism student,

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Speaker 2: and each week I have the pleasure of sitting down

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Speaker 2: with millennial money expert Victoria Divine Victoria.

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Speaker 1: Hello, Hello George King, how are you good?

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Speaker 2: Thanks buddy. Now, today's show is one we know you

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Speaker 2: guys will get a lot out of, and that is

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Speaker 2: how to manage your money during a Recession. It was

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Speaker 2: announced a couple of weeks ago. Now that Australia has

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Speaker 2: officially entered into a recession, so we decided it would

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Speaker 2: be worth dedicating a whole show to unpacking what this

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Speaker 2: means for you and how we can be best protecting

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Speaker 2: ourselves financially during this time, which I guess the point

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Speaker 2: of it is to hopefully leave you guys feeling okay

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Speaker 2: about things and in control of your financial wellbeing. Now,

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Speaker 2: sticking to the regular format, we will also be hearing

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Speaker 2: from a very inspirational money diarist and we'll be answering

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Speaker 2: a question from a listener about whether she should move

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Speaker 2: out of a toxic household or if she should stay

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Speaker 2: put at home and save. But first, Victoria, talk to me.

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Speaker 2: Money wins Confessions from the week that was, what have you.

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Speaker 1: Got for me, Georgia King, I have not a one,

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Speaker 1: but two money wins for you.

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Speaker 2: Get out of town.

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Speaker 1: I know, thank you. They are both not great, but

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Speaker 1: I just figured if I put two together it would

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Speaker 1: be so much better. So first things first, right now

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Speaker 1: at the supermarket, dollar fifty upon it for strawberries. If

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Speaker 1: that's not a money win, I don't know what is fantastic.

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Speaker 1: Second money win. I was on a walk yesterday around

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Speaker 1: my five kilometer radius and was having a very delightful time, Georgia.

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Speaker 1: As you'd know, this weekend, the weather was absolutely gorgeous

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Speaker 1: here in Melbourne, so I was definitely making the most

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Speaker 1: of my one hour outside prison time walk. And it's

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Speaker 1: hard rubbish in my suburb this week, and I walked

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Speaker 1: past an absolutely delightful I don't know what you'd call it.

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Speaker 1: Is it a is it a chest of draws? Is

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Speaker 1: it a mix of both? I don't know. It's two

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Speaker 1: gorgeous draws on some really nice tapered legs, great condition,

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Speaker 1: fantastic wood obviously needs a little bit of a diy

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Speaker 1: has no handles, that's okay. I asked the old man

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Speaker 1: in the front yard, who was clearly doing a bit

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Speaker 1: of cleanup, if it was okay, because I did feel

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Speaker 1: a little bit weird just taking something off his front

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Speaker 1: front yard. So Auston, he was absolutely delighted that I

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Speaker 1: was actually going to do something with it, because he

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Speaker 1: thought it was junk. But whatever, maybe it is. Maybe

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Speaker 1: I've just got di looted since of forty cents fashion.

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Speaker 1: But I'm very excited about this chest of draws. And

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Speaker 1: for those of you following me on my personal Instagram,

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Speaker 1: you already would have seen it. I'm actually going to

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Speaker 1: just document my little journey of like trying to flip this. Yeah,

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Speaker 1: it's cheap as possible, because Georgia, it's going to become

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Speaker 1: a ginber in my lounge.

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Speaker 2: A gin ber, a ginber.

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Speaker 1: I'm very excited. I'm going to put some nice trays

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Speaker 1: with my favorite gins on top and hopefully make it

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Speaker 1: look as fancy as the ones I've seen online that

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Speaker 1: I can't quite justify.

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Speaker 2: Yeah. A few two hundred, a few two hundred.

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Speaker 3: A few too many dollares, Yeah yeah, yeah, we got

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Speaker 3: that dollarus love that.

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Speaker 1: Yeah, a few too many dollars.

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Speaker 2: Is this something you would usually do? I feel like

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Speaker 2: you are not the hard rubbish type of gal. You

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Speaker 2: kind of there's a different vibe to you. You're a

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Speaker 2: little bit fancier dumb.

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Speaker 1: Okay, I'm not gonna say I feel attacked by that girl,

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Speaker 1: but I feel a little bit disappointed. No, it's absolutely

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Speaker 1: something I would do, And I just think that you

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Speaker 1: can actually find some really cool stuff there. In saying that,

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Speaker 1: I'm not someone who kind of goes around looking for

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Speaker 1: hard rubbish, but I'm a massive believer in secondhand and

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Speaker 1: you know, repainting things. Growing up, my mum was so

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Speaker 1: savvy at being really crafty and like making things for

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Speaker 1: us and like you know, changing furniture and like, yes,

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Speaker 1: we always had like really beautiful baskets that she'd kind

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Speaker 1: of found thrifted in our bedrooms and if they weren't

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Speaker 1: the right color, should like spray paint them. And I

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Speaker 1: always found that really cool. So I've wanted to thrift things,

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Speaker 1: but I often find that it has to match with

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Speaker 1: my house. So for me, it's not just about finding

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Speaker 1: a chair on the side of the road and being like,

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Speaker 1: ye yay a chair, Like I was genuinely looking for

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Speaker 1: something to go in my laund room as a gin bar,

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Speaker 1: and when I saw it, I was like, oh my gosh,

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Speaker 1: that would be beautiful. So it was kind of like

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Speaker 1: a really good coincidence. And that's why it's a money

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Speaker 1: win because it wasn't just a free piece of furniture.

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Speaker 1: It's actually saving me from purchasing inside I was going

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Speaker 1: to anyway, Oh.

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Speaker 2: That's a beautiful tail mother, happy for it.

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Speaker 1: Thank you. We have no idea how it's going to

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Speaker 1: turn out. It could be horrendous. You just wait. I'm

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Speaker 1: going to try some diy in iso George King. Though,

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Speaker 1: let's move on from my terrible, my terrible, hard rubbish

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Speaker 1: fines to your money win or confession? What have you

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Speaker 1: got this week?

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Speaker 2: I've got a fusion this week, guys. It is a

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Speaker 2: double wammy like yours, which is funny. I didn't know

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Speaker 2: you were going to have two, but I've got two

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Speaker 2: as well. So my money win is off the back

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Speaker 2: of last week's episode. My mum bought this schmancy shampoo,

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Speaker 2: didn't like it, so who ends up with it? This cat?

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Speaker 3: Yes, money wis money win, and I was needing more

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Speaker 3: as as you said, last week, Like I always have

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Speaker 3: like seven shampoo bottles and no conditioner, like full shampoos,

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Speaker 3: you know what I mean?

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Speaker 1: Like, why is that? I feel like that's serious, That's

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Speaker 1: very serious. I feel like it's actually an issue. And

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Speaker 1: I feel like I always buy shampoo and conditioner in

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Speaker 1: the same sized bottles. I should learn different sized bottles.

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Speaker 2: The other part of my little spiel here is my confession,

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Speaker 2: and that is what. I just spilt half of my

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Speaker 2: oat milk latte on my laptop, Georgia. It's still working

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Speaker 2: at this point, but that could set me back a

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Speaker 2: couple grand in like a week.

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Speaker 1: So have you got the milk out?

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Speaker 2: Well? I just grabbed my tail from the bathroom and

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Speaker 2: like patted it. But I'm a bit I'm a clumsy person,

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Speaker 2: and mum was in the other room, so I tried

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Speaker 2: not to make a big deal because she would have

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Speaker 2: yelled at me. Anyway. I'm twenty six, so yeah, good

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Speaker 2: on me.

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Speaker 1: And you're still worried that your m's gonna yell at you.

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Speaker 2: I love it, but yeah, watch this space. It might

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Speaker 2: be fine. But let's move across now to the Facebook community. Victoria.

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Speaker 2: It's been a busy week. It always is busy on

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Speaker 2: that little page. Have any posts stood out to you

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Speaker 2: this week?

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Speaker 1: Yes, Georgia, I have one from Jessica, and she wrote

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Speaker 1: a beautiful post this week. She said Moneywin. Just wanted

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Speaker 1: to say thank you to the pod and everyone in

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Speaker 1: this group for their inspiring stories and for motivating me

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Speaker 1: to save and get my finances in order. Nine months ago,

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Speaker 1: my partner and I were able to purchase our first home,

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Speaker 1: and I normally would be one to get the trades

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Speaker 1: people in for help, but since being in this group,

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Speaker 1: I figured what's the harm in giving it a go ourselves.

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Speaker 1: We spray painted our whole exterior, pulled down all wallpaper,

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Speaker 1: ripped up the shag carpet, painted and patched every single

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Speaker 1: wall ourselves. And that's just the start of it. We've

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Speaker 1: literally done hundreds of little things ourselves and saved literally

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Speaker 1: tens of thousands of dollars. So thank you all. And

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Speaker 1: I loved this because she's got this beautiful home. Honestly,

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Speaker 1: it looks stunning now if you guys have seen it

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Speaker 1: in the post. I'm not really sure why she got

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Speaker 1: rid of that our sixties wallpaper, but that's another story.

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Speaker 2: I actually like the wallpaper. I feel like you're joking,

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Speaker 2: But I was like, is that the after it before?

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Speaker 1: Because George King would be into it, Guys.

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Speaker 2: I'm not joking.

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Speaker 1: Yeah, I know I loved it. I think Ryan John

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Speaker 1: even got in on this and was like, what the wallpaper? Personally,

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Speaker 1: I do think it's hideous. So I'm glad it's gone.

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Speaker 1: But Georgia, if you love it, I'm sure she might

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Speaker 1: have some leftover because it looks like there's more than

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Speaker 1: enough of that to go around. But Georgia, do you

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Speaker 1: have a money win from our community that you want

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Speaker 1: to share this week?

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Speaker 2: Of course I do, be so mine is from Emily.

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Speaker 2: It's a short and sweet one. She has scored a

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Speaker 2: six hundred dollars plus lequer bike the two hundred and

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Speaker 2: fifty dollars on Marketplace. She's shared it there. It is gorgeous,

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Speaker 2: got the market on the basket on the front, rather

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Speaker 2: little bell. It's one of those classic, like very instagrammable.

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Speaker 1: That's one hundred percent instagrammable and it's in this like

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Speaker 1: Lemone color. Would you call that Lemone cream? With your

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Speaker 1: Lemone ten season handles? It is ten out of ten?

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Speaker 2: Bike?

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Speaker 1: Would ride that around in Io?

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Speaker 2: Yeah? So as she's written there it always pays.

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Speaker 1: To look around one hundred percent Already, let's.

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Speaker 2: Move on to the main chat of today's show, how

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Speaker 2: to manage our money during a recession. Now, recession is

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Speaker 2: a word that for me, any myself included, is shrouded

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Speaker 2: with fear and a kind of uncertainty, as it's not

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Speaker 2: something we've really lived through. There was, of course, the

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Speaker 2: GFC of two thousand and seven, but Australia fared relatively

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Speaker 2: well through that. However, the recession which we are currently

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Speaker 2: faced with does seem a little more real, though it's daunting.

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Speaker 2: We wanted to use today's show to take some fear

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Speaker 2: out of twenty twenty and provide a simple guide on

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Speaker 2: the best ways to manage your finances through this recession

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Speaker 2: so that you feel educated and in control rather than

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Speaker 2: unsure and vulnerable victoria. Before we do chat through the

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Speaker 2: things we need to do to safeguard our finances during

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Speaker 2: a crisis like this, you please define exactly what a

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Speaker 2: recession is and what the implications are likely to be

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Speaker 2: for our listeners.

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Speaker 1: Georgia, The definition which is used by economists is two

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Speaker 1: consecutive quarters, and a quarter is a three month period

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Speaker 1: within a year. And in each and every single year,

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Speaker 1: there are always four quarters when an economy declines or

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Speaker 1: two consecutive quarters of decline in GDP, and GDP stands

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Speaker 1: for gross domestic product. Recently, or in the last three months,

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Speaker 1: Australia's GDP has fallen by seven percent, which is the

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Speaker 1: biggest quarterly drop since the ABS actually began tracking it

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Speaker 1: in nineteen fifty nine, so that's quite significant. And generally

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Speaker 1: when we see a recession, we see kind of like

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Speaker 1: a domino effect that impacts pretty much all of us.

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Speaker 1: So it's not something that is only going on in

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Speaker 1: the share market. It is going to impact every single

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Speaker 1: part of the world. So, just to make it really clear,

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Speaker 1: if the economy stops growing, businesses need to really reduce

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Speaker 1: their costs, which means that people are going to sadly

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Speaker 1: lose their jobs or portions of their salaries because we're

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Speaker 1: not earning as much on an individual level. And then Georgia,

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Speaker 1: our personal reduction in spending then impacts local businesses who

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Speaker 1: have always had our support before, and then they have

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Speaker 1: to lay off staff because they aren't making enough money,

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Speaker 1: and it becomes a really vicious cycle. So it is

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Speaker 1: not something that is just in the share market. It

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Speaker 1: impacts us all and that's why we have to care

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Speaker 1: about it, and we have to understand what is going on,

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Speaker 1: because at the end of the day, we can control

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Speaker 1: what we are going through, but we can't necessarily control

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Speaker 1: what's going on with our jobs. And I think it's

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Speaker 1: really important, especially during a period like this, that we

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Speaker 1: do not see this stuff as a reflection of our

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Speaker 1: own capabilities, which is so easy. You often see during

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Speaker 1: a recession an increase in mental health issues and mental

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Speaker 1: health decline. So I think that's really important to call

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Speaker 1: out really early that if something like this is going

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Speaker 1: to ultimately impact you, you don't feel like it's a

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Speaker 1: reflection on your ability as a person, because it absolutely

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Speaker 1: doesn't mean that at all. Recessions are, surprisingly Georgia considered

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Speaker 1: a really normal occurrence and a part of the regular

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Speaker 1: fluctuations that actually occur in a nation's economy. Like this

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Speaker 1: is normal. This has been predicted for a while, and

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Speaker 1: they are often spurred on by an economic shock or

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Speaker 1: unanticipated events that create really serious financial damage. Obviously, this

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Speaker 1: recession is due to the economic shock of coronavirus, which

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Speaker 1: has essentially seen the entire world closed down for months,

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Speaker 1: and this has sparked a recession which we kind of

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Speaker 1: saw coming from the beginning. And it's not like people

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Speaker 1: weren't predicting that. It's just what has happened and it's

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Speaker 1: something that we will deal with. But the important part

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Speaker 1: to understand is that regardless of how long a recession lasts,

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Speaker 1: we do come out of it at the other side.

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Speaker 2: And what would you say, just to go back to

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Speaker 2: that question, what will the implications likely be for our listeners.

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Speaker 1: So in terms of what a recession actually looks like

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Speaker 1: and what it means for our listeners. In short, the

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Speaker 1: answer is it's going to look so different for everybody.

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Speaker 1: Generally speaking. Employment rates are greatly reduced, which we know

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Speaker 1: is the case in Australia, especially right now. Lots of

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Speaker 1: businesses close as they can't afford to stay open, the

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Speaker 1: value of stocks they plummet, wages are reduced, and there

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Speaker 1: is a rise in poverty. Sadly, people stop spending, there's

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Speaker 1: a higher government borrowing, and so on and so forth.

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Speaker 1: On a day to day level, though for our listeners,

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Speaker 1: I would say that the main thing that could be

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Speaker 1: compromised is employment and the ability to save and the

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Speaker 1: ability to get ahead financially, which if you're listening to

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Speaker 1: this podcast, I'm assuming is a priority for you. It

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Speaker 1: can also have a massive impact on our mental health,

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Speaker 1: which I touched on before, but we spoke about it recently, Georgia.

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Speaker 1: So if you go back and listen to our Money

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Speaker 1: and Mental Health episode, I think that was a really

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Speaker 1: powerful one because at the end of the day, nothing

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Speaker 1: is stable. We're really unsure of our finances, and we

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Speaker 1: can be really stressed out and actually become quite depressed

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Speaker 1: and vulnerable if we don't feel like we're in control

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Speaker 1: of our personal budgets. So, Georgia, this recession is going

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Speaker 1: to differ from the ron that we had between seven

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Speaker 1: and O nine, you remember Kevin O seven, but in

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Speaker 1: that it's going to really impact those in lower income areas,

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Speaker 1: like the leisure and tourism sectors, obviously because of coronavirus.

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Speaker 1: So while many of us are actually able to work

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Speaker 1: from home, those who can't will be absolutely more adversely

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Speaker 1: impacted as a consequence of this, which is really sad.

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Speaker 1: And we've already seen this for like the last six months.

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Speaker 1: So yeah, that's where out George King.

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Speaker 2: So how long you probably, I don't know if you

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Speaker 2: can answer this, but how long does a recept typically last.

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Speaker 1: Look Sadly, I can't actually answer this, and it totally varies.

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Speaker 1: And this imple answer is that we don't know. I'm

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Speaker 1: not going to pretend to be like, oh my gosh,

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Speaker 1: last for a year, last for four years, it'll last

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Speaker 1: for twelve years, like we cannot tell you how long

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Speaker 1: it's going to last. And I think that coronavirus is

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Speaker 1: going to be incredibly tied to this recession, and as

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Speaker 1: soon as we understand what's going on with COVID, we're

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Speaker 1: going to be able to understand what the financial or

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Speaker 1: the lasting financial impacts of a recession are going to

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Speaker 1: look like. So instead of having the global financial crisis,

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Speaker 1: whilst where ninety nine point ninety five percent of people

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Speaker 1: did not predict that once it started happening, people could

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Speaker 1: see where they fell short, whereas a virus is something

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Speaker 1: that we don't ultimately have control over the spread of,

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Speaker 1: and once we understand what's going on there, we'll be

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Speaker 1: better able to work out what this recession actually looks

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Speaker 1: like and the bigger impacts of it.

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Speaker 2: So instead of me talking at length and jumping in

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Speaker 2: with my questions, we thought it may be more digestible

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Speaker 2: to list the four most important things can be doing

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Speaker 2: to manage our money during a recession.

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Speaker 1: A love a list, Georgia. This is going to work

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Speaker 1: really well.

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Speaker 2: So the first step is to pay down our debts

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Speaker 2: as soon as possible. Can you please talk us through

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Speaker 2: why this is such an important step?

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Speaker 1: Obviously, debt reduction is one of the things I talk

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Speaker 1: about a lot on Cheese on the money and eradicating

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Speaker 1: bad debt is something that we are all striving towards,

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Speaker 1: but it is especially important during a recession. So during

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Speaker 1: a recession there are job losses which we've already seen

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Speaker 1: hundreds of thousands of them happening here in Australia, and

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Speaker 1: many people see their income decrease with little to no notice,

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Speaker 1: which can be absolutely devastating if you have repayments to

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Speaker 1: make that you can no longer afford. If you are

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Speaker 1: still employed and have debts, The main debt I want

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Speaker 1: you to really focus on paying down if it's possible

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Speaker 1: for you, is bad debt, and this is credit cards

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Speaker 1: and personal loans, so basically any debt that has a

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Speaker 1: high interest rate related to it. I really want you

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Speaker 1: to prioritize and concentrate on if you can get on

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Speaker 1: top of them now, then if the worst should happen

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Speaker 1: to you and you do lose your job, you're finances

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Speaker 1: won't be completely derailed because you've currently got a safety

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Speaker 1: net for yourself. But if you do have multiple personal loans,

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Speaker 1: you could make things a little bit more streamlined by

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Speaker 1: consolidating your debts. It is absolutely not integral right now,

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Speaker 1: Georgia for you to be paying off your HEX early,

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Speaker 1: as that's not alone that includes a high interest rate,

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Speaker 1: or any interest rate at all. So don't feel as

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Speaker 1: though during a procession you need to be making extra

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Speaker 1: contributions to those I care, far far more about concentrating

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Speaker 1: on your bad debt and concentrating on building a solid

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Speaker 1: emergency fund for you. I think at this point it's

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Speaker 1: also really important to remind you that whilst I know

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Speaker 1: a number of people in our community are focusing on

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Speaker 1: paying down their HEX debt earlier, which you know, you go,

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Speaker 1: friend like, do whatever makes you happy. If you do

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Speaker 1: not have a job, you do not have to pay

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Speaker 1: your HEX step back, So don't feel stressed or pressured

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Speaker 1: that if that happens, you've got one hundred thousand dollars

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Speaker 1: looming because you're in a situation where you have a

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Speaker 1: super high hex you only have to pay that back

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Speaker 1: once you meet a certain threshold. Really important as well

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Speaker 1: your debts and prioritize them. So I've talked about the

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Speaker 1: snowballing method, or you could use the avalanche method and

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Speaker 1: go back and listen to our debt episodes if you

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Speaker 1: don't know what I'm referring to, but use a method

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Speaker 1: to get rid of your debts and create a plan.

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Speaker 1: That's really really important. And if you are struggling or

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Speaker 1: have been let go and you don't have any idea

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Speaker 1: what to do, please remember our friends at the National

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Speaker 1: Debt Helpline, which is a service that gives you access

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Speaker 1: to financial counselors for free. Like these guys will actually

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Speaker 1: help you figure out a plan to move out of

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Speaker 1: debt and won't cost you anything. They are absolute legends

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Speaker 1: and some of the kindest people I know. We also

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Speaker 1: know that many banks are actually quite sympathetic to the

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Speaker 1: current situation, So give your bank lender a call and

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Speaker 1: see if they are offering either a financial hardship plan

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Speaker 1: or if you can differ some payments because you're definitely

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Speaker 1: not the only person feeling this way, and it's definitely

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Speaker 1: best to call and see if you can pause a

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Speaker 1: repayment rather than just missing it and racking up late

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Speaker 1: fees and getting into more debt and feeling really overwhelmed.

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Speaker 1: At the end of the day, these are things that

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Speaker 1: are beyond our control, and I think it's really really

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Speaker 1: important to just put your hand up and be like, cool,

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Speaker 1: something's impacting me. What can we do about it? Like

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Speaker 1: take the judgment away, take the bad feelings that you

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Speaker 1: potentially have about this away, and just ask. Because if

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Speaker 1: you don't ask, you don't get. And at the end

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Speaker 1: of the day, I know for sure, if you will

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Speaker 1: put in a position where someone said, look, let's just

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Speaker 1: defer that debt for six months, you would sleep so

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Speaker 1: much better during that time instead of wondering, oh my gosh,

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Speaker 1: what am I going to do about my home loan

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Speaker 1: or what am I going to do about my personal debt?

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Speaker 1: Like at the end of the day, the banks want

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Speaker 1: their debts paid back, so they're going to put you

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Speaker 1: in a position where you can pay back that debt reasonably.

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Speaker 1: But they are also very aware of the recession. They

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Speaker 1: are also very aware of what's going on with the

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Speaker 1: current economic situation. So I think just put your hand up,

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Speaker 1: ask for help when you need it, don't be too

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Speaker 1: proud like it's not a good idea, and then George

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Speaker 1: to continue my rant. Once your debts are paid down,

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Speaker 1: we really need to focus on building up your emergency

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Speaker 1: fund now. I don't believe in just getting rid of

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Speaker 1: all your debt and then focusing on an emergency fund.

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Speaker 1: I think that regardless of what debt you're in, you

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Speaker 1: should be creating an emergency fund. At the same time,

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Speaker 1: getting out of debt is really important. But if you're

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Speaker 1: putting in yourself in a position where you do not

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Speaker 1: have an emergency fund at all, and something bad happens,

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Speaker 1: you're going to end up in even more debt, which

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Speaker 1: is a terrible idea. So I talk about this a lot,

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Speaker 1: and there is no right or wrong when it comes

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Speaker 1: to having an emergency fund. Like, as I've said before,

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Speaker 1: I have clients who have three months worth of their

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Speaker 1: living expenses. I have a client who has three years

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Speaker 1: worth of her living expenses in her account. It is

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Speaker 1: so up to you what sits in that account. But

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Speaker 1: put in an account some money that would make you

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Speaker 1: sleep well at night, that would help you be in

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Speaker 1: a position where if you're suddenly out of work, you're

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Speaker 1: not in a position where you can't afford your grocery bill.

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Speaker 1: So for me, that is absolutely the priority. And Georgia,

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Speaker 1: I'll let you move on to step two because I

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Speaker 1: am very good at rant.

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Speaker 2: No, it's all good, I'm loving it, all right. So

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Speaker 2: the next step, which I think probably most of us

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Speaker 2: knew was going to be on this list, is to

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Speaker 2: overhaul our budget and cash flow and also limit our

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Speaker 2: non essential spending where possible. Can you please talk about

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Speaker 2: why this is such an important step now?

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Speaker 1: I talk about budget and cashlow all the time because

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Speaker 1: I truly believe that it is the only way we

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Speaker 1: can take control of our finances. Obviously, I'm wildly passionate

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Speaker 1: about investing and creating financial freedom. But if you don't

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Speaker 1: understand your budget and cash flow, you can't create financial freedom,

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Speaker 1: you can't start investing, you can't actually have an impact,

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Speaker 1: and you don't know what that IMPACT's going to be.

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Speaker 1: So if you listen to our recent budgeting and Cashlow episode,

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Speaker 1: you wouldn't always spoke at length about how to get

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Speaker 1: a handle on your budget and cash flow, and it

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Speaker 1: really just means establishing and understanding the money that you

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Speaker 1: have coming in versus the money going out, and where

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Speaker 1: your money is allocated to. Personally, I believe that it

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Speaker 1: is the best way to make sure that you are

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Speaker 1: putting yourself in a good financial position. And it's actually

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Speaker 1: the way I personally ensure that my spending remains in

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Speaker 1: line with my values and keeps me on track financially,

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Speaker 1: so that I know what I can spend. And it's

434
00:20:09,760 --> 00:20:13,520
Speaker 1: stupidly important during a financial climate lack now Like to me,

435
00:20:13,760 --> 00:20:16,359
Speaker 1: it's really really important to be in control of these things.

436
00:20:16,400 --> 00:20:18,320
Speaker 1: I think we really need to take our heads out

437
00:20:18,359 --> 00:20:21,160
Speaker 1: of the sand Georgia and just stop being worried about

438
00:20:21,240 --> 00:20:24,800
Speaker 1: checking our bank accounts. Like, remember it is what it

439
00:20:24,880 --> 00:20:27,680
Speaker 1: is like. Do not judge past you for you know,

440
00:20:27,760 --> 00:20:30,120
Speaker 1: the spending habits you had, or the debt you got

441
00:20:30,119 --> 00:20:33,040
Speaker 1: in or things that you regret, Like, there's no point

442
00:20:33,080 --> 00:20:36,199
Speaker 1: regretting anything. There is no point putting yourself in a

443
00:20:36,200 --> 00:20:39,600
Speaker 1: position where you are judging yourself or feeling overwhelmed or

444
00:20:40,160 --> 00:20:42,080
Speaker 1: upset about looking at it. And I know this is

445
00:20:42,080 --> 00:20:45,000
Speaker 1: common because I get so many messages from people They're

446
00:20:45,000 --> 00:20:48,480
Speaker 1: saying like, oh, Victoria, you talk about budgets. Really want

447
00:20:48,480 --> 00:20:51,280
Speaker 1: to start budgeting, but I just get so anxious looking

448
00:20:51,280 --> 00:20:54,600
Speaker 1: at my bank accounts. Like I get that, but at

449
00:20:54,600 --> 00:20:57,560
Speaker 1: the same time, don't feel bad looking at bank accounts.

450
00:20:57,640 --> 00:21:00,360
Speaker 1: It is what it is. Also, if you can cut

451
00:21:00,359 --> 00:21:02,639
Speaker 1: back on spending, I've mentioned this on the show before,

452
00:21:03,119 --> 00:21:06,679
Speaker 1: print out your last month of spending, take two highlighters

453
00:21:06,720 --> 00:21:09,840
Speaker 1: to signal essential and non essential spending, and then ask

454
00:21:09,880 --> 00:21:12,439
Speaker 1: yourself if there are any ways to cut down non

455
00:21:12,560 --> 00:21:15,560
Speaker 1: essential spending so that you can save a little bit more.

456
00:21:15,640 --> 00:21:17,719
Speaker 1: So it might be ubre, It's might be takeaway coffee,

457
00:21:17,800 --> 00:21:20,159
Speaker 1: it might be that online shopping that you're doing that

458
00:21:20,359 --> 00:21:24,000
Speaker 1: is building up anything that is sabotaging your saving efforts.

459
00:21:24,160 --> 00:21:28,480
Speaker 1: It's going and put you in a better financial position. Also, Georgia,

460
00:21:28,600 --> 00:21:33,320
Speaker 1: negotiation really important. Can you negotiate a lower interest rate

461
00:21:33,359 --> 00:21:36,720
Speaker 1: on your personal loan? Can you negotiate rates and payments?

462
00:21:36,760 --> 00:21:39,239
Speaker 1: There is absolutely no harm in asking. Can you call

463
00:21:39,280 --> 00:21:41,440
Speaker 1: your energy company and ask for a better deal. Can

464
00:21:41,480 --> 00:21:43,720
Speaker 1: you go on a comparison website and see if you're

465
00:21:43,720 --> 00:21:47,160
Speaker 1: getting the best value, like get bang for buck, especially

466
00:21:47,240 --> 00:21:49,679
Speaker 1: right now, all the little things they are going to

467
00:21:49,720 --> 00:21:53,720
Speaker 1: add up. And then Georgia. Another one is housing costs.

468
00:21:54,000 --> 00:21:56,760
Speaker 1: We know that housing is one of the biggest expenses

469
00:21:56,800 --> 00:21:59,400
Speaker 1: we have to fund, So consider where you can save

470
00:21:59,440 --> 00:22:01,919
Speaker 1: some money here, especially right now if you're renting, can

471
00:22:01,960 --> 00:22:05,000
Speaker 1: you read somewhere cheaper? If you actually own your own home,

472
00:22:05,119 --> 00:22:08,000
Speaker 1: refinancing right now to a lower interest rate could save

473
00:22:08,040 --> 00:22:11,000
Speaker 1: you so much money. We are actually in a very

474
00:22:11,160 --> 00:22:13,199
Speaker 1: lucky position. And I'm not sure if other people are

475
00:22:13,200 --> 00:22:14,560
Speaker 1: going to see it this way, but I see it

476
00:22:14,560 --> 00:22:18,080
Speaker 1: this way. Is that every other time we have been

477
00:22:18,480 --> 00:22:21,679
Speaker 1: in a recession, we've had really high interest rates on

478
00:22:21,840 --> 00:22:25,879
Speaker 1: home loans, whereas arguably we have some of the lowest

479
00:22:25,960 --> 00:22:28,479
Speaker 1: or we have the lowest interest rates at the moment, Like,

480
00:22:28,520 --> 00:22:31,960
Speaker 1: we can refinance your home loans to like two point

481
00:22:32,000 --> 00:22:35,160
Speaker 1: five percent quite easily, and that's something that we've never

482
00:22:35,200 --> 00:22:38,159
Speaker 1: seen before. And I think that that not never, but

483
00:22:38,480 --> 00:22:41,240
Speaker 1: you know, it's really really uncommon. So I think now

484
00:22:41,400 --> 00:22:43,040
Speaker 1: is a really great time to go. You know, what

485
00:22:43,160 --> 00:22:46,119
Speaker 1: can I save here? Because two point five percent? I know,

486
00:22:46,200 --> 00:22:48,199
Speaker 1: twenty years ago it was eighteen percent to get a

487
00:22:48,200 --> 00:22:50,600
Speaker 1: home loan, So at least we are not going through

488
00:22:50,600 --> 00:22:53,840
Speaker 1: a situation where we have eighteen percent home loans and

489
00:22:53,960 --> 00:22:56,760
Speaker 1: we are also taking on bigger loans. I'm not saying that,

490
00:22:57,200 --> 00:22:59,359
Speaker 1: you know, there aren't heaps of other factors in place,

491
00:22:59,400 --> 00:23:01,120
Speaker 1: like Don't get me wrong, I'm not saying, oh my god,

492
00:23:01,119 --> 00:23:03,359
Speaker 1: money is so cheap now, like just buy a property.

493
00:23:03,400 --> 00:23:05,760
Speaker 1: It's not the case at all. It's more just be

494
00:23:05,840 --> 00:23:08,119
Speaker 1: aware of this and you know, save money where you

495
00:23:08,160 --> 00:23:12,280
Speaker 1: can also really great. Can you compliment your earnings with

496
00:23:12,320 --> 00:23:15,160
Speaker 1: a side hustle or a second revenue stream that would

497
00:23:15,200 --> 00:23:19,040
Speaker 1: be so helpful. So Finder or our friends from Finder

498
00:23:19,280 --> 00:23:21,680
Speaker 1: found that you can earn up to ten four hundred

499
00:23:21,720 --> 00:23:23,600
Speaker 1: and ninety dollars per year with a side hustle. So

500
00:23:23,640 --> 00:23:25,680
Speaker 1: if you can consider the skills that you do have

501
00:23:25,760 --> 00:23:28,280
Speaker 1: and potentially monetize them, there could be a fair bit

502
00:23:28,320 --> 00:23:30,000
Speaker 1: of money in that. And we've seen a lot of

503
00:23:30,000 --> 00:23:32,760
Speaker 1: our community take to sewing masks at a time like

504
00:23:32,840 --> 00:23:35,520
Speaker 1: this as a really incredible little side gig with some

505
00:23:35,680 --> 00:23:38,800
Speaker 1: people jump on survey websites and air Tasker all a

506
00:23:38,880 --> 00:23:42,080
Speaker 1: great little money spiders and even Georgia. This week, I

507
00:23:42,119 --> 00:23:44,000
Speaker 1: was talking to one of my girlfriends and she said

508
00:23:44,040 --> 00:23:46,320
Speaker 1: that she was on Air Tasker just doing coffee. You're

509
00:23:46,359 --> 00:23:48,840
Speaker 1: writing jobs. It was like oh, I'm just responding to

510
00:23:48,880 --> 00:23:51,680
Speaker 1: people who want help writing their websites. Like, I didn't

511
00:23:51,680 --> 00:23:53,080
Speaker 1: even know that was a thing on Air.

512
00:23:52,960 --> 00:23:55,640
Speaker 2: Task That was you never know what there's a demand

513
00:23:55,680 --> 00:23:56,679
Speaker 2: for out there, right, like.

514
00:23:56,680 --> 00:24:02,240
Speaker 1: You percent honestly I thought airs for lak. You know, hey,

515
00:24:02,640 --> 00:24:05,560
Speaker 1: I have a table in Newport that I want picked

516
00:24:05,600 --> 00:24:07,680
Speaker 1: up and brought over to moll. Yeah, like I thought

517
00:24:07,680 --> 00:24:10,240
Speaker 1: that was a thing. Turns out the air Tasker is

518
00:24:10,240 --> 00:24:11,879
Speaker 1: so much more than that. So I think it's just

519
00:24:11,920 --> 00:24:13,720
Speaker 1: about you know, putting a hand up and having a

520
00:24:13,760 --> 00:24:15,840
Speaker 1: bit of a look around and seeing what you can do.

521
00:24:16,320 --> 00:24:19,320
Speaker 1: But even things like online surveys can be quite lucrative.

522
00:24:19,840 --> 00:24:22,800
Speaker 1: Like you know, I'm not saying you're gonna earn millions

523
00:24:22,840 --> 00:24:25,840
Speaker 1: from it, but like, can we please remember that cash

524
00:24:25,840 --> 00:24:29,119
Speaker 1: flow is cash flow, and any type of side hustle

525
00:24:29,200 --> 00:24:32,159
Speaker 1: is a hustle. Like it is amazing. Do a survey

526
00:24:32,320 --> 00:24:34,639
Speaker 1: takes twenty minutes, you might get five or ten dollars.

527
00:24:34,720 --> 00:24:36,760
Speaker 1: That's five or ten dollars you didn't have before.

528
00:24:37,040 --> 00:24:39,880
Speaker 2: Yeah, So just on that, guys, if you are struggling

529
00:24:39,880 --> 00:24:43,720
Speaker 2: with saving we obviously did a big bumper episode on

530
00:24:43,840 --> 00:24:47,399
Speaker 2: our saving Hacks last week. I actually I put it

531
00:24:47,440 --> 00:24:50,320
Speaker 2: out to the group to let me know their favorite

532
00:24:50,320 --> 00:24:53,399
Speaker 2: saving hacks, and I have compiled them into the biggest

533
00:24:53,400 --> 00:24:55,679
Speaker 2: blog post you've ever seen, so I might publish that.

534
00:24:55,760 --> 00:24:57,600
Speaker 1: I love it. I haven't even read it yet.

535
00:24:57,640 --> 00:24:59,960
Speaker 2: I know you've yet to be published, so I'll okay,

536
00:25:00,040 --> 00:25:02,000
Speaker 2: come up on Wednesday and everyone can have a read.

537
00:25:02,040 --> 00:25:02,320
Speaker 4: Ah.

538
00:25:02,480 --> 00:25:05,560
Speaker 2: Yeah, it'll be exciting. But yes, go over that to

539
00:25:05,560 --> 00:25:08,040
Speaker 2: see if there are some extra ways you can save.

540
00:25:08,600 --> 00:25:12,080
Speaker 2: So the next step here is to not sell our shares.

541
00:25:12,160 --> 00:25:15,760
Speaker 2: If we are investing, can you please talk through why

542
00:25:15,840 --> 00:25:18,560
Speaker 2: now is not the time to be selling our stocks

543
00:25:18,600 --> 00:25:21,159
Speaker 2: and how how should we be investing if we are

544
00:25:21,200 --> 00:25:23,080
Speaker 2: thinking of doing so right now? Is it a horrible

545
00:25:23,119 --> 00:25:24,280
Speaker 2: time to invest? Is it a good time?

546
00:25:24,320 --> 00:25:28,320
Speaker 1: All right? So there's no good slash bad time to invest? Sadly,

547
00:25:28,640 --> 00:25:30,720
Speaker 1: if I could tome the markets, i'd be a very

548
00:25:30,800 --> 00:25:33,880
Speaker 1: rich lady Georgia King. But at the end of the day,

549
00:25:33,960 --> 00:25:35,800
Speaker 1: I think it's really important, Like if you have not

550
00:25:35,880 --> 00:25:38,320
Speaker 1: listened to our investing episodes, and there are two of

551
00:25:38,359 --> 00:25:41,400
Speaker 1: them back in season one, go and listen to them

552
00:25:41,480 --> 00:25:45,600
Speaker 1: because we need to really deeply understand emotional investing and

553
00:25:45,680 --> 00:25:49,080
Speaker 1: how our emotions actually play into the way that we

554
00:25:49,119 --> 00:25:51,359
Speaker 1: make decisions about our money and the way that we

555
00:25:51,400 --> 00:25:55,840
Speaker 1: make decisions about shares. We know, during the global financial crisis,

556
00:25:56,040 --> 00:25:58,600
Speaker 1: and now this is obviously a very, you know, a

557
00:25:58,680 --> 00:26:00,760
Speaker 1: large thing to say, but a lot of people lost

558
00:26:00,800 --> 00:26:04,160
Speaker 1: a lot of money because they panic sold. And at

559
00:26:04,160 --> 00:26:06,160
Speaker 1: the end of the day, those people that were able

560
00:26:06,200 --> 00:26:09,600
Speaker 1: to hold their shares during the global financial crisis and

561
00:26:09,640 --> 00:26:13,280
Speaker 1: come out the other side are far wealthier today because

562
00:26:13,320 --> 00:26:15,479
Speaker 1: of it. So I think it's really important to not

563
00:26:15,520 --> 00:26:18,960
Speaker 1: panic sell your shares because you see them decrease in value.

564
00:26:19,240 --> 00:26:22,760
Speaker 1: It's really important to remember that a decrease in value

565
00:26:22,880 --> 00:26:25,440
Speaker 1: is not real lost money on your behalf. You are

566
00:26:25,760 --> 00:26:29,119
Speaker 1: only losing money Georgia if you are pulling that money

567
00:26:29,160 --> 00:26:32,800
Speaker 1: out of the share market and crystallizing those losses, which

568
00:26:32,840 --> 00:26:35,280
Speaker 1: means accepting those losses. So you might have a share

569
00:26:35,320 --> 00:26:37,520
Speaker 1: that's worth ten dollars Georgia, and then you go and

570
00:26:37,600 --> 00:26:40,480
Speaker 1: you look at the ASX and you're like, oh my gosh, Georgia,

571
00:26:40,640 --> 00:26:44,359
Speaker 1: it is worth you know, six dollars that it's plummeting.

572
00:26:44,400 --> 00:26:46,440
Speaker 1: I don't want to lose all my money. And you

573
00:26:46,480 --> 00:26:48,560
Speaker 1: pull your share out, you get your six dollars and

574
00:26:48,600 --> 00:26:52,080
Speaker 1: you walk away. What you're doing is accepting six dollars

575
00:26:52,160 --> 00:26:55,240
Speaker 1: for that share instead of waiting for that share to

576
00:26:55,440 --> 00:26:57,639
Speaker 1: increase back in value, and it might come back to

577
00:26:57,720 --> 00:27:00,359
Speaker 1: ten dollars, might go to eleven dollars. Do you know what?

578
00:27:00,359 --> 00:27:02,879
Speaker 1: It might even drop down to two dollars, But you

579
00:27:03,080 --> 00:27:07,120
Speaker 1: still own that one entire share and you only lose

580
00:27:07,160 --> 00:27:10,320
Speaker 1: money if you accept to sell that. Does that make sense?

581
00:27:10,359 --> 00:27:12,320
Speaker 1: I feel like I get on this high horse all

582
00:27:12,359 --> 00:27:14,600
Speaker 1: the time, and it makes a lot of sense. But

583
00:27:14,800 --> 00:27:18,200
Speaker 1: our emotions come into play, and I'm not gonna lie.

584
00:27:18,640 --> 00:27:21,199
Speaker 1: Obviously I'm an investor. When I see a drop in

585
00:27:21,240 --> 00:27:23,880
Speaker 1: my portfolio, I feel a little bit sick. I get

586
00:27:23,880 --> 00:27:26,240
Speaker 1: a little bit antsy, and I should know better, Like

587
00:27:26,320 --> 00:27:29,239
Speaker 1: I have a podcast on this stuff. But I'm not

588
00:27:29,320 --> 00:27:31,760
Speaker 1: going to say, by any stretch of the imagination that

589
00:27:31,920 --> 00:27:35,960
Speaker 1: I don't feel anxious when I see a loss on paper.

590
00:27:36,200 --> 00:27:38,399
Speaker 1: It does make you feel anxious. What we need to

591
00:27:38,400 --> 00:27:40,720
Speaker 1: do is make sure that we are educated enough to

592
00:27:40,800 --> 00:27:43,760
Speaker 1: make the right decision for us, and not invest via

593
00:27:43,880 --> 00:27:47,440
Speaker 1: how we are feeling. Because often we will invest or,

594
00:27:47,640 --> 00:27:49,640
Speaker 1: you know, sell shares when they go low, but then

595
00:27:49,720 --> 00:27:52,200
Speaker 1: also we'll buy shares when they're really overpriced.

596
00:27:52,359 --> 00:27:52,520
Speaker 2: YEA.

597
00:27:52,720 --> 00:27:54,919
Speaker 1: Like right now we're seeing in our Facebook group a

598
00:27:54,920 --> 00:27:58,399
Speaker 1: lot of people posting about Tesla and after Pay. We're like,

599
00:27:58,440 --> 00:28:00,560
Speaker 1: oh my gosh, I bought after pay share. I bought

600
00:28:00,560 --> 00:28:03,639
Speaker 1: Tesla's shares, And you're like, wow, congratulations, Like you know,

601
00:28:03,720 --> 00:28:06,640
Speaker 1: you took a punt as a financial advisor. I don't

602
00:28:06,720 --> 00:28:09,080
Speaker 1: usually take a punt at all. I didn't buy these,

603
00:28:09,119 --> 00:28:11,120
Speaker 1: but you would have seen posts in our community about

604
00:28:11,119 --> 00:28:14,280
Speaker 1: people buying after pay. But at the same time, like

605
00:28:14,600 --> 00:28:16,600
Speaker 1: a lot of other people saw those and they're like, wow,

606
00:28:16,920 --> 00:28:19,480
Speaker 1: George King made a lot of money on after pay.

607
00:28:19,640 --> 00:28:21,800
Speaker 1: I'm going to go buy some That's a great investment

608
00:28:22,200 --> 00:28:25,280
Speaker 1: when that share is actually overpriced. So I think it's

609
00:28:25,320 --> 00:28:28,240
Speaker 1: really important to just you know, stay in your own lane,

610
00:28:28,560 --> 00:28:31,399
Speaker 1: watch your own stuff, and understand why you want to

611
00:28:31,400 --> 00:28:34,840
Speaker 1: make that decision. It is not saying, Georgia that if

612
00:28:34,880 --> 00:28:37,359
Speaker 1: you need access to that money, you shouldn't pull it out.

613
00:28:37,560 --> 00:28:39,520
Speaker 1: You know, if you lose your job and end up

614
00:28:39,560 --> 00:28:42,080
Speaker 1: in a situation where you need access to that, then

615
00:28:42,120 --> 00:28:44,760
Speaker 1: I totally get it. It is very different to panic

616
00:28:44,840 --> 00:28:48,280
Speaker 1: selling and selling something because you're worried about a future loss.

617
00:28:48,760 --> 00:28:51,320
Speaker 1: So for me, Yes, it's really important, really important to

618
00:28:51,320 --> 00:28:53,440
Speaker 1: remember that the share market is long term, Like it's

619
00:28:53,480 --> 00:28:55,320
Speaker 1: not just a six week or six month period that

620
00:28:55,360 --> 00:28:58,040
Speaker 1: you're investing. And I think it's really really important to

621
00:28:58,120 --> 00:29:00,920
Speaker 1: just understand that and you know, make sure that you're

622
00:29:00,960 --> 00:29:03,920
Speaker 1: staying solid on the decisions that you're making and not

623
00:29:04,000 --> 00:29:06,080
Speaker 1: being emotional about money decisions.

624
00:29:06,160 --> 00:29:08,680
Speaker 2: Yeah, and it does. It completely makes sense that people

625
00:29:08,680 --> 00:29:11,680
Speaker 2: would be emotional about it right now, like it's a

626
00:29:11,960 --> 00:29:15,320
Speaker 2: very fraught time. One of my friends actually did just

627
00:29:15,560 --> 00:29:19,080
Speaker 2: panic sell their shares and I was like, dude, why

628
00:29:19,120 --> 00:29:21,479
Speaker 2: did you do that? You literally had that stock for

629
00:29:21,560 --> 00:29:24,760
Speaker 2: like eight weeks And he was like, nah, I just can't.

630
00:29:24,880 --> 00:29:28,440
Speaker 2: I was like, ah, what would Victorious say? But yeah,

631
00:29:28,440 --> 00:29:29,200
Speaker 2: and I get it.

632
00:29:29,280 --> 00:29:32,360
Speaker 1: But that's really important, right Like, I feel like this

633
00:29:32,480 --> 00:29:35,280
Speaker 1: is such a convoluted area because you can obviously go

634
00:29:35,400 --> 00:29:38,160
Speaker 1: and buy shares yourself. It is not hard to go

635
00:29:38,240 --> 00:29:40,600
Speaker 1: and purchase the share there are so many platforms to

636
00:29:40,680 --> 00:29:43,760
Speaker 1: do that on. But seeing a financial advisor is going

637
00:29:43,800 --> 00:29:45,320
Speaker 1: to make sure that those shares are in line with

638
00:29:45,360 --> 00:29:47,600
Speaker 1: your values. And you get it and you're able to

639
00:29:47,600 --> 00:29:50,160
Speaker 1: sleep all at night and you fully understand the decisions

640
00:29:50,160 --> 00:29:52,520
Speaker 1: that you're making around it, and you also have someone

641
00:29:52,560 --> 00:29:54,840
Speaker 1: on your team who can bounce ideas off and go ah,

642
00:29:54,920 --> 00:29:57,600
Speaker 1: Victoria like can we sell those? I'm so stressed And

643
00:29:57,680 --> 00:29:59,880
Speaker 1: I sit you down and go, hey, all right, Georgia,

644
00:30:00,080 --> 00:30:02,320
Speaker 1: is that a good idea or not? And I think

645
00:30:02,360 --> 00:30:05,120
Speaker 1: that that's a really important thing to have and having

646
00:30:05,160 --> 00:30:08,000
Speaker 1: someone on your team is really important. But also if

647
00:30:08,040 --> 00:30:09,880
Speaker 1: you're thinking about it, like, that's what the She's on

648
00:30:09,920 --> 00:30:12,520
Speaker 1: the Money community is for as well. Whilst we can't

649
00:30:12,520 --> 00:30:15,920
Speaker 1: provide you personal advice, we can definitely you know, remind

650
00:30:15,960 --> 00:30:19,120
Speaker 1: you about emotional investing post in the group be like hey,

651
00:30:19,160 --> 00:30:21,760
Speaker 1: I'm really stressed out, Like, we can absolutely be on

652
00:30:21,800 --> 00:30:23,600
Speaker 1: your team. So that's what we are for one.

653
00:30:24,440 --> 00:30:27,040
Speaker 2: So sav if someone came to you like they're new

654
00:30:27,080 --> 00:30:29,120
Speaker 2: to She's on the Money and they're like, wow, investing

655
00:30:29,240 --> 00:30:32,320
Speaker 2: sounds great. I'm gonna be wealthy one day. Would you

656
00:30:32,440 --> 00:30:35,640
Speaker 2: say that now is not the time or it is

657
00:30:35,720 --> 00:30:37,960
Speaker 2: the time? I mean you said maybe that there's no

658
00:30:38,080 --> 00:30:41,000
Speaker 2: good or bad time, but is now not the time?

659
00:30:41,080 --> 00:30:41,320
Speaker 1: Wow?

660
00:30:41,400 --> 00:30:42,640
Speaker 2: What a weird question for me. But do you know

661
00:30:42,680 --> 00:30:43,560
Speaker 2: what I'm trying to say?

662
00:30:43,640 --> 00:30:46,160
Speaker 1: I know I know exactly what you're trying to say.

663
00:30:46,600 --> 00:30:49,600
Speaker 1: You're saying, is now a good time to invest? I

664
00:30:49,680 --> 00:30:52,400
Speaker 1: can't answer that yes or no, because it's going to

665
00:30:52,440 --> 00:30:56,680
Speaker 1: depend on your personal situation. If you've lost your job, No,

666
00:30:56,880 --> 00:30:59,480
Speaker 1: not a great time to start investing in shares because

667
00:30:59,520 --> 00:31:02,640
Speaker 1: you'll need access to that capital. We need financial security.

668
00:31:03,040 --> 00:31:05,240
Speaker 1: If you've been looking at some shares, though, I think

669
00:31:05,280 --> 00:31:07,640
Speaker 1: it's really important to follow that share and work out

670
00:31:07,640 --> 00:31:10,480
Speaker 1: what its journey looks like. Is it currently undervalued, is

671
00:31:10,520 --> 00:31:12,040
Speaker 1: it currently overvalued?

672
00:31:12,080 --> 00:31:12,160
Speaker 2: Like?

673
00:31:12,200 --> 00:31:14,959
Speaker 1: What does that actually look like? Because as much as

674
00:31:15,080 --> 00:31:17,920
Speaker 1: the share market has taken a hit, does that actually

675
00:31:17,920 --> 00:31:20,360
Speaker 1: mean that you're picking up a bargain? And we know

676
00:31:20,480 --> 00:31:22,240
Speaker 1: that during the GFC a lot of people made a

677
00:31:22,280 --> 00:31:26,240
Speaker 1: lot of money by buying really undervalued stocks. So maybe

678
00:31:26,240 --> 00:31:28,120
Speaker 1: it is a good time for you, but it would

679
00:31:28,200 --> 00:31:30,400
Speaker 1: have to be in line with your goals and your values,

680
00:31:30,440 --> 00:31:33,200
Speaker 1: and you would actually have to potentially get some advice

681
00:31:33,240 --> 00:31:36,400
Speaker 1: on that, especially if you're thinking about making a bigger punt.

682
00:31:36,840 --> 00:31:39,280
Speaker 1: But what I can say is that if you are

683
00:31:39,320 --> 00:31:41,719
Speaker 1: going to be putting your money into the market right now,

684
00:31:42,040 --> 00:31:44,880
Speaker 1: please do not expect to see a return. Don't go

685
00:31:45,000 --> 00:31:49,360
Speaker 1: get one of these micro investing platforms and say all right, Victoria, Well,

686
00:31:49,400 --> 00:31:51,760
Speaker 1: I started investing, it's been eight weeks. It was meant

687
00:31:51,760 --> 00:31:53,800
Speaker 1: to be a good time to buy, and all of

688
00:31:53,840 --> 00:31:56,760
Speaker 1: a sudden, you know, you're down another five percent, Like

689
00:31:56,880 --> 00:31:59,480
Speaker 1: it's going to keep going down. But at the end

690
00:31:59,520 --> 00:32:02,160
Speaker 1: of the day, the less the stock is valued at,

691
00:32:02,200 --> 00:32:04,840
Speaker 1: the more value you are buying in at, if that

692
00:32:04,920 --> 00:32:07,520
Speaker 1: makes any sense. So if you're buying ten one dollar

693
00:32:07,600 --> 00:32:10,200
Speaker 1: shares and they're a dollar and then they plummet down

694
00:32:10,240 --> 00:32:13,320
Speaker 1: to fifty cents a share, fantastic, You're getting double the

695
00:32:13,360 --> 00:32:15,800
Speaker 1: shares for the same amount of money. So I think

696
00:32:15,840 --> 00:32:18,840
Speaker 1: it's really important to understand that as well. Whether it's

697
00:32:18,840 --> 00:32:21,560
Speaker 1: a good time or not completely dependent on your personal

698
00:32:21,640 --> 00:32:24,480
Speaker 1: financial situation. It's so hard to answer.

699
00:32:24,240 --> 00:32:27,560
Speaker 2: And just quickly. Property is obviously looking a little bit

700
00:32:27,640 --> 00:32:29,800
Speaker 2: cheaper at the moment. Yes, would you say in a

701
00:32:29,800 --> 00:32:32,960
Speaker 2: recession it is a good time to buy because the

702
00:32:33,000 --> 00:32:35,320
Speaker 2: prices are low, or is it like risky because we'll

703
00:32:35,360 --> 00:32:37,520
Speaker 2: have mortgage repayments and we might lose our jobs, Like

704
00:32:37,840 --> 00:32:38,920
Speaker 2: what is your take on that?

705
00:32:39,120 --> 00:32:43,040
Speaker 1: Again, so hard to say and so hard to answer this.

706
00:32:43,560 --> 00:32:46,360
Speaker 1: But when the stock market is shaky, it's so tempting

707
00:32:46,400 --> 00:32:49,680
Speaker 1: to forget everything we've absolutely learned about investing and turn

708
00:32:49,720 --> 00:32:53,160
Speaker 1: our focus instead owned to property, which is not necessarily

709
00:32:53,240 --> 00:32:55,760
Speaker 1: a bad idea. It is a very stable choice, it

710
00:32:55,800 --> 00:32:58,640
Speaker 1: is less exposed to economic disasters, so on and so forth.

711
00:32:58,920 --> 00:33:00,880
Speaker 1: But I would still say you need to be doing

712
00:33:00,920 --> 00:33:03,840
Speaker 1: what is right for you. Buying property now is still

713
00:33:03,880 --> 00:33:06,000
Speaker 1: going to be locking you into a thirty year mortgage,

714
00:33:06,000 --> 00:33:08,080
Speaker 1: and that's a massive commitment, even if you're saving some

715
00:33:08,160 --> 00:33:11,400
Speaker 1: money at a time when jobs may not be stable

716
00:33:11,440 --> 00:33:13,400
Speaker 1: and our incomes may not be as healthy as they

717
00:33:13,400 --> 00:33:15,160
Speaker 1: once were. So if you're going to go down the

718
00:33:15,200 --> 00:33:18,400
Speaker 1: property line, really consider what you are purchasing and aim

719
00:33:18,480 --> 00:33:21,960
Speaker 1: for an area that is somewhat recession proof. Investing in

720
00:33:22,040 --> 00:33:24,400
Speaker 1: areas that are reliant on a single industry, like a

721
00:33:24,440 --> 00:33:27,720
Speaker 1: holiday destination, can be really risky, especially at a time

722
00:33:27,840 --> 00:33:28,280
Speaker 1: like now.

723
00:33:28,400 --> 00:33:32,120
Speaker 2: The last step I have here is all about superannuation.

724
00:33:32,600 --> 00:33:35,280
Speaker 2: So can you please talk to me be about why

725
00:33:35,440 --> 00:33:37,720
Speaker 2: you think pulling money out of your super is a

726
00:33:37,840 --> 00:33:40,040
Speaker 2: risky call? If I don't know if you do think that,

727
00:33:40,080 --> 00:33:41,280
Speaker 2: I'm assuming you do.

728
00:33:41,320 --> 00:33:43,480
Speaker 1: You know me too well, Georgia Key.

729
00:33:43,480 --> 00:33:45,560
Speaker 2: Yeah, Well, can you talk to me a little bit

730
00:33:45,640 --> 00:33:47,040
Speaker 2: about the whole super theme.

731
00:33:47,120 --> 00:33:50,280
Speaker 1: So essentially, it's all about future you, right, Like taking

732
00:33:50,360 --> 00:33:53,040
Speaker 1: ten thousand dollars out of your super right now, which

733
00:33:53,400 --> 00:33:55,480
Speaker 1: you know, if you're in a situation where you qualify

734
00:33:55,520 --> 00:33:59,040
Speaker 1: to do that, is going to ultimately be if you're twenty,

735
00:33:59,160 --> 00:34:01,320
Speaker 1: it ends up being like three hundred and fifty thousand

736
00:34:01,360 --> 00:34:04,160
Speaker 1: dollars due to compound interests that you're taking away from

737
00:34:04,280 --> 00:34:07,160
Speaker 1: future you. So whilst it might be nice to go, ah,

738
00:34:07,200 --> 00:34:09,279
Speaker 1: that'd be good, I'll take my ten grand out and

739
00:34:09,320 --> 00:34:12,080
Speaker 1: I'll you know, unfortunately, I've seen a lot of this

740
00:34:12,520 --> 00:34:14,839
Speaker 1: in our community and outside of our community, being like, oh,

741
00:34:14,840 --> 00:34:16,440
Speaker 1: I'm going to take that out. I really need a

742
00:34:16,440 --> 00:34:18,359
Speaker 1: new car and I don't want to get debt, like

743
00:34:18,360 --> 00:34:20,239
Speaker 1: I don't want to get a loan, or oh I've

744
00:34:20,280 --> 00:34:22,640
Speaker 1: got a personal debt and I'm just going to pay

745
00:34:22,680 --> 00:34:25,719
Speaker 1: that off with the ten grand, and then you kind

746
00:34:25,719 --> 00:34:29,800
Speaker 1: of go, great idea, but furthering that that ten thousand

747
00:34:29,880 --> 00:34:33,000
Speaker 1: dollars due to compound interest, is actually costing you hundreds

748
00:34:33,040 --> 00:34:35,640
Speaker 1: of thousands of dollars. I'd much prefer you to just

749
00:34:35,719 --> 00:34:38,720
Speaker 1: be in that personal debt for another year and smash

750
00:34:38,760 --> 00:34:40,920
Speaker 1: it down that way instead of kind of getting that

751
00:34:40,960 --> 00:34:43,959
Speaker 1: instant gratification of pulling it out and paying it off.

752
00:34:44,200 --> 00:34:46,840
Speaker 1: It's also not teaching you anything about getting out of

753
00:34:46,880 --> 00:34:50,000
Speaker 1: debt and gives you an easy exit point, so you

754
00:34:50,160 --> 00:34:52,719
Speaker 1: feel as though you know that didn't hurt as much.

755
00:34:52,920 --> 00:34:55,560
Speaker 1: So I'm not worried about getting into debt another time,

756
00:34:55,600 --> 00:34:58,080
Speaker 1: and you're probably more likely to get into debt in

757
00:34:58,120 --> 00:35:00,920
Speaker 1: the future. Most of our listeners do are women, and

758
00:35:00,960 --> 00:35:03,960
Speaker 1: we already know that we are worse off super wise.

759
00:35:04,200 --> 00:35:06,680
Speaker 1: We already know that we have significantly less than men

760
00:35:06,760 --> 00:35:09,400
Speaker 1: in super so making these decisions not one that I

761
00:35:09,440 --> 00:35:12,600
Speaker 1: would take lightly. In saying that, I do think it's

762
00:35:12,640 --> 00:35:15,840
Speaker 1: a really beautiful option for people who are in terrible

763
00:35:15,920 --> 00:35:19,120
Speaker 1: financial situations. At the end of the day, that ten

764
00:35:19,160 --> 00:35:21,440
Speaker 1: thousand dollars or a total of twenty thousand dollars that

765
00:35:21,520 --> 00:35:24,960
Speaker 1: we can take out of super is going to potentially

766
00:35:25,000 --> 00:35:28,160
Speaker 1: be the difference between poverty and surviving for a lot

767
00:35:28,200 --> 00:35:30,360
Speaker 1: of people. So it would be very naive of me

768
00:35:30,680 --> 00:35:33,600
Speaker 1: to only mention, oh, you're taking lots of money away

769
00:35:33,600 --> 00:35:36,000
Speaker 1: from future you. But if you do find yourself in

770
00:35:36,000 --> 00:35:37,879
Speaker 1: a position where you do need to take money out

771
00:35:37,920 --> 00:35:40,399
Speaker 1: of SUPER, have a think about it first, make sure

772
00:35:40,400 --> 00:35:42,400
Speaker 1: it's the right decision. For you. Our friends at the

773
00:35:42,480 --> 00:35:44,759
Speaker 1: National Debt Hotline, they'll be able to tell you whether

774
00:35:44,800 --> 00:35:47,000
Speaker 1: it's a good idea or not for sure. But also

775
00:35:47,080 --> 00:35:49,839
Speaker 1: when you are in a better financial position, really try

776
00:35:49,880 --> 00:35:52,560
Speaker 1: to put that ten or twenty thousand dollars back, like,

777
00:35:52,680 --> 00:35:55,560
Speaker 1: really make some extra contributions, because I would hate to

778
00:35:55,600 --> 00:35:58,440
Speaker 1: see you guys behind. And the whole purpose of Sheese

779
00:35:58,440 --> 00:36:00,640
Speaker 1: on the Money is to make sure that we all

780
00:36:00,640 --> 00:36:01,400
Speaker 1: finish ahead.

781
00:36:01,520 --> 00:36:04,160
Speaker 2: Really well, said there, V. I think that does make

782
00:36:04,239 --> 00:36:06,000
Speaker 2: a lot of sense, and one hundred percent it's a

783
00:36:06,040 --> 00:36:08,680
Speaker 2: lifeline if you need it. But don't just be pulling

784
00:36:08,680 --> 00:36:11,719
Speaker 2: at it willy nearly like you need to be understanding

785
00:36:11,840 --> 00:36:14,600
Speaker 2: what you're taking away from your future self. So to

786
00:36:14,719 --> 00:36:16,919
Speaker 2: wrap this part of the show up, I thought would

787
00:36:16,920 --> 00:36:19,160
Speaker 2: make it really simple, do a bit of a quick

788
00:36:19,160 --> 00:36:22,960
Speaker 2: fire round where I give you a topic interesting. I'll

789
00:36:22,960 --> 00:36:24,960
Speaker 2: give you a topic and you give me like the

790
00:36:25,000 --> 00:36:27,840
Speaker 2: one liner of what we need to be taking away

791
00:36:27,920 --> 00:36:29,720
Speaker 2: from today's show in terms of the recession.

792
00:36:29,760 --> 00:36:31,839
Speaker 1: All right, I'm here for this, Georgia, let's do.

793
00:36:31,840 --> 00:36:34,040
Speaker 2: It, okay. So first one, jobs.

794
00:36:33,920 --> 00:36:36,440
Speaker 1: All right, So, Georgia, because of the rest session, there

795
00:36:36,440 --> 00:36:39,160
Speaker 1: are going to be fewer jobs, lots fewer jobs. That

796
00:36:39,280 --> 00:36:41,520
Speaker 1: might be super hard to believe, but given there is

797
00:36:41,560 --> 00:36:43,960
Speaker 1: an estimated one million of us who have already lost

798
00:36:44,000 --> 00:36:46,880
Speaker 1: their jobs or become unemployed, this is just going to increase.

799
00:36:46,880 --> 00:36:48,040
Speaker 2: Spending g king.

800
00:36:48,200 --> 00:36:51,120
Speaker 1: Fewer jobs mean fewer people are cashed up to buy stuff,

801
00:36:51,160 --> 00:36:54,680
Speaker 1: especially non essential stuff. So whilst our supermarkets might take

802
00:36:54,680 --> 00:36:56,440
Speaker 1: a little bit of a hit because we no longer

803
00:36:56,480 --> 00:36:59,680
Speaker 1: buying sirloin steak, it's the cafes and restaurants and pubs

804
00:36:59,680 --> 00:37:02,400
Speaker 1: and clothing and you know, small businesses that are actually

805
00:37:02,400 --> 00:37:04,680
Speaker 1: going to start falling over first. So I think it's

806
00:37:04,719 --> 00:37:07,359
Speaker 1: really important to put ourselves in positions where if we

807
00:37:07,440 --> 00:37:10,239
Speaker 1: can spend on small business right now is the time

808
00:37:10,280 --> 00:37:11,640
Speaker 1: to really prioritize them.

809
00:37:11,800 --> 00:37:12,320
Speaker 2: Salaries.

810
00:37:13,000 --> 00:37:17,319
Speaker 1: Oh, they're going to increase. Fewer jobs, unsurprisingly, means that

811
00:37:17,440 --> 00:37:21,520
Speaker 1: we will have stagnant salaries or even declining salaries. So

812
00:37:21,560 --> 00:37:24,840
Speaker 1: with more people chasing less jobs, there's less incentive for

813
00:37:24,920 --> 00:37:27,600
Speaker 1: employers to actually be really competitive on pay. So that's

814
00:37:27,640 --> 00:37:29,719
Speaker 1: definitely worth taking into consideration.

815
00:37:29,960 --> 00:37:31,000
Speaker 2: Got it. How about debt?

816
00:37:31,120 --> 00:37:33,560
Speaker 1: All right, so we've went over debt pretty significantly, But

817
00:37:34,040 --> 00:37:36,840
Speaker 1: if you are unemployed or underemployed or just working, the

818
00:37:36,880 --> 00:37:40,279
Speaker 1: same hours for less pay, your bills can actually add up.

819
00:37:40,480 --> 00:37:43,560
Speaker 1: Our government has already issued a plea to energy suppliers

820
00:37:43,560 --> 00:37:47,040
Speaker 1: and landlords and home loan finances to exercise compassion during

821
00:37:47,080 --> 00:37:49,680
Speaker 1: these times, but it doesn't necessarily mean it will happen.

822
00:37:49,800 --> 00:37:51,919
Speaker 1: So make sure you are putting yourself in the best

823
00:37:51,920 --> 00:37:55,279
Speaker 1: financial position right now, even if nothing has impacted you yet.

824
00:37:55,360 --> 00:37:58,120
Speaker 1: And property, look, we already talked about property. Probably not

825
00:37:58,320 --> 00:38:01,600
Speaker 1: time to buy first, or not time to invest in

826
00:38:01,640 --> 00:38:05,239
Speaker 1: a holiday home in an area where it potentially decreased.

827
00:38:05,400 --> 00:38:09,960
Speaker 1: But according to economists, if Australia's unemployment rates actually reach

828
00:38:10,080 --> 00:38:12,480
Speaker 1: ten percent, which is we're honestly not far off, which

829
00:38:12,520 --> 00:38:15,399
Speaker 1: is terrifying, then housing prices could drop as much as

830
00:38:15,440 --> 00:38:18,760
Speaker 1: twenty percent. So that's terrible news for anyone who sees

831
00:38:18,800 --> 00:38:21,319
Speaker 1: the outstanding balance on their home loan become higher than

832
00:38:21,360 --> 00:38:23,719
Speaker 1: the price of the property if they sell it, which

833
00:38:23,760 --> 00:38:27,160
Speaker 1: is a bit terrifying. That's actually called negative equity. But

834
00:38:27,520 --> 00:38:29,960
Speaker 1: during a time where you know you might end up

835
00:38:30,000 --> 00:38:32,799
Speaker 1: being in a really grateful position, where you are in

836
00:38:32,840 --> 00:38:35,520
Speaker 1: a stable, really good paying job, you might end up

837
00:38:35,560 --> 00:38:38,280
Speaker 1: getting a property that you were planning to already purchase

838
00:38:38,440 --> 00:38:40,360
Speaker 1: for a little bit less, which is not terrible.

839
00:38:40,719 --> 00:38:44,280
Speaker 2: And last rapid fire topic here is travel.

840
00:38:44,480 --> 00:38:47,520
Speaker 1: Okay, Well, I mean currently we're in a pandemic. This

841
00:38:47,560 --> 00:38:50,719
Speaker 1: recession has been triggered by a pandemic, So have fun

842
00:38:50,800 --> 00:38:53,360
Speaker 1: trying to travel. I don't think anyone's going anywhere for

843
00:38:53,440 --> 00:38:56,560
Speaker 1: a long time. But on the positive side, Georgia, our

844
00:38:56,600 --> 00:38:59,120
Speaker 1: recessions do not last forever. So in fact, they have

845
00:38:59,160 --> 00:39:02,000
Speaker 1: a lifespan between eighteen and twenty four months. It just

846
00:39:02,120 --> 00:39:05,200
Speaker 1: takes years to recover from one. So I think we

847
00:39:05,239 --> 00:39:07,960
Speaker 1: won't be traveling for a while, but at the same time,

848
00:39:08,120 --> 00:39:10,319
Speaker 1: like we'll be in for some hard times, probably for

849
00:39:10,360 --> 00:39:11,240
Speaker 1: about two years.

850
00:39:11,320 --> 00:39:12,440
Speaker 2: Yeah, but we'll.

851
00:39:12,200 --> 00:39:15,040
Speaker 1: See the impacts of this recession for a fair few

852
00:39:15,080 --> 00:39:16,080
Speaker 1: years to come after that.

853
00:39:16,239 --> 00:39:19,160
Speaker 2: If you had kind of one last little line for

854
00:39:19,239 --> 00:39:21,319
Speaker 2: our listeners, what would it be in terms of how

855
00:39:21,360 --> 00:39:22,920
Speaker 2: they should be thinking about the recession.

856
00:39:23,080 --> 00:39:25,240
Speaker 1: I think that this is just one of those things

857
00:39:25,239 --> 00:39:28,200
Speaker 1: that I say often it's just don't panic. Thing's going

858
00:39:28,239 --> 00:39:30,880
Speaker 1: to bounce back, Like this too is going to pass.

859
00:39:31,040 --> 00:39:34,360
Speaker 1: Like focus on you, focus on your mental health, focus

860
00:39:34,400 --> 00:39:36,440
Speaker 1: on just making sure that you get through this and

861
00:39:36,480 --> 00:39:39,360
Speaker 1: you're okay, and make sure that you always always remember

862
00:39:39,360 --> 00:39:42,560
Speaker 1: that none of this is a reflection of your personal performance.

863
00:39:42,719 --> 00:39:44,560
Speaker 1: If you get let down from a job or you

864
00:39:44,600 --> 00:39:48,080
Speaker 1: find yourself in a really upsetting situation, just remember that

865
00:39:48,160 --> 00:39:51,439
Speaker 1: this is so much bigger than just us, and it's

866
00:39:51,480 --> 00:39:54,320
Speaker 1: not you, it's Australia.

867
00:39:53,560 --> 00:39:57,359
Speaker 2: Yeah, the world. Also, I was wondering if you had

868
00:39:57,440 --> 00:40:01,320
Speaker 2: any insights on obviously a lot about listeners are maybe

869
00:40:01,360 --> 00:40:04,360
Speaker 2: finishing up at you need there, you know, younger people.

870
00:40:04,880 --> 00:40:07,480
Speaker 2: Is this going to have a massive impact on entering

871
00:40:07,480 --> 00:40:08,040
Speaker 2: the job mark?

872
00:40:08,520 --> 00:40:10,880
Speaker 1: So jog less jobs means that we're going to have

873
00:40:10,960 --> 00:40:14,759
Speaker 1: more competitive hiring processes. So if you've just finished university,

874
00:40:14,960 --> 00:40:17,040
Speaker 1: you're going to end up in a position where the

875
00:40:17,080 --> 00:40:20,760
Speaker 1: lower level roles and graduate roles are often the ones

876
00:40:20,800 --> 00:40:23,400
Speaker 1: that get cut the first, right because they're non essential,

877
00:40:23,560 --> 00:40:26,080
Speaker 1: like they're obviously doing a lot of really good work,

878
00:40:26,520 --> 00:40:29,560
Speaker 1: but because they are positions that you know, they go

879
00:40:29,600 --> 00:40:31,960
Speaker 1: all right, well, what can we cut without absolutely having

880
00:40:32,000 --> 00:40:34,800
Speaker 1: our business full over, there's honestly just going to be

881
00:40:34,920 --> 00:40:37,480
Speaker 1: less of them going around. So I think that we're

882
00:40:37,520 --> 00:40:39,560
Speaker 1: going to be in a position where you're applying for

883
00:40:39,640 --> 00:40:42,920
Speaker 1: grad roles or jobs and you actually put yourself in

884
00:40:42,960 --> 00:40:45,759
Speaker 1: a position where you're not going to hear back from

885
00:40:45,760 --> 00:40:48,879
Speaker 1: employers because they're going to be absolutely inundated. We are

886
00:40:48,880 --> 00:40:51,520
Speaker 1: going to feel really flat about this, or you might

887
00:40:51,600 --> 00:40:53,600
Speaker 1: lose your job in an area where you think, you

888
00:40:53,600 --> 00:40:55,800
Speaker 1: know what, like I should find a job really easily,

889
00:40:56,000 --> 00:40:58,439
Speaker 1: and then you might find yourself struggling a bit more.

890
00:40:58,840 --> 00:40:58,960
Speaker 2: So.

891
00:40:59,280 --> 00:41:02,040
Speaker 1: No, it's definitely not a good thing or a bit

892
00:41:02,160 --> 00:41:04,200
Speaker 1: like it's just one of those things that is going

893
00:41:04,280 --> 00:41:06,799
Speaker 1: to really suck. But as I was saying before, like

894
00:41:06,880 --> 00:41:10,520
Speaker 1: this too shall pass, Like we've just got to get through,

895
00:41:10,920 --> 00:41:12,799
Speaker 1: and a job is a job, Like at the end

896
00:41:12,800 --> 00:41:15,920
Speaker 1: of the day, you are super incredible if you're providing

897
00:41:15,960 --> 00:41:18,879
Speaker 1: an income for your family, whether you work a job

898
00:41:18,920 --> 00:41:20,880
Speaker 1: that you don't want to do or you're working your

899
00:41:20,920 --> 00:41:24,400
Speaker 1: dream job. Like I think just being employed is impressive,

900
00:41:24,480 --> 00:41:27,480
Speaker 1: and I think that not enough credit gets given to

901
00:41:27,520 --> 00:41:29,759
Speaker 1: people who are just doing the right bloody thing for

902
00:41:29,800 --> 00:41:33,239
Speaker 1: their family. Like if you're in a position where you've

903
00:41:33,280 --> 00:41:35,560
Speaker 1: lost your job, I think it's also really important to

904
00:41:35,560 --> 00:41:38,759
Speaker 1: not be too proud, like find a job, this too

905
00:41:38,760 --> 00:41:40,879
Speaker 1: shall pass. It'll be something that you can go find

906
00:41:40,920 --> 00:41:43,400
Speaker 1: your dream job later, like we're currently in a recession.

907
00:41:43,560 --> 00:41:45,759
Speaker 1: Find something that will get you through if that means

908
00:41:45,800 --> 00:41:49,759
Speaker 1: you're stocking shelves at the supermarket sick like awesome job like.

909
00:41:49,880 --> 00:41:52,400
Speaker 1: I have absolutely no issue with any of that, and

910
00:41:52,440 --> 00:41:54,520
Speaker 1: I think that all of us should, really, you know,

911
00:41:54,600 --> 00:42:00,280
Speaker 1: see the value in that as well.

912
00:42:00,360 --> 00:42:02,239
Speaker 2: Hi Van, you've breached that she is on the Money

913
00:42:02,280 --> 00:42:04,160
Speaker 2: mail box. Do you have a money problem you're on

914
00:42:04,200 --> 00:42:06,279
Speaker 2: health solving? Do you have a money in dilemma you

915
00:42:06,360 --> 00:42:08,880
Speaker 2: just want to chat about. Victoria is here to help.

916
00:42:09,200 --> 00:42:11,520
Speaker 2: Every week we'll be playing your questions to help make

917
00:42:11,600 --> 00:42:13,520
Speaker 2: sense of a money mess you may have found yourself in.

918
00:42:13,880 --> 00:42:15,759
Speaker 2: Make a quick recording on your phone and send it

919
00:42:15,800 --> 00:42:17,799
Speaker 2: through to podcasts and she is on the Money dot

920
00:42:17,840 --> 00:42:20,240
Speaker 2: com dodau and you might even find yourself on the show.

921
00:42:20,640 --> 00:42:22,640
Speaker 2: But for now, here's today's listener question.

922
00:42:23,680 --> 00:42:26,840
Speaker 5: Hey, Victoria and Georgia. I'm after some money and life advice.

923
00:42:27,520 --> 00:42:29,240
Speaker 5: So I live at home with my parents in country

924
00:42:29,280 --> 00:42:32,000
Speaker 5: New South Wales, and we don't have a very good relationship.

925
00:42:32,480 --> 00:42:34,520
Speaker 5: I don't like being there and I'm finding it's having

926
00:42:34,560 --> 00:42:37,280
Speaker 5: a big impact on my mental health. But they also

927
00:42:37,320 --> 00:42:39,719
Speaker 5: don't make me pay rent, which I'm quite grateful for.

928
00:42:40,239 --> 00:42:41,880
Speaker 5: I'm twenty two and I don't have a lot of

929
00:42:41,920 --> 00:42:44,160
Speaker 5: savings behind me. But I'm wondering if you think I

930
00:42:44,160 --> 00:42:45,919
Speaker 5: should try and move out on my own and make

931
00:42:45,920 --> 00:42:47,840
Speaker 5: my own way for the sake of my mental health,

932
00:42:48,239 --> 00:42:49,640
Speaker 5: or do you think I should stay at home and

933
00:42:49,640 --> 00:42:53,200
Speaker 5: build up some savings before I leave. Thanks alrighty V.

934
00:42:53,360 --> 00:42:57,279
Speaker 5: This is obviously a very difficult one. What advice do

935
00:42:57,320 --> 00:42:57,759
Speaker 5: you have here?

936
00:42:58,120 --> 00:43:00,800
Speaker 1: I think this is a really terrible one. Actually, Like

937
00:43:00,920 --> 00:43:03,480
Speaker 1: I'm glad we've got it on the podcast because this

938
00:43:03,520 --> 00:43:06,640
Speaker 1: person cannot be the only person struggling with this. But

939
00:43:06,800 --> 00:43:10,040
Speaker 1: I think that your mental health is definitely worth more

940
00:43:10,080 --> 00:43:12,880
Speaker 1: than your savings. And I know that that's maybe not

941
00:43:12,960 --> 00:43:15,799
Speaker 1: what you wanted to hear from me on a money podcast,

942
00:43:16,160 --> 00:43:18,040
Speaker 1: But at the end of the day, if you're in

943
00:43:18,080 --> 00:43:22,719
Speaker 1: a super toxic situation, we have emergency savings to get

944
00:43:22,800 --> 00:43:25,120
Speaker 1: us out of situations like this, and I think we

945
00:43:25,120 --> 00:43:28,960
Speaker 1: should all have an emergency account, whether it's five hundred

946
00:43:29,000 --> 00:43:32,080
Speaker 1: dollars or five thousand dollars, that can get us out

947
00:43:32,120 --> 00:43:33,960
Speaker 1: of a situation we no longer want to be in.

948
00:43:34,360 --> 00:43:34,480
Speaker 2: Now.

949
00:43:34,520 --> 00:43:37,360
Speaker 1: I don't know how bad it is, and she's obviously

950
00:43:37,440 --> 00:43:40,560
Speaker 1: living with her parents in country New South Wales, but

951
00:43:40,680 --> 00:43:42,239
Speaker 1: at the end of the day. I think she just

952
00:43:42,239 --> 00:43:44,960
Speaker 1: needs to weigh up what that means. But right now,

953
00:43:45,000 --> 00:43:47,600
Speaker 1: as much as savings is super important and we need

954
00:43:47,640 --> 00:43:49,600
Speaker 1: to get you on track to make sure that that's

955
00:43:49,640 --> 00:43:52,440
Speaker 1: all well and good, I think that mental health is

956
00:43:52,719 --> 00:43:56,000
Speaker 1: arguably far more important, because if you've got bad mental health,

957
00:43:56,239 --> 00:43:59,080
Speaker 1: you actually will maybe put yourself in a position where

958
00:43:59,120 --> 00:44:01,520
Speaker 1: you can't earn an income, you won't have savings, and

959
00:44:01,560 --> 00:44:04,279
Speaker 1: it becomes something that just kind of dominoes from there.

960
00:44:04,560 --> 00:44:07,480
Speaker 1: So for me, yes, savings is important during a time

961
00:44:07,600 --> 00:44:10,160
Speaker 1: like this, But if you're in a toxic situation and

962
00:44:10,239 --> 00:44:13,239
Speaker 1: it's really bad, and you've got a really bad relationship

963
00:44:13,239 --> 00:44:16,239
Speaker 1: with your parents, then maybe it's better to move out,

964
00:44:16,400 --> 00:44:19,560
Speaker 1: find a sharehouse, find something cheap like. It doesn't actually

965
00:44:19,600 --> 00:44:23,160
Speaker 1: matter what that property looks like, it's just having your

966
00:44:23,160 --> 00:44:26,359
Speaker 1: own space if that's really important to you. In saying that,

967
00:44:26,440 --> 00:44:28,960
Speaker 1: if you just have a bad relationship with your parents

968
00:44:29,080 --> 00:44:31,560
Speaker 1: and you know it kind of sucks living with your parents,

969
00:44:31,600 --> 00:44:34,080
Speaker 1: maybe you could get some counseling or have a chat

970
00:44:34,120 --> 00:44:36,600
Speaker 1: with your parents about what's going on so that you

971
00:44:36,600 --> 00:44:39,160
Speaker 1: can better live together. But I really don't want to

972
00:44:39,200 --> 00:44:43,120
Speaker 1: put on her what my situation or what my outcome

973
00:44:43,520 --> 00:44:46,759
Speaker 1: should be because I really don't know the situation enough.

974
00:44:47,239 --> 00:44:47,919
Speaker 2: Yeah.

975
00:44:48,000 --> 00:44:51,040
Speaker 1: Yeah, And again like plugging our pals at the National

976
00:44:51,080 --> 00:44:54,000
Speaker 1: Debt Hotline, I just think that they're incredible and maybe

977
00:44:54,239 --> 00:44:57,080
Speaker 1: a really good resource to reach out to because they're

978
00:44:57,120 --> 00:45:00,120
Speaker 1: good at managing money on type budgets like they do

979
00:45:00,280 --> 00:45:02,399
Speaker 1: this every single day. So I think that you could

980
00:45:02,440 --> 00:45:04,040
Speaker 1: reach out to them and just say, hey, this is

981
00:45:04,040 --> 00:45:06,920
Speaker 1: my situation, like what do I do? And there are

982
00:45:06,960 --> 00:45:09,600
Speaker 1: a whole heap of resources which again Georgia will link

983
00:45:09,640 --> 00:45:12,360
Speaker 1: in the show notes that you could access to get

984
00:45:12,480 --> 00:45:14,720
Speaker 1: yourself in a better position. But do you have anything

985
00:45:14,760 --> 00:45:16,000
Speaker 1: to add to that, Georgia.

986
00:45:15,880 --> 00:45:18,840
Speaker 2: Nah, I just really second what you say. Your mental

987
00:45:18,880 --> 00:45:21,600
Speaker 2: health has to come first one hundred percent of the time.

988
00:45:21,680 --> 00:45:25,319
Speaker 2: Obviously that's maybe easier said than done, but I would

989
00:45:25,360 --> 00:45:28,960
Speaker 2: really make moving out a priority or speaking to those

990
00:45:29,120 --> 00:45:32,000
Speaker 2: amazing services. Also, I think I just swallowed to fly.

991
00:45:33,320 --> 00:45:35,160
Speaker 1: Thank you for sharing on the podcast.

992
00:45:35,560 --> 00:45:40,879
Speaker 2: Also, though I know houses regionally are less expensive than

993
00:45:40,920 --> 00:45:44,840
Speaker 2: living in like Sydney, CBD, so hopefully there are affordable

994
00:45:44,840 --> 00:45:47,520
Speaker 2: options out there for her if she does choose that route.

995
00:45:47,640 --> 00:45:49,879
Speaker 1: Yeah, and I think it's also you know, I think

996
00:45:49,920 --> 00:45:52,279
Speaker 1: we have to acknowledge our privilege, because I know if

997
00:45:52,320 --> 00:45:55,000
Speaker 1: I was in a situation like that, I am very

998
00:45:55,040 --> 00:45:57,279
Speaker 1: grateful that I'm in a situation where I could just

999
00:45:57,280 --> 00:45:58,920
Speaker 1: be like, all right, well, I'll move out. I know

1000
00:45:59,000 --> 00:46:01,160
Speaker 1: a lot of people aren't in situations like that, so

1001
00:46:01,160 --> 00:46:03,360
Speaker 1: I think we also need to just be like, okay, cool.

1002
00:46:03,560 --> 00:46:05,239
Speaker 1: There are going to be some people listening to this

1003
00:46:05,280 --> 00:46:09,759
Speaker 1: podcast who are in toxic living situations or in situations

1004
00:46:09,800 --> 00:46:11,919
Speaker 1: that they don't want to be and they can't leave yet,

1005
00:46:12,160 --> 00:46:14,399
Speaker 1: and I think it is very valid that you are

1006
00:46:14,400 --> 00:46:16,520
Speaker 1: still there, like please, don't get me wrong, I want

1007
00:46:16,560 --> 00:46:19,600
Speaker 1: you out of that situation sooner rather than later. But

1008
00:46:19,719 --> 00:46:22,120
Speaker 1: at the end of the day, some people are financially

1009
00:46:22,160 --> 00:46:25,239
Speaker 1: trapped there for one reason or another. And I think

1010
00:46:25,280 --> 00:46:28,520
Speaker 1: too much judgment goes into people who get told like, oh,

1011
00:46:28,560 --> 00:46:31,160
Speaker 1: I don't know why they didn't leave earlier, Like they

1012
00:46:31,160 --> 00:46:33,560
Speaker 1: didn't leave earlier because they couldn't. And I think that

1013
00:46:33,560 --> 00:46:35,879
Speaker 1: that is something that we really should acknowledge as well.

1014
00:46:36,239 --> 00:46:39,200
Speaker 1: And yeah, Georgia, we spoke, and maybe I'm being quite dramatic,

1015
00:46:39,200 --> 00:46:41,400
Speaker 1: but I think this is so important and I'm so

1016
00:46:41,560 --> 00:46:44,760
Speaker 1: passionate about it. But we did have a whole podcast

1017
00:46:44,800 --> 00:46:47,279
Speaker 1: episode on financial abuse, So go back and have a

1018
00:46:47,320 --> 00:46:50,359
Speaker 1: listen to that, because we had so many great resources,

1019
00:46:50,400 --> 00:46:52,359
Speaker 1: like Georgia, I know you and I did so much

1020
00:46:52,440 --> 00:46:55,760
Speaker 1: research before we even brought that episode to the table

1021
00:46:56,200 --> 00:46:58,640
Speaker 1: to make sure that it was a really comprehensive list

1022
00:46:58,640 --> 00:47:01,239
Speaker 1: of resources that you could act success. So we'll link

1023
00:47:01,320 --> 00:47:03,480
Speaker 1: that podcast in the show notes as well as the

1024
00:47:03,520 --> 00:47:06,000
Speaker 1: resources to that so that you can be as empowered

1025
00:47:06,000 --> 00:47:07,240
Speaker 1: as possible in this situation.

1026
00:47:07,360 --> 00:47:09,560
Speaker 2: Yeah, one percent. So thanks so much for your question

1027
00:47:09,640 --> 00:47:12,359
Speaker 2: and hopefully that helped you in any little way.

1028
00:47:15,960 --> 00:47:16,160
Speaker 3: Hi.

1029
00:47:16,320 --> 00:47:19,200
Speaker 4: I'm a twenty seven year old investing immigrant and this

1030
00:47:19,360 --> 00:47:20,320
Speaker 4: was my money diary.

1031
00:47:20,520 --> 00:47:22,680
Speaker 2: Let's get into our favorite part of the show, a

1032
00:47:22,719 --> 00:47:26,319
Speaker 2: sneak peek into the financial lives of Perfect Strangers. It's

1033
00:47:26,400 --> 00:47:27,600
Speaker 2: time for money diaries.

1034
00:47:27,880 --> 00:47:31,560
Speaker 4: I was actually born overseas during a civil war and

1035
00:47:31,880 --> 00:47:34,520
Speaker 4: immigrated to Australia when I was around six years old,

1036
00:47:35,080 --> 00:47:39,160
Speaker 4: and so my parents basically started over back in ninety

1037
00:47:39,200 --> 00:47:42,080
Speaker 4: nine coming here. So I guess it's not like they

1038
00:47:42,120 --> 00:47:44,919
Speaker 4: ever told me. You know, you have to say every

1039
00:47:44,960 --> 00:47:48,080
Speaker 4: set you have. But at the same time, I did

1040
00:47:48,160 --> 00:47:50,240
Speaker 4: notice that we didn't have a lot of money, and

1041
00:47:49,920 --> 00:47:53,360
Speaker 4: I remember making a deal with myself from when I

1042
00:47:53,400 --> 00:47:55,920
Speaker 4: was really young that I wouldn't be in the situation

1043
00:47:56,000 --> 00:47:58,759
Speaker 4: where we didn't have money and we you know, I

1044
00:47:58,800 --> 00:48:02,600
Speaker 4: had to struggle for money. I think that really influenced me,

1045
00:48:02,960 --> 00:48:05,880
Speaker 4: saving a lot of my paychecks from from when I

1046
00:48:05,880 --> 00:48:08,040
Speaker 4: got my first job when I was nineteen, you know,

1047
00:48:08,040 --> 00:48:12,760
Speaker 4: at an urself. So I don't think I really understood

1048
00:48:12,800 --> 00:48:15,719
Speaker 4: the full effect of the war and what was going on.

1049
00:48:16,680 --> 00:48:18,839
Speaker 4: You know, we always had food on the table, we

1050
00:48:18,880 --> 00:48:21,240
Speaker 4: always had clothes in our backs, that kind of thing.

1051
00:48:21,360 --> 00:48:24,800
Speaker 4: But yeah, definitely I noticed, you know, my dad working

1052
00:48:24,840 --> 00:48:28,120
Speaker 4: really really hard to learn the language, and my mum

1053
00:48:28,200 --> 00:48:30,440
Speaker 4: was the same to make a life for us. And

1054
00:48:30,560 --> 00:48:32,440
Speaker 4: only ten years ago did we managed to buy a

1055
00:48:32,440 --> 00:48:35,720
Speaker 4: house here. I've grown up around people, you know, saving

1056
00:48:35,800 --> 00:48:38,160
Speaker 4: and kind of hustling and trying to make something in

1057
00:48:38,200 --> 00:48:40,760
Speaker 4: a place where you don't really know the culture, to language,

1058
00:48:40,800 --> 00:48:43,759
Speaker 4: the people, and you don't have those connections that make

1059
00:48:43,840 --> 00:48:45,280
Speaker 4: you so privileged, I suppose.

1060
00:48:45,600 --> 00:48:48,400
Speaker 2: So what does our investing immigrant do. How much does

1061
00:48:48,440 --> 00:48:50,960
Speaker 2: she earn and how much is sitting in her bank account.

1062
00:48:51,280 --> 00:48:54,960
Speaker 4: I'm a clinical psychologist working in the health department. I

1063
00:48:55,040 --> 00:48:58,319
Speaker 4: earn one hundred and two thousand dollars a year and

1064
00:48:58,680 --> 00:49:04,560
Speaker 4: currently I have approximately ooh, i'd say one hundred thousand

1065
00:49:04,600 --> 00:49:06,440
Speaker 4: split over various accounts.

1066
00:49:06,480 --> 00:49:08,840
Speaker 2: And what happens to her income once at eats her account?

1067
00:49:09,160 --> 00:49:13,400
Speaker 4: So when I get paid approximately i'd say twenty percent

1068
00:49:13,520 --> 00:49:18,239
Speaker 4: goes into my investment account. Approximately five hundred dollars for

1069
00:49:18,320 --> 00:49:21,920
Speaker 4: the fortnight goes into my daily expenses, so my grocery,

1070
00:49:22,200 --> 00:49:25,200
Speaker 4: my rent, that kind of thing, and the rest goes

1071
00:49:25,280 --> 00:49:27,080
Speaker 4: into my house savings account.

1072
00:49:27,160 --> 00:49:28,760
Speaker 2: What is her attitude to investing?

1073
00:49:29,040 --> 00:49:33,120
Speaker 4: I play to high importance on investing. I've read a

1074
00:49:33,160 --> 00:49:35,680
Speaker 4: whole bunch of books and she's on the money. Really

1075
00:49:35,680 --> 00:49:37,879
Speaker 4: got me into it and really got me thinking about it.

1076
00:49:38,080 --> 00:49:40,160
Speaker 4: So I do play to high importance, and I put

1077
00:49:40,200 --> 00:49:44,080
Speaker 4: a significant portion on my earnings into my investing.

1078
00:49:44,200 --> 00:49:45,720
Speaker 2: Yeah, and how does she invest?

1079
00:49:46,080 --> 00:49:50,320
Speaker 4: So I invest via NAB Trade. I invest in LIC,

1080
00:49:50,560 --> 00:49:52,440
Speaker 4: which is kind of like an index fund.

1081
00:49:52,600 --> 00:49:54,680
Speaker 2: Does the investing immigrants have any debts?

1082
00:49:54,840 --> 00:49:58,160
Speaker 4: I don't have any consumer debts. My only dad is

1083
00:49:58,160 --> 00:50:01,319
Speaker 4: an eighty six thousand dollars Hey, step I don't like

1084
00:50:01,440 --> 00:50:04,600
Speaker 4: having such a big hex set. However, the more research

1085
00:50:04,640 --> 00:50:06,400
Speaker 4: I do into it, the more I realize there's no

1086
00:50:06,520 --> 00:50:09,360
Speaker 4: point paying it off, and I really wouldn't have my

1087
00:50:09,560 --> 00:50:12,319
Speaker 4: current job or be where I am without that hex set,

1088
00:50:12,360 --> 00:50:13,640
Speaker 4: and that was the only way to get to it.

1089
00:50:13,800 --> 00:50:16,680
Speaker 4: So my exset was definitely a good investment for me.

1090
00:50:16,960 --> 00:50:18,600
Speaker 2: What is her best money habit?

1091
00:50:18,760 --> 00:50:22,920
Speaker 4: So my best money habit is that I have pretty

1092
00:50:23,040 --> 00:50:26,680
Speaker 4: good self control and inhibition when it comes to money,

1093
00:50:27,280 --> 00:50:30,280
Speaker 4: so I can kind of think long term and put

1094
00:50:30,320 --> 00:50:32,360
Speaker 4: off those short term purchases.

1095
00:50:32,520 --> 00:50:34,640
Speaker 2: And what is her worst money habit?

1096
00:50:34,760 --> 00:50:37,600
Speaker 4: I kind of really struggle when I have money to

1097
00:50:37,719 --> 00:50:39,799
Speaker 4: know what to do with it. So, for example, I'm

1098
00:50:39,800 --> 00:50:42,680
Speaker 4: getting a pretty good tax return in a couple of weeks,

1099
00:50:42,719 --> 00:50:45,280
Speaker 4: and I've just spent days talking with my partner about

1100
00:50:45,480 --> 00:50:47,960
Speaker 4: what do I actually want? What am I actually going

1101
00:50:48,000 --> 00:50:50,360
Speaker 4: to do with this? Everything seems so frivolous other than

1102
00:50:50,440 --> 00:50:53,520
Speaker 4: putting it in towards that saving goal. So I'd say

1103
00:50:54,200 --> 00:50:56,080
Speaker 4: my worst thing is that I don't know actually how

1104
00:50:56,080 --> 00:50:57,880
Speaker 4: to spend money when I actually have it.

1105
00:50:57,960 --> 00:50:59,279
Speaker 2: What is her big money goal?

1106
00:50:59,480 --> 00:51:03,680
Speaker 4: So my big money goal at the moment is saving

1107
00:51:03,800 --> 00:51:07,680
Speaker 4: up for a property of some sort, though I am

1108
00:51:07,920 --> 00:51:10,520
Speaker 4: thinking it over and deciding, well, is it better to

1109
00:51:10,520 --> 00:51:12,440
Speaker 4: do a property or is it better to invest it,

1110
00:51:12,800 --> 00:51:15,880
Speaker 4: but at the moment we're just saving. So my hesitation

1111
00:51:15,920 --> 00:51:18,880
Speaker 4: about buying a house is the more I read about it,

1112
00:51:18,880 --> 00:51:22,799
Speaker 4: the more I realize that it is. There's a lot

1113
00:51:22,800 --> 00:51:24,640
Speaker 4: of upkeep when it comes to property, a lot of

1114
00:51:24,680 --> 00:51:27,720
Speaker 4: hidden costs, So it's not as simple as your money

1115
00:51:27,760 --> 00:51:31,000
Speaker 4: grows with the indexation or your money grows with time

1116
00:51:31,200 --> 00:51:33,200
Speaker 4: or with the property market. You do actually have to

1117
00:51:33,280 --> 00:51:35,560
Speaker 4: put a lot more money in, and it's a lot

1118
00:51:35,560 --> 00:51:37,080
Speaker 4: of outlay at the start, and you have to go

1119
00:51:37,120 --> 00:51:39,760
Speaker 4: into debt, whereas if you invest in a stock market

1120
00:51:39,840 --> 00:51:42,239
Speaker 4: or an index fund, you can invest how much you have,

1121
00:51:42,360 --> 00:51:44,480
Speaker 4: how much you want. You're not in debt. And also

1122
00:51:44,600 --> 00:51:47,920
Speaker 4: there's no hidden costs. The money just grows at a

1123
00:51:47,960 --> 00:51:49,840
Speaker 4: similar rate as the house.

1124
00:51:49,880 --> 00:51:52,640
Speaker 2: And finally, what grade with a twenty seven year old

1125
00:51:52,719 --> 00:51:55,160
Speaker 2: investing immigrant to give her money habits?

1126
00:51:55,520 --> 00:51:58,400
Speaker 4: I think I'd give myself an A and mainly not

1127
00:51:58,520 --> 00:52:01,680
Speaker 4: an A plus because I still haven't figured out my

1128
00:52:01,800 --> 00:52:06,200
Speaker 4: insurance and through superannuation, I haven't done that. It's still

1129
00:52:06,200 --> 00:52:07,799
Speaker 4: on my to do list, but I feel like it's

1130
00:52:07,800 --> 00:52:10,560
Speaker 4: something big that I'm just putting off. But otherwise, and ay,

1131
00:52:10,760 --> 00:52:11,800
Speaker 4: I think I'm pretty good.

1132
00:52:14,560 --> 00:52:17,600
Speaker 2: Already. V What did you make of our investing immigrants?

1133
00:52:17,800 --> 00:52:20,920
Speaker 1: Oh my gosh, I love her. Can you imagine how

1134
00:52:20,960 --> 00:52:22,319
Speaker 1: proud her parents are of her?

1135
00:52:22,719 --> 00:52:24,359
Speaker 2: Oh, they'd be so proud.

1136
00:52:24,719 --> 00:52:27,480
Speaker 1: Oh my gosh. Like if you're an immigrant, I just

1137
00:52:27,520 --> 00:52:30,120
Speaker 1: feel like your parents are bringing you to a country

1138
00:52:30,480 --> 00:52:33,759
Speaker 1: like Australia to get, you know, a better lifestyle and

1139
00:52:33,960 --> 00:52:36,919
Speaker 1: you know, get a lot of different you know, privileges,

1140
00:52:37,440 --> 00:52:39,520
Speaker 1: and for a lot of people, that's a massive struggle.

1141
00:52:39,719 --> 00:52:42,080
Speaker 1: And I just think that your parents, obviously, you know,

1142
00:52:42,200 --> 00:52:43,759
Speaker 1: put in a lot of hard yards, gave you a

1143
00:52:43,800 --> 00:52:46,240
Speaker 1: really great money story and taught you a lot about

1144
00:52:46,360 --> 00:52:49,840
Speaker 1: wealth and wealth management. And now she's twenty seven and

1145
00:52:49,880 --> 00:52:52,080
Speaker 1: has one hundred thousand dollars across accounts and has an

1146
00:52:52,160 --> 00:52:56,040
Speaker 1: incredible income and what a legend. Like I literally love her.

1147
00:52:56,120 --> 00:52:58,880
Speaker 1: I think that that's you know, just so inspiring. Like

1148
00:52:58,920 --> 00:53:01,080
Speaker 1: I don't have any feedback for her because I just

1149
00:53:01,080 --> 00:53:03,440
Speaker 1: feel like it's such an awesome story.

1150
00:53:03,800 --> 00:53:05,680
Speaker 2: The only thing I wanted to ask you be was

1151
00:53:05,719 --> 00:53:10,640
Speaker 2: about her perspective on property versus investing. What was your

1152
00:53:10,680 --> 00:53:11,160
Speaker 2: take on that?

1153
00:53:11,480 --> 00:53:13,680
Speaker 1: So I really liked that take because it's a super

1154
00:53:13,760 --> 00:53:16,239
Speaker 1: valid point and meant we touched on it a little

1155
00:53:16,280 --> 00:53:18,920
Speaker 1: bit earlier in this episode, where a mortgage is a

1156
00:53:18,920 --> 00:53:21,799
Speaker 1: massive commitment, and I think that people forget that it's

1157
00:53:21,840 --> 00:53:24,480
Speaker 1: so much more than just saving up for your home deposit,

1158
00:53:24,960 --> 00:53:27,920
Speaker 1: and you know, then getting a mortgage like that mortgage

1159
00:53:27,960 --> 00:53:30,040
Speaker 1: is going to be a very significant amount of money

1160
00:53:30,040 --> 00:53:32,480
Speaker 1: that you owe a bank each and every single month,

1161
00:53:32,840 --> 00:53:34,960
Speaker 1: and you can't get out of that. There's no flexibility

1162
00:53:34,960 --> 00:53:36,919
Speaker 1: in a mortgage, like if it's a three thousand dollars

1163
00:53:36,920 --> 00:53:39,600
Speaker 1: a month mortgage like that is three thousand dollars a

1164
00:53:39,600 --> 00:53:42,160
Speaker 1: month that you're not putting somewhere else. Whilst I'm not

1165
00:53:42,200 --> 00:53:45,160
Speaker 1: saying that property isn't an investment, well and truly is.

1166
00:53:45,200 --> 00:53:47,879
Speaker 1: You just really need to make sure that you're there

1167
00:53:47,880 --> 00:53:50,200
Speaker 1: for the commitment as well. And it sounds like she's

1168
00:53:50,239 --> 00:53:52,600
Speaker 1: young and has a lot of goals and that while

1169
00:53:52,719 --> 00:53:55,600
Speaker 1: she's saving for property, she also is very aware that

1170
00:53:55,640 --> 00:53:58,520
Speaker 1: it's a massive commitment and so she's kind of diversifying

1171
00:53:58,520 --> 00:54:01,960
Speaker 1: her investment options, which I think is really intelligent. Like Georgia,

1172
00:54:02,040 --> 00:54:05,359
Speaker 1: the amount of women I see who you know, come

1173
00:54:05,360 --> 00:54:09,080
Speaker 1: into my office or now into my Zoom meetings and

1174
00:54:09,160 --> 00:54:11,160
Speaker 1: they're like Victoria, I thought I wanted to buy a

1175
00:54:11,160 --> 00:54:13,960
Speaker 1: property and I have this house deposit, and now I

1176
00:54:14,040 --> 00:54:16,480
Speaker 1: really just don't want that commitment. What can I do instead?

1177
00:54:16,520 --> 00:54:18,920
Speaker 1: And we're finding alternative ways to invest their money so

1178
00:54:18,960 --> 00:54:21,560
Speaker 1: that they're still creating wealth while not missing out because

1179
00:54:21,560 --> 00:54:24,080
Speaker 1: obviously having one hundred plus thousand dollars sitting in a

1180
00:54:24,120 --> 00:54:27,520
Speaker 1: bank account earning next to nothing because our savings interest

1181
00:54:27,600 --> 00:54:30,400
Speaker 1: rates are not great. I just think it's really intelligent

1182
00:54:30,440 --> 00:54:32,440
Speaker 1: to make the right decision for your personal situation.

1183
00:54:32,760 --> 00:54:35,680
Speaker 2: Love it, love it. Thank you for your insights there.

1184
00:54:36,000 --> 00:54:37,480
Speaker 1: I think that is all we.

1185
00:54:37,480 --> 00:54:39,680
Speaker 2: Have time for today, Miss Victoria Devine.

1186
00:54:39,480 --> 00:54:43,280
Speaker 1: I think it is Miss Georgia King. But just before

1187
00:54:43,320 --> 00:54:45,319
Speaker 1: we head off, we'd really like to acknowledge and pay

1188
00:54:45,360 --> 00:54:48,880
Speaker 1: respect to Australia's Aboriginal and torrest Right Islander people's, the

1189
00:54:48,920 --> 00:54:52,600
Speaker 1: traditional custodians of the lands, waterways and skies across Australia.

1190
00:54:52,960 --> 00:54:55,200
Speaker 1: We thank you for sharing and caring for the land

1191
00:54:55,239 --> 00:54:57,400
Speaker 1: on which we are able to learn. We pay our

1192
00:54:57,440 --> 00:55:00,200
Speaker 1: respects to elders past and present, and we share our

1193
00:55:00,239 --> 00:55:01,759
Speaker 1: friendship and our kindness.

1194
00:55:02,000 --> 00:55:05,440
Speaker 2: Now it's time for the boring but important stuff. The

1195
00:55:05,480 --> 00:55:07,640
Speaker 2: advice shared on she Is on the Money is general

1196
00:55:07,680 --> 00:55:11,080
Speaker 2: in nature and does not consider your individual circumstances. She

1197
00:55:11,160 --> 00:55:14,200
Speaker 2: is on the Money exists purely for educational purposes and

1198
00:55:14,239 --> 00:55:16,480
Speaker 2: should not be relied upon to making an investment or

1199
00:55:16,560 --> 00:55:20,839
Speaker 2: financial decision and stressless, we promise. Victoria Divine is an

1200
00:55:20,880 --> 00:55:25,520
Speaker 2: authorized representative of Australia Pacific Funds Management Proprioriti Limited ABN

1201
00:55:25,680 --> 00:55:27,879
Speaker 2: three four one three two four six three two five

1202
00:55:27,960 --> 00:55:32,520
Speaker 2: seven AFSL three three nine one five one And as always,

1203
00:55:32,640 --> 00:55:35,759
Speaker 2: a big old thank you to Ryan John for putting together.

1204
00:55:35,480 --> 00:55:39,239
Speaker 1: Today's podcast and for putting up with us. Guys. We

1205
00:55:39,280 --> 00:55:41,359
Speaker 1: would love it if you joined our Facebook group, where

1206
00:55:41,360 --> 00:55:43,960
Speaker 1: our community shares money tips and tricks every single day,

1207
00:55:44,080 --> 00:55:46,440
Speaker 1: free of judgment. Please set She's on the Money on

1208
00:55:46,440 --> 00:55:48,640
Speaker 1: Facebook and join us. If Facebook's not your thing, you

1209
00:55:48,680 --> 00:55:50,520
Speaker 1: can also find us on the gram where it She's

1210
00:55:50,560 --> 00:55:51,760
Speaker 1: on the Money a us.

1211
00:55:52,160 --> 00:55:54,080
Speaker 2: Find us on the Gram if you are.

1212
00:55:54,239 --> 00:55:57,279
Speaker 1: I'm just getting cooler, Georgia. I'm just getting cooler as

1213
00:55:57,360 --> 00:56:00,000
Speaker 1: time goes on. Thank you learning from you.

1214
00:56:00,520 --> 00:56:03,000
Speaker 2: If you guys do love the show, please rate, review

1215
00:56:03,080 --> 00:56:05,960
Speaker 2: and subscribe. If you don't, just don't worry about it,

1216
00:56:06,080 --> 00:56:08,439
Speaker 2: just give it to yourself. But yeah, we do read

1217
00:56:08,480 --> 00:56:11,319
Speaker 2: everything you guys write, so we love. Hearing from you

1218
00:56:11,480 --> 00:56:12,319
Speaker 2: really makes our date.

1219
00:56:12,440 --> 00:56:15,000
Speaker 1: It totally does. And the amount of beautiful emails we

1220
00:56:15,040 --> 00:56:18,359
Speaker 1: get Georgia King, Oh, you guys are delightful. Anyway, we

1221
00:56:18,400 --> 00:56:19,839
Speaker 1: will see you guys next week.

1222
00:56:20,040 --> 00:56:21,880
Speaker 2: The delight see you guys maybe