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

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

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Speaker 2: for millennials who want financial freedom. As we've learned over

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Speaker 2: the journey of this podcast, our money stories are largely

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Speaker 2: influenced by the way we were brought up and by

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Speaker 2: the example that was set for us by our parents.

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Speaker 2: Maybe they were tired on cash so we've learned to

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Speaker 2: become really good savers. Or maybe we had everything handed

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Speaker 2: to us growing up, so we've never really understood the

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Speaker 2: value of money. No matter your story, it's really hard

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Speaker 2: to deny that the people who brought us up play

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Speaker 2: a huge part in our relationship with finance. So how

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Speaker 2: can we teach our kids about money so they understand

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Speaker 2: the basics before they're out in the real world. My

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Speaker 2: name is Georgia King, and joining me to help answer

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Speaker 2: these questions and plenty more is financial advisor Victoria divine V.

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Speaker 3: Hello, Hi, tool.

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Speaker 2: Why is it so important that we make an effort

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Speaker 2: to teach our kids about money before they're all grown up?

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Speaker 2: Because I said.

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Speaker 3: So, No, it's super important to be teaching our kids

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Speaker 3: about money because that's where our money story comes from.

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Speaker 3: Our money story, and I've said this on the podcast,

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Speaker 3: and I'm sure it'll come up a lot in this episode.

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Speaker 3: Our money story starts to solidify at the age of seven,

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Speaker 3: which means we need to be learning about money.

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Speaker 2: Far before school, far before.

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Speaker 3: We actually start using money and start actually earning it ourselves.

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Speaker 3: So it makes a lot of sense that if you're

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Speaker 3: a parent or you're in charge of some children, you

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Speaker 3: start teaching them good money habits young, because they usually

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Speaker 3: start in the home. So it's one of those things

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Speaker 3: where you know, it's a little bit fickle, and there's

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Speaker 3: no such thing as right or wrong when it comes

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Speaker 3: comes to money. And I'm sure we'll get into the

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Speaker 3: grand debate of pocket money very shortly, Georgia.

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Speaker 2: But at the end of the.

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Speaker 3: Day, unfortunately, our money story starts before we get to school.

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Speaker 3: And then on top of that, I believe that the

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Speaker 3: school system is letting us down when it comes to

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Speaker 3: teaching us holistically about money. So it kind of falls

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Speaker 3: back onto us to do that job.

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Speaker 2: For anyone brand new to the podcast week, can you

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Speaker 2: just give us a little refresher on what money stories

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Speaker 2: actually are.

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Speaker 3: So, money stories are the thoughts that values, the beliefs,

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Speaker 3: and the behaviors that you hold to be true around money.

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Speaker 3: So these are the things that have been ingrained in

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Speaker 3: you since the very beginning. So if you grew up

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Speaker 3: in a family where money was really tight, maybe you

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Speaker 3: get a little bit of a sick feeling in the

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Speaker 3: bottom of your stomach every single time someone mentions money

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Speaker 3: or splitting the bill. But if you grew up in

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Speaker 3: a family where money was in abundance, maybe you've never

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Speaker 3: worried about money and you slipped really easily into debt

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Speaker 3: because you grew up with credit cards around you. They're

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Speaker 3: really easy to use. You just tap and go right.

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Speaker 3: There's no form of repercussion around that. So money stories

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Speaker 3: are the things that are ingrained in us, and they

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Speaker 3: are made up of, as I said, the thoughts, the values,

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Speaker 3: the beliefs, and the behaviors. But when it comes to

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Speaker 3: money stories, your beliefs and your values are two very

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Speaker 3: different things. So your beliefs are the things that are

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Speaker 3: ingrained in you and you've grown up with. Then you

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Speaker 3: might believe that money is evil, or you might believe

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Speaker 3: that money is inherently bad, But your value around money

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Speaker 3: is creating wealth. So therefore there's a bit of a

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Speaker 3: disconnect in your beliefs, and then your values, because you

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Speaker 3: value creating wealth and investing and you really want to

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Speaker 3: do that, but inherently you feel a little bit sick

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Speaker 3: about money because your belief underlyingly is that money is

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Speaker 3: bad and investing is bad, and it might be related

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Speaker 3: to greed. So we really need to work through these

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Speaker 3: two things and actually be able to separate them out

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Speaker 3: and understand where our beliefs have come from and challenge

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Speaker 3: our own beliefs to say, Georgia, that belief you hold,

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Speaker 3: is it actually true? And if it is true, is

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Speaker 3: it something that you grow? What are we actually aiming

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Speaker 3: for here? And a lot of this is going to

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Speaker 3: be picked up in early childhood, so it's not something

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Speaker 3: we choose. It's not ever our fault, but our money

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Speaker 3: story is ingrained. But the thing that is really cool

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Speaker 3: about money stories is that you can change them. So

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Speaker 3: we can't change the past, but we sure as hell

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Speaker 3: we can change the future, and we can create the

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Speaker 3: money story that we want to align to. So for me,

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Speaker 3: that's why talking about money with kids and talking about

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Speaker 3: it from the very beginning is so important.

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Speaker 2: So from an overarching perspective, then, V, what would you

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Speaker 2: say the main money. Lessons that we should be imparting

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Speaker 2: on our kids are so.

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Speaker 3: First things first, I think the value of money and

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Speaker 3: all of the things that I'm going to say right

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Speaker 3: now are going to be a lot easier said than

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Speaker 3: they are done. Because as much as you can say, oh,

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Speaker 3: it's so important to teach your kids about the value

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Speaker 3: of money, okay, how like that is something that is

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Speaker 3: so hard, and it's also so hard in an economy

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Speaker 3: we're in twenty t twenty one. Everything is card based.

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Speaker 3: We aren't really a cash society like historically we were.

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Speaker 3: Whereas you know, I'm not that old, I don't think.

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Speaker 3: I mean a lot of our listeners would probably look

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Speaker 3: at me and be like, oh, my gosh, thirty, she

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Speaker 3: is ancient. But that is not the case at all.

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Speaker 3: But I remember when I was younger and we're on

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Speaker 3: school holidays and Mum would give us like two dollars

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Speaker 3: and we'd get two dollars each, my sister and I

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Speaker 3: and we go down to the shops in Tazzi and

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Speaker 3: we'd get two dollars worth of hot chips together, and

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Speaker 3: then we'd go halves because that was dollar each for

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Speaker 3: hot chips, and then we'd have a dollar for lollies,

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Speaker 3: And I mean we probably didn't get as many lollies

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Speaker 3: as my parents got if they ever had a dollar

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Speaker 3: to spend at the shops. But at the end of

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Speaker 3: the day, I remember learning the value of money and

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Speaker 3: what it could get for me and the fact that

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Speaker 3: I could exchange money for goods or services, and for me,

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Speaker 3: that was a really big part of my life. And

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Speaker 3: as time goes on, I started to learn the value

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Speaker 3: of you know, saving up for a top that I

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Speaker 3: really wanted from Seprey, which had like the see on it,

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Speaker 3: Like yeah, it was iconic, and I really wanted those

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Speaker 3: big belts like do you remember the Like yeah, they

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Speaker 3: were made of stretchy material. They were horrendous.

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Speaker 2: They were heinous, but they were heinous, stunning at.

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Speaker 3: The time, stunning, like supreme. I would wear them to

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Speaker 3: the roller disco. But I started to learn the value

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Speaker 3: of money because I realized it could help me get

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Speaker 3: the things that I wanted. But it's really hard to

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Speaker 3: teach kids about the value of money now because again

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Speaker 3: it's just tap So we need to be a little

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Speaker 3: bit more creative. We need to be able to start

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Speaker 3: to impart these things on a more regular and ongoing basis.

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Speaker 3: I think another thing that is really important to teach

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Speaker 3: kids is budgeting and what that actually means, and not

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Speaker 3: teaching them that it is something that restricts us, but

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Speaker 3: rather something that helps us align our values and our

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Speaker 3: goals to what we're trying to achieve. So maybe that

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Speaker 3: is sharing with the kids what grocery shopping looks like,

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Speaker 3: and this is the budget we have, and how are

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Speaker 3: we going to allocate that, and can we actually get

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Speaker 3: these snacks that they in budget or are they not.

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Speaker 3: It's not necessarily about teaching kids that we can't afford that,

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Speaker 3: And I mean that's a really valid lesson as well.

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Speaker 3: But at the end of the day, usually a budget

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Speaker 3: is not about we can't afford that, but rather we're

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Speaker 3: not prioritizing that, and why and what are we prioritizing

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Speaker 3: over that? And I might say to you, Georgia, those

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Speaker 3: fancy snacks are not actually in our budget at the moment,

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Speaker 3: because remember we were really trying to save to go

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Speaker 3: on that family holiday to the beach in a couple

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Speaker 3: of weeks.

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Speaker 2: Like don't forget, Like if.

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Speaker 3: We save the money now, we're going to be able

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Speaker 3: to do a few more fun things on that trip together.

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Speaker 3: And I think it's about really explaining to kids what

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Speaker 3: that means, because as a child and as someone who

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Speaker 3: doesn't fully comprehend the value of money, they're going, well,

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Speaker 3: why not, why are you personally stopping me from getting

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Speaker 3: something I want? And it's not about that. It's actually

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Speaker 3: about them understanding how money works and teaching them about

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Speaker 3: gratification and what delayed gratification could look like, because that's

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Speaker 3: the thing that's actually going to serve them well into

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Speaker 3: their future. I think also work ethic comes into this

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Speaker 3: as well, when you're talking about saving and budgeting and money,

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Speaker 3: explaining to them where money comes from, the fact that

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Speaker 3: you works really hard for that and that you are

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Speaker 3: trading your time for money. And I think that that's

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Speaker 3: why I'm such a positive advocate of pocket money. And

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Speaker 3: I know that it's a very topical conversation because some

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Speaker 3: people don't believe in it. Some people do, whereas I'm

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Speaker 3: more of the opinion that you do need to give

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Speaker 3: kids a level of responsibility so that they can learn

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Speaker 3: how to save themselves and they can learn how to

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Speaker 3: earn money, whether that's a set amount of chores or

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Speaker 3: a set amount of things or maybe there's a certain

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Speaker 3: amount that you pay them to wash your car. But

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Speaker 3: I do believe very inherently that pocket money is in exchange.

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Speaker 3: It's not paying your kids to exist. It's not paying

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Speaker 3: them because they should have their own income. It's paying

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Speaker 3: them because they might be doing something, and I think

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Speaker 3: it needs to be something. Again, this is all very personal,

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Speaker 3: and I'm not someone who has kids yet, so who knows.

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Speaker 3: Maybe in a few years when I have kids, this

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Speaker 3: will go out the window and my opinions will change.

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Speaker 3: But I think it's also not about contributing to the

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Speaker 3: household in general. So like Georgia, if you and I

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Speaker 3: live together, I would fully expect you to be contributing

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Speaker 3: to the household. Like we used the dishwasher together, so

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Speaker 3: we have to empty the dishwasher together. It's above and

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Speaker 3: beyond tasks that are potentially rewarded with pocket money, if

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Speaker 3: that makes sense. Yep, Like I don't want to pay

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Speaker 3: you to do something you should have been helping me

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Speaker 3: with anyway.

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Speaker 2: Ah.

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Speaker 3: I think the final thing I really want to impart

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Speaker 3: on the younger generation or children is credit and what

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Speaker 3: that means, and not just teaching them that credit is good,

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Speaker 3: but rather the fact that it's not just a free

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Speaker 3: money tip, it is actually something that you're delaying, and

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Speaker 3: there's you know, implications of that. So teaching them the

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Speaker 3: value of saving for things and wanting them as opposed

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Speaker 3: to instant gratification. And I just feel like not enough

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Speaker 3: children and young people are taught the dangers of credit

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Speaker 3: and going into debt and what that actually means for

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Speaker 3: their financial future. Because also it's very hard to teach

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Speaker 3: someone about a financial future when they've never had any

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Speaker 3: emotive response to finances before. Like Jorgia, I could sit

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Speaker 3: you down when you were like twelve and try and

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Speaker 3: explain all these things and how dangerous it is, and

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Speaker 3: it's kind of like cool, mum, I'll hold your hand

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Speaker 3: while across the road if that's the rules. Like, they

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Speaker 3: just don't care as much because they've never had to

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Speaker 3: comprehend what that might mean. And I think that for

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Speaker 3: us as adults is really hard to comprehend because for

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Speaker 3: us it's often a really emotional conversation because we've been

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Speaker 3: through that, whereas the kid's kind of like, okay, can

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Speaker 3: I have my pocket money? And I've been getting through

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Speaker 3: that it's okay, But we really need to be ingraining

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Speaker 3: those things from the very beginning, not sitting them down

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Speaker 3: and being like, okay, cool, it's time to talk budgeting.

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Speaker 2: Okay. So the main lessons we've got the value of money,

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Speaker 2: how to save and budget, how to work hard, yes,

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Speaker 2: and how credit works. So those are the lessons we

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Speaker 2: want to instill in our kids. How do you actually

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Speaker 2: how do we teach them? Oh my gosh.

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Speaker 3: There are so many different ways to teach kids about money,

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Speaker 3: but probably the most important thing to do is highlight

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Speaker 3: that kids are little sponges and they are very likely

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Speaker 3: to follow what their parents do. And as you said,

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Speaker 3: Georgia in our very elaborate introduction today for this podcast,

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Speaker 3: money stories are so often informed by the way that

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Speaker 3: we're brought up, and you cannot, you literally cannot underestimate

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Speaker 3: the influence that you can have on your kids. Like

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Speaker 3: at the end of the day, as I said, they

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Speaker 3: are tiny little sponges, and they are going to soak

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Speaker 3: up your values, your beliefs, the things that you want

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Speaker 3: to do, whether they are good or bad. They're going

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Speaker 3: to take on your tone of voice, they are going

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Speaker 3: to take on the things that you know you hold.

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Speaker 2: To be true.

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Speaker 3: So I think the hardest thing about this, and teaching

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Speaker 3: your kids about money is actually the confrontational piece. That means, hey, gee,

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Speaker 3: if you're going to teach your future kids about money,

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Speaker 3: you've got to be pretty comfortable with it yourself. You

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Speaker 3: need to be on top of your budget, you need

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Speaker 3: to be on top of your cash flow. You've got

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Speaker 3: to be comfortable teaching this because if you're inherently not

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Speaker 3: doing the right thing for you, how are you going

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Speaker 3: to impart on somebody else these values that you hold

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Speaker 3: to be so important. So, Georgia, with all of that

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Speaker 3: in mind, I think the most important thing here is

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Speaker 3: to just be really conscious of your personal behaviors around

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Speaker 3: money and remember that little people and their little eyes

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Speaker 3: are literally always watching, and that your actions are often

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Speaker 3: speaking louder than your words are. So you could tell someone, hey, Georgia,

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Speaker 3: like it's really important to budget. But then if you're

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Speaker 3: not doing that yourself, you're not exactly showing them how

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Speaker 3: to model that behavior, like, you are not showing them

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Speaker 3: that those are the right steps to be taking. You're

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Speaker 3: saying one thing and doing another. And I promise kids

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Speaker 3: do really pick up on that. So as kids get

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Speaker 3: older and have more comprehension of money and how it

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Speaker 3: actually works. On a base level, You could actually start

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Speaker 3: involving them in your money management, which can be really

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Speaker 3: confronting because, as I said before, involving somebody else in

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Speaker 3: your money management is only going to be something that

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Speaker 3: you're comfortable with if you are comfortable with your own

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Speaker 3: money management at the beginning, Whereas if you're spiraling out

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Speaker 3: of control, the last thing you need is a thirteen

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Speaker 3: to sixteen year old coming in and being like, what

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Speaker 3: are you doing with your money? Like I would simply

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Speaker 3: pass away. So I think the most important thing here

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Speaker 3: is really understanding yourself and your money story so that

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Speaker 3: you can start to pass that down a generation, which

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Speaker 3: is actually really special. And when I say involve them

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Speaker 3: in your money management, that could mean a number of things.

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Speaker 3: So it could just be the money conversations around the

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Speaker 3: dinner table that you're going to start having. It could

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Speaker 3: also be involving them in grocery shopping. And I say

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Speaker 3: this a lot because it's actually a really easy way

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Speaker 3: to segment a part of money management off from the

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Speaker 3: bigger picture that has a number of different complex decisions

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Speaker 3: that need to be made while still having a more

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Speaker 3: rist ri did budget. If you were my daughter, I

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Speaker 3: might go all right, Georgia, like, I'd love for you

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Speaker 3: to help me with the money management around the supermarket.

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Speaker 3: And then you've got to make decisions around how we

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Speaker 3: allocate that. So we're not talking about just going and

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Speaker 3: buying food. We're like, okay, have we got breakfast lunches

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Speaker 3: and dinners? If kids go to school, have we got

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Speaker 3: stuff for school lunch boxes? If we're having dinners? Has

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Speaker 3: everybody's dietary needs been taken into consideration? You are now

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Speaker 3: going to realize very quickly how expensive meat is. So

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Speaker 3: how much of our budget are we going to allocate

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Speaker 3: towards that? And you know, are we going to have

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Speaker 3: a fancy takeaway dinner maybe once a week or is

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Speaker 3: that actually not something that's within our budget? Do we

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Speaker 3: need to do that once every two weeks? So, grocery shopping,

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Speaker 3: as much as it's a simple task for an adult,

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Speaker 3: more often than not, it's actually more of a complex

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Speaker 3: process for a child or an adolescent who maybe has

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Speaker 3: never experienced that, never comprehended how much a piece of

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Speaker 3: roast is. And so for me, I think that that's

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Speaker 3: a really powerful thing. But also when you're doing that,

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Speaker 3: you need to be really open to their insights and

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Speaker 3: their feedback, so not just telling them how you're doing it.

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Speaker 3: Maybe they could come up with a creative idea to

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Speaker 3: lower the budget. Maybe they're going to suggest, oh, well, actually, mum,

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Speaker 3: I've been thinking we could do like a meat free Monday,

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Speaker 3: and on Mondays we do like meat free tacos. I

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Speaker 3: think that that could be a really creative way for

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Speaker 3: them to get involved but also feel like they're having

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Speaker 3: an impact. And it's so important to make sure that

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Speaker 3: if you're going to involve your children in the money

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Speaker 3: management of your home, you're not just doing it at

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Speaker 3: a token level.

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Speaker 2: I feel like that's a really hands on way of

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Speaker 2: getting the kids involved as well, and it also kind

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Speaker 2: of teaches them how marketing works as well. Like when

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Speaker 2: you're in the supermarket and there's all the sales on

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Speaker 2: some you can definitely take advantage of if that's something

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Speaker 2: you were going to buy anyway, but you can also

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Speaker 2: learn how to resist those sales and resist two dollar

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Speaker 2: chips in the basket, because.

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Speaker 3: That's actually a marketing tool. Yeah, back on to some

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Speaker 3: chips without money management. I think with kids, if you're

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Speaker 3: comfortable with it, and you want to involve your kids

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Speaker 3: in resetting your family budget as a whole. I think

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Speaker 3: it's really constructive to set your kids down and teach

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Speaker 3: them about your budget and get them involved in the

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Speaker 3: drawing up process of your budget and what income looks

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Speaker 3: like versus what expenses look like. That is absolutely not

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Speaker 3: for everybody, and that's why I'm always such a big

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Speaker 3: advocate of the grocery shopping part because it's such a

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Speaker 3: non confrontational way of teaching money management. But at the

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Speaker 3: same time, I think it's just so important for kids

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Speaker 3: to understand money management as a whole, and let's be honest,

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Speaker 3: the best way to do that is to actually get

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Speaker 3: into the nitty gritty of it and explain, Hey, this

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Speaker 3: is how much it costs to keep the lights on.

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Speaker 3: This is why your dad yells at you about the

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Speaker 3: heat of being on and that you need to just

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Speaker 3: put another pair of socks on. Like Like when I

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Speaker 3: was young, I just had no comprehension of what that

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Speaker 3: meant except for quote, through electricity bill was expensive. So

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Speaker 3: I think really getting kids to understand what that means

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Speaker 3: and how that works, that's going to be really constructive

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Speaker 3: for them in the law. And then I guess to

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Speaker 3: add on to that when we're talking about things like

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Speaker 3: electricity and gas bills. If you're reviewing a bill, show

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Speaker 3: your children the bills and explain how essential items like

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Speaker 3: this need to be paid and how you do it

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Speaker 3: and what that process looks like, and how you actually

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Speaker 3: go and review a better deal. Where do you look

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Speaker 3: for that? Why would you look for that? I promise

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Speaker 3: you children will be so much more interested than you

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Speaker 3: think they'll be, and it's for exactly the same reasons.

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Speaker 3: A child likes to not play with their toys, and

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Speaker 3: they're really interested in your makeup as opposed to you know,

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Speaker 3: what they've got in front of you. They just have

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Speaker 3: yearning for learning. I think it's really important to embrace

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Speaker 3: that as well. So in terms of being a little

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Speaker 3: bit more hands on, especially for the younger kids, having

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Speaker 3: piggybanks is a really good idea so that they can

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Speaker 3: pop their pocket money or their tooth fairy money or

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Speaker 3: coins that they're found in there and actually have a

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Speaker 3: tangible way of tracking those. And as I said before,

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Speaker 3: credit cards. We want to start education on this really early,

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Speaker 3: so explaining how cards work, debit cards, credit cards, all

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Speaker 3: of the cards work, and in the age of tap

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Speaker 3: and go, it's just so much harder for us to

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Speaker 3: grasp the concept of money and the value of money,

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Speaker 3: let alone for small kids who have potentially never seen

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Speaker 3: you take money out to pay for groceries from the ATM.

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Speaker 3: So teaching them about cash and how cards work and

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Speaker 3: what that balance looks like is really important.

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Speaker 2: How do you do that? VD? Because Hailey in our

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Speaker 2: group actually asked about this, she's in a completely digital household,

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Speaker 2: as most of us are. If you don't have cash,

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Speaker 2: how do you teach your kids?

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Speaker 3: So I think it goes back to really explaining to

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Speaker 3: them what mum and dad go to work for? What

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Speaker 3: mom and mom or dad and dad or just dad

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Speaker 3: or just mum goes to work for. Why do you

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Speaker 3: go to work to earn an income? And why do

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Speaker 3: we need an income and what does that mean and

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Speaker 3: how does that work? And explaining to them maybe, hey,

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Speaker 3: mom does the budgeting and this is how we filter

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Speaker 3: our money and on this card is about three hundred dollars.

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Speaker 3: When we are going to the grocery shops, we want

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Speaker 3: to make sure that all of our groceries come to

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Speaker 3: below that, otherwise we're not going to be able to

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Speaker 3: pay for them. So I think teaching kids about the

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Speaker 3: transaction and about what that means and what actually sits

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Speaker 3: behind it is really important. And don't be afraid to

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Speaker 3: go back to a money system. Don't be afraid to

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Speaker 3: go you know what, we're completely digital. Yes, it is

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Speaker 3: a little bit harder because you're going to have to

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Speaker 3: get some cash out. And the worst thing ever is

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Speaker 3: when you go to an ATM, you're going to have

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Speaker 3: to get cash out and it's always notes. You're not

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Speaker 3: able to get change out like it's just a bit

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Speaker 3: of a fickle process. But I promise you that paying

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Speaker 3: your kids in cash and actually teaching them that way

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Speaker 3: is going to be far more constructive. Again, there are

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Speaker 3: a number of banks that have kids debit cards, so

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Speaker 3: you could absolutely do that and teach them about the

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Speaker 3: balance on that and what is being contributed to that

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Speaker 3: and how that works and how they can check their balances.

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Speaker 3: I think could also be really helpful.

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Speaker 2: Do you know how old you need to be to

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Speaker 2: have a card as a trunck?

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Speaker 3: So there are lots of different options. I know there's

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Speaker 3: a company called zap and also another option is Spriggy,

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Speaker 3: which is essentially just a pocket money card, and kids

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Speaker 3: from the age of six to seventeen can have those.

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Speaker 3: It's going to be always managed by a parent at

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Speaker 3: an upholding level because obviously they don't have complete transactional authority.

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Speaker 3: But at the end of the day, there are really

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Speaker 3: specific cards that you can get to teach your kids

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Speaker 3: about money, and they actually often have apps that go

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Speaker 3: along with them so that kids can start looking at

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Speaker 3: their balances and seeing what's going on. But still as

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Speaker 3: a parent, it gives you the ultimate authority, which is

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Speaker 3: quite nice, so you can always do that. I think

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Speaker 3: there's a lot of different options, and to be honest,

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Speaker 3: every family does money differently, so not every option is

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Speaker 3: going to fit your circumstances. But if Hayley wants to

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Speaker 3: start teaching her kids about money and not actually do

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Speaker 3: the cash thing, going and getting a card like a

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Speaker 3: Spriggy card could be a really great way about going

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Speaker 3: about it, so that their pocket money could go onto

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Speaker 3: there and they can start track that and understanding what

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Speaker 3: is there and comprehending how to spend and save and

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Speaker 3: donate that. So I think that that's another really important

437
00:21:08,080 --> 00:21:11,000
Speaker 3: point as well, because we're not just spending We're not

438
00:21:11,119 --> 00:21:13,640
Speaker 3: just saving. There are actually a lot of different buckets

439
00:21:13,640 --> 00:21:17,000
Speaker 3: we need kids to consider, because as life goes on,

440
00:21:17,119 --> 00:21:20,359
Speaker 3: it's not always just about saving your pocket money. Like

441
00:21:20,440 --> 00:21:23,399
Speaker 3: we might save a certain percentage, we might donate a

442
00:21:23,400 --> 00:21:26,679
Speaker 3: certain percentage. We might want to actually start teaching our

443
00:21:26,800 --> 00:21:30,600
Speaker 3: kids what investing means, but then also teaching them what

444
00:21:30,640 --> 00:21:33,760
Speaker 3: they can spend so that when they do become an adult,

445
00:21:33,840 --> 00:21:37,159
Speaker 3: they don't have that guilt associated with spending money.

446
00:21:38,359 --> 00:21:40,960
Speaker 2: Okay, you mentioned pocket money there visa and it has

447
00:21:41,000 --> 00:21:43,879
Speaker 2: come up a few times already today. Are you a

448
00:21:43,920 --> 00:21:45,720
Speaker 2: fan or massive fan?

449
00:21:45,880 --> 00:21:46,000
Speaker 3: Not?

450
00:21:46,119 --> 00:21:48,240
Speaker 2: Okay, tell me why massive fan.

451
00:21:49,640 --> 00:21:52,240
Speaker 3: Everybody does this differently, and I don't want you to

452
00:21:52,240 --> 00:21:54,480
Speaker 3: think that because I'm a financial advisor this is the

453
00:21:54,560 --> 00:21:58,440
Speaker 3: right way. Again, every family does money differently. I think

454
00:21:58,560 --> 00:22:02,080
Speaker 3: from my perspective, it is really great tool that children

455
00:22:02,240 --> 00:22:04,439
Speaker 3: have to work for and then they're rewarded for the

456
00:22:04,440 --> 00:22:06,879
Speaker 3: work that they're doing, as you would in the quote

457
00:22:06,960 --> 00:22:10,040
Speaker 3: real world. I've seen lots of different examples of the

458
00:22:10,080 --> 00:22:14,280
Speaker 3: ways families allocate money and to allocate pocket money, and

459
00:22:14,680 --> 00:22:17,120
Speaker 3: you know, all away from people just giving their kids

460
00:22:17,160 --> 00:22:20,200
Speaker 3: a certain amount per week to you know, people going

461
00:22:20,240 --> 00:22:22,000
Speaker 3: all right, well, if you do your chores, you will

462
00:22:22,040 --> 00:22:24,240
Speaker 3: get that too. People going, you know what, it's only

463
00:22:24,320 --> 00:22:27,480
Speaker 3: extracurricular activities. So if you go and wash my car,

464
00:22:27,600 --> 00:22:30,320
Speaker 3: for example, then I will pay you to do that,

465
00:22:30,520 --> 00:22:33,520
Speaker 3: and there's no set pocket money. And then I've also

466
00:22:33,680 --> 00:22:35,960
Speaker 3: heard of families and I have a client that does this,

467
00:22:36,400 --> 00:22:39,439
Speaker 3: that pays their child a certain amount per week to

468
00:22:39,520 --> 00:22:42,080
Speaker 3: go to school. So I'm not saying that that's a

469
00:22:42,119 --> 00:22:44,560
Speaker 3: lot of money by any stretch of the imagination. I

470
00:22:44,600 --> 00:22:47,240
Speaker 3: think that they get like maybe it's like it does

471
00:22:47,280 --> 00:22:49,080
Speaker 3: seem like a lot of money. Actually their kid is

472
00:22:49,119 --> 00:22:51,639
Speaker 3: a teenager and they get fifty dollars a week. Well,

473
00:22:51,720 --> 00:22:54,040
Speaker 3: the way that this family has decided to teach their

474
00:22:54,119 --> 00:22:56,639
Speaker 3: child about money is mom and dad go to work

475
00:22:56,800 --> 00:22:59,439
Speaker 3: to earn money. And your job right now as a

476
00:22:59,480 --> 00:23:02,560
Speaker 3: teenager is to go to school and earn money and

477
00:23:02,680 --> 00:23:06,000
Speaker 3: get good grades. And that is your job as a teenager.

478
00:23:06,160 --> 00:23:08,600
Speaker 3: So we will pay you to do that job so

479
00:23:08,640 --> 00:23:11,080
Speaker 3: that you can still enjoy life on the weekends and

480
00:23:11,160 --> 00:23:13,760
Speaker 3: not do that. That is obviously something that's not going

481
00:23:13,800 --> 00:23:16,720
Speaker 3: to be financially accessible for a lot of people, but

482
00:23:16,800 --> 00:23:18,560
Speaker 3: I can see where they're going with it, and their

483
00:23:18,640 --> 00:23:20,879
Speaker 3: child seems to be really receptive to the fact that

484
00:23:20,920 --> 00:23:23,240
Speaker 3: they're like, Okay, cool, I'm going to treat my school

485
00:23:23,280 --> 00:23:25,160
Speaker 3: as a job. Mom and dad go to work every day.

486
00:23:25,240 --> 00:23:27,320
Speaker 3: I go to school every day, and I get paid.

487
00:23:27,560 --> 00:23:29,919
Speaker 3: If they don't go to school, they don't get paid.

488
00:23:30,080 --> 00:23:32,600
Speaker 3: If they don't have good performance, I eat good grades,

489
00:23:32,680 --> 00:23:35,560
Speaker 3: they don't get paid, Which makes sense because the real

490
00:23:35,640 --> 00:23:38,560
Speaker 3: world's a bit like that. So you know, each to

491
00:23:38,640 --> 00:23:40,679
Speaker 3: their own and at the end of the day, like

492
00:23:40,960 --> 00:23:43,600
Speaker 3: I grew up with pocket money, not a lot, and

493
00:23:43,640 --> 00:23:46,480
Speaker 3: again it's different horses for different courses, Like it is

494
00:23:46,560 --> 00:23:49,119
Speaker 3: definitely not one size fits all, and it's going to

495
00:23:49,160 --> 00:23:52,000
Speaker 3: be what suits your family. But at the crux of this,

496
00:23:52,520 --> 00:23:55,119
Speaker 3: my push is not necessarily saying you need to be

497
00:23:55,119 --> 00:23:57,879
Speaker 3: paying your child pocket money, because that's not the case.

498
00:23:58,359 --> 00:24:01,560
Speaker 3: But I do believe you you absolutely need to be

499
00:24:01,640 --> 00:24:04,800
Speaker 3: teaching your child about money, and whether that means allocating

500
00:24:04,840 --> 00:24:08,320
Speaker 3: them some money of their own or not, it doesn't

501
00:24:08,359 --> 00:24:11,119
Speaker 3: actually matter. And I also think that if you're not

502
00:24:11,200 --> 00:24:13,879
Speaker 3: in the financial position to be giving your child pocket money,

503
00:24:14,080 --> 00:24:17,680
Speaker 3: that's fine. Do not feel guilty about that at all,

504
00:24:18,160 --> 00:24:21,080
Speaker 3: Like you are doing the best thing that you absolutely can,

505
00:24:21,480 --> 00:24:25,320
Speaker 3: and no child quote needs pocket money to learn good

506
00:24:25,359 --> 00:24:28,320
Speaker 3: money habits. They do not need that growing up to

507
00:24:28,400 --> 00:24:32,639
Speaker 3: become a well balanced human who can do money well. Don't,

508
00:24:32,680 --> 00:24:35,199
Speaker 3: for any amount of time think that this is a

509
00:24:35,280 --> 00:24:40,200
Speaker 3: necessary component. Again, completely personal decision, and I just don't

510
00:24:40,200 --> 00:24:42,399
Speaker 3: want people to think like, oh, like they're gonna have

511
00:24:42,440 --> 00:24:45,400
Speaker 3: to get pocket money to learn Absolutely not. There are

512
00:24:45,480 --> 00:24:50,200
Speaker 3: so many different ways that you can educate children on money, Georgia.

513
00:24:50,320 --> 00:24:53,440
Speaker 3: In terms of how much fee, I know it will

514
00:24:53,480 --> 00:24:59,560
Speaker 3: be individual for every person. Absolutely how much though is

515
00:25:00,160 --> 00:25:03,240
Speaker 3: like how much? Again, I don't think that there's a

516
00:25:03,320 --> 00:25:05,760
Speaker 3: right or a wrong, and I don't think that there

517
00:25:05,960 --> 00:25:08,439
Speaker 3: is a perfect amount. I think it's an amount that

518
00:25:08,640 --> 00:25:12,560
Speaker 3: you guys, as the parents or the guardians, you need

519
00:25:12,640 --> 00:25:15,720
Speaker 3: to make that decision, not me, not a financial advisor.

520
00:25:15,760 --> 00:25:18,119
Speaker 3: It's kind of like saying, hey, Georgia, how much should

521
00:25:18,119 --> 00:25:19,280
Speaker 3: I be spending on groceries?

522
00:25:19,680 --> 00:25:20,679
Speaker 2: Like, yeah, I don't know.

523
00:25:21,040 --> 00:25:24,440
Speaker 3: Like I think that there's no right or wrong, But Georgia,

524
00:25:24,560 --> 00:25:27,400
Speaker 3: this is probably more of a personal point. I don't

525
00:25:27,400 --> 00:25:30,280
Speaker 3: think kids should be getting paid to contribute to household

526
00:25:30,359 --> 00:25:33,000
Speaker 3: chores that they should just be doing anyway. So like,

527
00:25:33,280 --> 00:25:36,719
Speaker 3: I don't think that kids should be paid to empty

528
00:25:36,720 --> 00:25:39,720
Speaker 3: the dishwasher, or clean up after the dog, or clean

529
00:25:39,760 --> 00:25:42,600
Speaker 3: their rooms. Like for me, that's a base of living

530
00:25:42,640 --> 00:25:45,199
Speaker 3: and existing in a home because we all should be

531
00:25:45,240 --> 00:25:48,440
Speaker 3: contributing to that home. Like if you live there, that's

532
00:25:48,480 --> 00:25:51,480
Speaker 3: also your responsibility. It's not the mum's job or the

533
00:25:51,560 --> 00:25:54,680
Speaker 3: dad's job to clean up after you. So I think

534
00:25:54,720 --> 00:25:57,320
Speaker 3: for me, it's about that above and beyond thing or

535
00:25:57,359 --> 00:26:00,159
Speaker 3: explaining to them what that is for. Or you might

536
00:26:00,240 --> 00:26:02,560
Speaker 3: just be giving your child money each week so that

537
00:26:02,560 --> 00:26:05,439
Speaker 3: they can learn about money, but it wouldn't be tied

538
00:26:05,520 --> 00:26:08,600
Speaker 3: to if you do those chores, Like those chores should

539
00:26:08,600 --> 00:26:12,680
Speaker 3: be a given regardless what age should we actively start

540
00:26:12,680 --> 00:26:13,920
Speaker 3: teaching our kids about money.

541
00:26:14,560 --> 00:26:15,680
Speaker 2: You should do it from birth.

542
00:26:15,760 --> 00:26:19,840
Speaker 3: No, that's a bit aggressive, but you best believe, Like,

543
00:26:19,920 --> 00:26:22,119
Speaker 3: wait until I have babies and they come out of

544
00:26:22,119 --> 00:26:25,080
Speaker 3: the womb and they'll be wearing like their female financial

545
00:26:25,080 --> 00:26:28,639
Speaker 3: empowerment happens from a very early age. But at the

546
00:26:28,720 --> 00:26:30,800
Speaker 3: end of the day, there's absolutely no right or wrong.

547
00:26:30,840 --> 00:26:33,240
Speaker 3: If you haven't done it yet, that's totally okay. There's

548
00:26:33,280 --> 00:26:37,240
Speaker 3: always time to start. There's no such thing as too late.

549
00:26:37,680 --> 00:26:40,959
Speaker 3: But according to a PBS dot org article by the

550
00:26:41,080 --> 00:26:45,480
Speaker 3: age of three, kids can actually grasp the basic money concepts,

551
00:26:45,560 --> 00:26:49,800
Speaker 3: which kind of makes sense, Georgia, because kids love playing shops, right, Like,

552
00:26:50,320 --> 00:26:53,080
Speaker 3: I feel like even younger than that, they start really

553
00:26:53,119 --> 00:26:56,399
Speaker 3: comprehending what money gets you and that you swap it

554
00:26:56,440 --> 00:26:58,719
Speaker 3: for things, and that that makes sense.

555
00:26:59,160 --> 00:27:01,640
Speaker 2: But by the age of seven, there's.

556
00:27:01,480 --> 00:27:03,640
Speaker 3: A lot of research out there that says that your

557
00:27:03,640 --> 00:27:06,600
Speaker 3: money habits have started to solidify, and that your thoughts

558
00:27:06,680 --> 00:27:09,560
Speaker 3: and your values and your beliefs and your money story

559
00:27:09,800 --> 00:27:12,680
Speaker 3: has started to really set in. So there's no such

560
00:27:12,720 --> 00:27:15,520
Speaker 3: thing as too early, but there also isn't such thing

561
00:27:15,560 --> 00:27:17,639
Speaker 3: as too late. We can start at any point, but

562
00:27:17,840 --> 00:27:19,920
Speaker 3: the answer, I think Georgia that we are looking for

563
00:27:20,280 --> 00:27:22,760
Speaker 3: is now. And if you've never spoken to your child

564
00:27:22,800 --> 00:27:25,360
Speaker 3: about money before, even if you don't have children, which

565
00:27:25,440 --> 00:27:27,879
Speaker 3: a lot of people listening to this podcast are going

566
00:27:27,920 --> 00:27:29,639
Speaker 3: to be like me. They're going to be young women

567
00:27:29,800 --> 00:27:32,680
Speaker 3: or young people who don't have children yet. But it's

568
00:27:32,760 --> 00:27:34,440
Speaker 3: kind of in the back of your mind, Like I think,

569
00:27:34,440 --> 00:27:36,600
Speaker 3: it's all very complex, but at the end of the day,

570
00:27:37,000 --> 00:27:39,879
Speaker 3: for me, it's actually just about making a conscious effort

571
00:27:39,920 --> 00:27:43,720
Speaker 3: to teach kids about money and starting as soon as possible.

572
00:27:44,520 --> 00:27:47,159
Speaker 2: Alrighty guys, we will be back after a very short

573
00:27:47,160 --> 00:27:50,560
Speaker 2: break to chat through the importance of delayed gratification, and

574
00:27:50,680 --> 00:27:52,720
Speaker 2: we will also be hearing some of the Shoes on

575
00:27:52,760 --> 00:27:56,160
Speaker 2: the Money community's top tips for teaching your kids how

576
00:27:56,200 --> 00:28:03,760
Speaker 2: to manage money. So don't go anywhere, Okay, they back

577
00:28:03,840 --> 00:28:07,080
Speaker 2: into it. So Georgia in our group has asked about

578
00:28:07,600 --> 00:28:11,440
Speaker 2: not a plant question, no out of it. She's asked.

579
00:28:11,480 --> 00:28:18,080
Speaker 2: She's asked about the dolomites program. So basically they are well,

580
00:28:18,119 --> 00:28:19,880
Speaker 2: can you explain them how they actually work?

581
00:28:20,040 --> 00:28:24,639
Speaker 3: Okay, So, Georgia, Dolomites is a fickle topic. And if

582
00:28:24,680 --> 00:28:27,159
Speaker 3: you've read my book recently, you know I throw it

583
00:28:27,280 --> 00:28:29,879
Speaker 3: straight under the bus. And the reason I do is

584
00:28:29,920 --> 00:28:33,880
Speaker 3: because longitudinal studies, so studies that have taken place over

585
00:28:33,880 --> 00:28:37,320
Speaker 3: the long term, show that dolomites actually had absolutely no

586
00:28:37,440 --> 00:28:40,880
Speaker 3: impact on the levels of financial literacy of Australian school children,

587
00:28:41,080 --> 00:28:43,800
Speaker 3: which is something that is really disappointing but also really

588
00:28:43,880 --> 00:28:46,240
Speaker 3: kind of heartbreaking because we all thought with our little

589
00:28:46,320 --> 00:28:48,719
Speaker 3: yellow check books and our names on the front and

590
00:28:48,760 --> 00:28:51,160
Speaker 3: that kind of like Pink pumba guy who is the

591
00:28:51,240 --> 00:28:54,560
Speaker 3: dolomites guy for CommBank, We thought that that was the

592
00:28:54,680 --> 00:28:57,240
Speaker 3: right thing for our children. But at the end of

593
00:28:57,240 --> 00:29:01,080
Speaker 3: the day, school banking programs like the Commonwealth Dolomites Program

594
00:29:01,480 --> 00:29:04,600
Speaker 3: have actually been booted from schools because they've been proven,

595
00:29:04,800 --> 00:29:07,400
Speaker 3: as I said before, to not have had any impact.

596
00:29:07,880 --> 00:29:09,880
Speaker 3: But at the end of the day, I think that

597
00:29:10,080 --> 00:29:12,480
Speaker 3: given it's now twenty twenty one and we've been able

598
00:29:12,520 --> 00:29:15,320
Speaker 3: to do these studies, things are coming into play and

599
00:29:15,360 --> 00:29:18,000
Speaker 3: things are coming into place that are more constructive that

600
00:29:18,120 --> 00:29:21,120
Speaker 3: are teaching children about money beyond having a little yellow

601
00:29:21,280 --> 00:29:24,080
Speaker 3: checkbook that they put money into. One of the things

602
00:29:24,080 --> 00:29:26,840
Speaker 3: that I really didn't like about the Dolomites program was

603
00:29:26,880 --> 00:29:29,040
Speaker 3: that it was run by a bank, and a lot

604
00:29:29,080 --> 00:29:33,240
Speaker 3: of that actually ended up in children taking up Combank

605
00:29:33,360 --> 00:29:36,440
Speaker 3: as their bank of choice purely because that was the

606
00:29:36,440 --> 00:29:39,000
Speaker 3: bank that they were exposed to for the longest period

607
00:29:39,040 --> 00:29:41,320
Speaker 3: of time. They already had their account, they were already

608
00:29:41,360 --> 00:29:43,600
Speaker 3: ready and set up, and when they decided to go

609
00:29:43,760 --> 00:29:46,000
Speaker 3: start their first job, of course they trotted on down

610
00:29:46,040 --> 00:29:48,400
Speaker 3: to Combank to open another bank account when they started

611
00:29:48,400 --> 00:29:50,960
Speaker 3: a job and wanted something beyond Dolomites, because that was

612
00:29:51,000 --> 00:29:53,320
Speaker 3: the only bank that they knew. So I think it

613
00:29:53,360 --> 00:29:56,880
Speaker 3: was a little bit predatory if I'm being honest, and

614
00:29:56,960 --> 00:29:58,840
Speaker 3: I don't think I'm the only one that thinks that.

615
00:29:59,000 --> 00:30:01,680
Speaker 3: But people like their bare what investor like Scott Papers

616
00:30:01,720 --> 00:30:04,400
Speaker 3: doing a really good amount of work in this space

617
00:30:04,440 --> 00:30:07,320
Speaker 3: about teaching kids about money and getting into schools, and

618
00:30:07,600 --> 00:30:10,080
Speaker 3: that is something that I would adore doing in the future,

619
00:30:10,120 --> 00:30:13,880
Speaker 3: but the opportunity hasn't arisen just yet. So if you

620
00:30:13,920 --> 00:30:15,600
Speaker 3: are listening and you are like, wow, I have the

621
00:30:15,640 --> 00:30:18,120
Speaker 3: ability to help you do that, betraya slide on into

622
00:30:18,160 --> 00:30:20,160
Speaker 3: my dms. But at the end of the day, I

623
00:30:20,160 --> 00:30:22,520
Speaker 3: don't think that they were that powerful, and I don't

624
00:30:22,520 --> 00:30:25,680
Speaker 3: think that they were productive. But that's why I'm such

625
00:30:25,720 --> 00:30:30,240
Speaker 3: an advocate of parents and guardians taking charge of teaching

626
00:30:30,320 --> 00:30:33,360
Speaker 3: kids about money, because there aren't a lot of programs

627
00:30:33,400 --> 00:30:36,120
Speaker 3: in schools that are actually helping do that at this

628
00:30:36,200 --> 00:30:36,880
Speaker 3: point in time.

629
00:30:38,360 --> 00:30:41,200
Speaker 2: So when our kids are older, be and they are

630
00:30:41,240 --> 00:30:44,640
Speaker 2: a little more autonomous, maybe they've started a part time job.

631
00:30:45,120 --> 00:30:48,080
Speaker 2: How can we guide them at that stage of their

632
00:30:48,120 --> 00:30:52,160
Speaker 2: adolescence without kind of controlling them and cramping their style.

633
00:30:52,640 --> 00:30:57,000
Speaker 3: Teach them about budgeting and cash flow. Honestly, I probably

634
00:30:57,080 --> 00:30:59,840
Speaker 3: should make a teenager's version of my budget and cash

635
00:31:00,240 --> 00:31:02,760
Speaker 3: program so that kids can go in and put in

636
00:31:02,800 --> 00:31:05,440
Speaker 3: their pocket money and see what's coming. Actually, like genius,

637
00:31:05,480 --> 00:31:07,120
Speaker 3: I'm going to do that. This is what I'm doing

638
00:31:07,120 --> 00:31:08,960
Speaker 3: after this episode. Like you think I'm going to do

639
00:31:09,040 --> 00:31:10,520
Speaker 3: work for the rest of today.

640
00:31:10,280 --> 00:31:10,680
Speaker 2: You're wrong.

641
00:31:10,720 --> 00:31:13,560
Speaker 3: I'm going to make a spreadsheet. But I think that

642
00:31:13,640 --> 00:31:16,240
Speaker 3: there's been a few things that have been really constructive,

643
00:31:16,320 --> 00:31:19,520
Speaker 3: and teaching kids about money is very different. But Maria

644
00:31:19,560 --> 00:31:22,400
Speaker 3: from our group, she actually had a really good idea

645
00:31:22,440 --> 00:31:24,760
Speaker 3: and her daughter got her first job at the age

646
00:31:24,760 --> 00:31:27,240
Speaker 3: of fifteen, and she helped her transfer half of her

647
00:31:27,280 --> 00:31:30,320
Speaker 3: earnings into a savings account that she didn't touch, while

648
00:31:30,360 --> 00:31:32,920
Speaker 3: the other half they decided that she could just have

649
00:31:32,960 --> 00:31:35,880
Speaker 3: fun with it. And now her daughter's actually seventeen and

650
00:31:35,920 --> 00:31:38,600
Speaker 3: she's actually bought a car. She paid for her learners

651
00:31:38,640 --> 00:31:41,160
Speaker 3: and her car lessons with that money, which I think

652
00:31:41,240 --> 00:31:43,680
Speaker 3: is a really great idea. And I think that this

653
00:31:43,840 --> 00:31:48,000
Speaker 3: is going to be different for everybody. And again personal opinion,

654
00:31:48,080 --> 00:31:50,760
Speaker 3: because Georgia, this is my podcast. I can say what

655
00:31:50,840 --> 00:31:53,520
Speaker 3: I want. I mean within reason and obviously with general

656
00:31:53,560 --> 00:31:57,640
Speaker 3: financial advice like legislation, but I would really love to

657
00:31:57,720 --> 00:32:03,440
Speaker 3: see people starting to do spend saving, investing, and donating

658
00:32:03,560 --> 00:32:06,880
Speaker 3: for kids, So teaching them the importance of investing, but

659
00:32:07,000 --> 00:32:10,080
Speaker 3: also teaching the importance of giving back, I think is

660
00:32:10,120 --> 00:32:13,040
Speaker 3: something that is a really beautiful learning that can be

661
00:32:13,120 --> 00:32:15,920
Speaker 3: taught from a really young age. And I'm very, very

662
00:32:16,000 --> 00:32:18,760
Speaker 3: lucky in that that was something I was taught from

663
00:32:18,800 --> 00:32:21,320
Speaker 3: a very young age. Like my mum, was always about

664
00:32:21,360 --> 00:32:23,800
Speaker 3: giving back and how we could do more. And I

665
00:32:23,840 --> 00:32:26,240
Speaker 3: think that that has now become ingrained in me. And

666
00:32:26,320 --> 00:32:28,719
Speaker 3: I would say that that, you know, without putting too

667
00:32:28,720 --> 00:32:31,240
Speaker 3: many tickets on it, that's quite evident now in the

668
00:32:31,240 --> 00:32:33,880
Speaker 3: way that I function as a human. So I think

669
00:32:33,880 --> 00:32:36,160
Speaker 3: that that was a really good idea for a Maria.

670
00:32:36,200 --> 00:32:38,520
Speaker 3: But then I think it's also really important to not

671
00:32:38,560 --> 00:32:41,440
Speaker 3: be controlling. So it's not your money. It is not

672
00:32:41,520 --> 00:32:43,400
Speaker 3: your money to tell your child what to do with.

673
00:32:43,600 --> 00:32:45,840
Speaker 3: I think that we are here to give them all

674
00:32:45,880 --> 00:32:48,720
Speaker 3: the tools and resources and for them to then adapt

675
00:32:48,840 --> 00:32:51,160
Speaker 3: that to what they might want to do, because at

676
00:32:51,160 --> 00:32:52,840
Speaker 3: the end of the day, sometimes we just have to

677
00:32:52,920 --> 00:32:56,320
Speaker 3: learn from our own mistakes. So letting your kids spend

678
00:32:56,440 --> 00:32:59,800
Speaker 3: money their way while gently steering them in the right direction,

679
00:33:00,120 --> 00:33:02,960
Speaker 3: providing them with all the tools and resources that they need.

680
00:33:03,280 --> 00:33:05,960
Speaker 3: So hopefully by the time that they've reached the age

681
00:33:05,960 --> 00:33:08,840
Speaker 3: where they're going to be fully equipped to make good decisions,

682
00:33:09,160 --> 00:33:11,760
Speaker 3: they're able to make the right decisions. But if not,

683
00:33:12,240 --> 00:33:15,000
Speaker 3: as I said before, making mistakes while they're young and

684
00:33:15,040 --> 00:33:18,800
Speaker 3: they're actually supported financially by family is a really good

685
00:33:18,800 --> 00:33:21,040
Speaker 3: way to learn lessons that they're going to take with

686
00:33:21,120 --> 00:33:22,920
Speaker 3: them for the rest of their life. So I really

687
00:33:22,960 --> 00:33:25,640
Speaker 3: wouldn't be stressing too much the end of the day.

688
00:33:25,720 --> 00:33:28,240
Speaker 3: Like if your kid isn't putting money into savings and

689
00:33:28,240 --> 00:33:30,960
Speaker 3: they're fourteen, like, that is not the end of the day,

690
00:33:31,080 --> 00:33:33,360
Speaker 3: because I promise you at some point in the future

691
00:33:33,640 --> 00:33:35,080
Speaker 3: they're going to go, I really.

692
00:33:34,840 --> 00:33:37,040
Speaker 2: Want X, and you go, you can't afford it.

693
00:33:37,160 --> 00:33:39,640
Speaker 3: You didn't save for it, that's not an option, and

694
00:33:39,680 --> 00:33:42,840
Speaker 3: they'll go, oh, I wish i'd done that. So I

695
00:33:42,840 --> 00:33:45,920
Speaker 3: think it's just sometimes you need to let people make

696
00:33:45,960 --> 00:33:49,200
Speaker 3: their own mistakes. Even if you can see the right

697
00:33:49,240 --> 00:33:51,560
Speaker 3: answer straight in front of you, it doesn't mean they

698
00:33:51,600 --> 00:33:52,840
Speaker 3: have their clarity that you do.

699
00:33:53,400 --> 00:33:54,960
Speaker 2: Yeah, it's kind of like a good time to be

700
00:33:55,080 --> 00:33:58,280
Speaker 2: learning with that complete safety net if you're profession enough

701
00:33:58,320 --> 00:33:59,360
Speaker 2: to have that safety.

702
00:33:59,000 --> 00:34:02,479
Speaker 3: Net exactly, And like being short of money when you

703
00:34:02,520 --> 00:34:05,560
Speaker 3: are sixteen and living at home, and the implication of

704
00:34:05,600 --> 00:34:07,360
Speaker 3: that is that you can't go out with your friends

705
00:34:07,360 --> 00:34:10,680
Speaker 3: on the weekend. Is very different being twenty three out

706
00:34:10,719 --> 00:34:13,400
Speaker 3: in the world on your own renting and then finding

707
00:34:13,440 --> 00:34:15,279
Speaker 3: you don't have enough money to pay rent or put

708
00:34:15,280 --> 00:34:17,680
Speaker 3: food on the table. They're two very different things. And

709
00:34:17,719 --> 00:34:20,240
Speaker 3: I know where I would prefer people to be making

710
00:34:20,280 --> 00:34:21,120
Speaker 3: money mistakes.

711
00:34:21,440 --> 00:34:23,920
Speaker 2: So how do we resist the urge then v to

712
00:34:23,960 --> 00:34:27,800
Speaker 2: give our kids everything? Because you know, we want to

713
00:34:27,840 --> 00:34:29,959
Speaker 2: set them up for this beautiful life. And if we're

714
00:34:30,200 --> 00:34:32,920
Speaker 2: if we have the finance to buy them everything they want,

715
00:34:33,440 --> 00:34:35,520
Speaker 2: what are the dangers in doing that? Why should we

716
00:34:35,760 --> 00:34:36,600
Speaker 2: resist doing that?

717
00:34:37,360 --> 00:34:40,200
Speaker 3: I think that this is, again, a really fickle conversation

718
00:34:40,400 --> 00:34:44,000
Speaker 3: to have, because I've been incredibly lucky with the types

719
00:34:44,000 --> 00:34:47,360
Speaker 3: of clients that I work with to have real diversity

720
00:34:47,480 --> 00:34:50,400
Speaker 3: in the people I work with. So I've got clients

721
00:34:50,400 --> 00:34:52,560
Speaker 3: who don't earn a lot, and I've got clients worth

722
00:34:52,640 --> 00:34:55,520
Speaker 3: literally hundreds of millions of dollars, And I think that

723
00:34:55,600 --> 00:34:58,920
Speaker 3: the one thing that they have in common, when they

724
00:34:58,960 --> 00:35:01,760
Speaker 3: have kids that are really good at money, it's actually

725
00:35:01,840 --> 00:35:05,279
Speaker 3: not about having handed them everything. You know, even if

726
00:35:05,320 --> 00:35:08,440
Speaker 3: you're worth one hundred million dollars, that doesn't mean that

727
00:35:08,520 --> 00:35:11,479
Speaker 3: you are spoilt. And I think that spoil is very

728
00:35:11,520 --> 00:35:14,880
Speaker 3: different for different people, and I think it's more about

729
00:35:14,880 --> 00:35:20,320
Speaker 3: expectation and you know, not understanding parameters and limits and rules,

730
00:35:20,400 --> 00:35:23,080
Speaker 3: and I'm like, I'm very different when it comes to that.

731
00:35:23,480 --> 00:35:25,520
Speaker 3: But the one thing that they all have in common

732
00:35:25,560 --> 00:35:29,359
Speaker 3: is delayed gratification. They know that by sacrificing now, there's

733
00:35:29,400 --> 00:35:32,360
Speaker 3: a bigger, better something hanging out in the future that

734
00:35:32,400 --> 00:35:34,680
Speaker 3: they're going to be able to access. And at the

735
00:35:34,800 --> 00:35:37,480
Speaker 3: end of the day, that's what wealth creation is. If

736
00:35:37,520 --> 00:35:41,080
Speaker 3: we can actually teach ourselves delayed gratification and understand what

737
00:35:41,120 --> 00:35:44,440
Speaker 3: that means, and that means giving up a smaller something

738
00:35:44,520 --> 00:35:46,680
Speaker 3: now so that we can have a bigger, better something

739
00:35:46,719 --> 00:35:49,440
Speaker 3: in the future, I think that we can all be

740
00:35:49,440 --> 00:35:52,720
Speaker 3: better off. So when it comes to kids and wealth

741
00:35:52,760 --> 00:35:54,879
Speaker 3: and giving them what you want, I don't think it's

742
00:35:54,960 --> 00:35:57,880
Speaker 3: necessarily about going, no, well, we don't buy that for

743
00:35:57,960 --> 00:36:01,560
Speaker 3: our kids, Like, it's not actually about that. What it's

744
00:36:01,600 --> 00:36:04,800
Speaker 3: about is actually just being balanced and having good money

745
00:36:04,800 --> 00:36:08,120
Speaker 3: conversations and teaching them the value of a dollar so

746
00:36:08,160 --> 00:36:10,120
Speaker 3: that when you do buy them their first car, if

747
00:36:10,120 --> 00:36:12,120
Speaker 3: that's what you're going to do, and that maybe that's

748
00:36:12,120 --> 00:36:15,760
Speaker 3: a gift, they comprehend that that's a really generous gift

749
00:36:15,800 --> 00:36:19,719
Speaker 3: and they understand that that's really impactful instead of expecting it.

750
00:36:20,040 --> 00:36:22,520
Speaker 3: So I think that there's you know, there's different ways

751
00:36:22,520 --> 00:36:25,640
Speaker 3: of doing it, and you know, not everybody's gifted a

752
00:36:25,719 --> 00:36:28,120
Speaker 3: car when they start to grow up. It's actually not

753
00:36:28,280 --> 00:36:31,799
Speaker 3: normal at all. And I remember growing up and you

754
00:36:31,840 --> 00:36:34,279
Speaker 3: grew up in the same location as me, Georgia, and

755
00:36:34,360 --> 00:36:37,319
Speaker 3: there was a very big difference between the kids that

756
00:36:37,360 --> 00:36:39,440
Speaker 3: I went to school with. For example, like I went

757
00:36:39,480 --> 00:36:42,480
Speaker 3: to school with kids who got gifted BMW's for Christmas,

758
00:36:42,680 --> 00:36:45,200
Speaker 3: and I also went to school with kids whose families

759
00:36:45,239 --> 00:36:49,160
Speaker 3: couldn't afford to put dinner on the table every single night.

760
00:36:49,480 --> 00:36:51,880
Speaker 3: So I think that there's no right or wrong way.

761
00:36:52,000 --> 00:36:55,920
Speaker 3: It's actually just about teaching people how to earn things

762
00:36:55,920 --> 00:36:59,520
Speaker 3: for themselves and what gratification means and the value of

763
00:36:59,560 --> 00:37:01,799
Speaker 3: a dollar. Because if you can teach all of that

764
00:37:02,120 --> 00:37:06,919
Speaker 3: when it comes to expecting things, I almost almost guarantee

765
00:37:07,200 --> 00:37:11,160
Speaker 3: that the kids that understand those things, regardless of how

766
00:37:11,280 --> 00:37:14,040
Speaker 3: quote spoiled or looked after they are, they're going to

767
00:37:14,080 --> 00:37:17,240
Speaker 3: appreciate those things more than the kids that just expected

768
00:37:17,280 --> 00:37:18,600
Speaker 3: that that was going to happen.

769
00:37:20,840 --> 00:37:23,000
Speaker 2: All right. To finish off today, V, I thought it

770
00:37:23,040 --> 00:37:26,400
Speaker 2: would be nice to integrate the community into the chat.

771
00:37:26,480 --> 00:37:26,760
Speaker 3: Yes.

772
00:37:27,280 --> 00:37:30,360
Speaker 2: I actually reached out to them last week V to

773
00:37:30,400 --> 00:37:32,359
Speaker 2: ask how they teach their kids about money, and they

774
00:37:32,360 --> 00:37:34,239
Speaker 2: had so many good ideas, so I thought we'd just

775
00:37:34,360 --> 00:37:38,000
Speaker 2: run through I'm about faith. Thank you to everyone as

776
00:37:38,000 --> 00:37:40,080
Speaker 2: well who replied it was great to see so many

777
00:37:40,160 --> 00:37:44,240
Speaker 2: amazing ideas. So the first one was from Tony. Yes,

778
00:37:44,320 --> 00:37:47,560
Speaker 2: tell me all about it. So every Monday they have

779
00:37:47,719 --> 00:37:50,600
Speaker 2: their Monday money meal. Well, they sit down as a

780
00:37:50,680 --> 00:37:53,560
Speaker 2: family hand out their pocket money for their weekly jobs

781
00:37:53,640 --> 00:37:55,160
Speaker 2: and their overtime jobs.

782
00:37:56,520 --> 00:37:56,960
Speaker 1: Good time.

783
00:37:57,280 --> 00:38:01,360
Speaker 2: That's a good idea, cute. So they then distribute this

784
00:38:01,440 --> 00:38:04,280
Speaker 2: money however they want into their savings and their spending,

785
00:38:04,360 --> 00:38:08,120
Speaker 2: so the kids have that autonomy there. Then they discuss

786
00:38:08,200 --> 00:38:10,960
Speaker 2: lots of things in regards to money, like their savings goals,

787
00:38:10,960 --> 00:38:13,480
Speaker 2: how extra hard work gets extra money, as well as

788
00:38:13,480 --> 00:38:16,360
Speaker 2: some life lessons thrown in their love that their number

789
00:38:16,360 --> 00:38:18,439
Speaker 2: one rule is to never get a credit card, which

790
00:38:18,480 --> 00:38:21,600
Speaker 2: we love. And after eight weeks of money meals, they

791
00:38:21,640 --> 00:38:23,920
Speaker 2: both had saved enough money to get what was on

792
00:38:23,960 --> 00:38:26,239
Speaker 2: their big goal list, which was brand new bikes. So

793
00:38:26,320 --> 00:38:28,040
Speaker 2: that's a very wholesome idea.

794
00:38:28,280 --> 00:38:33,080
Speaker 3: They were a lot of overtime. Those kids were working hard.

795
00:38:33,280 --> 00:38:35,520
Speaker 3: But how cute is that? And I really like that.

796
00:38:35,520 --> 00:38:38,480
Speaker 3: That's something super simple that I think, regardless of what

797
00:38:38,480 --> 00:38:40,920
Speaker 3: our income is, we could all do. Like we can

798
00:38:40,960 --> 00:38:43,000
Speaker 3: all sit down and have a meal together. It doesn't

799
00:38:43,040 --> 00:38:45,880
Speaker 3: matter what that meal is and talk about money, and

800
00:38:45,920 --> 00:38:48,160
Speaker 3: I mean Monday money meal. That's pretty catchy.

801
00:38:48,400 --> 00:38:49,040
Speaker 2: I like it.

802
00:38:49,200 --> 00:38:50,200
Speaker 3: Tony's a genius.

803
00:38:50,520 --> 00:38:52,360
Speaker 2: Yeah, sell that to someone.

804
00:38:52,640 --> 00:38:54,080
Speaker 3: What else have we got, Georgia King?

805
00:38:54,160 --> 00:38:57,279
Speaker 2: Okay, So the next one was from Samantha. So this

806
00:38:57,440 --> 00:38:59,959
Speaker 2: was from her experience as a child. So she said,

807
00:39:00,080 --> 00:39:02,920
Speaker 2: as kids, we had a pocket money book each and

808
00:39:02,960 --> 00:39:04,879
Speaker 2: if we wanted to save our pocket money each week,

809
00:39:04,960 --> 00:39:06,880
Speaker 2: we would get something like a one dollar bonus for

810
00:39:06,880 --> 00:39:10,560
Speaker 2: that week we were investing precisely, so it was all

811
00:39:10,600 --> 00:39:12,759
Speaker 2: on paper. They'd have to ask mom and dad to

812
00:39:12,800 --> 00:39:15,200
Speaker 2: cash it out if they wanted to buy something, and

813
00:39:15,280 --> 00:39:18,080
Speaker 2: it really it made them think more about their spending

814
00:39:18,280 --> 00:39:21,560
Speaker 2: as they didn't have cash just laying around, and then

815
00:39:21,640 --> 00:39:24,600
Speaker 2: there was the benefit of increasing their balance faster. By

816
00:39:24,640 --> 00:39:29,160
Speaker 2: waiting a little bit longer to make that purchase delayed gratifications.

817
00:39:29,920 --> 00:39:32,800
Speaker 3: I love that, And that's a really good investment return

818
00:39:32,840 --> 00:39:35,399
Speaker 3: because they guarantee you, like she wouldn't have been getting

819
00:39:35,400 --> 00:39:37,400
Speaker 3: paid one hundred dollars a week. A one dollar return

820
00:39:37,440 --> 00:39:40,840
Speaker 3: on a hundred bucks is good, but imagine that probably

821
00:39:40,840 --> 00:39:41,480
Speaker 3: like five.

822
00:39:41,320 --> 00:39:42,480
Speaker 2: Bucks a dollar return.

823
00:39:42,640 --> 00:39:44,880
Speaker 3: I will wait. That's great, thank you.

824
00:39:46,120 --> 00:39:48,680
Speaker 2: The next one here was from Larissa. Bit cheeky that

825
00:39:48,719 --> 00:39:50,640
Speaker 2: I threw this one in, but she said having the

826
00:39:50,640 --> 00:39:52,880
Speaker 2: Shoes on the Money podcast on the car radio when

827
00:39:52,920 --> 00:39:56,080
Speaker 2: they're in the cars messaging. I love that.

828
00:39:56,480 --> 00:39:58,280
Speaker 3: I love that. Get at Larissa.

829
00:39:59,680 --> 00:40:02,640
Speaker 2: Next one is from Jamie. So she said they would

830
00:40:02,640 --> 00:40:05,040
Speaker 2: get loans from mom for the things they wanted to buy,

831
00:40:05,280 --> 00:40:07,200
Speaker 2: and then they'd have to pay her back. If they

832
00:40:07,239 --> 00:40:10,279
Speaker 2: were too far behind on their agreed repayments, then they'd

833
00:40:10,360 --> 00:40:12,200
Speaker 2: have to start missing out on the extra things like

834
00:40:12,239 --> 00:40:14,719
Speaker 2: going to see their friends or getting ice cream when

835
00:40:14,719 --> 00:40:18,600
Speaker 2: they were out. Really taught them the importance of repaying loans.

836
00:40:18,600 --> 00:40:21,200
Speaker 2: So that's a different Strategy's like cute.

837
00:40:21,880 --> 00:40:24,440
Speaker 3: I like that, and I know that I don't like

838
00:40:24,520 --> 00:40:27,439
Speaker 3: debt by any stretch of the imagination, but I think

839
00:40:27,480 --> 00:40:30,600
Speaker 3: that that's a really good lesson to learn early. Like

840
00:40:30,640 --> 00:40:32,960
Speaker 3: it's not something that I would want to promote all

841
00:40:33,000 --> 00:40:35,600
Speaker 3: the time because obviously I'd much prefer a child to

842
00:40:35,680 --> 00:40:38,680
Speaker 3: save for something that they really want, because that really

843
00:40:38,719 --> 00:40:41,759
Speaker 3: goes back to that delayed gratification and actually make sure

844
00:40:41,760 --> 00:40:44,480
Speaker 3: that they really want it. And Georgia, can you remember

845
00:40:44,480 --> 00:40:47,120
Speaker 3: when you were really little, it was like the anticipation

846
00:40:47,239 --> 00:40:50,239
Speaker 3: of Christmas, like you knew were coming. Like that's what

847
00:40:50,480 --> 00:40:53,399
Speaker 3: saving often feels like to children, because you're like, all right,

848
00:40:53,480 --> 00:40:55,920
Speaker 3: you want the bike, Like we can work towards it,

849
00:40:55,960 --> 00:40:58,319
Speaker 3: like it's x amount per week, and like you can

850
00:40:58,360 --> 00:41:01,520
Speaker 3: actually make saving really excited, like putting goal sheets on

851
00:41:01,560 --> 00:41:04,399
Speaker 3: the fridge for their savings goals and like they get

852
00:41:04,440 --> 00:41:07,160
Speaker 3: to coloring a square each time they get it. And

853
00:41:07,360 --> 00:41:10,719
Speaker 3: back to the cash thing. You don't necessarily have to

854
00:41:10,760 --> 00:41:13,520
Speaker 3: pay them that cash. You could have a little checkbook

855
00:41:13,560 --> 00:41:16,719
Speaker 3: that you make. And this is actually inspiring the hell

856
00:41:16,800 --> 00:41:18,920
Speaker 3: out of me, Georgia, to make a whole heap of

857
00:41:18,960 --> 00:41:21,719
Speaker 3: resources for our community. Like imagine you know how we

858
00:41:21,760 --> 00:41:24,000
Speaker 3: have our little savings hacks for She's on the money

859
00:41:24,080 --> 00:41:27,600
Speaker 3: that our community members put on their fringe. Imagine if

860
00:41:27,600 --> 00:41:28,680
Speaker 3: there was kids once.

861
00:41:28,880 --> 00:41:29,880
Speaker 2: That's a great idea.

862
00:41:30,400 --> 00:41:31,160
Speaker 3: I'm going to do it.

863
00:41:31,200 --> 00:41:32,120
Speaker 2: I'm sorry, confident.

864
00:41:32,280 --> 00:41:34,000
Speaker 3: What else did the community have to say?

865
00:41:34,040 --> 00:41:37,440
Speaker 2: Okay, so the last one is from Christie. So her

866
00:41:37,520 --> 00:41:39,360
Speaker 2: six year old really wanted a skateboard.

867
00:41:39,480 --> 00:41:40,240
Speaker 3: That's terrified.

868
00:41:40,640 --> 00:41:45,239
Speaker 2: Can you imagine six year old on a skateboard. I

869
00:41:45,280 --> 00:41:47,200
Speaker 2: really don't know. I feel like from ages three to

870
00:41:47,239 --> 00:41:48,640
Speaker 2: eleven they're like the same to me.

871
00:41:48,960 --> 00:41:50,680
Speaker 3: Yeah, I have no same same.

872
00:41:51,239 --> 00:41:52,920
Speaker 2: Sorry, Christy, show off.

873
00:41:52,800 --> 00:41:54,800
Speaker 3: The fact that we don't have children here.

874
00:41:54,880 --> 00:41:58,680
Speaker 2: So yeah, So Christie's six year old wanted a skateboard.

875
00:41:59,120 --> 00:42:01,319
Speaker 2: Then they worked out some weekly jobs that he could

876
00:42:01,400 --> 00:42:03,320
Speaker 2: do so that he would get some pay at the

877
00:42:03,400 --> 00:42:05,360
Speaker 2: end of the week and he would have to do

878
00:42:05,400 --> 00:42:08,640
Speaker 2: those tasks without being asked, and she said he was dedicated,

879
00:42:09,440 --> 00:42:13,359
Speaker 2: so cute. When he got to his goal, he then

880
00:42:13,400 --> 00:42:15,879
Speaker 2: decided to wait for another week so he didn't leave

881
00:42:15,960 --> 00:42:17,280
Speaker 2: himself with an empty wallet.

882
00:42:17,680 --> 00:42:21,160
Speaker 3: So he was learning the importance of an emergency fund early.

883
00:42:23,440 --> 00:42:25,560
Speaker 2: What a genius is.

884
00:42:25,520 --> 00:42:27,200
Speaker 3: Coming for my job, Christy?

885
00:42:27,320 --> 00:42:32,279
Speaker 2: Exactly, your child watch back off. When he did go

886
00:42:32,320 --> 00:42:34,360
Speaker 2: to buy the skateboard, it was more than they thought.

887
00:42:34,520 --> 00:42:36,880
Speaker 2: So now he's paying off a little debt to mum.

888
00:42:37,280 --> 00:42:41,719
Speaker 2: So great experience. Yeah, so many good ideas in there

889
00:42:41,760 --> 00:42:43,919
Speaker 2: as well. We obviously can't get to all of them,

890
00:42:44,120 --> 00:42:46,279
Speaker 2: but do head to the Facebook group guys and have

891
00:42:46,360 --> 00:42:49,680
Speaker 2: a little flick through them. I don't know what you

892
00:42:49,760 --> 00:42:52,359
Speaker 2: used to search search teaching kids about money and it'll

893
00:42:52,400 --> 00:42:54,839
Speaker 2: pop up, but yeah, really great ideas in there, So

894
00:42:54,840 --> 00:42:56,280
Speaker 2: thank you to everyone who contributed.

895
00:42:56,480 --> 00:42:58,360
Speaker 3: Yeah, absolutely.

896
00:42:59,400 --> 00:43:03,719
Speaker 2: Before we head off today, any resources for our listeners

897
00:43:04,120 --> 00:43:06,040
Speaker 2: to refer to to back up this chat?

898
00:43:06,200 --> 00:43:09,720
Speaker 3: Absolutely? And you all saw this one coming, are you ready?

899
00:43:09,800 --> 00:43:13,240
Speaker 3: It's the Money Smart website, our favorite, the Money Smart

900
00:43:13,280 --> 00:43:16,520
Speaker 3: website this time really pulled through with the goods guys.

901
00:43:16,560 --> 00:43:17,160
Speaker 2: They have a.

902
00:43:17,120 --> 00:43:19,560
Speaker 3: Breakdown of different activities that you can complete with your

903
00:43:19,640 --> 00:43:22,040
Speaker 3: kids based on their ages to help them learn about

904
00:43:22,040 --> 00:43:24,359
Speaker 3: their money. So we'll link that in the show notes

905
00:43:24,400 --> 00:43:26,400
Speaker 3: so that you don't miss out on that one. And

906
00:43:26,440 --> 00:43:29,000
Speaker 3: then there are also board games like Pocket Money, which

907
00:43:29,120 --> 00:43:32,600
Speaker 3: Kiglie from our community recommended was great. Monopoly is also

908
00:43:32,640 --> 00:43:34,880
Speaker 3: another course of action if you want to teach them

909
00:43:34,920 --> 00:43:37,040
Speaker 3: about money, but again, if you don't want to have

910
00:43:37,080 --> 00:43:40,399
Speaker 3: family fights, maybe avoid that one because that's how that

911
00:43:40,480 --> 00:43:43,480
Speaker 3: game ended in our family each and every single time.

912
00:43:44,120 --> 00:43:47,399
Speaker 3: And Fee from our group actually shared a link last

913
00:43:47,440 --> 00:43:50,160
Speaker 3: year to a resource from the Smith family which is

914
00:43:50,200 --> 00:43:52,680
Speaker 3: great for younger kids, so we'll also link that in

915
00:43:52,760 --> 00:43:55,359
Speaker 3: our show notes. And yeah, I think that there are

916
00:43:55,400 --> 00:43:58,520
Speaker 3: some really fun resources there. In fact, I'm probably going

917
00:43:58,560 --> 00:44:00,640
Speaker 3: to post on the day that we drop this a

918
00:44:00,719 --> 00:44:03,680
Speaker 3: thread to asking people more questions about pocket money and

919
00:44:03,719 --> 00:44:06,440
Speaker 3: how they learn about pocket money and money growing up,

920
00:44:06,440 --> 00:44:09,560
Speaker 3: because I just think it's such an interesting topic to

921
00:44:09,640 --> 00:44:12,000
Speaker 3: see how you grew up with money but how you

922
00:44:12,080 --> 00:44:17,200
Speaker 3: are with it now, Like that's super pervy. So unfortunately Georgia.

923
00:44:17,480 --> 00:44:19,920
Speaker 3: With that, I think we're done for today and that

924
00:44:20,080 --> 00:44:22,440
Speaker 3: is who we are. Yeah, that is all we have

925
00:44:22,600 --> 00:44:26,239
Speaker 3: time for. So as always, just before we head off,

926
00:44:26,280 --> 00:44:30,120
Speaker 3: we'd like to acknowledge and pay respect to Australia's Aboriginal

927
00:44:30,200 --> 00:44:34,160
Speaker 3: and Torres Strait Islander people's. They're the traditional custodians of

928
00:44:34,239 --> 00:44:38,160
Speaker 3: the land, the waterways and the skies all across Australia.

929
00:44:38,560 --> 00:44:40,600
Speaker 3: We thank you for sharing and for caring for the

930
00:44:40,680 --> 00:44:43,440
Speaker 3: land on which we are able to learn. We pay

931
00:44:43,560 --> 00:44:46,440
Speaker 3: respects to elders past and present, and we share our

932
00:44:46,480 --> 00:44:48,880
Speaker 3: friendship and our kindness.

933
00:44:48,960 --> 00:44:51,600
Speaker 2: And remember everyone that the advice shared on she is

934
00:44:51,680 --> 00:44:53,680
Speaker 2: on the money, is general in nature and does not

935
00:44:53,719 --> 00:44:57,840
Speaker 2: consider your individual circumstances. She's on the money exists purely

936
00:44:57,880 --> 00:45:00,520
Speaker 2: for educational purposes and should not be really light upon

937
00:45:00,560 --> 00:45:04,080
Speaker 2: to make an investment or a financial decision, and we promise.

938
00:45:04,200 --> 00:45:08,280
Speaker 2: Victoria Devine is an authorized representative of Australia Pacific Funds

939
00:45:08,280 --> 00:45:12,120
Speaker 2: Management Proprietary Limited a BN three four one three two

940
00:45:12,200 --> 00:45:15,399
Speaker 2: four six three two five seven AFSL three three nine

941
00:45:15,600 --> 00:45:17,920
Speaker 2: one five one Not good.

942
00:45:18,120 --> 00:45:20,040
Speaker 3: Alright, see you guys next week.

943
00:45:20,280 --> 00:45:23,360
Speaker 2: Bye guys,