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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations

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Speaker 1: woman and I'm here to acknowledge country t Glenn Young

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Speaker 1: Ganya Niana, Kaka yah Ya bin Ahaka nian Ar gay

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Speaker 1: In Mbina, yakarum jar dominyamiga Umagahawakawaman, damon imlan Wumba, bang

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Speaker 1: Gadabomba in and now in wakah ghana on yakraum jar Watnadaa. Hello,

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Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.

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Speaker 1: We thank acknowledge and respect the Aberiginal people's land that

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Speaker 1: we're gathering on today. Take pleasure in all the land

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Speaker 1: and respect all that you see. She's on the Money

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Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,

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Speaker 1: knowledge and resources for you to thrive.

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

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Speaker 2: welcome to She's on the Money, the podcast that's here

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Speaker 2: to help you build wealth no matter what stage of

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Speaker 2: life you're in. And today it's all about managing your

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Speaker 2: money in your single girl era, because being single changes

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Speaker 2: the entire way you do money. You're not splitting rent,

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Speaker 2: you're not combining incomes. Bar My friend, you are in

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Speaker 2: full control. You get to set the goals, you get

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Speaker 2: to pivot fast, and if you do it right, your

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Speaker 2: single season can actually be your most financially powerful one. Yet.

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Speaker 2: Today we're going to break down how to budget, invest,

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Speaker 2: and build wealth as a party of one. I'm Victoria Devine,

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Speaker 2: retired financial advisor, and while our friend Beck is away,

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Speaker 2: I have the fabulous Miss Jess Grici filling in.

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Speaker 3: Hello.

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Speaker 2: Hello, I'm so excited. We were both saying this is

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Speaker 2: such a necessary episode in our community, but both of

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Speaker 2: us feel right now quite underqualified. Neither of us have

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Speaker 2: been single for ten years, but we both have been single.

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Speaker 3: I've been in the trenches, girl.

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Speaker 2: I mean, you're saving for a house on your own trill,

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Speaker 2: so I feel like in some ways you're still individually

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Speaker 2: managing financewers. And my job used to be to just

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Speaker 2: set up people's finances. So the amount of single people

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Speaker 2: I have set finances up for, I feel like, does

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Speaker 2: make me qualify it totally.

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Speaker 3: Life doesn't end just because you're single. You can still

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Speaker 3: do it all.

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Speaker 2: No, not only did I want to do this episode

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Speaker 2: because our community keeps going. I'm single, what do I do?

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Speaker 2: I also wanted to do this episode because one in

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Speaker 2: four OUZSI households are a one person household right now,

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Speaker 2: and for women between the ages of twenty five and

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Speaker 2: sixty four, nearly forty percent of us are single. So

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Speaker 2: if you're managing money solo, you're actually not the exception.

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Speaker 2: You're actually the new normal. Just sad to think about.

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Speaker 2: But if you became single tomorrow, what would your first

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Speaker 2: money move be.

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Speaker 3: I think I'd have to redo my budget.

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Speaker 2: Is my right now?

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Speaker 3: My life is set up where we don't share all

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Speaker 3: of our expenses, but as you were saying, we.

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Speaker 2: Still housees, all of the good stuff.

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Speaker 3: Utilities, all those sorts of things. So I think I

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Speaker 3: would have to have a look at what I needed

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Speaker 3: to spend. Strip back to the bed bone.

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Speaker 2: Would you get a house mate?

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Speaker 1: Probably?

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Speaker 3: Honestly, yeah, I mean it would depend I could afford

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Speaker 3: to pay my full rent for the house on my own,

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Speaker 3: but like, would I want to? It would slow down

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Speaker 3: a lot of my other goals And say would it

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Speaker 3: stop you investing? And say, yeah, like I could, but

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Speaker 3: I'd have to pull the money from somewhere right, So,

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Speaker 3: like now.

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Speaker 2: We're in our thirties, though, you'd be relatively strategic about

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Speaker 2: picking a housemate, just like, Oh, get them in, they're fine,

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Speaker 2: they seem nice. I think I'd be like grilling them

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Speaker 2: because I'm out for our housemates that we've had historically.

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Speaker 2: I'm like, do you know what, that's not the season

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Speaker 2: of life for this. No, not at all. But you

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Speaker 2: touched on before that you would have to go back

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Speaker 2: to budgeting, and budgeting I would say is especially important

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Speaker 2: for singles because the average one person household here in

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Speaker 2: Australia spends two thousand, eight hundred and thirty five dollars

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Speaker 2: a month on living expenses alone versus two thousand and

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Speaker 2: fifty nine dollars per person if you're in a couple,

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Speaker 2: So that equates to what I'm going to call a

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Speaker 2: single tax of about seven hundred and seventy six dollars

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Speaker 2: each and every single month, or if we want to

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Speaker 2: extrapolate that out a little bit, nine three hundred dollars

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Speaker 2: a year.

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Speaker 3: That's crazy.

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Speaker 2: Well, it kind of makes sense because like if you

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Speaker 2: go to the groceries, like my husband and I we

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Speaker 2: pull our money together, but at the end of the day,

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Speaker 2: like it's for both of us, he's contributing. I'm contributing,

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Speaker 2: like I can add the legal sweet treat without it

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Speaker 2: super impacting our budget in comparison to if it was

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Speaker 2: just a single income. And I think you guys are

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Speaker 2: the same, Like you start stooping back and you actually

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Speaker 2: have to spend more. So I don't know. It really

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Speaker 2: frustrates me because when you're single, I want you to

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Speaker 2: be setting yourself up financially. And I feel like so

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Speaker 2: many people in our community say things like THEE what

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Speaker 2: can I do? Like I feel like I'm just like

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Speaker 2: always cutting it close to the wire, like every month. Yeah,

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Speaker 2: as much as this episode is going to be about

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Speaker 2: tips and tricks, I also want you to know, like, yes,

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Speaker 2: like that's what's going to happen, and sometimes saving is

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Speaker 2: going to be harder, Investing is going to be harder,

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Speaker 2: And we're not waiting for another person to be our

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Speaker 2: financial plan. Yes, if you become a couple and then

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Speaker 2: you decide to combine finances down the track, things are

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Speaker 2: going to be a little bit easier. But like, if

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Speaker 2: we can work ourselves out now, we are so financially powerful. Yes,

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Speaker 2: you're not maybe investing as much as you want to

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Speaker 2: or saving as much as you want to, but like

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Speaker 2: you're in complete control. And I don't know about you, Jess,

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Speaker 2: but I think we're both like kind of control freaks.

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Speaker 2: Oh yeah, and so like that kind of sounds good

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Speaker 2: to me. So the first thing we're gonna do, if

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Speaker 2: we are single, we are going to look and I

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Speaker 2: mean this is probably if you're not single and you're

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Speaker 2: listening to this, hey friends say, but we are also

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Speaker 2: going to take tips and tricks from this because it's

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Speaker 2: really good, Like, take a look at your bare bones

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Speaker 2: essentials before anything else. I want you to figure out

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Speaker 2: what do you actually need to survive, So like what

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Speaker 2: is rent? What it bills? What are groceries? If you've

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Speaker 2: got any debts, what are your minimum repayments? That number

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Speaker 2: is going to become your financial baseline. So that's the

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Speaker 2: baseline that we're starting with. Then I want you to

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Speaker 2: start thinking about making your emergency fund reflect your genuine

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Speaker 2: real needs. I think sometimes and I say this all

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Speaker 2: the time, like I try to aim for about three

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Speaker 2: months of emergency funds. Yeah, but like some of us go, oh,

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Speaker 2: I've got one thousand dollars and like that's fine, But

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Speaker 2: emergency funds they literally matter for everybody, but they especially

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Speaker 2: matter if you're single, there's actually no second income to

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Speaker 2: fall back on, Like if you lose your job, you

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Speaker 2: can't be like to your partner, Hey, could you just

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Speaker 2: like cover this month's rent and all work it out later.

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Speaker 2: That's just not an option. There's no second income to

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Speaker 2: fall back on if things go wrong, So you actually

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Speaker 2: need to be able to be solid enough to carry

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Speaker 2: on on your own. And I was actually talking to

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Speaker 2: my single best friend yesterday about this, and she was saying, like,

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Speaker 2: I just love having my emergency fund. But before I

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Speaker 2: had it, I didn't realize how much I needed it. Yeah,

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Speaker 2: but she had it. She had always like five hundred

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Speaker 2: one thousand dollars set aside, And like, I don't know

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Speaker 2: about you. Yes, I don't want you to agree with this,

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Speaker 2: but like she might have felt some pressure from me

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Speaker 2: to get her stuff together. Maybe I was going, hey,

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Speaker 2: i'll sit you down and i'll do your investments. I'll

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Speaker 2: do this, I'll do that. Not that I would ever

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Speaker 2: give advice, you know, that would be a breach, but

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Speaker 2: I would give tips and tricks. Right once she got

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Speaker 2: her emergency fund, She's like Victoria the freedom I feel

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Speaker 2: like just knowing that if stuff hits the fan girl,

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Speaker 2: I'm good.

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Speaker 4: Yeah.

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Speaker 2: The peace of mind, yeah, And like there is definitely

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Speaker 2: a peace of mind in having as little as you

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Speaker 2: need in an emergency fund. I mean, if so many

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Speaker 2: of us are going to be listening to this and

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Speaker 2: going the I can't get three months together, I literally

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Speaker 2: get it, but others are going to go that would

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Speaker 2: make me feel more financially secure. And that's kind of

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Speaker 2: what we're working towards. Right now, all you can afford

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Speaker 2: is fifty bucks money win, You've got fifty dollars. I

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Speaker 2: promise future you is going to be bloody grateful that

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Speaker 2: you even had that. So, like, no amount is too little,

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Speaker 2: But what we want to do is start working towards

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Speaker 2: like what are our real needs? How do I actually

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Speaker 2: get to this? And like we've done episodes on side

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Speaker 2: hustles and extra income, and Jess, you are like the

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Speaker 2: queen of the side hustle. I would have a recommendation

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Speaker 2: to hustle up a little bit of an emergency fund

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Speaker 2: just so you feel a lot more financially comfortable. Then

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Speaker 2: what we're going to do is create a bill's account

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Speaker 2: and we're going to split the cost with ourselves, so

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Speaker 2: you can't have your rent. I'm sorry, can't have your electricity.

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Speaker 2: But what you can do is kind of trick your

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Speaker 2: budget into feeling a little bit easier. So what I

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Speaker 2: want you to do is, if you know that, like

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Speaker 2: your rent each month is two thousand dollars, you're going

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Speaker 2: to strip that back to a weekly amount and then

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Speaker 2: set a transfer amount weekly into a separate bill's account,

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Speaker 2: so when the expense actually hits, the money is already there.

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Speaker 2: So if you know that, you know each month you've

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Speaker 2: got one hundred dollars in electricity bills, let's divide that up,

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Speaker 2: maybe it's twenty five dollars a week, and we just

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Speaker 2: do an automatic transfer. We're just making sure we've got

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Speaker 2: our own backs and that the money is already sitting

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Speaker 2: somewhere else. Oh it feels like it's not ours anymore.

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Speaker 2: When we pay a bill. Then we're going to use

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Speaker 2: what I call either my cash hub or a sinking

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Speaker 2: fund to avoid I don't know, financial chaos over predictable costs.

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Speaker 2: So like how many times? And I know you don't

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Speaker 2: do this anymore, but when you're a bit younger, you

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Speaker 2: were like, oh my god, I forgot that red Jo

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Speaker 2: was coming. Oh my god, I forgot that that insurance

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Speaker 2: was there, and oh, I completely forgot, Like for me,

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Speaker 2: netball registration fees are coming out and it's like, quote,

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Speaker 2: only one hundred dollars, but like only one hundred dollars

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Speaker 2: that's all I've got right now. Yeah, So a sinking

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Speaker 2: fund is essentially money that you're setting aside in advance

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Speaker 2: for expenses that you already know are coming. So we

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Speaker 2: know that netball fees are coming out, we know that

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Speaker 2: our car insurance is going to come up, even if

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Speaker 2: they're not monthly. We're thinking additional things too. Sorry, we're

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Speaker 2: just girls. Beauty appointments, new pairs, a runners, your best

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Speaker 2: friend's hens weekend, or maybe even Christmas. So instead of

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Speaker 2: just like panic buying and being like, oh my god,

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Speaker 2: like this month is going to be a really expensive month,

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Speaker 2: I'm going to have to really cut back my budget

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Speaker 2: and work out what the heck's going on, you're kind

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Speaker 2: of saving or pre saving really small amounts so future

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Speaker 2: you can then spend without guilt or stress or getting

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Speaker 2: into credit card debt, which, by the way, when you're single, Jess,

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Speaker 2: you and I know, really easy to do. Oh is

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Speaker 2: it a do as we say? Now?

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Speaker 1: Though?

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Speaker 2: Not as we did for our mistakes. Yeah, and then

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Speaker 2: I love this, and I already know that you love

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Speaker 2: this because I can see your calendar. Set a calendar

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Speaker 2: reminder for everything. So whether you are the default bill

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Speaker 2: payer in your household, or you need to renew your

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Speaker 2: insurance or do your registration check, automate it, then put

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Speaker 2: it in your calendar so that we don't have to

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Speaker 2: rely on our memory alone, because girl, my memory sucks.

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Speaker 2: And I would say I'm a relatively smart person. Even

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Speaker 2: if you think you can remember it, put in your calendar.

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Speaker 2: When it pops up, you'll be like, oh, yeah, I'm

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Speaker 2: across that. It might validate you, or it might remind

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Speaker 2: you of something that you forgot.

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Speaker 3: I like to double up my calendar reminders too, so

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Speaker 3: like two weeks before let's say my house insurance for

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Speaker 3: the year will renew, I have a reminder double check

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Speaker 3: like your insurance, like shop around.

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Speaker 2: So I know I can see your calendar. It's yes

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Speaker 2: and color work things. And I think that you know,

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Speaker 2: if you're managing your work life that and it works,

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Speaker 2: why not manage your money life that way? Like hop

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Speaker 2: it in the calendar, pop the reminder in and make

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Speaker 2: sure that you're kind of like mapping out your budget,

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Speaker 2: because once that's done, the chances are the biggest chunk

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Speaker 2: of it is going to go to one thing.

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Speaker 3: Could that be housing?

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Speaker 2: No, it's the worst, isn't it? Like I feel like

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Speaker 2: rent has increased astronomically over the last few years, And

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Speaker 2: I guess once you come to the conclusion and understand

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Speaker 2: how much of your income's going to housing, I would

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Speaker 2: be asking some questions. Don't get me wrong, It's all

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Speaker 2: about values, and we're just going to reiterate our own values.

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Speaker 2: But is there anything that you can do to bring

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Speaker 2: that down? Because when you're single, if you're covering one

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Speaker 2: hundred percent of the rent or one hundred percent of

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Speaker 2: the mortgage on your own, I would say, that's a

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Speaker 2: huge load. And I guess this might be the perfect

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Speaker 2: season to get a little bit creative, Like, jess, what

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Speaker 2: are some ideas if I don't particularly want to get

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Speaker 2: a permanent housemate, because like, that's not for everybody.

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Speaker 3: No, And I totally get that, especially if you're going

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Speaker 3: through a period of change already, where you're going from

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Speaker 3: being in a partners being single, Like, so much change

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Speaker 3: a month once might be overwhelming. You could look at

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Speaker 3: downsizing potentially, Like, right now my partner I share a

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Speaker 3: four bedroom house. I don't need that for just me.

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Speaker 3: I could move into a one bedroom if I had to,

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Speaker 3: and that would save me a lot of money. Could

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Speaker 3: you look at moving maybe further out location wise, So

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Speaker 3: if you're living closer to the city, moving somewhere more rurally,

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Speaker 3: perhaps with good public transport if you still need to

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Speaker 3: get to work, somewhere more urban is a really good option.

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Speaker 3: If you're not renting and you own your own property,

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Speaker 3: maybe you could rent out the spare room, like get

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Speaker 3: yourself a housemate or airbmb it if you want to

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Speaker 3: dip a toe in the water.

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Speaker 2: I've got a friend who airbnb's their room out es.

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Speaker 2: They don't even own the property, they just got approval

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Speaker 2: from their landing. Yeah, they live near a university and

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Speaker 2: they airbnb the room out come exam time because apparently

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Speaker 2: some people travel and they don't want to during the exam.

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Speaker 2: She lists it during exam week. Yeah, makes her killing.

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Speaker 2: That is so clever and she like gets some extra

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Speaker 2: bank and like, let's be honest, Jess, exam week is

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Speaker 2: at the end of the year. Usually timing sorry, right

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Speaker 2: in time for Christmas. She's got a little extra cash holder.

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Speaker 3: She's figured it out. Yeah, give it a little test around.

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Speaker 3: It's a good way to see if maybe you could

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Speaker 3: do the housemate thing. I feel like it's a really yeah,

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Speaker 3: great option. It's totally flexible, which when you're single, you've

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Speaker 3: got that flexibility. You know, nobody else's routine or preferences

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Speaker 3: need to be considered. So you could house it, you

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Speaker 3: could move into a granny flat, you could couch surf

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Speaker 3: and live with a family member or a friend for

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Speaker 3: a short period of Yeah, we did.

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Speaker 2: Money diary like last year of that girl who just

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Speaker 2: pets it. Yeah, and she's like, yeah, and then if

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Speaker 2: I have to all pay for an airbnb for like

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Speaker 2: the week in between, which is like financially, that works

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Speaker 2: out so much better for me. But she's like, got

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Speaker 2: on this website. I believe it's Mad Pause. Yeah, and

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Speaker 2: so she's on Mad Pause. But she like books in advance,

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Speaker 2: and now she's been doing it so long she has

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Speaker 2: like this five star rating and everybody wants her to

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Speaker 2: like look for their pets. But she's like, oh, if

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Speaker 2: I have to airbnb in between, like yeah, I live

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Speaker 2: out of a suitcase I've got a heap of stuff

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Speaker 2: in a storage unit. But like, sorry, I'm saving so

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Speaker 2: much money.

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Speaker 3: And that's the thing is, like you can live your

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Speaker 3: life on your terms while you figure it out, save

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Speaker 3: some cash up, Like why not try something a little

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Speaker 3: bit unorthodox?

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Speaker 2: Sorry, And she's using somebody else's Wi Fi to work

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Speaker 2: from home three days a week and.

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Speaker 3: She gets to cuttle cutey little pets.

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Speaker 2: Oh my god, Like if I was single again, I

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Speaker 2: just feel like, even like Loki, even if I was

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Speaker 2: living in a sharehouse, to get out of the sharehouse

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Speaker 2: genuinely and go live in somebody who can afford to

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Speaker 2: pay a pet sitters house. Sorry, they've probably got good

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Speaker 2: Wi Fi, maybe a few good snacks in the fridge

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Speaker 2: if they let you at them. I don't know. I

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Speaker 2: just have this idea in my head that people who

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Speaker 2: pay pet sitters probably have a nice house with no

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Speaker 2: housemates that you could enjoy while they're on holiday.

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Speaker 3: And that sounds like the dream, especially if you're single.

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Speaker 2: It's actually so funny, like complete side note. When I

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Speaker 2: go on holiday, our team kind of go, oh, who

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Speaker 2: is looking after your pets? Victoria? Because it's not about

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Speaker 2: having a nice house it's I have the house with

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Speaker 2: no housemates. Yeah, and when I'm away for the cost,

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Speaker 2: if you're looking after my cat, you can watch my

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Speaker 2: Netflix all day and not have to worry about your housemates. Yeah,

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Speaker 2: that's the money win and cut all the cute little kiddies.

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Speaker 2: So there's lots of things that you could be creative about, Jess,

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Speaker 2: But I guess big picture, housing is usually going to

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Speaker 2: be your biggest costs. So anything that you can do

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Speaker 2: to minimize it is going to free up some more

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Speaker 2: cash that could go do like debt repayments or savings

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Speaker 2: or investing or even just creating like a little bit

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Speaker 2: of breathing room totally.

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Speaker 3: And then there's your groceries, which I think is another

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Speaker 3: big expense that adds up so much faster, especially when

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Speaker 3: you're shopping for one person.

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Speaker 2: One hundred percent. And I think that's where you need

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Speaker 2: to kind of, like I would say, master the art

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Speaker 2: of solo grocery shopping. And I was never good at this,

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Speaker 2: Like whenever I cooked, I was cooking for a family

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Speaker 2: of four, irrespective of whether it was just me or

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Speaker 2: maybe I was cooking for me and my housemate. Some

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Speaker 2: How I didn't have the ability to cook for less,

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Speaker 2: which is fine. I think some people can resonate with that,

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Speaker 2: but like like meal prep exactly, Well, I was always

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Speaker 2: eating curriede sausages. I'm telling you right now they are elite.

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Speaker 2: But I would say you need a strategy to not

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Speaker 2: just like reduce waste, but what it does is make

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Speaker 2: your money go further. So if meal prepping is part

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Speaker 2: of that strategy, money win. For me. It was because

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Speaker 2: I couldn't seem to understand sizes, and a lot of

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Speaker 2: websites actually now have the ability to like scale your recipe.

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Speaker 2: I don't know if you've seen it up the top

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Speaker 2: of like recipe or whatever recipes dot com or whatever

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Speaker 2: it is. It goes like make it for six, and

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Speaker 2: you can like put in one and it will just

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Speaker 2: tell you the serving for One's so clever. I think

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Speaker 2: the most annoying thing for me, though, is when I

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Speaker 2: look at those recipes, I'm like, sorry, what do you

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Speaker 2: mean half an egg? Like that's just I'm sorry that

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Speaker 2: fried rice is now having one whole egg and it's

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Speaker 2: just going to be eggy fried rice?

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Speaker 3: Yeah, Like well extra flavor.

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Speaker 2: Also, I've written down some tips and tricks plan meals

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Speaker 2: around ingredients that you can reuse, so like, again I

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Speaker 2: used to be bad at this. I wish past me

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Speaker 2: had this tip. But instead of choosing like totally different

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Speaker 2: recipes each night, because you're like, I'm really going to

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Speaker 2: mix it up, base your meals around a few really

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Speaker 2: versatile ingredients. We actually did a free ebook on recipes

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Speaker 2: from cooking with was it Cooking with Chelsea or ten

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Speaker 2: Dollar Meals with Chelsea. I'm going to put the link

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Speaker 2: in the show notes for you, but she literally will

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Speaker 2: be like, Okay, you're gonna buy a packet of chicken

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Speaker 2: thighs and we're going to do them three different ways

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Speaker 2: this week, so you're still mixing it up, which I

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Speaker 2: think is really important because otherwise you might get bored

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Speaker 2: or not want it. But also you're only buying one

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Speaker 2: packet of chicken thighs instead of one chicken breast and

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Speaker 2: two chicken thighs and something else and whatnot. I would

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Speaker 2: then also freeze your leftovers, so like I'm an optimist,

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Speaker 2: so I would always put them in the fridge and

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Speaker 2: then be like, I'm not even home for the rest

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Speaker 2: of the week and then have to throw them out.

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Speaker 2: We are freezing our leftovers because your freezer is going

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Speaker 2: to become your best friend, porstioning your leftovers into like

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Speaker 2: different containers so that future you can just get it out.

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Speaker 2: I guarantee you. On your microwave, like me, you have

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Speaker 2: a defrost option, so you don't just have to chuck

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Speaker 2: it in the microwave and superheat the middle of it.

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Speaker 2: Your microwave has a defrost option, then you heat it. Sorry,

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Speaker 2: why didn't no one tell me that ten years ago

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Speaker 2: when I was single and superheating the middle of my

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Speaker 2: leftover orzotto and then like eating the frozen bit around

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Speaker 2: the edge. What the hell? But that way nothing is

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Speaker 2: going to waste, and you have meals in the fridge

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Speaker 2: when you get home. Girl. Yeah, perfect.

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Speaker 3: Have you seen that TikTok of the person who got

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Speaker 3: I think they're meant to be like jumbo ice cubes

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Speaker 3: or something, but they're like biger cubes, super cubes there

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Speaker 3: you go, like the big rectangular ones, but they'll freeze

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Speaker 3: things in ingredients. So like she'll do one trait of

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Speaker 3: like veggies and one trait of rice and one tray

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Speaker 3: and then she'll take out a cube of rice, a

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Speaker 3: cube of veggiees in a cube of something, even if

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Speaker 3: she cooks them all at different.

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Speaker 2: Times, even if you're just doing that into like ziploc bags,

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Speaker 2: Like you don't necessarily have to freeze it into entire meals,

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Speaker 2: having some leftover rice and then like a week later

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Speaker 2: having some leftover curry. Wow, bam, there's a meal in

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Speaker 2: your freezer.

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Speaker 3: It's like build a bowl.

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Speaker 2: It's perfect. It's genius. And the supercube so it's soup

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Speaker 2: like as in soup, not super but super cubes. They're

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Speaker 2: on TikTok. I don't know how much they cost. They

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Speaker 2: might be astronomical, who knows.

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Speaker 3: But like you could find a dup.

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Speaker 2: You can find a dube, or you could just use

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Speaker 2: a ziploc bag. Yeah, like who cares? Just the concept

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Speaker 2: of going, oh, I have leftover rice but no curry.

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Speaker 2: Oh is it worth freezing it? You probably used to

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Speaker 2: chuck it out. No, put it in a freezer because

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Speaker 2: you probably have leftover curry or something next week. And

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Speaker 2: then we have, bam, a meal that you I'm going

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Speaker 2: to say, technically didn't pay for. We love that because

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Speaker 2: you were going to throw it out. And like, Jess,

432
00:20:56,800 --> 00:20:58,560
Speaker 2: I don't know about you. Have you ever been able

433
00:20:58,600 --> 00:20:59,720
Speaker 2: to cook the right amount of rice.

434
00:21:00,440 --> 00:21:01,720
Speaker 3: Never one's in my life, never one.

435
00:21:02,720 --> 00:21:04,760
Speaker 2: And then also we want to be I feel like

436
00:21:04,840 --> 00:21:06,680
Speaker 2: so many of us want to buy things in bulk

437
00:21:06,840 --> 00:21:09,640
Speaker 2: because it sounds good. You and I love a bulk deal.

438
00:21:10,000 --> 00:21:13,560
Speaker 2: But I feel like Costco is an experience. Absolutely, we

439
00:21:13,680 --> 00:21:16,280
Speaker 2: go to different countries, Jess, and every time we've been

440
00:21:16,320 --> 00:21:18,159
Speaker 2: to a different country where if we visited, just to

441
00:21:18,320 --> 00:21:21,160
Speaker 2: check the Costco exactly, you have to. It's a rite

442
00:21:21,200 --> 00:21:24,360
Speaker 2: of passage. And also your Costco membership in Australia gets

443
00:21:24,440 --> 00:21:26,879
Speaker 2: you into the US one and like, why would you not,

444
00:21:27,000 --> 00:21:29,600
Speaker 2: and they have different things because it's America anyway. That's

445
00:21:29,680 --> 00:21:31,959
Speaker 2: not a money win. But what is a money win

446
00:21:32,520 --> 00:21:36,280
Speaker 2: is just because you can buy something in bulk doesn't

447
00:21:36,320 --> 00:21:40,040
Speaker 2: mean it's actually better for you. Yes, it might be

448
00:21:40,640 --> 00:21:44,640
Speaker 2: on the label cheaper per kilo, and you might go, okay, cool,

449
00:21:44,680 --> 00:21:48,000
Speaker 2: well I'm gonna buy a whole kilo of this, But

450
00:21:48,680 --> 00:21:50,520
Speaker 2: then it goes off before you can eat it, or

451
00:21:50,680 --> 00:21:52,440
Speaker 2: then it sits in the back of the pantry and

452
00:21:52,560 --> 00:21:55,159
Speaker 2: you've completely forgotten about it. I would say you are

453
00:21:55,240 --> 00:21:59,240
Speaker 2: literally throwing money in the bin. Sometimes it's actually better

454
00:21:59,760 --> 00:22:02,920
Speaker 2: to spend fifty cents more on something or even a

455
00:22:03,000 --> 00:22:05,200
Speaker 2: couple of dollars more to make sure that it's not

456
00:22:05,320 --> 00:22:07,160
Speaker 2: going to waste, and then you're not spending an extra

457
00:22:07,320 --> 00:22:11,640
Speaker 2: ten to get the bulk version that you don't ultimately use. Yeah,

458
00:22:12,000 --> 00:22:13,920
Speaker 2: And that's a really hard lesson for me to learn,

459
00:22:13,960 --> 00:22:16,760
Speaker 2: because I'm always like, no, I'm without a deal. I'm sorry.

460
00:22:16,800 --> 00:22:18,399
Speaker 2: I want to get home, and then like FaceTime my

461
00:22:18,440 --> 00:22:19,960
Speaker 2: friend and be like, Jess, did you see this? I

462
00:22:20,040 --> 00:22:22,720
Speaker 2: got this for this amount. Yeah. If you're not facetiming

463
00:22:22,720 --> 00:22:24,040
Speaker 2: your friends when you get a good deal, what are

464
00:22:24,080 --> 00:22:26,960
Speaker 2: you doing? And then also, this is a good deal

465
00:22:27,040 --> 00:22:30,399
Speaker 2: that like I don't know if everybody does this, you should?

466
00:22:30,920 --> 00:22:33,119
Speaker 2: I do this for snacks, and like if I'm like, oh,

467
00:22:33,119 --> 00:22:35,440
Speaker 2: I want to make sandwiches this week, We're not going

468
00:22:35,680 --> 00:22:37,960
Speaker 2: to the supermarket aisle where all the bacon and the

469
00:22:38,040 --> 00:22:40,880
Speaker 2: ham and stuff is. We're going to the Delhi Because

470
00:22:40,880 --> 00:22:42,080
Speaker 2: do you know what you can do in the Delhi?

471
00:22:42,600 --> 00:22:45,800
Speaker 2: Buy one chicken snitty dream, you can buy two slices

472
00:22:45,800 --> 00:22:48,320
Speaker 2: of ham. You can literally go, hey, I'd love up

473
00:22:48,480 --> 00:22:52,360
Speaker 2: handful of olives. The deli lets you buy literally exactly

474
00:22:52,440 --> 00:22:54,680
Speaker 2: what you need without having to go and buy like

475
00:22:54,800 --> 00:22:57,520
Speaker 2: a whole can of olives or a whole packet of

476
00:22:57,560 --> 00:22:59,800
Speaker 2: ham that then goes off. It is going to cost

477
00:22:59,840 --> 00:23:03,679
Speaker 2: you seven dollars. What the heck? Also, they do cheese

478
00:23:04,280 --> 00:23:07,280
Speaker 2: slice cheese. You can get like three slices of cheese

479
00:23:07,280 --> 00:23:09,200
Speaker 2: if that's all you need. You don't need to spend

480
00:23:09,280 --> 00:23:12,680
Speaker 2: ten dollars on the eager box of them that ultimately

481
00:23:12,760 --> 00:23:14,600
Speaker 2: dries out in your fridge because the packaging is not

482
00:23:14,680 --> 00:23:17,400
Speaker 2: actually ideal for cheese. I love that. And then Jess

483
00:23:17,440 --> 00:23:20,400
Speaker 2: I would say, when it comes to spending in general, like, guys,

484
00:23:20,480 --> 00:23:22,879
Speaker 2: we have to get savvy. I'm so sorry. I know

485
00:23:23,000 --> 00:23:24,680
Speaker 2: I said it a million times before. We're in the

486
00:23:24,720 --> 00:23:28,320
Speaker 2: middle of a cost of living crisis. That means that, yes,

487
00:23:28,440 --> 00:23:30,440
Speaker 2: you might go but I have a good job or

488
00:23:30,520 --> 00:23:33,600
Speaker 2: I have a good income. It actually means that financial

489
00:23:33,680 --> 00:23:37,720
Speaker 2: pressure is so much more on literally everybody, like we

490
00:23:37,880 --> 00:23:40,720
Speaker 2: are all feeling it. I'm not saying that it's all equal,

491
00:23:40,880 --> 00:23:42,800
Speaker 2: but like to not be able to save at the

492
00:23:42,840 --> 00:23:45,760
Speaker 2: moment pretty normal, to not be able to add extra

493
00:23:45,880 --> 00:23:48,800
Speaker 2: to our investments, to feel like every single week we're

494
00:23:48,840 --> 00:23:53,080
Speaker 2: cutting up fine, that is unfortunately the normal of right now.

495
00:23:53,800 --> 00:23:57,000
Speaker 2: But I need you don't know that, right now more

496
00:23:57,080 --> 00:24:00,560
Speaker 2: than ever. Spending in alignment with your i'll use and

497
00:24:00,680 --> 00:24:05,480
Speaker 2: your goals is really important with one income. I believe

498
00:24:05,560 --> 00:24:09,040
Speaker 2: it is really important to get intentional. We're not trying

499
00:24:09,119 --> 00:24:11,840
Speaker 2: to restrict. Yes, sometimes we have to cut things out,

500
00:24:12,119 --> 00:24:14,399
Speaker 2: but like, we want to get really intentional with our

501
00:24:14,480 --> 00:24:17,080
Speaker 2: money because we're not here to cut everything, but we

502
00:24:17,240 --> 00:24:19,800
Speaker 2: are here to make every spend that we have to

503
00:24:19,880 --> 00:24:22,680
Speaker 2: make mean something. Don't get me wrong, I know that

504
00:24:22,720 --> 00:24:24,560
Speaker 2: you're probably thinking, oh, feb but if I go to

505
00:24:24,640 --> 00:24:26,920
Speaker 2: the deli and get it, it's like literally a dollar

506
00:24:26,960 --> 00:24:30,080
Speaker 2: or whatever. It's from little things. Big things grow like

507
00:24:30,320 --> 00:24:33,159
Speaker 2: those little savings over the long term and get to

508
00:24:33,240 --> 00:24:35,160
Speaker 2: mean that at the end of the year, you'll be like, Wow,

509
00:24:35,200 --> 00:24:37,399
Speaker 2: there's an extra five hundred bucks sitting in my account

510
00:24:37,440 --> 00:24:40,120
Speaker 2: from the small decisions I made throughout the year. Yeah,

511
00:24:40,600 --> 00:24:42,399
Speaker 2: what other tips and tricks would you add to my

512
00:24:42,600 --> 00:24:44,440
Speaker 2: list that I've just started creating.

513
00:24:44,800 --> 00:24:47,199
Speaker 3: I would say, maybe look at using the cost per

514
00:24:47,320 --> 00:24:51,159
Speaker 3: use rule really ruthlessly. I think that route that's my

515
00:24:51,280 --> 00:24:53,600
Speaker 3: way of justifying things. Yeah, we've got to be aggressive.

516
00:24:53,640 --> 00:24:56,240
Speaker 3: When you're single, you're the only person using something true.

517
00:24:56,320 --> 00:24:57,800
Speaker 3: So it's kind of like if you want to buy.

518
00:24:58,440 --> 00:25:00,480
Speaker 3: You know, I'm going to use the slow cook. For example,

519
00:25:00,520 --> 00:25:01,840
Speaker 3: you want to buy a slow cook because you think

520
00:25:01,840 --> 00:25:03,639
Speaker 3: it'll make my life so much easier. I'll call my

521
00:25:03,760 --> 00:25:05,359
Speaker 3: naals in it. Great If that's true and you're going

522
00:25:05,400 --> 00:25:07,440
Speaker 3: to use it every day, perfect. If you're going to

523
00:25:07,560 --> 00:25:09,280
Speaker 3: use it to cook a meal once and then put

524
00:25:09,320 --> 00:25:10,439
Speaker 3: it in the back of your cupbo and it's going

525
00:25:10,480 --> 00:25:13,159
Speaker 3: to collect dust for six months, probably not worth it.

526
00:25:13,320 --> 00:25:14,639
Speaker 3: And you're the only person that's.

527
00:25:14,520 --> 00:25:16,840
Speaker 2: Time to put it on Facebook marketplace.

528
00:25:16,520 --> 00:25:18,840
Speaker 3: Sell it literally, which I think is another good one.

529
00:25:18,880 --> 00:25:21,440
Speaker 3: If you are buying things, buy them secondhand. If you

530
00:25:21,800 --> 00:25:24,080
Speaker 3: have another single friend in your friend group, can you

531
00:25:24,160 --> 00:25:26,840
Speaker 3: team up just because you're not in a relationship. It

532
00:25:26,920 --> 00:25:29,320
Speaker 3: doesn't mean you have to do everything by yourself.

533
00:25:29,440 --> 00:25:30,040
Speaker 2: Good point.

534
00:25:30,440 --> 00:25:33,640
Speaker 3: Yeah, if you're going away, can you split a hotel room?

535
00:25:33,840 --> 00:25:34,560
Speaker 2: If you are?

536
00:25:35,320 --> 00:25:38,239
Speaker 3: You know, sharing streaming services.

537
00:25:38,040 --> 00:25:40,960
Speaker 2: I'm all about that. Sorry, I don't care streaming services.

538
00:25:41,080 --> 00:25:42,760
Speaker 2: You shouldn't be like that. We're in the cost of

539
00:25:42,840 --> 00:25:46,240
Speaker 2: living crisis. I'm a household across multiple locations.

540
00:25:46,400 --> 00:25:48,920
Speaker 3: Yeah, you're my friend, we're basically family. We can share

541
00:25:48,920 --> 00:25:50,760
Speaker 3: a family account. Can we get on you know, the

542
00:25:50,840 --> 00:25:53,359
Speaker 3: shared Spotify? You know, there's lots of things that you

543
00:25:53,400 --> 00:25:55,959
Speaker 3: can do to split a cost. Just because you're dating somebody,

544
00:25:56,040 --> 00:25:57,240
Speaker 3: it doesn't mean that you can't.

545
00:25:57,080 --> 00:25:59,600
Speaker 2: Do it with them. Did you side note, I'll send

546
00:25:59,640 --> 00:26:01,119
Speaker 2: it to you. You haven't seen this, but have you

547
00:26:01,160 --> 00:26:03,000
Speaker 2: seen the girls that are currently living in New York.

548
00:26:03,040 --> 00:26:05,040
Speaker 2: They're Australian and they share their finances.

549
00:26:05,200 --> 00:26:09,280
Speaker 3: I obsessed, Yes, I am obsessed with them.

550
00:26:09,359 --> 00:26:11,400
Speaker 2: I keep commenting on this stuff and I'm like, yes,

551
00:26:11,520 --> 00:26:13,440
Speaker 2: more of these please like also because I want it

552
00:26:13,600 --> 00:26:15,800
Speaker 2: to come up on my feed more often. What do

553
00:26:15,960 --> 00:26:18,840
Speaker 2: you mean? You guys have just decided we're friends, We

554
00:26:18,960 --> 00:26:21,200
Speaker 2: live in New York, we have different incomes, but we've

555
00:26:21,240 --> 00:26:23,719
Speaker 2: decided to split. It makes our lives so much easier.

556
00:26:24,320 --> 00:26:26,760
Speaker 3: There's not a rule that says you have to do

557
00:26:26,840 --> 00:26:30,280
Speaker 3: it the traditional way, do whatever you want genuinely and

558
00:26:30,320 --> 00:26:32,679
Speaker 3: then last yay, i'd day. Socializing is really important, especially

559
00:26:32,720 --> 00:26:34,440
Speaker 3: if you are single. It can be easy I think

560
00:26:34,520 --> 00:26:36,560
Speaker 3: to go, oh, well, you kind of go one of

561
00:26:36,600 --> 00:26:38,880
Speaker 3: to extremes, you're out all the time, or you become

562
00:26:38,920 --> 00:26:42,480
Speaker 3: a real home body. So I think social life is important,

563
00:26:42,640 --> 00:26:45,040
Speaker 3: especially if it's your main source of connecting with other people.

564
00:26:45,600 --> 00:26:48,239
Speaker 3: But dinners and drinks and gifts and events. They can

565
00:26:48,280 --> 00:26:50,600
Speaker 3: all really add up, and so make sure that we're

566
00:26:50,640 --> 00:26:53,000
Speaker 3: being creative with keeping the costs down.

567
00:26:53,160 --> 00:26:54,920
Speaker 2: I think that's a really good tip as well, because,

568
00:26:54,960 --> 00:26:56,840
Speaker 2: like I think, when you're single, you can go, oh well,

569
00:26:56,880 --> 00:26:59,960
Speaker 2: it's kind of like the single tax, Like it doesn't

570
00:27:00,119 --> 00:27:02,879
Speaker 2: necessarily have to be like can we grab like can

571
00:27:02,920 --> 00:27:04,399
Speaker 2: you come over to my place, Jess, and we'll go

572
00:27:04,440 --> 00:27:05,880
Speaker 2: for a nice long walk, and I'll make a cup

573
00:27:05,920 --> 00:27:07,560
Speaker 2: of tea in our little keep cups and we'll go

574
00:27:07,720 --> 00:27:10,919
Speaker 2: from there, Like it doesn't always have to blow the budget.

575
00:27:11,000 --> 00:27:13,280
Speaker 2: But don't get me wrong, I think when I was single,

576
00:27:13,960 --> 00:27:16,520
Speaker 2: oh girl, I really looked forward to like going out

577
00:27:16,600 --> 00:27:19,480
Speaker 2: for dinner with my girlfriends. It just wouldn't have been

578
00:27:19,520 --> 00:27:21,479
Speaker 2: the same if it was always at home. Like it's

579
00:27:21,560 --> 00:27:24,639
Speaker 2: something about going out having a nice pasta. Can you

580
00:27:24,840 --> 00:27:29,600
Speaker 2: find like what nights the pub deals are on? Like, sorry,

581
00:27:29,760 --> 00:27:33,359
Speaker 2: I remember when I was a cheap Tuesdays wing Wednesdays exactly,

582
00:27:34,040 --> 00:27:36,280
Speaker 2: So we are making the most of that steak and

583
00:27:36,400 --> 00:27:39,320
Speaker 2: the wine deal, Like I will go to a pub

584
00:27:39,400 --> 00:27:42,520
Speaker 2: twenty minutes from my house happily through cheap steak ten

585
00:27:42,600 --> 00:27:45,800
Speaker 2: out of ten, all right, so yes, we've covered the budget,

586
00:27:46,040 --> 00:27:48,920
Speaker 2: the day to day stuff, but after the break we're

587
00:27:48,960 --> 00:27:50,560
Speaker 2: going to get into what I would says, like the

588
00:27:50,720 --> 00:27:55,760
Speaker 2: juicy stuff, which is your wealth building strategy, superanuation investing,

589
00:27:55,920 --> 00:27:58,480
Speaker 2: and how to actually grow your money when you're doing

590
00:27:58,640 --> 00:28:00,320
Speaker 2: it solo. You don't want to miss it.

591
00:28:04,800 --> 00:28:07,399
Speaker 3: All right, everybody, we're back. We've covered the budget, and

592
00:28:07,480 --> 00:28:09,520
Speaker 3: now let's get into the bigger picture stuff.

593
00:28:09,320 --> 00:28:12,840
Speaker 2: And what's building. I feel like so many women are

594
00:28:13,000 --> 00:28:16,119
Speaker 2: just in limbo when they're single. Like if you're single

595
00:28:16,160 --> 00:28:17,680
Speaker 2: and listening to this and being like VA, I don't

596
00:28:17,680 --> 00:28:20,200
Speaker 2: feel like I'm in limbo, like pop off, queen, I

597
00:28:20,320 --> 00:28:22,640
Speaker 2: love that for you, But I just see so many

598
00:28:22,760 --> 00:28:27,080
Speaker 2: women who are waiting for a partner or waiting for

599
00:28:27,720 --> 00:28:30,680
Speaker 2: you know, two incomes, to go, oh, well, once I

600
00:28:30,800 --> 00:28:33,080
Speaker 2: have a partner, it'll be easier and I can start building.

601
00:28:33,160 --> 00:28:36,760
Speaker 2: Well no, no, we want to start creating these small

602
00:28:36,800 --> 00:28:39,960
Speaker 2: habits now, so that, honestly, if your intention is to

603
00:28:40,080 --> 00:28:42,280
Speaker 2: get into a relationship and you do end up with

604
00:28:42,480 --> 00:28:46,200
Speaker 2: two incomes, we just turbo charged that as opposed to going,

605
00:28:46,560 --> 00:28:50,360
Speaker 2: oh i'll learn then. Sorry. I don't know about you, Jess,

606
00:28:50,400 --> 00:28:52,720
Speaker 2: but if I was single and I was starting to

607
00:28:52,880 --> 00:28:55,200
Speaker 2: date again and I found out that the person I

608
00:28:55,320 --> 00:28:59,720
Speaker 2: was dating had their financial shit together invested. We're saving

609
00:29:00,240 --> 00:29:02,120
Speaker 2: It was like small amounts. I'd be like, few are

610
00:29:02,200 --> 00:29:06,080
Speaker 2: way more attractive. Sorry, but are we not making ourselves

611
00:29:06,200 --> 00:29:09,160
Speaker 2: more attractive partners? Yeah? And also what happens when we

612
00:29:09,240 --> 00:29:14,120
Speaker 2: make ourselves more attractive, Oh, we value ourselves higher, less

613
00:29:14,320 --> 00:29:16,440
Speaker 2: likely to put up with bullshit. You attract what you

614
00:29:16,480 --> 00:29:20,600
Speaker 2: put out exactly. So if you want to marry rich,

615
00:29:21,040 --> 00:29:23,240
Speaker 2: become rich and it'll be easier. I love that. I

616
00:29:23,320 --> 00:29:26,600
Speaker 2: think that's my hot tip from this podcast. But you

617
00:29:26,800 --> 00:29:29,960
Speaker 2: actually have some really good advantages on your side. If

618
00:29:29,960 --> 00:29:33,760
Speaker 2: you're single and you don't have kids. Sorry, as someone

619
00:29:33,880 --> 00:29:37,520
Speaker 2: with kids, you have so much flexibility, my friend, use it.

620
00:29:37,840 --> 00:29:40,400
Speaker 2: You can take on higher paying contract works. You have

621
00:29:40,480 --> 00:29:43,920
Speaker 2: the ability to quit your job and not have anybody

622
00:29:44,680 --> 00:29:47,560
Speaker 2: to rely on you. You can move for a better job.

623
00:29:47,760 --> 00:29:49,880
Speaker 2: You can live smaller, you can spend less. You could

624
00:29:49,920 --> 00:29:52,120
Speaker 2: stack a few income streams and make the most of

625
00:29:52,200 --> 00:29:55,000
Speaker 2: the time that you've got. There's actually nobody else that

626
00:29:55,040 --> 00:29:58,760
Speaker 2: you have to factor in or schedule time for which

627
00:29:59,120 --> 00:30:00,360
Speaker 2: you know you might not want to hear it, But

628
00:30:00,440 --> 00:30:03,640
Speaker 2: that means that you've got fewer excuses and more room

629
00:30:03,760 --> 00:30:06,320
Speaker 2: to make bold money moves that are going to help

630
00:30:06,360 --> 00:30:09,040
Speaker 2: you build your wealth. The next thing I think is

631
00:30:09,640 --> 00:30:11,440
Speaker 2: very attractive, but at the time you might be like,

632
00:30:12,520 --> 00:30:14,560
Speaker 2: I'm sick of being single. I get it, but like,

633
00:30:15,200 --> 00:30:17,920
Speaker 2: embrace being the solo decision maker for a while. That

634
00:30:18,200 --> 00:30:21,400
Speaker 2: is so slay. You don't have to negotiate risk tolerance,

635
00:30:21,520 --> 00:30:25,880
Speaker 2: ethical choices, or goals with literally anybody else. Even if

636
00:30:25,880 --> 00:30:28,120
Speaker 2: you want to go on a holiday, there's no like, oh, yes,

637
00:30:28,200 --> 00:30:29,880
Speaker 2: where have you if wanted to go and you say, oh,

638
00:30:29,920 --> 00:30:32,240
Speaker 2: Thailand and I go, oh, I thinking Japan, and then

639
00:30:32,440 --> 00:30:34,920
Speaker 2: we negotiate where you're going. Sorry, You're just going to

640
00:30:35,000 --> 00:30:37,640
Speaker 2: the one that you want. You get to build wealth

641
00:30:37,920 --> 00:30:40,960
Speaker 2: based on your values, your timeline, and your comfort level.

642
00:30:42,000 --> 00:30:43,960
Speaker 2: One of the first things that I want you to

643
00:30:44,080 --> 00:30:47,600
Speaker 2: do is look at your current salary and I want

644
00:30:47,640 --> 00:30:49,840
Speaker 2: you to ask yourself. And it's hard, but I want

645
00:30:49,880 --> 00:30:52,320
Speaker 2: you to ask yourself, is this enough for the life

646
00:30:52,360 --> 00:30:55,960
Speaker 2: I want to create for myself when you're single. Unfortunately,

647
00:30:56,680 --> 00:30:59,680
Speaker 2: no one's actually topping up your income behind the scenes,

648
00:31:00,160 --> 00:31:03,240
Speaker 2: know like oh yeah, like I can save X amount,

649
00:31:03,320 --> 00:31:05,880
Speaker 2: But it's okay because we'll still go on holiday, and

650
00:31:06,040 --> 00:31:08,360
Speaker 2: my partner earns more, so he's going to pay for

651
00:31:08,440 --> 00:31:11,240
Speaker 2: more of it. So if your pay is not cutting

652
00:31:11,280 --> 00:31:14,040
Speaker 2: at my friend, there comes a point where you and

653
00:31:14,160 --> 00:31:16,760
Speaker 2: it's sad, but you just can't budget harder. You can't

654
00:31:16,840 --> 00:31:20,520
Speaker 2: out budget an income that doesn't suit your lifestyle. You

655
00:31:20,680 --> 00:31:24,239
Speaker 2: actually need to earn more. And that's where you might

656
00:31:24,320 --> 00:31:27,840
Speaker 2: need to get really bloody good jess and negotiating. Maybe

657
00:31:27,880 --> 00:31:30,560
Speaker 2: you do need to pushed kind of off the edge,

658
00:31:31,000 --> 00:31:35,640
Speaker 2: change your job or upskill. But the first step I

659
00:31:35,720 --> 00:31:39,200
Speaker 2: would say is being really honest with yourself about whether

660
00:31:39,320 --> 00:31:43,280
Speaker 2: your current income is supporting the future that you're working

661
00:31:43,400 --> 00:31:46,000
Speaker 2: really hard towards. And that can be really hard because

662
00:31:46,040 --> 00:31:48,480
Speaker 2: you might say, V I love my job, and don't

663
00:31:48,480 --> 00:31:51,560
Speaker 2: get me wrong, not everybody who's single has the ability

664
00:31:51,600 --> 00:31:53,960
Speaker 2: to just go get quote a better job. Like you

665
00:31:54,080 --> 00:31:56,640
Speaker 2: might live real really and be like the I'm a nurse,

666
00:31:56,920 --> 00:31:59,200
Speaker 2: Like I can't just go to a different hospital that

667
00:31:59,240 --> 00:32:02,400
Speaker 2: pays more. That's not a freaking thing. Yeah, I get it.

668
00:32:02,800 --> 00:32:05,560
Speaker 2: But maybe there's a side hustle you could do. Maybe

669
00:32:05,640 --> 00:32:08,720
Speaker 2: there's selling on Facebook marketplace and we talk all the

670
00:32:08,840 --> 00:32:11,600
Speaker 2: time about boosting your income, but I think we do

671
00:32:11,800 --> 00:32:14,720
Speaker 2: need to be honest with ourselves because we've done so

672
00:32:14,840 --> 00:32:18,080
Speaker 2: many money daries about people changing careers and ultimately changing

673
00:32:18,120 --> 00:32:20,680
Speaker 2: their lives. Do you have to do it? Absolutely not.

674
00:32:21,400 --> 00:32:23,600
Speaker 2: But if you're unhappy, I'm sorry. We need to make

675
00:32:23,680 --> 00:32:27,080
Speaker 2: some changes. Yes. The next is kind of reiterating the point.

676
00:32:27,560 --> 00:32:31,200
Speaker 2: It's diversifying your income to give yourself more breathing room.

677
00:32:31,640 --> 00:32:35,200
Speaker 2: So things like side hustles can actually help spread the

678
00:32:35,360 --> 00:32:37,960
Speaker 2: risk because it adds extra cash flow without relying on

679
00:32:38,080 --> 00:32:41,120
Speaker 2: somebody else. Jess, I would say that you are like

680
00:32:41,360 --> 00:32:45,320
Speaker 2: the queen of a second income. What would you suggest

681
00:32:45,480 --> 00:32:47,040
Speaker 2: for our single community members.

682
00:32:47,320 --> 00:32:49,040
Speaker 3: I think there's a lot of platforms out there now

683
00:32:49,120 --> 00:32:51,720
Speaker 3: that make it really easy to pick up odd work.

684
00:32:52,040 --> 00:32:56,840
Speaker 3: Air Tasker driving, for Uber driving, for Uber EAT's Amazon delivery.

685
00:32:57,040 --> 00:32:59,400
Speaker 3: There's lots of options that let you pick up work

686
00:32:59,520 --> 00:33:03,040
Speaker 3: on it as need basis, And I think it makes

687
00:33:03,080 --> 00:33:05,080
Speaker 3: it really easy to set yourself up because you don't

688
00:33:05,120 --> 00:33:08,280
Speaker 3: necessarily need any skills. You just need a car or

689
00:33:08,320 --> 00:33:10,200
Speaker 3: a bike or whatever, and you can do that in

690
00:33:10,240 --> 00:33:12,600
Speaker 3: your own area, which I think is really turned it

691
00:33:12,640 --> 00:33:15,080
Speaker 3: off and on exactly, which I think is really handy

692
00:33:15,120 --> 00:33:16,560
Speaker 3: because you can do as much or as little as

693
00:33:16,640 --> 00:33:18,960
Speaker 3: you need. You don't need to invest in anything to

694
00:33:19,000 --> 00:33:22,360
Speaker 3: get started, Like it's all quite straightforward. Otherwise I would

695
00:33:22,400 --> 00:33:26,160
Speaker 3: say selling your stuff. Like there's that statistic that what

696
00:33:26,320 --> 00:33:29,160
Speaker 3: is it? Most people have like over five hundred dollars

697
00:33:29,240 --> 00:33:31,720
Speaker 3: of unused just things in their house.

698
00:33:32,000 --> 00:33:33,520
Speaker 2: Way back in the day, I think it was like

699
00:33:33,600 --> 00:33:36,160
Speaker 2: twenty twenty, Jess I was working with gum Tree. You

700
00:33:36,280 --> 00:33:39,000
Speaker 2: might remember this, and like they did a really big

701
00:33:39,040 --> 00:33:40,880
Speaker 2: and this is twenty twenty. So I reckon it's more

702
00:33:40,920 --> 00:33:45,240
Speaker 2: now because like TikTok Instagram, we're really over consumption. Yeah,

703
00:33:45,600 --> 00:33:47,360
Speaker 2: they did a heap of research and they found that

704
00:33:47,560 --> 00:33:51,400
Speaker 2: most people in their households have five hundred dollars worth

705
00:33:51,440 --> 00:33:52,520
Speaker 2: of stuff that they could sell.

706
00:33:52,800 --> 00:33:55,960
Speaker 3: Yeah yeah, so deal, it's find for things, Find the

707
00:33:56,000 --> 00:33:58,320
Speaker 3: things you're not using, fun things, especially if you're downsizing,

708
00:33:58,400 --> 00:34:01,840
Speaker 3: like we were talking about earlier. Don't just I don't

709
00:34:01,840 --> 00:34:03,440
Speaker 3: want to say don't donate stuff because I know that

710
00:34:03,480 --> 00:34:06,720
Speaker 3: it's important to support charity. Sometimes we donate because we're

711
00:34:06,720 --> 00:34:09,400
Speaker 3: being lazy and correct. At least give it a go.

712
00:34:09,800 --> 00:34:11,960
Speaker 3: I think even if you're selling something for five dollars,

713
00:34:12,040 --> 00:34:15,200
Speaker 3: if you sell ten things for five dollars. That's fifty dollars, right,

714
00:34:15,239 --> 00:34:17,080
Speaker 3: and so it Can you do a market store? Can

715
00:34:17,120 --> 00:34:19,279
Speaker 3: you do a clothing rap? Can you do some kind

716
00:34:19,320 --> 00:34:21,200
Speaker 3: of pop up thing where you can just mass clear

717
00:34:21,280 --> 00:34:24,080
Speaker 3: things out that you're not using. The cost per use

718
00:34:24,160 --> 00:34:26,839
Speaker 3: maybe is higher than it should be. Get it out

719
00:34:26,880 --> 00:34:29,000
Speaker 3: of there and then get some money coming back in

720
00:34:30,280 --> 00:34:31,920
Speaker 3: and then rent things out if you can too, Like

721
00:34:32,000 --> 00:34:34,600
Speaker 3: I rent out dresses. If you have tools, people rent

722
00:34:34,680 --> 00:34:35,320
Speaker 3: out tools.

723
00:34:35,440 --> 00:34:38,279
Speaker 2: Isn't that crazy? Like you can literally do so much.

724
00:34:38,400 --> 00:34:41,000
Speaker 2: You just need to start looking at what your options are,

725
00:34:41,280 --> 00:34:43,320
Speaker 2: because you might be like, oh, none of the options

726
00:34:43,360 --> 00:34:46,040
Speaker 2: you've mentioned, Jessa, what I want to do? You know what,

727
00:34:46,120 --> 00:34:48,279
Speaker 2: there's probably options that we don't even know about. But

728
00:34:48,360 --> 00:34:51,239
Speaker 2: you've got to do your research and like Google, use

729
00:34:51,320 --> 00:34:54,759
Speaker 2: your friend chat, GPT, use all of those things so

730
00:34:54,880 --> 00:34:56,440
Speaker 2: that you can kind of put yourself in the best

731
00:34:56,480 --> 00:35:01,120
Speaker 2: possible position. Absolutely now, Jess, the next topic I want

732
00:35:01,120 --> 00:35:03,880
Speaker 2: to talk about is something I'm wildly passionate about. And

733
00:35:04,480 --> 00:35:07,120
Speaker 2: I say it's sexy all the time, and I don't

734
00:35:07,160 --> 00:35:08,920
Speaker 2: think I have many people that agree with me. But

735
00:35:09,040 --> 00:35:11,720
Speaker 2: I'm going to keep pounding this point until it's flogged

736
00:35:11,800 --> 00:35:17,239
Speaker 2: like a dead horse. Superannuation is so flipping sexy, but

737
00:35:17,719 --> 00:35:21,120
Speaker 2: when you're single, you don't actually have that doubling effect

738
00:35:21,239 --> 00:35:23,560
Speaker 2: that couples have when it comes to super where you know,

739
00:35:23,920 --> 00:35:26,080
Speaker 2: you might retire with three hundred thousand and your partner

740
00:35:26,120 --> 00:35:28,120
Speaker 2: does and okay, so that now we have six hundred

741
00:35:28,160 --> 00:35:30,160
Speaker 2: thousand and we can actually live, you know, a bit

742
00:35:30,200 --> 00:35:33,239
Speaker 2: more comfortably. So that means that you have to get

743
00:35:33,719 --> 00:35:37,919
Speaker 2: your shit together when it comes to superannuation strategy, because

744
00:35:37,920 --> 00:35:41,239
Speaker 2: it matters more. The earlier you either start topping up

745
00:35:41,320 --> 00:35:44,760
Speaker 2: even a little bit or looking at your investment platform

746
00:35:44,840 --> 00:35:47,239
Speaker 2: and making sure you're in the right risk profile means

747
00:35:47,320 --> 00:35:50,279
Speaker 2: the more time compounding has to do its thing. And

748
00:35:50,360 --> 00:35:52,759
Speaker 2: I feel like at the moment, maybe because it's just

749
00:35:52,920 --> 00:35:56,239
Speaker 2: recently kind of been tax season and we're all doing

750
00:35:56,320 --> 00:35:59,000
Speaker 2: our tax returns, people are like messaging me about their

751
00:35:59,040 --> 00:36:03,000
Speaker 2: super I cannot be more excited about that topic. We

752
00:36:03,200 --> 00:36:06,640
Speaker 2: have a whole episode about figuring out and it dropped recently,

753
00:36:06,760 --> 00:36:08,440
Speaker 2: so all the stats are up to date for you

754
00:36:08,960 --> 00:36:12,640
Speaker 2: about figuring out how much superranuation you actually need for

755
00:36:12,800 --> 00:36:15,759
Speaker 2: singles and for couples, So it is for you irrespective

756
00:36:15,800 --> 00:36:21,120
Speaker 2: of your relationship status, and it just makes sense, Like, Jess,

757
00:36:21,239 --> 00:36:23,319
Speaker 2: it is something that if you don't have any cash

758
00:36:23,440 --> 00:36:25,080
Speaker 2: right now, and you're like, I don't have any cash

759
00:36:25,160 --> 00:36:27,680
Speaker 2: to save, I don't have any cash to invest. I'm sorry,

760
00:36:27,920 --> 00:36:30,239
Speaker 2: go look at your superranuation and make sure it's in

761
00:36:30,320 --> 00:36:34,320
Speaker 2: the right possible position, because that is putting in your future,

762
00:36:34,400 --> 00:36:38,480
Speaker 2: you in the best possible position, instead of burying our

763
00:36:38,520 --> 00:36:40,800
Speaker 2: head in the sand, like you could change your risk profile.

764
00:36:41,200 --> 00:36:43,080
Speaker 2: And I know that I said this a million times,

765
00:36:43,360 --> 00:36:47,239
Speaker 2: but the difference between a conservative risk profile, which by

766
00:36:47,280 --> 00:36:49,440
Speaker 2: the way, most of us if we've never looked at

767
00:36:49,480 --> 00:36:53,360
Speaker 2: our super in because exactly when you sign up and

768
00:36:53,440 --> 00:36:55,759
Speaker 2: you get your first employee forms and you're like, I

769
00:36:55,800 --> 00:36:57,480
Speaker 2: don't really know what to do, and they're like, oh,

770
00:36:57,840 --> 00:37:01,480
Speaker 2: sign up to this default super fund. It goes balanced

771
00:37:01,640 --> 00:37:04,240
Speaker 2: is the most common option, and you'll be like, yeah, whatever,

772
00:37:04,360 --> 00:37:07,880
Speaker 2: I'll just pick that. The difference between a balanced superfund

773
00:37:07,920 --> 00:37:11,400
Speaker 2: and a high growth superfund when you retire is close

774
00:37:11,440 --> 00:37:15,279
Speaker 2: to two hundred thousand dollars. That's no extra contributions, that's

775
00:37:15,440 --> 00:37:20,040
Speaker 2: just compounding and your risk profile. Yes, make sure that

776
00:37:20,239 --> 00:37:22,120
Speaker 2: you know you're not just changing it for the money,

777
00:37:22,160 --> 00:37:26,160
Speaker 2: and you're making sure your risk profile fits. But like, sorry, Jesse,

778
00:37:26,200 --> 00:37:28,239
Speaker 2: if you're a high growth investor and you're not in

779
00:37:28,360 --> 00:37:31,279
Speaker 2: the high growth fund, what the heck are you doing?

780
00:37:31,840 --> 00:37:34,640
Speaker 2: You're missing out free to change. You can put future

781
00:37:34,680 --> 00:37:36,960
Speaker 2: you in a better financial position without even having a

782
00:37:37,040 --> 00:37:40,680
Speaker 2: dollar to spend. Yeah, sorry, that makes so much sense

783
00:37:40,800 --> 00:37:44,040
Speaker 2: to me. So go listen to that and make sure

784
00:37:44,080 --> 00:37:46,920
Speaker 2: that you're obviously taking your risk profile into consideration. And

785
00:37:47,080 --> 00:37:49,879
Speaker 2: you know, last performance is not a reliable brief future

786
00:37:49,880 --> 00:37:51,520
Speaker 2: performance or whatever else I have to say to that,

787
00:37:53,600 --> 00:37:55,120
Speaker 2: But you know what I mean, I think it is

788
00:37:55,239 --> 00:37:58,480
Speaker 2: so important because, like we actually have the ability to

789
00:37:58,560 --> 00:38:00,880
Speaker 2: put ourselves in a good financial position. Even if you

790
00:38:00,920 --> 00:38:03,320
Speaker 2: have no cash today, you could have no job, But

791
00:38:03,440 --> 00:38:05,239
Speaker 2: if you've got your super fund, you can go and

792
00:38:05,400 --> 00:38:08,000
Speaker 2: tidy that up and keep your financial house in order.

793
00:38:08,800 --> 00:38:10,600
Speaker 2: The other thing I want you to have a look at,

794
00:38:11,080 --> 00:38:14,040
Speaker 2: and again I'm very wildly passionate about this, is the

795
00:38:14,120 --> 00:38:18,239
Speaker 2: default insurance if you have it inside your superannuation fund.

796
00:38:18,880 --> 00:38:23,799
Speaker 2: Most superannuation funds for our audience and our community does

797
00:38:23,920 --> 00:38:27,720
Speaker 2: actually include a default life insurance and total and permanent

798
00:38:27,800 --> 00:38:32,800
Speaker 2: disability insurance cover. And that's something that now doesn't happen.

799
00:38:33,280 --> 00:38:36,680
Speaker 2: So like we don't get default insurance anymore, Jess. But like,

800
00:38:37,160 --> 00:38:39,840
Speaker 2: if you are like me and you you know, graduated

801
00:38:39,880 --> 00:38:43,000
Speaker 2: in two thousand and nine and had a few super funds,

802
00:38:43,680 --> 00:38:48,600
Speaker 2: they very likely, Jess, have insurance associated with them. Yeah,

803
00:38:48,640 --> 00:38:50,480
Speaker 2: as a single person, it might be worth having a

804
00:38:50,520 --> 00:38:52,960
Speaker 2: look at how much cover you've got. Are you spending

805
00:38:53,080 --> 00:38:55,279
Speaker 2: too much because you've got more cover than you need.

806
00:38:55,760 --> 00:38:59,800
Speaker 2: You don't have any dependents, so could you drop that? Also,

807
00:39:00,640 --> 00:39:03,359
Speaker 2: you do need smallid income protection. I'm so sorry if

808
00:39:03,400 --> 00:39:05,160
Speaker 2: you told me, Victoria you have to get rid of

809
00:39:05,200 --> 00:39:07,239
Speaker 2: every single insurance under the sun. You get to keep

810
00:39:07,320 --> 00:39:10,839
Speaker 2: one car insurance, phone insurance, house insurance. God, I'm keeping

811
00:39:11,000 --> 00:39:14,160
Speaker 2: my income protection because if my house burns to the

812
00:39:14,200 --> 00:39:18,360
Speaker 2: ground tomorrow, my income is what's going to rebuild that house.

813
00:39:18,680 --> 00:39:22,120
Speaker 2: If my income or I get so so injured that

814
00:39:22,239 --> 00:39:25,040
Speaker 2: I can't work it anymore, sorry I can't pay the

815
00:39:25,080 --> 00:39:28,719
Speaker 2: mortgage or my house, I won't have that house. Yeah,

816
00:39:28,800 --> 00:39:31,160
Speaker 2: so my income to me is the most important part.

817
00:39:31,680 --> 00:39:35,520
Speaker 2: But unfortunately, when you're single, no partner means no backup plan.

818
00:39:35,719 --> 00:39:38,120
Speaker 2: You have to become your own backup plan, which means

819
00:39:38,600 --> 00:39:42,960
Speaker 2: in my eyes, income protection is even more important. And

820
00:39:44,040 --> 00:39:47,040
Speaker 2: I guess while you're at it, reassess your insurance that

821
00:39:47,120 --> 00:39:51,000
Speaker 2: you hold outside of supernuation because we just don't have

822
00:39:51,120 --> 00:39:53,919
Speaker 2: that plus one safety net. So if you get sick

823
00:39:54,080 --> 00:39:57,120
Speaker 2: or injured, like girl, who's paying your rent? Like, what's

824
00:39:57,200 --> 00:39:59,520
Speaker 2: the default moving back in with your parents? Like for

825
00:39:59,640 --> 00:40:03,040
Speaker 2: many of that's just not an option. You have to

826
00:40:03,120 --> 00:40:06,600
Speaker 2: back yourself. So just make sure you are covered.

827
00:40:06,840 --> 00:40:08,399
Speaker 3: Yeah, and if you do need someone to sort out

828
00:40:08,440 --> 00:40:11,279
Speaker 3: your insurances. Sky Wealth, you guys know feel he's been

829
00:40:11,320 --> 00:40:13,520
Speaker 3: on the show recently. He's a dream. His team are

830
00:40:13,560 --> 00:40:16,640
Speaker 3: all wonderful. They'll take a look at everything holistically. They

831
00:40:16,680 --> 00:40:18,680
Speaker 3: could recommend what you can pay from super, what they

832
00:40:18,719 --> 00:40:21,919
Speaker 3: would recommend paying for outside of Super do all the things,

833
00:40:22,000 --> 00:40:24,799
Speaker 3: tickle the boxes. They're really great. They make it so easy.

834
00:40:25,080 --> 00:40:27,160
Speaker 2: Yeah, and like that's not just like a plug to

835
00:40:27,239 --> 00:40:30,359
Speaker 2: be like go talk to sky Wealth, Like Jess, who

836
00:40:30,440 --> 00:40:34,560
Speaker 2: did your insurances Skywell? And you did mine sky Wealth?

837
00:40:34,760 --> 00:40:37,120
Speaker 2: Like it's not because we're like, oh, go talk to

838
00:40:37,200 --> 00:40:39,319
Speaker 2: these guys. It's like, oh, we know because they've done

839
00:40:39,360 --> 00:40:41,399
Speaker 2: all of ours and we test them and we love them.

840
00:40:41,520 --> 00:40:43,799
Speaker 3: Honestly. Their team is so so kind and your ride.

841
00:40:43,800 --> 00:40:46,239
Speaker 3: It's really important to get all of that stuff sorted out,

842
00:40:46,560 --> 00:40:47,600
Speaker 3: what's next on the list.

843
00:40:48,120 --> 00:40:52,200
Speaker 2: So I want to have a quick discussion about working

844
00:40:52,239 --> 00:40:55,680
Speaker 2: out our financial goals when we single. We're running out

845
00:40:55,680 --> 00:40:57,440
Speaker 2: of time because I don't want this episode to be

846
00:40:57,480 --> 00:40:59,759
Speaker 2: too arduous, but I feel like we're talking about really

847
00:41:00,000 --> 00:41:04,040
Speaker 2: important things, Jess. Investing can obviously be a really great

848
00:41:04,120 --> 00:41:06,920
Speaker 2: option for building wealth as a single person because you

849
00:41:07,040 --> 00:41:08,719
Speaker 2: don't have to have a really big sum like a

850
00:41:08,760 --> 00:41:12,480
Speaker 2: house deposit. And like, to me, if you are single

851
00:41:12,920 --> 00:41:15,640
Speaker 2: and you're thinking about a house, like I would say,

852
00:41:15,680 --> 00:41:17,640
Speaker 2: that's a lot of risk to carry. I'm not saying

853
00:41:17,680 --> 00:41:20,000
Speaker 2: don't do it, Like obviously you're going to do it

854
00:41:20,120 --> 00:41:22,480
Speaker 2: on your own, but like there's a lot of factors

855
00:41:22,640 --> 00:41:24,680
Speaker 2: that come into play that make it a good idea

856
00:41:24,800 --> 00:41:27,719
Speaker 2: for you. But if you're single and want to maintain flexibility, like,

857
00:41:27,840 --> 00:41:31,080
Speaker 2: investing can be a really good option and if you need,

858
00:41:31,280 --> 00:41:33,600
Speaker 2: I guess a little bit more encouragement that you can

859
00:41:33,680 --> 00:41:37,480
Speaker 2: do it on your own. Studies have found that women

860
00:41:37,640 --> 00:41:40,719
Speaker 2: outperform men when it comes to investing. Oh snaps, for us,

861
00:41:40,840 --> 00:41:43,040
Speaker 2: we are just better at it. I'm sorry. We make

862
00:41:43,480 --> 00:41:46,680
Speaker 2: more reserved decisions, We spend a little bit longer thinking

863
00:41:46,760 --> 00:41:49,160
Speaker 2: about things. We're a little bit more conservative. And you

864
00:41:49,239 --> 00:41:52,120
Speaker 2: know what, even if they're talking about their day trading

865
00:41:52,200 --> 00:41:55,720
Speaker 2: or their fucking penny stocks, I think it's really important

866
00:41:55,760 --> 00:41:59,439
Speaker 2: to remember that slow and steady wins the race. Even

867
00:41:59,480 --> 00:42:01,480
Speaker 2: if what he is trying to be like, oh, well

868
00:42:01,560 --> 00:42:05,239
Speaker 2: I started trading and I made XYZ. Well that's not consistent.

869
00:42:05,400 --> 00:42:07,600
Speaker 2: That's not going to consistently put you in a better

870
00:42:07,600 --> 00:42:11,240
Speaker 2: position to build wealth. Also, the good news heeries investing

871
00:42:11,360 --> 00:42:14,680
Speaker 2: is more accessible than it's ever been for singles. Yeah, definitely.

872
00:42:14,719 --> 00:42:16,960
Speaker 3: There's platforms like Charesa, so you can invest with no

873
00:42:17,120 --> 00:42:20,399
Speaker 3: minimum investments. So whatever you've got, they've one cent. Sorry

874
00:42:20,480 --> 00:42:22,799
Speaker 3: that's a minimum investment. Well yeah, as long as you've

875
00:42:22,800 --> 00:42:25,120
Speaker 3: got a cent, you can do it. And they've got roundups.

876
00:42:25,200 --> 00:42:28,040
Speaker 3: There's all of these different features auto invest that makes

877
00:42:28,040 --> 00:42:31,200
Speaker 3: it so much easier for you to get started, regardless

878
00:42:31,239 --> 00:42:33,480
Speaker 3: of how much income you've got to put in set

879
00:42:33,520 --> 00:42:36,239
Speaker 3: the habit you'reing. The habit's the most important thing. Get

880
00:42:36,280 --> 00:42:38,360
Speaker 3: it ready, get it going. You can adjust as you

881
00:42:38,480 --> 00:42:40,440
Speaker 3: need to, you can adjust as you earn more income,

882
00:42:40,680 --> 00:42:44,120
Speaker 3: but getting yourself started over that hurdle of you know

883
00:42:44,360 --> 00:42:47,040
Speaker 3: it seems scary. I think is like a really, it's

884
00:42:47,040 --> 00:42:48,040
Speaker 3: a simple thing you can do.

885
00:42:48,280 --> 00:42:50,440
Speaker 2: Yeah, and this is like not an episode that's sponsored

886
00:42:50,480 --> 00:42:53,440
Speaker 2: by Shares's. It's also not like a mention that sponsored

887
00:42:53,520 --> 00:42:55,239
Speaker 2: by chares Is to be clear. But we do have

888
00:42:55,360 --> 00:42:58,360
Speaker 2: a relationship with them, which means they gave us a code,

889
00:42:58,719 --> 00:43:02,240
Speaker 2: So SotM and you get ten dollars in your investing

890
00:43:02,280 --> 00:43:04,440
Speaker 2: account when you start, and I get nothing. Yeah, Like

891
00:43:04,600 --> 00:43:07,840
Speaker 2: that's me just being like, no, the offer was originally

892
00:43:07,960 --> 00:43:09,719
Speaker 2: five dollars for you, five dollars for me, and I

893
00:43:09,840 --> 00:43:12,040
Speaker 2: was like, no, give them the ten dollars because like,

894
00:43:12,680 --> 00:43:14,840
Speaker 2: I don't know, one hundred dollars ten percent return that

895
00:43:14,920 --> 00:43:17,200
Speaker 2: sounds really good, So sorry, I'll give you a ten

896
00:43:17,200 --> 00:43:20,920
Speaker 2: percent return, absolutely good deal, free money. I'm wildly passionate

897
00:43:20,960 --> 00:43:24,240
Speaker 2: about it, and I just feel like investing for income

898
00:43:24,640 --> 00:43:27,480
Speaker 2: matters more when you're doing it solo, because when you're single,

899
00:43:28,120 --> 00:43:30,920
Speaker 2: there's no second super fun to lean on or shared

900
00:43:31,000 --> 00:43:33,759
Speaker 2: bills to have in retirement. Like, girl, I'm sorry, but

901
00:43:33,840 --> 00:43:36,080
Speaker 2: you have to cover one hundred percent of your future

902
00:43:36,239 --> 00:43:38,759
Speaker 2: lifestyle on your own. And yes, the plan might be

903
00:43:38,840 --> 00:43:42,640
Speaker 2: to meet somebody, but like it's rough out there, like

904
00:43:42,840 --> 00:43:44,719
Speaker 2: I'm seeing my friends go do you know what, I

905
00:43:44,800 --> 00:43:47,759
Speaker 2: can't even be bothered dating anymore, Like it's just it's

906
00:43:47,840 --> 00:43:52,120
Speaker 2: not for me. And they're starting to choose, making plans

907
00:43:52,200 --> 00:43:54,200
Speaker 2: forward on their own and if they meet someone great,

908
00:43:54,560 --> 00:43:57,279
Speaker 2: But like, we can't just hold our lives and wait

909
00:43:57,400 --> 00:43:59,279
Speaker 2: for Prince Charming to come.

910
00:43:59,520 --> 00:44:01,359
Speaker 3: No, and lots of women are doing it on their own.

911
00:44:01,360 --> 00:44:03,960
Speaker 3: People are becoming parent like single women are becoming parents.

912
00:44:04,000 --> 00:44:05,120
Speaker 3: They're building those labs.

913
00:44:05,280 --> 00:44:07,840
Speaker 2: We just go without it. Yeah, Also, sorry, we're in

914
00:44:07,880 --> 00:44:09,600
Speaker 2: the middle of a cost of living crisis. When Prince

915
00:44:09,680 --> 00:44:11,600
Speaker 2: Charming comes, he's probably got a credit card debt. Like

916
00:44:11,920 --> 00:44:13,960
Speaker 2: excuse the way it's going to be, you know, And

917
00:44:14,080 --> 00:44:17,200
Speaker 2: that's like income from your investments can play, I guess,

918
00:44:17,320 --> 00:44:20,120
Speaker 2: such a big role. So I would be looking for

919
00:44:20,280 --> 00:44:23,560
Speaker 2: investments that are paying you while you hold them, not

920
00:44:23,800 --> 00:44:26,520
Speaker 2: just when they increase in value and you sell them.

921
00:44:27,000 --> 00:44:30,600
Speaker 2: So we are looking for things like dividend paying shares,

922
00:44:31,040 --> 00:44:34,360
Speaker 2: are high yield ETFs or even ariits that give you

923
00:44:34,440 --> 00:44:37,160
Speaker 2: exposure to property without having to take on a mortgage.

924
00:44:37,280 --> 00:44:40,760
Speaker 2: Like if you'd said to me, I'm absolutely obsessed with property,

925
00:44:41,160 --> 00:44:42,680
Speaker 2: but I don't want to buy a house. What do

926
00:44:42,760 --> 00:44:45,359
Speaker 2: I do maybe have a look at an ariit, which

927
00:44:45,440 --> 00:44:48,239
Speaker 2: is a real estate investment trust, because it gives you

928
00:44:48,360 --> 00:44:51,680
Speaker 2: exposure to property without having to have a house deposit.

929
00:44:51,760 --> 00:44:54,560
Speaker 2: And that's kind of a money win I reckon because

930
00:44:54,760 --> 00:44:57,640
Speaker 2: when the time comes to like slow down or step back,

931
00:44:58,200 --> 00:45:01,520
Speaker 2: if you've already created a consistent income from your investments,

932
00:45:01,800 --> 00:45:06,040
Speaker 2: that can be the difference between being free and being

933
00:45:06,120 --> 00:45:08,600
Speaker 2: in financial pressure for the rest of your life. And

934
00:45:08,680 --> 00:45:09,680
Speaker 2: as someone who's built.

935
00:45:09,480 --> 00:45:12,279
Speaker 3: Her house repusit all by herself, gave me or.

936
00:45:12,520 --> 00:45:14,680
Speaker 2: Is that just like a subtle flex just from me

937
00:45:14,800 --> 00:45:17,680
Speaker 2: to you. She's rich. If she was single, I'd be like,

938
00:45:18,120 --> 00:45:18,960
Speaker 2: you should date her.

939
00:45:19,360 --> 00:45:21,920
Speaker 3: It's possible, though, Like you can. You really can do it.

940
00:45:22,000 --> 00:45:24,040
Speaker 3: And I think like by implementing all of the tips

941
00:45:24,080 --> 00:45:27,040
Speaker 3: that we've listed above, by budgeting, by increasing your income,

942
00:45:27,120 --> 00:45:30,160
Speaker 3: by doing side hustles, all of those things, it can

943
00:45:30,239 --> 00:45:32,319
Speaker 3: be done. Like I'm living proof that it can be done.

944
00:45:32,480 --> 00:45:36,000
Speaker 2: One percent, And I think that so many people think

945
00:45:36,120 --> 00:45:39,799
Speaker 2: that it's like serious sacrifice in life changing But don't

946
00:45:39,800 --> 00:45:42,000
Speaker 2: get me wrong, You've sacrificed a lot. I don't want

947
00:45:42,000 --> 00:45:44,840
Speaker 2: to downplay that at all, But like it's been consistent

948
00:45:45,040 --> 00:45:48,360
Speaker 2: decisions that put you on the right path, because like

949
00:45:48,840 --> 00:45:51,600
Speaker 2: once you started your savings account for your first home,

950
00:45:52,280 --> 00:45:54,960
Speaker 2: pretty sure it wouldn't have looked that flash to begin with.

951
00:45:55,600 --> 00:45:58,120
Speaker 2: But like from little things, big things grow. And as

952
00:45:58,160 --> 00:46:00,840
Speaker 2: you've said before on the podcast, you've never touched those savings.

953
00:46:00,880 --> 00:46:04,279
Speaker 2: There's never been a withdrawal from it. So that's a

954
00:46:04,360 --> 00:46:06,600
Speaker 2: good thing. Yeah, But I think, yeah, you just have

955
00:46:06,719 --> 00:46:08,880
Speaker 2: to be slow and steady and be consistent, and I

956
00:46:08,960 --> 00:46:11,200
Speaker 2: mean having the right team on your side. I ate

957
00:46:11,400 --> 00:46:14,279
Speaker 2: us will be your biggest cheerleaders. But if you want

958
00:46:14,280 --> 00:46:16,280
Speaker 2: to buy a house, I mean I own a mortgage

959
00:46:16,320 --> 00:46:19,400
Speaker 2: broking business called Zella. We can literally physically be on

960
00:46:19,520 --> 00:46:22,120
Speaker 2: your team. And I would absolutely pump up my team's

961
00:46:22,160 --> 00:46:24,279
Speaker 2: tires every single day of the week because we just

962
00:46:24,520 --> 00:46:27,600
Speaker 2: have so many first home buyers who are single. And

963
00:46:27,719 --> 00:46:30,120
Speaker 2: do you know how, I just get this sixth sensive

964
00:46:30,200 --> 00:46:34,120
Speaker 2: satisfaction when another single girl buys a house. I'm like, yeah,

965
00:46:34,200 --> 00:46:35,680
Speaker 2: we can do it. Yeah, so good.

966
00:46:35,960 --> 00:46:38,000
Speaker 3: And what about financial advice in general.

967
00:46:37,880 --> 00:46:40,440
Speaker 2: I think if you're thinking about financial advice, yes it

968
00:46:40,520 --> 00:46:43,240
Speaker 2: can be really expensive. But if you're in a financial

969
00:46:43,280 --> 00:46:45,400
Speaker 2: situation where you're like, I just need to get my

970
00:46:45,520 --> 00:46:48,520
Speaker 2: stuff together, I need to work it out. I would

971
00:46:48,560 --> 00:46:50,880
Speaker 2: say seeing a financial advisor as a single is a

972
00:46:51,000 --> 00:46:54,480
Speaker 2: really good idea, but I would probably look for someone

973
00:46:54,560 --> 00:46:57,279
Speaker 2: who has other single clients and is not used to just,

974
00:46:57,719 --> 00:47:01,040
Speaker 2: you know, dealing with couples. So if you're like a single,

975
00:47:01,120 --> 00:47:03,520
Speaker 2: high income earner, I think it's really important to kind

976
00:47:03,560 --> 00:47:05,400
Speaker 2: of get your financial house in order, and it might

977
00:47:05,440 --> 00:47:08,160
Speaker 2: be worth spending the money. But like Jess, as you

978
00:47:08,200 --> 00:47:09,960
Speaker 2: and I have discussed before, and I think lots of

979
00:47:10,040 --> 00:47:12,120
Speaker 2: people know, one of the reasons I got out of

980
00:47:12,239 --> 00:47:16,319
Speaker 2: financial advice is because the cost was just so prohibitive

981
00:47:16,440 --> 00:47:18,600
Speaker 2: to the people that I wanted to have an impact on.

982
00:47:19,280 --> 00:47:23,759
Speaker 2: Like I couldn't justify going to someone like you, Jess,

983
00:47:23,880 --> 00:47:25,680
Speaker 2: if you were single and being like, yep, cool, so

984
00:47:25,800 --> 00:47:28,600
Speaker 2: my financial advice visa four and a half thousand dollars,

985
00:47:28,920 --> 00:47:32,239
Speaker 2: Like I would prefer you to save or invest that money.

986
00:47:32,239 --> 00:47:34,880
Speaker 2: Don't get me wrong, That's a very normal figure for

987
00:47:35,080 --> 00:47:37,120
Speaker 2: good financial advice. And I think that if you're in

988
00:47:37,160 --> 00:47:39,120
Speaker 2: a situation where you want to get it, go get it.

989
00:47:39,520 --> 00:47:42,320
Speaker 2: But like I've created this whole podcast so that you

990
00:47:42,440 --> 00:47:44,719
Speaker 2: can build that wealth yourself. You can put yourself in

991
00:47:44,800 --> 00:47:47,680
Speaker 2: the best possible position. Maybe if you're looking at investing

992
00:47:47,760 --> 00:47:51,320
Speaker 2: and you want some further handholding, don't see a financial advisor,

993
00:47:51,400 --> 00:47:54,200
Speaker 2: go in and go and do my investing masterclass. It's

994
00:47:54,280 --> 00:47:57,680
Speaker 2: literally me showing you. So I think working out what

995
00:47:57,880 --> 00:48:01,040
Speaker 2: works for you is going to be the most important thing.

996
00:48:01,280 --> 00:48:03,000
Speaker 3: I couldn't agree more. And I think it's been a

997
00:48:03,040 --> 00:48:04,840
Speaker 3: really good episode. But it's probably about time that we

998
00:48:04,920 --> 00:48:07,160
Speaker 3: wrap up. But before we do, I do think it's

999
00:48:07,200 --> 00:48:10,480
Speaker 3: important that we just acknowledge the emotional and mental load

1000
00:48:10,520 --> 00:48:13,520
Speaker 3: of managing your finances by yourself. I know we've given

1001
00:48:13,520 --> 00:48:15,399
Speaker 3: you a lot of advice and a lot of things

1002
00:48:15,480 --> 00:48:17,960
Speaker 3: to think about, but also if you're fresh into a

1003
00:48:18,040 --> 00:48:20,120
Speaker 3: breakup or if you've been single for a long time,

1004
00:48:20,480 --> 00:48:23,720
Speaker 3: that can bring up a lot of very understandable feelings.

1005
00:48:23,800 --> 00:48:26,279
Speaker 3: And sometimes it does just feel like a slog And

1006
00:48:26,360 --> 00:48:27,960
Speaker 3: so I just want to say, like, we love you

1007
00:48:28,000 --> 00:48:30,279
Speaker 3: when we see you, and you totally can do it

1008
00:48:30,440 --> 00:48:33,040
Speaker 3: by yourself, like you really can. Lots of people do,

1009
00:48:33,120 --> 00:48:36,040
Speaker 3: and I know it feels overwhelming and hard, but with

1010
00:48:36,200 --> 00:48:37,920
Speaker 3: all of these tips and all of the tips in

1011
00:48:37,960 --> 00:48:39,880
Speaker 3: the back catalog of the podcast you can go listen to,

1012
00:48:40,200 --> 00:48:40,719
Speaker 3: you can do it.

1013
00:48:40,840 --> 00:48:43,279
Speaker 2: We believe in you. I was explaining to someone the

1014
00:48:43,320 --> 00:48:45,719
Speaker 2: other day, it's like getting out of bed. You can

1015
00:48:45,800 --> 00:48:48,040
Speaker 2: have a whole, really flipping good day ahead of you,

1016
00:48:48,200 --> 00:48:50,680
Speaker 2: but like getting out of bed, it's the hardest part. Yeah.

1017
00:48:50,760 --> 00:48:52,520
Speaker 2: So if you can just do that and get over

1018
00:48:52,560 --> 00:48:54,800
Speaker 2: the first turtle and start looking at your finances, go

1019
00:48:55,080 --> 00:48:57,040
Speaker 2: The rest of it is easy because you're already out

1020
00:48:57,040 --> 00:48:59,399
Speaker 2: of the bed. Yeah, but we actually need to take

1021
00:48:59,440 --> 00:49:02,200
Speaker 2: the first step and sometimes like pull off our sleeping

1022
00:49:02,280 --> 00:49:03,520
Speaker 2: mask and go, you know what. I need to get

1023
00:49:03,560 --> 00:49:05,520
Speaker 2: in the shower and get my stuff done. But it

1024
00:49:05,680 --> 00:49:07,840
Speaker 2: can be really hard. So I think the most important

1025
00:49:07,880 --> 00:49:10,520
Speaker 2: thing here is just give yourself grace.

1026
00:49:11,120 --> 00:49:11,719
Speaker 3: Absolutely.

1027
00:49:12,040 --> 00:49:14,320
Speaker 2: I think that we've done enough here. If you have

1028
00:49:14,480 --> 00:49:16,879
Speaker 2: loved this episode, or you know someone in their single

1029
00:49:16,960 --> 00:49:19,680
Speaker 2: girl era who needs a little money, pep talk my friend,

1030
00:49:19,760 --> 00:49:22,280
Speaker 2: please send it their way. We're all about women backing

1031
00:49:22,320 --> 00:49:25,800
Speaker 2: themselves and each other. And as always, make sure that

1032
00:49:25,840 --> 00:49:28,319
Speaker 2: you're subscribed so that you never miss an episode with us.

1033
00:49:28,719 --> 00:49:30,680
Speaker 2: Leave us a review if you've got a second, because

1034
00:49:30,719 --> 00:49:32,880
Speaker 2: it really does genuinely help, and then we're going to

1035
00:49:32,880 --> 00:49:35,279
Speaker 2: see you on Friday for another episode. So see you soon,

1036
00:49:35,360 --> 00:49:35,840
Speaker 2: my friends.

1037
00:49:36,040 --> 00:49:44,040
Speaker 4: I bid buy shared on She's on the Money is

1038
00:49:44,160 --> 00:49:47,720
Speaker 4: general in nature and does not consider your individual circumstances.

1039
00:49:48,080 --> 00:49:51,480
Speaker 4: She's on the Money exists purely for educational purposes and

1040
00:49:51,560 --> 00:49:53,960
Speaker 4: should not be relied upon to make an investment or

1041
00:49:54,040 --> 00:49:57,600
Speaker 4: financial decision. If you do choose to buy a financial product,

1042
00:49:57,719 --> 00:50:00,800
Speaker 4: read the PDS TMD and obtain a pre preup financial

1043
00:50:00,840 --> 00:50:04,719
Speaker 4: advice tailored towards your needs. Victoria Divine and She's on

1044
00:50:04,800 --> 00:50:08,120
Speaker 4: the Money are authorized representatives of money sherper P T

1045
00:50:08,320 --> 00:50:10,640
Speaker 4: y L t D A b N three two one

1046
00:50:10,880 --> 00:50:14,080
Speaker 4: six four nine two seven seven zero eight a F

1047
00:50:14,200 --> 00:50:16,319
Speaker 4: s L four five one two eight nine