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

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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

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

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

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

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

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

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it. She's on the Money.

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Speaker 3: She's on the Money. Hello, and welcome to She's on

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Speaker 3: the the podcast for millennials who want financial freedom. My

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Speaker 3: name is Becksided and today on the show and on

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Speaker 3: the eve of end of Financial Year, we are doing

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Speaker 3: a finance health check with Victoria.

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Speaker 2: Divide on the eve of eo f y.

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Speaker 3: Oh my god, is there a better birthday?

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Speaker 2: They like, there anything more exciting than EO fy.

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Speaker 3: I'm so excited.

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Speaker 2: And if you guys don't agree, well, that makes a

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Speaker 2: lot of sense.

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Speaker 3: It makes sense.

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Speaker 2: Is actually kind.

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Speaker 3: Of lame and it can be very daunting for same,

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Speaker 3: but like, let us have.

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Speaker 2: Our moment, like we're allowed to get excited about the

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Speaker 2: content that ignites our fires.

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Speaker 3: I think it's so funny that you're born on.

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Speaker 2: EO FY, that my dad was an accountant.

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Speaker 3: Your future was written for.

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Speaker 2: It was written in the stars, it was written in

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Speaker 2: Excel code.

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Speaker 3: It really was.

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Speaker 2: Do you want to talk about EO F Y? I

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Speaker 2: feel like, please, now is a good time to do

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Speaker 2: a little mid year finance health check, new financial Year,

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Speaker 2: new Yu. I feel like we're going to embrace that

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Speaker 2: every single year, Like why not have every six months

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Speaker 2: the winter new year, New you vibe, Because I feel

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Speaker 2: like by six months into the years, so many of

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Speaker 2: us have like fallen off the bandwagon, and we just

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Speaker 2: we need a little help. We're the stepping stool that's

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Speaker 2: going to help you get back on the horse.

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Speaker 3: Yeah, I really we need to help you.

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Speaker 2: So most people they create their goals and look at

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Speaker 2: their forward planning like January in line with a fresh

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Speaker 2: new year, but like we don't review them enough, so

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Speaker 2: we do fall off that little horse.

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Speaker 3: Yeah, we should do an ins and outs list. We should.

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Speaker 2: In July one, twenty twenty four, an out I did

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Speaker 2: that a couple of years ago and it went really well.

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Speaker 2: So maybe that's good content. Are you a content creator?

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Speaker 3: Beck, You wouldn't think so. But I might have it

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Speaker 3: in my bone.

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Speaker 2: You might have it in your bones. You're the next

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Speaker 2: big thing on TikTok Huricans.

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Speaker 1: Yeah.

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Speaker 2: I mean you're really funny, so it makes sense. You're

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Speaker 2: really funny, and I feel like everyone who meets you

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Speaker 2: just wants to be your friend.

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Speaker 3: That is so sweet. You thinking it's not.

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Speaker 2: Even sweet, Like I'm not even being nice, it's just

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Speaker 2: a fact. Payd but co. But back onto the show.

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Speaker 2: I really like to use the end of financial year

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Speaker 2: to review my goals, make sure I'm on track, if

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Speaker 2: not reset. Some new ones also review the goals that

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Speaker 2: I set because some of the goals I set, I

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Speaker 2: don't even want that anymore. Beck, yeh, I changed my mind.

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Speaker 3: You grow a lot in six months.

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Speaker 2: Yeah, Like I'm a different woman than I was six

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Speaker 2: months ago. And I want to give myself like a

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Speaker 2: financial midpoint check up. And we're going to look at

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Speaker 2: this like midpoint check up, like we're servicing our car right,

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Speaker 2: Like it's vital to keep yourself on the road for

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Speaker 2: financial security. And when the little warning light comes on.

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Speaker 2: It doesn't mean we're completely off the road. It just

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Speaker 2: means you need to top up your oil. Right now,

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Speaker 2: we're just topping up our oil totally.

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Speaker 3: We're just giving ourselves some attention, giving ourselves a little checky.

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Speaker 2: We deserve so much attention, so it just makes sense.

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Speaker 3: And after the break we are going to talk about

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Speaker 3: mindset and goals. But now we'll run through a list

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Speaker 3: of practical things that you should be checking in on.

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Speaker 2: Yeah, well that's very me, isn't it? To make a list?

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Speaker 2: Very made it in Excel. But I've got a list

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Speaker 2: ready for you of all the things to do. But

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Speaker 2: my is that I recommend you make this exercise as

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Speaker 2: sexy as possible. Beck, So maybe you'd like set yourself

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Speaker 2: up a little date night and get takeaway.

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Speaker 3: Yeah, do all the things make you feel good? Maybe

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Speaker 3: a red wine?

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Speaker 2: Yeah, a little red wine. That's very me at the moment.

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Speaker 3: Yeah, a milky foot maybe?

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Speaker 2: What's a milky oh? I? Or do you know what?

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Speaker 2: The first time I ever did a milky foot, I

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Speaker 2: took it off and I was like, well, this did nothing,

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Speaker 2: and so I just assumed it did nothing. Yeah. Two

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Speaker 2: days later, I'm like, well that didn't work. Three days later,

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Speaker 2: I'm about to go to a friend's wedding, Like you know,

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Speaker 2: I'd put on my trainers, I'd gone for really nice

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Speaker 2: walk that morning, and then I was like, I'll come

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Speaker 2: back or do my hair and on my makeup. We'll

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Speaker 2: be a bit this wedding. By three, like, oh good,

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Speaker 2: take off my trainers, and half my foot was stuck

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Speaker 2: to my sock and I had to change my entire

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Speaker 2: dress because the shoes that I was gonna wear were

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Speaker 2: really strappy and if you've used a milky foot, you

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Speaker 2: know what your foot looks like. I had to like

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Speaker 2: go full floor length dress and like more of a

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Speaker 2: close toe shoe because I was like this my skin sock,

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Speaker 2: get the dogs out today, H cannot.

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Speaker 3: So do be careful.

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Speaker 2: If you do, be careful if you're going to do

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Speaker 2: a milky foot on your finance date night. But if

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Speaker 2: you want to, you do you boo. I was traumatized

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Speaker 2: from one though.

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Speaker 3: I haven't tried it yet, but I will. I feel

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Speaker 3: my gosh in honor of eof Y, I'm gonna try

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Speaker 3: a milky foot.

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Speaker 2: Okay, well that makes a lot of sense. And if

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Speaker 2: anyone's on social media and like trying to draw the

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Speaker 2: conclusion or the connection between milky foot and finance. Don't worry,

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Speaker 2: there is one.

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Speaker 3: There is one.

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Speaker 2: There is one. But let's go back to my list

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Speaker 2: because I feel like that's a little bit more expected

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Speaker 2: on this podcast. So first things first, I feel like

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Speaker 2: you're going to see this coming, but we want to

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Speaker 2: review your spending patterns. Costs have gone up across the board,

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Speaker 2: and believe me, you guys have been noticing it. You're

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Speaker 2: in my DMS telling me all of the ridiculous things.

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Speaker 2: In fact, I had a conversation with Glenn James from

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Speaker 2: the This is Money podcast the other day and he

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Speaker 2: was reviewing his book, which, by the way, his book

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Speaker 2: is very good. You should definitely go and purchase it.

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Speaker 2: But he was reviewing his book and he had to

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Speaker 2: update that a coffee costs you five dollars because right, oh,

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Speaker 2: I probably should update that to like seven dollars.

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Speaker 3: That same.

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Speaker 2: That's so gross, but it's so true, right yeah, But

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Speaker 2: costs have gone up everywhere, and I'm a really big

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Speaker 2: fan of automation, but you should go through your last

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Speaker 2: three months of bank statements and just see where you're

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Speaker 2: spending money. We're not going to judge ourselves. We're not

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Speaker 2: going to crucify ourselves for the decisions that we made

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Speaker 2: in the past, because, like, Beck, where does that get

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Speaker 2: us nowhere? Literally nowhere? So we're just going to look.

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Speaker 2: We're going to be insightful and we're going to see,

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Speaker 2: you know, am I actually spending in line with my values?

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Speaker 2: Or are my values a little bit different to what

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Speaker 2: I keep saying they are. Like we talked about this

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Speaker 2: a little while ago back and you were like, I

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Speaker 2: just really need to save and I was like, okay,

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Speaker 2: well let's look at your spending. And when you did,

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Speaker 2: you were like, turns out, I just really like hanging

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Speaker 2: out with my friends. And I was like, I get

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Speaker 2: that totally. I want to know have you had a budget,

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Speaker 2: If so, are you actually sticking to it? And if not,

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Speaker 2: is it because it's an unrealistic budget. Too many times

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Speaker 2: I think we're too aspirational with our budgets, and like,

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Speaker 2: you know, I want to be aspirational, but we need

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Speaker 2: to be more realistic than aspirational. We need to sit

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Speaker 2: down and be like, Beck, I know that you only

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Speaker 2: wanted to spend you know, X amount on this, but

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Speaker 2: you actually really enjoy it. And therefore if we take

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Speaker 2: it off you, you're going to feel like you're missing out. Yeah, true,

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Speaker 2: And we need to balance it with your lifestyle. So like,

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Speaker 2: I'm never going to be one of those financial independence

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Speaker 2: retire early girlies, yeah, because that's just not going to

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Speaker 2: work for me, because like, I am not good at

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Speaker 2: delayed gratification. If that's you like all hail, like you win,

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Speaker 2: I lose. But I think that we need to make

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Speaker 2: budgets that are actually realistic. So even if you have

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Speaker 2: a really aggressive savings goal, if you're checking in today

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Speaker 2: and it's six months into the year and you're like, well,

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Speaker 2: I haven't met it. Instead of going all right, well,

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Speaker 2: I'll just get back on the bandwagon and you know,

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Speaker 2: aggressively save for the next six months, ask yourself, is

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Speaker 2: that actually realistic? Or should I change my goal or

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Speaker 2: my time frame? Like should I be going, you know what,

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Speaker 2: saving ten by the end of the year. I just

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Speaker 2: know I'm not going to achieve it. So I think

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Speaker 2: the best thing here is to either push the timeframe

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Speaker 2: out on that goal or change it. I mean, if

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Speaker 2: you really want to knuckle down, I've got you. I

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Speaker 2: want to back you to the hill. But I also

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Speaker 2: don't want you to get to the end of the

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Speaker 2: year and go, oh my gosh, beck, I'm so bad

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Speaker 2: at money, Like I set this money goal and I

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Speaker 2: didn't achieve it. When the reality was it's not you

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Speaker 2: being bad with money, it's you going, oh, I want

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Speaker 2: to do too much, but I also want to leave

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Speaker 2: my life.

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Speaker 3: Yeah, does that.

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Speaker 2: Make sense exactly. We don't need to set ourselves up

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Speaker 2: for failure. Let's not do that, because the easiest way

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Speaker 2: to be really disheartened with money and think that you're

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Speaker 2: bad at it when you're not is to set goals

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Speaker 2: that are unrealistic for your lifestyle totally.

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Speaker 3: Like if your goal is like ten thousand, but you

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Speaker 3: only save two, imagine your goal was to save a

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Speaker 3: thousand instead of ten thousand. You'd be stoked with yourself.

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Speaker 2: Exactly, and then it kind of like plays into the momentum,

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Speaker 2: Like if you set a goal back of saving your

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Speaker 2: one thousand dollars, you'd be like, oh my gosh, I

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Speaker 2: did it. I'm going to move on to the next

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Speaker 2: goal and maybe make it a little bit bigger. But

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Speaker 2: I think sometimes and this isn't meant to be disheartening,

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Speaker 2: sometimes we bite off more than we can chew, and

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Speaker 2: then when we can't chew it, we're surprised and we're like,

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Speaker 2: oh my gosh, I'm so bad at money. Like my friends,

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Speaker 2: you're not bad at money, we're just not setting goals

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Speaker 2: that are realistic for our lifestyles. And like, it would

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Speaker 2: be so nice to have ten grand, Yes, so nice,

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Speaker 2: Like I want ten grand. And if I said to you, Beck,

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Speaker 2: do you want to be able to you'd be like,

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Speaker 2: oh yeah, Like who doesn't want that? But we also

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Speaker 2: need to be realistic because we don't want to make

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Speaker 2: ourselves feel like trash along the way. Yes, like you

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Speaker 2: don't deserve that. Nobody deserves that. So let's just make

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Speaker 2: sure we're setting enough into our budget aside for groceries

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Speaker 2: and petrol bills and rent and your discretionary spending, while

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Speaker 2: still trying to take account of our goals and what

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Speaker 2: we're working towards, because at the moment, it's really hard

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Speaker 2: I find for people to be balancing life costs and

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Speaker 2: your goals. Like you might have life costs and you

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Speaker 2: didn't get a pay rise this year, and then you've

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Speaker 2: got these goals, but because everything else is costing so

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Speaker 2: much more, you're not adjusting your grocery budget and you're

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Speaker 2: just going, well, one, I achieving my goals like I

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Speaker 2: was able to last year. Like sometimes we need to

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Speaker 2: like just move the goalposts a little bit and actually

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Speaker 2: review it and go Beck. I know that you only

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Speaker 2: you know, hypothetically want to spend one hundred dollars a

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Speaker 2: week on groceries, and I know you keep working towards that,

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Speaker 2: but every week you're going over it. It's not because

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Speaker 2: you're spending too much on groceries, it's just cause groceries

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Speaker 2: are more expensive. We actually now need a budget one

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Speaker 2: hundred and thirty dollars for groceries. Like that's going to

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Speaker 2: take the pressure off significantly, right. You know, groceries aren't

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Speaker 2: the be all, end all. They're not the thing that's

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Speaker 2: going to save you when it comes to saving money,

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Speaker 2: but it's a good example. Right. The other thing when

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Speaker 2: it comes to bills is have you recently done like

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Speaker 2: a service comparison with your provider. So in Victoria we

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Speaker 2: have the VIC Energy Saver compare and we will be

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Speaker 2: getting those rebates on the first of July, which is

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Speaker 2: very very soon and very very sexy. So make sure

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Speaker 2: you're with the right supplier, so that you get a rebate,

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Speaker 2: but you're also saving some money along the way. I

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Speaker 2: also really like to have look at my plans for

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Speaker 2: the next six months, so make sure that I'm setting

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Speaker 2: enough aside for that. Like, yeah, Beck, are we going

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Speaker 2: to Meredith? Yes, you know, like we got that plan.

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Speaker 2: Because if you're like, oh, that's like two or three

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Speaker 2: months off, I don't have to worry about that. How

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Speaker 2: quick does two or three months come up? And I say, Meredith,

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Speaker 2: not to like throw you under the bus, but it's

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Speaker 2: a really good example, Like you had committed to that

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Speaker 2: so long ago. You're really excited about it. But I

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Speaker 2: bet if I asked you, you just feel like it

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Speaker 2: crept up real quick and you're like, oh my god,

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Speaker 2: I feel out of control now, like I don't have enough.

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Speaker 3: For this exactly. I thought I would be a bit

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Speaker 3: different this here, but now I'm like, oh wait, that's

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Speaker 3: actually coming up, and I haven't prepared for it, but

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Speaker 3: I will any place.

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Speaker 2: You and I we sit down and do our budgets.

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Speaker 2: At some point, I keep saying that you and I

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Speaker 2: are going to do this, and then we don't find time.

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Speaker 2: So wine's on me, okay, and you don't even drink

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Speaker 2: that much wine. But the spicy water is on me.

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Speaker 3: Thank you so much.

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Speaker 2: Yeah, I'll buy you the bubbly water.

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Speaker 3: What a tree.

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Speaker 2: I don't worry. I've got more where that came from. Also,

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Speaker 2: once I've reviewed everything that I've just mentioned, I'm then

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Speaker 2: going to set up all of my direct debits so

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Speaker 2: that they orderically help me align with the updated plan

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Speaker 2: that I've got. So like again, Meredith is a good example,

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Speaker 2: I think because you were so genuinely disappointed. You were like, oh,

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Speaker 2: this sucks, like I hate this. But if we had

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Speaker 2: set up a direct debit, it's kind of out of sight,

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Speaker 2: out of mind, and then that money's over to the

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Speaker 2: side for that goal at the point in time that

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Speaker 2: you require it, right, So then it's just set and

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Speaker 2: forget for another six months.

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Speaker 3: Yeah, yeah, yeah, I love that.

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Speaker 2: And I think it works really well. And so many

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Speaker 2: times people will say to me, but the I really

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Speaker 2: want to be in control of my money, and I go,

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Speaker 2: you can be in control of your money with direct debits.

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Speaker 2: Just always check in on them and make sure that

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Speaker 2: they aren't, you know, direct debiting for things that you

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Speaker 2: shouldn't be direct debiting for, or like you've got your

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Speaker 2: Netflix account direct debiting, but you haven't been using it.

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Speaker 2: That's when we need to get rid of it. You

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Speaker 2: don't need to necessarily log into your bank every month

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Speaker 2: and make that manual transaction, even though you think that

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Speaker 2: that might make you quote better at money. If you're

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Speaker 2: not actually going to log in and make the transfer

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Speaker 2: every single month, you only do it when you remember, sure,

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Speaker 2: because sometimes out of sight, out of mind totally.

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Speaker 3: And it kind of feels like when you like see

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Speaker 3: a ten dollar Netflix subscription fee come out of your

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Speaker 3: regular account, it's like, oh, I've just spent ten dollars,

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Speaker 3: But then when it comes out of the dedicated Netflix account,

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Speaker 3: it's like, huh, that's free money.

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Speaker 2: Yeah, there, it's planned money. I was meant to spend that.

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Speaker 2: So that leads into point two, which I've just touched on,

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Speaker 2: which is like review your subscriptions and point schemes. So

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Speaker 2: are you paying for apps that you don't use or

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Speaker 2: don't need? So do you know that on your phone?

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Speaker 2: Beck you can go and you hit settings and then

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Speaker 2: you hit your name at the top, and then you

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Speaker 2: hit subscriptions and it will tell you all of the

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Speaker 2: subscriptions that you currently have. And what you're paying for

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Speaker 2: and when it expires, So whenever I download like a

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Speaker 2: free trial for something or I've got you know, at

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Speaker 2: the moment, Sorry, dueling go, I love you, I follow

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Speaker 2: you on TikTok. But that's expiring on the sixth of

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Speaker 2: June for me. But that's expiring because I canceled my

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Speaker 2: subscription on purpose, so it didn't automatically renew. And then

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Speaker 2: if I decide but wait, I'm still using my duo lingo,

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Speaker 2: I can then pay for that subscription at that point

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Speaker 2: in time by choice instead of having it direct Ebeden, Yes,

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Speaker 2: so now is the time to go through those subscriptions

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Speaker 2: and basically cancel them all so that you can make

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Speaker 2: those payments by choice, because it'll come up like let's

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Speaker 2: say I'm looking at mine right now, Beck, and I

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Speaker 2: can see that my Binge account is going to renew

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Speaker 2: automatically on the thirtieth of May. Sorry, Binge love you. Still,

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Speaker 2: I'm going to cancel it literally right now, because if

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Speaker 2: I'm not using it and I go to log in,

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Speaker 2: I can repay for it. Then, yes, but it might

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Speaker 2: be a little bit of a practice in do you

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Speaker 2: actually use this?

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Speaker 3: Yeah, kind of like you're twenty four hour thing. Yeah,

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Speaker 3: but it's with Binge when you go to log in

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Speaker 3: you haven't paid for it, and you're like, I don't

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Speaker 3: really need it, yes.

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Speaker 2: And it's like that check at that time because like

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Speaker 2: I don't know about you, like and this is so

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Speaker 2: off track. But sometimes I'm like flicking around, I'm like, oh,

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Speaker 2: Netflix is boring, Like I can't find anything I want

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Speaker 2: to watch, even though there's like thousands of hours of

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Speaker 2: good content on there. So I'm like, oh, just for

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Speaker 2: covid a Binge, Yeah, I'll have a check of what's

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Speaker 2: on there. Maybe I'll find something that piques my interest.

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Speaker 2: Like if I flicked over and I hadn't paid for

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Speaker 2: that subscription and it said, you know, you need to

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Speaker 2: update your payment details, I'd be like, yeah, I'm just

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Speaker 2: gonna go back and find something on Netflix. Oh yeah thanks, though,

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Speaker 2: whereas Binge, like I might re download it later. If

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Speaker 2: I'm like, oh, there's a specific series I really want

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Speaker 2: to watch and it's available on binch, like go do it.

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Speaker 2: Then I know that that sounds lame, but like that's

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Speaker 2: the conversation we need to have because from little things,

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Speaker 2: big things really do grow. Like and it sounds lame,

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Speaker 2: but like, I know my mentality and then if I

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Speaker 2: know you're very similar, so surely it works for other

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Speaker 2: people as well.

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Speaker 3: Right, oh yeah, and it's not just binge if you're

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Speaker 3: doing it for multiple things, like it really all adds

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Speaker 3: up exactly.

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Speaker 2: And then what's your gym membership doing for you? I

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Speaker 2: know you love your gym membership. I do, but if

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Speaker 2: I was paying for a gym membership, that would be

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Speaker 2: money literally being flushed down the drain. Right, So we

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Speaker 2: need to be a little bit real with ourselves. Are

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Speaker 2: you using it or nah? Yeah? Like if you're not

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Speaker 2: using it, maybe you cancel it and then when you

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Speaker 2: get your motivation back, then you can gift it back

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Speaker 2: to yourself. Yeah, because like what's the worst You go

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Speaker 2: without it for a couple of months and then decide

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Speaker 2: you're back into it. You didn't pay for it for

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Speaker 2: a couple of months. Money win. Do you have some

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Speaker 2: points that are going to expire? If so, can we

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Speaker 2: spend them on something or can you email the company

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Speaker 2: and ask them to extend your expiry date on those points? Like,

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Speaker 2: we don't want to miss out on anything. And then

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Speaker 2: what are your points or cash back balances and can

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Speaker 2: you use these to save on expenses that are coming up.

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Speaker 2: It's like, I've got a few dollars sitting in my

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Speaker 2: shop back account. Still, could I cash that out and

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Speaker 2: allocate it towards something or cash that out and throw

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Speaker 2: it straight in my savings towards the goal that maybe

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Speaker 2: I haven't met yet.

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Speaker 3: I didn't realize you could cash it out. I think

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Speaker 3: you use it.

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Speaker 2: No, you can cash it out. Cash back, like literally

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Speaker 2: on shop back is real dollar use.

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Speaker 3: That's exciting.

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Speaker 2: Yeah, but it's like not like fake money where you

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Speaker 2: just like put it towards something else. Sure, like beck,

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Speaker 2: you can put it in your bank account. Once we

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Speaker 2: finish up here, you're going to be running oh yeah,

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Speaker 2: all right. So number three, if you are in the

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Speaker 2: privileged position of having purchased property, we're going to look

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Speaker 2: at our home loan and insurances and make sure that

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Speaker 2: everything is up to date. Irrespective of whether you own

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Speaker 2: a home or not, you need to be reviewing your

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Speaker 2: insurances and making sure that your will is up to date.

404
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Speaker 2: But the first Tuesday of every month has been like

405
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Speaker 2: a bit of a dread day for many because of

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Speaker 2: the RBA interest rate hikes. Right, you probably haven't noticed

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Speaker 2: it's tuesdays I have, but as a finance girlie, I

408
00:17:33,359 --> 00:17:36,439
Speaker 2: am on my phone at about eleven am on a Tuesday, like,

409
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Speaker 2: what's going on? Sure, what are you going to give us?

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Speaker 2: It's been pretty good this year. I mean they haven't

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Speaker 2: dropped it significantly, which would be a sleigh, but like

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Speaker 2: they haven't been throwing update after update on us to

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Speaker 2: increase it. But the media point is another really good

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Speaker 2: prompt to ask your broker or your bank for a

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Speaker 2: discount on the home loan and the investment property loan

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Speaker 2: interest rates that you might have. Like also, if you

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Speaker 2: don't ask, you don't get like, if you have a mortgage,

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Speaker 2: you're gonna save some money if they say yes, is

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Speaker 2: that not worth being like, hey, can you review this totally?

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Speaker 3: What's the worst I can say?

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Speaker 2: I'm like, no, like I've heard about a million times

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Speaker 2: totally that's fine. So ask the question because it could

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Speaker 2: save you hundreds, if not thousands of dollars. And what

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Speaker 2: do your insurances look like? Right? Do you have the

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Speaker 2: right cover for your life insurance all of your personal insurances?

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Speaker 2: If not, go talk to Phil Thompson at Sky Wealth.

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Speaker 2: I'm gonna put his name and his contact details in

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Speaker 2: the show notes, because I don't know about you, Beck,

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Speaker 2: but I'm wildly passionate about personal insurances and the protection

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Speaker 2: that they give you. Also, some of your insurances tax deductible.

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Speaker 2: There you go, money win, huh. I mean not all

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Speaker 2: of them, but like talk to them about that because

433
00:18:48,080 --> 00:18:50,040
Speaker 2: it's nice to know that you can claim something at

434
00:18:50,040 --> 00:18:52,080
Speaker 2: tax time. But then I also want you to make

435
00:18:52,119 --> 00:18:54,320
Speaker 2: sure that your house, in your car insurance and stuff

436
00:18:54,359 --> 00:18:56,720
Speaker 2: is all up to date and relevant. Like if you're

437
00:18:56,760 --> 00:18:59,240
Speaker 2: having an invoice come in from your car insurance company,

438
00:18:59,240 --> 00:19:01,800
Speaker 2: being like Beck, it's time to renew, and you're not

439
00:19:01,840 --> 00:19:03,680
Speaker 2: calling them up and saying, give me a better deal,

440
00:19:04,119 --> 00:19:07,280
Speaker 2: doing yourself a disservice, because nine times out of ten

441
00:19:07,359 --> 00:19:09,520
Speaker 2: they do give you a better deal. They're just hoping

442
00:19:09,560 --> 00:19:11,960
Speaker 2: that you'll pay that amount because you know you send

443
00:19:12,040 --> 00:19:15,879
Speaker 2: the invoice. Yeah, true, we always ask. And then is

444
00:19:15,920 --> 00:19:18,040
Speaker 2: your will up to date? A bit lame, a bit boring,

445
00:19:18,119 --> 00:19:20,400
Speaker 2: a bit morbid, but like it needs to be up

446
00:19:20,400 --> 00:19:23,680
Speaker 2: to date because circumstances can change really quickly, and God forbid,

447
00:19:23,800 --> 00:19:26,320
Speaker 2: something happens and your wishes aren't reflected in your will,

448
00:19:26,680 --> 00:19:30,199
Speaker 2: Obviously you're not going to be around so like you

449
00:19:30,240 --> 00:19:33,600
Speaker 2: won't notice, but your family will, and like it can

450
00:19:33,680 --> 00:19:36,920
Speaker 2: be a monster of a task to deal with someone

451
00:19:36,960 --> 00:19:39,240
Speaker 2: who doesn't have a will. So your will is a

452
00:19:39,320 --> 00:19:40,399
Speaker 2: very very good idea.

453
00:19:41,160 --> 00:19:44,080
Speaker 3: Okay, that's good to know. And I imagine you should

454
00:19:44,080 --> 00:19:44,639
Speaker 3: just sit any.

455
00:19:44,480 --> 00:19:48,200
Speaker 2: Age, irrespective of your age. I think everyone should have

456
00:19:48,240 --> 00:19:48,560
Speaker 2: a will.

457
00:19:48,640 --> 00:19:49,600
Speaker 3: Okay, that's good to know.

458
00:19:49,680 --> 00:19:51,240
Speaker 2: Also, what makes you feel like you go shit together?

459
00:19:51,480 --> 00:19:52,160
Speaker 3: Yeah, that's true.

460
00:19:52,480 --> 00:19:53,920
Speaker 2: If you just want to feel like you got your

461
00:19:53,920 --> 00:19:56,399
Speaker 2: financial shit together this year, that's a really good, like

462
00:19:56,440 --> 00:19:57,960
Speaker 2: big ticket item that you could.

463
00:19:57,840 --> 00:19:59,639
Speaker 3: Do if you want to feel like an adult. And

464
00:19:59,680 --> 00:20:00,840
Speaker 3: I think I do want to feel an.

465
00:20:00,840 --> 00:20:01,720
Speaker 2: You want to feel like an adult?

466
00:20:01,760 --> 00:20:03,439
Speaker 3: I think so we'll have a will soon and I

467
00:20:03,560 --> 00:20:03,800
Speaker 3: like it.

468
00:20:04,119 --> 00:20:06,320
Speaker 2: What do you want to know about superannuation? Beck? It's

469
00:20:06,320 --> 00:20:07,200
Speaker 2: now before.

470
00:20:07,400 --> 00:20:10,320
Speaker 3: Okay, what do I want to know about super? Can

471
00:20:10,359 --> 00:20:11,479
Speaker 3: you do anything about it?

472
00:20:11,600 --> 00:20:13,719
Speaker 2: Yeah? You can. I mean what we want to do

473
00:20:13,880 --> 00:20:16,600
Speaker 2: is just review our super, So log into our account

474
00:20:17,000 --> 00:20:20,160
Speaker 2: and check if your employer has been making the right contributions.

475
00:20:20,200 --> 00:20:22,280
Speaker 2: Ok Like, just make sure that you're dotting all your

476
00:20:22,280 --> 00:20:24,320
Speaker 2: eyes and crossing all your teas. Even if you do

477
00:20:24,400 --> 00:20:28,040
Speaker 2: trust your employer, because sometimes it can get away from them.

478
00:20:28,320 --> 00:20:31,720
Speaker 2: Maybe somehow they have the wrong details, maybe they are

479
00:20:31,800 --> 00:20:34,520
Speaker 2: just not paying it because they're a little bit cheeky.

480
00:20:34,680 --> 00:20:37,120
Speaker 2: So we want to do a check and don't forget.

481
00:20:37,600 --> 00:20:39,639
Speaker 2: Guess what, we get a pay rise inside of our

482
00:20:39,680 --> 00:20:42,400
Speaker 2: super Oh you on the first of July, it goes

483
00:20:42,400 --> 00:20:45,200
Speaker 2: from eleven percent to eleven point five percent because we're

484
00:20:45,480 --> 00:20:47,520
Speaker 2: on the way to twelve. So next year we are

485
00:20:47,520 --> 00:20:50,840
Speaker 2: going to get twelve percent in supernuation. And we need

486
00:20:50,880 --> 00:20:55,520
Speaker 2: to make sure that we understand our salary package. Sock.

487
00:20:55,600 --> 00:20:57,560
Speaker 2: I know you're applying for jobs and looking around at

488
00:20:57,600 --> 00:20:59,679
Speaker 2: the moment. Yes, And when we talk about salary, they

489
00:20:59,680 --> 00:21:04,840
Speaker 2: could say it's salary plus super or it's a package

490
00:21:04,960 --> 00:21:07,879
Speaker 2: of all of it included. So if your employer pays

491
00:21:07,880 --> 00:21:11,280
Speaker 2: you salary plus super, that's a money win because they

492
00:21:11,320 --> 00:21:15,040
Speaker 2: won't take that additional point five percent out of your

493
00:21:15,240 --> 00:21:17,679
Speaker 2: take home pay to pay it into SUPER because the

494
00:21:17,720 --> 00:21:20,639
Speaker 2: contract they have with you is plus superannuation, and that

495
00:21:20,680 --> 00:21:23,000
Speaker 2: would be at the rate that the government has outlined

496
00:21:23,040 --> 00:21:26,119
Speaker 2: SUPER to be at. But if you have a salary package,

497
00:21:26,640 --> 00:21:28,840
Speaker 2: and I think this is really sneaky and employers shouldn't

498
00:21:28,880 --> 00:21:30,920
Speaker 2: do this, but they're probably going to do this. They

499
00:21:31,000 --> 00:21:33,720
Speaker 2: might go, all right, well, Beck, you've got a salary package.

500
00:21:33,800 --> 00:21:36,240
Speaker 2: I'm just going to shift that point five percent from

501
00:21:36,320 --> 00:21:40,200
Speaker 2: your income over to SUPER. And I would be having

502
00:21:40,200 --> 00:21:43,280
Speaker 2: a conversation now with your employer about what their plans are.

503
00:21:43,400 --> 00:21:45,720
Speaker 2: If you're not sure, ye, so send a nice message

504
00:21:45,760 --> 00:21:48,240
Speaker 2: to HR and be like, hey, I'm assuming that you

505
00:21:48,320 --> 00:21:51,200
Speaker 2: will be increasing my SUPER and not decreasing my take

506
00:21:51,240 --> 00:21:55,159
Speaker 2: home pay. What does this mean? Can I negotiate that

507
00:21:55,760 --> 00:21:57,959
Speaker 2: and see what that means? Because I don't want people

508
00:21:58,040 --> 00:22:01,159
Speaker 2: to be in a worse position because you're investing for

509
00:22:01,200 --> 00:22:04,400
Speaker 2: your future, like future, you gonna thank you for that one,

510
00:22:04,440 --> 00:22:05,200
Speaker 2: I promise.

511
00:22:05,080 --> 00:22:08,480
Speaker 3: Of course. Speaking of investments, fee, Yes, what's up next?

512
00:22:08,480 --> 00:22:11,119
Speaker 2: Al Right, it's investments. Because you're reading my life on

513
00:22:11,200 --> 00:22:14,600
Speaker 2: my shoulder. You're a dirty dog, all right, So we

514
00:22:14,640 --> 00:22:17,120
Speaker 2: want to review our investments. So it's a good time

515
00:22:17,119 --> 00:22:20,960
Speaker 2: to check in with your investments and adjust any ongoing contributions.

516
00:22:21,200 --> 00:22:23,760
Speaker 2: So the goal for investments is obviously going to be

517
00:22:23,880 --> 00:22:26,480
Speaker 2: very different for everybody, and it kind of segues in

518
00:22:26,800 --> 00:22:29,639
Speaker 2: from superannuation because as we know, most of us do

519
00:22:29,760 --> 00:22:33,159
Speaker 2: have superannuations, so we are already investors and is your

520
00:22:33,280 --> 00:22:35,200
Speaker 2: money so you have to take care of it, Beck,

521
00:22:35,240 --> 00:22:38,399
Speaker 2: like if you're not logging in Like, Beck again, I

522
00:22:38,480 --> 00:22:40,520
Speaker 2: love you dearly, but I know you aren't the best

523
00:22:40,520 --> 00:22:43,760
Speaker 2: savor in the world. Yes, so are you currently saving

524
00:22:43,800 --> 00:22:46,800
Speaker 2: eleven percent of your income? No? We know you're not,

525
00:22:47,359 --> 00:22:50,879
Speaker 2: and that's okay, that's so fine. But you are inside Super.

526
00:22:51,400 --> 00:22:54,280
Speaker 2: And if you were saving eleven percent outside Super, I'm

527
00:22:54,320 --> 00:22:56,119
Speaker 2: sure you'd be checking and making sure it was a

528
00:22:56,200 --> 00:22:58,919
Speaker 2: high interest savings account and like doing the best thing

529
00:22:58,960 --> 00:23:01,160
Speaker 2: for it. But we don't do that inside Super. Blows

530
00:23:01,240 --> 00:23:03,399
Speaker 2: my mind. You need to care about it. They're the rules,

531
00:23:03,440 --> 00:23:06,600
Speaker 2: it's your money, it's your choice, you have complete control

532
00:23:06,640 --> 00:23:09,679
Speaker 2: over it. Look at it. Just log in one time.

533
00:23:10,000 --> 00:23:12,159
Speaker 2: It'll put you in a better financial position, I promise.

534
00:23:12,600 --> 00:23:14,760
Speaker 2: But you're going to review all of your other investments.

535
00:23:14,760 --> 00:23:16,840
Speaker 2: And because your goals are different, you might want to

536
00:23:16,840 --> 00:23:18,439
Speaker 2: do a number of different things. But you might want

537
00:23:18,480 --> 00:23:21,720
Speaker 2: to consider whether you can increase your ongoing contributions. Or

538
00:23:22,200 --> 00:23:24,000
Speaker 2: we're in the middle of the cost of living crisis, BAC,

539
00:23:24,400 --> 00:23:26,560
Speaker 2: do you need to decrease them for a short period

540
00:23:26,560 --> 00:23:28,040
Speaker 2: of time so that you can feel a little bit

541
00:23:28,080 --> 00:23:31,879
Speaker 2: more financially stable, Right, that's actually a fine thing to do. Like,

542
00:23:31,960 --> 00:23:35,160
Speaker 2: I'm giving you permission to decrease how much you are

543
00:23:35,200 --> 00:23:38,160
Speaker 2: investing if it takes the financial pressure off at home,

544
00:23:38,720 --> 00:23:41,800
Speaker 2: if it means that you're not so stressed about the groceries, Like,

545
00:23:41,960 --> 00:23:44,680
Speaker 2: just do it. Do it for this short period of time.

546
00:23:44,720 --> 00:23:47,360
Speaker 2: I know it's still a priority to you, but it's

547
00:23:47,400 --> 00:23:49,479
Speaker 2: going to impact the rest of your finances and your

548
00:23:49,520 --> 00:23:51,280
Speaker 2: mental health. Into me, that's really important.

549
00:23:51,400 --> 00:23:53,440
Speaker 3: Oh absolutely, it's number one.

550
00:23:53,560 --> 00:23:56,480
Speaker 2: Life's about balance, and sometimes it's a little bit off

551
00:23:56,520 --> 00:23:59,200
Speaker 2: balance and you can't work as aggressively towards your goals.

552
00:23:59,200 --> 00:24:00,959
Speaker 3: And that's okay, it's okay, you're allowed.

553
00:24:01,000 --> 00:24:04,840
Speaker 2: That's all right. Next six, Yes, you're not going to

554
00:24:04,880 --> 00:24:09,560
Speaker 2: see this one coming. Oh, review your privacy. Privacy use

555
00:24:09,600 --> 00:24:11,760
Speaker 2: the start of the new financial year to enhance your

556
00:24:11,760 --> 00:24:14,600
Speaker 2: online security and safeguard your personal information. I know that

557
00:24:14,600 --> 00:24:17,520
Speaker 2: that should not be something that you hear on shees

558
00:24:17,560 --> 00:24:19,520
Speaker 2: on the money, But the world is getting wild and

559
00:24:19,560 --> 00:24:22,600
Speaker 2: there are so many scams out there, and it's probably

560
00:24:22,600 --> 00:24:25,199
Speaker 2: been a while since you change your password back, like

561
00:24:25,359 --> 00:24:28,479
Speaker 2: stop updating your password does the same word with different numbers?

562
00:24:28,720 --> 00:24:31,080
Speaker 2: How did you know? I just know? I just know.

563
00:24:31,480 --> 00:24:35,280
Speaker 2: Do you know the most common passwords still is one, two, three, four, five, six,

564
00:24:35,760 --> 00:24:36,800
Speaker 2: really wild.

565
00:24:37,000 --> 00:24:39,480
Speaker 3: Well, well, well, if I I.

566
00:24:39,520 --> 00:24:42,840
Speaker 2: Ever had an original thought in my life, but I

567
00:24:42,880 --> 00:24:45,560
Speaker 2: want you to consider changing your passwords and updating that.

568
00:24:45,640 --> 00:24:48,720
Speaker 2: Consider updating them and enabling that two step verification for

569
00:24:48,760 --> 00:24:51,960
Speaker 2: your online accounts, and think about whether you need a

570
00:24:52,000 --> 00:24:55,119
Speaker 2: password manager. So I have one, in my opinion, the

571
00:24:55,200 --> 00:24:58,600
Speaker 2: answer is absolutely yes, but think about whether you need

572
00:24:58,640 --> 00:25:01,119
Speaker 2: one or not. I have two step verification on my

573
00:25:01,160 --> 00:25:03,040
Speaker 2: phone and I feel like that makes me feel really

574
00:25:03,040 --> 00:25:05,600
Speaker 2: safe even just to like log into my Instagram and

575
00:25:05,640 --> 00:25:08,199
Speaker 2: my Facebook. We're not even talking about bank security at

576
00:25:08,200 --> 00:25:11,280
Speaker 2: this point, because so many of my friends recently, like

577
00:25:11,320 --> 00:25:13,720
Speaker 2: I keep seeing them be hacked and like, you know,

578
00:25:14,000 --> 00:25:17,240
Speaker 2: random stuff going up on their Instagram story about bitcoin.

579
00:25:16,840 --> 00:25:19,399
Speaker 3: And like it's.

580
00:25:18,640 --> 00:25:22,160
Speaker 2: So common, Like just safeguard yourself. We're cleaning our little

581
00:25:22,200 --> 00:25:25,320
Speaker 2: financial house, yes, and if you can be hacked, it

582
00:25:25,359 --> 00:25:28,400
Speaker 2: can impact you financially, so we're just noted down for that, you.

583
00:25:28,359 --> 00:25:30,760
Speaker 3: Know, or maybe your coach has made you forty seven

584
00:25:30,760 --> 00:25:33,480
Speaker 3: thousand dollars in bitcoin. If that's the case.

585
00:25:33,280 --> 00:25:36,080
Speaker 2: In which case, please carry on posting it. It's not

586
00:25:36,119 --> 00:25:37,320
Speaker 2: a hack, babe, call me.

587
00:25:37,600 --> 00:25:39,800
Speaker 3: Yeah, Seriously, I think you would have a conniption if

588
00:25:39,840 --> 00:25:43,000
Speaker 3: you saw restored my passwords. But oh my Goshy's story

589
00:25:43,000 --> 00:25:43,640
Speaker 3: of another time.

590
00:25:44,000 --> 00:25:45,800
Speaker 2: Side note. I went to my parents' house the other

591
00:25:45,840 --> 00:25:48,080
Speaker 2: day and thankfully this is not a thing anymore, and

592
00:25:48,160 --> 00:25:50,199
Speaker 2: I saw all these random words sprinted out on a

593
00:25:50,200 --> 00:25:52,760
Speaker 2: piece of paper on their kitchen Bench's good, Dad, what's that?

594
00:25:53,080 --> 00:25:55,680
Speaker 2: He's Oh, it's just still my passwords? Good in the

595
00:25:55,720 --> 00:25:59,240
Speaker 2: communal space, worries well for it's like, oh, I just

596
00:25:59,240 --> 00:26:00,160
Speaker 2: didn't want to forget the.

597
00:26:00,920 --> 00:26:02,000
Speaker 3: Well, no one else will either.

598
00:26:02,160 --> 00:26:04,920
Speaker 2: No one else is going to forget that either. Anyway,

599
00:26:05,080 --> 00:26:08,879
Speaker 2: Moving on, clean up your filing cabinet. I don't know

600
00:26:08,920 --> 00:26:10,879
Speaker 2: if you ever have one. Clean up your shoe box

601
00:26:11,000 --> 00:26:13,840
Speaker 2: or that draw at the bottom of the cutlery draw Like,

602
00:26:13,960 --> 00:26:15,919
Speaker 2: clean up that bottom drawer where all the receipts and

603
00:26:15,960 --> 00:26:18,760
Speaker 2: bits and bobs end up going. Because according to the

604
00:26:18,800 --> 00:26:22,400
Speaker 2: ATO or the Australian Taxation Office, you should keep financial

605
00:26:22,440 --> 00:26:25,560
Speaker 2: records for five years, so you can't technically throw them out.

606
00:26:26,040 --> 00:26:28,840
Speaker 2: But like, let's just have a storage box or a

607
00:26:28,920 --> 00:26:32,040
Speaker 2: nice container and keep them all together, because they're everywhere

608
00:26:32,080 --> 00:26:35,719
Speaker 2: and I'm just making it easy for financial you next year. Like,

609
00:26:35,760 --> 00:26:38,439
Speaker 2: it's going to be much easier, I promise, But shred

610
00:26:38,520 --> 00:26:41,879
Speaker 2: paperwork that is older than five years, and then file

611
00:26:42,000 --> 00:26:45,720
Speaker 2: everything else, so bills, invoices, bank statements. And then remember

612
00:26:45,760 --> 00:26:48,560
Speaker 2: that any filing system you implement should be quickly and

613
00:26:48,680 --> 00:26:51,400
Speaker 2: easily maintained so that you're motivated to keep your records

614
00:26:51,400 --> 00:26:53,920
Speaker 2: in order. So I take lots of photos. You guys

615
00:26:53,920 --> 00:26:54,960
Speaker 2: probably already.

616
00:26:54,680 --> 00:26:56,239
Speaker 3: Know I started doing that.

617
00:26:56,280 --> 00:26:58,159
Speaker 2: Actually, yeah, I think it's a good way of doing it.

618
00:26:58,200 --> 00:26:59,639
Speaker 2: And then I just put it into a folder on

619
00:26:59,680 --> 00:27:01,840
Speaker 2: my phone, yes, and then I know where they are.

620
00:27:01,960 --> 00:27:04,119
Speaker 2: And then also I know that I said, you know,

621
00:27:04,280 --> 00:27:08,359
Speaker 2: shred financial paperwork that's older than five years. Sometimes the

622
00:27:08,400 --> 00:27:12,439
Speaker 2: bank still sends me like paper bank statements, and like

623
00:27:12,520 --> 00:27:15,359
Speaker 2: I know that that's easily accessible on my internet banking.

624
00:27:15,400 --> 00:27:17,359
Speaker 2: So I just read those two like, just don't carry

625
00:27:17,359 --> 00:27:19,600
Speaker 2: things you don't need. But also, if in doubt, just

626
00:27:19,720 --> 00:27:21,959
Speaker 2: put it to the side, put it into your filing

627
00:27:22,000 --> 00:27:22,960
Speaker 2: cabinet if you have one.

628
00:27:23,040 --> 00:27:24,200
Speaker 3: If in doubt, print it out.

629
00:27:24,760 --> 00:27:27,160
Speaker 2: No, don't print it out. That's so bad for the environment,

630
00:27:27,240 --> 00:27:29,480
Speaker 2: that's bad for you. Right right, you're canceled. Let's go

631
00:27:29,520 --> 00:27:31,080
Speaker 2: to a really quick break on the flip side. We're

632
00:27:31,080 --> 00:27:34,640
Speaker 2: going to be talking about reevaluating your goals and money mindset,

633
00:27:34,680 --> 00:27:36,200
Speaker 2: which I think is honestly going to be the best

634
00:27:36,200 --> 00:27:38,360
Speaker 2: part of this show. So thanks to sticking around.

635
00:27:38,200 --> 00:27:44,560
Speaker 3: Us far Welcome back everyone. So we're talking about our

636
00:27:44,600 --> 00:27:47,800
Speaker 3: media financial health check. Now let's talk about money mindset

637
00:27:47,840 --> 00:27:51,280
Speaker 3: and goals. What should we be doing this time of YEARV.

638
00:27:51,320 --> 00:27:53,719
Speaker 2: All right, So I've given you a list of like

639
00:27:54,080 --> 00:27:56,320
Speaker 2: checkpoint things that I think you should be doing, But

640
00:27:56,800 --> 00:27:58,680
Speaker 2: one of the most important things I think is re

641
00:27:58,800 --> 00:28:01,560
Speaker 2: evaluating your goals and your money mindset. So we touched

642
00:28:01,560 --> 00:28:04,320
Speaker 2: on this before, Like maybe your goals have changed, maybe

643
00:28:04,359 --> 00:28:07,000
Speaker 2: you're not working towards it as aggressively, and we need

644
00:28:07,040 --> 00:28:08,439
Speaker 2: to do a little bit of inner work and go

645
00:28:08,520 --> 00:28:10,960
Speaker 2: weoll Beck, you said that you wanted this, but do

646
00:28:11,000 --> 00:28:13,480
Speaker 2: you really want this? Like is something else more important?

647
00:28:13,520 --> 00:28:15,200
Speaker 2: And that's okay if it is. But we just need

648
00:28:15,240 --> 00:28:17,400
Speaker 2: to be honest with ourselves. And I think that being

649
00:28:17,440 --> 00:28:21,600
Speaker 2: honest with ourselves is the best way to be moving forward.

650
00:28:21,840 --> 00:28:23,720
Speaker 2: You don't have to tell anyone else, Like you don't

651
00:28:23,760 --> 00:28:25,840
Speaker 2: have to say, oh, I don't care about this anymore.

652
00:28:26,160 --> 00:28:29,400
Speaker 2: Like we're not having these deep conversations with anyone other

653
00:28:29,440 --> 00:28:32,520
Speaker 2: than ourselves, like do your goals still serve you? Are

654
00:28:32,520 --> 00:28:35,800
Speaker 2: you still excited about working towards them? Like you know,

655
00:28:35,960 --> 00:28:38,480
Speaker 2: you might have had a holiday planned and you're so

656
00:28:38,760 --> 00:28:40,720
Speaker 2: excited about it, Beck, and you're like yeah, yeah, and

657
00:28:40,720 --> 00:28:43,240
Speaker 2: then all of a sudden you're like, I just don't

658
00:28:43,280 --> 00:28:45,840
Speaker 2: care anymore, Like I just I don't want to go anymore.

659
00:28:45,880 --> 00:28:48,240
Speaker 2: So you like follow through on the motions of it,

660
00:28:48,280 --> 00:28:50,240
Speaker 2: and you might still go on the holiday, but you're like, well,

661
00:28:50,240 --> 00:28:52,400
Speaker 2: I could have gone without, and I like much would

662
00:28:52,400 --> 00:28:54,959
Speaker 2: have preferred to save for a house. Yeah, And like

663
00:28:55,000 --> 00:28:56,880
Speaker 2: that's not saying that you have to do that, but

664
00:28:56,960 --> 00:28:59,640
Speaker 2: you might have like rediscovered a different goal or discovered

665
00:28:59,680 --> 00:29:02,400
Speaker 2: something that you want to invest your money in, and

666
00:29:02,720 --> 00:29:05,600
Speaker 2: it's okay to change, you can cancel. Do you need

667
00:29:05,640 --> 00:29:08,720
Speaker 2: help from a professional is also a really good question here,

668
00:29:08,920 --> 00:29:12,640
Speaker 2: because sometimes we're in a bit over our heads. Do

669
00:29:12,720 --> 00:29:15,080
Speaker 2: you have debt that is completely getting in the way

670
00:29:15,080 --> 00:29:17,520
Speaker 2: of your money mindset? Is it something that you need

671
00:29:17,560 --> 00:29:19,520
Speaker 2: to call our friends at the National Debt Helpline and

672
00:29:19,560 --> 00:29:21,160
Speaker 2: just go all right, well what am I doing? Like

673
00:29:21,200 --> 00:29:23,640
Speaker 2: I feel stuck in the mud here? How can you

674
00:29:23,680 --> 00:29:25,560
Speaker 2: help me. I promise they are the kindest people in

675
00:29:25,600 --> 00:29:28,320
Speaker 2: the entire world. They are used to helping people, and

676
00:29:28,600 --> 00:29:30,320
Speaker 2: I know that this is not what they want me

677
00:29:30,400 --> 00:29:32,240
Speaker 2: to do in terms of their branding and marketing. But

678
00:29:32,280 --> 00:29:35,320
Speaker 2: they're not paying for this show. But Becky, if you called,

679
00:29:35,640 --> 00:29:38,280
Speaker 2: I can guarantee they've seen people in worse situations, right,

680
00:29:38,560 --> 00:29:41,040
Speaker 2: So it's not that bad. They're not going to pick

681
00:29:41,080 --> 00:29:43,760
Speaker 2: up the phone and be like, Wow, that's embarrassing. Like

682
00:29:43,760 --> 00:29:46,440
Speaker 2: they're going to go, oh, babe, that's easy. Let's work

683
00:29:46,440 --> 00:29:48,080
Speaker 2: through this together, and you'll be like, oh my gosh,

684
00:29:48,080 --> 00:29:50,120
Speaker 2: I feel so much lighter, Like I feel like I

685
00:29:50,120 --> 00:29:52,400
Speaker 2: can do this now. Like sometimes just reaching out and

686
00:29:52,400 --> 00:29:54,160
Speaker 2: getting a little bit of a helping hand is a

687
00:29:54,200 --> 00:29:57,040
Speaker 2: really good idea. But the other thing I want to

688
00:29:57,040 --> 00:29:59,640
Speaker 2: talk about is the key to achieving any goal is

689
00:29:59,680 --> 00:30:03,000
Speaker 2: to be really smart about it. Hover I know, right,

690
00:30:03,160 --> 00:30:05,200
Speaker 2: smart goal methodology, But I'm not going to talk about

691
00:30:05,240 --> 00:30:07,120
Speaker 2: the smart goals. And I don't talk about the SotM

692
00:30:07,160 --> 00:30:12,760
Speaker 2: goals because our podcast goals, so obviously being specific is important.

693
00:30:12,800 --> 00:30:15,680
Speaker 2: We need to be really clear and define our goals.

694
00:30:16,000 --> 00:30:19,600
Speaker 2: The next is optimistic, So we want to be optimistic

695
00:30:19,840 --> 00:30:22,200
Speaker 2: because if we're not excited about a goal, why are

696
00:30:22,200 --> 00:30:25,320
Speaker 2: we working towards it? We also need to be optimistic

697
00:30:25,360 --> 00:30:28,120
Speaker 2: because we want to back ourselves. Like, Beck, if you

698
00:30:28,160 --> 00:30:29,760
Speaker 2: don't believe you can do it, why are we here?

699
00:30:31,120 --> 00:30:34,080
Speaker 2: Are we being optimistic? Is this goal reasonable? Is this

700
00:30:34,160 --> 00:30:37,920
Speaker 2: goal something that you can actually achieve? Like do you

701
00:30:37,960 --> 00:30:40,800
Speaker 2: think you're on the right pathway? Have you worked backwards

702
00:30:40,840 --> 00:30:42,320
Speaker 2: and been like, all right, well, if I want to

703
00:30:42,360 --> 00:30:46,080
Speaker 2: save ten thousand dollars this year, let's break it down

704
00:30:46,120 --> 00:30:49,480
Speaker 2: into the smallest possible. That's twenty seven dollars and fifty

705
00:30:49,560 --> 00:30:50,920
Speaker 2: cents a day.

706
00:30:51,200 --> 00:30:52,680
Speaker 3: That does not seem like a lot.

707
00:30:52,720 --> 00:30:56,040
Speaker 2: Actually no, but twenty seven dollars and fifty cents a day?

708
00:30:56,360 --> 00:30:59,200
Speaker 2: Can you achieve that? And you go, well, maybe I can. Like,

709
00:30:59,360 --> 00:31:02,200
Speaker 2: if you break down on a big goal into very small, manageable,

710
00:31:02,240 --> 00:31:05,080
Speaker 2: bite sized pieces, it seems a lot easier, right Like

711
00:31:05,120 --> 00:31:07,120
Speaker 2: if I said to you, Beck, let's be really aggressive

712
00:31:07,120 --> 00:31:09,960
Speaker 2: and save twenty seven dollars fifty every single day, you

713
00:31:10,040 --> 00:31:13,960
Speaker 2: might go, well, that's achievable, whereas if I said, Beck,

714
00:31:14,240 --> 00:31:16,160
Speaker 2: save ten grand, you'd be like, but be on me,

715
00:31:16,400 --> 00:31:19,880
Speaker 2: not having absolutely not no thank you. But also the

716
00:31:19,880 --> 00:31:22,520
Speaker 2: goal might feel overwhelming just because it's so big. Yeah,

717
00:31:22,560 --> 00:31:25,880
Speaker 2: So I think it's important to understand and be optimistic

718
00:31:25,920 --> 00:31:28,800
Speaker 2: about what you can achieve and find a way to

719
00:31:28,800 --> 00:31:31,160
Speaker 2: be optimistic about it. Because, like beck, if I said,

720
00:31:31,280 --> 00:31:34,880
Speaker 2: are you optimistic about saving ten grand, You'd be like, no, way, no,

721
00:31:35,280 --> 00:31:37,040
Speaker 2: not keen. But if I said, do you reckon? You

722
00:31:37,080 --> 00:31:40,040
Speaker 2: could do twenty seven dollars fifty a day? Go, I reckon,

723
00:31:40,120 --> 00:31:40,840
Speaker 2: I could do that.

724
00:31:41,040 --> 00:31:43,560
Speaker 3: I reckon I could do fifteen dollars every half a.

725
00:31:43,600 --> 00:31:45,800
Speaker 2: Day, fifteen dollars every half.

726
00:31:45,680 --> 00:31:47,960
Speaker 3: Day out of the day, end of the day, fifteen buck.

727
00:31:48,040 --> 00:31:50,960
Speaker 2: But isn't it wild how much they add up? Yeah,

728
00:31:51,080 --> 00:31:55,200
Speaker 2: it's actually really confronting. Right, we should do a whole

729
00:31:55,200 --> 00:31:57,680
Speaker 2: podcast episode on like five dollars a day on the

730
00:31:57,680 --> 00:31:59,400
Speaker 2: way to wealth or something like, and.

731
00:31:59,280 --> 00:32:00,840
Speaker 3: How that's they're gonna die?

732
00:32:01,080 --> 00:32:03,160
Speaker 2: Yeah, let's talk about that later. Like might not be

733
00:32:03,200 --> 00:32:04,920
Speaker 2: five dollars, It might be like a bit more than that.

734
00:32:04,960 --> 00:32:05,720
Speaker 3: You know, whatever you can do.

735
00:32:05,800 --> 00:32:07,600
Speaker 2: Maybe we can do lots of different ones, like what

736
00:32:07,640 --> 00:32:09,000
Speaker 2: two dollars a day would get you?

737
00:32:09,120 --> 00:32:09,640
Speaker 3: Yes?

738
00:32:09,920 --> 00:32:13,880
Speaker 2: How good? Anyway? Moving on? The next is t so timely?

739
00:32:14,000 --> 00:32:15,960
Speaker 2: We want to set a time that you want to

740
00:32:15,960 --> 00:32:18,680
Speaker 2: achieve this goal? Is it a fair time, like, cause,

741
00:32:18,720 --> 00:32:20,280
Speaker 2: if I say it, Beck, you need to save this

742
00:32:20,360 --> 00:32:24,239
Speaker 2: ten grand by tomorrow, that's not going to work. Like,

743
00:32:24,320 --> 00:32:26,680
Speaker 2: but if we've broken it down into small enough goals

744
00:32:26,720 --> 00:32:30,440
Speaker 2: and we have the time, it'll be achievable. And then

745
00:32:30,680 --> 00:32:34,160
Speaker 2: the last one is measurable. So we need to ensure

746
00:32:34,280 --> 00:32:36,640
Speaker 2: that it is measurable so that we know when we've

747
00:32:36,680 --> 00:32:39,400
Speaker 2: hit that goal. So if your goal is I want

748
00:32:39,400 --> 00:32:44,200
Speaker 2: you save more money, that's not specific enough. That's not measurable, Like,

749
00:32:44,360 --> 00:32:46,720
Speaker 2: I don't know if you've been able to save within

750
00:32:46,760 --> 00:32:49,360
Speaker 2: your capacity or not. I don't know if you've actually achieved. Like,

751
00:32:49,400 --> 00:32:52,240
Speaker 2: at what point do we start celebrating, Like how do

752
00:32:52,280 --> 00:32:54,320
Speaker 2: we pop the cork on a bottle of champagne? If

753
00:32:54,360 --> 00:32:56,160
Speaker 2: you set the goal I wanted to save and I

754
00:32:56,200 --> 00:32:58,360
Speaker 2: keep using ten thousand dollars, which is probably a really

755
00:32:58,440 --> 00:33:00,800
Speaker 2: rude number at this point in time because we're in

756
00:33:00,800 --> 00:33:02,800
Speaker 2: the com middle of a cost of living crisis, Beck,

757
00:33:02,840 --> 00:33:04,960
Speaker 2: And then you might go v stop saying ten grand.

758
00:33:05,160 --> 00:33:06,320
Speaker 2: That's so overwhelming.

759
00:33:06,400 --> 00:33:07,720
Speaker 3: I don't think where were we gonna get there.

760
00:33:07,760 --> 00:33:10,000
Speaker 2: It's just an example, right, like, and it's not meant

761
00:33:10,040 --> 00:33:11,800
Speaker 2: to be. And you know what I was at a

762
00:33:11,920 --> 00:33:15,400
Speaker 2: speaking presentation the other day and someone put their hand

763
00:33:15,480 --> 00:33:17,840
Speaker 2: up at the end of my presentation and they were like, Vie,

764
00:33:17,920 --> 00:33:20,400
Speaker 2: how much, Like should I be saving in percentage? Like

765
00:33:20,440 --> 00:33:24,240
Speaker 2: you never talk about percentages? And I was like, yeah,

766
00:33:24,280 --> 00:33:27,520
Speaker 2: and I'm glad you bring this up because I will

767
00:33:27,560 --> 00:33:29,680
Speaker 2: never talk about you need to be saving in terms

768
00:33:29,720 --> 00:33:32,680
Speaker 2: of percentages. Because Beck, if I turned around to you

769
00:33:32,760 --> 00:33:34,440
Speaker 2: and said you need to be saving ten percent of

770
00:33:34,440 --> 00:33:36,560
Speaker 2: your income. I mean, we talk about this eleven and

771
00:33:36,680 --> 00:33:38,960
Speaker 2: eleven and a half percent when it comes to superunuation,

772
00:33:39,120 --> 00:33:41,360
Speaker 2: but that's because it's government mandated and we don't actually

773
00:33:41,400 --> 00:33:43,800
Speaker 2: have any control over it. Right. But if I said

774
00:33:43,800 --> 00:33:45,640
Speaker 2: to you, Beck, you need to save ten percent of your

775
00:33:45,680 --> 00:33:50,640
Speaker 2: income if you were earning four hundred thousand dollars, which

776
00:33:50,680 --> 00:33:54,920
Speaker 2: is astronomical amounts of money, is that reasonable.

777
00:33:55,000 --> 00:33:56,720
Speaker 3: I guess it depends on your circumstances.

778
00:33:56,800 --> 00:33:59,680
Speaker 2: Yeah, But like four hundred thousand dollars save ten percent, Beck,

779
00:33:59,760 --> 00:34:02,520
Speaker 2: I'd like, oh, can't you save more? Beck? Like if

780
00:34:02,520 --> 00:34:04,280
Speaker 2: I sat you down and did your budget in cash flow,

781
00:34:04,320 --> 00:34:07,000
Speaker 2: like we're not talking about you know, your mortgage repayments

782
00:34:07,000 --> 00:34:08,799
Speaker 2: and stuff, but if you're on an income a four

783
00:34:08,880 --> 00:34:13,440
Speaker 2: hundred grand and you're saving not ten percent, I'd be like, well,

784
00:34:13,480 --> 00:34:15,960
Speaker 2: where's that money going? Like you've got a lot of it.

785
00:34:16,040 --> 00:34:18,080
Speaker 2: We need to just get our stuff together now, Like

786
00:34:18,160 --> 00:34:20,839
Speaker 2: I would actually expect someone on four hundred thousand dollars

787
00:34:20,920 --> 00:34:24,560
Speaker 2: as an ex financial advisor, you're saving more than that guarantee, Like,

788
00:34:24,640 --> 00:34:26,920
Speaker 2: that's just how it works, right, unless you are blowing

789
00:34:26,960 --> 00:34:29,840
Speaker 2: it all on hookers and coke, which, to be honest,

790
00:34:30,160 --> 00:34:34,200
Speaker 2: as an ex financial advisor, I have seen, but I'd

791
00:34:34,200 --> 00:34:37,120
Speaker 2: probably have a little bit like I have high expectations

792
00:34:37,120 --> 00:34:40,080
Speaker 2: for you on that salary. Right, But if we flip

793
00:34:40,160 --> 00:34:42,440
Speaker 2: it and you are a mum and you are single,

794
00:34:42,520 --> 00:34:45,680
Speaker 2: and you are earning forty thousand dollars, is it fair

795
00:34:46,000 --> 00:34:48,280
Speaker 2: to then say you need to be saving ten percent

796
00:34:48,320 --> 00:34:48,799
Speaker 2: of your income?

797
00:34:48,960 --> 00:34:49,200
Speaker 1: Right?

798
00:34:49,400 --> 00:34:51,920
Speaker 2: No, you can't do that. In fact, if you're in

799
00:34:51,960 --> 00:34:54,200
Speaker 2: that season of your life and you're not able to

800
00:34:54,280 --> 00:34:57,600
Speaker 2: save a dollar, I get it, Like, I fully go

801
00:34:57,719 --> 00:34:59,560
Speaker 2: will that makes sense? Of course, you can't save a

802
00:34:59,600 --> 00:35:01,960
Speaker 2: dollar because you're in that season of life where you're

803
00:35:01,960 --> 00:35:04,480
Speaker 2: putting food on the table for your kids, you have

804
00:35:04,520 --> 00:35:08,520
Speaker 2: a low income, and it would be bloody hard. I'm

805
00:35:08,520 --> 00:35:10,640
Speaker 2: not going to come out and say all right, Well,

806
00:35:10,680 --> 00:35:13,239
Speaker 2: you need on average to be you know, saving this

807
00:35:13,320 --> 00:35:16,480
Speaker 2: percentage and investing this percentage, and this percentage goes to

808
00:35:16,520 --> 00:35:19,320
Speaker 2: your fun things like that just skews it in a

809
00:35:19,360 --> 00:35:22,640
Speaker 2: way that you're setting unrealistic expectations for what you can

810
00:35:22,680 --> 00:35:25,760
Speaker 2: achieve and what's there. Like if you're in a season

811
00:35:25,800 --> 00:35:28,799
Speaker 2: of life where you can't save a dollar slave queen, Like,

812
00:35:28,880 --> 00:35:30,759
Speaker 2: at least you have a budget and you know that

813
00:35:30,760 --> 00:35:33,239
Speaker 2: that's your current situation. It's not going to be your

814
00:35:33,239 --> 00:35:36,200
Speaker 2: situation forever exactly, and that's okay, and we'll work towards it.

815
00:35:36,480 --> 00:35:40,239
Speaker 2: But if you're comparing this percentage system and going, well, V,

816
00:35:40,440 --> 00:35:42,200
Speaker 2: I'd really like to have a goal, and it's like

817
00:35:42,239 --> 00:35:44,279
Speaker 2: I want to save ten percent of my income and

818
00:35:44,320 --> 00:35:47,239
Speaker 2: you're on four hundred grand. By make it higher, ye,

819
00:35:47,480 --> 00:35:49,680
Speaker 2: Like I expect a bit more from you. Sure, But

820
00:35:49,920 --> 00:35:52,480
Speaker 2: if you're in a season of your life where your

821
00:35:52,560 --> 00:35:57,200
Speaker 2: income is equal to your output, yeah, I get it absolutely,

822
00:35:57,320 --> 00:35:58,920
Speaker 2: And I think we need to touch on it there too,

823
00:35:59,040 --> 00:36:02,279
Speaker 2: because it needs to be measurable when it comes to

824
00:36:02,360 --> 00:36:05,920
Speaker 2: goal setting. But that's so that you know when you're

825
00:36:05,920 --> 00:36:08,960
Speaker 2: achieving a goal and whether it's achievable for you, because

826
00:36:09,040 --> 00:36:11,640
Speaker 2: if we go through this methodology and you go sot

827
00:36:12,000 --> 00:36:14,440
Speaker 2: M and you go you know specific, and then you've

828
00:36:14,440 --> 00:36:16,920
Speaker 2: gone optimistic, and then it's time bound and then you

829
00:36:16,960 --> 00:36:20,200
Speaker 2: look at measurable you go, well, I could set that goal,

830
00:36:20,560 --> 00:36:22,120
Speaker 2: but I'm probably not going to be able to achieve

831
00:36:22,160 --> 00:36:24,520
Speaker 2: it in that time frame because right now money's tough.

832
00:36:24,760 --> 00:36:25,160
Speaker 3: Exactly.

833
00:36:25,360 --> 00:36:27,600
Speaker 2: Well, that's okay, big kind to yourself, like give yourself

834
00:36:27,640 --> 00:36:29,759
Speaker 2: a little bit of slack, Like you don't deserve to

835
00:36:29,760 --> 00:36:33,319
Speaker 2: be treated like trash by yourself. Yeah, Like ill, no,

836
00:36:33,480 --> 00:36:35,879
Speaker 2: we're talking to ourselves like we are our best friends now.

837
00:36:35,840 --> 00:36:37,799
Speaker 3: Beck mm, that's great. That's a great like.

838
00:36:37,800 --> 00:36:39,000
Speaker 2: If you would say it to me, you can say

839
00:36:39,040 --> 00:36:40,560
Speaker 2: it to you, But if you wouldn't say it to me,

840
00:36:40,640 --> 00:36:41,759
Speaker 2: then you can't say that to you.

841
00:36:41,840 --> 00:36:43,000
Speaker 3: It's a great rule to live by.

842
00:36:43,120 --> 00:36:44,080
Speaker 2: I think it's a very good rule.

843
00:36:44,160 --> 00:36:47,120
Speaker 3: Now, just shifting is a little bit because I'm hoping

844
00:36:47,239 --> 00:36:49,479
Speaker 3: I'm getting a tax refund this year and I'm thinking

845
00:36:49,480 --> 00:36:51,799
Speaker 3: about like what I should spend it on or like

846
00:36:51,960 --> 00:36:53,960
Speaker 3: you know, and I think it's the wrong mindset obviously,

847
00:36:54,000 --> 00:36:56,400
Speaker 3: but I'm like, already, I know what am I spending

848
00:36:56,440 --> 00:36:58,680
Speaker 3: it on? Yeah? I know you Instead of what am

849
00:36:58,719 --> 00:36:59,760
Speaker 3: I saving?

850
00:37:00,480 --> 00:37:03,560
Speaker 2: And that's okay, We're all different, right, Like, and I

851
00:37:03,600 --> 00:37:05,719
Speaker 2: think it's best to actually sit down and go all right,

852
00:37:05,920 --> 00:37:08,600
Speaker 2: So when I get a tax refund, I'm not going

853
00:37:08,640 --> 00:37:10,399
Speaker 2: to make a decision immediately because I think we get

854
00:37:10,400 --> 00:37:12,319
Speaker 2: a little bit spendy. Like you see the money and

855
00:37:12,360 --> 00:37:15,000
Speaker 2: you're like, let's go, let's go, baby, like, lock it away,

856
00:37:15,080 --> 00:37:17,080
Speaker 2: lock it away for a week while we make a decision.

857
00:37:17,120 --> 00:37:19,440
Speaker 2: That is the best decision for you in your personal situation,

858
00:37:19,600 --> 00:37:22,480
Speaker 2: because there's no right answer, right, you could have a

859
00:37:22,560 --> 00:37:24,719
Speaker 2: thousand Let's pretend you get one thousand dollars back from

860
00:37:24,719 --> 00:37:27,279
Speaker 2: the ATO, right, that would be nice, And you have

861
00:37:27,320 --> 00:37:29,480
Speaker 2: a thousand dollars zip pay Maybe you want to pay

862
00:37:29,480 --> 00:37:32,800
Speaker 2: that off, yeah, Or maybe you owe your mum money,

863
00:37:33,400 --> 00:37:36,239
Speaker 2: maybe that's more of a priority. Or maybe you're going

864
00:37:36,239 --> 00:37:38,279
Speaker 2: on a holiday and you want to put it there.

865
00:37:38,520 --> 00:37:40,759
Speaker 2: Maybe you have an emergency fund and you want to

866
00:37:40,760 --> 00:37:43,440
Speaker 2: top that up or put it in your offset account

867
00:37:43,480 --> 00:37:45,480
Speaker 2: to offset your mortgage. Like, there are so many different

868
00:37:45,480 --> 00:37:47,360
Speaker 2: things that you could do with it, And I don't

869
00:37:47,400 --> 00:37:49,800
Speaker 2: have the answer back, Like I wish I could be like,

870
00:37:49,840 --> 00:37:53,919
Speaker 2: all right, so the best thing to do is to X, well,

871
00:37:54,000 --> 00:37:56,560
Speaker 2: that's the best thing in my mind for me and

872
00:37:56,640 --> 00:37:59,280
Speaker 2: my personal situation. But everyone has like all these different

873
00:37:59,320 --> 00:38:02,480
Speaker 2: moving parts, and like, again, let's go back to the

874
00:38:02,560 --> 00:38:05,160
Speaker 2: mum example that I had before. Let's say you've got

875
00:38:05,160 --> 00:38:08,719
Speaker 2: a mum earning forty grand Beck, she has two kids

876
00:38:08,760 --> 00:38:10,960
Speaker 2: and she's putting them through school. Money's really bloody tight,

877
00:38:11,000 --> 00:38:14,000
Speaker 2: and she has one thousand dollars come in. If I said,

878
00:38:14,360 --> 00:38:17,160
Speaker 2: use that to pay off your debt, like cool, that's

879
00:38:17,280 --> 00:38:20,440
Speaker 2: really good advice, Like it's solid, there's nothing bad about it.

880
00:38:20,880 --> 00:38:23,520
Speaker 2: But she's had a really shitty year. Beck, Maybe she

881
00:38:23,560 --> 00:38:25,279
Speaker 2: needs to spend one hundred dollars to take the kids

882
00:38:25,280 --> 00:38:27,319
Speaker 2: out go the movies, like finally, take a little bit

883
00:38:27,360 --> 00:38:29,279
Speaker 2: of steam off. She still got nine hundred dollars. Put

884
00:38:29,280 --> 00:38:30,640
Speaker 2: that in your bank account. I know you've got a

885
00:38:30,640 --> 00:38:33,279
Speaker 2: really big zip pay. But maybe what she wants to

886
00:38:33,280 --> 00:38:35,360
Speaker 2: do is not pay off her zip pay, but have

887
00:38:35,400 --> 00:38:38,200
Speaker 2: an emergency fund so that she feels comfy. So she's

888
00:38:38,239 --> 00:38:40,240
Speaker 2: spoiled her kids a little bit. They've taken the steam

889
00:38:40,280 --> 00:38:42,560
Speaker 2: off together, they're really excited about that. She has some

890
00:38:42,640 --> 00:38:45,360
Speaker 2: cash in her bank and she still has that debt.

891
00:38:45,400 --> 00:38:48,120
Speaker 2: But like life just feels a little bit lighter. Yeah,

892
00:38:48,160 --> 00:38:49,799
Speaker 2: do you think that that is for her maybe a

893
00:38:49,800 --> 00:38:52,280
Speaker 2: better decision than paying off that debt in its entirety,

894
00:38:52,600 --> 00:38:55,520
Speaker 2: it sounds like it. But at the same time, is

895
00:38:55,560 --> 00:38:58,320
Speaker 2: that right for everybody? No, and I can't make that decision.

896
00:38:58,360 --> 00:39:01,919
Speaker 2: That's not my advice, that's you know you. And this

897
00:39:01,960 --> 00:39:04,320
Speaker 2: is why we set goals. This is why we keep budgets,

898
00:39:04,360 --> 00:39:07,120
Speaker 2: This is why we dive deep into our situation so

899
00:39:07,160 --> 00:39:08,880
Speaker 2: that we can go, Okay, well this looks like this

900
00:39:08,960 --> 00:39:12,440
Speaker 2: and this, but money is inherently emotional, so I can't

901
00:39:12,480 --> 00:39:14,640
Speaker 2: just go, oh, well, technically the best thing would be

902
00:39:14,680 --> 00:39:17,239
Speaker 2: to pay off your debt, makes sense, But like, if

903
00:39:17,239 --> 00:39:19,799
Speaker 2: you're telling me that having an emergency fund is going

904
00:39:19,840 --> 00:39:22,640
Speaker 2: to take that pressure off, and I genuinely believe that

905
00:39:22,760 --> 00:39:26,319
Speaker 2: everyone that has a debt needs an emergency fund, irrespective

906
00:39:26,320 --> 00:39:28,520
Speaker 2: of whether the debt's paid off or not, because that

907
00:39:28,840 --> 00:39:31,360
Speaker 2: emergency fund means you're not going to go into further debt,

908
00:39:31,960 --> 00:39:33,840
Speaker 2: like something else comes up. Well, you're not whacking it

909
00:39:33,880 --> 00:39:36,480
Speaker 2: on your aft to pay are you. Like you're actually

910
00:39:36,480 --> 00:39:38,160
Speaker 2: paying for it with cash. And you know what that

911
00:39:38,200 --> 00:39:40,880
Speaker 2: does creates this cycle of going, oh my god, I

912
00:39:40,960 --> 00:39:42,319
Speaker 2: paid for it in cat Yeah, I've got some debt

913
00:39:42,320 --> 00:39:43,719
Speaker 2: over there, but like I've paid for that, and I

914
00:39:43,760 --> 00:39:46,279
Speaker 2: did that, and historically I had to lean on my

915
00:39:46,320 --> 00:39:49,759
Speaker 2: credit card for that. Like that is queen behavior. That

916
00:39:49,880 --> 00:39:52,480
Speaker 2: is putting future you first, because you're starting to build

917
00:39:52,560 --> 00:39:54,280
Speaker 2: up your confidence when it comes to money.

918
00:39:54,520 --> 00:39:56,680
Speaker 3: Exactly, how about future goals?

919
00:39:57,000 --> 00:39:58,719
Speaker 2: All right, so we're going to sit down and we're

920
00:39:58,760 --> 00:40:00,560
Speaker 2: going to decide what you want to each in the

921
00:40:00,600 --> 00:40:04,359
Speaker 2: next year. Now, from my perspective, is the perfect time

922
00:40:04,640 --> 00:40:07,720
Speaker 2: to be taking stock of where you're at financially. Perhaps

923
00:40:07,760 --> 00:40:09,520
Speaker 2: you'd like to start paying off that debt we're just

924
00:40:09,520 --> 00:40:12,240
Speaker 2: talking about back, or maybe you're commencing a new savings

925
00:40:12,280 --> 00:40:14,279
Speaker 2: plan because you just really want a new family car.

926
00:40:14,719 --> 00:40:16,480
Speaker 2: Maybe you want to buy a house, Maybe you want

927
00:40:16,480 --> 00:40:18,400
Speaker 2: to go on a family holiday. Like, I don't know

928
00:40:18,400 --> 00:40:20,880
Speaker 2: where your goals are. I support all of them, but

929
00:40:21,280 --> 00:40:24,080
Speaker 2: the main thing is to be really decisive, so we

930
00:40:24,120 --> 00:40:27,080
Speaker 2: can't just be wishy washy with our goals. My favorite

931
00:40:27,080 --> 00:40:29,480
Speaker 2: thing in this entire world is an emergency fund, and

932
00:40:29,520 --> 00:40:31,560
Speaker 2: I think that everyone needs one, So, like you know,

933
00:40:31,719 --> 00:40:34,160
Speaker 2: my advice is to start there because I think that

934
00:40:34,160 --> 00:40:37,120
Speaker 2: that gives you financial freedom immediately, Like don't get me wrong.

935
00:40:37,160 --> 00:40:38,640
Speaker 2: You can't quit your job just because you've got an

936
00:40:38,680 --> 00:40:41,520
Speaker 2: emergency fund. But if you know that you've got five

937
00:40:41,600 --> 00:40:43,719
Speaker 2: hundred dollars or one thousand dollars or some people have

938
00:40:43,840 --> 00:40:46,440
Speaker 2: like twenty thousand dollars emergency funds, if you knew that

939
00:40:46,600 --> 00:40:49,800
Speaker 2: was sitting there, life just feels a little bit more cushy.

940
00:40:49,960 --> 00:40:53,640
Speaker 2: Life feels easy. That's like the first step towards creating

941
00:40:53,680 --> 00:40:56,879
Speaker 2: financial freedom is this kind of like emergency fund, which

942
00:40:56,920 --> 00:41:00,120
Speaker 2: I think is the gateway drug of financial freedom and

943
00:41:00,520 --> 00:41:03,520
Speaker 2: being in good financial standing. Like it gives you that

944
00:41:03,680 --> 00:41:06,160
Speaker 2: taste of like, oh I can do this for myself.

945
00:41:06,840 --> 00:41:08,479
Speaker 2: That's slay. I think that's slay.

946
00:41:08,600 --> 00:41:10,960
Speaker 3: Yeah, yeah, yeah, I feel like this is my year

947
00:41:11,000 --> 00:41:11,200
Speaker 3: for that.

948
00:41:11,640 --> 00:41:14,120
Speaker 2: I think it is too. I feel good things for you.

949
00:41:14,200 --> 00:41:16,880
Speaker 2: Bet you think so? Oh no, I know so, I know.

950
00:41:16,960 --> 00:41:18,800
Speaker 3: So Now, Vid you have any final words?

951
00:41:18,880 --> 00:41:20,680
Speaker 2: Yeah, I think we're nearly done. We're nearly done for.

952
00:41:20,680 --> 00:41:21,520
Speaker 3: It treatening with me.

953
00:41:21,640 --> 00:41:24,759
Speaker 2: Do you have any final words? Yes? I do. So.

954
00:41:25,440 --> 00:41:28,520
Speaker 2: I would love everyone to just do one thing to

955
00:41:28,719 --> 00:41:31,879
Speaker 2: educate yourself or making some money outside of your job,

956
00:41:32,560 --> 00:41:34,120
Speaker 2: so like out of your nine to five Monday to

957
00:41:34,160 --> 00:41:37,520
Speaker 2: Friday or like outside of it, like what can you do,

958
00:41:37,600 --> 00:41:40,040
Speaker 2: whether it is like signing up for an investment newsletter

959
00:41:40,320 --> 00:41:43,279
Speaker 2: or like reading a book or you are you know,

960
00:41:43,480 --> 00:41:47,680
Speaker 2: learning something about investing as accumulating knowledge, it takes time,

961
00:41:47,719 --> 00:41:50,320
Speaker 2: you know, just gonna like automatically be able to create

962
00:41:50,440 --> 00:41:53,799
Speaker 2: money outside of that, but like maybe google investing in

963
00:41:53,880 --> 00:41:55,799
Speaker 2: chairs or watch your money show or like listen to

964
00:41:55,880 --> 00:41:59,000
Speaker 2: more podcasts or you know, knowledge just at your fingertips

965
00:41:59,000 --> 00:42:01,279
Speaker 2: and it is free days, which is wild, Like you

966
00:42:01,280 --> 00:42:03,480
Speaker 2: can literally listen to every single one of my books

967
00:42:03,520 --> 00:42:06,080
Speaker 2: for free if you have a Spotify membership, Like that's

968
00:42:06,080 --> 00:42:08,160
Speaker 2: a money win. Yes, Like I know my books are

969
00:42:08,160 --> 00:42:12,720
Speaker 2: pretty cheap. It came out nowadays, but like free or cheap,

970
00:42:12,880 --> 00:42:15,279
Speaker 2: like I still want to go with free. I get it.

971
00:42:15,680 --> 00:42:17,720
Speaker 2: And I wrote those books not so I could make money,

972
00:42:17,719 --> 00:42:21,640
Speaker 2: because lord knows, you do not publish books in Australia

973
00:42:21,680 --> 00:42:25,160
Speaker 2: to make bank, Like that is not how it works, sadly, back,

974
00:42:26,120 --> 00:42:27,279
Speaker 2: I did it because I want you to be in

975
00:42:27,280 --> 00:42:29,719
Speaker 2: a better position. So I want you to absorb more

976
00:42:29,760 --> 00:42:33,160
Speaker 2: content because if that means that you're learning about selling

977
00:42:33,239 --> 00:42:36,040
Speaker 2: things on Facebook, Marketplace or just like decluttering your house

978
00:42:36,160 --> 00:42:38,800
Speaker 2: or you're talking about like you know, taking up shifts

979
00:42:38,840 --> 00:42:41,960
Speaker 2: on uber or like you know, investing so that the

980
00:42:42,040 --> 00:42:44,719
Speaker 2: money that your money has made starts making money. Like

981
00:42:45,160 --> 00:42:46,600
Speaker 2: I just want you to be in a better position,

982
00:42:46,600 --> 00:42:49,440
Speaker 2: so you've got multiple sources of income. Everyone deserves that.

983
00:42:49,440 --> 00:42:52,319
Speaker 2: That's very sexy to me. So do one thing that

984
00:42:52,480 --> 00:42:55,000
Speaker 2: educates yourself about making money outside of your job.

985
00:42:55,200 --> 00:42:56,040
Speaker 3: That's great.

986
00:42:56,080 --> 00:42:59,040
Speaker 2: That's what we're going to do. Great advice, power, knowledge

987
00:42:59,080 --> 00:43:01,200
Speaker 2: is power. We love this for us anyway. I think

988
00:43:01,200 --> 00:43:04,880
Speaker 2: that that's a good enough rand about putting yourself first

989
00:43:04,920 --> 00:43:07,680
Speaker 2: this coming financial year. And that's a really good little

990
00:43:07,760 --> 00:43:10,160
Speaker 2: media finance health check, Hurrican. I love you did all

991
00:43:10,160 --> 00:43:11,440
Speaker 2: that slake way.

992
00:43:11,560 --> 00:43:13,840
Speaker 3: If you've made it here, you're a little bit ahead

993
00:43:14,080 --> 00:43:16,600
Speaker 3: of a lot ahead thirty minutes ago, a lot ahead.

994
00:43:16,640 --> 00:43:18,680
Speaker 2: I love this for us. All right, Well, we will

995
00:43:18,680 --> 00:43:20,320
Speaker 2: see you on Friday, guys for a little bit of

996
00:43:20,360 --> 00:43:22,239
Speaker 2: a catch up on the week that was had the

997
00:43:22,239 --> 00:43:24,560
Speaker 2: best remainder of the week. We love you, babes.

998
00:43:31,800 --> 00:43:34,400
Speaker 4: The advice shared on She's on the Money is generally

999
00:43:34,560 --> 00:43:38,360
Speaker 4: nature and does not consider your individual circumstances. She's on

1000
00:43:38,400 --> 00:43:41,880
Speaker 4: the Money exists purely for educational purposes and should not

1001
00:43:41,960 --> 00:43:44,960
Speaker 4: be relied upon to make an investment or financial decision.

1002
00:43:45,320 --> 00:43:47,759
Speaker 4: If you do choose to buy a financial product, read

1003
00:43:47,800 --> 00:43:51,120
Speaker 4: the PDS TMD and obtain appropriate financial.

1004
00:43:50,719 --> 00:43:52,520
Speaker 2: Advice tailored towards your needs.

1005
00:43:52,840 --> 00:43:56,800
Speaker 4: Victoria Divine and She's on the Money are authorized representatives

1006
00:43:56,840 --> 00:44:00,560
Speaker 4: of money. Sirper Pty Ltd ABN three P two one

1007
00:44:00,760 --> 00:44:04,000
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1008
00:44:04,040 --> 00:44:08,320
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