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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.

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Speaker 3: She's on the Money.

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Speaker 4: She's on the Money.

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Speaker 5: Hello, and welcome to She's on the Money, the podcast

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Speaker 5: for millennials who want financial freedom. Welcome back to another

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Speaker 5: one of our money diaries where I get the opportunity

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Speaker 5: to talk to one of our incredible She's on the

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Speaker 5: Money community members all about their journey. Let's jump straight

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Speaker 5: into it, because this week I got a message and

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Speaker 5: it went like this.

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Speaker 2: HI ve growing up in.

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Speaker 5: A barefoot investor household and studying commerce, so I always

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Speaker 5: thought I had a good grip on my finances. But

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Speaker 5: after a bad and manipulative relationship I was left with

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Speaker 5: nothing in my bank account. After a year of living

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Speaker 5: on my own, I was still struggling, so I decided

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Speaker 5: to move back in with my parents. And I'm feeling

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Speaker 5: so many emotions. I would love to share my experience

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Speaker 5: of letting go of my ego and starting again. Money Diarist,

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Speaker 5: I'm really excited for this one. I think this is

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Speaker 5: going to be an epic money diary, I hope.

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Speaker 3: So I'm excited to be here.

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Speaker 2: Welcome to the show. Oh my gosh, I'm excited to

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Speaker 2: have you.

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Speaker 3: Thank you.

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Speaker 2: All right, let's dive straight into it.

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Speaker 5: The first question I always ask is moneyt If I

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Speaker 5: forced you to give your money habits a grade from

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Speaker 5: A through to F, what would you give your money habits.

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Speaker 3: I'm gonna say it's a solid B.

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Speaker 5: A solid be all right, let's learn a little bit

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Speaker 5: more about it with my favorite question of all time,

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Speaker 5: money Diarist, Can you.

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Speaker 2: Tell me a little bit more about your money story?

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Speaker 3: Sure? So, it probably would be beneficial.

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Speaker 2: To start from the start studying.

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Speaker 3: Yep, may as well. Growing up, I was always really independent.

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Speaker 3: I always had a job, and I always had money

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Speaker 3: coming through my bank account. So I guess like my

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Speaker 3: attitude towards money was really relaxed because I always knew

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Speaker 3: my bills were going to get paid. I was gonna

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Speaker 3: have another paycheck comes through in the next fortnight. I

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Speaker 3: felt pretty secure and pretty laid back about everything, and

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Speaker 3: as well, like, yeah, in the environment I grew up

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Speaker 3: and I was super privileged. I had parents who were

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Speaker 3: really into the barefoot investor that changed their life. I

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Speaker 3: have a dad for an accountant, so like he is

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Speaker 3: a spreadsheet.

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Speaker 2: King, so's mine. I feel like same literally same.

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Speaker 3: Yeah, and it's like every single holiday or every single

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Speaker 3: expense is meticulously planned with a spreadsheet. So yeah, No,

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Speaker 3: I definitely had a wealth of resources around me. And

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Speaker 3: I even did a degree in commerce as well.

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Speaker 2: Ooh that's sexy.

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Speaker 3: Yeah yeah, economics and finance is my seeing.

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Speaker 2: Who just drops that?

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Speaker 5: Oh yeah, I also just did a degree in economics.

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Speaker 5: And finally, no, Biggie and I work in a bank,

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Speaker 5: so you're surrounded by money and then when you're bored,

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Speaker 5: you're like, oh my gosh, when I'm not surrounded by money,

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Speaker 5: I'm going to listen to a money podcast, right'.

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Speaker 2: I love that for you.

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Speaker 3: Yeah yeah, no, So growing up and even now, like

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Speaker 3: I just have such a wealth of resources around me,

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Speaker 3: and I know I'm very privileged in that respect to

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Speaker 3: have that, but I always was so laid back with

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Speaker 3: my finances and budgeting. I didn't really do much, if

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Speaker 3: that makes sense.

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Speaker 2: It just worked.

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Speaker 5: Is that because your parents were good at being barefoot

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Speaker 5: investor followers or like, how did that come to fruition?

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Speaker 5: Was that something that they had done since you can remember,

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Speaker 5: or did they introduce that a little bit later in life?

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Speaker 2: Like what did that look like?

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Speaker 3: I mean, I won't go too far into their money story,

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Speaker 3: but it really changed their world, Like from when I

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Speaker 3: was younger, I didn't really know too much about it,

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Speaker 3: but I definitely saw that tool change their mindset growing up.

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Speaker 3: So I saw this development and change in them over

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Speaker 3: the years. And yeah, I guess after seeing that, you know,

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Speaker 3: I thought I was exactly the same and that I

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Speaker 3: didn't really need to do any kind of budgeting or

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Speaker 3: build up a spreadsheet or anything like that. I didn't

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Speaker 3: think that that was necessary because I had all these resources.

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Speaker 5: And that kind of makes sense because once you have

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Speaker 5: been taught like a structure, and you have a solid

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Speaker 5: framework and you kind of work towards that, and that's

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Speaker 5: just kind of your default, which it's not for many right,

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Speaker 5: If that's your default, you're kind of like, well, why

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Speaker 5: would I do a budget because I already have a

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Speaker 5: really good handle of what's coming in and what's going out,

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Speaker 5: because that's just how I work. Like it's uncommon, it's

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Speaker 5: very sexy, my friend, But it's one of those things

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Speaker 5: where you're like, I don't know why I need a budget,

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Speaker 5: and then other people who might be a mountains amounts

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Speaker 5: of debt go what do you mean you don't know

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Speaker 5: if you need a budget or not. Of course you

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Speaker 5: need a budget, but it's all these different experiences where, yeah,

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Speaker 5: I find it really cool that you grew up with

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Speaker 5: the barefoot method because it is such a tried and

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Speaker 5: true method of just going, okay, well this amount goes

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Speaker 5: here and this amount goes there, and you don't have

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Speaker 5: to meticulously track it each and every single day or

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Speaker 5: even each month, but it can just work.

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Speaker 2: Is that still how you work when it comes to money?

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Speaker 3: Definitely not. I'm definitely in a discovery phase, i'd say,

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Speaker 3: of what works and what doesn't and actually being open

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Speaker 3: to different resources to try to figure out what am

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Speaker 3: I like working towards and how can I get there

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Speaker 3: with something that works for how I operate? I guess yeah.

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Speaker 5: Now this is a really pointed question, because please don't

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Speaker 5: get me wrong, I actually really like the Barefoot method,

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Speaker 5: but I find it was written for a demographic of

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Speaker 5: people that are not you. Yeah, you look young and

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Speaker 5: quite early in your journey, and I feel like the

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Speaker 5: Barefoot method was really written for people who potentially are

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Speaker 5: already parents, who have the goal of owning their own

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Speaker 5: home and paying it off before retirement and retiring comfortably,

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Speaker 5: maybe with a pension, because obviously that's part of the

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Speaker 5: Barefoot journey. If you can get that, then that is

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Speaker 5: kind of helpful. But I find from my experience within

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Speaker 5: the Sheese on the Money community, those buckets and the

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Speaker 5: percentages just don't work for our community in the same

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Speaker 5: way that they might work for a different generation, Which

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Speaker 5: doesn't mean they're wrong, It just means we might want

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Speaker 5: different things. Is that where you're finding I guess things

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Speaker 5: starting to come to a grinding holt or like, what's

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Speaker 5: prompting you to want different resources?

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Speaker 3: Yeah? I mean I tried this method, or my version

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Speaker 3: of this method, because I had a bit of an ego,

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Speaker 3: so I kind of half did it, and it just

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Speaker 3: wasn't working. I wasn't seeing results for me. And then

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Speaker 3: I went through a pretty rough relationship where I just

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Speaker 3: used all my buckets because I thought that, you know,

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Speaker 3: if there's still money coming through the door, I can

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Speaker 3: just replenish the bucket if that makes sense, Like next fortnight,

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Speaker 3: I'll just you know, cover what I took out of

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Speaker 3: that bucket and it'll all be okay.

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Speaker 5: And how did that end up impacting your decision to

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Speaker 5: move back in Financially things weren't going well. Can you

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Speaker 5: tell me a bit more about that? And I guess

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Speaker 5: how that plays into your money story.

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Speaker 3: Yeah, of course. So when I left that relationship, I

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Speaker 3: moved into an apartment on my own and I thought, okay, great,

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Speaker 3: finally I'm not tied to that anymore. I can save

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Speaker 3: I can have full autonomy of my money. And you know,

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Speaker 3: I lived there for a year and I just found

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Speaker 3: out very quickly that I was spending a lot of

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Speaker 3: money to kind of instantly satisfy myself and that instant gratification,

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Speaker 3: and that I actually wasn't saving very much at all,

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Speaker 3: in fact, very little. And I was looking at the

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Speaker 3: rent prices and like I could afford one hundred and

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Speaker 3: fifty dollars extra than what I was paying before. But

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Speaker 3: should I like? That was the question, and so yeah,

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Speaker 3: I had to chat with my parents and just decided

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Speaker 3: that it'd be best if I, you know, move back home,

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Speaker 3: have have a bit of time to settle and really

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Speaker 3: reevaluate what I want to do. What are my goals?

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Speaker 3: Those big questions.

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Speaker 2: I love that.

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Speaker 5: Can you tell me a little bit more about what

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Speaker 5: you do for work and how much money you earn?

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Speaker 5: I know you dropped just before. I work in a bank,

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Speaker 5: but I'm going to need more than that bad of course.

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Speaker 3: Of course. So I'm a credit risk analyst for a

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Speaker 3: bank and I earn about eighty two thousand plus a

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Speaker 3: bonus once a year, and that's depending on performance.

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Speaker 2: Ooh, how good's that? What does a bonus often look like?

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Speaker 5: Is that like a thousand dollars or is it you know,

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Speaker 5: more than that, or is it like fifty bucks and

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Speaker 5: a gift card?

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Speaker 2: And you know, because they're different levels, my friend.

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Speaker 3: Fair fair, I'd say it's between one thousand to ten

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Speaker 3: thousand pre tax before ooh, very.

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Speaker 5: Nass, just depending on performance of the company and your

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Speaker 5: performance and stuff like that.

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Speaker 3: Yeah, yeah, exactly right.

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Speaker 2: How fun?

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Speaker 1: All right?

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Speaker 5: I want to obviously you've moved back in with your

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Speaker 5: parents to like re establish your goals and work out

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Speaker 5: what you're actually going to do and what is important

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Speaker 5: to you.

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Speaker 2: But do you have a big money goal? If so,

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Speaker 2: what is it? What are we working towards?

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Speaker 3: Yeah, so probably in the short term paying for dental

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Speaker 3: work that's expensive, so saving up for a lot of

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Speaker 3: dental work that I've wanted to get done for ages

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Speaker 3: and doing a bit of travel as well. But long term,

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Speaker 3: we're still in the discovery phase of what I want

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Speaker 3: to achieve. So watch this space.

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Speaker 5: I love that dental work is honestly so expensive. Like

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Speaker 5: I feel like people look at me and they go, Victoria,

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Speaker 5: you wouldn't have needed significant dental work, but I did,

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Speaker 5: and it cost literally tens of.

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Speaker 2: Thousands of dollars.

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Speaker 5: And I'm still looking in the mirror being like kind

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Speaker 5: of same though, I don't know where we're going with this.

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Speaker 2: It's so expensive.

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Speaker 5: Is this something that's going to cost you two or

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Speaker 5: ten or twenty grand? What are we saving up for here?

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Speaker 3: I'm estimating around seven at the moment. Yeah, it's so expensive,

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Speaker 3: and I don't know how much I'm going to get

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Speaker 3: back on from like private health cover, but yeah, saving

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Speaker 3: for that, it.

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Speaker 5: All adds up. All right, I've got heaps of questions.

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Speaker 5: Let's go to a really quick break and on the

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Speaker 5: flip side. I want to know about your investments. I

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Speaker 5: want to know about debt. I want to know about

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Speaker 5: best and worse money habits. Guys don't go anywhere. All right,

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Speaker 5: money Diarist, we are back, and I am really enjoying this.

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Speaker 5: I feel like I can really connect with you because

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Speaker 5: the second you said I have an accountant as a

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Speaker 5: dad and he's obsessed with spreadsheets. I was like, yeah, babe, same, same,

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Speaker 5: Like if anything happens in my life, my dad's like, oh, yeah,

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Speaker 5: we can make a spreadsheet for that. That's no worries,

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Speaker 5: Like we can work it out. I talk about my

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Speaker 5: house hindos, He's like, oh, can I see a spreadsheet

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Speaker 5: for that. I talk about, you know, potentially having babies.

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Speaker 5: He's like, are you tracking all of that? Yeah, of

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Speaker 5: course I am.

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Speaker 2: Don't worry, Dad, don't worry. I've got you.

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Speaker 5: So I want to know about invest If you grew

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Speaker 5: up in the barefoot investor household, you would know that

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Speaker 5: Scottie Pape loves a bit of an index fund. Are

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Speaker 5: you investing, If so, what in If not, what are

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Speaker 5: your thoughts.

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Speaker 3: I'm actually not currently investing at the moment, and it's

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Speaker 3: probably for a reason that not many people would experience.

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Speaker 3: With my job, were actually considered privileged in terms of information.

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Speaker 3: So if anyone doesn't really know what that means, it

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Speaker 3: means that the information that I get to hear is

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Speaker 3: quite influential in terms of the stock market. So anything

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Speaker 3: that I invest in, if I invest in something a

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Speaker 3: bit sus it could be considered inside trading, which is

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Speaker 3: very bad. So the reason I haven't invested yet is

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Speaker 3: because all of my investments would be tracked and I'd

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Speaker 3: actually have to get approval from HAH before I do anything.

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Speaker 3: So it's like another barrier for investing. It's not because

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Speaker 3: I I don't want to, it's just because I don't

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Speaker 3: want to go through that process.

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Speaker 2: That's absolutely fair.

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Speaker 5: I have had a couple of friends in that situation

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Speaker 5: and I found that their favorite way of I won't

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Speaker 5: say getting out of it, but just circumventing how complex

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Speaker 5: that can be, is going with an ETF or a

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Speaker 5: managed fund or something where it's kind of the decision

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Speaker 5: making process is out of your hands. It's not you

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Speaker 5: going and buying individual shares. But if you want to

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Speaker 5: have a coffee and a chat later and you want

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Speaker 5: to tell me all of the top secreted information that

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Speaker 5: you have, I'm so down for that. And I promise

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Speaker 5: I'll cross my fingers and put them under the table now.

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Speaker 5: I won't do anything with the information.

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Speaker 3: It might be the last coffee I have, Victoria, I mean,

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Speaker 3: maybe worth it for me.

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Speaker 5: I kid, I kid. I want to know about debt.

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Speaker 5: Now tell me are you in debt? If so, what for?

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Speaker 2: And if not? Have you been in debt before?

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Speaker 1: Ah?

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Speaker 3: Yeah, I did have a car loan which I paid

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Speaker 3: off about a year ago, so that was seven grand.

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Speaker 3: I was really happy when I did that. Such an accomplishment.

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Speaker 2: It feels good. Hey, the second you get rid of it,

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Speaker 2: you're like, yes, and I.

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Speaker 3: Can finally appreciate my car.

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Speaker 5: Yeah. It doesn't feel like a debt when you get

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Speaker 5: into it and you're like not feeling as though, oh

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Speaker 5: this is lauding over me.

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Speaker 3: Yeah. Yeah. But other than that, I just have my

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Speaker 3: hex debt remaining, which is thirty two grand.

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Speaker 5: And is this because you grew up in a household

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Speaker 5: where debt was not something that you took on. Or

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Speaker 5: is this just you know it never came up or

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Speaker 5: I want to know a bit more about I guess

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Speaker 5: the decision making process because, as you said before, you

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Speaker 5: were like, oh.

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Speaker 2: I have You're acknowledging.

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Speaker 5: I have so many resources and I'm really privileged, and

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Speaker 5: I feel like that's an epic position to be in.

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Speaker 5: But I also have a sneaky feeling that means you

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Speaker 5: knew about.

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Speaker 2: Debt before it could get you.

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Speaker 3: Yeah. I mean I feel okay about debt, but in

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Speaker 3: the right way. I know that if I had a

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Speaker 3: credit card, I would spend all that money. I just

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Speaker 3: know that about myself now. And I've seen others in

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Speaker 3: my circle of influence who've you know, had access to debt,

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Speaker 3: and really it just not end well for them. So

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Speaker 3: I'm a little bit apprehensive when it comes to loans now.

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Speaker 3: I really consider every option before going down the debt route,

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Speaker 3: just because I've seen how bad it can get with

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Speaker 3: some of my friends.

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Speaker 2: Yeah, it's crazy, all right.

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Speaker 5: I want to know, because I feel like you've given

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Speaker 5: some pretty good money habits thus far. What do you

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Speaker 5: think your best money habit is.

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Speaker 3: Oh yeah, my best money habit is I don't do cash.

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Speaker 2: You don't do cash.

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Speaker 3: I don't do cash. And what happens is if I'm say,

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Speaker 3: I shouted my mate of coffee and she hands me

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Speaker 3: a five dollar note as you know payment, I won't

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Speaker 3: use that five dollar note. I'll just put it in

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Speaker 3: a little piggybank that I have at home, and I'll

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Speaker 3: just cover the cost of that coffee.

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Speaker 2: And then what do you do with the money in

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Speaker 2: a piggybank? Though, I need to know. There's so many

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Speaker 2: questions they're not answered.

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Speaker 3: It's just an im agency fun. It's just I let

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Speaker 3: it sit there. If it gets to about five hundred dollars,

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Speaker 3: I'll put it in the bank.

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Speaker 2: Oh how good.

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Speaker 3: Yeah?

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Speaker 2: And how often does that happen?

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Speaker 5: Like how often are you collecting cash that you refuse

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Speaker 5: to spend.

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Speaker 3: I'd say like probably once a month. I mean it

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Speaker 3: comes and goes like Christmas time, when I have, say

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Speaker 3: cash from the grandparents.

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Speaker 2: Yeah, that adds up quickly.

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Speaker 3: Yeah exactly. Or if I'm selling something on marketplace, you'll

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Speaker 3: get handed cash and yeah, I just I don't use

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Speaker 3: it and I'll cover the cost.

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Speaker 2: I love that.

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Speaker 5: I wish you could teach me that as a habit.

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Speaker 5: I have this massive toxic trait where if someone hands

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Speaker 5: me cash, I'm like, that's free money, that's free money.

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Speaker 5: I don't have it, and if I spend it, my

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Speaker 5: bank account does not go down. Twenty dollars on fish bowl. Yep,

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Speaker 5: that's fine, it was free, that's absolutely fine. I'm shouting

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Speaker 5: everybody coffees. Yeah, if I have cash, I will literally

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Speaker 5: waste it. So if you give me cash, it's like

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Speaker 5: the most toxic thing ever. I would never work well

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Speaker 5: on those envelope systems that people have because I'd be like, well,

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Speaker 5: now I've just got a heap of envelopes full of

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Speaker 5: free money.

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Speaker 2: I'm just going to spend it. Useless, absolutely useless. That's

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Speaker 2: my toxic trait. But I need to know yours. What

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Speaker 2: is your worst money? Have it, my friend?

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Speaker 3: My toxic trait is definitely that instant gratification spending. Like

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Speaker 3: I get so excited if I find one pair of pants,

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Speaker 3: I have to buy three. It says a fifty percent

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Speaker 3: off sale. I have to spend four hundred dollars. It's bad,

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Speaker 3: but I'm getting better, and I at least can identify

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Speaker 3: that it's bad spending, and now I'm slowly trying to

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Speaker 3: reduce that.

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Speaker 2: I feel like I can really relate to you.

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Speaker 5: If there is something that I love, like you said before,

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Speaker 5: a pair of pants and they come in other colors,

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Speaker 5: I'll convince myself I need them even if I don't

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Speaker 5: wear those colors.

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Speaker 2: Oh yeah, I'll be like, these are the best pants

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Speaker 2: in the entire world. Do you know what They'll be

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Speaker 2: better in beije. It's stunning. Oh my gosh, I love

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Speaker 2: that so much.

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Speaker 5: I feel like I have learned a heap about you

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Speaker 5: and what you've gone through, and I kind of love

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Speaker 5: that you grew.

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Speaker 2: Up as a barefoot investor kid.

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Speaker 5: But you're also like, I still am not sure what

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Speaker 5: it is going on when it comes to money.

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Speaker 2: I want to know now.

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Speaker 5: At the start of this, you told me that you

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Speaker 5: were a bee. You said I rate my money habits

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Speaker 5: a B. But then I feel like you've just got

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Speaker 5: this epic amount of self reflection and you've been able

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Speaker 5: to put you know, you said you had an ego.

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Speaker 2: I have not picked up on that at all.

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Speaker 5: Maybe I think you're just deciding that you've got an ego,

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Speaker 5: because if anyone in this conversation has an ego, Baby,

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Speaker 5: it's me sorry, and there's not enough room in this

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Speaker 5: conversation for both of us to have one. But I

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Speaker 5: feel like you've just gone through so many good money

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Speaker 5: habits and talking about debt and having only had your

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Speaker 5: car loan but paying that off, and this massive decision

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Speaker 5: to move back in with your parents, because even though

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Speaker 5: that can be a massive struggle, it's obviously, you know,

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Speaker 5: a step backwards to go two, three, five ken steps forwards.

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Speaker 2: In the future.

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Speaker 5: And even though you're not super clear on what your

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Speaker 5: big money goal is right now, I feel like whatever

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Speaker 5: it is is going to be so much more achievable

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Speaker 5: now because of the past work that you've done. Do

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Speaker 5: you think, now having had this conversation, that you're a

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Speaker 5: B when it comes to money?

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Speaker 3: I think maybe a B plus. I think you have

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Speaker 3: inflated my ego, even if you're not picking up on it.

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Speaker 3: Thank you very much. You're welcome.

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Speaker 2: You're welcome here or.

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Speaker 3: Dam it queen supporting queens? Thank you. Yeah, I think

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Speaker 3: maybe a B plus. Like I said, I still I'm

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Speaker 3: in a very discovery phase of what I'm trying to achieve,

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Speaker 3: and at least now that I have the breathing space

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Speaker 3: to figure that out. The grade will go up. I

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Speaker 3: definitely believe the grade will go up in the foreseeable future.

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Speaker 5: What steps do you think you would have to take

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Speaker 5: to get to an A plus?

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Speaker 2: What would that actually look like?

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Speaker 5: Is that more around goal setting or is that more

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Speaker 5: around I guess, actual financial change.

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Speaker 3: Yeah, I definitely want to unlearn my spending behaviors because

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Speaker 3: right now it's still very much that instant gratification. So

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Speaker 3: I'm in the process of unlearning that and learning to

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Speaker 3: not get at that excitement of purchasing things and getting

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Speaker 3: really excited for two seconds. So that definitely, and also

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Speaker 3: having a long term savings goal. I have some short

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Speaker 3: term ones, but having like smart long term goals.

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Speaker 5: Love all right, oh my gosh, unfortunately that is all

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Speaker 5: we have time for today, but money, Diarist. It has

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Speaker 5: been an absolute pleasure getting to know you and learn

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Speaker 5: a little bit more about your story. I feel like

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Speaker 5: it might give some other people a lot of permission

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Speaker 5: to maybe make similar decisions that put themselves in the

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Speaker 5: best possible financial position, even if it means putting your ego.

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Speaker 2: Aside for a moment.

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Speaker 5: Yeah, definitely, thank you so much for coming on Thanks Victoria.

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Speaker 6: The advice shared on She's on the Money is generally

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00:20:49,880 --> 00:20:53,639
Speaker 6: nature and does not consider your individual circumstances. She's on

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Speaker 6: the Money exists purely for educational purposes and should not

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00:20:57,240 --> 00:21:00,000
Speaker 6: be relied upon to make an investment or financial disease.

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00:21:00,640 --> 00:21:03,080
Speaker 6: If you do choose to buy a financial product, read

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00:21:03,119 --> 00:21:06,440
Speaker 6: the PDS TMD and obtain appropriate financial.

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Speaker 2: Advice tailored towards your needs.

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Speaker 6: Victoria, Divine and Sheese on the Money are authorized representatives

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Speaker 6: of Money sherper P T Y lt D A b

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Speaker 6: N three two one six four nine two seven seven

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Speaker 6: zero eight afs L four five one two eight nine