WEBVTT - Community Q&A

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<v Speaker 1>She's on the money. She's on the Money. Hello and welcome.

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<v Speaker 1>She's on the Money. The podcast for millennials who want

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<v Speaker 1>financial freedom. Now, today we've decided to shake things up

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<v Speaker 1>a little bit. It's Q and eight A and we'll

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<v Speaker 1>be answering our community's most burning finance career and life topics.

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<v Speaker 1>And boy oh boy are there talking about boy crack

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<v Speaker 1>is to get to Well, maybe that'll come up. There

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<v Speaker 1>actually is a question about partners at one point, So okay,

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<v Speaker 1>I like, She's on the Money, the podcast for millennials who.

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<v Speaker 2>Just want advice, like, not financial freedom. We're now just

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<v Speaker 2>working towards an advice style that.

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<v Speaker 1>Could be and do it well. That could be a

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<v Speaker 1>new pod girl we'll talk about in our lifestyle stunning. Now.

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<v Speaker 1>My name is Georgia King. I'm a what am I

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<v Speaker 1>a podcaster? General? No copyright? I don't even know who

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<v Speaker 1>you are?

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<v Speaker 2>Now?

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<v Speaker 3>Maybe to go into pop culture that could be fun.

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<v Speaker 3>Joining me as always is Victoria Divine V. Why are

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<v Speaker 3>you so excited about today's Q and A episode is

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<v Speaker 3>a bit different from us.

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<v Speaker 2>I just think it's really fun, how fun to do

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<v Speaker 2>a little Q and A. I feel like we should

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<v Speaker 2>do more of these, I mean, depending on how this

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<v Speaker 2>one goes, but being able to interact with the community

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<v Speaker 2>is literally my favorite thing ever. So knowing that we

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<v Speaker 2>just get to answer a whole bunch of community questions

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<v Speaker 2>on an entire episode hopefully is going to be really

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<v Speaker 2>relatable but also super fun for you guys to listen

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<v Speaker 2>to as well, because we've both tried Georgia really hard

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<v Speaker 2>to make sure that all the questions are kind of

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<v Speaker 2>ones you probably were already thinking about, not necessarily just

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<v Speaker 2>like left of field ones where people are giving their

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<v Speaker 2>entire life story and you're like, that has nothing to

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<v Speaker 2>do with me. So hopefully everyone can learn a little

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<v Speaker 2>bit and you know, take away few hot tips that

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<v Speaker 2>might help them financially.

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<v Speaker 1>The questions are quite varied as well, which we love.

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<v Speaker 1>And before we get into it, just a pig shout

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<v Speaker 1>out to everyone who responded to my Q and a

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<v Speaker 1>post in the group V you were impressed with the photoshop, Yeah,

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<v Speaker 1>if I recall correctly, but no, we had such a

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<v Speaker 1>great response and unfortunately not every question could be in here,

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<v Speaker 1>otherwise we would be here until twenty twenty two. All Right,

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<v Speaker 1>the enough chatter from us, Let's get into it. Our

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<v Speaker 1>first question for today is from Christina, who has asked,

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<v Speaker 1>how can you save for a house deposit and invest

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<v Speaker 1>in shares at the same time. Is it better to

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<v Speaker 1>take longer to save up and invest simultaneously or should

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<v Speaker 1>you focus all of your energy on saving first Georgia

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<v Speaker 1>poor Kenna lost us Ni.

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<v Speaker 2>No, that's probably not the answer, and that's actually still

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<v Speaker 2>my favorite ad like why not both? And the reason

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<v Speaker 2>is because it's slowing down your goal and being able

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<v Speaker 2>to achieve them. So, if you want to save for

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<v Speaker 2>a house deposit, we all know that is one of

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<v Speaker 2>the most overwhelming financial goals you can take on yourself,

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<v Speaker 2>and to save up probably one hundred thousand dollars is

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<v Speaker 2>going to take not only a significant sacrifice on your behalf,

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<v Speaker 2>but a significant chunk of your time. And so when

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<v Speaker 2>it comes to saving for a house deposit, when it

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<v Speaker 2>comes to my clients, and when it comes to my

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<v Speaker 2>friends and most people in our community, you often see

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<v Speaker 2>people say, you know what, I'm not going to invest

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<v Speaker 2>in shares while saving for a house deposit because that's

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<v Speaker 2>going to slow down my goal of getting into the

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<v Speaker 2>housing market, which I think is really reasonable and something

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<v Speaker 2>we all need to consider. But the answer is actually

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<v Speaker 2>based on your individual budget and your individual cash flow.

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<v Speaker 2>For example, Georgie, if you said to me the I've

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<v Speaker 2>got five hundred dollars a month that I can put

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<v Speaker 2>into a house deposit, and I go, great, Gee, that's

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<v Speaker 2>really exciting. You're going to be able to save and

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<v Speaker 2>you know what time frame does that look like? You

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<v Speaker 2>to achieve my goal, It's going to take ten years,

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<v Speaker 2>and I go, Okay, fantastic, let's start working towards that.

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<v Speaker 1>But investing in chairs, as.

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<v Speaker 2>Much as I'm obviously very excited about it, is another

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<v Speaker 2>asset that is going to take away your cash flow.

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<v Speaker 2>And essentially, the more you're putting into the house opposite,

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<v Speaker 2>the quicker you're going to be able to achieve that goal.

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<v Speaker 2>So it's all about priorities. And I think that too

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<v Speaker 2>many times people listen to Shees on the Money and

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<v Speaker 2>listen to me and to you, George, and they go,

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<v Speaker 2>oh my gosh, like, oh, I feel like I'm missing

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<v Speaker 2>out because I'm not investing in chairs yet. You don't

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<v Speaker 2>have to start today, you can start in the future.

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<v Speaker 2>You can start at whatever time works for you. And

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<v Speaker 2>as we always say, George, get out of personal debt

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<v Speaker 2>before you start saving for a house deposit or start

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<v Speaker 2>investing in chares, because investing in debt reduction is an

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<v Speaker 2>investment in itself. But I don't genuinely believe that there

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<v Speaker 2>is a straight answer to is it better to take

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<v Speaker 2>longer to save up and invest simultaneously or focus all

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<v Speaker 2>your energy on your savings first, because the answer isn't

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<v Speaker 2>necessarily a financial one, but more a personal goals one.

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<v Speaker 2>So if I said to you, Georgia, all right, well

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<v Speaker 2>do you want to buy a house first or save

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<v Speaker 2>for shares, you might go be all I want is

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<v Speaker 2>a house. I want to get into the property market asap.

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<v Speaker 2>And in which case I'd say, okay, well, your goals

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<v Speaker 2>are more aligned to saving for a house to posit,

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<v Speaker 2>maybe put the shares on the shelf for a little while,

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<v Speaker 2>and once you've got your mortgage and you know what

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<v Speaker 2>your cash flow looks like, at that point where we

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<v Speaker 2>can start an investment portfolio. But if you go, oh,

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<v Speaker 2>I'm saving for a house, but like, I'm really passionate

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<v Speaker 2>about shares, and I don't mind if that goal of

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<v Speaker 2>saving for a house takes me a little bit longer,

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<v Speaker 2>then great, we can do both at once. But it's

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<v Speaker 2>definitely down to what is going to suit you, what

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<v Speaker 2>is going to suit your lifestyle, and why are we

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<v Speaker 2>making these decisions? Yeah?

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<v Speaker 1>Perfect, So, yeah, it just depends on your priorities, and

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<v Speaker 1>you're welcome to do both at once if you like,

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<v Speaker 1>but that may not serve you if you do have

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<v Speaker 1>the priority of getting straight into the housing market.

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<v Speaker 2>Yeah. Absolutely, Like, for example, Georgia, I put purchasing shares

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<v Speaker 2>on hold for a little while while Steve and I

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<v Speaker 2>aggressively saved the rest of our house deposit because I

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<v Speaker 2>was like, no, I just want every dollar that we

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<v Speaker 2>have going into this house deposit so that we can

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<v Speaker 2>get there sooner. And now that we have the mortgage,

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<v Speaker 2>I'm now investing again. But again, everybody's cash flow and

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<v Speaker 2>budget is going to be different.

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<v Speaker 1>Love that, Okay, hopefully that helps you out there, Christina.

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<v Speaker 1>Our next question V is from Julie. Now. She wants

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<v Speaker 1>to know where she should focus as a woman in

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<v Speaker 1>her forties who hasn't always made the best life choices,

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<v Speaker 1>mostly when it comes to men.

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<v Speaker 2>She says, I mean, i'd say relatable, but it's not

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<v Speaker 2>relatable to me yet yet.

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<v Speaker 1>So she's asking if she should focus on her super

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<v Speaker 1>or outside investments. Her real concern is that she might

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<v Speaker 1>be spreading her finances a little too thin and is

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<v Speaker 1>wondering if it is better to focus on one area

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<v Speaker 1>instead of multiple.

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<v Speaker 2>I'm gonna be a typical financial advisor and say, if

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<v Speaker 2>you're in your forties and that's the situation you are in,

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<v Speaker 2>speak to a financial advisor. I promise you it will

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<v Speaker 2>be one of the best investments you make, because not

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<v Speaker 2>only are they going to show you where to not

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<v Speaker 2>spread yourself thin, they're actually going to be able to

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<v Speaker 2>create a strategy that turbo charges your super or any

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<v Speaker 2>of your other investments to make sure that you're achieving

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<v Speaker 2>the financial freedom and the retirement that you want to.

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<v Speaker 2>If you're in your forties, it's very likely you have

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<v Speaker 2>maybe twenty twenty five years left of working, which is

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<v Speaker 2>so much time.

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<v Speaker 1>Like you have not.

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<v Speaker 2>Left it too late. In fact, you have heaps of

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<v Speaker 2>time to create this wealth and actually get ahead. So

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<v Speaker 2>my advice would be go and see a financial advisor.

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<v Speaker 2>But obviously that isn't the most constructive answer, especially for

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<v Speaker 2>a podcast where we're trying to teach people financial freedom

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<v Speaker 2>on their own. So I would then say, definitely weigh

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<v Speaker 2>up what the difference is like with super it's an

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<v Speaker 2>incredibly tax effective environment, but there are also caps on

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<v Speaker 2>how much we can contribute each and every single year.

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<v Speaker 2>And in a situation where you are saying you maybe

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<v Speaker 2>haven't made the best financial choices historically, you're probably actually

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<v Speaker 2>going to want to do a mix of both because

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<v Speaker 2>if you are only focusing on, for example, superranuation and

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<v Speaker 2>there's a cap there, that's not going to actually get

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<v Speaker 2>you to your goal. So you're probably going to need

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<v Speaker 2>to do a mix of both, which is actually really

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<v Speaker 2>exciting because superanuation is something that is really easy to solve.

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<v Speaker 2>You can go to the government website and compare all

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<v Speaker 2>your different super funds and make a decision that is

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<v Speaker 2>right for you. But then when it comes to outside investment,

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<v Speaker 2>there are obviously plethoras of options that you could use.

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<v Speaker 2>Like you could go for a platform like shares is

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<v Speaker 2>where you get your individual shares. You could go and

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<v Speaker 2>chat to our friends at six Park and you know,

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<v Speaker 2>have it managed for you. You could go down the

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<v Speaker 2>route of picking literally any different type of brokerage platform

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<v Speaker 2>if shares are your type of investment. But again I

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<v Speaker 2>don't know what your asset portfolio looks like or your

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<v Speaker 2>goals look like all your time frame. So I think

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<v Speaker 2>the most important thing here is if you feel like

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<v Speaker 2>you haven't made the right financial choices thus far. There's

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<v Speaker 2>no such thing as too late. And it's definitely about

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<v Speaker 2>diversifying and getting some super stuff organized and also some

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<v Speaker 2>other investments. But in the long term, we're actually looking

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<v Speaker 2>at what we're trying to achieve for the future and

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<v Speaker 2>then maybe working back from it.

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<v Speaker 1>Perfect And if Julie does take you up on your

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<v Speaker 1>advice fee of seeing a financial advisor, where should she go?

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<v Speaker 1>Just quickly to find one?

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<v Speaker 2>So there's the acid website where you can look up

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<v Speaker 2>financial advisors. There is also a website where you can

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<v Speaker 2>look up financial advisors in your area. Or if you

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<v Speaker 2>have absolutely no idea, you can actually head to the

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<v Speaker 2>She's on the Money website, so uniform and we'll match

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<v Speaker 2>you with one of our friends who we know is

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<v Speaker 2>a good financial advisor.

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<v Speaker 1>Perfection, Hi bor, Right, So let's move on nowve to Rachelle. Hello, Rochelle,

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<v Speaker 1>she wants to know how to sensitively approach and discuss

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<v Speaker 1>your partner's bad financial habits.

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<v Speaker 2>Oh, having that chat is a struggle for some of us. Actually,

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<v Speaker 2>I would say it's a struggle for all of us,

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<v Speaker 2>because no one likes having a chat that's.

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<v Speaker 1>Awkward, Hey George, like, oh, no, thank you.

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<v Speaker 2>Whenever anything awkward is going on, I bury my head

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<v Speaker 2>in the sand and literally just ignore it, which is

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<v Speaker 2>absolutely not the best way to go about things, which

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<v Speaker 2>is probably why I shouldn't be giving the advice on

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<v Speaker 2>this one, Georgia. But if you're going to do it,

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<v Speaker 2>I would be organizing to have the chat and really

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<v Speaker 2>focus not necessarily on their bad quote financial habits, but

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<v Speaker 2>rather on what type of future you're building together, and

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<v Speaker 2>highlight how important it is for you guys to be

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<v Speaker 2>on the same team, not just mentally and you know,

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<v Speaker 2>when it comes to goal setting, but also financially. And

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<v Speaker 2>I also think to actually help you in this situation,

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<v Speaker 2>it's a really good thing to reflect on your personal

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<v Speaker 2>situation because as much as you might want to talk

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<v Speaker 2>about your partner's quote bad financial habits, we're not all perfect.

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<v Speaker 2>We all have things that maybe our partner gets a

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<v Speaker 2>little bit frustrated by. So I think reflecting on how

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<v Speaker 2>maybe we would want them to approach that conversation if

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<v Speaker 2>they wanted to approach it with us, is really helpful.

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<v Speaker 2>So not using accusatory language. I've talked about this before,

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<v Speaker 2>being really gentle, instead of saying things like, oh my gosh, Georgia,

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<v Speaker 2>you always spend all of the money. I can't believe

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<v Speaker 2>you do that to like, hey, I just really feel

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<v Speaker 2>like we don't have enough set goals that we're working

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<v Speaker 2>towards together, Like I just don't feel like we are

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<v Speaker 2>saving enough for X, Y and Z. And I think

0:11:23.320 --> 0:11:26.680
<v Speaker 2>changing the conversation from talking about your current behavior to

0:11:26.720 --> 0:11:30.199
<v Speaker 2>behavior we want to really start promoting is really important

0:11:30.520 --> 0:11:32.840
<v Speaker 2>because no one wants to be told they're bad at something,

0:11:33.120 --> 0:11:35.880
<v Speaker 2>but everyone can get on board with something when they

0:11:35.920 --> 0:11:38.600
<v Speaker 2>find the motivation. So he said, do you, George, I

0:11:38.640 --> 0:11:40.360
<v Speaker 2>really want to buy a house with you? I'm so

0:11:40.559 --> 0:11:43.640
<v Speaker 2>excited to do that. You're going to go v I

0:11:43.720 --> 0:11:46.280
<v Speaker 2>really want to do that too. I go, great, let's

0:11:46.280 --> 0:11:48.320
<v Speaker 2>make a plan. How do you think that we could

0:11:48.360 --> 0:11:50.800
<v Speaker 2>achieve that? Like, you know, how's your budget going? Do

0:11:50.840 --> 0:11:53.200
<v Speaker 2>you think you could set aside a certain amount each week?

0:11:53.280 --> 0:11:56.080
<v Speaker 2>I'm doing X, Y, Z and really showing that you're

0:11:56.120 --> 0:11:59.560
<v Speaker 2>walking the walk, not just expecting one thing from them

0:11:59.559 --> 0:12:02.640
<v Speaker 2>and doing another yourself. So always making sure that you're

0:12:02.640 --> 0:12:06.000
<v Speaker 2>on the same page. Is not just about saying Georgia,

0:12:06.080 --> 0:12:09.200
<v Speaker 2>you need to get on my page, but rather talking

0:12:09.240 --> 0:12:12.040
<v Speaker 2>about maybe creating a new page together and both be

0:12:12.240 --> 0:12:14.079
<v Speaker 2>excited about moving towards that.

0:12:14.960 --> 0:12:18.079
<v Speaker 1>Okay, so have those joint goals. And the other thing

0:12:18.120 --> 0:12:20.480
<v Speaker 1>I wanted to say Ve, as we do always say

0:12:20.520 --> 0:12:22.840
<v Speaker 1>on the pod, is that if you're if you're just

0:12:22.880 --> 0:12:26.720
<v Speaker 1>like I can't have this conversation, like it's too awkward,

0:12:26.720 --> 0:12:33.280
<v Speaker 1>it's too embarrassing. Just blame it on Vickid. Yeah a podcast. Yeah, yep,

0:12:33.400 --> 0:12:36.600
<v Speaker 1>she told me to do it. Sorry, Chol, I love you, Okay,

0:12:36.720 --> 0:12:40.000
<v Speaker 1>So hopefully that helps you. Rachelle Now Rachel is the

0:12:40.000 --> 0:12:43.680
<v Speaker 1>next one, which is fun similar. So Rachel wants to

0:12:43.720 --> 0:12:47.680
<v Speaker 1>know about salary sacrificing v when you have a hex stet,

0:12:48.000 --> 0:12:49.120
<v Speaker 1>So how does that work?

0:12:49.200 --> 0:12:51.520
<v Speaker 2>And is there a risk that you'll be worse off

0:12:51.679 --> 0:12:53.880
<v Speaker 2>for choosing to salary sacrifice if you do have a

0:12:53.920 --> 0:12:57.440
<v Speaker 2>hex stet? Okay, So for anyone who maybe doesn't know

0:12:57.480 --> 0:12:59.959
<v Speaker 2>what that means, we need to remember that our heck

0:13:00.160 --> 0:13:04.479
<v Speaker 2>stets are repaid according to what we earn. So, for example,

0:13:04.600 --> 0:13:06.920
<v Speaker 2>if you earn less than forty six thousand, six hundred

0:13:06.920 --> 0:13:09.760
<v Speaker 2>and twenty dollars Georgia King, you don't have to start

0:13:09.800 --> 0:13:12.560
<v Speaker 2>paying it off kind of money in but if you

0:13:12.640 --> 0:13:15.679
<v Speaker 2>earn over that and under fifty three eight hundred and

0:13:15.679 --> 0:13:18.840
<v Speaker 2>twenty six dollars George, then you'll need to pay one

0:13:18.880 --> 0:13:23.160
<v Speaker 2>percent of your salary towards your debts. So, roughly speaking,

0:13:23.280 --> 0:13:25.920
<v Speaker 2>the amount of HEX that you need to repay increases

0:13:26.040 --> 0:13:29.120
<v Speaker 2>yzo point five percent with every increase of five grand

0:13:29.200 --> 0:13:31.640
<v Speaker 2>or so to your salary. So you can find more

0:13:31.640 --> 0:13:35.360
<v Speaker 2>information about that if you literally just google Hex calculator

0:13:35.400 --> 0:13:37.360
<v Speaker 2>and you pop your salary in and it will tell

0:13:37.400 --> 0:13:40.720
<v Speaker 2>you exactly how much you pay. But when it comes

0:13:40.720 --> 0:13:43.040
<v Speaker 2>to salary sacrificing as well, for those of you who

0:13:43.040 --> 0:13:45.400
<v Speaker 2>don't know, it's an option that is available in many

0:13:45.440 --> 0:13:49.359
<v Speaker 2>workplaces where employees can actually opt for like a reduced

0:13:49.480 --> 0:13:53.679
<v Speaker 2>taxable income that then gives you additional benefits. So it

0:13:53.720 --> 0:13:55.959
<v Speaker 2>gives you benefits of like a phone or a car,

0:13:56.160 --> 0:13:58.760
<v Speaker 2>or maybe you'll have a food and entertainment card, which

0:13:58.760 --> 0:14:00.679
<v Speaker 2>I know a lot of people in health care have.

0:14:01.200 --> 0:14:03.200
<v Speaker 2>And things can get quite confusing when you don't have

0:14:03.200 --> 0:14:05.679
<v Speaker 2>a quote regular salary and you're taking some of your

0:14:05.679 --> 0:14:09.360
<v Speaker 2>salary and other benefits, and a salary sacrifice allows you

0:14:09.400 --> 0:14:13.400
<v Speaker 2>to do that. So basically, after defining both of those,

0:14:13.480 --> 0:14:16.120
<v Speaker 2>if you have a hex stet and your salary sacrificing,

0:14:16.360 --> 0:14:19.000
<v Speaker 2>it is very likely that you'll need to adjust your

0:14:19.040 --> 0:14:21.800
<v Speaker 2>repayments and ensure that they actually line up with your

0:14:21.840 --> 0:14:26.920
<v Speaker 2>annual taxable income and your total reportable fringe benefits amount,

0:14:27.080 --> 0:14:29.240
<v Speaker 2>which you're actually able to just find on your pay

0:14:29.280 --> 0:14:32.440
<v Speaker 2>slip very easily. And it's also really important to remember

0:14:32.480 --> 0:14:35.520
<v Speaker 2>that you're going to need to inform payroll of your hextet,

0:14:35.640 --> 0:14:39.280
<v Speaker 2>as they don't automatically just adjust repayments because they assume

0:14:39.320 --> 0:14:41.400
<v Speaker 2>you've got it because some people have it, some people don't,

0:14:41.480 --> 0:14:44.120
<v Speaker 2>some people are still paying it off, et cetera. And

0:14:44.200 --> 0:14:46.520
<v Speaker 2>you don't make adjustments and your ends up meaning that

0:14:46.560 --> 0:14:49.360
<v Speaker 2>you're only paying hex on your reduced income, because that

0:14:49.400 --> 0:14:53.080
<v Speaker 2>could land you with a very nice tax bill come June,

0:14:53.240 --> 0:14:56.480
<v Speaker 2>Thirsty or my birthday. Guys, So is there a risk

0:14:56.560 --> 0:14:59.200
<v Speaker 2>of you being worse off? Yes, when it comes to

0:14:59.440 --> 0:15:03.000
<v Speaker 2>getting a t ax bil. Nobody likes an unforeseen cost.

0:15:03.320 --> 0:15:06.080
<v Speaker 2>But at the same time, it all will equal out.

0:15:06.120 --> 0:15:09.040
<v Speaker 2>It's just going to be some good planning and making

0:15:09.080 --> 0:15:12.880
<v Speaker 2>sure that is in place, But nine times out of ten,

0:15:13.040 --> 0:15:16.520
<v Speaker 2>if your business offers salary sacrificing, they're going to have

0:15:16.600 --> 0:15:19.040
<v Speaker 2>someone in payroll who's going to be able to organize

0:15:19.080 --> 0:15:21.240
<v Speaker 2>that for you and make sure you are better off.

0:15:21.680 --> 0:15:24.440
<v Speaker 2>So in this situation, George, we're not actually talking about like,

0:15:24.520 --> 0:15:27.160
<v Speaker 2>oh my gosh, if you've got salary sacrifice, you need

0:15:27.200 --> 0:15:30.840
<v Speaker 2>to contribute more to your hex. It's not about paying

0:15:30.840 --> 0:15:34.400
<v Speaker 2>that debt off Quicker. It's actually about having the debt

0:15:34.440 --> 0:15:38.360
<v Speaker 2>paid off in relation to your whole taxable income, because

0:15:38.400 --> 0:15:42.000
<v Speaker 2>the tax man actually takes into account your salary sacrifices

0:15:42.040 --> 0:15:45.080
<v Speaker 2>a part of your salary package, and otherwise you might

0:15:45.120 --> 0:15:47.640
<v Speaker 2>find yourself in a pickle because it'll be calculated wrong,

0:15:47.680 --> 0:15:50.360
<v Speaker 2>which we do not want to occur, Dorge, We don't

0:15:50.400 --> 0:15:54.120
<v Speaker 2>want that. What if we say, you've got your your

0:15:54.120 --> 0:15:58.560
<v Speaker 2>reduced income and then you've got all of your benefits

0:15:58.680 --> 0:16:02.040
<v Speaker 2>which are they called free benefits, say from memory.

0:16:02.040 --> 0:16:06.600
<v Speaker 1>So if that compiled actually equates to more than what

0:16:06.680 --> 0:16:10.240
<v Speaker 1>you would be earning if you weren't salary sacrificing, does

0:16:10.280 --> 0:16:12.760
<v Speaker 1>that impact your hexort a like would you have to

0:16:12.760 --> 0:16:13.360
<v Speaker 1>pay more?

0:16:13.920 --> 0:16:16.720
<v Speaker 2>Yeah, Look, at the end of the day, example here

0:16:16.800 --> 0:16:19.600
<v Speaker 2>is say I have a sixty thousand dollar income and

0:16:19.800 --> 0:16:22.680
<v Speaker 2>my work are like, okay, cool, you can salary sacrifice

0:16:22.720 --> 0:16:25.520
<v Speaker 2>a cart to the amount of ten thousand dollars a year,

0:16:25.560 --> 0:16:27.600
<v Speaker 2>and I go, great, no problems, I'll take that entire

0:16:27.600 --> 0:16:30.440
<v Speaker 2>ten thousand dollars because round numbers and examples are shee.

0:16:31.280 --> 0:16:35.760
<v Speaker 2>So then your income has technically dropped to fifty thousand

0:16:35.800 --> 0:16:40.320
<v Speaker 2>dollars and your taxable income actually sits below that fifty three,

0:16:40.400 --> 0:16:43.400
<v Speaker 2>eight hundred and twenty six. So you're going to end

0:16:43.480 --> 0:16:46.720
<v Speaker 2>up in a situation where your take home money is

0:16:46.840 --> 0:16:49.600
<v Speaker 2>taxed at a different rate than the money that you

0:16:49.680 --> 0:16:52.960
<v Speaker 2>are salary sacrificing. But if I looked at your contract

0:16:53.080 --> 0:16:55.520
<v Speaker 2>or the taxman looked at your contract about how much

0:16:55.560 --> 0:16:59.960
<v Speaker 2>you're being remunerated, the total amount of remuneration you're receiving

0:17:00.200 --> 0:17:03.680
<v Speaker 2>is to the value of sixty thousand dollars. So yes,

0:17:03.800 --> 0:17:06.760
<v Speaker 2>tax would completely change because the ten thousand dollars. The

0:17:06.800 --> 0:17:09.840
<v Speaker 2>reason we salary sacrifice is to get some more benefit

0:17:09.920 --> 0:17:13.000
<v Speaker 2>out of our tax, which is really good. But HEX

0:17:13.119 --> 0:17:15.640
<v Speaker 2>doesn't work in exactly the same way. So we need

0:17:15.680 --> 0:17:17.400
<v Speaker 2>to make sure we don't shoot ourselves in the foot

0:17:17.400 --> 0:17:20.000
<v Speaker 2>and end up with a nasty hex bill at tax time,

0:17:20.119 --> 0:17:22.240
<v Speaker 2>which nobody wants, right.

0:17:22.160 --> 0:17:26.320
<v Speaker 1>Okay, gosh, finance can be complex. Kind I love it.

0:17:26.960 --> 0:17:29.120
<v Speaker 1>I know you do. My head's just spinning over here,

0:17:29.720 --> 0:17:32.760
<v Speaker 1>but hopefully that helps you as well. Rachel. We are

0:17:32.760 --> 0:17:35.359
<v Speaker 1>going to head to a very short break now, guys,

0:17:35.359 --> 0:17:37.560
<v Speaker 1>but on the other side we will be answering plenty

0:17:37.560 --> 0:17:44.960
<v Speaker 1>more of your questions, so please don't go anywhere. Alrighty b.

0:17:45.280 --> 0:17:49.680
<v Speaker 1>We have returned, and our first question up is from Talula.

0:17:50.119 --> 0:17:54.000
<v Speaker 1>She wants to know your thoughts on investing from overseas.

0:17:54.400 --> 0:17:57.280
<v Speaker 1>So she is moving to New Zealand for the next

0:17:57.320 --> 0:17:58.280
<v Speaker 1>five years or so.

0:17:58.640 --> 0:17:59.600
<v Speaker 2>Cute country.

0:18:00.280 --> 0:18:05.600
<v Speaker 1>I know, just cinder and the mountains. I don't know everything, honestly, jealous,

0:18:05.680 --> 0:18:08.560
<v Speaker 1>never been one day, one day Okay, So yeah, she's

0:18:08.600 --> 0:18:11.280
<v Speaker 1>moving there for the next five years. She's new to

0:18:11.320 --> 0:18:14.399
<v Speaker 1>the investing game and she's wondering if it's smarter to

0:18:14.480 --> 0:18:17.760
<v Speaker 1>start investing over there or to do it over here.

0:18:18.440 --> 0:18:21.800
<v Speaker 2>Okay, So this is a complex question. She's given me

0:18:21.920 --> 0:18:24.840
<v Speaker 2>enough information to give I would say a very viable answer,

0:18:24.840 --> 0:18:29.240
<v Speaker 2>which is very exciting. But if you're moving overseas indefinitely,

0:18:29.400 --> 0:18:31.840
<v Speaker 2>the answer would be very different. So if you're like,

0:18:31.840 --> 0:18:34.320
<v Speaker 2>oh my gosh, I'm in Australia for a while and

0:18:34.440 --> 0:18:37.480
<v Speaker 2>I'm going to move back to Bangkok where I'm from,

0:18:37.680 --> 0:18:40.200
<v Speaker 2>you know, long term, that's where I'm going to live,

0:18:40.280 --> 0:18:41.800
<v Speaker 2>that's where I'm going to have kids, that's where I'm

0:18:41.840 --> 0:18:45.240
<v Speaker 2>going to retire, Investing here might not make sense. And

0:18:45.280 --> 0:18:48.560
<v Speaker 2>the reason it might not make sense is purely because

0:18:49.000 --> 0:18:52.399
<v Speaker 2>of tax and the fact that you know, long term,

0:18:52.840 --> 0:18:55.840
<v Speaker 2>I am an investor that has a buy and hold strategy.

0:18:55.880 --> 0:18:57.919
<v Speaker 2>So I'm the type of investor who wants to invest

0:18:57.960 --> 0:19:01.159
<v Speaker 2>for the long term to create financial freedom, and I

0:19:01.359 --> 0:19:04.280
<v Speaker 2>don't want to create financial freedom in a currency that

0:19:04.400 --> 0:19:08.239
<v Speaker 2>is going to have fluctuating currency exchange rates applied to

0:19:08.320 --> 0:19:12.240
<v Speaker 2>it and be harder to access. So if you're moving

0:19:12.280 --> 0:19:14.400
<v Speaker 2>over to New Zealand for five years and then you're

0:19:14.440 --> 0:19:18.880
<v Speaker 2>going to come back to Australia, you absolutely can continue

0:19:18.960 --> 0:19:22.280
<v Speaker 2>to invest in Australia using AUD. I mean you're more

0:19:22.280 --> 0:19:24.720
<v Speaker 2>than welcome to start using a platform like chase EA's

0:19:25.000 --> 0:19:27.679
<v Speaker 2>because Chaseea's was born in New Zealand, so I don't know,

0:19:27.760 --> 0:19:29.879
<v Speaker 2>maybe you want to use it over there and feel

0:19:29.920 --> 0:19:33.199
<v Speaker 2>all la legit New Zealand. But for me, if I

0:19:33.359 --> 0:19:35.080
<v Speaker 2>was doing that, I think is the best way to

0:19:35.080 --> 0:19:38.399
<v Speaker 2>answer this Georgia, I would continue to invest in Australia

0:19:38.520 --> 0:19:41.439
<v Speaker 2>knowing that long term, I'm going to come home to

0:19:41.640 --> 0:19:44.959
<v Speaker 2>my portfolio and there's no real mess going back and forward.

0:19:45.280 --> 0:19:47.840
<v Speaker 2>So if you're actually in Australian and you're already using

0:19:47.920 --> 0:19:51.600
<v Speaker 2>Australian based trading platforms, you're still allowed to use them

0:19:51.600 --> 0:19:53.600
<v Speaker 2>while you're living overseas as long as you have a

0:19:53.640 --> 0:19:56.480
<v Speaker 2>bank account here and you're still a resident of the country,

0:19:56.480 --> 0:19:59.120
<v Speaker 2>which is kind of handy. You're going to pay capital

0:19:59.119 --> 0:20:02.159
<v Speaker 2>gains tax as you usually would in Australia, so the

0:20:02.240 --> 0:20:04.560
<v Speaker 2>tax doesn't change. You're just going to need to fill

0:20:04.560 --> 0:20:07.120
<v Speaker 2>out a tax return form each year to make sure

0:20:07.119 --> 0:20:08.800
<v Speaker 2>that you're meeting the compliance of that.

0:20:09.440 --> 0:20:13.199
<v Speaker 1>Just on that vee. As someone who does plan on

0:20:13.240 --> 0:20:15.600
<v Speaker 1>living in London at some stage of my life when

0:20:15.800 --> 0:20:22.119
<v Speaker 1>y is this spicy cough eases up, what does tax

0:20:22.160 --> 0:20:24.000
<v Speaker 1>look like like? Do I have to pay tax on

0:20:24.720 --> 0:20:28.359
<v Speaker 1>a job if I'm working over there and on my

0:20:28.440 --> 0:20:31.480
<v Speaker 1>shoes on the money where no? So how does that work?

0:20:31.560 --> 0:20:34.240
<v Speaker 2>So you're going to pay tax on the income that

0:20:34.400 --> 0:20:37.919
<v Speaker 2>is derived in that country. So if you're still deriving

0:20:38.200 --> 0:20:41.960
<v Speaker 2>income from being an international podcaster, which I'm assuming is

0:20:42.000 --> 0:20:45.000
<v Speaker 2>the plan, we can talk about this later, babe. But

0:20:45.240 --> 0:20:48.080
<v Speaker 2>you'll pay tax in Australia because we'll pay you into

0:20:48.080 --> 0:20:50.919
<v Speaker 2>an Australian bank account. But when you move to London,

0:20:50.960 --> 0:20:52.680
<v Speaker 2>you're going to have to stand up a London bank

0:20:52.760 --> 0:20:55.280
<v Speaker 2>account and you will have to adhere to their tax

0:20:55.400 --> 0:20:57.600
<v Speaker 2>law and their tax rules based on the income you

0:20:57.680 --> 0:21:00.800
<v Speaker 2>derive over there. Australia is not going to double your price.

0:21:00.840 --> 0:21:02.520
<v Speaker 1>So okay, oh, it's nice of them.

0:21:02.640 --> 0:21:04.480
<v Speaker 2>They're very kind to those tax people.

0:21:04.480 --> 0:21:10.040
<v Speaker 1>Georgia, bless them. One more question, just selfishly superannuation? Then

0:21:10.680 --> 0:21:12.840
<v Speaker 1>do you just I assume you don't get paid.

0:21:13.080 --> 0:21:18.600
<v Speaker 2>No, they won't pupation, So Georgia. Moving overseas does complicate things,

0:21:18.680 --> 0:21:20.600
<v Speaker 2>and this is something that if you are planning or

0:21:20.600 --> 0:21:23.560
<v Speaker 2>moving overseas at any point, I do want you to consider.

0:21:23.680 --> 0:21:26.520
<v Speaker 2>And that is because if you are not earning income

0:21:26.680 --> 0:21:29.400
<v Speaker 2>like George, because you're a freelancer, you're going to move

0:21:29.480 --> 0:21:33.800
<v Speaker 2>overseas and not have anybody paying you superannuation, which means

0:21:33.840 --> 0:21:35.840
<v Speaker 2>you're going to have to consider whether you make your

0:21:35.920 --> 0:21:39.240
<v Speaker 2>own repayments during that time so that in the future

0:21:39.240 --> 0:21:42.439
<v Speaker 2>you're not behind. When you're in the UK, they have

0:21:42.600 --> 0:21:46.560
<v Speaker 2>what's called a pension that is essentially their version of superannuation.

0:21:46.840 --> 0:21:48.880
<v Speaker 2>If you move to the US they have something called

0:21:48.880 --> 0:21:49.760
<v Speaker 2>a four H one K.

0:21:50.160 --> 0:21:51.000
<v Speaker 1>If you move to New.

0:21:50.920 --> 0:21:53.520
<v Speaker 2>Zealand, they've got key. We say that everybody is different

0:21:53.640 --> 0:21:57.160
<v Speaker 2>based on their retirement planning, I guess for their populations,

0:21:57.600 --> 0:21:59.879
<v Speaker 2>but it's really important to work out what that actually

0:22:00.080 --> 0:22:02.600
<v Speaker 2>means for you and what your long term plan is,

0:22:02.680 --> 0:22:04.800
<v Speaker 2>because again, if you're just going to move to London

0:22:04.840 --> 0:22:08.080
<v Speaker 2>for a couple of years and not pay super, is

0:22:08.160 --> 0:22:12.080
<v Speaker 2>that a smart idea or should you maybe even start

0:22:12.200 --> 0:22:15.760
<v Speaker 2>now Georgia and bump up your superranuation before you make

0:22:15.840 --> 0:22:19.040
<v Speaker 2>that decision so you're not paying for additional things while

0:22:19.040 --> 0:22:22.120
<v Speaker 2>you're living in a really expensive city. So it depends

0:22:22.119 --> 0:22:25.800
<v Speaker 2>on your situation and what's going on, but it's definitely

0:22:25.880 --> 0:22:28.600
<v Speaker 2>something to consider because a lot of people that I

0:22:28.760 --> 0:22:32.919
<v Speaker 2>actually work with have spent significant periods of time living overseas,

0:22:33.240 --> 0:22:35.119
<v Speaker 2>and I mean it's very easy when you move to

0:22:35.160 --> 0:22:37.320
<v Speaker 2>London to say I'm here for a year and then

0:22:37.400 --> 0:22:40.480
<v Speaker 2>return ten years later and realize you've missed out on

0:22:40.680 --> 0:22:44.320
<v Speaker 2>ten years of superranuation contributions, which means you have to

0:22:44.359 --> 0:22:46.800
<v Speaker 2>do something pretty significant to make sure that you make

0:22:46.880 --> 0:22:50.000
<v Speaker 2>that up so that you have a safe and comfortable retirement.

0:22:50.359 --> 0:22:53.040
<v Speaker 2>So I think it's important to remember now so that

0:22:53.119 --> 0:22:55.520
<v Speaker 2>you can either plan to pay it while you're over there,

0:22:55.640 --> 0:22:57.640
<v Speaker 2>or maybe bump it up now so that you're paying

0:22:57.680 --> 0:23:00.439
<v Speaker 2>superannuation in addition, so that when you do have a

0:23:00.440 --> 0:23:03.280
<v Speaker 2>little bit of a break. This also works for maternity leave.

0:23:03.720 --> 0:23:05.679
<v Speaker 2>You do have a little break, you can actually go no,

0:23:05.760 --> 0:23:08.880
<v Speaker 2>I'm actually ahead of my peers anyway, or work out

0:23:08.920 --> 0:23:11.080
<v Speaker 2>something different that works for you. But I don't want

0:23:11.119 --> 0:23:13.600
<v Speaker 2>anyone to forget about their super while they are in

0:23:13.640 --> 0:23:16.280
<v Speaker 2>a different country. Yeah, that is a good tip from me,

0:23:16.320 --> 0:23:19.040
<v Speaker 2>because that's definitely not something that would come to mind

0:23:19.320 --> 0:23:22.639
<v Speaker 2>first up, like I would have already. How did you

0:23:22.680 --> 0:23:25.160
<v Speaker 2>for it? True said, I'm moving overseas. I'll be like, right,

0:23:25.200 --> 0:23:26.919
<v Speaker 2>sit down, We've.

0:23:26.760 --> 0:23:27.520
<v Speaker 1>Got a lot to go through.

0:23:27.520 --> 0:23:29.480
<v Speaker 2>It's got a lot to go through. Take your mic.

0:23:29.680 --> 0:23:34.280
<v Speaker 1>We are ready, all right, let's move on. V Sylvia

0:23:34.480 --> 0:23:37.639
<v Speaker 1>wants to know your thoughts on peer to peer lending,

0:23:37.760 --> 0:23:39.919
<v Speaker 1>which I don't think we've spoken about that on the

0:23:39.920 --> 0:23:43.520
<v Speaker 1>podcast and if we have, I wasn't listening. So is

0:23:43.560 --> 0:23:46.880
<v Speaker 1>it safe or is it just too risky? Is investing

0:23:46.920 --> 0:23:51.320
<v Speaker 1>this way subject to any government guarantees? That's what she's asked. So, yeah,

0:23:51.320 --> 0:23:52.879
<v Speaker 1>I have no idea what this is, so talk to me.

0:23:52.960 --> 0:23:53.960
<v Speaker 1>So it's not guaranteed.

0:23:54.000 --> 0:23:56.520
<v Speaker 2>Again, it's another type of investing, and I think it's

0:23:56.640 --> 0:23:59.959
<v Speaker 2>an important one to tackle. It's not something I adore

0:24:00.200 --> 0:24:01.960
<v Speaker 2>or but at the same time, I know a lot

0:24:01.960 --> 0:24:05.600
<v Speaker 2>of our community do. And everybody picks different investment choices

0:24:05.680 --> 0:24:08.479
<v Speaker 2>that are aligned to their values. So let's quickly talk

0:24:08.520 --> 0:24:11.679
<v Speaker 2>about what P to P lending is. It's essentially lending

0:24:11.680 --> 0:24:14.159
<v Speaker 2>that allows a person who needs a personal or a

0:24:14.200 --> 0:24:16.959
<v Speaker 2>business loan to borrow money from an investor instead of

0:24:17.040 --> 0:24:19.920
<v Speaker 2>going to some lender lack a bank. George. So maybe

0:24:19.960 --> 0:24:22.720
<v Speaker 2>you go, hey, the I need to start.

0:24:22.560 --> 0:24:23.080
<v Speaker 1>Up a business.

0:24:23.080 --> 0:24:25.359
<v Speaker 2>I need five grand. I'm like, oh, I've got five

0:24:25.400 --> 0:24:28.480
<v Speaker 2>grand in my savings. Hey, if you give me that

0:24:28.560 --> 0:24:31.280
<v Speaker 2>five grand back in a certain period of time with

0:24:31.359 --> 0:24:34.520
<v Speaker 2>an additional five percent, can we call that even? You go, yeah,

0:24:34.520 --> 0:24:38.199
<v Speaker 2>that's much better. I much prefer that. And essentially the

0:24:38.240 --> 0:24:40.679
<v Speaker 2>borrower takes out a loan and then repays it with

0:24:40.800 --> 0:24:44.199
<v Speaker 2>interest over time, similar to any other investment, but you

0:24:44.240 --> 0:24:47.480
<v Speaker 2>don't own anything. You essentially are not buying something. You're

0:24:47.520 --> 0:24:50.720
<v Speaker 2>just lending money out like a bank would, getting some interest.

0:24:50.800 --> 0:24:52.640
<v Speaker 2>Then you'll get your money back and maybe you'll set

0:24:52.720 --> 0:24:53.359
<v Speaker 2>up another.

0:24:53.119 --> 0:24:53.960
<v Speaker 1>Loan in the future.

0:24:54.160 --> 0:24:58.320
<v Speaker 2>It's not actually like Victoria and Georgia lending five grand

0:24:58.320 --> 0:25:01.160
<v Speaker 2>to each other setting up a deal. It's usually run

0:25:01.200 --> 0:25:04.040
<v Speaker 2>through online platforms that exist to do this, and it's

0:25:04.200 --> 0:25:07.119
<v Speaker 2>really important to ensure that the online platform that you

0:25:07.320 --> 0:25:10.560
<v Speaker 2>choose is legitimate, which you can do by checking whether

0:25:10.600 --> 0:25:13.560
<v Speaker 2>they're registered with ACIC or not at the Asset Connects

0:25:13.600 --> 0:25:17.560
<v Speaker 2>Professional Register website, which will obviously link in the show notes.

0:25:17.960 --> 0:25:21.240
<v Speaker 2>So there are benefits as investors because it just sounds

0:25:21.400 --> 0:25:23.800
<v Speaker 2>fun and I know that a lot of people want

0:25:23.800 --> 0:25:26.760
<v Speaker 2>to invest in things that they're genuinely interested in. Interest

0:25:26.840 --> 0:25:29.520
<v Speaker 2>rates can actually be higher than other types of investing,

0:25:29.600 --> 0:25:32.639
<v Speaker 2>which people see is quite sexy, and it's run through

0:25:32.640 --> 0:25:36.240
<v Speaker 2>an online platform which makes it relatively easy to access

0:25:36.320 --> 0:25:40.280
<v Speaker 2>and to actually manage. But the cons as an investor is, yes,

0:25:40.359 --> 0:25:43.760
<v Speaker 2>it can be quite risky because if the loans are unsecured,

0:25:43.840 --> 0:25:46.879
<v Speaker 2>that means there's a higher chance that you could lose

0:25:46.920 --> 0:25:49.760
<v Speaker 2>your money, and you also may get a lower return

0:25:49.800 --> 0:25:52.960
<v Speaker 2>than expected if your borrower can't actually repay that loan,

0:25:53.119 --> 0:25:57.119
<v Speaker 2>So you're actually basing your investment choices on whether the

0:25:57.160 --> 0:25:59.560
<v Speaker 2>borrow is actually going to repay it or not. And

0:25:59.680 --> 0:26:01.639
<v Speaker 2>I think we need to remember that, you know, as

0:26:01.680 --> 0:26:06.040
<v Speaker 2>much as everybody borrows money with good intentions, if you're

0:26:06.400 --> 0:26:10.119
<v Speaker 2>lending to help small business I don't mean to sound negative,

0:26:10.160 --> 0:26:13.480
<v Speaker 2>but lots of small businesses don't actually succeed, and people

0:26:13.520 --> 0:26:15.520
<v Speaker 2>do borrow money for that, and it can actually be

0:26:15.600 --> 0:26:18.879
<v Speaker 2>fickle to recover, and there aren't actually any types of

0:26:18.920 --> 0:26:22.040
<v Speaker 2>government protections available either, So if you lose your money

0:26:22.080 --> 0:26:24.440
<v Speaker 2>because of fraud or an error made by their platform,

0:26:24.480 --> 0:26:27.440
<v Speaker 2>then it's very likely that you're not going to be compensated,

0:26:27.680 --> 0:26:30.639
<v Speaker 2>which is not a good thing. I'm not the biggest

0:26:30.680 --> 0:26:32.560
<v Speaker 2>fan of peer to P lending when it comes to

0:26:32.640 --> 0:26:35.280
<v Speaker 2>talking about it on a podcast and advocating for it

0:26:35.320 --> 0:26:38.320
<v Speaker 2>as a really great option to invest in to create

0:26:38.359 --> 0:26:41.760
<v Speaker 2>future financial freedom, But it would be silly of me

0:26:41.840 --> 0:26:44.080
<v Speaker 2>to say I'm not interested in it as a person

0:26:44.080 --> 0:26:47.159
<v Speaker 2>who's interested in investing, So there are lots of platforms

0:26:47.160 --> 0:26:49.680
<v Speaker 2>that I follow quite closely because I'm like, oh, that's

0:26:49.720 --> 0:26:52.600
<v Speaker 2>so interesting, and like there's lots of like micropeer to

0:26:52.640 --> 0:26:56.359
<v Speaker 2>peer investing platforms and lending going on, and there's bigger

0:26:56.400 --> 0:26:59.119
<v Speaker 2>platforms that do exactly the same thing. But at the

0:26:59.200 --> 0:27:01.800
<v Speaker 2>end of the day, I just don't think it's for me.

0:27:02.119 --> 0:27:04.840
<v Speaker 2>As I've said a million times on the podcast, I'm

0:27:04.840 --> 0:27:07.880
<v Speaker 2>a buy and hold, long term strategy kind of goal

0:27:08.359 --> 0:27:11.960
<v Speaker 2>and this is not leaning towards that. But again, it's

0:27:12.000 --> 0:27:14.679
<v Speaker 2>not the worst thing. If you're going to engage with this,

0:27:14.920 --> 0:27:17.920
<v Speaker 2>just make sure it's legitimate and it's aligned to your goals.

0:27:18.200 --> 0:27:20.760
<v Speaker 2>And it's also really important. Again, all I talk about

0:27:20.880 --> 0:27:24.280
<v Speaker 2>is investing in risk. But it's interesting because a lot

0:27:24.280 --> 0:27:26.159
<v Speaker 2>of people go, oh, I'm not risk averse, but it

0:27:26.280 --> 0:27:29.359
<v Speaker 2>just feels safer because they like the idea of lending

0:27:29.359 --> 0:27:32.199
<v Speaker 2>to small business. We really need to go back to

0:27:32.240 --> 0:27:35.200
<v Speaker 2>our risk profiles and go yes, But is it actually

0:27:35.240 --> 0:27:38.639
<v Speaker 2>more risky or not? Because more often than not, just

0:27:38.640 --> 0:27:41.440
<v Speaker 2>because it's being talked about a lot, or it's really trendy,

0:27:41.840 --> 0:27:43.800
<v Speaker 2>it might make you feel a little bit more secure,

0:27:44.160 --> 0:27:46.359
<v Speaker 2>but in the grand scheme of things, it's actually worse

0:27:46.440 --> 0:27:49.639
<v Speaker 2>when it comes to risk that you're taking on is

0:27:49.680 --> 0:27:53.439
<v Speaker 2>it common. I have never heard of it. It's pretty common.

0:27:53.600 --> 0:27:56.000
<v Speaker 2>It is relatively common. There are a lot of big

0:27:56.160 --> 0:27:57.880
<v Speaker 2>brands that do it. I'm not going to name drop

0:27:57.920 --> 0:27:59.640
<v Speaker 2>them now because I don't want to be advocating them,

0:27:59.680 --> 0:28:03.520
<v Speaker 2>but yeah, it is a relatively common way to invest.

0:28:03.560 --> 0:28:06.000
<v Speaker 2>I wouldn't say it's a way to invest. You know,

0:28:06.400 --> 0:28:09.280
<v Speaker 2>it's not as easy to find out about as the

0:28:09.320 --> 0:28:13.560
<v Speaker 2>ASEX would be or property, but it is increasing in

0:28:13.680 --> 0:28:16.160
<v Speaker 2>awareness and it is increasing in popularity.

0:28:17.480 --> 0:28:21.359
<v Speaker 1>There you go, I'm learning along with the listeners. Okay,

0:28:22.080 --> 0:28:26.440
<v Speaker 1>next question is from Kylie. She wants to know how

0:28:26.480 --> 0:28:29.080
<v Speaker 1>you can start to save when every cent from your

0:28:29.080 --> 0:28:31.920
<v Speaker 1>pay is taken up, so she wants to know how

0:28:31.920 --> 0:28:34.480
<v Speaker 1>to break the cycle. And she's also mentioned that she

0:28:34.560 --> 0:28:37.000
<v Speaker 1>has no credit cards, just a mortgage, a car loan,

0:28:37.080 --> 0:28:38.080
<v Speaker 1>and some bills.

0:28:38.360 --> 0:28:41.600
<v Speaker 2>Okay, so first things first, Kylie, my friend, do not

0:28:41.840 --> 0:28:44.760
<v Speaker 2>be hard on yourself. If you are just living paycheck

0:28:44.800 --> 0:28:46.920
<v Speaker 2>to paycheck and you can't save, that is not the

0:28:46.920 --> 0:28:49.360
<v Speaker 2>worst thing in the world. I am so grateful that

0:28:49.440 --> 0:28:51.400
<v Speaker 2>you're in a position where you have a mortgage, you

0:28:51.400 --> 0:28:53.360
<v Speaker 2>have a car loan, you have food on the table,

0:28:53.440 --> 0:28:56.760
<v Speaker 2>and we I think underestimate how special that is.

0:28:56.800 --> 0:28:58.400
<v Speaker 1>So often I think.

0:28:58.280 --> 0:29:01.000
<v Speaker 2>We really do need to remember that saving is such

0:29:01.040 --> 0:29:03.320
<v Speaker 2>a privilege, Like how lucky are we Georgia to live

0:29:03.320 --> 0:29:05.760
<v Speaker 2>in a country where we have enough money to not

0:29:05.800 --> 0:29:08.760
<v Speaker 2>only put food on the table, but to put some away,

0:29:09.040 --> 0:29:11.560
<v Speaker 2>like we get to save it, like we don't need

0:29:11.600 --> 0:29:14.200
<v Speaker 2>every single dollar that comes in. So I think it's

0:29:14.200 --> 0:29:16.560
<v Speaker 2>a really good question. But I also want to normalize

0:29:16.680 --> 0:29:19.560
<v Speaker 2>being in a situation where every single cent from every

0:29:19.560 --> 0:29:22.560
<v Speaker 2>single pay is taken up. Like it's okay if that

0:29:22.760 --> 0:29:25.840
<v Speaker 2>is you. It's okay if you've gotten yourself to that situation.

0:29:26.720 --> 0:29:28.800
<v Speaker 2>But if you're in a situation where you're like, no,

0:29:28.960 --> 0:29:31.200
<v Speaker 2>be like, I know that's the case, but I'd really

0:29:31.320 --> 0:29:33.880
<v Speaker 2>like to start saving. I want to break this cycle.

0:29:34.240 --> 0:29:36.680
<v Speaker 2>There are a few things that you can do. So

0:29:36.800 --> 0:29:40.000
<v Speaker 2>first things first is budget and cash flow. Can you

0:29:40.280 --> 0:29:43.920
<v Speaker 2>create a solid budget to make sure that absolutely everything

0:29:44.040 --> 0:29:47.520
<v Speaker 2>in your budget and cash flow is of value to you.

0:29:47.520 --> 0:29:50.240
<v Speaker 2>You're getting the best deals on your energy, You're getting

0:29:50.240 --> 0:29:53.560
<v Speaker 2>the best deals on food and water and everything else

0:29:53.600 --> 0:29:55.920
<v Speaker 2>that you are paying for. When you said you had

0:29:55.920 --> 0:29:58.120
<v Speaker 2>a mortgage, have you got the best interest rate when

0:29:58.160 --> 0:30:00.440
<v Speaker 2>it comes to the car loan that you have are

0:30:00.480 --> 0:30:02.840
<v Speaker 2>you actually paying it off over time? Is there a

0:30:02.880 --> 0:30:05.400
<v Speaker 2>balloon associated with it? What kind of rate have you got?

0:30:05.400 --> 0:30:10.000
<v Speaker 2>Should you be considering refinancing that car? But once we've

0:30:10.000 --> 0:30:12.400
<v Speaker 2>worked out ways we can save money from our budget

0:30:12.400 --> 0:30:16.160
<v Speaker 2>and cash flow, the next is actually supplementing our income,

0:30:16.520 --> 0:30:18.560
<v Speaker 2>so we can do one of two things to make

0:30:18.600 --> 0:30:21.160
<v Speaker 2>more money. We can find ways to save, which is

0:30:21.280 --> 0:30:24.800
<v Speaker 2>really helpful and usually the easiest, quickest win. The second

0:30:24.960 --> 0:30:27.680
<v Speaker 2>is to find a secondary source of income. So you

0:30:27.720 --> 0:30:29.960
<v Speaker 2>could either ask for a raise at work, take on

0:30:30.080 --> 0:30:33.040
<v Speaker 2>more hours, or you can find a little side hustle.

0:30:33.200 --> 0:30:36.760
<v Speaker 2>And we did a side hustle episode recently Georgia that

0:30:36.960 --> 0:30:39.320
<v Speaker 2>was like not a side hustle episode. It was literally

0:30:39.360 --> 0:30:41.840
<v Speaker 2>like how to make money without having a side hustle,

0:30:41.880 --> 0:30:43.440
<v Speaker 2>which I thought was really helpful.

0:30:43.680 --> 0:30:45.560
<v Speaker 1>Via the apps. Yeah, yeah, via.

0:30:45.400 --> 0:30:48.680
<v Speaker 2>Apps, literally from your couch or as we said on

0:30:48.720 --> 0:30:50.920
<v Speaker 2>the pod, George, other people's couches.

0:30:51.240 --> 0:30:52.160
<v Speaker 1>Love that catchy.

0:30:52.560 --> 0:30:56.040
<v Speaker 2>But you could absolutely check out getting a side hustle

0:30:56.080 --> 0:30:59.280
<v Speaker 2>and getting a supplementary income, because if you're saying that

0:30:59.360 --> 0:31:02.360
<v Speaker 2>every single from your current income is being taken up,

0:31:03.000 --> 0:31:05.160
<v Speaker 2>a side hustle is going to mean that every single

0:31:05.200 --> 0:31:07.840
<v Speaker 2>cent you earned there can be savings, which is really

0:31:07.920 --> 0:31:11.040
<v Speaker 2>really exciting. So I don't mean to be that guy

0:31:11.080 --> 0:31:13.760
<v Speaker 2>that's like set up a budget and understand your cash flow,

0:31:13.840 --> 0:31:15.440
<v Speaker 2>but at the end of the day, that is going

0:31:15.480 --> 0:31:18.240
<v Speaker 2>to be the tool that actually helps you achieve your

0:31:18.280 --> 0:31:21.400
<v Speaker 2>goals and make sure that when you do have an

0:31:21.400 --> 0:31:23.880
<v Speaker 2>increase in income, you're making the most of it.

0:31:25.280 --> 0:31:30.000
<v Speaker 1>Thoughts be on like setting up a little micro investing

0:31:30.040 --> 0:31:34.080
<v Speaker 1>account or something like that and having say thirty dollars

0:31:34.320 --> 0:31:38.440
<v Speaker 1>or something that's not too significant pulled out of your

0:31:38.440 --> 0:31:41.920
<v Speaker 1>income each week and just having that set aside to

0:31:42.040 --> 0:31:46.000
<v Speaker 1>like build up and become this little, this little savings

0:31:46.040 --> 0:31:48.800
<v Speaker 1>account without you really realizing it's genius.

0:31:48.920 --> 0:31:51.240
<v Speaker 2>I think it's really great, And our friends at up

0:31:51.280 --> 0:31:53.520
<v Speaker 2>bank actually have a round up feature which means you

0:31:53.560 --> 0:31:55.800
<v Speaker 2>could do that in a savings account without having to

0:31:55.840 --> 0:31:58.920
<v Speaker 2>have it micro invested, depending on your goals, depending on

0:31:58.960 --> 0:32:01.280
<v Speaker 2>what's going on, but I think it's really important as well.

0:32:01.440 --> 0:32:05.320
<v Speaker 2>Some people don't have the flexibility to just slowly pay,

0:32:05.680 --> 0:32:08.520
<v Speaker 2>you know, thirty dollars. Like automating things is obviously going

0:32:08.600 --> 0:32:10.880
<v Speaker 2>to make it really easy and make sure that it

0:32:11.000 --> 0:32:14.040
<v Speaker 2>actually happens each and every single week. Because I know

0:32:14.120 --> 0:32:16.640
<v Speaker 2>of all people that if I said you've got to

0:32:16.680 --> 0:32:19.280
<v Speaker 2>save thirty bucks a week about yep, easy done, I'll

0:32:19.280 --> 0:32:22.160
<v Speaker 2>do it. Am I actually going to transfer it every week?

0:32:22.520 --> 0:32:22.720
<v Speaker 1>No?

0:32:23.360 --> 0:32:26.400
<v Speaker 2>Absolutely not. I'll probably like transfer it one week, forget

0:32:26.440 --> 0:32:28.840
<v Speaker 2>for four. I have to transfer four weeks worth over

0:32:28.880 --> 0:32:32.120
<v Speaker 2>It'll become a mess. So for me, automated banking is

0:32:32.160 --> 0:32:35.840
<v Speaker 2>the way of the future Georgia. Yeah, and it helps

0:32:35.880 --> 0:32:38.680
<v Speaker 2>me so much. But at the same time, if someone

0:32:38.720 --> 0:32:41.080
<v Speaker 2>is saying, look, every single cent of my pay is

0:32:41.120 --> 0:32:45.080
<v Speaker 2>taken up, sometimes they don't just mean oh yeah, like

0:32:45.120 --> 0:32:47.960
<v Speaker 2>I just spend it all. Sometimes it's pre allocated in

0:32:48.000 --> 0:32:50.960
<v Speaker 2>their budget and they actually just don't have anything to spare.

0:32:51.200 --> 0:32:53.720
<v Speaker 2>But yeah, it's a really good idea to use features

0:32:53.760 --> 0:32:57.520
<v Speaker 2>like the upbank feature of rounding up like or micro investing,

0:32:57.640 --> 0:33:00.720
<v Speaker 2>because it all ticks away. Like on our Friday episodes,

0:33:00.760 --> 0:33:03.360
<v Speaker 2>we sometimes ask Ryan where his aunt with his He's

0:33:03.360 --> 0:33:06.080
<v Speaker 2>been investing on spaceship. He's been doing his five dollars

0:33:06.120 --> 0:33:08.800
<v Speaker 2>a day to supplement his income, and that is building up.

0:33:08.840 --> 0:33:11.840
<v Speaker 2>He has close to two thousand dollars in there now. Yeah,

0:33:11.880 --> 0:33:15.160
<v Speaker 2>and even a day and he hasn't noticed it. So

0:33:15.640 --> 0:33:18.840
<v Speaker 2>that's really lucky. But if you're not in that particular position,

0:33:19.080 --> 0:33:21.960
<v Speaker 2>I think not being too hard on ourselves is really important.

0:33:22.160 --> 0:33:25.120
<v Speaker 2>But then also just like what can we do instead

0:33:25.120 --> 0:33:26.760
<v Speaker 2>of going, oh, I just don't know what to do,

0:33:27.400 --> 0:33:29.880
<v Speaker 2>I'm telling you right now, check your budget, what are

0:33:29.880 --> 0:33:32.400
<v Speaker 2>you spending. Have you actually made sure that you're getting

0:33:32.400 --> 0:33:35.400
<v Speaker 2>the best deals on your utilities, your phone, have you

0:33:35.480 --> 0:33:36.840
<v Speaker 2>done your refinances?

0:33:37.000 --> 0:33:37.760
<v Speaker 1>What's going on.

0:33:37.760 --> 0:33:39.920
<v Speaker 2>With all of that, And then we can talk about

0:33:40.120 --> 0:33:41.520
<v Speaker 2>ways to increase your income.

0:33:42.000 --> 0:33:45.120
<v Speaker 1>Brilliant? All right, Moving on to Jess, who wants to

0:33:45.120 --> 0:33:47.760
<v Speaker 1>know if investing is a long term thing, then why

0:33:47.840 --> 0:33:50.280
<v Speaker 1>is it okay to micro invest one thousand dollars or

0:33:50.320 --> 0:33:52.600
<v Speaker 1>five thousand dollars and then pull it out for a

0:33:52.600 --> 0:33:55.880
<v Speaker 1>new purpose, be that investing in a larger platform or

0:33:55.880 --> 0:33:58.960
<v Speaker 1>putting it in savings. What are your thoughts on that question?

0:33:59.320 --> 0:34:03.520
<v Speaker 2>Yes, So when you say why is it okay to

0:34:03.600 --> 0:34:07.680
<v Speaker 2>micro investor thousand dollars or five thousand dollars? From my perspective,

0:34:07.720 --> 0:34:10.640
<v Speaker 2>I mean you could use microinvesting platforms forever if you

0:34:10.719 --> 0:34:13.760
<v Speaker 2>really wanted to, but they don't give you the option

0:34:14.320 --> 0:34:16.520
<v Speaker 2>of taking the dividends out in the same way that

0:34:16.560 --> 0:34:19.359
<v Speaker 2>a bigger platform would to create the income stream that

0:34:19.400 --> 0:34:21.680
<v Speaker 2>you want to in the long term. They have all

0:34:21.719 --> 0:34:25.480
<v Speaker 2>their dividends immediately reinvested because that's the way the apps work.

0:34:25.960 --> 0:34:28.640
<v Speaker 2>So from my perspective, and I mean, micro investing apps

0:34:28.640 --> 0:34:30.520
<v Speaker 2>are probably not going to like me saying this because

0:34:30.520 --> 0:34:33.279
<v Speaker 2>I'm telling people to leave their platforms, probably a way

0:34:33.280 --> 0:34:36.680
<v Speaker 2>I've never been sponsored by them, but that is okay.

0:34:38.000 --> 0:34:43.040
<v Speaker 2>I genuinely see microinvesting apps as really beautiful education tools.

0:34:43.320 --> 0:34:44.040
<v Speaker 1>I see it.

0:34:44.000 --> 0:34:47.080
<v Speaker 2>As us dipping our feet in the market and being

0:34:47.120 --> 0:34:49.960
<v Speaker 2>able to invest without having to put one thousand dollars

0:34:50.000 --> 0:34:52.560
<v Speaker 2>or five thousand dollars on the line, because that is

0:34:52.640 --> 0:34:55.719
<v Speaker 2>so much money. Whereas if I say to you Georgia, hey,

0:34:55.840 --> 0:34:59.400
<v Speaker 2>I know that investing can seem really overwhelming, but microinvesting,

0:34:59.480 --> 0:35:02.080
<v Speaker 2>maybe you try with your first five dollars, maybe you

0:35:02.200 --> 0:35:05.720
<v Speaker 2>try with one cent on the Chasis platform. These amounts

0:35:05.719 --> 0:35:08.040
<v Speaker 2>of money aren't going to ruin your life if you

0:35:08.320 --> 0:35:11.040
<v Speaker 2>quote lost them. And I think that that's a lot

0:35:11.080 --> 0:35:14.239
<v Speaker 2>of the apprehension that people have when it comes to investing.

0:35:14.719 --> 0:35:18.120
<v Speaker 2>So I love micro investing because it gets you into

0:35:18.160 --> 0:35:20.520
<v Speaker 2>the market. You get the app, you get to see

0:35:20.520 --> 0:35:24.120
<v Speaker 2>what's going on in the market platforms like Spaceship don't

0:35:24.120 --> 0:35:26.520
<v Speaker 2>even have any fees until you get to the five

0:35:26.600 --> 0:35:30.760
<v Speaker 2>thousand dollar mark and you're able to invest money, see

0:35:30.760 --> 0:35:33.640
<v Speaker 2>what the market's doing, follow the trends, see what they're

0:35:33.680 --> 0:35:37.520
<v Speaker 2>investing in, and get really comfortable with the process. Once

0:35:37.560 --> 0:35:40.800
<v Speaker 2>you get to that thousand or five thousand dollars amount,

0:35:40.960 --> 0:35:44.239
<v Speaker 2>that's where you maybe want to take up a bigger platform.

0:35:44.280 --> 0:35:46.719
<v Speaker 2>Maybe you've got your first five grand, you're like, oh,

0:35:46.960 --> 0:35:49.000
<v Speaker 2>really want something where I have a bit more control,

0:35:49.040 --> 0:35:51.440
<v Speaker 2>it's a little bit more monitored. I want to go

0:35:51.520 --> 0:35:55.719
<v Speaker 2>to a more quote legit platform for investors, and that's

0:35:55.719 --> 0:35:58.000
<v Speaker 2>where you might go, all right, it's finally time. I'm

0:35:58.040 --> 0:36:01.399
<v Speaker 2>going to go join six Park and Victoria platform, and

0:36:01.440 --> 0:36:04.960
<v Speaker 2>that is where you would then stay for the long term.

0:36:05.080 --> 0:36:09.520
<v Speaker 2>Whereas you know, being fully transparent, you can't invest on

0:36:09.560 --> 0:36:12.600
<v Speaker 2>the six Park platform with five dollars, it's not possible.

0:36:12.719 --> 0:36:14.839
<v Speaker 2>You need a minimum of two thousand dollars to get

0:36:14.840 --> 0:36:17.880
<v Speaker 2>good diversification up front. And even when you're at the

0:36:17.920 --> 0:36:20.759
<v Speaker 2>two thousand dollars, which I think is brilliant, you do

0:36:20.880 --> 0:36:24.640
<v Speaker 2>have less share selection and less etf options than you

0:36:24.680 --> 0:36:28.200
<v Speaker 2>do when you have five thousand dollars. So it's important

0:36:28.239 --> 0:36:32.080
<v Speaker 2>to remember the reason why you're investing, yes, investing for

0:36:32.120 --> 0:36:34.200
<v Speaker 2>the long term is that if you were saying, oh,

0:36:34.200 --> 0:36:36.960
<v Speaker 2>I use my micro investing platform to save one thousand dollars,

0:36:37.000 --> 0:36:39.000
<v Speaker 2>then I pull it out and spend it. I think

0:36:39.040 --> 0:36:42.680
<v Speaker 2>that is probably not the point of it. But if

0:36:42.719 --> 0:36:45.799
<v Speaker 2>we're pulling that thousand dollars out because it's just been

0:36:45.880 --> 0:36:48.719
<v Speaker 2>ticking away in the back, we've been doing some roundups,

0:36:48.719 --> 0:36:52.800
<v Speaker 2>it's been incidental, we've been learning, then going and putting

0:36:52.800 --> 0:36:55.600
<v Speaker 2>it on a bigger platform that is for the long term.

0:36:55.680 --> 0:36:59.399
<v Speaker 2>It's a really good idea in saying that if your

0:36:59.400 --> 0:37:03.160
<v Speaker 2>micro investor platform is not performing, I would absolutely be

0:37:03.239 --> 0:37:06.040
<v Speaker 2>waiting until it bounces back so that you don't end

0:37:06.160 --> 0:37:09.839
<v Speaker 2>up cashing out for a loss. So yes, I think

0:37:09.880 --> 0:37:12.160
<v Speaker 2>it's one of those things where, yeah, it's okay to

0:37:12.239 --> 0:37:15.680
<v Speaker 2>move platforms, but it's really important to remember that timing

0:37:15.760 --> 0:37:17.120
<v Speaker 2>is everything when selling.

0:37:17.840 --> 0:37:23.120
<v Speaker 1>Yeah, okay, Yeah, that's a really interesting question from Jess.

0:37:23.280 --> 0:37:27.560
<v Speaker 1>I think because we can kind of confuse investing the messaging.

0:37:27.160 --> 0:37:29.920
<v Speaker 2>That we Yeah, it's a really bad question.

0:37:30.239 --> 0:37:32.880
<v Speaker 1>Yeah, yeah, because you would think, oh, well, micro investing,

0:37:32.920 --> 0:37:35.640
<v Speaker 1>how is that different? Like long term is the goal,

0:37:35.680 --> 0:37:37.920
<v Speaker 1>but that's not necessarily the case with micro investing.

0:37:38.320 --> 0:37:41.399
<v Speaker 2>So that's it's just how I see it and can

0:37:41.480 --> 0:37:44.560
<v Speaker 2>see how the platforms work. And for the long term, yes,

0:37:44.600 --> 0:37:47.200
<v Speaker 2>maybe you get to your goal amount in your portfolio,

0:37:47.239 --> 0:37:50.160
<v Speaker 2>but you don't have the flexibility of taking certain income

0:37:50.200 --> 0:37:52.759
<v Speaker 2>streams and working out what's going on with it. And

0:37:52.800 --> 0:37:55.280
<v Speaker 2>I think it's it's a really easy way to start

0:37:55.320 --> 0:37:58.480
<v Speaker 2>your investment journey, but for me, it wouldn't be the

0:37:58.600 --> 0:38:01.240
<v Speaker 2>long term. And I guess that's why it's called micro investing.

0:38:01.280 --> 0:38:04.040
<v Speaker 2>And it's not just small amounts, but it's like the

0:38:04.160 --> 0:38:07.120
<v Speaker 2>start point, which I really like. And as I said,

0:38:07.160 --> 0:38:09.600
<v Speaker 2>I love the platforms. I just think that there is

0:38:09.640 --> 0:38:12.399
<v Speaker 2>a right platform for a right time, and not every

0:38:12.440 --> 0:38:15.359
<v Speaker 2>single platform works for every single person. Like that's why

0:38:15.360 --> 0:38:17.080
<v Speaker 2>there are so many. That's why she is on the

0:38:17.080 --> 0:38:19.799
<v Speaker 2>Money talks about so many different ones, because you might

0:38:20.080 --> 0:38:22.759
<v Speaker 2>adore shares Ese or you might adore something else, and like,

0:38:22.840 --> 0:38:26.040
<v Speaker 2>that's okay. My goal is actually not one platform.

0:38:26.239 --> 0:38:27.880
<v Speaker 1>It's to just get you invested.

0:38:28.360 --> 0:38:30.880
<v Speaker 2>But if we're talking about a particular platform on a podcast,

0:38:31.239 --> 0:38:33.520
<v Speaker 2>you know that they've been vetted by us. You know

0:38:33.600 --> 0:38:35.520
<v Speaker 2>that we like what they've got to offer and the

0:38:35.560 --> 0:38:38.319
<v Speaker 2>team are really good and they're legit, so I guess

0:38:38.360 --> 0:38:40.719
<v Speaker 2>it just goes to show that there are lots of

0:38:40.760 --> 0:38:43.000
<v Speaker 2>different options on the market and it's actually up to

0:38:43.040 --> 0:38:43.680
<v Speaker 2>you to choose.

0:38:44.280 --> 0:38:47.320
<v Speaker 1>Hundi p. I think we also did a whole episode

0:38:47.360 --> 0:38:50.680
<v Speaker 1>on micro investing. Yes we did, my friend, I can't

0:38:50.680 --> 0:38:53.160
<v Speaker 1>remember that far back, but that will be really helpful

0:38:53.200 --> 0:38:56.040
<v Speaker 1>for you as well, Jess. Okay, let's move on be

0:38:56.239 --> 0:39:01.000
<v Speaker 1>to our final question. This is no fun, okay, so

0:39:01.280 --> 0:39:03.960
<v Speaker 1>esther she is keen to know some tips for people

0:39:04.000 --> 0:39:07.960
<v Speaker 1>living in regional and remote Australia when it comes to finance.

0:39:08.280 --> 0:39:10.760
<v Speaker 2>This is such a good one Georgia, and we actually

0:39:10.760 --> 0:39:13.800
<v Speaker 2>have so many people in our community who are remote.

0:39:13.840 --> 0:39:16.080
<v Speaker 2>And that's the thing I love about podcasts. You could

0:39:16.080 --> 0:39:18.600
<v Speaker 2>be anywhere listening to our podcast. You don't have to

0:39:18.640 --> 0:39:21.000
<v Speaker 2>be in the city, you don't have to be in Melbourne.

0:39:21.120 --> 0:39:24.920
<v Speaker 2>You could be literally standing in the middle of Australia

0:39:24.960 --> 0:39:28.120
<v Speaker 2>looking at bu Laru getting financial advice in your ears.

0:39:27.960 --> 0:39:30.840
<v Speaker 1>Which I adore. And the thing.

0:39:30.719 --> 0:39:33.040
<v Speaker 2>About living remotely is lots of our listeners might not

0:39:33.120 --> 0:39:35.879
<v Speaker 2>even realize how expensive it can actually be to live

0:39:35.880 --> 0:39:38.319
<v Speaker 2>in more regional spots in Australia. So I guess it's

0:39:38.360 --> 0:39:41.680
<v Speaker 2>worth explaining a little bit about why that is, because

0:39:41.719 --> 0:39:44.880
<v Speaker 2>I first thought you might go, yeah, but probably so

0:39:45.280 --> 0:39:47.360
<v Speaker 2>cheap out there, and it's like, yeah, but do you

0:39:47.400 --> 0:39:50.360
<v Speaker 2>know how much food is out there? And the first

0:39:50.440 --> 0:39:53.520
<v Speaker 2>kind of quote opportunity cost Georgia is that people who

0:39:53.560 --> 0:39:56.319
<v Speaker 2>live regionally might not have the option to work in

0:39:56.400 --> 0:40:00.160
<v Speaker 2>high paying roles that larger corporations offer. For example, if

0:40:00.160 --> 0:40:03.439
<v Speaker 2>you're living in Melbourne, CBD and you don't like your role,

0:40:03.719 --> 0:40:06.560
<v Speaker 2>you can go work at another place Georgia. If you

0:40:06.600 --> 0:40:09.239
<v Speaker 2>were potentially working for a bank you don't like that,

0:40:09.440 --> 0:40:11.680
<v Speaker 2>you're probably able to go work in a different bank

0:40:11.719 --> 0:40:14.480
<v Speaker 2>branch in the city because there are so many that

0:40:14.520 --> 0:40:17.680
<v Speaker 2>are accessible. But if you live remotely, there might just

0:40:17.800 --> 0:40:20.480
<v Speaker 2>be one bank branch, and if you're a bank teller,

0:40:20.760 --> 0:40:25.080
<v Speaker 2>there's actually no other options without leaving your town, which

0:40:25.360 --> 0:40:29.879
<v Speaker 2>really limits choice and actually really limits opportunity. And there's

0:40:29.920 --> 0:40:32.600
<v Speaker 2>also the barrier of being able to afford access to

0:40:32.640 --> 0:40:35.880
<v Speaker 2>affordable groceries like I know, Georgia, you and I love Audi,

0:40:36.239 --> 0:40:39.839
<v Speaker 2>but that's not actually accessible to everybody in our community

0:40:40.160 --> 0:40:43.440
<v Speaker 2>because often AUDI isn't actually available to you. So we

0:40:43.480 --> 0:40:46.360
<v Speaker 2>say go shop at Audi. It's really cost effective, but

0:40:46.480 --> 0:40:48.200
<v Speaker 2>a lot of our community are going to go they

0:40:48.520 --> 0:40:51.760
<v Speaker 2>like AUDI, that's in another state. We can't even get

0:40:51.800 --> 0:40:55.759
<v Speaker 2>to it, and even some larger supermarkets aren't that accessible

0:40:55.800 --> 0:40:59.719
<v Speaker 2>for some of our community. Plus, produce in small supermarkets

0:40:59.719 --> 0:41:02.560
<v Speaker 2>can be so much more expensive because of how far

0:41:02.640 --> 0:41:05.239
<v Speaker 2>it's had to travel to actually be for sale on

0:41:05.280 --> 0:41:08.520
<v Speaker 2>the shelf in that shop. So there are also multiple

0:41:08.560 --> 0:41:10.799
<v Speaker 2>other factors and it's actually something that we are looking

0:41:10.840 --> 0:41:13.799
<v Speaker 2>into doing a whole episode on, including conversations with our

0:41:13.840 --> 0:41:16.880
<v Speaker 2>friends and family who live regionally, so watch this space.

0:41:17.000 --> 0:41:20.520
<v Speaker 2>But in terms of financial tips, Georgia make the most

0:41:20.520 --> 0:41:24.080
<v Speaker 2>of smaller, tight knit communities and set up a side hustle.

0:41:24.440 --> 0:41:27.040
<v Speaker 2>Fewer people ge makes it easier to network. So if

0:41:27.040 --> 0:41:29.880
<v Speaker 2>you're looking to make some extra casholer talk to people

0:41:29.920 --> 0:41:32.279
<v Speaker 2>about any services they need that you might be able

0:41:32.320 --> 0:41:35.920
<v Speaker 2>to help with. Babysitting, dog walking, lawn mowing. You can

0:41:35.960 --> 0:41:37.319
<v Speaker 2>do it all, my friend.

0:41:37.280 --> 0:41:40.080
<v Speaker 1>How do you mow a law in other news, have

0:41:40.160 --> 0:41:43.640
<v Speaker 1>you ever done it? Go, let's move on.

0:41:44.080 --> 0:41:47.640
<v Speaker 2>I mean I know the process. I know that my

0:41:47.760 --> 0:41:50.520
<v Speaker 2>dad puts petrol in his law mower, and you can

0:41:50.560 --> 0:41:53.759
<v Speaker 2>buy non petrol law mowers nowadays, but my dad says

0:41:53.800 --> 0:41:58.279
<v Speaker 2>they're not legit, so I don't really know at this

0:41:58.360 --> 0:42:01.239
<v Speaker 2>point in life. My partner who has a fascination with

0:42:01.360 --> 0:42:04.560
<v Speaker 2>lawns can actually keep that, and if anybody else's partners

0:42:04.800 --> 0:42:08.200
<v Speaker 2>is obsessed with lawns, as my partner, we should probably

0:42:08.239 --> 0:42:11.520
<v Speaker 2>start up. But helpfully Georgia, if buying property is something

0:42:11.560 --> 0:42:14.000
<v Speaker 2>you want to do, it's actually significantly more affordable to

0:42:14.040 --> 0:42:16.640
<v Speaker 2>do so in a regional town, which is a nice benefit.

0:42:16.920 --> 0:42:19.280
<v Speaker 2>But it can also be harder to shop more frugally

0:42:19.360 --> 0:42:22.520
<v Speaker 2>in small towns too, because as I said before, they

0:42:22.560 --> 0:42:26.120
<v Speaker 2>might not have huge supermarkets or audis. But think about

0:42:26.200 --> 0:42:29.680
<v Speaker 2>every other item that you need to purchase, like shoes

0:42:29.719 --> 0:42:33.840
<v Speaker 2>and clothes and hair accessories and literally make up. Everything

0:42:33.880 --> 0:42:36.560
<v Speaker 2>needs to either come from online or you need to

0:42:36.640 --> 0:42:40.640
<v Speaker 2>travel a significant distance. I et petrol, money and time

0:42:41.000 --> 0:42:43.080
<v Speaker 2>to go and get those things. So I think it's

0:42:43.080 --> 0:42:45.799
<v Speaker 2>more about accessibility. So I think when it comes to

0:42:45.880 --> 0:42:49.200
<v Speaker 2>living remotely, just being savvy about your shopping. What can

0:42:49.239 --> 0:42:51.719
<v Speaker 2>you order online? Can you do that remotely? Are the

0:42:51.800 --> 0:42:54.600
<v Speaker 2>things that you could do in your community or online

0:42:54.680 --> 0:42:57.400
<v Speaker 2>that could increase your income? So as much as I

0:42:57.440 --> 0:42:59.640
<v Speaker 2>don't have a whole heap of hot tips. I hope

0:42:59.640 --> 0:43:02.160
<v Speaker 2>that is helped and keep your ears peeled, because we

0:43:02.200 --> 0:43:04.680
<v Speaker 2>do have an episode coming in that space.

0:43:04.960 --> 0:43:08.399
<v Speaker 1>Honey, pe once again, I'd be really curious to hear

0:43:08.840 --> 0:43:11.920
<v Speaker 1>from our friends who do live regionally and remotely. To

0:43:12.000 --> 0:43:16.239
<v Speaker 1>hear firstly their struggles as we've tried to list that's

0:43:16.280 --> 0:43:18.560
<v Speaker 1>what we've gathered, but there's actually not that much information

0:43:18.640 --> 0:43:21.319
<v Speaker 1>out there at this stage. But also to hear their

0:43:21.360 --> 0:43:25.000
<v Speaker 1>financial tips and how they manage their money when they

0:43:25.000 --> 0:43:28.279
<v Speaker 1>don't have easy access to everything as we city folk do.

0:43:28.680 --> 0:43:31.719
<v Speaker 2>Yeah. Gee, straight under the bus for you today. You're

0:43:31.719 --> 0:43:33.719
<v Speaker 2>going to post in the Facebook group and we're going

0:43:33.760 --> 0:43:36.160
<v Speaker 2>to have a thread discussing exactly.

0:43:35.640 --> 0:43:41.200
<v Speaker 1>That stunning love it. I'll accompany it with a little

0:43:41.239 --> 0:43:43.120
<v Speaker 1>bit of a photoshop job. I right, Yeah, I.

0:43:43.120 --> 0:43:45.600
<v Speaker 2>Think that'll be good. Could you photoshop us regionally?

0:43:45.680 --> 0:43:48.600
<v Speaker 1>That would be really nice? Yeah, thank you, yes, done?

0:43:48.719 --> 0:43:52.040
<v Speaker 1>All right, Thank you again to everyone who's sent in

0:43:52.120 --> 0:43:55.680
<v Speaker 1>the questions. You're all bloody legends. And yeah, as we

0:43:55.719 --> 0:43:57.759
<v Speaker 1>said as well, if you did enjoy the episode, let

0:43:57.840 --> 0:44:00.000
<v Speaker 1>us know and we will look at doing a little

0:44:00.200 --> 0:44:01.839
<v Speaker 1>second EP, maybe a third.

0:44:02.239 --> 0:44:04.400
<v Speaker 2>Yeah, if you like Q and AS. I've had fun

0:44:04.520 --> 0:44:07.840
<v Speaker 2>answering these, and I think, gee, you had fun listening

0:44:07.920 --> 0:44:08.400
<v Speaker 2>to them.

0:44:08.680 --> 0:44:12.000
<v Speaker 1>I'd go with that. I was also surprised no one

0:44:12.040 --> 0:44:14.839
<v Speaker 1>asked how Victoria does her hair. I thought that would

0:44:14.840 --> 0:44:16.240
<v Speaker 1>come up like fifty today.

0:44:16.640 --> 0:44:20.160
<v Speaker 2>I have it in a ponytail, so very simply. My friends,

0:44:21.320 --> 0:44:23.719
<v Speaker 2>all right, they let's leave it there. Yeah, look, I

0:44:23.760 --> 0:44:26.000
<v Speaker 2>think that is all we have time for today. So

0:44:26.200 --> 0:44:28.440
<v Speaker 2>just before we head off, we'd like to acknowledge and

0:44:28.560 --> 0:44:32.560
<v Speaker 2>pay respect to Australia's Aboriginal and tourist rate islander people's.

0:44:32.840 --> 0:44:36.200
<v Speaker 2>They're the traditional custodians of the lands, the waterways and

0:44:36.239 --> 0:44:39.720
<v Speaker 2>the skies all across Australia. We thank you for sharing

0:44:39.800 --> 0:44:41.680
<v Speaker 2>and for caring for the land on which we are

0:44:41.719 --> 0:44:44.440
<v Speaker 2>able to learn. We pay our respects to elders past

0:44:44.560 --> 0:44:47.799
<v Speaker 2>and present, and we share our friendship and our kindness.

0:44:48.280 --> 0:44:50.840
<v Speaker 1>And remember, as always, guys, that the advice shared on

0:44:50.960 --> 0:44:53.000
<v Speaker 1>She's on the Money is general in nature and does

0:44:53.040 --> 0:44:56.920
<v Speaker 1>not consider your individual circumstances. She's on the Money exists

0:44:56.960 --> 0:44:59.919
<v Speaker 1>purely for educational purposes and should not be relied upon

0:45:00.040 --> 0:45:03.440
<v Speaker 1>to make an investment or a financial decision. And we promise.

0:45:03.600 --> 0:45:07.560
<v Speaker 1>Victoria Devine is an authorized representative of Australia Pacific Funds

0:45:07.560 --> 0:45:11.680
<v Speaker 1>Management Proprietary Limited ABN three four one three two four

0:45:11.719 --> 0:45:15.040
<v Speaker 1>six three two five seven AFSL three three nine one

0:45:15.200 --> 0:45:17.560
<v Speaker 1>five one nurse see you next week.

0:45:17.640 --> 0:45:18.080
<v Speaker 2>Guys.

0:45:18.239 --> 0:45:21.280
<v Speaker 1>Bye guys, Bay Games.

0:45:21.440 --> 0:45:25.480
<v Speaker 3>That was weird from two uh tony leave that in

0:45:26.120 --> 0:45:26.400
<v Speaker 3>no