Speaker 1: Hello, my name's Satasha Nabananga Bamblet. I'm a proud yor
Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: that's usually all about helping you master your money. But
Speaker 4: today it's not just a podcast. It's a game show.
Speaker 2: It's a game show.
Speaker 4: I don't know how this is going to go, but
Speaker 4: I'm actually really excited about it. Buckle up because this
Speaker 4: isn't ask V anything show. I'm your host, becksied and
Speaker 4: with me, I think you should be at all times.
Speaker 2: Yeah, okay, be prepared. I was a scout, so.
Speaker 4: Scouts always be terrified and worried. So today our brave contestant.
Speaker 4: May I please welcome to the stage, Victoria Device.
Speaker 2: Oh, thank you for having me on this game show
Speaker 2: that I didn't know was going to be a game show.
Speaker 2: I thought it was going to be a podcast.
Speaker 4: Thank you for joining me.
Speaker 2: Oh, thank you for having me. I'm ready.
Speaker 4: I'm sorry for just throwing this on you.
Speaker 2: No, absolutely, let's go. I love a good game show.
Speaker 2: What are we playing? And how much money do I
Speaker 2: get to win?
Speaker 4: I tell you what you get to win? Exactly zero dollars?
Speaker 2: But Ris, can you double it?
Speaker 4: I'll have to ask my producer.
Speaker 2: Okay, all right, Sorry, you're asking for a lot.
Speaker 4: I know, I know I've started yet. Okay, so this
Speaker 4: game is all about taking on the biggest, juiciest, trickiest
Speaker 4: money questions sent in by our amazing listeners. Do you
Speaker 4: think you're up for it?
Speaker 2: No? But also, let's go.
Speaker 4: I also have a few of my own. But okay, anyone, No.
Speaker 2: You can ask me anything.
Speaker 4: Apparently I was open to this amazing. Okay, so let's
Speaker 4: jump straight into round one with our first question. So hypothetically,
Speaker 4: I'm twenty seven. Mentally I think.
Speaker 2: It'd be nice, wouldn't it.
Speaker 4: I've got one hundred k saved.
Speaker 2: So okay, yeah, that is very hypothetical.
Speaker 4: That is very hypothetical. I don'nate a property. Should I
Speaker 4: be investing in real estate or elsewhere? And at the
Speaker 4: same time, someone else wanted to know the potential pros
Speaker 4: and cons of buying a property versus using that fund
Speaker 4: for the share market. So should we tackle them together?
Speaker 1: Yeah?
Speaker 2: Absolutely. I was really scared when you said it's an
Speaker 2: ask anything and I've gone row and I was like,
Speaker 2: oh no, but now you're asking me about my bread
Speaker 2: and butter. So we're ready.
Speaker 4: So come back.
Speaker 2: You have one hundred thousand dollars saved and you're not
Speaker 2: sure where to invest it. I think you need to
Speaker 2: zoom out and have a think about what your values are, Like,
Speaker 2: is property actually something you want to be investing in,
Speaker 2: because it's a really big commitment. So you're going to
Speaker 2: buy property, there's going to be probably some stamp duty,
Speaker 2: some other fees and charges. Like there's a lack of
Speaker 2: flexibility there. I mean, I'm not selling it. I own
Speaker 2: a mortgage broken company, beck, so like I should be like, yeah,
Speaker 2: what you want to do? Go talk to a Zella
Speaker 2: money broker. But I think it is such a big
Speaker 2: commitment beck that I feel like you've got to know
Speaker 2: that you really want it before you get into it,
Speaker 2: because if you want to then get your money back,
Speaker 2: it's a hassle to get it back out. If we're
Speaker 2: comparing apples with apples, and you want to look at
Speaker 2: the investment market versus property in Australia, we know that
Speaker 2: the share market performs on average higher than the property market.
Speaker 2: But in saying that, if you're not passionate about the
Speaker 2: share market, why are you investing in it? Like if
Speaker 2: that's something that you're like, oh, I can't be bothered,
Speaker 2: but the fire in my belly is lit because of property,
Speaker 2: Like you're going to allocate more funds towards it, Like
Speaker 2: we spend money on the things that are of value
Speaker 2: to us. So it's not about which returns more. It's
Speaker 2: actually about what aligns your values, what you want to do.
Speaker 2: And I cannot tell you how to invest your hundred
Speaker 2: thousand dollars, but I think it's important to talk about
Speaker 2: they are two different asset classes and over your lifetime
Speaker 2: you're probably gonna want to have a bit of both.
Speaker 2: So if you've got one hundred grand, is it for
Speaker 2: a home deposit. Is it for share market up to you? Okay,
Speaker 2: that was really diplomatic, I suppose, But I can't give
Speaker 2: that advice totally legally.
Speaker 4: Probably need to like look at the person.
Speaker 2: What I can tell you, Yeah, tell me don't invest
Speaker 2: it in a multi level marketing business.
Speaker 4: Oh great advice?
Speaker 2: Yes, yeah, okay, I can definitively say that that is
Speaker 2: a terrible idea across that off.
Speaker 4: Finally, welcome, Okay, the next one. I actually always wondered
Speaker 4: about this too. So if multiple brokers offer a zero
Speaker 4: dollar initial fee, are in using multiple brokers.
Speaker 2: Do you know how many credit checks you're going to
Speaker 2: rack up?
Speaker 4: Of course I don't like that.
Speaker 2: No neither. I don't like that credit checks on your
Speaker 2: account decrease your credit score over time, so we want
Speaker 2: to minimize those. But on top of that, let's say
Speaker 2: you want to go get a home loan with Bank
Speaker 2: B and you're like, all right, Bank B, I really
Speaker 2: want to go and get a five hundred thousand dollars
Speaker 2: home loan. Then you have another broker working on that.
Speaker 2: It actually is submitted under you, Beck, so you are
Speaker 2: like personally identifiable. Another broker can't submit another deal to
Speaker 2: the same bank. Without intercepting that and ruining your chances,
Speaker 2: you're probably going to end up with a decline. I see.
Speaker 2: It becomes an admin nightmare for that bank and they
Speaker 2: don't like it. Also, a mortgage broker gets paid by
Speaker 2: the bank. So this is my business zeller money and
Speaker 2: that's why I can offer services to our clients for free,
Speaker 2: which is the biggest money when ever, because we get
Speaker 2: paid by the bank when your property settles. It is
Speaker 2: so much work. Like we have a big team at
Speaker 2: Zella because not only are you talking to a broker,
Speaker 2: but you're talking to their CRM. You're then talking to
Speaker 2: our admin team in the backround. You then go into
Speaker 2: a settlements officer who's going to make sure that your
Speaker 2: process is as smooth as possible and that all the
Speaker 2: eyes are dotted and all the tea's across. We LaaS
Speaker 2: directly with your conveyancer to make sure that they're doing
Speaker 2: their job. But you're in the best possible position. We
Speaker 2: are answering all your questions along the way and making
Speaker 2: sure that you are feeling supported my brokers. Not that
Speaker 2: you should be calling your brokers after hours, but they
Speaker 2: answer the phone on the weekends. They answer the phone
Speaker 2: after hours. They do not want our clients to be stressed.
Speaker 2: That is a lot of time, energy and effort to
Speaker 2: be put in for something that then ultimately doesn't convert
Speaker 2: because you were playing the game. I see, like, I
Speaker 2: don't think it is fair. I do think that if
Speaker 2: you're on the fence, have an initial meeting with a broker, absolutely,
Speaker 2: but at the end of the day, work with someone
Speaker 2: that you resonate with, because if there is a right
Speaker 2: answer for your situation, both brokers should come to the
Speaker 2: same conclusion. Beck true, they should be, you know, analyzing
Speaker 2: it in a certain way and probably be putting the
Speaker 2: same bank forward. But it takes us a lot of work.
Speaker 2: It's not just like a quick half an hour meeting
Speaker 2: with a broker. Like in the background, we are doing
Speaker 2: so much work, so much research to make sure that
Speaker 2: you are in the best possible position. If you're doing
Speaker 2: that to multiple people, you're wasting their time and that
Speaker 2: is not cool.
Speaker 4: That's so true. I did notice that when my partner
Speaker 4: was buying a property, she was messaging them on Sunday,
Speaker 4: and I was like, are you allowed to do that?
Speaker 2: I know that you should obviously respect business hours and
Speaker 2: all of that, but like, if you're stressed and want
Speaker 2: that support, I want to hold your hand and make
Speaker 2: sure that you're in the best possible position. And I
Speaker 2: don't want my clients being stressed because they're like, oh
Speaker 2: my god, are we okay for settlement? Yeah, girl, of
Speaker 2: course we are. Like if that's all it takes out
Speaker 2: of our day, great, exactly.
Speaker 4: Okay, This next one's a good one for all of
Speaker 4: us in this cozy liv crisis.
Speaker 2: Yeah.
Speaker 4: So, hypothetically, I'm a stay at home mum looking to
Speaker 4: an extra income. Do you have any tips?
Speaker 2: I do multi level marketing.
Speaker 4: Let's take that out of context and put it on socials.
Speaker 2: Yeah, actually, put it on a T shirt uneducated, which
Speaker 2: is what I'm going for. So do I have some
Speaker 2: tips and tricks?
Speaker 1: Yes.
Speaker 2: I want you to just stay vigilant and know that
Speaker 2: if it seems too good to be true, it probably is.
Speaker 2: There are so many opportunities that are going to be
Speaker 2: presented to you because you are a stay at home mum,
Speaker 2: because you are relatively vulnerable in this situation, because like
Speaker 2: the end of the day, you want to stay home
Speaker 2: with your kids, like, and I get that, Like, if
Speaker 2: you've decided that you need an extra income so that
Speaker 2: you can spend more time with them. And someone comes
Speaker 2: along and says, hey, back, so I've got this great
Speaker 2: business opportunity. You just sign up. Not hard for you
Speaker 2: to do three hundred bucks. You can make so much
Speaker 2: money on the side, and you can take your kids
Speaker 2: to the park whenever. You can work from wherever. Sounds great,
Speaker 2: doesn't it. But you need to stay vigilant. I would say,
Speaker 2: in terms of earning extra income, air tasker is fantastic.
Speaker 2: Are there any tasks that you could pick up? And
Speaker 2: do you know, if it's a courier job, can the
Speaker 2: kids come with you? Can you you know, do a
Speaker 2: few things here and there. Are there any handicrafts that
Speaker 2: you can do online surveys that you could do. Is
Speaker 2: there a way that you could get a work from
Speaker 2: home job, Like one of our community members has recently
Speaker 2: gotten a job as a medical transcriber.
Speaker 4: I was gonna say transcribing is pretty good.
Speaker 2: Yeah, it's pretty good, and she's earning so much money.
Speaker 2: She's only like forty five bucks an hour or something.
Speaker 2: It's good to transcribe medical records because they want to
Speaker 2: keep them on file. But she's like, it doesn't matter
Speaker 2: if I do that at nine am, or I'm doing
Speaker 2: it at nine pm. I do it when my kid
Speaker 2: is asleep, and they're fine with that. There are so
Speaker 2: many options out there that don't involve you ending up
Speaker 2: in a worse off situation. But I also need you
Speaker 2: to know that if you're looking for a way to
Speaker 2: earn extra income while still having that lifestyle as estate
Speaker 2: at her mum, there is always going to be some
Speaker 2: level of compromise, Like you can't have your cake and
Speaker 2: eat it too. And maybe this is going to sound tough.
Speaker 2: Maybe the realization is this is a season of life.
Speaker 2: I'm going to earn less right now while I'm focusing
Speaker 2: on my kids, and then once they're at school or
Speaker 2: once they're doing this, I can go back to earning
Speaker 2: an income. You don't actually need to do it all.
Speaker 2: I feel like there's this boss babe mentality online of like,
Speaker 2: if you're going to be a stay at home mum,
Speaker 2: you also need to be working on yourself and you
Speaker 2: also need to be having a side hustle. And if
Speaker 2: you don't get up at five am and go to
Speaker 2: the gym before the kids wake up, like what are
Speaker 2: you even doing? Absolutely insane, unrealistic, expectations being put on parents,
Speaker 2: Like if you want an extra income stream, great, let's
Speaker 2: find one for you, but don't do it because you're
Speaker 2: feeling the pressure because other people are doing it.
Speaker 4: Yeah. One Also, don't forget clinical trials.
Speaker 2: Sometimes no clinical trials.
Speaker 4: Clinical trials, let's take that.
Speaker 2: You can do that one.
Speaker 4: That one, Okay, the sext one is a good one.
Speaker 4: I feel like I've said that four of them so far,
Speaker 4: but they're all good. It's about those golden nuggets of wisdom,
Speaker 4: your favorite advice from a mentor or person that you
Speaker 4: still use to this day.
Speaker 2: Like the advice or the person, because like I feel
Speaker 2: like mentors come and.
Speaker 4: Go true maybe both.
Speaker 2: If you have favorite advice, I feel like my dad
Speaker 2: is that lame. That's probably lame. That'squ welcome dad. So
Speaker 2: there's probably a few pieces of advice. The first one
Speaker 2: is honesty tempered with mercy. WHOA, So that is something
Speaker 2: that he's always said. Just because it's true doesn't mean
Speaker 2: you have to say it. So like you know, if
Speaker 2: something at work is happening and you know it's not working,
Speaker 2: like always just being like am I being kind in
Speaker 2: this moment? Or am I just saying it? Because I can.
Speaker 2: I think that's something that I've always taken, especially in
Speaker 2: Cheese on the money, Like, we have to be honest
Speaker 2: because like, at the end of the day, I need
Speaker 2: to put you in a best possible position. But you
Speaker 2: don't need to crucify someone, like say you're firing someone
Speaker 2: and they're just not the right fit. But they've also
Speaker 2: been messing up a little bit and you've given them
Speaker 2: a few reasons as to why you don't need to
Speaker 2: double down and absolutely bury that person on the way out,
Speaker 2: Like that is not what you need to do. So
Speaker 2: like honesty, because like people deserve the truth, but like
Speaker 2: sometimes you need to temper it with mercy. I think
Speaker 2: is really good. Yes, the second piece of advice my
Speaker 2: dad gave me was the best number of business partners
Speaker 2: is an odd number of less than three. And I
Speaker 2: really wish I had listened to him at the very start,
Speaker 2: because that essentially is him saying, don't have business partners.
Speaker 2: That sounds savage because I have had a few of
Speaker 2: them now, and upon reflection, I have always taken on
Speaker 2: a business partner because I didn't have the confidence that
Speaker 2: I could do it myself. I thought that I needed
Speaker 2: somebody else's support to be successful. I thought that I
Speaker 2: needed somebody else to hold my hand through that section.
Speaker 2: And the reality is, nobody knows my business is better
Speaker 2: than me. No one cares about my businesses more than me,
Speaker 2: No one cares about my mission more than me, and
Speaker 2: so then it should just be me. At the end
Speaker 2: of the day. My businesses are better off with me
Speaker 2: making those decisions because I do lead in a way
Speaker 2: that not everybody leads, and that's okay, But I think
Speaker 2: it's important to kind of back yourself. Like I think
Speaker 2: so often small business owners, especially women, they want to
Speaker 2: be in business. They want to do things because it
Speaker 2: sounds great, but they want someone to be alongside them
Speaker 2: for the ride, and sometimes that's not the best decision.
Speaker 4: Yeah, okay, great advice.
Speaker 2: I don't know if it's great advice savage advice. And
Speaker 2: also the last piece of advice that I got from
Speaker 2: a friend was just don't get up.
Speaker 4: God. I love that. Good advice, So easy as that. Yeah,
Speaker 4: great advice. V. Thank you.
Speaker 2: Okay, V.
Speaker 4: We're talking love and money at this point. Yeah, someone's
Speaker 4: asking for your thoughts on the importance of a prenup
Speaker 4: for couples considering marriage. I like that.
Speaker 2: So first things first, in Australia we don't have prenups.
Speaker 2: We have binding financial agreements which are similar, but also
Speaker 2: they can be disputed, so I think it's important to
Speaker 2: know that going in. But I also think that a prenup,
Speaker 2: like let's call it, that, is a good idea to
Speaker 2: make sure that you're on the same page going into
Speaker 2: a marriage. In saying that, it probably needs to happen
Speaker 2: prior to marriage, because if you're in a de facto relationship,
Speaker 2: you default to the same rules that apply to a
Speaker 2: married couple. So it's kind of the same thing anyway,
Speaker 2: Like if you moved in with your girlfriend and you
Speaker 2: met all of the you know, criteria for being a
Speaker 2: de facto couple, like, you're not treated that differently these
Speaker 2: days as a married couple is, so we do have
Speaker 2: to be quite careful. It also depends where you're starting from.
Speaker 2: Like if you're nineteen and you're young and in love
Speaker 2: and you've just gotten married and you have literally no
Speaker 2: money to your name, do you need a prenup? Probably not,
Speaker 2: because you haven't started the relationship with significant assets that
Speaker 2: need to be taken into consideration. But if you're on
Speaker 2: the flip side, and you know you're in your thirties,
Speaker 2: maybe it's your second marriage and you have an inheritance
Speaker 2: from a parent or a grandparent that you want to
Speaker 2: make sure if you came out of that marriage was protected. Yes, absolutely,
Speaker 2: I think we need a binding financial agreement. I also
Speaker 2: think that it is really good practice to go into
Speaker 2: a relationship with a clear exit strategy. And that sounds
Speaker 2: terrible because like, no one wants their relationship to fall apart,
Speaker 2: but I agree. I didn't marry my husband because I
Speaker 2: want to divorce him. I married him because I wanted
Speaker 2: his babies and I want to be with him for
Speaker 2: the rest of my life. But being able to sit
Speaker 2: down together and talk about, well, what if this didn't
Speaker 2: work out, when we're both in the headspace of wanting
Speaker 2: the best for each other, is a really good outcome
Speaker 2: because that then becomes the fallback. So something might happen.
Speaker 2: We might be really salty at each other and don't
Speaker 2: even want to look at each other, but we have
Speaker 2: this document that says, well, this is how our assets
Speaker 2: will be divided up, this is how we would care
Speaker 2: for our children, this is how we would do this.
Speaker 2: Because we decided that when we actually wanted the best
Speaker 2: for each other, and I think that that's really nice. Yeah,
Speaker 2: so do I think you need one? Not necessarily, but
Speaker 2: do I think that you should talk about an excess
Speaker 2: strategy for your relationship? Absolutely, And it can be a
Speaker 2: little bit more bid, Like isn't that a bit weird
Speaker 2: to be? Like, you know, if I said to you
Speaker 2: and Jess, hey, so what if this doesn't work out,
Speaker 2: what you're going to do? Like you're like, oh, no,
Speaker 2: this is going to work out, But like you have
Speaker 2: to to put yourself in the best possible position, and like,
Speaker 2: especially for women, we end up with the raw end
Speaker 2: of the deal half the time. So like, what does
Speaker 2: that look like? How is your partner going to advocate
Speaker 2: for you? If you're hypothetically in this very stereotypical relationship.
Speaker 2: You're both mid twenties, you're planning on getting married and
Speaker 2: having kids, and it's very you know, heterosexual, Like great,
Speaker 2: so are you going to take time off when your
Speaker 2: husband goes to work and you have kids. What's going
Speaker 2: to happen to your suberannuation, what's going to happen in
Speaker 2: the future. I think that we just need to prepare
Speaker 2: to make sure that everybody is treated equally.
Speaker 4: It's great advice. I actually I'm curious. Maybe it depends
Speaker 4: on the agreement, but does that protect your future assets
Speaker 4: or just like the current assets?
Speaker 2: No, so it protects current assets. Future assets are often
Speaker 2: seen as created together. Oh yeah, which is why. And
Speaker 2: I'm not a lawyer, so do not quote me, obviously,
Speaker 2: if you're going through this, speak to a lawyer. But
Speaker 2: it's why in a court of law, if a woman
Speaker 2: stays at home, the man's not automatically going to get
Speaker 2: all the money all the super Like. I have situations
Speaker 2: where community members that I've spoken to are like, I
Speaker 2: got sixty percent of his super You listen to it
Speaker 2: on money daries all the time because when you sit down,
Speaker 2: she took the hit for you having a career. The
Speaker 2: reason you had a career was somebody was backing you
Speaker 2: at home. Like, I think there's just this misconception that
Speaker 2: being a stay at home mum or not earning an
Speaker 2: income while your partner is means that you're not contributing
Speaker 2: when you are, and I think that we need to
Speaker 2: see it a little bit more equally.
Speaker 4: Completely agree. I think it's a really good time to
Speaker 4: just jump to a quick break.
Speaker 2: Good idea.
Speaker 4: I'll get my questions in order, okay, and then we'll
Speaker 4: see more when we come back. More when we come back.
Speaker 4: Welcome back everyone. Today is a game show that's an
Speaker 4: ask me anything for strictly Victoria.
Speaker 2: I'm not going to win any money apparently, so I'm
Speaker 2: not sure where the game show part comes in. But
Speaker 2: I'm glad you're having fun back.
Speaker 4: I'm having so much fun. I feel like I've already won.
Speaker 4: You have one, okay, So this next one, I feel
Speaker 4: like you're gonna love this. So it is about multi
Speaker 4: level marketing. Oh, I am gonna love this. But I
Speaker 4: have been all of you Instagram lately, and I know
Speaker 4: you've been sharing your thoughts, so I do my thoughts. Well, yep,
Speaker 4: they are spicy thoughts. Honestly, it feels like it's been
Speaker 4: a full on solap opera and I've had my popcorn ready, so.
Speaker 2: I feel like so many people have too. Like I'm
Speaker 2: not done.
Speaker 4: I'm so excited. You even dropped a whole episode on
Speaker 4: the weekend about how dodgy MLMs can be. If you
Speaker 4: haven't heard one of those yet, go back to episodes.
Speaker 4: It was juicy. You do not want to miss it,
Speaker 4: so v tell me what are your thoughts.
Speaker 2: I hate multi level marketing to my coreback that's why
Speaker 2: I did a whole episode on it, and there are
Speaker 2: more to come. Like, I'm not done, I haven't stopped.
Speaker 2: I feel like this is a space that we need
Speaker 2: education on because the most eye opening thing after dropping
Speaker 2: that episode was that people that obviously weren't involved in
Speaker 2: multi level marketing, like I didn't realize that this was
Speaker 2: so awful. I didn't know this is how it worked.
Speaker 2: I had no idea. And that's fantastic for you, but
Speaker 2: you need to be educated because like if your friend's like, hey, Beck,
Speaker 2: I've got this great shampoo, uh, You're gonna fall into
Speaker 2: it and not know. So I think that as a community,
Speaker 2: we deserve the education. But then on the flip side,
Speaker 2: I see so much potential in these women and it's
Speaker 2: going to waste on businesses that aren't theirs. So obviously
Speaker 2: we did a whole episode. If you missed that, go
Speaker 2: and listen to that. But I have a juicy interview
Speaker 2: coming up. So doing all my research, I came across
Speaker 2: a woman called Emily Lynn Paulson. Oh my gosh, Beck,
Speaker 2: I'm obsessed. She has a book called hay Hunt. Okay,
Speaker 2: isn't that so cute? That is cute. That's how so
Speaker 2: many multi level marketing women start their conversations. They'll be like, oh, Heyhun, So,
Speaker 2: I was watching your videos and I just thought, Beck,
Speaker 2: you're doing such a good job. Have you ever thought
Speaker 2: about the shampoo that you use? Like it actually kills me?
Speaker 2: So she's used that, just taken it back. And her
Speaker 2: book is called Hayhun Sales, Sisterhood, Supremacy, and the Other
Speaker 2: Lies behind multi Level Marketing. And when I saw her write,
Speaker 2: she made more than a million dollars in multi level
Speaker 2: marketing and has now flipped and been like that was toxic,
Speaker 2: that was awful. I'm so embarrassed. Yeah, in the first
Speaker 2: like ninety pages of her book she talks about white supremacy.
Speaker 2: She has gone hard, Like I have so much respect
Speaker 2: for her. But we have a juicy interview coming up,
Speaker 2: So if you want to hear more about multi level marketing,
Speaker 2: that's the one that you want to tune into.
Speaker 4: Oh my god, I'm so excited for that.
Speaker 2: I mean, I don't want to talk about anything apart
Speaker 2: from that. But that's okay, We've got more questions to
Speaker 2: get through.
Speaker 4: Yeah, absolutely, we will get all the juicy, juicy juicy details,
Speaker 4: I'm sure in that episode with Emily. Okay, so this
Speaker 4: next question you have is how to raise capital for
Speaker 4: a business idea I have Hypothetically it would require me
Speaker 4: to buy a bit of stock.
Speaker 2: Okay. So obviously there are lots of different ways to
Speaker 2: starting a business. There's bootstrapping. So bootstrapping is where you
Speaker 2: like take on every expense yourself, like maybe you have
Speaker 2: another job and you're funding it on the side. Maybe
Speaker 2: you've got some savings' like, it's completely up to you.
Speaker 2: I get really suspicious when people say I need to
Speaker 2: raise capital for my business, because capital comes with a trade,
Speaker 2: and that trade is for usually equity in your business.
Speaker 2: And I am an advocate of women in particular owning
Speaker 2: one hundred percent of their asset. So if you're saying,
Speaker 2: I really need to raise capital for a business idea,
Speaker 2: So capital is cash so that you can invest into
Speaker 2: your business. So do you want you know, if I said, hey, Beck,
Speaker 2: I'll give you one hundred grand for this business idea,
Speaker 2: but I want thirty percent of your business. If you're
Speaker 2: so invested in this business and you know it's going
Speaker 2: to be successful. Do you really want to sell out
Speaker 2: that early and lose that much percentage of your business
Speaker 2: before you've even begun right, Like some businesses you definitely
Speaker 2: need funding for but like I want you to have
Speaker 2: dotted all your eyes, crossed all your teas and make
Speaker 2: sure that you're in the best possible position before you've
Speaker 2: done that. So have you done a full budget? Have
Speaker 2: you done a forecast for a full year of expenses,
Speaker 2: like all the way down to what is your website
Speaker 2: hosting fee going to be? What is shipping going to cost?
Speaker 2: You said you needed to buy stock. I'm assuming maybe
Speaker 2: just like a retail business, you're buying stock. What is
Speaker 2: the insurance going to cost to get that stock to
Speaker 2: your warehouse? What is the warehouse going to cost? Like,
Speaker 2: I want to know everything before you even think about
Speaker 2: going into business and raising capital. If you're raising capital
Speaker 2: and you don't have complete clarity on what that business
Speaker 2: is becoming, you are not ready to raise capital. Well, like,
Speaker 2: I just have a lot of thoughts about that. But
Speaker 2: then also have you looked into business grants? Oh?
Speaker 4: True?
Speaker 2: Is that an option? There is so much money out
Speaker 2: there and so many resources for small business owners to
Speaker 2: get grants. Grants are literally like winning the business lottery
Speaker 2: beck Like the government is going to gift you some
Speaker 2: money just to help you with your business. If you
Speaker 2: pitch it properly right, that's a better deal than giving
Speaker 2: somebody else a cut of your business. Also, have you
Speaker 2: thought about maybe saving for a little longer, Like if
Speaker 2: you aren't ready to buite the bullet and you don't
Speaker 2: have capital to start the business, should you stay in
Speaker 2: your job a little bit longer, save a bit more,
Speaker 2: and start it a little bit later. Or Obviously I
Speaker 2: don't love debt, but business debt is an option. Could
Speaker 2: you go to a bank and get a loan so
Speaker 2: that you owe a bank money, pay that back and
Speaker 2: you still own one hundred percent of your business. So
Speaker 2: I think that there are a lot of thoughts and
Speaker 2: feelings I have. How would you then raise capital? If
Speaker 2: you've decided there are lots of different ways. There is crowdfunding,
Speaker 2: There is you know angel investors, there is you know
Speaker 2: business brokers that could go out and help you raise that.
Speaker 2: There are heaps of options. But I would be trying
Speaker 2: to avoid raising capital at all costs. Before trying to
Speaker 2: raise capital, I think it should be the last thing.
Speaker 4: That is a lot to wrap my head around. But
Speaker 4: I'm sure if you're in the business of wanting to
Speaker 4: start a business.
Speaker 2: Yeah, please help me. Yeah, don't take people's cash holder
Speaker 2: unless you really, really really have to.
Speaker 4: Absolutely, that's great advice for me. God, I'm trying.
Speaker 2: I'm trying you. Actually, I'm actually a business owner who
Speaker 2: has had mulgeperience that has cost me hundreds, if not
Speaker 2: millions of dollars. Sure it of so yeah, don't do that.
Speaker 4: Yeah, Okay. This one is one that I'm sure most
Speaker 4: of our community have asked themselves. When should you see
Speaker 4: your financial advisor? Do you need to have a certain
Speaker 4: amount of savings or goals before you do?
Speaker 1: Well?
Speaker 2: It depends. And this is going to annoy all the
Speaker 2: financial advisors, so close your little ears. But not everybody
Speaker 2: needs a financial advisor. Sure, if you are somebody who
Speaker 2: wants some help on your goals and your investments and
Speaker 2: achieving them, then sure seeing a financial advisor will help.
Speaker 2: But there is the ability to do it yourself. I'm
Speaker 2: not saying it's the best option. It's kind of like
Speaker 2: getting a gym membership back, Like if I went and
Speaker 2: got a gym membership, and you went and got a
Speaker 2: gym membership. I know you are so good at going
Speaker 2: to the gym, but if I had the gym membership,
Speaker 2: I'm not going because I don't have any accountability. So
Speaker 2: a financial advisor is kind of like a personal trainer
Speaker 2: in that they might get you in the gym, they
Speaker 2: might actually get you doing your program. They might actually
Speaker 2: get you investing and creating wealth and doing all of
Speaker 2: those things. Maybe you feel like you've got to the
Speaker 2: end of your dear why journey. You're investing, you're saving,
Speaker 2: you've got super you've got a property, and you're like like,
Speaker 2: maybe I need to take it to the next level.
Speaker 2: That is when you might want to see a financial advisor.
Speaker 2: Not everybody needs one, but if you're going to see one,
Speaker 2: I think it's important to have a lot of clarity
Speaker 2: around your goals because they're going to ask you. Like
Speaker 2: in my fact find meetings when I was a financial advisor,
Speaker 2: I want all the info like prior to the meeting,
Speaker 2: like what you earn, what you spend, what you own,
Speaker 2: what you owe. But then I want you to go,
Speaker 2: why are you here? What do you want from me?
Speaker 2: If you go, oh, I don't know. I just want
Speaker 2: to be better at money. That's really hard because I
Speaker 2: could have six million different outcomes for you depending on
Speaker 2: your goals. But if you don't have goals, am I
Speaker 2: picking your goals? Are you going to like?
Speaker 1: That?
Speaker 2: Probably not ideal. So before I saw a financial advisor,
Speaker 2: I would sit down. I would do a full budget
Speaker 2: because that's within your power. Like there is a free
Speaker 2: budget on our website that you can download at any
Speaker 2: time to do. I will do that for you for free. Literally,
Speaker 2: go and download it and do it. If you want
Speaker 2: to take it to the next level. We've got our
Speaker 2: money master class that is a really good thing to
Speaker 2: invest in. If you want to take your budget and
Speaker 2: your cash flow to the next level, you can do
Speaker 2: all of that. You can sit down, you can write
Speaker 2: down your goals, you can write down what you want
Speaker 2: to achieve. You can have a chat with your partner,
Speaker 2: you can zoom out, you can look at your super fund.
Speaker 2: You can call your super fund and have a chat
Speaker 2: to the advisors there for free because it's included in
Speaker 2: your super fees. Like, exhaust all of these options, I
Speaker 2: would say before seeing a financial advisor, and then when
Speaker 2: you decide I want to see financial advisor, that investment
Speaker 2: is going to be worth it. Yeah, that investment is
Speaker 2: going to help you be in the best possible financial position.
Speaker 2: But no, you don't need to have certain savings. You
Speaker 2: could have zero dollars to your name and seeing a
Speaker 2: financial advisor makes sense.
Speaker 4: It's comforting.
Speaker 2: Or you could have one hundred million dollars and seeing
Speaker 2: a financial advisor then makes sense. So it's not necessarily
Speaker 2: about how much money you have, but how much value
Speaker 2: you place on paying for advice.
Speaker 4: Okay, this one's a bit gzy. What are some financial
Speaker 4: decisions you've made in the past five years that you
Speaker 4: would change or that you regret.
Speaker 2: Oh, okay, lots To be honest, I am a very
Speaker 2: good impulse purchaser. What's a small one that I made
Speaker 2: this week? Are you ready? I am actually really embarrassed
Speaker 2: by this. So I got back to the office the
Speaker 2: other day after making this purchase and I said to
Speaker 2: my whole team, I am embarrassed. I cannot believe I
Speaker 2: just did this. I bought a dress last weekend for
Speaker 2: two hundred and fifty dollars from chic. I really wanted it.
Speaker 2: I have had my eye on it. Whatever bought the dress.
Speaker 2: I am really short, so that dress needs to be
Speaker 2: taken up, and I just in my head thought that's
Speaker 2: not that expensive. So I went down to the tailor
Speaker 2: and she's like, put the dress on Norri's. She marks
Speaker 2: it all up for it being taken up, and I'm like, yep, Crogel,
Speaker 2: no worry's going to go to the checkout beck one
Speaker 2: hundred and sixty five dollars. It is a cotton dress, Like,
Speaker 2: I don't think it's that complicated anyway, one hundred and
Speaker 2: sixty five dollars. And the regret I have is that
Speaker 2: I just didn't say anything. I felt sick. There was
Speaker 2: somebody behind me waiting in the line, and I didn't
Speaker 2: want to like student.
Speaker 4: And totally can't.
Speaker 2: I in that moment was like, but I am, she's
Speaker 2: on the money. I should be questioning this, Like I
Speaker 2: just want to get out of this situation. Got back
Speaker 2: to the office. I regret that. I don't know if
Speaker 2: I regret any of the really, really big mistakes. So
Speaker 2: when I was twenty two, I took out a forty
Speaker 2: thousand dollar personal loan so that I could buy a car,
Speaker 2: I could travel to France and study, and I could
Speaker 2: go on a holiday. In hindsight, I wish I had
Speaker 2: better financial literacy so that I didn't make that decision.
Speaker 2: But I feel like me being in that debt was
Speaker 2: pivotal to creating my career and actually valuing money more.
Speaker 2: I feel like I needed that kickup the butt. I
Speaker 2: needed that stress, I needed that anxiety. I needed to
Speaker 2: go through that to grow through that in a way.
Speaker 2: And I don't think that today I would be as
Speaker 2: good at managing my finances if I didn't have something
Speaker 2: like that that puts significant pressure on me. No one
Speaker 2: deserves to be in that amount of debt. But at
Speaker 2: the same time, I don't regret it. I know at
Speaker 2: the time I was doing the best that I could
Speaker 2: with the tools and the reaci I had. So are
Speaker 2: there big things that I would regret, Sure, But I
Speaker 2: think the things that other people regret might not be
Speaker 2: my regrets. It's personal, right, Absolutely, it's personal.
Speaker 4: We all on our own journey.
Speaker 2: Do I regret that one hundred and sixty five dollars
Speaker 2: tailor charge. Absolutely, I'm still embarrassed by it, but that's okay.
Speaker 4: You come to me next time I chop it off.
Speaker 2: See, I feel like the dress would look better just hacked.
Speaker 4: At this point, it looks cool.
Speaker 2: But now what am I going to go do? Pick
Speaker 2: it up and then wear it and just always be
Speaker 2: annoyed by it. I don't know how this is going
Speaker 2: to pan out.
Speaker 4: No money comes and goes.
Speaker 2: You say that. Now I do have my own questions,
Speaker 2: but you've got your own questions. I'm ready.
Speaker 4: They're not educationional, they're not money.
Speaker 2: I feelated if you're asking them, I'm scared, but also
Speaker 2: probably the community of thinking them as well. So what
Speaker 2: are they?
Speaker 4: Okay? And you don't have to answer it.
Speaker 2: It is I like how you're prefacing it. But also
Speaker 2: this is an AMA and I'm great.
Speaker 4: Yeah, I want to know what your first email address?
Speaker 2: Okay, it was pink Cotton Candy underscore xx at hotmail
Speaker 2: dot com.
Speaker 4: Oh that's not too bad. Actually, if you still had that.
Speaker 2: That makes it. I don't I mean you could email it.
Speaker 2: I don't know the log in. Yeah, like, I don't
Speaker 2: know the password. I don't even know how to recover that.
Speaker 2: But yeah, pink Cotton Candy underscore xx and.
Speaker 4: That was candy. Why I don't know that really paints
Speaker 4: a picture of your teenage self.
Speaker 2: Yeah, it does, just it you don't want to know her?
Speaker 2: She was interesting.
Speaker 4: Okay, the next one is really short and sweet. You
Speaker 4: have any tattooes?
Speaker 1: Oh?
Speaker 2: Yes I do, I should, Yes, I do. I have
Speaker 2: two tattoos. They're both on my face. They are my eyebrows.
Speaker 2: That is it?
Speaker 3: Oh?
Speaker 2: Really? Yeah? Incredible? Yeah, I am too scared to get
Speaker 2: a tattoo, not because of the pain, but because like
Speaker 2: what if I changed my mind?
Speaker 4: Yeah, that's fair.
Speaker 2: I changed my mind all the time. Like I am
Speaker 2: so noncommittal, like I love the idea of a tattoo,
Speaker 2: but also like, oh, I don't know where i'd put it.
Speaker 2: How do you even pick where you put your first tattoo?
Speaker 2: And then I'm a creature of like balance, so like
Speaker 2: if I get one on my left arm, do I
Speaker 2: have to get one to match all my right arm?
Speaker 1: Like?
Speaker 2: Oh the anxiety?
Speaker 4: My first one was on my bum cheek. Maybe I
Speaker 4: need to get on the other one now maybe? Okay?
Speaker 4: And then if I had a tattoo, what do you
Speaker 4: think it would have been if you had a tattoo?
Speaker 2: Yeah, that wasn't my eyebrows. Wasn't your eyebrows even count?
Speaker 2: I don't know, I think they count.
Speaker 4: Okay, I think it's really really cool okay, so I
Speaker 4: would think you would get.
Speaker 2: You think I would have a tramp stamp. Don't you
Speaker 2: use like an angel or something?
Speaker 4: I think juicy just above your butt crack.
Speaker 2: Oh, I will put that in the suggestions box.
Speaker 4: Thank you if you could actually get that done.
Speaker 2: Do you know what again, suggestions box will come back
Speaker 2: to it perfect.
Speaker 4: I just really quickly want to know your favorite color.
Speaker 2: My favorite color?
Speaker 4: No black, no blue, no, I actually can't think of
Speaker 4: a single other color.
Speaker 2: Like orange.
Speaker 4: Oh, she's an orange girl.
Speaker 2: I really like orange, like but like more erring on
Speaker 2: the side of like the yellow orange, like you know
Speaker 2: that like verve clicko orange, like that champagne color. I
Speaker 2: just feel like that is like so happy, just a
Speaker 2: happy color like pink. Yeah, cool, Like I like pink,
Speaker 2: it's the brand colors. But like you just look at
Speaker 2: like a bright orange yellow and you go, that's happy.
Speaker 2: I like, yeah, that's my favorite.
Speaker 4: Yeah okay, And then this one is not for me.
Speaker 4: We're back on the money.
Speaker 2: So we've gone from email addresses back to money questions.
Speaker 2: I like it.
Speaker 4: Okay, So what's yours and Steve's next financial goal and
Speaker 4: what is a financial decision you'll make outside the norm
Speaker 4: in the next few months.
Speaker 2: Outside the norm. Okay, I feel like those are two
Speaker 2: different questions. So what is our next financial goal? So
Speaker 2: full clarity, we currently have two mortgages and we would
Speaker 2: like to extinguish one of those mortgages because the idea
Speaker 2: of being in seven figures of debt is really ANXI inducing.
Speaker 2: I really don't like it. So we are trying to
Speaker 2: smash down one of those. We don't have any other
Speaker 2: big spends. I think that we've been through that season
Speaker 2: in our lives, like we have gotten married. That was
Speaker 2: a big one. We bought our first home. We were
Speaker 2: lucky enough to have enough equity in our first home
Speaker 2: to buy our second property. So now I think it's
Speaker 2: about settling down. I mean, I know that we want
Speaker 2: to go on some more family holidays, but we went
Speaker 2: on a big europe trip and so now we're kind
Speaker 2: of like, oh, like I don't really want to do that.
Speaker 2: I want to do it again, but like, financially, it's
Speaker 2: just to us not a responsible use of our funds.
Speaker 2: And I also, being completely transparent, sold down a lot
Speaker 2: of my share portfolio to buy back the rest of
Speaker 2: Zella money. So you know, a lot of people have
Speaker 2: probably seen that I am now the again sole owner.
Speaker 2: I had a business partner for a period of time.
Speaker 2: I don't I would really like to bump all of
Speaker 2: those investing dollars back up because I sold them down
Speaker 2: so that I could purchase a business partner out. And
Speaker 2: that's fine, that makes sense, and I was very grateful
Speaker 2: to be in a situation where I could do that.
Speaker 2: But yeah, I would like to get our investments back
Speaker 2: on track because they definitely took a hit. And then
Speaker 2: what is a financial decision that will make outside the norm?
Speaker 2: I don't know if we'll make a financial decision that's
Speaker 2: super outside the norm. We are currently landscaping, is that
Speaker 2: the right word? Like we're doing our front yard, and
Speaker 2: we got some big quotes back that I didn't anticipate
Speaker 2: to do that, Like they were between fifty and seventy
Speaker 2: thousand dollars for a front yard, and I just thought
Speaker 2: that was a lot of money. So we'll probably spend
Speaker 2: I don't know, maybe forty thousand dollars on our front
Speaker 2: yard because it needs a whole driveway, so it's not
Speaker 2: just like landscaping, Like we actually need to move the
Speaker 2: entrance to our house, which is quite Spano.
Speaker 4: It's a big one.
Speaker 2: Yeah, that's probably a big expense that's coming up. But
Speaker 2: we've also been talking about it because we bought that
Speaker 2: house in twenty twenty, so this has been in the
Speaker 2: works for the last four years.
Speaker 4: I see.
Speaker 2: So I don't want people thinking, oh, V just has
Speaker 2: you know, cash sitting around, because I also think, following
Speaker 2: onto that, that there is a very big misconception that
Speaker 2: I earn heaps and heaps and heaps of money and
Speaker 2: we are very comfortable. Please don't get me wrong, but
Speaker 2: we also do budget and cash flow. And when I
Speaker 2: say I love budgeting and cash flow, like I do
Speaker 2: it for us every single month, like I'm on top
Speaker 2: of that, and most of the income that she's on,
Speaker 2: the money and Zella money make get reinvested back into
Speaker 2: the business. And I want to be as transparent about
Speaker 2: that at the same time as being a little bit
Speaker 2: protective of that. Yeah, And the reason I want to
Speaker 2: be protective of it is not because I'm embarrassed by it,
Speaker 2: like in fact, my whole team know what I earn
Speaker 2: and what I do, because I think being transparent is important.
Speaker 2: But I am an outlier in this space. I'm not
Speaker 2: employed by somebody. I control my income and I'm a
Speaker 2: business owner of multiple businesses, So do I earn a
Speaker 2: lot of money, yes, in comparison to what the average
Speaker 2: income of an Australian is. I don't think that by
Speaker 2: sharing my income with the community it actually helps you
Speaker 2: or inspires you, because I'm not speaking most of the
Speaker 2: time to other business owners where that's aspirational, and speaking
Speaker 2: to people who are earning normal salaries who need me
Speaker 2: to be an advocate, not somebody who's completely unrelatable, right,
Speaker 2: And so my view on that is that it's not
Speaker 2: constructive for the community to share that. But I have
Speaker 2: shared how I budget, what I do, the templates like,
Speaker 2: I will give you absolutely everything to be successful, and
Speaker 2: I will be honest about you know where I can,
Speaker 2: what I'm spending and what I'm earning. But I just
Speaker 2: think that by sharing a number, it doesn't really give
Speaker 2: you anything in exchange except for answering something pervy that
Speaker 2: doesn't really contribute to the success of our community.
Speaker 4: Sure completely agree?
Speaker 2: Is that weird?
Speaker 4: No, not at all, even though I am always curious
Speaker 4: about the little nitty gritty details. Yeah, what's that doing?
Speaker 4: We don't need it? I know if you hear that.
Speaker 4: That's the buzzer.
Speaker 2: Oh we could edit one in in post if we could.
Speaker 4: That would be lovely.
Speaker 2: That was a nice buzzer.
Speaker 4: What wow, that was allowed? Oh geez, really nostalgic. Time's
Speaker 4: up for today's episode of Ask v Anything. We've battled
Speaker 4: through your questions and we've all just won the grand prize.
Speaker 4: Better financial knowledge?
Speaker 2: Is that? Better financial knowledge? You do know my email
Speaker 2: address that I can't access and we're in cotton Candy
Speaker 2: underscore xx if anybody would like to slide into my
Speaker 2: emails which nobody.
Speaker 4: Checks, and we need to go fund me for your
Speaker 4: next tattoo.
Speaker 2: That is true. That is true. We can again talk
Speaker 2: about that at a later day.
Speaker 4: Really, Okay, don't worry. This is not the end of the.
Speaker 2: Game, isn't it. Oh No, apparently we're waiting for the
Speaker 2: next one. So I guess if you want to do more, AMAS,
Speaker 2: make sure that you're checking in on our Instagram because
Speaker 2: that's where we drop all of the callouts and the
Speaker 2: questions for episodes like this. And also I get the
Speaker 2: opportunity to rant about multi level much. Yeah, so that
Speaker 2: is really fun. Anyway, this has been kind of fun. Yeah,
Speaker 2: I don't hate it, we can do it again, but
Speaker 2: till then, we'll see you on Friday for a Friday
Speaker 2: episode and we hope that you have the best week.
Speaker 4: Bye guys.
Speaker 3: The advice shared on She's on the Money is general
Speaker 3: in nature and does not consider your individual circumstances. She's
Speaker 3: on the Money exists purely for educational purposes and should
Speaker 3: not be relied upon to make an investment or financial decision.
Speaker 3: If you do choose to buy a financial product, read
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