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Speaker 1: Kaka Yai and beIN Ahaka ni and Urga and in

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Speaker 1: Bina yakarum Jar Dominya, Domakaman, Damon Imlan Wumba bang gad

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Speaker 1: Obama in and now in Waka gan On yakraum jar Watnadaa. Hello,

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

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

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

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

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

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Speaker 1: knowledge and resources for you to thrive.

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

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

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Speaker 3: that lets you be pervy about other people's money habits

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Speaker 3: for educational purposes of course. Now today's Money Diary. It's

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Speaker 3: a little bit different because it's with somebody who we

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Speaker 3: talk about on the show all the time, but she's

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Speaker 3: never actually been on the show. Our money diarist today

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Speaker 3: is usually behind the scenes, and a year after joining

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Speaker 3: the she's on the Money team and being thrown absolutely

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Speaker 3: headfirst into financial literacy. Our producer Emma has volunteered to

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Speaker 3: share her money, habits, her mindset and goals that have

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Speaker 3: evolved since then. Emma, Welcome to the other side of

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Speaker 3: the microphone.

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Speaker 4: Oh my god, I can't believe I'm finally on the show,

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Speaker 4: which is fun because I talk about you all the time.

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Speaker 2: I'm like, Emma, is that right?

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Speaker 3: Oh, Emma will know and I feel like people maybe

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Speaker 3: know your name, but through me just yapping about you

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Speaker 3: on the show, especially Bex Broke tips.

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Speaker 2: I'm like, did you get that from Emma? And She's

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Speaker 2: like yes.

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Speaker 4: And usually when I call up the money Diarist and

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Speaker 4: talk to them, they're like, oh, it's so good to

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Speaker 4: finally hear your voice.

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Speaker 3: Yeah, you're kind of like in the background, but like

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Speaker 3: now we've brought you to the forefront, which I'm really

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Speaker 3: excited about. And you're normally not the type to put

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Speaker 3: your hand up for the spotlight. And I would never

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Speaker 3: have asked you to do this episode because I wouldn't

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Speaker 3: want anyone in our team to be uncomfortable.

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Speaker 2: But my friend, you came up with this idea.

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Speaker 5: This was all you.

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Speaker 2: What on earth possessed you to go?

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Speaker 1: Do you know what?

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Speaker 2: I'd finally be happy to be behind the mic thee well, Yeah,

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Speaker 2: anyone that knows me does know that. This is my

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Speaker 2: absolute nightmare. Like I hate public speaking, I hate the

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Speaker 2: idea of being on video. I hate all of that stuff.

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Speaker 4: Which is really interesting because I've worked in television and

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Speaker 4: I've now worked in podcasts. So but I'm always behind

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Speaker 4: the scenes. No, I've sometimes got roped in to I've

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Speaker 4: been on television twice dressed as a grandma. You're like,

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Speaker 4: no one will recognize me. That'll be exactly I've been.

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Speaker 4: I was a dalek for a doctor who thing once.

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Speaker 3: Wow.

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Speaker 4: But yeah, I've never been on anything as myself. I

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Speaker 4: also got the idea though, after reading some comments on

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Speaker 4: brooks recent episode, the one where she talked about fire

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Speaker 4: and retiring early because you know, she's twenty seven, she

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Speaker 4: doesn't have kids, she doesn't have a mortgage. So we

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Speaker 4: did get some comments that fired me up a little

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Speaker 4: bit and made.

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Speaker 3: Us both, I think a little frankly a little bit

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Speaker 3: annoyed because Brooks, So if you haven't listened, Brooke is

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Speaker 3: one of our team members at She's on the Money,

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Speaker 3: and she did a whole money diary with us, but

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Speaker 3: it was an investing diary and it was absolutely incredible.

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Speaker 3: So we'll link that in the show notes so you

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Speaker 3: can go back. Maybe we can start a collection, Emma

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Speaker 3: of all this. She's on the Money team's money diaries

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Speaker 3: and what.

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Speaker 2: They're willing to share.

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Speaker 3: But we got a comment on one of Brook's videos,

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Speaker 3: and I'm just going to read it out because I

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Speaker 3: think it's really important to be talking about these things

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Speaker 3: really openly. And we're not sharing this because we're like, oh,

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Speaker 3: here's a really unrealistic story of investing. Like guys, at

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Speaker 3: some point, I want to get a billionaire on the show,

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Speaker 3: and you know what, that's going to be wildly unrelatable,

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Speaker 3: but it'll be so pervy. But stories like Emma's that's

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Speaker 3: just about to come out and Brooks, they're not unrelatable.

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Speaker 2: They are completely.

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Speaker 3: Accessible, and I think that that's what's so beautiful anyway.

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Speaker 3: So this is the comment we got on one of

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Speaker 3: She's on the Money's videos a couple of days ago.

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Speaker 3: So it says, but does she also pay rent, electricity, water, gas, internet, phone, medical,

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Speaker 3: home insurance, private health insurance, coffee or Red joe in insurance?

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Speaker 2: What about her.

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Speaker 3: Food and incidentals? Not to mention subscriptions or gym memberships

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Speaker 3: or car Parking. Nobody has that amount of money to invest.

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Speaker 3: It's so unrealistic for the majority of people. And I

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Speaker 3: did reply kindly and I said, content isn't created at

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Speaker 3: she's on the money for you to follow them step

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Speaker 3: by step. It was created because we believe it's inspiring.

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Speaker 3: She started with absolutely nothing, gave it a go, and

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Speaker 3: now has two full time jobs to make sure she's

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Speaker 3: achieving her goal. You can start with as little as

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Speaker 3: a dollar. And this is just her story and it's

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Speaker 3: being shared hopefully inspire others not to act as a

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Speaker 3: blueprint for what we expect others to do. Because Emma,

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Speaker 3: you and I both know, like you interview every single

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Speaker 3: money darist, the ones that make the show, the ones

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Speaker 3: that don't end up on the show, literally everybody. Nobody's

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Speaker 3: money story is identical. Nobody's pathway to financial freedom is

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Speaker 3: exactly the same. It is all so wildly different.

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Speaker 4: And we never share any of these stories as a playbook,

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Speaker 4: as you said it would, I mean then be financial advice,

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Speaker 4: and I'd be in a bit of a pickle. Yeah,

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Speaker 4: we just had someone on the show who was twenty

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Speaker 4: five and has really great money habits, and she did

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Speaker 4: get a better start in life for her financial literacy,

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Speaker 4: because her parents did teach her all the things that

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Speaker 4: we're all learning now. But we didn't pick her for

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Speaker 4: the show because we're like, oh, everyone should have a

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Speaker 4: property portfolio. At twenty five, she still had things that

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Speaker 4: we could learn from, and she has good habits that

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Speaker 4: we can go, oh, actually I could change something and

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Speaker 4: I could.

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Speaker 3: Be like her, Yeah, and you don't have to replicate

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Speaker 3: it immediately. And I think that's what I really want

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Speaker 3: to draw the attention to, because these things aren't unrealistic.

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Speaker 3: Unrealistic would be saying if you can fly to the moon.

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Speaker 3: But these things can be replicated in a way that

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Speaker 3: works for you and your story and your journey. And

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Speaker 3: every single Monday, as you guys already know, we drop

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Speaker 3: a money diary and you get to know a lot

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Speaker 3: of our community members and they are also wildly diverse.

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Speaker 2: So let's get into it.

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Speaker 3: But before we get too far into it, I also

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Speaker 3: want to point out in exactly the same way I

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Speaker 3: did with Brooke that because Emma is one of my

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Speaker 3: dear members and is not completely anonymous, this isn't you know,

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Speaker 3: digging into the numbers. I'm not going to be like

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Speaker 3: give me the nitty gritty and how much tax did

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Speaker 3: you pay and what does this look like? Because she

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Speaker 3: doesn't have the privilege of anonimity, this episode is purely

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Speaker 3: being recorded because it's about what happens when you start

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Speaker 3: actually applying what we talk about in your day to

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Speaker 3: day life, which Emma was a little bit passionate about

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Speaker 3: when she started. But I think you'd only just been

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Speaker 3: introduced to our community, and in her interview she was like,

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Speaker 3: oh my god, they like love the content, been telling

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Speaker 3: all my friends about it. And I was like, let's

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Speaker 3: go So instead of me telling you about your journey, Emma,

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Speaker 3: let's go back. Where were you before or where were

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Speaker 3: you at before joining the Shees on the Money team.

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Speaker 4: Well, I probably was a more relatable person, right. So

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Speaker 4: I was forty, I had kids. My kids were about

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Speaker 4: to turn four and two when I joined. I've been

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Speaker 4: in and out of work contracts because I've been having

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Speaker 4: my babies, and we were renting while renting out our home.

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Speaker 3: So tell me a bit more about this rent investing

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Speaker 3: journey of yours. I know that that was something that's

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Speaker 3: completely unrelated to She's on the Money. It was something

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Speaker 3: that you and your husband had gone, you know what

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Speaker 3: this works for us?

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Speaker 4: Why like all of that, Well, that was never part

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Speaker 4: of our original plan. Before me and my husband had kids.

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Speaker 2: We went and got our.

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Speaker 4: Borrowing capacity done and we could borrow about a million dollars,

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Speaker 4: which back then could get you a lot more.

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Speaker 2: Than it could get you now.

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Speaker 3: Yeah.

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Speaker 2: Absolutely, but that idea absolutely terrified me. Second figures is terrified.

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Speaker 4: Yeah, the idea of having that mortgage, even though the

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Speaker 4: bank said we could have it, I was like the

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Speaker 4: idea of struggling to make for payments if interest rate

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Speaker 4: goes up or whatever.

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Speaker 2: Happens in our life. You know.

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Speaker 4: We ended up going down to one income and I'm

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Speaker 4: very glad that we didn't take on that mortgage, but

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Speaker 4: it was.

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Speaker 2: Purely because of our fear.

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Speaker 4: So we decided to go with more like a seven

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Speaker 4: hundred and fifty thousand dollar alone, which meant also we

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Speaker 4: kind of wanted to be more in the area that

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Speaker 4: we wanted to live as well, so that meant a

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Speaker 4: townhouse yep. And before we had kids, I thought that

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Speaker 4: would be enough. I thought a three bedroom townhouse we

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Speaker 4: could fit.

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Speaker 2: Once you have kids, it just feels much smaller, doesn't matter.

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Speaker 4: And my brother actually did say, you're going to outgrow

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Speaker 4: that house so quickly, and I was like, what do

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Speaker 4: you know, I just want to live closer to the

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Speaker 4: inner city.

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Speaker 2: You meetings of room exactly, and then how many train

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Speaker 2: sets later and you're like, oh, we need space.

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Speaker 4: Yeah, definitely, And we actually moved in the week before

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Speaker 4: lockdown happened.

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Speaker 2: Yeah, before we bought the house. It was a couple of.

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Speaker 4: Weeks before we found out I was pregnant as well.

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Speaker 4: So at that stage we didn't know if I could

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Speaker 4: have kids. I'd had neck topic pregnancy, I'd had surgery

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Speaker 4: to have you know, removal, and so there were just look, yeah,

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Speaker 4: we wanted kids, but there was the likelihood that I

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Speaker 4: couldn't have kids. I don't know how it worked, but

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Speaker 4: I managed to get pregnant again pretty much straight away.

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Speaker 1: But when we.

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Speaker 2: Signed the contract, I was probably pregnant, but I had

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Speaker 2: no idea.

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Speaker 3: Do you know what, That's actually probably a good thing

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Speaker 3: as well, because when you and I would never recommend this,

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Speaker 3: but when you disclose to a bank that you are

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Speaker 3: pregnant or having a kid, it does change your serviceability

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Speaker 3: of a mortgage.

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Speaker 4: Well, yeah, and that's something that you know, we've kind

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Speaker 4: of learned as well as we've gone on that that

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Speaker 4: does affect it now that we've got two kids.

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Speaker 3: Yeah, and you're like, oh, we want to move around,

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Speaker 3: and the bank's like, so, how many kids do you have?

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Speaker 3: And you're like, none of your business.

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Speaker 1: Yeah.

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Speaker 4: So, you know, we moved in just before lockdown started.

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Speaker 4: I had my baby in lockdown. I come from the country.

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Speaker 4: I come from a town that wasn't in lockdown. I

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Speaker 4: have a lot of friends there who have babies the

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Speaker 4: same age. They were all out and about my parents

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Speaker 4: are still there and I was just like locked inside

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Speaker 4: with this brand new baby, you know, struggling with sleep

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Speaker 4: all that kind of stuff and not being able to

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Speaker 4: leave the house.

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Speaker 2: And I was like going up the wall.

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Speaker 4: Yeah. I said to my hutsband, I think I want

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Speaker 4: to move to the country.

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Speaker 5: Yeah.

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Speaker 2: And you know, he was like, well, what sort of

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Speaker 2: job am I going to do? Because he is a

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Speaker 2: beer brewer, my trade, very very niche.

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Speaker 4: So he started looking into what other jobs he could

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Speaker 4: do in that town because he was like, yeah, let's

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Speaker 4: do it. Yeah, but I need a job obviously, yeah,

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Speaker 4: because I wasn't working in that leave.

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Speaker 2: Yeah.

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Speaker 4: Yeah, So you know, just coincidentally, about two weeks after

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Speaker 4: we started chatting about it, a job came up in

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Speaker 4: the local brewery, the only brewery in town. And then

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Speaker 4: after that a job came up at the tafe. They

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Speaker 4: were starting a brewing course stop. So there was actually

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Speaker 4: two jobs.

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Speaker 2: That he could have chosen from. Yeah, and like he

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Speaker 2: was oddly qualified those.

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Speaker 4: So we were like, this is a sign, you know,

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Speaker 4: let's go for it. So we packed up, we moved

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Speaker 4: to the country and yeah, we were happy there. I

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Speaker 4: got pregnant with my second child, and then all of

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Speaker 4: a sudden he got approached.

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Speaker 3: So you didn't just backtracking a little bit. You didn't

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Speaker 3: sell the house, you just bought. You decided we've moved in,

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Speaker 3: we're moving to the country, but we're going to lease

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Speaker 3: that out. So it wasn't really the plan to be

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Speaker 3: a rent vestor that. It's just what worked given the circumstances.

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Speaker 4: So we had this house, we rented it out. We

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Speaker 4: didn't want to sell it. We didn't really know that

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Speaker 4: it wouldn't fit us. I mean, we just bought it.

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Speaker 4: We didn't want to sell it. Within I don't think

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Speaker 4: we're even in there for twelve months before we moved.

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Speaker 4: But yeah, so you know, we've moved. We're really happy.

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Speaker 4: We're not looking to change. Our savings were taking a

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Speaker 4: hit because you know, we were in the country. He

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Speaker 4: was single income, single income, but we were happy and

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Speaker 4: we're happy to take that hit for your life, and

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Speaker 4: we went looking to change. But then he got approached

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Speaker 4: for a new job and it was just kind of

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Speaker 4: an opportunity. We couldn't say no to us a family,

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Speaker 4: you know, we felt like we were going backwards, but

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Speaker 4: we're happy. And then when this came along, we were like,

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Speaker 4: we've got to move back.

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Speaker 2: So we've moved back. But because we'd been in the country,

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Speaker 2: we were in a big house in the country. He

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Speaker 2: was really close to work.

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Speaker 4: It took ten minutes to drive to work because everything's

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Speaker 4: so close in the country. So we wanted that same

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Speaker 4: lifestyle but in Melbourne. So we decided to rent and

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Speaker 4: want it out and yeah, so that's how we ended

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Speaker 4: up renvesting.

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Speaker 2: We're currently paying.

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Speaker 4: Like when we first moved in, it was about seven

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Speaker 4: hundred dollars a week, so we were happy to pay

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Speaker 4: that amount.

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Speaker 2: We did know some maths of tolls on moving.

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Speaker 4: Back to our old place, and we really valued him

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Speaker 4: being home quickly because I was going to have two kids, yes,

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Speaker 4: an yeah, yeah. So the things we valued at the

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Speaker 4: time were being close to work from my husband so

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Speaker 4: he could be home quickly.

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Speaker 2: And the other thing was space.

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Speaker 4: So we found a place that we could get the

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Speaker 4: space where we could get my husband home early to

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Speaker 4: help with the kids. And we're paying about seven hundred

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Speaker 4: dollars a week, and over the last two or three

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Speaker 4: years it's gone up nearly three hundred dollars.

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Speaker 3: I feel like we've had these conversations even over the

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Speaker 3: last twelve months about that rental increases, how crazy they've been,

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Speaker 3: and that's wild.

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Speaker 4: So we are spending a big chunk of our income

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Speaker 4: or percentage of our income on rent. I haven't done

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Speaker 4: the maths of what that is, but you know, it's

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Speaker 4: not the same feels hefty. Yeah, it's not the seven

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Speaker 4: hundred dollars it was when we started.

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Speaker 3: Yeah, that can be stressful in itself because you obviously

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Speaker 3: did your numbers when you moved back and you were like, Okay,

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Speaker 3: we'll renting, and then the income that we get from

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Speaker 3: our rental property. Like a lot of the time when

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Speaker 3: I used to be a financial advisor, I'd go okay, cool,

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Speaker 3: if you want to rent vest And let's pretend you're

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Speaker 3: renting out your property for three hundred and fifty dollars

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Speaker 3: a week. That's where you start with your budget because

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Speaker 3: it's left pocket, right pocket. Because if your tenants are

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Speaker 3: paying three fifty and then you spend three fifty, this

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00:14:07,960 --> 00:14:11,000
Speaker 3: is a tax effective three fifty, and then you're technically

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Speaker 3: just paying the mortgage. When those things start to become

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Speaker 3: out of balance, it's stressful and you don't feel like

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Speaker 3: you're getting ahead, and then the compromises that you made

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Speaker 3: don't feel as worthy. Yeah, definitely, all right, Emma, I

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Speaker 3: want to backtrack a little bit because you said something

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Speaker 3: that made my money brain go off. You said that

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Speaker 3: you were in and out of work, had different contracts,

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Speaker 3: went on Matt leave. So can we please talk about superannuation.

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Speaker 4: So even though I have had about four or five

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Speaker 4: years out of paying super like in total, in total,

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Speaker 4: we didn't really think about super splitting at the time

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Speaker 4: when I was on matt leave.

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Speaker 2: My husband actually spent seven years in Korea, so.

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Speaker 4: Yes, her husband's really cool. Just so you know, beer

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Speaker 4: brewer worked in Korea, like, yeah, so he's needed a

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Speaker 4: bit of catching up. So we have prioritized catching him

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Speaker 4: up more than catching me up.

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Speaker 2: And was that just because you had enough for like,

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Speaker 2: how did you benchmark that?

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Speaker 4: Well, it was just that mine was bigger, I suppose,

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Speaker 4: and we didn't really think too deeply into it. We

331
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Speaker 4: didn't have a lot of extra income while I wasn't working,

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Speaker 4: so we thought, well, his is lower, so we won't

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Speaker 4: be putting any extra into mine. I was lucky that

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Speaker 4: I worked at the ABC when I started my super career. Yeah,

335
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Speaker 4: so they actually paid. In my early twenties, I was

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Speaker 4: getting fourteen point nine percent super and.

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Speaker 3: That was when the base was nine point five, So

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Speaker 3: you're getting fourteen and a half. Okay, so that would

339
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Speaker 3: make me feel very comfortable, not at the time, because

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Speaker 3: I don't think at the time you really cared that much.

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Speaker 2: You were probably know whatever.

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Speaker 4: I thought it was cool, yeah, but I didn't really

343
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Speaker 4: think about the impact that it would have.

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Speaker 3: But it's meant that maybe for your age, you're not

345
00:15:57,720 --> 00:16:00,520
Speaker 3: behind the average person for your AG and though you've

346
00:16:00,520 --> 00:16:02,080
Speaker 3: had four or five years out of the workforce.

347
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Speaker 4: Yeah, that's very sexy, and I do have a bit

348
00:16:05,960 --> 00:16:08,640
Speaker 4: of a regret, which I only thought about recently. I

349
00:16:08,720 --> 00:16:12,200
Speaker 4: didn't even remember about it until the markets started dipping

350
00:16:12,720 --> 00:16:14,880
Speaker 4: this year and we saw what it did to our super.

351
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Speaker 4: But I started contributing to my super when I was younger.

352
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Speaker 4: I have no idea why I started doing it, because

353
00:16:22,840 --> 00:16:25,840
Speaker 4: I never did anything for future me at all when

354
00:16:25,880 --> 00:16:28,880
Speaker 4: I was younger. But for whatever reason, whoever told me

355
00:16:29,000 --> 00:16:31,240
Speaker 4: to do it, I started doing it. And this was

356
00:16:31,320 --> 00:16:34,680
Speaker 4: before the globe of financial crisis, and then obviously the

357
00:16:34,760 --> 00:16:38,520
Speaker 4: market's crashed. I'm a young you know, and I'm putting

358
00:16:38,640 --> 00:16:40,960
Speaker 4: things into my super and then all of a sudden,

359
00:16:40,960 --> 00:16:43,920
Speaker 4: I'm like, I'm putting this money in, but my balance

360
00:16:44,040 --> 00:16:44,560
Speaker 4: is dropping.

361
00:16:44,720 --> 00:16:47,160
Speaker 3: Oh yeah, and that's so instressful because you don't fall

362
00:16:47,240 --> 00:16:50,360
Speaker 3: the like at that time, without the literacy, you don't

363
00:16:50,360 --> 00:16:51,480
Speaker 3: fully comprehend what that means.

364
00:16:51,520 --> 00:16:53,840
Speaker 2: You just thought you were losing money. I literally thought

365
00:16:53,920 --> 00:16:56,720
Speaker 2: I was throwing money in the bin. No, you would,

366
00:16:56,920 --> 00:16:57,960
Speaker 2: you would, I know.

367
00:16:58,120 --> 00:17:02,040
Speaker 4: I had no idea that I was buying assets that

368
00:17:02,120 --> 00:17:04,800
Speaker 4: would grow in value. Yeah, So I stopped because I

369
00:17:04,920 --> 00:17:08,080
Speaker 4: was like, I'm an easy point, You're so dumb. Em

370
00:17:08,440 --> 00:17:11,840
Speaker 4: I thought I was stupid for putting money into my super. No,

371
00:17:12,480 --> 00:17:14,560
Speaker 4: and that was seventeen years if that makes sense.

372
00:17:14,760 --> 00:17:17,000
Speaker 3: Like the narrative that you had been taught and what

373
00:17:17,119 --> 00:17:20,200
Speaker 3: you were seeing, the logic kind of makes sense. And

374
00:17:20,320 --> 00:17:23,000
Speaker 3: that's where I don't know, This is where financial literacy

375
00:17:23,080 --> 00:17:25,280
Speaker 3: makes me so passionate, and now you as well.

376
00:17:25,240 --> 00:17:26,960
Speaker 2: Because you go, no, no, no, it's not like that.

377
00:17:27,119 --> 00:17:28,600
Speaker 3: Like, I know, you logged in and it looks like

378
00:17:28,640 --> 00:17:30,400
Speaker 3: there's less money, but like you still have the same

379
00:17:30,440 --> 00:17:32,200
Speaker 3: amount of shares, and like, I just want.

380
00:17:32,080 --> 00:17:33,920
Speaker 2: To scramble to explain it to people.

381
00:17:34,280 --> 00:17:37,880
Speaker 4: Yeah, and when we had that recently, I was telling

382
00:17:38,000 --> 00:17:40,679
Speaker 4: that to all my friends, please don't touch your super, please,

383
00:17:40,800 --> 00:17:43,400
Speaker 4: you know how it is, and they always.

384
00:17:43,160 --> 00:17:46,440
Speaker 2: Like, oh my god, I thought back then I was

385
00:17:46,480 --> 00:17:47,119
Speaker 2: throwing money in.

386
00:17:47,160 --> 00:17:49,960
Speaker 3: The bin, and I just you know, you weren't, but

387
00:17:50,080 --> 00:17:51,879
Speaker 3: you didn't know any better and didn't know how to

388
00:17:52,359 --> 00:17:56,240
Speaker 3: analyze it properly. And recently, Emma, you and I have

389
00:17:56,320 --> 00:17:58,879
Speaker 3: been working on a lot of superannuation episodes because it's

390
00:17:58,920 --> 00:18:02,240
Speaker 3: obviously something I'm wildly passionate about. What changes have you

391
00:18:02,400 --> 00:18:05,159
Speaker 3: made inside your super since then, because like, obviously back.

392
00:18:05,040 --> 00:18:07,040
Speaker 2: Then you were like, this is a waste of money.

393
00:18:07,200 --> 00:18:09,119
Speaker 2: I'm just going to stop. Yeah, but where are you

394
00:18:09,200 --> 00:18:09,560
Speaker 2: at now?

395
00:18:09,760 --> 00:18:13,280
Speaker 4: Well, I have actually finally made the change to high

396
00:18:13,359 --> 00:18:17,960
Speaker 4: growth from balance, which I have had that knowledge.

397
00:18:17,720 --> 00:18:19,359
Speaker 2: For longer than way we on the show that I

398
00:18:19,359 --> 00:18:20,040
Speaker 2: should have done that.

399
00:18:20,200 --> 00:18:22,600
Speaker 4: I actually worked on a TV show a while ago

400
00:18:23,400 --> 00:18:27,840
Speaker 4: where we did a story on superannuation. I used to

401
00:18:27,920 --> 00:18:30,440
Speaker 4: work with a money person on a different show, and

402
00:18:30,600 --> 00:18:33,119
Speaker 4: so I did know that I should be in it,

403
00:18:33,320 --> 00:18:37,080
Speaker 4: but I just never bothered to do it. Yeah, and

404
00:18:37,440 --> 00:18:40,520
Speaker 4: so finally I was like, I just need to press

405
00:18:40,560 --> 00:18:41,040
Speaker 4: that button.

406
00:18:41,640 --> 00:18:44,000
Speaker 2: Like it was like, I just was like, Oh, it.

407
00:18:44,000 --> 00:18:46,480
Speaker 3: Feels like life admin. Yeah, and it also feels like,

408
00:18:47,080 --> 00:18:50,000
Speaker 3: oh should I shouldn't? I like a ues, I don't know,

409
00:18:50,119 --> 00:18:52,959
Speaker 3: And you're very similar to me, like we both over

410
00:18:53,080 --> 00:18:55,360
Speaker 3: analyze things. Yeah, and then you go, oh, maybe I'll

411
00:18:55,400 --> 00:18:56,840
Speaker 3: just I'll do it later because I'll do a bit

412
00:18:56,880 --> 00:18:58,480
Speaker 3: more research for that decision.

413
00:18:58,720 --> 00:19:01,040
Speaker 2: And I am a bit scared of commitment. I don't

414
00:19:01,080 --> 00:19:03,280
Speaker 2: know where that comes married with two kids. I don't

415
00:19:03,280 --> 00:19:06,440
Speaker 2: know how to tell you. But committing just making that,

416
00:19:06,600 --> 00:19:10,200
Speaker 2: committing to change is I find that really hard? Yeah,

417
00:19:10,359 --> 00:19:11,160
Speaker 2: but I did.

418
00:19:11,480 --> 00:19:14,760
Speaker 4: Actually I changed it. And I'm with Australian super and

419
00:19:14,960 --> 00:19:20,720
Speaker 4: they publish their daily losses and gains so you can check.

420
00:19:20,800 --> 00:19:24,359
Speaker 4: You can log in and check So I did some

421
00:19:24,480 --> 00:19:27,920
Speaker 4: maths before doing the show, and in the nine months

422
00:19:27,960 --> 00:19:32,560
Speaker 4: that I have changed it, I benefited probably two thousand dollars.

423
00:19:32,400 --> 00:19:35,000
Speaker 3: In nine months, in nine months just from making the

424
00:19:35,119 --> 00:19:38,159
Speaker 3: change that was aligned to your values and what your

425
00:19:38,240 --> 00:19:39,080
Speaker 3: risk profile was.

426
00:19:39,280 --> 00:19:40,840
Speaker 2: Yeah, just pressing that button.

427
00:19:41,280 --> 00:19:44,359
Speaker 4: And even with the market dip we had recently, my

428
00:19:44,480 --> 00:19:46,800
Speaker 4: balance did it drop to below what it would have

429
00:19:46,920 --> 00:19:50,160
Speaker 4: been on balance, but it's swung back higher again.

430
00:19:50,400 --> 00:19:53,400
Speaker 3: Yeah, And that's the magic of the market. I suppose

431
00:19:53,720 --> 00:19:56,399
Speaker 3: it doesn't feel like magic at the time. Yeah, And

432
00:19:56,560 --> 00:19:59,399
Speaker 3: when that dip happened, even I was a little bit

433
00:19:59,520 --> 00:20:02,080
Speaker 3: not stre I just don't like seeing my own portfolio

434
00:20:02,200 --> 00:20:04,280
Speaker 3: go down. I don't think anybody does, right, Like it

435
00:20:04,359 --> 00:20:06,520
Speaker 3: doesn't matter that quote I'm she's on the money, or

436
00:20:06,600 --> 00:20:09,400
Speaker 3: that I used to be a financial advisor, Like we're

437
00:20:09,440 --> 00:20:10,840
Speaker 3: the worst at taking our own advice.

438
00:20:10,960 --> 00:20:11,080
Speaker 5: Right.

439
00:20:12,000 --> 00:20:13,720
Speaker 2: So when I logged in and I saw a dip,

440
00:20:13,760 --> 00:20:16,000
Speaker 2: I also was like, oh, I don't like this.

441
00:20:16,800 --> 00:20:19,639
Speaker 3: But then I was also slightly annoyed at myself because

442
00:20:19,680 --> 00:20:21,520
Speaker 3: like my husband and I, as you know, had been

443
00:20:21,560 --> 00:20:23,479
Speaker 3: trying to like work out if we're buying a new

444
00:20:23,560 --> 00:20:26,120
Speaker 3: home and whatnot, and I didn't want to invest any

445
00:20:26,280 --> 00:20:27,960
Speaker 3: more into the share market. I wanted to have a

446
00:20:28,040 --> 00:20:29,880
Speaker 3: cash available, and now I still see.

447
00:20:29,720 --> 00:20:31,359
Speaker 2: That drop in the share market.

448
00:20:31,440 --> 00:20:33,760
Speaker 3: I look at it and go such an opportunity that, like,

449
00:20:34,040 --> 00:20:36,520
Speaker 3: of all people to have seized, I didn't seize it.

450
00:20:37,000 --> 00:20:38,960
Speaker 3: So I'm glad that you're ahead. Yeah, it makes me

451
00:20:39,160 --> 00:20:41,840
Speaker 3: very excited. And I know you've got the maths in

452
00:20:41,880 --> 00:20:43,520
Speaker 3: front of you. I can see what you've drawn out.

453
00:20:43,880 --> 00:20:46,920
Speaker 3: If you extrapolate that over like time, what does that

454
00:20:47,000 --> 00:20:47,359
Speaker 3: look like?

455
00:20:47,640 --> 00:20:51,600
Speaker 4: Well, without factoring like compound and growth and interest and

456
00:20:52,000 --> 00:20:56,600
Speaker 4: you know, increase in salary, it will be an extra fifty.

457
00:20:56,400 --> 00:20:59,280
Speaker 2: Grand in the next twenty years. That's crazy, isn't it. Yeah,

458
00:20:59,840 --> 00:21:02,560
Speaker 2: just pressing that button. Yeah, and have you now talked

459
00:21:02,560 --> 00:21:04,399
Speaker 2: to your husband about his where he might be at

460
00:21:04,520 --> 00:21:07,359
Speaker 2: or was he already in hero was already in high grade? Surprise?

461
00:21:07,480 --> 00:21:10,359
Speaker 4: Yeah, he was already in growth and he had been

462
00:21:10,440 --> 00:21:13,119
Speaker 4: telling me to do it for a long time. It's like,

463
00:21:13,840 --> 00:21:18,160
Speaker 4: you know, it's just actually sitting down pressing the button

464
00:21:18,760 --> 00:21:19,119
Speaker 4: doing it.

465
00:21:19,400 --> 00:21:19,600
Speaker 2: Love.

466
00:21:19,680 --> 00:21:21,840
Speaker 3: All right, let's flip over. I want to talk about

467
00:21:21,960 --> 00:21:26,440
Speaker 3: money goals. You obviously own your like townhouse, family home.

468
00:21:27,280 --> 00:21:29,119
Speaker 3: What are your next money goals? What are you currently

469
00:21:29,200 --> 00:21:29,840
Speaker 3: working towards?

470
00:21:30,080 --> 00:21:33,720
Speaker 2: Well, we have this townhouse and probably at the start

471
00:21:33,760 --> 00:21:35,520
Speaker 2: of the year we were like, what are we going

472
00:21:35,600 --> 00:21:36,119
Speaker 2: to do with it?

473
00:21:36,119 --> 00:21:39,960
Speaker 4: It felt like it didn't fit us anymore. But we

474
00:21:40,160 --> 00:21:44,200
Speaker 4: hadn't seen a lot of growth in the capital or anything.

475
00:21:44,000 --> 00:21:45,639
Speaker 2: Like that, and that's stressful.

476
00:21:45,800 --> 00:21:47,359
Speaker 3: Yeah, so you're like, oh, I wish we had some

477
00:21:47,440 --> 00:21:49,160
Speaker 3: equity and then we could tell it it would feel

478
00:21:49,240 --> 00:21:49,800
Speaker 3: quote worth it.

479
00:21:50,119 --> 00:21:51,920
Speaker 2: Yeah, I mean we did it get a little bit

480
00:21:52,280 --> 00:21:53,680
Speaker 2: and we were like, what do we do with it?

481
00:21:53,800 --> 00:21:57,280
Speaker 4: And we just we had no idea how to work

482
00:21:57,320 --> 00:22:00,159
Speaker 4: out whether we keep it, whether we try and by

483
00:22:00,320 --> 00:22:02,920
Speaker 4: second home, like all of that kind of stuff, And

484
00:22:03,000 --> 00:22:05,520
Speaker 4: we thought there was all these hard equations that we

485
00:22:05,600 --> 00:22:06,879
Speaker 4: had to do to work it out, and that we

486
00:22:06,960 --> 00:22:09,680
Speaker 4: had to go see a financial advisor. But as part

487
00:22:09,720 --> 00:22:12,800
Speaker 4: of that, we had to find out our borrowing capacity, and.

488
00:22:12,960 --> 00:22:14,280
Speaker 2: So we went to Zella.

489
00:22:14,480 --> 00:22:17,640
Speaker 3: Of course, not because I bully my team into going

490
00:22:17,680 --> 00:22:20,359
Speaker 3: on seeing Zela that I literally say, you don't have

491
00:22:20,440 --> 00:22:22,080
Speaker 3: to use our team and you're not even in the

492
00:22:22,160 --> 00:22:22,640
Speaker 3: Zella team.

493
00:22:22,680 --> 00:22:25,960
Speaker 2: That's a like separate business. But they're really nice. Yeah,

494
00:22:26,240 --> 00:22:29,080
Speaker 2: and you know they're our second mortgage broker.

495
00:22:29,200 --> 00:22:32,919
Speaker 4: Now we have had an experience with another mortgage broker,

496
00:22:33,440 --> 00:22:36,760
Speaker 4: and we haven't heard from that other mortgage broker since

497
00:22:37,240 --> 00:22:40,520
Speaker 4: we bought the house or you know, And we contacted

498
00:22:40,600 --> 00:22:42,520
Speaker 4: them and they were kind of like they weren't interested

499
00:22:42,560 --> 00:22:43,560
Speaker 4: in talking to us again.

500
00:22:43,680 --> 00:22:46,119
Speaker 3: Really, well, it just depends on like that's not throwing

501
00:22:46,359 --> 00:22:48,639
Speaker 3: another broker under the business, absolutely not, but it just

502
00:22:48,720 --> 00:22:51,360
Speaker 3: honestly depends on their business strategy as well.

503
00:22:51,440 --> 00:22:51,560
Speaker 1: Well.

504
00:22:51,640 --> 00:22:54,560
Speaker 4: Yeah, they were one of the big franchise one they

505
00:22:54,640 --> 00:22:58,440
Speaker 4: just went yes and that you know, we were like,

506
00:22:58,520 --> 00:23:01,480
Speaker 4: should we be refinancing and they were like, if you

507
00:23:01,600 --> 00:23:03,840
Speaker 4: want to try, we can look at it anyway. So

508
00:23:03,960 --> 00:23:08,200
Speaker 4: we did that and we actually they modeled out what

509
00:23:08,320 --> 00:23:12,040
Speaker 4: would happen if we kept the house and tried to

510
00:23:12,080 --> 00:23:15,399
Speaker 4: buy a second property, or if we sold the house

511
00:23:15,640 --> 00:23:18,760
Speaker 4: and didn't have that second mortgage, so what our boring

512
00:23:18,840 --> 00:23:22,560
Speaker 4: capacity would be, and we actually when we got the numbers,

513
00:23:22,920 --> 00:23:24,520
Speaker 4: it was really obvious what we.

514
00:23:24,560 --> 00:23:25,919
Speaker 2: Should do with it for us.

515
00:23:26,160 --> 00:23:28,080
Speaker 3: I love that because I think a lot of people

516
00:23:28,119 --> 00:23:29,680
Speaker 3: go do I need it? And this is just me

517
00:23:29,840 --> 00:23:32,960
Speaker 3: side noting. I do apologize. Some people be like I

518
00:23:33,040 --> 00:23:35,080
Speaker 3: need to go see a financial advisor, and then I go, okay,

519
00:23:35,080 --> 00:23:37,080
Speaker 3: am you can go see a financial advisor. You're probably

520
00:23:37,119 --> 00:23:39,800
Speaker 3: going to be about six thousand dollars for like a

521
00:23:39,840 --> 00:23:41,920
Speaker 3: piece of advice at least, And that is fair, Like,

522
00:23:42,000 --> 00:23:46,960
Speaker 3: it is definitely warranted, especially if you're trying to do investment, insurance, property,

523
00:23:47,480 --> 00:23:50,200
Speaker 3: you know, supernuation, all of that, right, But if you're

524
00:23:50,280 --> 00:23:53,320
Speaker 3: just trying to make a decision around property, a mortgage

525
00:23:53,359 --> 00:23:54,560
Speaker 3: broker will probably do.

526
00:23:54,680 --> 00:23:56,840
Speaker 2: That for you for free. Yeah, and like we can

527
00:23:56,920 --> 00:23:57,479
Speaker 2: model it out.

528
00:23:57,520 --> 00:23:59,680
Speaker 3: And as I said before, it's not throwing someone else

529
00:23:59,720 --> 00:24:03,040
Speaker 3: under as it's just different business strategies. And my team

530
00:24:03,119 --> 00:24:05,960
Speaker 3: is salaried, right, so they're not just on commissions like

531
00:24:06,000 --> 00:24:07,760
Speaker 3: a lot of other people where if they don't get

532
00:24:07,760 --> 00:24:09,399
Speaker 3: your big mortgage, they don't want to talk to you

533
00:24:09,480 --> 00:24:11,720
Speaker 3: as a client. My team have heaps of time because

534
00:24:11,720 --> 00:24:15,000
Speaker 3: they just get paid their salary, so they can interact

535
00:24:15,040 --> 00:24:16,840
Speaker 3: with you and you know, oh yeah, I'll do some

536
00:24:16,920 --> 00:24:18,760
Speaker 3: extra modeling and make sure that my client's in the

537
00:24:18,800 --> 00:24:21,200
Speaker 3: best possible position. And then they go, hey, this is

538
00:24:21,200 --> 00:24:23,119
Speaker 3: what option A looks like, B looks like, and this

539
00:24:23,280 --> 00:24:26,320
Speaker 3: is what it would look like if you move back in. Yeah. Oh,

540
00:24:26,600 --> 00:24:29,560
Speaker 3: like it's not advice, it's the options being put on

541
00:24:29,640 --> 00:24:31,480
Speaker 3: the table for you to make a decision, and so

542
00:24:31,800 --> 00:24:33,719
Speaker 3: I just love that. You're like, oh, it was obvious

543
00:24:33,800 --> 00:24:35,800
Speaker 3: what we wanted to do. Well, yeahuse I was like,

544
00:24:35,920 --> 00:24:37,720
Speaker 3: my team can't tell you. Which is the worst part.

545
00:24:38,080 --> 00:24:42,280
Speaker 2: We actually got the disappointing news that we couldn't get

546
00:24:42,320 --> 00:24:43,639
Speaker 2: as much money as we wanted to.

547
00:24:43,960 --> 00:24:48,080
Speaker 4: Yeah, and we hadn't been actively saving like a second

548
00:24:48,200 --> 00:24:51,119
Speaker 4: house deposit or anything like that. We've got savings, and

549
00:24:51,240 --> 00:24:53,960
Speaker 4: we've got you know, we're both working full time now,

550
00:24:54,040 --> 00:24:55,080
Speaker 4: we've got good jobs.

551
00:24:55,520 --> 00:24:57,600
Speaker 2: And I just thought we would get what we wanted

552
00:24:58,640 --> 00:25:00,760
Speaker 2: and just thought that serviceability because you had a pre

553
00:25:00,840 --> 00:25:01,680
Speaker 2: existing set.

554
00:25:01,880 --> 00:25:03,959
Speaker 4: Yeah, And I know the two kids made a big

555
00:25:04,080 --> 00:25:07,040
Speaker 4: impact that we didn't have originally. And you know, there

556
00:25:07,119 --> 00:25:09,240
Speaker 4: are thoughts that go through my mind. Should we have

557
00:25:09,359 --> 00:25:12,080
Speaker 4: taken that big mortgage on earlier on, would we be

558
00:25:12,200 --> 00:25:13,320
Speaker 4: in a better position now?

559
00:25:14,000 --> 00:25:15,439
Speaker 2: Maybe? But we also may have.

560
00:25:15,480 --> 00:25:18,560
Speaker 4: Struggled a lot while those interest rates were up, because

561
00:25:18,680 --> 00:25:20,760
Speaker 4: you know, I was on maternity leave and all that

562
00:25:20,920 --> 00:25:21,520
Speaker 4: kind of stuff.

563
00:25:21,600 --> 00:25:25,240
Speaker 2: So we can't think like that, but you know, maybe

564
00:25:25,320 --> 00:25:26,960
Speaker 2: we would have been in a better position if we

565
00:25:27,000 --> 00:25:28,520
Speaker 2: had a taken on the bigger mortgage.

566
00:25:28,760 --> 00:25:31,800
Speaker 3: Was that disappointing to find out because I know in

567
00:25:31,880 --> 00:25:34,480
Speaker 3: the office in the background, not for you particularly, but

568
00:25:34,560 --> 00:25:36,120
Speaker 3: when someone comes along and they go, oh, I really

569
00:25:36,160 --> 00:25:38,359
Speaker 3: want to do this, and then you know, we find out, oh,

570
00:25:38,480 --> 00:25:40,879
Speaker 3: they're probably not going to serve uce more than X,

571
00:25:40,960 --> 00:25:42,240
Speaker 3: and then we have to go back to the client

572
00:25:42,240 --> 00:25:44,040
Speaker 3: and be like, oh, sorry, but this is what you're

573
00:25:44,040 --> 00:25:46,679
Speaker 3: servicing is Like that feels a bit trash for us

574
00:25:46,720 --> 00:25:47,080
Speaker 3: as well.

575
00:25:47,520 --> 00:25:50,240
Speaker 2: Yeah, it was really confronting.

576
00:25:50,520 --> 00:25:54,200
Speaker 4: It was really upsetting because we were like, we've got

577
00:25:54,240 --> 00:25:57,800
Speaker 4: okay jobs, we're working full time, totally like how.

578
00:25:57,800 --> 00:25:58,639
Speaker 2: Do people get ahead?

579
00:25:59,040 --> 00:26:02,680
Speaker 4: Like we kept asking ourselves that question because we were like,

580
00:26:03,359 --> 00:26:04,960
Speaker 4: I thought we were in a good position, and.

581
00:26:05,040 --> 00:26:06,040
Speaker 2: You are, yeah you are.

582
00:26:06,080 --> 00:26:08,480
Speaker 3: It's just a bank looks at all of your savings

583
00:26:08,520 --> 00:26:10,840
Speaker 3: and your kids and the responsibilities that you have in

584
00:26:10,880 --> 00:26:13,359
Speaker 3: your pre existing mortgage and goes, well, we would let

585
00:26:13,400 --> 00:26:16,680
Speaker 3: you service this loan because otherwise you wouldn't have the

586
00:26:16,760 --> 00:26:18,800
Speaker 3: cash flow for it. It's not because they're like, oh,

587
00:26:19,160 --> 00:26:21,720
Speaker 3: Emma's not got a good job. Like you both have

588
00:26:22,000 --> 00:26:25,359
Speaker 3: very solid incomes and very stable jobs. So it's definitely

589
00:26:25,480 --> 00:26:27,760
Speaker 3: not about that, but it does feel disheartening.

590
00:26:27,800 --> 00:26:31,720
Speaker 4: Hey, yeah, it really was and before then it wasn't

591
00:26:31,720 --> 00:26:33,520
Speaker 4: even an option for us to move back into that

592
00:26:33,640 --> 00:26:36,280
Speaker 4: small house. We were like, we're either gonna have two

593
00:26:36,359 --> 00:26:40,400
Speaker 4: houses or buy our second house, and we don't want

594
00:26:40,520 --> 00:26:43,640
Speaker 4: a third house in between our townhouse and the house

595
00:26:43,680 --> 00:26:44,160
Speaker 4: that we want.

596
00:26:44,280 --> 00:26:47,480
Speaker 3: Yeah, yeah, so fair because there's stamp duty, yeahes fees

597
00:26:47,640 --> 00:26:50,200
Speaker 3: and charges, and like, you're just not sure what the

598
00:26:50,280 --> 00:26:51,119
Speaker 3: market's going to do.

599
00:26:52,000 --> 00:26:54,280
Speaker 4: So we want to wait to get that house, whether

600
00:26:54,320 --> 00:26:56,480
Speaker 4: we get it or whether we just keep this townhouse.

601
00:26:56,560 --> 00:27:00,640
Speaker 4: And I don't know, but you know, we just sort

602
00:27:00,680 --> 00:27:02,960
Speaker 4: of made us zoom out and say, well, what else

603
00:27:03,040 --> 00:27:05,640
Speaker 4: do we want in life? And we're like, we don't

604
00:27:05,720 --> 00:27:10,119
Speaker 4: want to work forever, We maybe want to retire early,

605
00:27:10,400 --> 00:27:14,040
Speaker 4: we maybe want to go part time before we're sixty,

606
00:27:14,200 --> 00:27:16,840
Speaker 4: all that kind of stuff. We do want to build wealth,

607
00:27:17,119 --> 00:27:19,920
Speaker 4: and we do want to have money to pass on

608
00:27:20,040 --> 00:27:22,680
Speaker 4: to our children so they can do what they want

609
00:27:22,720 --> 00:27:22,840
Speaker 4: to do.

610
00:27:23,720 --> 00:27:27,280
Speaker 2: And so we don't have much time on our hands.

611
00:27:27,359 --> 00:27:29,440
Speaker 4: We both work full time, we've got two kids, and

612
00:27:29,520 --> 00:27:33,160
Speaker 4: we looked at all our living expenses and the only

613
00:27:33,280 --> 00:27:36,040
Speaker 4: way that we can really generate more income is by

614
00:27:36,119 --> 00:27:37,359
Speaker 4: moving into the smaller house.

615
00:27:37,840 --> 00:27:39,600
Speaker 2: So that is what we're going to do.

616
00:27:39,800 --> 00:27:41,800
Speaker 3: We're moving back into the townhouse that you outgrow.

617
00:27:42,080 --> 00:27:46,760
Speaker 2: Yeah, exactly, I like it, but it's not a forever plan.

618
00:27:47,440 --> 00:27:50,640
Speaker 4: Our goal is now to invest one hundred thousand dollars

619
00:27:50,680 --> 00:27:53,000
Speaker 4: as quickly as we can, because we want to get

620
00:27:53,080 --> 00:27:56,920
Speaker 4: the snowball momentum of that compounding growth as quickly as possible.

621
00:27:57,000 --> 00:27:59,919
Speaker 4: We're forty, we don't have as much time on our hand,

622
00:28:00,000 --> 00:28:02,119
Speaker 4: and so we want to get that first hundred grand

623
00:28:02,440 --> 00:28:04,400
Speaker 4: invested as quickly as we can, which.

624
00:28:04,280 --> 00:28:05,119
Speaker 2: Is really exciting.

625
00:28:05,240 --> 00:28:07,760
Speaker 3: And I always say that the first hundred thousand invested

626
00:28:07,880 --> 00:28:11,840
Speaker 3: is the hardest to tell me about that decision, because

627
00:28:11,840 --> 00:28:13,520
Speaker 3: I feel like that's a really big decision because at

628
00:28:13,560 --> 00:28:15,560
Speaker 3: the start of the episode, you're like, oh, the house

629
00:28:15,640 --> 00:28:16,040
Speaker 3: is too.

630
00:28:15,960 --> 00:28:18,800
Speaker 2: Small, we outgrew it. And then you know you've gone

631
00:28:18,880 --> 00:28:19,480
Speaker 2: from doing that.

632
00:28:19,880 --> 00:28:22,320
Speaker 3: Talking to a pro car working out what your serviceability

633
00:28:22,480 --> 00:28:23,960
Speaker 3: was on a different one, and you're like, great, that's

634
00:28:24,000 --> 00:28:25,880
Speaker 3: not going to work. And to be honest, I think

635
00:28:26,240 --> 00:28:27,760
Speaker 3: in the future you might look back and be like,

636
00:28:27,840 --> 00:28:30,879
Speaker 3: I'm so glad that we didn't take out a massive

637
00:28:30,960 --> 00:28:33,680
Speaker 3: mortgage that we arguably you know, would have been stretched

638
00:28:33,720 --> 00:28:37,000
Speaker 3: to do, because that would have impacted your wealth creation journey. Yeah,

639
00:28:37,119 --> 00:28:39,120
Speaker 3: And like I say all the time on the show,

640
00:28:39,440 --> 00:28:41,960
Speaker 3: like your family home is not an investment unless you're

641
00:28:41,960 --> 00:28:44,120
Speaker 3: planning on living in there to then sell it and

642
00:28:44,200 --> 00:28:47,040
Speaker 3: live off that income. Like, yes, where are you living

643
00:28:47,080 --> 00:28:49,320
Speaker 3: in retirement when you're sixty or when you're working part

644
00:28:49,400 --> 00:28:51,560
Speaker 3: time before sixty? Where are you coming home to?

645
00:28:51,880 --> 00:28:52,080
Speaker 5: Well?

646
00:28:52,200 --> 00:28:55,360
Speaker 3: Yeah, So it's a bigger decision and a bigger thing

647
00:28:55,440 --> 00:28:56,520
Speaker 3: that I think you'll be grateful for.

648
00:28:56,720 --> 00:28:58,440
Speaker 2: But like it doesn't. I don't feel grateful for this.

649
00:28:58,480 --> 00:29:00,960
Speaker 4: Indust matter, and I don't want to get out of

650
00:29:01,040 --> 00:29:05,240
Speaker 4: the property market. So you know, we want to keep

651
00:29:05,320 --> 00:29:08,280
Speaker 4: this townhouse, even for the moment, because we don't want

652
00:29:08,280 --> 00:29:09,800
Speaker 4: to get out of the property market, because we do

653
00:29:09,920 --> 00:29:13,640
Speaker 4: want to have some sort of house in retirement. So

654
00:29:14,320 --> 00:29:16,640
Speaker 4: you know, whether we end up just renting forever and

655
00:29:16,760 --> 00:29:19,400
Speaker 4: keeping this one and we've always got a house that

656
00:29:19,480 --> 00:29:22,480
Speaker 4: we can come back to if we need to in retirement,

657
00:29:23,200 --> 00:29:26,960
Speaker 4: or you know, whether we sell it and buy a

658
00:29:27,040 --> 00:29:27,720
Speaker 4: bigger house.

659
00:29:28,160 --> 00:29:30,840
Speaker 2: But for now, while our.

660
00:29:30,960 --> 00:29:34,480
Speaker 4: Children are younger and they can share a bedroom, we're

661
00:29:34,520 --> 00:29:36,600
Speaker 4: going to put them in a bedroom together, which really

662
00:29:36,880 --> 00:29:39,400
Speaker 4: which could be something to get used to.

663
00:29:39,760 --> 00:29:41,920
Speaker 2: But you know, I shared a breadroom for a bit

664
00:29:41,960 --> 00:29:44,280
Speaker 2: with my sister growing up. I loved it. Yeah, I

665
00:29:44,320 --> 00:29:46,120
Speaker 2: don't think it's the worst when they're teeny tiny.

666
00:29:46,240 --> 00:29:48,080
Speaker 4: Yeah, definitely, And they're a boy and a girl, so

667
00:29:48,240 --> 00:29:51,480
Speaker 4: we do realize probably it's a bit more limited the

668
00:29:51,600 --> 00:29:54,239
Speaker 4: timeframe that they can have together. But then we can

669
00:29:54,360 --> 00:29:56,960
Speaker 4: use that third bedroom in the townhouse as a living

670
00:29:57,040 --> 00:29:58,000
Speaker 4: space during the day.

671
00:29:58,160 --> 00:29:58,920
Speaker 2: Oh that's good.

672
00:29:59,160 --> 00:30:02,320
Speaker 4: Yeah, son can use it for whether a toy room

673
00:30:02,680 --> 00:30:06,480
Speaker 4: or an office space or whatever, just to make our.

674
00:30:06,400 --> 00:30:08,760
Speaker 3: Living space a bit bigger. Yeah, and I feel like

675
00:30:08,880 --> 00:30:13,640
Speaker 3: that's really strategic. You mentioned investing, and I'm really excited.

676
00:30:13,760 --> 00:30:16,240
Speaker 3: I feel like that's a big goal and like one

677
00:30:16,280 --> 00:30:18,120
Speaker 3: that I know in the background, I think you're secretly

678
00:30:18,160 --> 00:30:19,800
Speaker 3: a little bit excited about because you're like, hold on,

679
00:30:19,880 --> 00:30:21,240
Speaker 3: this is going to free up our cash flow and

680
00:30:21,280 --> 00:30:22,800
Speaker 3: it's going to look a little bit better, and like

681
00:30:23,040 --> 00:30:26,360
Speaker 3: we're on the right track. What did your investing journey

682
00:30:26,440 --> 00:30:28,520
Speaker 3: look like before you joined Shoes on the Money.

683
00:30:28,600 --> 00:30:31,160
Speaker 4: Before I met my husband, it hadn't crossed my mind

684
00:30:31,240 --> 00:30:33,160
Speaker 4: at all. I didn't think it was an option for

685
00:30:33,320 --> 00:30:38,520
Speaker 4: someone like me, just a regular person. But he had

686
00:30:38,560 --> 00:30:42,760
Speaker 4: a small investment portfolio when I met him, and that

687
00:30:42,960 --> 00:30:46,520
Speaker 4: was because his parents have always invested, and they tried

688
00:30:46,600 --> 00:30:50,440
Speaker 4: to teach him about investing by setting up a joint

689
00:30:51,040 --> 00:30:52,840
Speaker 4: investing account for him and his brother.

690
00:30:52,960 --> 00:30:54,840
Speaker 2: Which did teach him about investing.

691
00:30:55,080 --> 00:30:58,120
Speaker 4: But because it's a joint investing account, now it's causing

692
00:30:58,160 --> 00:30:58,760
Speaker 4: a bit of issues.

693
00:30:58,880 --> 00:31:01,360
Speaker 2: It was about to say, yeah, he's an adult.

694
00:31:01,400 --> 00:31:04,200
Speaker 3: I've got questions because like, yeah, some people do that

695
00:31:04,560 --> 00:31:07,080
Speaker 3: and then don't realize your actual children that you were

696
00:31:07,120 --> 00:31:09,760
Speaker 3: investing for they get into their forties. Yeah, and you

697
00:31:09,840 --> 00:31:11,960
Speaker 3: actually have different priorities than your siblings.

698
00:31:12,160 --> 00:31:14,680
Speaker 4: Yeah, and it's not a giant portfolio, but one of

699
00:31:14,760 --> 00:31:16,520
Speaker 4: them wants to keep it and one of them doesn't.

700
00:31:16,720 --> 00:31:18,640
Speaker 4: So what are you do in that situation. You can't

701
00:31:18,720 --> 00:31:22,520
Speaker 4: just take someone's name off to startless sell an asset. Yeah,

702
00:31:23,000 --> 00:31:25,760
Speaker 4: So side note, if any parents are thinking of doing that,

703
00:31:25,920 --> 00:31:27,840
Speaker 4: do you think do you think about separate accounts?

704
00:31:27,920 --> 00:31:32,520
Speaker 2: Yeah? So when my son was born, my husband was

705
00:31:32,560 --> 00:31:35,760
Speaker 2: really keen to start an account for him. I love this, Yeah, yeah,

706
00:31:35,840 --> 00:31:36,880
Speaker 2: and we went with raise.

707
00:31:37,240 --> 00:31:41,080
Speaker 4: I didn't know much about investing then, and it was

708
00:31:41,240 --> 00:31:43,360
Speaker 4: just that my husband set it up. If I had

709
00:31:43,520 --> 00:31:45,600
Speaker 4: been left to do it, the account never would have

710
00:31:45,640 --> 00:31:46,160
Speaker 4: been set up.

711
00:31:46,680 --> 00:31:48,680
Speaker 2: I love that you know your strengths, though I do

712
00:31:48,960 --> 00:31:51,640
Speaker 2: like I've got Adhd. He has to take care of

713
00:31:51,720 --> 00:31:54,600
Speaker 2: a lot of the admin in our lives. Thank god.

714
00:31:54,800 --> 00:31:57,560
Speaker 2: It turns out if you're not neurospicy, you can't work

715
00:31:57,600 --> 00:31:58,000
Speaker 2: at chess.

716
00:31:58,040 --> 00:31:58,440
Speaker 5: On the money.

717
00:31:58,640 --> 00:31:59,920
Speaker 2: Yeah, Like it's like a prereck.

718
00:32:00,240 --> 00:32:02,040
Speaker 3: I don't mean it like it's not on your like

719
00:32:02,400 --> 00:32:04,840
Speaker 3: on your resumes, it's not on the job ad. But

720
00:32:05,320 --> 00:32:07,160
Speaker 3: it's very funny when people come in and then you

721
00:32:07,280 --> 00:32:10,120
Speaker 3: were like, I have ADHD, and I was like, why

722
00:32:10,640 --> 00:32:13,120
Speaker 3: why are we all the same exactly?

723
00:32:13,360 --> 00:32:15,360
Speaker 4: But that just meant that he set up the account

724
00:32:15,440 --> 00:32:19,160
Speaker 4: so it's his name, so we didn't know to think about,

725
00:32:19,440 --> 00:32:23,280
Speaker 4: you know, tax implications of that, or what it meant

726
00:32:23,360 --> 00:32:25,280
Speaker 4: to just be having it in one name, all of

727
00:32:25,360 --> 00:32:26,040
Speaker 4: that kind of stuff.

728
00:32:26,080 --> 00:32:27,840
Speaker 2: So he set up the account so it's.

729
00:32:27,720 --> 00:32:28,239
Speaker 4: In his name.

730
00:32:28,360 --> 00:32:28,520
Speaker 2: Yeah.

731
00:32:28,600 --> 00:32:30,760
Speaker 3: Yeah, And I mean that's something that you can work

732
00:32:30,800 --> 00:32:33,800
Speaker 3: through and make decisions about. And I mean it depends

733
00:32:33,840 --> 00:32:35,760
Speaker 3: on if you've got millions in there or not as

734
00:32:35,840 --> 00:32:38,760
Speaker 3: to the implication of that for long term, but what

735
00:32:38,960 --> 00:32:41,719
Speaker 3: else is part of your investing journey?

736
00:32:41,880 --> 00:32:45,160
Speaker 2: Yeah, Well, we have actually decided at the moment to

737
00:32:45,240 --> 00:32:49,080
Speaker 2: keep that Rai's account yep. So it's a bit confusing.

738
00:32:49,120 --> 00:32:51,479
Speaker 2: When you go into the app, it says our returns

739
00:32:51,480 --> 00:32:52,800
Speaker 2: are thirty eight percent yep.

740
00:32:53,280 --> 00:32:56,200
Speaker 4: So when my husband was reading that out, it was like,

741
00:32:56,680 --> 00:32:59,800
Speaker 4: that's why are more people talking about this. Let's put

742
00:32:59,840 --> 00:33:02,880
Speaker 4: all all our money into it. But then I looked

743
00:33:02,920 --> 00:33:05,120
Speaker 4: at their own website and I was like, hang on

744
00:33:05,520 --> 00:33:08,000
Speaker 4: their website says their returns aren't as good.

745
00:33:08,160 --> 00:33:10,959
Speaker 2: And then so I did the maths and it includes

746
00:33:11,000 --> 00:33:11,840
Speaker 2: your contributions.

747
00:33:12,040 --> 00:33:14,360
Speaker 4: Yeah, and I think it is it a time thing

748
00:33:14,440 --> 00:33:16,760
Speaker 4: as well. I'm still trying to get my head around it.

749
00:33:16,880 --> 00:33:19,960
Speaker 3: The Raised platform absolutely nothing wrong with it. For those

750
00:33:20,000 --> 00:33:21,479
Speaker 3: of you following along, I don't want you to think

751
00:33:21,520 --> 00:33:24,960
Speaker 3: that I'm saying it's bad. I still have a Raise

752
00:33:25,000 --> 00:33:27,480
Speaker 3: account because, like I just actually have a lot of

753
00:33:27,520 --> 00:33:31,000
Speaker 3: different investing platforms, not because they're my predominant I've shared

754
00:33:31,040 --> 00:33:34,320
Speaker 3: publicly before. My predominant platform is Sharess. But I need

755
00:33:34,360 --> 00:33:35,960
Speaker 3: to know what's going on in my community. If you've

756
00:33:35,960 --> 00:33:37,560
Speaker 3: got questions about rays, I want to be able to

757
00:33:37,640 --> 00:33:39,800
Speaker 3: jump around and be like, oh, well, the operating system

758
00:33:39,880 --> 00:33:43,320
Speaker 3: looks like this. But I do find that their reporting

759
00:33:43,440 --> 00:33:47,160
Speaker 3: analytics inside the app are a little bit confusing, like

760
00:33:47,320 --> 00:33:49,840
Speaker 3: you can't get a clear like based on every single

761
00:33:49,920 --> 00:33:53,040
Speaker 3: contribution you've made, this is your return. They kind of

762
00:33:53,120 --> 00:33:56,280
Speaker 3: muddy the washes and they don't particularly love that. But

763
00:33:56,560 --> 00:33:59,920
Speaker 3: because of the construction of their portfolios, I would say

764
00:34:00,080 --> 00:34:03,840
Speaker 3: that their returns replicate on average what the market is

765
00:34:03,960 --> 00:34:07,840
Speaker 3: doing because they do hold ETFs. They aren't a managed

766
00:34:07,880 --> 00:34:10,560
Speaker 3: portfolio where they've picked every asset. They've gotten a few

767
00:34:10,600 --> 00:34:14,360
Speaker 3: different ETF portfolios, which is absolutely fine. Again, but it

768
00:34:14,400 --> 00:34:18,520
Speaker 3: would be more replicable of the market usually as opposed

769
00:34:18,560 --> 00:34:19,600
Speaker 3: to that thirty eight percent.

770
00:34:19,680 --> 00:34:21,919
Speaker 2: But we can dive into that later because that's Yeah.

771
00:34:22,200 --> 00:34:23,080
Speaker 2: So I did the.

772
00:34:23,160 --> 00:34:26,040
Speaker 4: Maths and it looks like the returns are actually coates

773
00:34:26,080 --> 00:34:27,480
Speaker 4: it to like twenty five percent.

774
00:34:27,600 --> 00:34:30,120
Speaker 2: Yeah, so not thirty eight percent, because I was like,

775
00:34:30,360 --> 00:34:32,200
Speaker 2: everyone through your money out there.

776
00:34:32,560 --> 00:34:35,360
Speaker 4: But yeah, so anyone who gets a raise just be

777
00:34:35,680 --> 00:34:38,840
Speaker 4: mindful of that, I suppose because my husband's like, the

778
00:34:38,920 --> 00:34:40,040
Speaker 4: returns are thirty eight percent.

779
00:34:40,200 --> 00:34:42,640
Speaker 3: Yeah, that's pretty sexy, and I want to be even

780
00:34:42,719 --> 00:34:45,600
Speaker 3: more pervy. I know what your husband does means that

781
00:34:45,760 --> 00:34:48,520
Speaker 3: you have some like shares in the business, which is

782
00:34:48,600 --> 00:34:51,440
Speaker 3: actually really exciting for you guys, because like this is

783
00:34:51,480 --> 00:34:53,760
Speaker 3: a business that your husband's in that you're really passionate

784
00:34:53,800 --> 00:34:56,799
Speaker 3: about as well. And for the last twelve months we've

785
00:34:56,840 --> 00:34:58,880
Speaker 3: been having on and off conversations about, well, what's a

786
00:34:58,920 --> 00:34:59,520
Speaker 3: family trust you?

787
00:34:59,640 --> 00:35:01,239
Speaker 2: How does that work? Can you tell me a little bit.

788
00:35:01,120 --> 00:35:03,960
Speaker 3: More about that, because I feel like that's usually something

789
00:35:04,040 --> 00:35:06,280
Speaker 3: that people go, oh, it's only for really rich people.

790
00:35:07,280 --> 00:35:08,120
Speaker 2: Not the case, is it.

791
00:35:08,320 --> 00:35:11,440
Speaker 4: Yeah, Well, my husband got offered these shares, and before

792
00:35:11,480 --> 00:35:13,720
Speaker 4: we accepted them, we got advice.

793
00:35:14,160 --> 00:35:15,680
Speaker 2: Yes, we had no idea what to do.

794
00:35:16,000 --> 00:35:18,759
Speaker 4: I had never really heard of these schemes before. But

795
00:35:18,880 --> 00:35:22,560
Speaker 4: the advice for us was it was best for us

796
00:35:22,680 --> 00:35:25,279
Speaker 4: to hold them in a family trusty. And so we've

797
00:35:25,360 --> 00:35:27,319
Speaker 4: set up the family trust. I think it cost us

798
00:35:27,400 --> 00:35:29,160
Speaker 4: about three thousand dollars or so.

799
00:35:30,000 --> 00:35:32,680
Speaker 2: Just be the establishment accountant. Yeah, and then it.

800
00:35:32,719 --> 00:35:34,839
Speaker 4: Cost us a little bit more at tax time as well.

801
00:35:35,160 --> 00:35:38,880
Speaker 4: The last year we managed to just because there's nothing

802
00:35:38,960 --> 00:35:42,120
Speaker 4: going had been going on in there yet, we managed

803
00:35:42,160 --> 00:35:44,360
Speaker 4: to just replicate the letter we got the year before

804
00:35:44,400 --> 00:35:46,800
Speaker 4: because there'd been no changes. So that saved us a

805
00:35:46,840 --> 00:35:49,960
Speaker 4: little bit of money. But now we're starting to invest

806
00:35:50,080 --> 00:35:52,959
Speaker 4: in this family trust. But we wouldn't have this family

807
00:35:53,040 --> 00:35:56,120
Speaker 4: trust if it wasn't for those those shares, which is

808
00:35:56,120 --> 00:35:57,480
Speaker 4: why I was like, oh, why have you got it?

809
00:35:57,560 --> 00:35:58,279
Speaker 2: How does that work?

810
00:35:58,480 --> 00:36:00,600
Speaker 3: I think you know, if you start saying, oh, we

811
00:36:00,719 --> 00:36:03,400
Speaker 3: have a family trust, people might be like, she's worth millions.

812
00:36:03,520 --> 00:36:05,840
Speaker 3: And usually it's for our set protection for future you

813
00:36:06,360 --> 00:36:09,200
Speaker 3: and like, you know, being able to distribute dividends from

814
00:36:09,239 --> 00:36:11,640
Speaker 3: the shares and own them together and all of that

815
00:36:11,840 --> 00:36:14,520
Speaker 3: fun stuff. But you said, we're now just starting to

816
00:36:14,640 --> 00:36:17,239
Speaker 3: invest more into that. What does that mean? It's not

817
00:36:17,480 --> 00:36:19,200
Speaker 3: just the shares from his business now.

818
00:36:19,520 --> 00:36:23,120
Speaker 4: Yeah, so we don't really think about the business shares

819
00:36:23,280 --> 00:36:25,520
Speaker 4: as part of our future planning because they're not an

820
00:36:25,520 --> 00:36:27,400
Speaker 4: ASX listed company.

821
00:36:27,200 --> 00:36:30,440
Speaker 2: And a lot more risky. Yeah, and we can't go, oh.

822
00:36:30,360 --> 00:36:32,920
Speaker 4: They've increased in value, we can't look it up, and

823
00:36:33,040 --> 00:36:34,680
Speaker 4: we can't sell them whenever we want.

824
00:36:34,840 --> 00:36:36,560
Speaker 2: So they're just kind of like a nice to have.

825
00:36:36,719 --> 00:36:38,480
Speaker 3: All right, let's go to a really quick break, so

826
00:36:38,600 --> 00:36:45,640
Speaker 3: guys don't go anywhere. All right, Emma, we are back

827
00:36:45,680 --> 00:36:47,480
Speaker 3: and let's get into the really nitty gritty of it.

828
00:36:47,880 --> 00:36:51,239
Speaker 3: On Brooks Investing Diary, I think everybody loved the most

829
00:36:51,400 --> 00:36:54,080
Speaker 3: getting to know exactly what was in her portfolio because

830
00:36:54,120 --> 00:36:57,239
Speaker 3: there's not often that people are so open. So let's go,

831
00:36:57,440 --> 00:37:00,920
Speaker 3: what are you actually investing in? So far, everything that

832
00:37:00,960 --> 00:37:04,920
Speaker 3: I've invested in is ETF. Yeah, They're all things I've

833
00:37:04,920 --> 00:37:06,080
Speaker 3: looked into for the show.

834
00:37:06,280 --> 00:37:06,680
Speaker 1: I love this.

835
00:37:06,840 --> 00:37:10,000
Speaker 3: You kind of like help us with our content, get

836
00:37:10,040 --> 00:37:12,400
Speaker 3: to do market research, and then it benefits you personally

837
00:37:12,560 --> 00:37:13,000
Speaker 3: money win.

838
00:37:13,160 --> 00:37:14,000
Speaker 2: Yeah exactly.

839
00:37:14,239 --> 00:37:17,040
Speaker 3: I am like like, hey, can you please go work

840
00:37:17,080 --> 00:37:18,839
Speaker 3: out what the best ETF is? And you like say

841
00:37:18,920 --> 00:37:21,239
Speaker 3: less fabe, I will work that out for me, I

842
00:37:21,360 --> 00:37:22,640
Speaker 3: mean you, and then I'm like.

843
00:37:22,719 --> 00:37:25,760
Speaker 2: Sending them to my husband. This is what we're investing

844
00:37:25,840 --> 00:37:26,280
Speaker 2: in next.

845
00:37:26,480 --> 00:37:30,960
Speaker 4: So, but if you listen to the Core and Satellite episode,

846
00:37:31,280 --> 00:37:34,640
Speaker 4: I'm not really following that at the moment because I'm

847
00:37:34,719 --> 00:37:37,120
Speaker 4: more new to investing. I do have a bit of

848
00:37:37,560 --> 00:37:39,880
Speaker 4: magpie shiny object syndrome.

849
00:37:40,040 --> 00:37:44,080
Speaker 2: That's core satellite, that's the satellite. Well, I'm more satellite

850
00:37:44,120 --> 00:37:45,080
Speaker 2: than Core at the moment.

851
00:37:45,800 --> 00:37:48,279
Speaker 3: Okay, because we can rebalance it and now you know

852
00:37:48,480 --> 00:37:51,520
Speaker 3: what a core satellite approach is. Can I assume that

853
00:37:51,640 --> 00:37:55,200
Speaker 3: you have the plan to invest more of your capital

854
00:37:55,360 --> 00:37:56,120
Speaker 3: into the core?

855
00:37:56,480 --> 00:38:00,560
Speaker 2: Yeah? I do, because I have fomo I and I

856
00:38:00,719 --> 00:38:02,800
Speaker 2: know all these ETFs that are great.

857
00:38:03,200 --> 00:38:06,320
Speaker 4: I just wanted to get in and each time, you know,

858
00:38:06,840 --> 00:38:09,400
Speaker 4: more money comes through to invest I'm like, let's do

859
00:38:09,520 --> 00:38:11,520
Speaker 4: this one, let's do that one. But we do have

860
00:38:12,200 --> 00:38:15,120
Speaker 4: the plan for the core. But yeah, there are a

861
00:38:15,239 --> 00:38:18,799
Speaker 4: few tech heavy kind of that.

862
00:38:18,960 --> 00:38:22,640
Speaker 3: Makes sense to me, like just knowing you personally as

863
00:38:22,680 --> 00:38:25,440
Speaker 3: well as professionally, like you're really into tech. You're really

864
00:38:25,520 --> 00:38:28,120
Speaker 3: into like making sure that you understand like how AI

865
00:38:28,200 --> 00:38:31,120
Speaker 3: could benefit a business. You're always like looking for you

866
00:38:31,239 --> 00:38:34,240
Speaker 3: in different ways, and I think your husband seems very similar.

867
00:38:34,480 --> 00:38:38,080
Speaker 2: Yeah, the ears picks as well. There you go. All right,

868
00:38:38,160 --> 00:38:40,680
Speaker 2: so talk me through what do you actually hold? So

869
00:38:41,440 --> 00:38:46,560
Speaker 2: we do have Vanguard Diversified High Growth vd HG. Very popular,

870
00:38:46,719 --> 00:38:47,400
Speaker 2: very good choice.

871
00:38:47,480 --> 00:38:50,080
Speaker 4: And I gave a few sort of core options to

872
00:38:50,239 --> 00:38:52,719
Speaker 4: my husband and he liked that one. Why I need

873
00:38:52,800 --> 00:38:55,120
Speaker 4: to be so was it just because it was kind

874
00:38:55,200 --> 00:38:57,960
Speaker 4: of God is good? Or is it like the makeup

875
00:38:58,000 --> 00:38:59,160
Speaker 4: of it all of it together?

876
00:38:59,440 --> 00:39:04,160
Speaker 2: He knows God. But also it's sort of a balance

877
00:39:04,320 --> 00:39:08,080
Speaker 2: of a little bit of yield and the growth as well.

878
00:39:08,280 --> 00:39:11,560
Speaker 4: Yeah, and we're not scared of high growth things, but

879
00:39:11,719 --> 00:39:14,719
Speaker 4: we're not super risky, but we're not scared. Yeah.

880
00:39:14,840 --> 00:39:17,640
Speaker 3: In saying that, well, you want to make educated choices. Yeah,

881
00:39:17,920 --> 00:39:20,719
Speaker 3: And I think that sometimes in your role, like this

882
00:39:20,880 --> 00:39:22,279
Speaker 3: is just me like looking at it, you could probably

883
00:39:22,280 --> 00:39:25,920
Speaker 3: get analysis paralysis because I'm literally asking you every week, like, hey,

884
00:39:26,040 --> 00:39:27,640
Speaker 3: can you get me a fact sheet on this, or hey,

885
00:39:27,719 --> 00:39:29,799
Speaker 3: can you look into this random crypto one, or can

886
00:39:29,840 --> 00:39:31,520
Speaker 3: you look into saying or can you make sure that

887
00:39:31,560 --> 00:39:33,640
Speaker 3: I've got the information for this podcast?

888
00:39:33,719 --> 00:39:35,960
Speaker 2: So like it might become all overwhelming.

889
00:39:36,280 --> 00:39:39,279
Speaker 3: Yeah, and I think that, like for those of you

890
00:39:39,400 --> 00:39:41,880
Speaker 3: following along who maybe you are only just starting your journey,

891
00:39:42,160 --> 00:39:45,799
Speaker 3: VDHG is one of the most popular ETFs in the country. Yeah,

892
00:39:46,120 --> 00:39:48,920
Speaker 3: kind of tried to test it, like has a lot

893
00:39:48,960 --> 00:39:52,799
Speaker 3: of people from a very reputable investment house as well.

894
00:39:53,520 --> 00:39:55,800
Speaker 3: It feels luck and I'm not saying invest in it,

895
00:39:56,080 --> 00:39:58,520
Speaker 3: but it feels like a very solid option once you

896
00:39:58,600 --> 00:39:59,280
Speaker 3: do your research.

897
00:39:59,600 --> 00:39:59,839
Speaker 2: Yeah.

898
00:40:00,080 --> 00:40:04,400
Speaker 4: And because we are in our early forties and we

899
00:40:04,560 --> 00:40:09,480
Speaker 4: do have the ultimate goal to retire at about fifty five,

900
00:40:10,280 --> 00:40:14,040
Speaker 4: we've worked out that that is doable, and to work

901
00:40:14,120 --> 00:40:16,280
Speaker 4: that out, we use sort of a yearly income between

902
00:40:16,400 --> 00:40:18,200
Speaker 4: us of about ninety thousand dollars.

903
00:40:18,320 --> 00:40:18,960
Speaker 2: Oh, that's good.

904
00:40:19,080 --> 00:40:21,520
Speaker 4: We didn't go too much into the specifics of that,

905
00:40:21,640 --> 00:40:23,279
Speaker 4: but we were like, that will be good for the

906
00:40:23,320 --> 00:40:27,080
Speaker 4: two of us, So by the time we get to

907
00:40:27,120 --> 00:40:30,479
Speaker 4: about fifty five, our balance will be about eight hundred

908
00:40:30,480 --> 00:40:32,640
Speaker 4: and fifty thousand. We do also want a bit of

909
00:40:32,760 --> 00:40:35,440
Speaker 4: yield in there, so we want the dividends, so we

910
00:40:35,560 --> 00:40:38,120
Speaker 4: have also gone with an especially high yield.

911
00:40:38,400 --> 00:40:41,040
Speaker 3: Yeah, yes, smart, And I feel like when you start

912
00:40:41,160 --> 00:40:44,840
Speaker 3: talking about like investing and then you're talking about investing

913
00:40:45,040 --> 00:40:51,239
Speaker 3: for retirement specifically, yield becomes really important because those dividends

914
00:40:51,400 --> 00:40:54,680
Speaker 3: then instead of reinvesting, they get paid into bank account

915
00:40:54,680 --> 00:40:55,520
Speaker 3: and that becomes your income.

916
00:40:55,840 --> 00:40:58,359
Speaker 4: And it gets to this really nice sweet spot where

917
00:40:58,360 --> 00:41:01,359
Speaker 4: will we be getting about fifty thousand dollars a year

918
00:41:01,480 --> 00:41:05,200
Speaker 4: in dividends, so that will cover a big portion of

919
00:41:05,400 --> 00:41:08,279
Speaker 4: our yearly income, and then anything else we need we

920
00:41:08,360 --> 00:41:11,239
Speaker 4: can sell down our shares to cover. And it kind

921
00:41:11,320 --> 00:41:13,440
Speaker 4: of is this night's sweet spot where we can do

922
00:41:13,680 --> 00:41:17,600
Speaker 4: that and that income is coming in, but our portfolio

923
00:41:17,880 --> 00:41:21,080
Speaker 4: is still going to grow, so it will be able

924
00:41:21,160 --> 00:41:24,720
Speaker 4: to support us, you know, as we use our super

925
00:41:24,840 --> 00:41:27,799
Speaker 4: as well. But it also means that we can give

926
00:41:27,880 --> 00:41:31,360
Speaker 4: money to our kids for things like milestones and weddings

927
00:41:31,400 --> 00:41:32,960
Speaker 4: and stuff like that. But then we'll be able to

928
00:41:33,080 --> 00:41:36,239
Speaker 4: pass on some well to them as well, and that

929
00:41:36,600 --> 00:41:37,120
Speaker 4: makes sense.

930
00:41:37,239 --> 00:41:40,600
Speaker 2: Yeah, so that is why. Also we are going for yield.

931
00:41:40,880 --> 00:41:43,440
Speaker 4: Yeah, I mean, I know that's not for everyone, but

932
00:41:43,560 --> 00:41:45,440
Speaker 4: that's what we've sort of thought that we want the

933
00:41:45,600 --> 00:41:47,920
Speaker 4: yield so we don't have to sell down the portfolio

934
00:41:48,040 --> 00:41:48,439
Speaker 4: as well.

935
00:41:48,719 --> 00:41:50,640
Speaker 3: So tell me about the next one because I'm kind

936
00:41:50,680 --> 00:41:53,000
Speaker 3: of laughing at this ye because I feel like every

937
00:41:53,000 --> 00:41:54,640
Speaker 3: single person in our team owns this.

938
00:41:54,800 --> 00:41:59,600
Speaker 4: What is it, Emma, it's a fan g is most

939
00:41:59,680 --> 00:42:02,640
Speaker 4: of the top tech companies in America.

940
00:42:02,960 --> 00:42:06,279
Speaker 3: Astronomical growth. We're not recommending it, we're just talking about it.

941
00:42:06,400 --> 00:42:10,320
Speaker 3: With the astronomical growth over the last few years.

942
00:42:10,560 --> 00:42:12,960
Speaker 4: Well, that's when I told my husband about it. He

943
00:42:13,320 --> 00:42:14,800
Speaker 4: was really keen and he saw the growth and he

944
00:42:14,920 --> 00:42:16,239
Speaker 4: was like, oh, we've got to be in on that.

945
00:42:16,480 --> 00:42:19,040
Speaker 4: So he kind of made the final call on that

946
00:42:19,280 --> 00:42:23,719
Speaker 4: after I told him about it. And then I would

947
00:42:23,760 --> 00:42:26,319
Speaker 4: never put my money into crypto like this, But you're

948
00:42:26,400 --> 00:42:26,839
Speaker 4: just a girl.

949
00:42:27,160 --> 00:42:31,600
Speaker 2: So I love the idea of like, oh, you know, I.

950
00:42:31,640 --> 00:42:34,520
Speaker 4: Put my money in crypto, and you know, it's a

951
00:42:34,719 --> 00:42:36,520
Speaker 4: nice dream, but I would never actually do it.

952
00:42:36,600 --> 00:42:37,720
Speaker 2: It's too much of a gamble.

953
00:42:38,160 --> 00:42:41,920
Speaker 3: So I am in CRYP, which is the Beta shares

954
00:42:41,960 --> 00:42:46,040
Speaker 3: Crypto Innovaders ets, which was spoken about on the podcast before,

955
00:42:46,239 --> 00:42:48,680
Speaker 3: which kind of makes sense because if we're talking about

956
00:42:48,680 --> 00:42:51,160
Speaker 3: it on podcast and as our producer, so she's just.

957
00:42:51,200 --> 00:42:54,239
Speaker 2: Getting all the top tips and working it out from there. Yeah,

958
00:42:54,480 --> 00:42:57,160
Speaker 2: so I went with that one.

959
00:42:57,360 --> 00:43:00,479
Speaker 4: It's not actually in crypto, just to make that clear.

960
00:43:00,600 --> 00:43:04,160
Speaker 4: It's all the sort of support systems that support crypto.

961
00:43:05,040 --> 00:43:07,440
Speaker 4: That is one of my favorite ones to watch because

962
00:43:07,520 --> 00:43:09,279
Speaker 4: it's funny swings.

963
00:43:09,600 --> 00:43:10,359
Speaker 2: Oh my god.

964
00:43:10,520 --> 00:43:14,080
Speaker 3: It's if you want an experience in a share market

965
00:43:14,239 --> 00:43:15,960
Speaker 3: and you just want to go, you know what, give

966
00:43:16,000 --> 00:43:19,640
Speaker 3: me like a couple of years worth of market swing experiences.

967
00:43:20,800 --> 00:43:24,759
Speaker 3: Beta shares cryptoch's chaos over the last six months has

968
00:43:24,800 --> 00:43:27,120
Speaker 3: gone up and down and up and down. And I mean,

969
00:43:27,600 --> 00:43:29,960
Speaker 3: if we and I'm just googling this for you really quickly.

970
00:43:30,280 --> 00:43:33,600
Speaker 3: So over the past six months, Beta Shares Crypto Innovators

971
00:43:33,640 --> 00:43:36,640
Speaker 3: ETF has increased by thirty six point sixty five percent, right,

972
00:43:36,960 --> 00:43:38,960
Speaker 3: But if then we go to the last month's worth

973
00:43:39,000 --> 00:43:43,560
Speaker 3: of performances, it's down thirteen point five nine percent. In

974
00:43:43,600 --> 00:43:47,400
Speaker 3: the last five days, it's down twelve point five four percent.

975
00:43:47,680 --> 00:43:49,399
Speaker 3: But if we then look at the year to date,

976
00:43:50,160 --> 00:43:51,960
Speaker 3: it's twenty two point five two percent.

977
00:43:52,200 --> 00:43:55,000
Speaker 2: Yeah, so, like it literally swings back and forth.

978
00:43:55,080 --> 00:43:57,320
Speaker 3: So if you just want to have your like, I

979
00:43:57,360 --> 00:43:59,600
Speaker 3: don't know what do we call it baptism of fire

980
00:43:59,719 --> 00:44:03,000
Speaker 3: in the investment world, go and just watch that, because

981
00:44:03,480 --> 00:44:06,040
Speaker 3: if you're checking your portfolio every single day, and I'm

982
00:44:06,080 --> 00:44:07,960
Speaker 3: not saying that this is a good thing to invest in,

983
00:44:08,680 --> 00:44:13,520
Speaker 3: but you can see how hot and cold the cryptocurrency

984
00:44:13,680 --> 00:44:19,000
Speaker 3: sector is based on literally how much this swings, because

985
00:44:19,040 --> 00:44:21,440
Speaker 3: this is all based on like what you're investing in

986
00:44:21,719 --> 00:44:26,719
Speaker 3: is companies who create the infrastructure to support cryptocurrency, and

987
00:44:26,960 --> 00:44:29,200
Speaker 3: obviously that's going to EBB and flow based on how

988
00:44:29,239 --> 00:44:31,200
Speaker 3: cryptocurrency is doing at this point in time.

989
00:44:31,360 --> 00:44:34,640
Speaker 4: Yeah, and it also shows that if you picked one

990
00:44:34,800 --> 00:44:41,920
Speaker 4: specific cryptocurrency, like the swings could be actually wilder, because

991
00:44:42,040 --> 00:44:46,000
Speaker 4: you know, this is diversified across the whole crypto industry

992
00:44:46,760 --> 00:44:48,920
Speaker 4: and it's having wild swings. So it just sort of

993
00:44:49,040 --> 00:44:52,120
Speaker 4: shows how much of a gamble crypto can be if

994
00:44:52,160 --> 00:44:53,439
Speaker 4: you don't know what you're doing.

995
00:44:53,520 --> 00:44:56,000
Speaker 3: I suppose, yeah, one hundred percent, And I just find

996
00:44:56,080 --> 00:44:58,400
Speaker 3: that interesting. I'm glad that you kind of have it because,

997
00:44:58,440 --> 00:45:01,439
Speaker 3: like we talk about this stuff internally all the time,

998
00:45:02,000 --> 00:45:03,040
Speaker 3: but do I recommend it?

999
00:45:03,800 --> 00:45:03,840
Speaker 1: No.

1000
00:45:04,160 --> 00:45:06,359
Speaker 3: But also if you've listened to Brooks episode or you've

1001
00:45:06,400 --> 00:45:09,560
Speaker 3: listened to like Emma's episode, now, like we all are

1002
00:45:09,680 --> 00:45:12,680
Speaker 3: just so interested in this stuff and like you might

1003
00:45:12,760 --> 00:45:15,799
Speaker 3: not be, and that's fine, but I think it's Yeah,

1004
00:45:15,840 --> 00:45:17,680
Speaker 3: it's just like the needy gritty of being like, ah,

1005
00:45:18,440 --> 00:45:21,040
Speaker 3: you know, I'm Victoria. I've said publicly before that I

1006
00:45:21,120 --> 00:45:22,840
Speaker 3: don't own crypto and I just don't really want to

1007
00:45:22,880 --> 00:45:23,400
Speaker 3: own crypto.

1008
00:45:23,520 --> 00:45:24,920
Speaker 2: I just feel like it's too risky.

1009
00:45:25,640 --> 00:45:28,960
Speaker 3: But I'm still interested, Like I'm still so interested in

1010
00:45:29,000 --> 00:45:30,600
Speaker 3: the market and kind of like get a bit of

1011
00:45:30,680 --> 00:45:32,600
Speaker 3: fomo and for me, this is my way of playing

1012
00:45:32,640 --> 00:45:33,640
Speaker 3: in that without playing in that.

1013
00:45:33,880 --> 00:45:34,719
Speaker 2: Yeah, exactly.

1014
00:45:34,840 --> 00:45:36,719
Speaker 4: And you know, as I said before, you know i'd

1015
00:45:36,840 --> 00:45:39,160
Speaker 4: love to be like I picked the right crypto and

1016
00:45:39,239 --> 00:45:41,440
Speaker 4: I put in a dollar and now I'm retiring.

1017
00:45:41,600 --> 00:45:44,520
Speaker 2: You know, wouldn't we all? But you know it's actually crazy.

1018
00:45:44,800 --> 00:45:45,960
Speaker 2: What's next on the list?

1019
00:45:46,120 --> 00:45:50,400
Speaker 4: So Hack is a cyber security ETF and that one

1020
00:45:50,560 --> 00:45:52,919
Speaker 4: was one that my husband wanted to invest.

1021
00:45:52,680 --> 00:45:55,200
Speaker 3: In, So what makes him interested? So Hack is the

1022
00:45:55,239 --> 00:45:58,680
Speaker 3: Beta Shares Global Cybersecurity ETF. What makes him interested in

1023
00:45:58,840 --> 00:45:59,760
Speaker 3: cyber security.

1024
00:46:00,040 --> 00:46:03,040
Speaker 2: Yeah, I think it's something that he sort of believes in.

1025
00:46:03,520 --> 00:46:07,280
Speaker 4: He's sort of into computers a little bit and gaming

1026
00:46:07,440 --> 00:46:10,200
Speaker 4: a tiny bit, not like a full on gamer, but

1027
00:46:10,360 --> 00:46:11,200
Speaker 4: he knows.

1028
00:46:11,080 --> 00:46:14,800
Speaker 2: The value of cybersecurity. Yeah, things like that. So I

1029
00:46:14,880 --> 00:46:18,239
Speaker 2: think he sees potential in the industry and that it's

1030
00:46:18,320 --> 00:46:19,160
Speaker 2: not going anywhere.

1031
00:46:19,320 --> 00:46:22,640
Speaker 3: Love, And I think coming out of this conversation is

1032
00:46:23,120 --> 00:46:27,839
Speaker 3: I guess this underlying secondary conversation that I love, which

1033
00:46:27,920 --> 00:46:30,440
Speaker 3: is like everyone's always like, victory, what's the best ETF?

1034
00:46:31,239 --> 00:46:35,000
Speaker 3: And I can't answer that because there's no best ETF.

1035
00:46:35,160 --> 00:46:37,160
Speaker 3: And we do, you know, at the start of each year,

1036
00:46:37,239 --> 00:46:39,239
Speaker 3: we do that rap emma of like what were the

1037
00:46:39,320 --> 00:46:42,439
Speaker 3: top performing ETFs of like last year, and that's really fun.

1038
00:46:43,080 --> 00:46:46,600
Speaker 3: But what I'm hearing from you is you have gone right,

1039
00:46:46,840 --> 00:46:49,359
Speaker 3: ETFs makes sense for me and my family. Now we're

1040
00:46:49,400 --> 00:46:51,480
Speaker 3: going to pick ETFs that are based on our values

1041
00:46:51,520 --> 00:46:55,080
Speaker 3: and our interests in what's going on. And some families

1042
00:46:55,160 --> 00:46:56,680
Speaker 3: and some people are going to be like, v I'm

1043
00:46:56,719 --> 00:47:01,400
Speaker 3: not interested in cybersecurity and crypto infrastrut whereas you are,

1044
00:47:02,040 --> 00:47:03,799
Speaker 3: on the flip side, you might be like, I'm really

1045
00:47:03,880 --> 00:47:06,600
Speaker 3: interested in the beauty industry, or I'm really interested in

1046
00:47:06,719 --> 00:47:09,960
Speaker 3: retail or I'm really interested in you know, tech or.

1047
00:47:10,400 --> 00:47:12,520
Speaker 2: Specifically television technology.

1048
00:47:12,800 --> 00:47:16,360
Speaker 3: Like there is a ETF for literally everything and that

1049
00:47:16,480 --> 00:47:18,759
Speaker 3: can give you analysis proalysis. But that's why I'm always like,

1050
00:47:18,800 --> 00:47:20,600
Speaker 3: we'll work out what your values are and like know

1051
00:47:20,719 --> 00:47:22,600
Speaker 3: what you're interested in before you go shopping.

1052
00:47:22,920 --> 00:47:25,800
Speaker 4: Yeah, I mean another one that my husband would like

1053
00:47:25,920 --> 00:47:28,640
Speaker 4: to invest in is like an e gaming one because.

1054
00:47:28,400 --> 00:47:31,479
Speaker 2: He does oh yeah, He's like I see that going yeah,

1055
00:47:31,680 --> 00:47:34,000
Speaker 2: because he is a tiny little bit into that sort

1056
00:47:34,040 --> 00:47:36,960
Speaker 2: of stuff. So that's kind of like on your watch list.

1057
00:47:37,080 --> 00:47:38,799
Speaker 3: You could say, is there anything else sitting on your

1058
00:47:38,800 --> 00:47:41,000
Speaker 3: watch list that you're like, oh, we like, aren't sure

1059
00:47:41,160 --> 00:47:42,000
Speaker 3: or we are sure.

1060
00:47:42,239 --> 00:47:45,640
Speaker 4: We were going to invest in Asia because we could

1061
00:47:45,640 --> 00:47:48,319
Speaker 4: see the potential in Asia my husley.

1062
00:47:48,040 --> 00:47:51,200
Speaker 2: Lived in Korea though it's sort of in his wheelhouse.

1063
00:47:51,440 --> 00:47:53,760
Speaker 4: But the reason we didn't invest in it is because

1064
00:47:53,880 --> 00:47:58,040
Speaker 4: we look further into our raise account and that has

1065
00:47:58,080 --> 00:48:01,880
Speaker 4: a heavy Asia too. It does, so that's why we

1066
00:48:02,000 --> 00:48:04,640
Speaker 4: didn't go with that. But if we were to sell

1067
00:48:05,200 --> 00:48:07,400
Speaker 4: our raise, we would probably.

1068
00:48:07,120 --> 00:48:10,080
Speaker 2: Investigate something similar interesting. Interesting.

1069
00:48:10,200 --> 00:48:13,440
Speaker 3: So we already know that you've mentioned that, you know

1070
00:48:13,560 --> 00:48:16,120
Speaker 3: you want to have one point three million dollars invested

1071
00:48:16,320 --> 00:48:19,239
Speaker 3: and the ideally you want to like retire by the

1072
00:48:19,360 --> 00:48:22,480
Speaker 3: age of fifty five, and that you've run the numbers

1073
00:48:22,600 --> 00:48:24,480
Speaker 3: and like you kind of have worked out what you

1074
00:48:24,560 --> 00:48:27,640
Speaker 3: need to do between your super and your investments outside

1075
00:48:27,680 --> 00:48:29,359
Speaker 3: of super. Can you tell me a little bit more

1076
00:48:29,440 --> 00:48:31,799
Speaker 3: around like the goals with investing, so.

1077
00:48:32,560 --> 00:48:35,600
Speaker 4: Like our short term goal is just to get that

1078
00:48:35,960 --> 00:48:38,840
Speaker 4: one hundred k invested as soon as possible.

1079
00:48:39,120 --> 00:48:40,880
Speaker 2: Like with that, she's aggressive.

1080
00:48:41,239 --> 00:48:45,480
Speaker 4: Everything that we get is extra money is going to

1081
00:48:45,560 --> 00:48:48,360
Speaker 4: go to getting us there as quickly as possible. So

1082
00:48:48,520 --> 00:48:51,920
Speaker 4: that's the whole thought that if we move into this

1083
00:48:52,000 --> 00:48:55,480
Speaker 4: smaller house, it will take us two years rather than

1084
00:48:55,560 --> 00:48:56,120
Speaker 4: four years.

1085
00:48:56,200 --> 00:49:00,400
Speaker 3: That's so exciting, Yeah, and like exciting from I don't know.

1086
00:49:00,520 --> 00:49:03,359
Speaker 3: My perspective is an ex financial advisor, because sometimes you'd

1087
00:49:03,400 --> 00:49:05,520
Speaker 3: put and like you didn't have a financial plan, You've

1088
00:49:05,560 --> 00:49:07,680
Speaker 3: done it all yourself, like you haven't seen an advisor.

1089
00:49:07,719 --> 00:49:10,319
Speaker 3: But sometimes you'd go okay, like you do your fact

1090
00:49:10,360 --> 00:49:12,319
Speaker 3: fines with your client, you talk to them about their

1091
00:49:12,360 --> 00:49:14,600
Speaker 3: goals and they might say something similar like Victoria, we

1092
00:49:14,719 --> 00:49:17,000
Speaker 3: really want to retire by the age of fifty five

1093
00:49:17,160 --> 00:49:20,120
Speaker 3: and have this amount invested and it's so crystal clear, right,

1094
00:49:20,520 --> 00:49:22,279
Speaker 3: And then I would sit down and go, okay, well,

1095
00:49:22,320 --> 00:49:23,959
Speaker 3: now my job is to create the plan.

1096
00:49:24,200 --> 00:49:24,960
Speaker 2: How do we get there?

1097
00:49:24,960 --> 00:49:27,080
Speaker 3: Because you've said you want to retire by fifty five

1098
00:49:27,120 --> 00:49:29,719
Speaker 3: and have a ninety thousand dollars income. And usually that's

1099
00:49:29,800 --> 00:49:32,600
Speaker 3: where the story ends from the client perspective, and then

1100
00:49:32,640 --> 00:49:34,480
Speaker 3: it's my job to work backwards and go, right, well,

1101
00:49:34,680 --> 00:49:36,920
Speaker 3: you need one point three million dollars invested here, and

1102
00:49:37,040 --> 00:49:38,560
Speaker 3: this looks like this, and this looks like that. But

1103
00:49:38,600 --> 00:49:40,520
Speaker 3: you would often go okay, well, we need to create

1104
00:49:40,600 --> 00:49:44,120
Speaker 3: a different lifestyle for you, emma, because we need to get.

1105
00:49:44,239 --> 00:49:45,120
Speaker 2: This, so could we?

1106
00:49:45,440 --> 00:49:47,840
Speaker 3: And like some it's all about compromise, right, Like you

1107
00:49:47,880 --> 00:49:49,920
Speaker 3: can't have your cake and eat it too. But sometimes

1108
00:49:49,960 --> 00:49:53,040
Speaker 3: I would say to clients, like your overheads are too much,

1109
00:49:53,320 --> 00:49:55,440
Speaker 3: like to achieve the goal that you're saying, we can

1110
00:49:55,520 --> 00:49:57,520
Speaker 3: either do two things. We can change your overheads and

1111
00:49:57,600 --> 00:49:59,600
Speaker 3: like change your lifestyle a little bit to meet the

1112
00:49:59,680 --> 00:50:03,160
Speaker 3: goal that you've set, or changed the goal like whether

1113
00:50:03,239 --> 00:50:05,919
Speaker 3: you're retiring at sixty instead of fifty five, or whether

1114
00:50:06,040 --> 00:50:09,080
Speaker 3: you are, you know, maybe not retiring with ninety thousand.

1115
00:50:09,120 --> 00:50:12,360
Speaker 3: You're retiring with sixty thousand, all those like variables, But

1116
00:50:12,520 --> 00:50:14,719
Speaker 3: like my favorite type of client was the one where

1117
00:50:14,719 --> 00:50:16,759
Speaker 3: I go, hey, I looked at your goals. Here are

1118
00:50:16,800 --> 00:50:18,439
Speaker 3: the things we need to tweak, and you guys would

1119
00:50:18,440 --> 00:50:20,120
Speaker 3: be like yeah, yeah, yeah, all right, no aries, we'll

1120
00:50:20,120 --> 00:50:21,680
Speaker 3: move to a small house. We'll do Like it's just

1121
00:50:21,760 --> 00:50:24,160
Speaker 3: so exciting because you're clearly so committed.

1122
00:50:24,000 --> 00:50:27,120
Speaker 4: And it feels actually quite empowering. Like until we actually

1123
00:50:27,200 --> 00:50:29,400
Speaker 4: had this financial plan, I did not want to.

1124
00:50:29,400 --> 00:50:32,680
Speaker 2: Move back into that house. No, why would I? It's smaller,

1125
00:50:32,840 --> 00:50:35,360
Speaker 2: but it doesn't make sense. You've got two kids, and

1126
00:50:35,520 --> 00:50:37,680
Speaker 2: we're not the type of people who buy a lot

1127
00:50:37,760 --> 00:50:39,720
Speaker 2: of stuff that's Fay values.

1128
00:50:39,800 --> 00:50:41,759
Speaker 3: Yeah we're we're the way I know you and like

1129
00:50:41,960 --> 00:50:44,800
Speaker 3: we're not best friends, but like we work together, like

1130
00:50:45,040 --> 00:50:47,960
Speaker 3: Emma loves dining out. Yeah, but I cannot imagine you

1131
00:50:48,040 --> 00:50:51,280
Speaker 3: making Frivolos purchases and like bringing home knickknacks or trinkets

1132
00:50:51,320 --> 00:50:52,800
Speaker 3: or even going clothes shopping.

1133
00:50:52,960 --> 00:50:55,000
Speaker 2: Yeah, I feel like that's just not your vibe. Yeah,

1134
00:50:55,040 --> 00:50:56,080
Speaker 2: it's not really us.

1135
00:50:56,360 --> 00:50:59,560
Speaker 4: And so apart from going out or cutting out our

1136
00:50:59,600 --> 00:51:03,160
Speaker 4: holiday like which you know you've got to live, we're

1137
00:51:03,280 --> 00:51:05,120
Speaker 4: enjoying the journey where else.

1138
00:51:05,000 --> 00:51:05,799
Speaker 2: Can we cut money?

1139
00:51:06,080 --> 00:51:09,279
Speaker 4: And I think a big thing is what are you

1140
00:51:09,640 --> 00:51:12,439
Speaker 4: willing to and I use the words suffer, But where

1141
00:51:12,480 --> 00:51:14,479
Speaker 4: are you willing to have a little bit of pain

1142
00:51:14,719 --> 00:51:17,440
Speaker 4: to get some more money? And that is the spot

1143
00:51:17,560 --> 00:51:20,440
Speaker 4: where we're like, Okay, we're near a good school for

1144
00:51:20,600 --> 00:51:24,600
Speaker 4: our kids, so the area is quite nice. We bought

1145
00:51:25,040 --> 00:51:27,480
Speaker 4: the townhouse because of some of its features, like it

1146
00:51:27,600 --> 00:51:31,799
Speaker 4: had the bigger kitchen and it's not actually a small townhouse,

1147
00:51:33,239 --> 00:51:36,440
Speaker 4: but still living in the country, it's going to feel small.

1148
00:51:36,920 --> 00:51:38,600
Speaker 2: But I'm excited. I'm excited.

1149
00:51:38,800 --> 00:51:41,359
Speaker 4: I'm deep in TikTok of you know how to make

1150
00:51:41,440 --> 00:51:44,239
Speaker 4: your small space bigger all of that. Now that we

1151
00:51:44,360 --> 00:51:47,640
Speaker 4: have this financial plan, I'm so excited.

1152
00:51:47,239 --> 00:51:49,360
Speaker 2: To move back there and I'm so excited.

1153
00:51:49,560 --> 00:51:51,640
Speaker 4: I love it that the fact that we are making

1154
00:51:51,719 --> 00:51:55,920
Speaker 4: decisions that is going to benefit our family and make

1155
00:51:56,000 --> 00:51:56,880
Speaker 4: our life easier.

1156
00:51:57,239 --> 00:51:59,319
Speaker 3: Adore, So tell me, what would you say is your

1157
00:51:59,360 --> 00:52:03,040
Speaker 3: biggest in testing lesson It's the starting, Like you.

1158
00:52:03,280 --> 00:52:05,359
Speaker 2: Just need to make that first investment.

1159
00:52:05,640 --> 00:52:08,520
Speaker 4: Like I've had all this knowledge from working on the

1160
00:52:08,520 --> 00:52:11,680
Speaker 4: show for so long, and before I started working on

1161
00:52:11,760 --> 00:52:15,760
Speaker 4: the show, it started becoming more of a personal interest

1162
00:52:15,880 --> 00:52:19,520
Speaker 4: for mine, like a you know, special interest with my ADHD.

1163
00:52:20,000 --> 00:52:21,960
Speaker 4: So I was sort of getting into it, and I

1164
00:52:22,080 --> 00:52:25,520
Speaker 4: knew that I should be investing, but I just apart

1165
00:52:25,640 --> 00:52:28,759
Speaker 4: from what my husband was doing, I wasn't physically being

1166
00:52:28,800 --> 00:52:31,440
Speaker 4: involved in Yeah, yeah, yeah. And I think it was

1167
00:52:31,880 --> 00:52:36,480
Speaker 4: that I was scared to have something in my portfolio

1168
00:52:36,719 --> 00:52:40,719
Speaker 4: that was in quotation marks like a mistake.

1169
00:52:41,239 --> 00:52:43,040
Speaker 2: But it actually doesn't matter.

1170
00:52:43,600 --> 00:52:46,279
Speaker 3: It doesn't because you can undo that later or change

1171
00:52:46,320 --> 00:52:48,320
Speaker 3: it or sell it down exactly.

1172
00:52:48,640 --> 00:52:51,680
Speaker 4: And I'm in a position where I can put a

1173
00:52:51,800 --> 00:52:55,480
Speaker 4: thousand dollars into something and if I lost it, it

1174
00:52:55,760 --> 00:52:57,040
Speaker 4: wouldn't be the end of the world.

1175
00:52:57,320 --> 00:53:01,000
Speaker 2: But it actually wouldn't matter if I made a mistake.

1176
00:53:01,440 --> 00:53:05,880
Speaker 4: And since we actually made our first purchase together in

1177
00:53:06,040 --> 00:53:08,759
Speaker 4: our trust, I'm all over it. I'm like, yeah, do this,

1178
00:53:09,000 --> 00:53:11,680
Speaker 4: do that? You know, it's that one you got to

1179
00:53:11,680 --> 00:53:14,400
Speaker 4: press that button, and that is that mental hurdle.

1180
00:53:14,560 --> 00:53:17,520
Speaker 3: It's like my husband doesn't do online shopping. He finds

1181
00:53:17,560 --> 00:53:19,680
Speaker 3: it really overwhelming. Like I'll be like, oh, just jump

1182
00:53:19,719 --> 00:53:22,200
Speaker 3: on the iconic. He'll be like, oh, Victoria, I need

1183
00:53:22,320 --> 00:53:25,000
Speaker 3: like new T shirts or whatever, and like that sounds

1184
00:53:25,160 --> 00:53:28,240
Speaker 3: so nineteen fifties, but like he just doesn't shop online.

1185
00:53:28,560 --> 00:53:30,560
Speaker 3: I'll be like, just download the Iconic app, like it's

1186
00:53:30,880 --> 00:53:32,839
Speaker 3: literally just look up the T shirt that you want,

1187
00:53:32,920 --> 00:53:35,200
Speaker 3: because he just orders the same stuff over and over

1188
00:53:35,560 --> 00:53:37,320
Speaker 3: and then just order it when you need it, because

1189
00:53:37,360 --> 00:53:39,400
Speaker 3: like I always forget and then he forgets to ask me,

1190
00:53:39,520 --> 00:53:41,320
Speaker 3: and then he says he needs new T shirts and

1191
00:53:41,360 --> 00:53:42,880
Speaker 3: I don't know if he means he's white ones or

1192
00:53:42,920 --> 00:53:45,720
Speaker 3: if he wants something fancy like it just it's a journey.

1193
00:53:46,160 --> 00:53:48,360
Speaker 3: But like if he downloaded it, I know that his

1194
00:53:48,480 --> 00:53:50,279
Speaker 3: first purchase would be the hardest because he's like, oh,

1195
00:53:50,280 --> 00:53:52,080
Speaker 3: I don't know how to use this app. Then I

1196
00:53:52,160 --> 00:53:53,520
Speaker 3: think he might have a shopping addiction.

1197
00:53:53,640 --> 00:53:55,600
Speaker 2: Yeah, and then he'd be get T shirt fright.

1198
00:53:55,920 --> 00:53:58,600
Speaker 3: It's easy, right, Like it's the first time you use something,

1199
00:53:58,680 --> 00:54:00,560
Speaker 3: it feels overwhelming and it doesn't matter what it is.

1200
00:54:00,600 --> 00:54:02,400
Speaker 3: But girl, if you are shopping on the Iconic, you

1201
00:54:02,440 --> 00:54:05,040
Speaker 3: can buy shares like it is literally as easy as

1202
00:54:05,120 --> 00:54:08,520
Speaker 3: one another. I know I'm sidelining this a little bit,

1203
00:54:09,160 --> 00:54:11,759
Speaker 3: but you've also recently done your insurances and that is

1204
00:54:11,800 --> 00:54:14,840
Speaker 3: something I am wildly passionate about because I want to

1205
00:54:14,880 --> 00:54:18,880
Speaker 3: make sure that if you have an income, you are protected.

1206
00:54:19,000 --> 00:54:22,239
Speaker 3: If you have family and kids, they are protected. Had

1207
00:54:22,280 --> 00:54:24,600
Speaker 3: you thought about that before joining she's on the money

1208
00:54:24,680 --> 00:54:27,319
Speaker 3: or was it just my relentless nagging of everybody else

1209
00:54:27,360 --> 00:54:29,560
Speaker 3: around you that you were like, this seems pretty important.

1210
00:54:30,000 --> 00:54:32,080
Speaker 4: We had a free hour with my parents in law's

1211
00:54:32,120 --> 00:54:35,000
Speaker 4: financial advisor and she basically said, all you can do

1212
00:54:35,120 --> 00:54:37,200
Speaker 4: is your insurances. You don't have enough money, because that

1213
00:54:37,280 --> 00:54:40,000
Speaker 4: was when I wasn't working all that kind of stuff.

1214
00:54:40,120 --> 00:54:42,160
Speaker 2: That's all I can kind of do for you. And

1215
00:54:42,280 --> 00:54:44,719
Speaker 2: we were like, well, why would we spend money on that, you.

1216
00:54:44,760 --> 00:54:47,000
Speaker 3: Know, one hundred percent, because like she's not really showing

1217
00:54:47,040 --> 00:54:49,440
Speaker 3: your value. She's making you feel like you don't have

1218
00:54:49,640 --> 00:54:50,680
Speaker 3: enough to have an impact.

1219
00:54:51,000 --> 00:54:54,279
Speaker 4: Yeah, So I was kind of like that was a

1220
00:54:54,360 --> 00:54:58,000
Speaker 4: waste of time and whatever. And it never felt like

1221
00:54:58,200 --> 00:55:01,600
Speaker 4: something that I wanted to do and I wanted to

1222
00:55:01,680 --> 00:55:04,160
Speaker 4: spend my money on. I don't know, but up until

1223
00:55:04,160 --> 00:55:06,360
Speaker 4: I worked on the show, I felt like it was

1224
00:55:06,400 --> 00:55:07,719
Speaker 4: a bit of a waste of money.

1225
00:55:07,880 --> 00:55:10,080
Speaker 3: Totally, And like I'm not saying it is totally. I'm

1226
00:55:10,080 --> 00:55:11,440
Speaker 3: saying totally, I can see whe're coming.

1227
00:55:11,600 --> 00:55:13,920
Speaker 4: Yeah, it just like it felt like that I was like,

1228
00:55:14,120 --> 00:55:16,719
Speaker 4: why like would I spend money on that, so I'd

1229
00:55:16,800 --> 00:55:20,560
Speaker 4: never really thought about it properly, as in, I'm going

1230
00:55:20,640 --> 00:55:22,000
Speaker 4: to do it before.

1231
00:55:21,920 --> 00:55:22,719
Speaker 2: Working on the show.

1232
00:55:22,920 --> 00:55:26,120
Speaker 3: So then you joined the show, what changed your mind?

1233
00:55:26,160 --> 00:55:27,960
Speaker 3: Because I don't think it was me, like I don't

1234
00:55:28,040 --> 00:55:30,759
Speaker 3: hound my team to do it, but I definitely talk

1235
00:55:30,840 --> 00:55:32,759
Speaker 3: on the show. And then you're the producer of the show,

1236
00:55:32,880 --> 00:55:35,040
Speaker 3: so not only do you edit that, but you have

1237
00:55:35,160 --> 00:55:37,120
Speaker 3: to sit there while I'm talking about it, so it's

1238
00:55:37,160 --> 00:55:39,400
Speaker 3: not as though it's sideline commentary.

1239
00:55:39,520 --> 00:55:40,960
Speaker 2: Yeah, what changed mind?

1240
00:55:41,000 --> 00:55:41,160
Speaker 1: While?

1241
00:55:41,160 --> 00:55:43,040
Speaker 3: Were you like oh my gosh, because like one day

1242
00:55:43,080 --> 00:55:44,200
Speaker 3: you came to me and you're like, I need to

1243
00:55:44,200 --> 00:55:45,600
Speaker 3: do my insurances and I was like, yeah.

1244
00:55:45,520 --> 00:55:47,880
Speaker 4: Do So we had had a couple of money dirists

1245
00:55:48,120 --> 00:55:51,000
Speaker 4: on who used their insurances and then we had the

1246
00:55:51,040 --> 00:55:52,080
Speaker 4: broken brains there.

1247
00:55:52,160 --> 00:55:54,520
Speaker 2: Yeap, which more I was like, I got to do it.

1248
00:55:54,600 --> 00:55:56,080
Speaker 2: I got to do it. And then Phil came on

1249
00:55:56,160 --> 00:55:59,560
Speaker 2: the show and something that he said really stuck with me,

1250
00:56:00,000 --> 00:56:03,040
Speaker 2: and it was that feel being philosophical. Interesting. It was

1251
00:56:03,120 --> 00:56:05,480
Speaker 2: the Ferrari analogy he gave.

1252
00:56:05,719 --> 00:56:08,279
Speaker 4: Yeah, if you had a car that was that expensive,

1253
00:56:08,680 --> 00:56:10,759
Speaker 4: would you drive it without insuring it?

1254
00:56:11,360 --> 00:56:13,399
Speaker 2: No one would know because that's scary. Yeah.

1255
00:56:13,520 --> 00:56:16,319
Speaker 4: And then if you take how many years left you're

1256
00:56:16,320 --> 00:56:18,279
Speaker 4: going to work, and then your times are by how

1257
00:56:18,360 --> 00:56:20,600
Speaker 4: much money you're going to make. Yeah, would you not

1258
00:56:20,760 --> 00:56:23,719
Speaker 4: inture that? And I'm like, oh my god, what I

1259
00:56:23,760 --> 00:56:25,960
Speaker 4: shouldn't even be going out into the street.

1260
00:56:26,520 --> 00:56:30,120
Speaker 2: Yeah, I'm the Ferrari. But it's kind of true.

1261
00:56:30,239 --> 00:56:32,960
Speaker 3: And like I've said this before a million times, like

1262
00:56:33,040 --> 00:56:35,360
Speaker 3: if you're not getting insurance, Like I actually think it

1263
00:56:35,480 --> 00:56:39,560
Speaker 3: is crazy talk, maybe because I see the bad parts

1264
00:56:39,600 --> 00:56:42,839
Speaker 3: of financial advice, and like, unfortunately, most people reach out

1265
00:56:42,880 --> 00:56:45,600
Speaker 3: for financial advice when they experience a life event. And

1266
00:56:45,680 --> 00:56:48,160
Speaker 3: that can be fun life events. It can be like marriage,

1267
00:56:48,239 --> 00:56:50,399
Speaker 3: it can be kids, it can be buying your first home.

1268
00:56:51,200 --> 00:56:53,440
Speaker 3: But a lot of people reach out for financial advice

1269
00:56:53,520 --> 00:56:56,600
Speaker 3: when a close person to them passes away. Yeah, when

1270
00:56:56,640 --> 00:56:59,919
Speaker 3: they experience something really traumatic when they don't have cash

1271
00:57:00,080 --> 00:57:03,160
Speaker 3: anymore because they can't work, and that can be really jarring.

1272
00:57:03,640 --> 00:57:05,359
Speaker 3: And you don't want to do all of the sub

1273
00:57:05,440 --> 00:57:07,840
Speaker 3: stories to try and sell a product, but it's not

1274
00:57:08,040 --> 00:57:11,000
Speaker 3: selling a product. It's like you ensure your car, and

1275
00:57:11,280 --> 00:57:14,160
Speaker 3: regardless of whether it's a Ferrari or a Toyota, Like

1276
00:57:14,360 --> 00:57:16,080
Speaker 3: if I said to you, you have a brand new

1277
00:57:16,200 --> 00:57:18,960
Speaker 3: Toyota in your driveway. It's not insured, would you drive it?

1278
00:57:19,000 --> 00:57:21,560
Speaker 3: I'm pretty sure you'd say no, Babell, grab the tram. Yeah,

1279
00:57:21,840 --> 00:57:24,400
Speaker 3: like it's not insured yet. But like we take our

1280
00:57:24,440 --> 00:57:27,240
Speaker 3: bodies out every single day and that's our main source

1281
00:57:27,280 --> 00:57:30,400
Speaker 3: of income. Yeah, Like that's that's our livelihood, that's your

1282
00:57:30,800 --> 00:57:32,720
Speaker 3: going back to your goals, that's you being able to

1283
00:57:32,760 --> 00:57:34,960
Speaker 3: retire at fifty five. That's only going to work if

1284
00:57:35,000 --> 00:57:37,560
Speaker 3: you can keep working, and if you can't, what kicks in.

1285
00:57:37,880 --> 00:57:40,480
Speaker 3: So it's crazy to me. I'm going to be so

1286
00:57:40,760 --> 00:57:44,040
Speaker 3: self indulgent now though, because like we obviously love Phil.

1287
00:57:43,920 --> 00:57:45,800
Speaker 2: On the show. What was the process? Like did you

1288
00:57:45,960 --> 00:57:47,680
Speaker 2: like it? Also? Should I ask you on the show?

1289
00:57:47,960 --> 00:57:49,040
Speaker 2: Like maybe you didn't like it?

1290
00:57:49,280 --> 00:57:49,320
Speaker 4: No?

1291
00:57:49,720 --> 00:57:52,920
Speaker 2: I mean it was really interesting because they do sat.

1292
00:57:52,720 --> 00:57:54,800
Speaker 4: With things like your goals like you would in a

1293
00:57:54,880 --> 00:57:57,560
Speaker 4: normal financial advice situation.

1294
00:57:57,720 --> 00:57:59,480
Speaker 2: We have to work out how much you need to

1295
00:57:59,480 --> 00:57:59,920
Speaker 2: be insured?

1296
00:58:00,080 --> 00:58:02,960
Speaker 4: Well exactly, And so they asked us about that and

1297
00:58:03,240 --> 00:58:06,600
Speaker 4: different things about our life, and they got our cash

1298
00:58:06,680 --> 00:58:08,680
Speaker 4: flow and found out, you know, are we putting money

1299
00:58:08,720 --> 00:58:10,200
Speaker 4: into super and all of that.

1300
00:58:10,560 --> 00:58:13,680
Speaker 2: They do do the hygiene factors. Yeah, so they did

1301
00:58:13,720 --> 00:58:17,640
Speaker 2: all that and then they went out to market.

1302
00:58:17,440 --> 00:58:19,480
Speaker 4: I suppose, and just sort of looked at the best

1303
00:58:19,560 --> 00:58:21,400
Speaker 4: options for our specific needs.

1304
00:58:21,600 --> 00:58:24,480
Speaker 2: So they asked us health questions. They figure out who

1305
00:58:24,600 --> 00:58:27,000
Speaker 2: will into health questions? Can be pervy, can't they?

1306
00:58:27,200 --> 00:58:27,400
Speaker 1: Yeah?

1307
00:58:27,520 --> 00:58:28,880
Speaker 2: They want to know everything.

1308
00:58:29,160 --> 00:58:31,720
Speaker 3: And just for those of you following along, don't be

1309
00:58:31,840 --> 00:58:35,880
Speaker 3: coy Ye not answer those questions because if you go,

1310
00:58:36,320 --> 00:58:38,200
Speaker 3: I don't really want to tell my financial advisor that

1311
00:58:38,680 --> 00:58:40,960
Speaker 3: one you have the wrong financial advisor because you should

1312
00:58:40,960 --> 00:58:43,880
Speaker 3: be really comfortable with them. But two, if you don't

1313
00:58:43,960 --> 00:58:47,240
Speaker 3: disclose medical history, and then it goes to an insurer

1314
00:58:47,480 --> 00:58:51,000
Speaker 3: and then they ask your doctor for their notes, and

1315
00:58:51,120 --> 00:58:53,600
Speaker 3: they find it in the notes, they will decline you. Yeah,

1316
00:58:53,840 --> 00:58:56,120
Speaker 3: and you might think, oh, decline is not that important,

1317
00:58:56,360 --> 00:58:58,520
Speaker 3: but when you're applying for insurance next time the other

1318
00:58:58,600 --> 00:59:01,160
Speaker 3: insurers go, you ever be declined for insurance, and that

1319
00:59:01,200 --> 00:59:01,919
Speaker 3: puts a little red.

1320
00:59:01,840 --> 00:59:03,360
Speaker 2: Flag on you that is not good.

1321
00:59:04,000 --> 00:59:05,960
Speaker 4: I didn't even know that, but because you know, you

1322
00:59:06,000 --> 00:59:08,040
Speaker 4: would have overdiscribed because you don't all your eyes and

1323
00:59:08,080 --> 00:59:10,640
Speaker 4: cross all your teas. I'm a rule follower, so you

1324
00:59:10,720 --> 00:59:13,840
Speaker 4: know I answered everything, good girl, But you know that

1325
00:59:14,080 --> 00:59:16,840
Speaker 4: gives them the most information to get you the best

1326
00:59:16,880 --> 00:59:21,320
Speaker 4: product as well, because it's really funny how different all

1327
00:59:21,400 --> 00:59:25,680
Speaker 4: the insurers are, and even just for different occupations, what

1328
00:59:25,800 --> 00:59:27,760
Speaker 4: you can be insured for and things like that.

1329
00:59:28,040 --> 00:59:31,760
Speaker 2: So I have two different insurers that I'm going with.

1330
00:59:32,040 --> 00:59:33,840
Speaker 2: My husband has one, and.

1331
00:59:34,040 --> 00:59:36,480
Speaker 4: He also has been told that he should probably keep

1332
00:59:36,600 --> 00:59:41,040
Speaker 4: his super insurance because of some pre existing conditions that

1333
00:59:41,160 --> 00:59:43,120
Speaker 4: he has, so he'll be that was the same as

1334
00:59:43,200 --> 00:59:47,880
Speaker 4: me better insurance if those events happened through his super,

1335
00:59:48,560 --> 00:59:50,440
Speaker 4: so his is a little bit more expensive, and.

1336
00:59:50,480 --> 00:59:52,640
Speaker 2: That was a little bit of the shock.

1337
00:59:52,760 --> 00:59:56,080
Speaker 4: But also it kind of showed, I mean, some of

1338
00:59:56,160 --> 00:59:58,400
Speaker 4: these things he was born with, so it wouldn't have

1339
00:59:58,440 --> 01:00:01,760
Speaker 4: made a difference, but it does show that the early

1340
01:00:02,040 --> 01:00:06,280
Speaker 4: get your insurances in order, the better coverage you will

1341
01:00:06,320 --> 01:00:08,880
Speaker 4: get as well for things that will pop up. So,

1342
01:00:09,200 --> 01:00:12,800
Speaker 4: you know, we kind of joke like we're in the

1343
01:00:12,920 --> 01:00:14,600
Speaker 4: middle of getting it done, but we're like, oh, we

1344
01:00:14,680 --> 01:00:15,880
Speaker 4: can't go to the doctor, you.

1345
01:00:15,920 --> 01:00:18,240
Speaker 2: Know, until we get our insurances.

1346
01:00:18,560 --> 01:00:20,800
Speaker 4: But it's obviously it's a joke, but it's like you

1347
01:00:20,880 --> 01:00:23,480
Speaker 4: don't want any other things to happen before you get.

1348
01:00:23,480 --> 01:00:25,400
Speaker 2: You get it all locked and loaded. It's so funny.

1349
01:00:25,480 --> 01:00:28,200
Speaker 3: I obviously had the privilege of getting insurance when I

1350
01:00:28,280 --> 01:00:30,520
Speaker 3: was quite young, and I got it back when this

1351
01:00:30,680 --> 01:00:32,880
Speaker 3: is your money diary. But I think it's just really interesting.

1352
01:00:33,160 --> 01:00:34,880
Speaker 3: I got it back when you could have a financially

1353
01:00:34,960 --> 01:00:37,200
Speaker 3: underwritten plan, and that is no longer a thing in

1354
01:00:37,280 --> 01:00:39,120
Speaker 3: the industry. So I still have that plan and it

1355
01:00:39,240 --> 01:00:42,400
Speaker 3: is very sexy, but it doesn't have a lot of exclusions.

1356
01:00:42,920 --> 01:00:45,600
Speaker 3: And now I've obviously had a number of health events

1357
01:00:45,680 --> 01:00:47,520
Speaker 3: and like you know, I now have a mental health

1358
01:00:47,640 --> 01:00:50,440
Speaker 3: record and like all of this other stuff that has

1359
01:00:50,560 --> 01:00:53,840
Speaker 3: not been considered in my old insurance. And now because

1360
01:00:53,840 --> 01:00:57,840
Speaker 3: I have this honestly shiny insurance policy that is increasing

1361
01:00:57,960 --> 01:01:00,440
Speaker 3: in price each year, I can't get rid of it

1362
01:01:00,640 --> 01:01:04,160
Speaker 3: because I can't change insurer because if I changed insurer,

1363
01:01:04,280 --> 01:01:07,120
Speaker 3: I would end up with exclusions on a number of

1364
01:01:07,200 --> 01:01:10,120
Speaker 3: different things. So it's kind of like good and bad,

1365
01:01:10,200 --> 01:01:12,360
Speaker 3: like I've got this shiny policy, but I'm also like

1366
01:01:12,680 --> 01:01:16,120
Speaker 3: damn it, like I'm stuck here. But that's why I've

1367
01:01:16,160 --> 01:01:18,120
Speaker 3: got a mix of different insurers, which I think a

1368
01:01:18,160 --> 01:01:21,240
Speaker 3: lot of people assume that when you go to an

1369
01:01:21,280 --> 01:01:23,800
Speaker 3: advisor and get your insurance is done, they just all

1370
01:01:23,840 --> 01:01:25,520
Speaker 3: put it in the same place, right, Yeah, But I

1371
01:01:25,600 --> 01:01:28,960
Speaker 3: have like three different insurers. I've got my income protection

1372
01:01:29,080 --> 01:01:31,600
Speaker 3: with one place, I've got a trauma policy through a

1373
01:01:31,680 --> 01:01:35,280
Speaker 3: different place. I then have the insurances inside my superannuation

1374
01:01:35,760 --> 01:01:38,320
Speaker 3: and they're both with two different companies, so I actually

1375
01:01:38,400 --> 01:01:41,120
Speaker 3: have four different insurers across the board, which can get

1376
01:01:41,160 --> 01:01:43,720
Speaker 3: a little bit confusing. But I work with Skywealth as well,

1377
01:01:43,720 --> 01:01:45,480
Speaker 3: and they just tell me what to pain when and networks.

1378
01:01:45,720 --> 01:01:46,600
Speaker 2: Yeah, and I love that.

1379
01:01:47,000 --> 01:01:48,720
Speaker 4: And the good thing about it is they come back

1380
01:01:48,760 --> 01:01:50,760
Speaker 4: to you as a plan that is sort of the

1381
01:01:50,840 --> 01:01:53,720
Speaker 4: gold standard. Yeah, what they think that you should be

1382
01:01:53,800 --> 01:01:57,440
Speaker 4: insured for. But if you don't want to pay that amount,

1383
01:01:57,720 --> 01:02:00,200
Speaker 4: there are different levers that they can pull to bring

1384
01:02:00,440 --> 01:02:01,560
Speaker 4: the price down as well.

1385
01:02:01,920 --> 01:02:03,640
Speaker 2: Field should be so happy because I feel like this

1386
01:02:03,760 --> 01:02:05,280
Speaker 2: is a full sales pitch for him, but it's like

1387
01:02:05,360 --> 01:02:06,720
Speaker 2: an interesting conversation.

1388
01:02:07,320 --> 01:02:09,360
Speaker 3: I like, hold on, we're still talking about Phil, But yeah,

1389
01:02:09,400 --> 01:02:11,840
Speaker 3: he does. Hey, here's the goal, and this is what

1390
01:02:12,320 --> 01:02:15,600
Speaker 3: a good financial advisor should do. Anyway, they should go, hey, Emma,

1391
01:02:15,920 --> 01:02:18,480
Speaker 3: this is the gold standard. But if that's too much

1392
01:02:18,560 --> 01:02:21,120
Speaker 3: trauma coverage, the lever would drop. If we dropped it

1393
01:02:21,160 --> 01:02:23,480
Speaker 3: down by fifty thousand dollars, it would look like this

1394
01:02:23,680 --> 01:02:26,960
Speaker 3: price instead and your income protection is sitting here. But

1395
01:02:27,040 --> 01:02:29,040
Speaker 3: if we, you know, dropped it down a little bit again,

1396
01:02:29,200 --> 01:02:30,919
Speaker 3: it would be this and you can kind of play

1397
01:02:30,960 --> 01:02:33,640
Speaker 3: with it a little bit. By way, if you're also going, oh,

1398
01:02:33,760 --> 01:02:36,440
Speaker 3: that wasn't in budget and that's okay. Have you had

1399
01:02:36,480 --> 01:02:38,920
Speaker 3: the conversation about putting some of it inside your superannuation

1400
01:02:39,040 --> 01:02:41,360
Speaker 3: and some of it out or like, what's your strategy there?

1401
01:02:41,600 --> 01:02:45,080
Speaker 4: So they have done the maximum a plan for us,

1402
01:02:45,160 --> 01:02:48,800
Speaker 4: the maximum that we can put inside our super, and

1403
01:02:48,920 --> 01:02:51,680
Speaker 4: then they've done a cash flow plan for the rest. Yeah,

1404
01:02:52,080 --> 01:02:56,680
Speaker 4: and then they have made suggestions of contributions to cover

1405
01:02:57,440 --> 01:03:00,280
Speaker 4: that if we want to, which where probably not going

1406
01:03:00,320 --> 01:03:03,600
Speaker 4: to keep doing the contributions because we already do that

1407
01:03:03,880 --> 01:03:07,520
Speaker 4: and we plan to stop that to start putting that into.

1408
01:03:07,400 --> 01:03:10,200
Speaker 2: Our share portfolio. Well, you can't just have your cake

1409
01:03:10,200 --> 01:03:10,520
Speaker 2: and eat it.

1410
01:03:10,600 --> 01:03:13,080
Speaker 3: Yeah, And I know that that sucks because insurance is

1411
01:03:13,120 --> 01:03:15,439
Speaker 3: so important, but we also have to consider cash flow

1412
01:03:15,680 --> 01:03:16,520
Speaker 3: and your bigger.

1413
01:03:16,280 --> 01:03:17,920
Speaker 2: Goals and what that actually looks like.

1414
01:03:18,040 --> 01:03:22,560
Speaker 4: Another reason is because I do have over like two

1415
01:03:22,720 --> 01:03:27,479
Speaker 4: hundred thousand in my super, what it is generating more

1416
01:03:27,600 --> 01:03:31,960
Speaker 4: than covers my insurance. Anyway, I saw in the first

1417
01:03:32,360 --> 01:03:35,600
Speaker 4: couple of months of the financial year that was enough

1418
01:03:35,640 --> 01:03:38,720
Speaker 4: to cover my insurance. Yes, so I'm kind of like, wow,

1419
01:03:38,800 --> 01:03:41,240
Speaker 4: you're happy with that. I'm happy with that because it's

1420
01:03:41,320 --> 01:03:43,960
Speaker 4: not taking all my growth, but it also will allow

1421
01:03:44,080 --> 01:03:46,240
Speaker 4: us to invest in the share market.

1422
01:03:46,440 --> 01:03:49,280
Speaker 3: Yeah, and I feel like that's yeah, that's a really

1423
01:03:49,360 --> 01:03:52,720
Speaker 3: good important point. But also working with a financial advisor

1424
01:03:52,800 --> 01:03:55,080
Speaker 3: to work all of that out means that you can

1425
01:03:55,200 --> 01:03:57,680
Speaker 3: just have candid conversations about, well, actually, I want more

1426
01:03:57,720 --> 01:03:59,480
Speaker 3: money in my investment, what would that look like?

1427
01:03:59,560 --> 01:04:00,640
Speaker 2: How do we drip that back?

1428
01:04:00,720 --> 01:04:03,720
Speaker 3: It's I don't know, it's really fun, But Emma, I'm

1429
01:04:03,840 --> 01:04:06,040
Speaker 3: very acutely aware that we are running out of time.

1430
01:04:06,560 --> 01:04:09,560
Speaker 3: So I wanted to ask, what's the biggest thing you've

1431
01:04:09,680 --> 01:04:11,560
Speaker 3: learned from working on Cheese on the money. It's a

1432
01:04:11,600 --> 01:04:14,080
Speaker 3: bit of a self indulgent question, but I just think

1433
01:04:14,080 --> 01:04:14,880
Speaker 3: it's fun to ask.

1434
01:04:15,240 --> 01:04:18,800
Speaker 4: My biggest takeaway has been that no one has ever

1435
01:04:18,920 --> 01:04:20,360
Speaker 4: saved their way to wealth.

1436
01:04:20,560 --> 01:04:21,520
Speaker 2: Oh that's good.

1437
01:04:21,680 --> 01:04:25,200
Speaker 4: That's my biggest takeaway, Like you cannot just squirrel your

1438
01:04:25,240 --> 01:04:27,760
Speaker 4: money away and expect to be rich one day.

1439
01:04:27,920 --> 01:04:30,960
Speaker 2: What we don't even talk about that that often.

1440
01:04:31,160 --> 01:04:33,480
Speaker 4: Yeah, but that's my biggest takeaway, Like you have to

1441
01:04:33,640 --> 01:04:36,840
Speaker 4: use it to build something, whether it's investing or whether

1442
01:04:37,040 --> 01:04:40,040
Speaker 4: it is a business, or whether it is investing in

1443
01:04:40,120 --> 01:04:43,840
Speaker 4: property and all of that. Your house can't be your

1444
01:04:44,160 --> 01:04:47,080
Speaker 4: own personal house really can't be your investment unless you're

1445
01:04:47,200 --> 01:04:47,600
Speaker 4: using that.

1446
01:04:48,240 --> 01:04:50,120
Speaker 2: So you need to do something outside of that.

1447
01:04:51,200 --> 01:04:54,760
Speaker 4: And you know, it's all about what you're willing to

1448
01:04:55,520 --> 01:04:58,640
Speaker 4: give up, what you're willing to risk, the effort you're

1449
01:04:58,640 --> 01:05:00,320
Speaker 4: willing to put in to what you can get in

1450
01:05:00,400 --> 01:05:02,640
Speaker 4: the return. Yes, and that's how we've come up with

1451
01:05:02,720 --> 01:05:05,240
Speaker 4: our plan where the effort that we're willing to put

1452
01:05:05,280 --> 01:05:08,240
Speaker 4: in is to move into a smaller house and then

1453
01:05:08,360 --> 01:05:11,120
Speaker 4: do something that doesn't take a lot of time investing

1454
01:05:12,040 --> 01:05:13,320
Speaker 4: to build our wealth.

1455
01:05:13,360 --> 01:05:15,880
Speaker 2: We don't have time to have a business or do

1456
01:05:16,040 --> 01:05:17,120
Speaker 2: all of that. And that's okay.

1457
01:05:17,200 --> 01:05:19,080
Speaker 3: Maybe in the future you go, all the kids are

1458
01:05:19,080 --> 01:05:21,040
Speaker 3: old enough now and we've got some free time, and like,

1459
01:05:21,360 --> 01:05:24,920
Speaker 3: life changes, But that is a really good lesson that

1460
01:05:25,200 --> 01:05:27,480
Speaker 3: wealth doesn't come from savings. And if you guys are

1461
01:05:27,520 --> 01:05:29,440
Speaker 3: listening to this episode and you also listen to our

1462
01:05:29,480 --> 01:05:32,400
Speaker 3: money diaries in general, I don't think there's ever been

1463
01:05:32,440 --> 01:05:34,640
Speaker 3: a money diarist on the show that's like, yeah, I

1464
01:05:34,840 --> 01:05:36,840
Speaker 3: saved and saved and saved, and now I'm really rich.

1465
01:05:37,040 --> 01:05:38,840
Speaker 2: Yeah, never has never happened.

1466
01:05:39,000 --> 01:05:40,920
Speaker 3: It's like I saved and I invested, or I saved

1467
01:05:41,160 --> 01:05:43,320
Speaker 3: and I bought a property and the equity increased, or

1468
01:05:43,720 --> 01:05:47,040
Speaker 3: like you know, maybe some people get rich through inheritance.

1469
01:05:46,520 --> 01:05:48,920
Speaker 2: But like gol, that's not saving. Yeah, exactly.

1470
01:05:49,160 --> 01:05:52,080
Speaker 3: That is a different wealth creation strategy. So last question

1471
01:05:52,280 --> 01:05:54,160
Speaker 3: before we go, Emma, what is next for you? What

1472
01:05:54,280 --> 01:05:55,120
Speaker 3: are the next steps?

1473
01:05:55,160 --> 01:05:55,800
Speaker 2: What's in the plan?

1474
01:05:56,000 --> 01:06:00,320
Speaker 4: Our next step is to refinance our current mortgage interest

1475
01:06:00,400 --> 01:06:01,200
Speaker 4: rates to drop here.

1476
01:06:01,320 --> 01:06:03,400
Speaker 2: Yeah, I mean then we need to do. They will

1477
01:06:03,440 --> 01:06:07,360
Speaker 2: still drop going forward, but I feel like slowly, slowly.

1478
01:06:07,520 --> 01:06:11,120
Speaker 4: Yeah, So once we move back in, we'll refinance hopefully

1479
01:06:11,680 --> 01:06:13,880
Speaker 4: free up even more cash flow to put in our

1480
01:06:14,080 --> 01:06:15,240
Speaker 4: investment portfolio.

1481
01:06:15,680 --> 01:06:16,480
Speaker 2: Iconic. I love it.

1482
01:06:16,720 --> 01:06:20,360
Speaker 4: And the other thing is I am starting after forty,

1483
01:06:20,880 --> 01:06:24,040
Speaker 4: but I'm building something, and you can like.

1484
01:06:24,160 --> 01:06:25,800
Speaker 2: It's not too late. I suppose.

1485
01:06:26,080 --> 01:06:28,840
Speaker 3: I hate the narrative that I hear in our community

1486
01:06:28,920 --> 01:06:30,960
Speaker 3: all the time from people who are in their forties

1487
01:06:31,000 --> 01:06:33,640
Speaker 3: and fifties. They're like, it's too late, I can't build anything.

1488
01:06:33,880 --> 01:06:35,680
Speaker 3: Like I wish I had this information when I was younger.

1489
01:06:36,040 --> 01:06:38,320
Speaker 3: I also wish you had that information when you were younger,

1490
01:06:38,440 --> 01:06:41,000
Speaker 3: because yeah, time in the market, I talk about that

1491
01:06:41,040 --> 01:06:44,400
Speaker 3: all the time. But being forty, that's not a death sentence.

1492
01:06:44,440 --> 01:06:47,200
Speaker 3: You can still create so much wealth later.

1493
01:06:47,520 --> 01:06:47,920
Speaker 2: Definitely.

1494
01:06:48,120 --> 01:06:50,760
Speaker 3: In fact, now you've got your stuff together, you're probably

1495
01:06:50,800 --> 01:06:53,080
Speaker 3: going to prioritize it more because you're like, all right,

1496
01:06:53,200 --> 01:06:55,840
Speaker 3: I really need to knuckle down and get this done.

1497
01:06:56,120 --> 01:06:58,480
Speaker 3: Whereas if you start investing in your twenties, like maybe

1498
01:06:58,520 --> 01:07:00,440
Speaker 3: you're a little bit more frivolous about it because you're not,

1499
01:07:01,160 --> 01:07:04,480
Speaker 3: you know, as aggressively working towards retirement in fifteen years.

1500
01:07:04,680 --> 01:07:06,680
Speaker 2: It's just a different story. It's a different narrative. But

1501
01:07:06,760 --> 01:07:07,920
Speaker 2: it doesn't mean it's not going to work.

1502
01:07:08,080 --> 01:07:11,040
Speaker 4: Yeah, definitely, And you know we're still, as I said,

1503
01:07:11,200 --> 01:07:13,320
Speaker 4: we're still going on holidays and we're still going out

1504
01:07:13,360 --> 01:07:13,760
Speaker 4: for dinner.

1505
01:07:13,920 --> 01:07:17,120
Speaker 2: It's about the journey, not the destination of that as well.

1506
01:07:17,440 --> 01:07:19,320
Speaker 3: I love that, and I just love the idea that

1507
01:07:19,360 --> 01:07:21,480
Speaker 3: once you get to fifty five you'll probably be in

1508
01:07:21,560 --> 01:07:24,800
Speaker 3: the position to retire. But my favorite part is that

1509
01:07:24,840 --> 01:07:26,840
Speaker 3: you'll get the choice. You might go, oh, I'm doing

1510
01:07:26,920 --> 01:07:28,520
Speaker 3: something I really love at the moment, I don't really

1511
01:07:28,560 --> 01:07:30,960
Speaker 3: want to change that, or your partner might be the same,

1512
01:07:31,080 --> 01:07:32,880
Speaker 3: like you might get this job. He's like, Emma, I

1513
01:07:32,880 --> 01:07:35,080
Speaker 3: don't want to retire from this, but how cool to

1514
01:07:35,160 --> 01:07:37,200
Speaker 3: then go, Maybe I'll do it part time. I'll just

1515
01:07:37,280 --> 01:07:40,120
Speaker 3: work three days a week and we have a different lifestyle. Again,

1516
01:07:40,400 --> 01:07:43,280
Speaker 3: it's all about freedom of choice. Anyway, this has been

1517
01:07:43,400 --> 01:07:45,720
Speaker 3: so fun. Thank you for letting me drag you onto

1518
01:07:45,760 --> 01:07:50,280
Speaker 3: the show and share your investing diary because just real

1519
01:07:50,440 --> 01:07:54,320
Speaker 3: world examples, especially from people in my community but also

1520
01:07:54,480 --> 01:07:56,520
Speaker 3: in my team being like, oh no, we walk the

1521
01:07:56,600 --> 01:07:58,280
Speaker 3: walk like that's cool, And.

1522
01:07:58,360 --> 01:08:01,800
Speaker 4: I think that everyone is so generous with sharing their

1523
01:08:02,040 --> 01:08:04,720
Speaker 4: story with the show. So I felt like, you know,

1524
01:08:05,040 --> 01:08:06,520
Speaker 4: maybe you do not have to do this, but.

1525
01:08:06,600 --> 01:08:08,720
Speaker 3: I am very very grateful because I know that a

1526
01:08:08,760 --> 01:08:10,320
Speaker 3: lot of people listening are going to get a lot

1527
01:08:10,360 --> 01:08:10,640
Speaker 3: out of it.

1528
01:08:10,760 --> 01:08:12,160
Speaker 2: So thank you so much for that.

1529
01:08:12,560 --> 01:08:14,320
Speaker 3: And guys, if you've listened to this and you love

1530
01:08:14,400 --> 01:08:17,120
Speaker 3: this and you want more investing diaries, Emma and I

1531
01:08:17,360 --> 01:08:20,439
Speaker 3: seem pretty keen on getting more out in twenty twenty six,

1532
01:08:20,600 --> 01:08:23,320
Speaker 3: so hold your horses, there is more coming.

1533
01:08:23,920 --> 01:08:25,040
Speaker 2: Bye, guys. Bye.

1534
01:08:31,600 --> 01:08:34,120
Speaker 5: The advice shared on She's on the Money is general

1535
01:08:34,200 --> 01:08:38,040
Speaker 5: in nature and does not consider your individual circumstances. She's

1536
01:08:38,080 --> 01:08:41,519
Speaker 5: on the Money exists purely for educational purposes and should

1537
01:08:41,560 --> 01:08:44,719
Speaker 5: not be relied upon to make an investment or financial decision.

1538
01:08:45,120 --> 01:08:47,559
Speaker 5: If you do choose to buy a financial product, read

1539
01:08:47,600 --> 01:08:51,240
Speaker 5: the PDS TMD and obtain appropriate financial advice.

1540
01:08:50,960 --> 01:08:52,280
Speaker 2: Tailored towards your needs.

1541
01:08:52,680 --> 01:08:56,600
Speaker 5: Victoria Divine and She's on the Money are authorized representatives

1542
01:08:56,680 --> 01:09:00,760
Speaker 5: of money SHERPA pty Ltd ABN three two one six

1543
01:09:00,880 --> 01:09:03,920
Speaker 5: four nine two seven seven zero eight a f s

1544
01:09:04,080 --> 01:09:06,000
Speaker 5: L four five one two eight nine