Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money. She's on
Speaker 2: the Money.
Speaker 3: Hello, and welcome to She's on the Money podcast for
Speaker 3: millennials who want financial freedom and who love girl Math. No,
Speaker 3: we do not, I personally you love girl math, love
Speaker 3: girl Math.
Speaker 2: We canceling girl Math. Carry on?
Speaker 3: Okay, Well, we'll see by the end of the episode.
Speaker 3: My name, of course is Beckside and with me is
Speaker 3: Victoria Divine.
Speaker 4: Yes, I guess that's as a spoiler of the show.
Speaker 4: Today we are talking about girl math, but in a
Speaker 4: different way.
Speaker 2: My friend Ah.
Speaker 4: Obviously, after the break, we will tell you about how
Speaker 4: to flip the script and make girl math work for
Speaker 4: you and your investment goals. But hmmm, let's start at
Speaker 4: to start, Beck.
Speaker 2: Let's do it.
Speaker 3: So for the uninitiated, what is girl math?
Speaker 2: Girl math?
Speaker 4: It started as a TikTok trend actually, and it is
Speaker 4: a little strategy for justifying your larger or unnecessary purchases.
Speaker 4: Beck love it so at its core from my perspective,
Speaker 4: because we all have opinions, doesn't mean I need to
Speaker 4: see them. But at its called girl math is a
Speaker 4: send up of the patriarchal stereotype that wove don't understand
Speaker 4: how money works, can't be trusted with it, Beck, which
Speaker 4: obviously is going to rub me the absolute wrong way
Speaker 4: from the shit go. But sometimes jokes can work to
Speaker 4: reinforce stereotypes. And I guess that's why it rubs me
Speaker 4: the wrong way because at.
Speaker 2: It's collbec girl math is sexist, has all get out.
Speaker 4: Boy math doesn't exist because it's not actually funny, Like
Speaker 4: it's true. You know, I said, ha hah, my husband
Speaker 4: justifies his golf habit by boymthing it away. You'd be like,
Speaker 4: what that doesn't make sense, But girl mouth it's funny
Speaker 4: because women we're useless at money right, were dum dumbs.
Speaker 2: Obviously, as a culture.
Speaker 4: We just accept that men's decisions are inherently valid and reasonable.
Speaker 4: So therefore boymouth it just isn't funny, it's not comedy, effec.
Speaker 4: But the phenomenon of girl mouth really does tell you
Speaker 4: a lot about the interplay between.
Speaker 2: Gender, money, and emotions.
Speaker 4: And I think that that is a really good episode
Speaker 4: for a podcast. So I took the girl math trend
Speaker 4: off TikTok and I popped it in to your ears
Speaker 4: my friends, and I thank you for it personally, and
Speaker 4: I'm sure I think it'll be fun because we've got opinions, beck, I,
Speaker 4: can you give us some examples of girl math? Okay,
Speaker 4: So if you've got cash back for something, Beck, So you.
Speaker 2: Broke a CRISP fifty.
Speaker 4: Dollars pineapple and they gave you a twenty dollar note pack,
Speaker 4: that cash back free money.
Speaker 2: Lots of people see it that way.
Speaker 4: If I paid with my credit card and then someone
Speaker 4: gave me cash for their share, I basically made money.
Speaker 4: If my favorite stores got to twenty percent discount, Lululemon,
Speaker 4: cough it up, I'm losing money, Beck if I don't
Speaker 4: buy what I want, because like that's an opportunity since
Speaker 4: me checks out if something costs three hundred and forty
Speaker 4: five dollars, beck, we round it down to three hundred
Speaker 4: dollars when telling our partners.
Speaker 3: Currently, all sounds right up my alley.
Speaker 2: That's girl math.
Speaker 4: Yes's the crux of it, my friend, I really really enjoy.
Speaker 3: This, and I think I'm going to really enjoy this episode.
Speaker 2: If it's spicy. It is not even spicy.
Speaker 3: It's me just being mad because I'm like, sit down, Yeah,
Speaker 3: that's fair. So how does the patriarchy play out when
Speaker 3: it comes to what women earn and how we spend
Speaker 3: in our perceptions around managing money?
Speaker 4: All right, so let's start off with the cold hard facts.
Speaker 4: Australia's national gender pay gap right now as of today
Speaker 4: is thirteen percent steep. As of May twenty twenty three,
Speaker 4: the full time adult weekly ordinary time earnings across all
Speaker 4: industries and all occupations was nineteen hundred and thirty eight
Speaker 4: dollars and thirty cents back for men and sixteen hundred
Speaker 4: and eighty six dollars for women. So for every dollar
Speaker 4: on average that a man earns, a woman earns eighty
Speaker 4: seven cents. That is equivalent to two hundred and fifty
Speaker 4: two dollars thirty less each and every single week that
Speaker 4: women earning comparison to men over the course of the year.
Speaker 4: That adds up to thirteen thousand, one hundred and nineteen
Speaker 4: dollars and sixty cents. And if I extrapolate that out,
Speaker 4: and let's pretend hypothetically, if you had an additional two
Speaker 4: hundred and fifty two dollars thirty each and every single
Speaker 4: week back to invest you'd be more than a million
Speaker 4: dollars better off in retirement.
Speaker 2: Wow wow wow wow wow.
Speaker 4: Okay, when you put it like that exactly, and if
Speaker 4: I really wanted to extrapolate it out over the course
Speaker 4: of your lifetime, it's more than six million dollars. So
Speaker 4: that's six million reasons why we need to care a
Speaker 4: lot more about the gender pay gap, because that's cooked.
Speaker 4: You know what you can do with six million dollars?
Speaker 3: What can you do?
Speaker 4: I can't even tell you because there's just endless amounts
Speaker 4: of things that you could do with that level of
Speaker 4: freedom up absolutely exactly. So we know from our community
Speaker 4: that women have lower financial self efficacy, so the belief
Speaker 4: in their own abilities compared to men, and that's why
Speaker 4: she's on The money exists and yet women, you know
Speaker 4: what we do. We control eighty percent of the consumer
Speaker 4: spend globally. Wow, so we control the money, but we
Speaker 4: don't get to make it.
Speaker 2: What the heck? And true?
Speaker 4: That seems very interesting, Well the heck and I hate it.
Speaker 3: I do hate that. Actually, I see what you're saying.
Speaker 3: I can see where the arroage is coming from. Now, V,
Speaker 3: let's go for a really quick break and ready, Oh
Speaker 3: my god, I know, I know, but I decided we
Speaker 3: will have a look at how to flip the script
Speaker 3: and make girl Math work for your investment goals.
Speaker 2: I'm ready, let's go.
Speaker 3: Let's go. OKAYV, we are back.
Speaker 4: And I'm very excited about this because it's now time
Speaker 4: to flip the script.
Speaker 3: It is, if it even is possible, how can we
Speaker 3: make girl math work for us?
Speaker 4: All Right? So obviously I'm a bit salty because I
Speaker 4: feel like all these videos are just I don't know,
Speaker 4: you see it, and they're like, oh, I girl math
Speaker 4: my way into this expensive bikini for this holiday that
Speaker 4: I'm going on, and if I buy it now, like
Speaker 4: I'm not spending the money on my holiday, and like
Speaker 4: I could wear it after my holiday and you just go,
Speaker 4: I know that you will have a better time, you know,
Speaker 4: feeling good about yourself on the holiday. But we don't
Speaker 4: need to actually flush the idea of making sound financial
Speaker 4: decisions down the toilet, Like, Beck, let's just say you're
Speaker 4: going on a holiday and you really want to buy
Speaker 4: a bikini.
Speaker 2: It's two hundred bucks.
Speaker 4: Why don't you just make that decision in a financially
Speaker 4: responsible way, like let's have a look at your by
Speaker 4: can you afford it? And you're like, go, yeah, it
Speaker 4: can be. They go, great, well, you don't need to
Speaker 4: justify it. You don't need to actually go, oh well, actually,
Speaker 4: ABC and D adds up. So therefore, this bikini technically
Speaker 4: only costs me a dollar, Like there's a lot to it.
Speaker 4: And obviously girl math is a combination of three different principles.
Speaker 4: So the first is cost per war, which we've talked
Speaker 4: about before, because I think that everybody in general should
Speaker 4: be more conscious about what they're purchasing, Like you're wearing
Speaker 4: a real cool brown T shirt today, but like I'm
Speaker 4: sure when you bought it you were like, oh, I'm
Speaker 4: probably going to get a heap of wear out of this,
Speaker 4: Like it's the same as the dress I'm wearing today.
Speaker 4: I'm like, great, Like it's stretchy, it works, it's comfortable.
Speaker 4: I'm going to purchase these because it's going to get
Speaker 4: a lot of wear. I think we should all have
Speaker 4: that cap on when making purchases because it's just the
Speaker 4: financially responsible way to do it. But this concept of
Speaker 4: cost per wear, that is the cost of an item
Speaker 4: divided by how many times you use it. Obviously lower
Speaker 4: is the cost of wear, but girl Math kind of
Speaker 4: takes it to the next level. So, like, you know,
Speaker 4: if you're buying a tote bag, obviously you can use
Speaker 4: it for lots of different things. But I think that
Speaker 4: it justifies unnecessary purchases when we put it into the
Speaker 4: girl Math I guess phrase right, or into the girl
Speaker 4: Math realm, because you go, okay, well maybe you did
Speaker 4: need a tote bag and if that's the case, well
Speaker 4: let's justify it and buy one that aligns to your
Speaker 4: budget and your needs and how often you're going to
Speaker 4: use it. And maybe back you don't buy the bright
Speaker 4: red one because you can get less aware out of it,
Speaker 4: like you might not take it to work is often
Speaker 4: because it doesn't match your outfit.
Speaker 2: Maybe a more neutral option would work.
Speaker 4: Yeah, but like if you need to buy the tote,
Speaker 4: it should be in your budget, Like it shouldn't be
Speaker 4: like justified as basically being free because I'm going to
Speaker 4: use it so often, do you know what I mean?
Speaker 2: Like, yeah, see, we are smarter than this.
Speaker 4: The second of the three economic principles that I guess
Speaker 4: make up girl Mouth is sunk cost.
Speaker 2: So sunk cost fallacy.
Speaker 4: It means that the money that's been spent can't ever
Speaker 4: be recovered. So basically, if it's left my account, I've
Speaker 4: spent it, it's gone. So like if you've got to
Speaker 4: funnd Beck on the brown top because you decided you
Speaker 4: no longer liked it, and they paid it out in cash,
Speaker 4: you're like, that's free money, free money, Like that's a
Speaker 4: really bad terminology. Obviously, if you get that money back,
Speaker 4: it probably should just go back into your bank account.
Speaker 4: But instead you'll go, oh my gosh, I'm going to
Speaker 4: use this for drinks on Friday nights. It's free money,
Speaker 4: and I've got it in cash and I've already spent it.
Speaker 2: Does that make sense?
Speaker 3: That makes sense. That sounds very.
Speaker 2: Close to home.
Speaker 4: And I was like the herd concept is prospective costs,
Speaker 4: so that basically translates to future costs that might be
Speaker 4: avoided if you take action today. Okay, so the girl
Speaker 4: math example there is if a coat I want is
Speaker 4: sixty five percent off over summer, because that sometimes happens,
Speaker 4: buying it means that I avoid the future cost of
Speaker 4: waiting until winter when it's back to full price. So
Speaker 4: that's quite smart, yes, But people are justifying purchasing things
Speaker 4: just because they're cheap. Hey, oh my gosh, I'll wear
Speaker 4: this in winter. But then when winter rolls around, you're like,
Speaker 4: that's not in fashion. I'm not gonna wear that. I
Speaker 4: just picked that up because it was a good brand
Speaker 4: and because was cheap and full stop, end of story,
Speaker 4: that's it. But like, you're not actually saving yourself any money.
Speaker 3: Yes, it might even be spending more because by the
Speaker 3: time winter comes around again, you've got a whole different
Speaker 3: set of little.
Speaker 2: Exactly like you might not be into brown T shirts anymore.
Speaker 5: There.
Speaker 4: So I think it's again going back to this idea
Speaker 4: that women aren't smart at money, when we are. At
Speaker 4: the end of the day, everyone can understand money. It's
Speaker 4: literally just a language. You haven't learnt yet if you
Speaker 4: don't get it, Like you speak perfectly fluent English, Beck,
Speaker 4: But do you know what? There are millions of people
Speaker 4: around the world who can't speak English who are learning
Speaker 4: English currently, And you wouldn't expect them to pick up
Speaker 4: my shoes on the money book yesterday and go, oh,
Speaker 4: I totally am able to read this. Yes, they would
Speaker 4: start with the basics of Hi, my name's Beck.
Speaker 2: How are you like? Do you know what I mean?
Speaker 2: When you're learning a new language? Where do you start
Speaker 2: from the top?
Speaker 5: Baby?
Speaker 3: But you like to.
Speaker 4: Start with how to count from one to ten? You
Speaker 4: start with hello, You start with sick phrases, You start
Speaker 4: with how to order a coffee in a different language.
Speaker 4: You don't start with fully understanding what an ETF is
Speaker 4: and the difference between an ETF and a managed fun
Speaker 4: Do you sure? Because that would be overwhelming and ridiculous.
Speaker 4: But somehow we put this pressure on ourselves to fully
Speaker 4: understand that when you don't even know how to run
Speaker 4: a banking and cash flow system for yourself.
Speaker 2: Sure, So, like, push all of that off the table.
Speaker 2: Women are not done with money. We just haven't been taught.
Speaker 4: Exactly right, Fee, I like that really?
Speaker 2: So angry.
Speaker 3: Yeah, that was a real bike drop moment.
Speaker 2: Oh thanks, So how to pick up the mic again?
Speaker 2: We're not done this podcast?
Speaker 3: Sure actually does people back up?
Speaker 2: Don't drop that.
Speaker 3: How can we flip the script on girl Math and
Speaker 3: make it genuinely work for us to support our investment goal?
Speaker 4: Genius or I think it's genius. But if you can
Speaker 4: budget for a late you best believe that. The entire
Speaker 4: time I was in the US, I was drinking my
Speaker 4: iced oat milk pumpkin spice latte every single day and
Speaker 4: I basically girl Math my way there. I'm like, it's
Speaker 4: a little treaty treat because I deserve it, right, tot, Yes,
Speaker 4: it's the thing in Australia. I knew you were gonna
Speaker 4: ask you because Starbucks is here and they do do
Speaker 4: the pumpkin spice range. I don't know if it's shop
Speaker 4: now it's November, because it only was like, you know,
Speaker 4: kind of full kind of Halloween.
Speaker 2: But it's really good.
Speaker 4: But if you can go on Math your way and
Speaker 4: you can budget for a latte, you can budget to invest. Yes,
Speaker 4: if you can afford to buy a shakeaway coffee, I
Speaker 4: promise you can afford to invest and you can become
Speaker 4: a passive investor.
Speaker 2: You don't have to be super active.
Speaker 4: You don't have to be a share trader at your
Speaker 4: computer till all hours of the night.
Speaker 3: My friend, that's good. Snow, Actually, so explain this to me.
Speaker 3: What is passive investing really sexy?
Speaker 2: Sit down? Are you ready?
Speaker 4: I'm ready. It's this concept where you invest consistently but
Speaker 4: you don't have to actively manage your investments. Yes, I
Speaker 4: know it's mainly how I invest when I'm not being
Speaker 4: a little bit spicy, but it's picking an investment that
Speaker 4: might be an ETF for a managed fund, or something
Speaker 4: that you don't have to actively manage because someone else
Speaker 4: is doing it on your Bhe great, ten out of ten.
Speaker 4: But the idea would be that each and every single
Speaker 4: month you would just dump a certain amount into an
Speaker 4: investment and it just goes straight in there and does
Speaker 4: its thing and creates your wealth. And if you have
Speaker 4: decided to reinvest your dividends, you would have ticked a
Speaker 4: box to say, dividend reinvestment plan, please tick, which is
Speaker 4: coming on shares is actually which is very very exciting,
Speaker 4: but you would tick that box. The money that your
Speaker 4: money makes would then be reinvested to make more money
Speaker 4: and you don't have to do anything.
Speaker 2: You just get sent a little report.
Speaker 4: Come accounting time, come, you know, end of financial year,
Speaker 4: and your accountant's like, oh, can I have that report
Speaker 4: that your shared trading platform gave you? And you're like, you,
Speaker 4: no worries, So it's just in my emails. Wow, I'm
Speaker 4: an investor.
Speaker 3: Now there you go.
Speaker 2: I'm a big dog.
Speaker 3: Can we learn anything from cost per wear calculation?
Speaker 4: I mean yeah, you could calculate the cost per war
Speaker 4: and then you could calculate compound interest. So like if
Speaker 4: you invested a dollar today, obviously it's not that sexy
Speaker 4: to think about because you're like, eh, tomorrow, i'll check.
Speaker 4: But what would that look like if you invested a
Speaker 4: dollar today and then when you retire, how much is
Speaker 4: that dollar going to be worth? Because we know and
Speaker 4: I've said this example a million times on the podcast,
Speaker 4: and I keep reiterating it because I actually want just
Speaker 4: one example to stick in people's heads where they go, oh,
Speaker 4: that one makes sense as opposed to giving six million
Speaker 4: others where in the moment you go, that makes sense.
Speaker 4: But you can't tell your friend at brunch and look smarter.
Speaker 4: So if you started at the age of twenty one,
Speaker 4: which none of us are anymore. And to be honest,
Speaker 4: we're in a cost of living crisis. So this is
Speaker 4: all aspirational. So Beck, I'm not putting pressure on you
Speaker 4: to find five hundred bucks each and every single month
Speaker 4: because that's cooked, right, but it's a good example to
Speaker 4: help you understand how to create wealth. Right. So if
Speaker 4: you took five hundred dollars each in every single month
Speaker 4: from the time that you were twenty one years old,
Speaker 4: and you invested that in the share market, if you
Speaker 4: have invested it with an average rate of return of
Speaker 4: seven and a half percent, by the time you retire,
Speaker 4: you'll have an additional one point two million dollars in
Speaker 4: your investment portfolio.
Speaker 2: That's very success.
Speaker 4: It could be completely passive, like you could just transfer
Speaker 4: it out and not think about it for a really
Speaker 4: long time. Yeah, but when it comes to cost per wear,
Speaker 4: look how much additional money you're getting because if you'd
Speaker 4: saved that money, like if you'd saved five hundred dollars
Speaker 4: each and every single month instead of investing it, Beck,
Speaker 4: you'd only have two hundred and forty thousand dollars over
Speaker 4: the same period of time. That's a million dollars worth
Speaker 4: of free money.
Speaker 3: That's some girl math.
Speaker 2: That's some girl math. That's the girl math. We're talking about.
Speaker 2: How money is girl math.
Speaker 4: If you think that the money in your wallet is
Speaker 4: free money because it's not in your bank account, my friend,
Speaker 4: let me show you real free money, not just the
Speaker 4: money that you earned and then you.
Speaker 3: Spent legitimate money.
Speaker 2: Put your money over here.
Speaker 4: You will end up with a million dollars more than
Speaker 4: what you would have if you hadn't done it.
Speaker 3: Wow, I kind of want a piece of that.
Speaker 4: I gotta say, I'm going to get you investing. Honestly,
Speaker 4: I'm going to give it another six months and then
Speaker 4: you'll have an investment portfolio and it's going to be
Speaker 4: the sexiest.
Speaker 2: Thing in the entire world.
Speaker 3: Thank you, Val, I'm very excited about it. Okay, So
Speaker 3: here's one that resonates with me. You did speak before
Speaker 3: about prospective costs and the idea of hitting up sales
Speaker 3: now to save money in the future.
Speaker 2: Again, like, it's not the worst idea, is it.
Speaker 3: Yeah, that's kind of like what I do.
Speaker 4: I think we need to just keep our heads screwed
Speaker 4: on when it comes to spending, right, So, all of that.
Speaker 4: Wieling dealing and hunting for a bargain has some similarities
Speaker 4: to I guess portfolio theory, like how many times I
Speaker 4: don't know if you've done this, but like, let's pretend
Speaker 4: there's a dress I want to buy.
Speaker 2: It's really expensive. It's five hundred dollar dress.
Speaker 4: You best believe I am gonna try the dress on
Speaker 4: be like yep, okay, I really really want this, but
Speaker 4: I'm not spending five hundred dollars on it. I'm going
Speaker 4: to go home and going to google it. You're going
Speaker 4: to see when it came out, don't we reckon? It's
Speaker 4: going to go on sale soon. I'm not sure. I'm
Speaker 4: going to see what other retailers have it. Do they
Speaker 4: have like a price match or a guarantee or something?
Speaker 4: Are they cheaper? Once I found it at a price
Speaker 4: point that I want to buy it at. You best
Speaker 4: believe I'm going to be going on shot back and
Speaker 4: I'm going to be making sure I get my cash back. O. Yes,
Speaker 4: believe that I'm going to make sure that I have
Speaker 4: just it with my flybys if I can to get
Speaker 4: some extra points, right, Like how smart are we when
Speaker 4: it comes to purchasing dresses. But then we're like, oh,
Speaker 4: I don't even know what to do when it comes
Speaker 4: to an investment portfolio. Sure, Like it's because you've never
Speaker 4: done it. Do you know it's just as easy, Like
Speaker 4: it is just as easy to go online and understand
Speaker 4: what an ETF gets up to and how it works,
Speaker 4: and go, oh, how am I going to get the
Speaker 4: best return for my money? It's all there in plain English.
Speaker 4: I promise you just have to start looking for it.
Speaker 4: But you're gonna think it's overwhelming because you've never looked
Speaker 4: for it, right, Like, do you remember the day you
Speaker 4: discovered the iconic dot com dot a? You You were like,
Speaker 4: what the heck can? I didn't even know this website existed?
Speaker 4: And now it was like their.
Speaker 2: Mecca for clothes.
Speaker 3: Yes, very truck.
Speaker 4: I remember the days when I had to like look
Speaker 4: for clothes individually on individual retailers' websites. Like the world
Speaker 4: is changing, my friends, And I guess there is a
Speaker 4: method of choosing investments to maximize expected returns and minimize
Speaker 4: risk without it being overwhelming. I promise it's not too hard.
Speaker 4: But you can evaluate every single purchase and how it
Speaker 4: contributes to like your shopping portfolio. You could say, so
Speaker 4: if you're a girl math shopper, you could essentially become
Speaker 4: like a shopping portfolio manager.
Speaker 2: I just don't see why you couldn't.
Speaker 4: Yes, you've already got those skills analyzing it and going
Speaker 4: all right, well if I plug this shop back thing
Speaker 4: in here and do this, and if I wait for
Speaker 4: this particular day, there's going to be a sale or
Speaker 4: there's going to be an increased amount of shop back
Speaker 4: cash rewards, Like we're smart. Yeah, you are so savvy. Yeah,
Speaker 4: if you can do that, my friend, you can pick
Speaker 4: an ETF totally.
Speaker 2: That is a transferable skill. That's really one hundred percent.
Speaker 3: But we've talked about before the ways that micro investing
Speaker 3: platforms make it easier to invest. What are some things
Speaker 3: that platforms are currently doing.
Speaker 4: Honestly, there's six million things that different investing portfolios are doing.
Speaker 4: I've said before that I like micro investing platforms because
Speaker 4: they kind of like the gateway drug of the investing world, right,
Speaker 4: Like they're the one that you feel most comfortable taking
Speaker 4: for the first time, and you go, all right, well,
Speaker 4: that's not too bad. All my friends are doing it.
Speaker 4: It's all managed for you, like you can see the
Speaker 4: ebbs and the flows of the market, Like you don't
Speaker 4: have to put up a massive amount of money to
Speaker 4: begin with. I obviously think that micro investing, and I've
Speaker 4: said this before, it's not for long term. Like from
Speaker 4: my perspective, micro investing is to get foot in the
Speaker 4: water and see what's going on and get comfortable with
Speaker 4: it and start to understand the market. But my understanding
Speaker 4: would be that you would then graduate to a larger platform, sure,
Speaker 4: because it's going to be the platform that you ultimately
Speaker 4: create wealth on. And up until this point, there hasn't
Speaker 4: been many share trading platforms that have enabled you to
Speaker 4: use small amounts of money to invest for the first time.
Speaker 4: It's kind of like they were like the Gateway because
Speaker 4: you could invest with like five or ten dollars, whereas
Speaker 4: bigger platforms would go, oh, we'll beck the minimum investment
Speaker 4: amounts five hundred and you'd be like, well, I don't
Speaker 4: want to put my life savings on a platform when
Speaker 4: I haven't even dipped my toe in the water in
Speaker 4: this investing world, Like what the heck? So micro investing
Speaker 4: platforms kind of were that bridging the gap, But now
Speaker 4: other shared trading platforms are kind of catching up, going, hey,
Speaker 4: our consumers really want that micro investing platform experience without
Speaker 4: having to change platforms later. And that's where a platform
Speaker 4: like shares is coming because they do all of that.
Speaker 4: And I'm not just plugging shares Is because I work
Speaker 4: with them. I'm literally looking at it going, hey, here's
Speaker 4: a really great option if this is what you're looking for. Sure,
Speaker 4: So there's lots of different things. Obviously, shares Is enable
Speaker 4: you to invest with a really low amount of money.
Speaker 4: They want to give the same opportunity that someone with
Speaker 4: five million dollars has to someone with five dollars to
Speaker 4: create wealth, and I think that that is a beautiful strategy.
Speaker 4: But they're implementing things like automatic dividend reinvestment plans, which
Speaker 4: we think is really sexy. They have roundups, which a
Speaker 4: lot of microinvesting platforms do. The two most popular micro
Speaker 4: investing platforms in our community are Raise and Spaceship. We
Speaker 4: have done episodes on this, so please go back and
Speaker 4: listen to that because I'm not going to get into
Speaker 4: the semantics of the two different investing platforms, but essentially,
Speaker 4: Rais invests in different risk profiles and alignance and ETF
Speaker 4: to you whereas Spaceship is more of a managed fund.
Speaker 4: If that's not making any sense, I did a whole
Speaker 4: episode on what micro investing platforms do, how they work,
Speaker 4: and how they're structured. But there's just lots of different options,
Speaker 4: and I think that if you can start investing with
Speaker 4: a small amount of money, you can use something like
Speaker 4: a roundup. So beck, every time you buy a coffee,
Speaker 4: it might be like, let's pretend you're not buying it
Speaker 4: England are, so it's not six dollars fifty seven dollars. Right,
Speaker 4: Let's pretend your coffee with six dollars fifty this morning. Sure,
Speaker 4: every time your bank saw that transaction of six dollars
Speaker 4: fifty on your phone, it would automatically round that purchase
Speaker 4: off to seven dollars and invest fifty cents for you.
Speaker 4: So you're consistently investing with your everyday purchases, but you
Speaker 4: don't really feel it because like, what's fifty cents when
Speaker 4: you're already spending six dollars fifty.
Speaker 3: That's a good idea.
Speaker 4: So like is coincidental investing? Yes, also automating. So if
Speaker 4: you can automate your investments and go all right, well,
Speaker 4: I can't be trusted.
Speaker 2: Let's be honest.
Speaker 4: I'm Victoria, Like, I have to have everything automated, otherwise
Speaker 4: it doesn't work. So I have to make sure that
Speaker 4: each and every single month and I'm investing, it's just
Speaker 4: direct debited from my account. I've set up an auto
Speaker 4: transfer that my investment amount goes straight into my investment account.
Speaker 4: But it's every single month. And if that feels like
Speaker 4: a little bit too much, then go all right, Well,
Speaker 4: I don't want to do it every month. They want
Speaker 4: to do it every week, or maybe do a lower
Speaker 4: amount than what you can and top it up every month.
Speaker 4: But I think everyone can actually go map their way
Speaker 4: to wealth, and you know, microinvesting platforms and share trading
Speaker 4: investing platforms are actually really helpful nowadays and not nearly
Speaker 4: as terrifying as they used to be. I promise, Like
Speaker 4: their user interfaces just makes sense. You don't even need
Speaker 4: a computer anymore. You can do it all via your
Speaker 4: phone with a beautiful app. Like I just think that
Speaker 4: if my friends, you can strategize to justify a dress
Speaker 4: that you're gonna wear once, you can absolutely strategize to
Speaker 4: be an investor.
Speaker 3: A men sis, I love that. I want a great
Speaker 3: place to leave it for today.
Speaker 4: I think that's a good place to leave it, because
Speaker 4: otherwise I'm going to start another feminist rant, and you
Speaker 4: want that from me today.
Speaker 3: I kind of want that, but we will save that
Speaker 3: for off, Mike.
Speaker 4: We will all right, have the most beautiful week, my friends.
Speaker 2: We will see you on Friday. Bye, guys.
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