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Speaker 1: Just before we get started, we'd like to acknowledge and

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Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander peoples.

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Speaker 1: They're the traditional custodians of the lands, the waterways and

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Speaker 1: the skies all across Australia. We thank you for sharing

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Speaker 1: and for caring for the land on which we are

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Speaker 1: able to learn. We pay respects to elders past and present,

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Speaker 1: and we share our friendship and our kindness.

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

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Speaker 1: Hello, and welcome to She's on the Money, the podcast

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Speaker 1: for millennials who want financial freedom. Welcome back to another

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Speaker 1: one of our Friday Drinks episodes where we celebrate the

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Speaker 1: money wins from our special Shees on the Money community.

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Speaker 1: There are always so many great money wins and confessions

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Speaker 1: shed each and every single week in our Facebook group,

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Speaker 1: and Jess, George and I spend a very big part

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Speaker 1: of our week. In fact, it's becoming an even larger

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Speaker 1: part of our week given we try to get even

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Speaker 1: better and better content.

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Speaker 3: Yeah, we'll talk about that.

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Speaker 1: Off there, but we spend a very big part of

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Speaker 1: our week talking about the things that you guys share

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Speaker 1: with us in the office. So Now is the time

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Speaker 1: to grab a drink, throw back your hair, and relax

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Speaker 1: and get straight into the week that was with Miss

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Speaker 1: Jessicarci up first to let us know what happened on

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Speaker 1: Money Does this Week Hello.

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Speaker 4: This week we chaed to someone who found herself in

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Speaker 4: a position that many a person has. She was living

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Speaker 4: off of Centerlink, which you know, multitude of reasons that

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Speaker 4: can happen. We've said before that that can be a

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Speaker 4: really tough spot to find yourself in. She didn't want

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Speaker 4: to be in that position. She got herself out of it.

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Speaker 4: She now runs a six figure hospitality business, and she

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Speaker 4: has another freelance business. She's got it all going on.

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Speaker 4: But it was truly really incredible to hear. And I think,

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Speaker 4: you know, for a lot of people, you can find

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Speaker 4: yourself stuck in a cycle and it can be really

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Speaker 4: hard to get yourself out of that. But she really

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Speaker 4: that with a little bit of tenacity and a lot

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Speaker 4: of willpower, you can definitely do it.

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Speaker 1: I loved her and I like snooped her business later,

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Speaker 1: I'm not sharing it with you. By Georgia King. What

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Speaker 1: do we do on a deep dive? This week my

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Speaker 1: Live Hello, we.

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Speaker 5: Spoke about protecting your financial assets within a relationship sexy,

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Speaker 5: specifically de facto relationships l Yes, which was super interesting because,

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Speaker 5: as we found through talking to the community, a lot

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Speaker 5: of people don't really even know what de facto.

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Speaker 1: Is, and that you can accidentally be de facto.

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Speaker 3: Yeah, exactly, deact factor. I think we call.

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Speaker 4: And you don't think about all of the things that

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Speaker 4: it can impact as well, which I have unfortunately found

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Speaker 4: out over the past year.

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Speaker 1: Turns out having a boyfriend has cost this lady who

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Speaker 1: wants to buy a house a little bit of serviceability.

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Speaker 1: I know, it's so rude, Jane, straight to the bin.

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Speaker 1: Love is the worst. We also have a wedding podcast

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Speaker 1: coming up, so keep an eye out for that one. George,

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Speaker 1: did we learn anything else in truth on that show?

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Speaker 5: No, I think they're the main things to remember, V

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Speaker 5: But I guess also like just knowing that you have

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Speaker 5: rights within a de facto relationship and that there are

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Speaker 5: financial implications that you may not be aware of.

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Speaker 1: Yeah, And I feel like so many people say things like, oh,

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Speaker 1: but we weren't married. It's like no, no, no, no, sir,

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Speaker 1: sit down, Like it just doesn't make it doesn't make

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Speaker 1: that much of a difference. So I'm sure in the

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Speaker 1: sixties it made a massive difference as to whether you

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Speaker 1: were a married woman or not. But nowadays it doesn't

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Speaker 1: actually matter as to what your rights are. And I

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Speaker 1: think that too many times we undervalue our contributions in

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Speaker 1: a relationship. And I think that was another one of

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Speaker 1: our building that up podcasts. So I really enjoyed it.

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Speaker 1: But I also really liked talking about estate planning and

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Speaker 1: assets in wealth creation. So for me, that was a

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Speaker 1: good episode, but maybe a little bit dry. I promise

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Speaker 1: we've got some really exciting content coming up very soon.

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Speaker 3: Some absolute calkers can confind.

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Speaker 1: Yeah, Like, we literally just recorded one, so I reckon

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Speaker 1: it's pretty good. Tickets on ourselves, you know else, I

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Speaker 1: have tickets on ge community. No my ability to segue.

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Speaker 1: Could you think I say way to get into money

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Speaker 1: wins this week?

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Speaker 5: Well, I was going to say, you know what else

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Speaker 5: is a corker because I think I said corker earlier? Yeah?

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Speaker 1: Good, nice, those will use all right, let's go.

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Speaker 5: Okay, the first money win of the week, ladies, it

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Speaker 5: comes from Ruby.

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Speaker 3: I will claim this as.

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Speaker 5: A money win. I was shopping at Country Road and

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Speaker 5: realized I could fit into kids sizing, which is half

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Speaker 5: the price of adults.

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Speaker 1: Oh my gosh, yes, brilliant, Yes, yes, you're a genius.

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Speaker 3: The Kid's Ranger Country Road is stunning.

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Speaker 1: Okay, But like Ruby and I, same page this week,

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Speaker 1: I have been pining over this very fancy puffer jacket,

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Speaker 1: but in the adult sizes too expensive. Looked at the

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Speaker 1: measurements adult size eight same as fourteen year old kid

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Speaker 1: money win. It's less than half the price. So anyway,

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Speaker 1: it's still an expensive jacket. But I've justified it to myself,

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Speaker 1: and I would like to hear another money win before

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Speaker 1: you guys question my money decisions.

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Speaker 3: Brilliant.

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Speaker 5: The next one comes from Jess money win for charity.

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Speaker 5: I raise over twenty thousand dollars. Yeah, make a wish

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Speaker 5: and donate life over Easter by running a national car

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Speaker 5: event with my husband.

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Speaker 3: A national lass. What a honey.

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Speaker 5: The event bank account stayed in the green during organizing.

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Speaker 3: Always a good feeling.

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Speaker 5: So apart from a couple of last cleaning bills I

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Speaker 5: have to pay, that is all above.

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Speaker 3: Board and yeah we're done.

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Speaker 1: Oh my gosh, that's so special. Twenty grand, twenty big ones.

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Speaker 1: That's actually do you're not kudos to you, because raising

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Speaker 1: money for charity is so hard because people are like, oh, Jeff,

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Speaker 1: here's a one thousand dollars. They're like five dollars here,

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Speaker 1: ten dollars there. It's like all the small things that

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Speaker 1: add up, and it usually takes so much work. So

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Speaker 1: I'm impressed. I'm very impressed.

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Speaker 3: We love what an Angel?

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Speaker 5: What an Angel onto a slightly lower brow money win,

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Speaker 5: but they all count.

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Speaker 3: Did you know.

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Speaker 5: Someone's money, Well, have a listener. Okay, it comes from Laura.

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Speaker 5: I got two plant based working low brow. I got

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Speaker 5: two plant based burgers from Grilled on Monday for.

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Speaker 3: The price of one. Oh that's that is a money plus.

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Speaker 3: With the rewards program, I got a free small chips too.

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Speaker 1: Can we just talk about how expensive plant based burgers

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Speaker 1: it Grilled are.

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Speaker 3: I'm not across it, i am because that's what I eat.

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Speaker 1: If you get the vegan guard and Goodness which has

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Speaker 1: the it's like the unreal meat, like it's the fake

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Speaker 1: meat burger, and then you obviously eat you're just like me,

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Speaker 1: So you get the gluten free bun. And then you

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Speaker 1: also add grilled pineapple, which you can't miss, like grilled

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Speaker 1: pineapple and any burger ten out of ten, it's like

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Speaker 1: twenty three dollars. What the hell it's grilled? Is it

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Speaker 1: meant to be takeaway?

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Speaker 4: More expensive? I'm assuming that a normal grilled burker. Yeah,

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Speaker 4: like fourteen or fifteen years That interesting. I saw a

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Speaker 4: really interesting breakdown a little while and this is wildly

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Speaker 4: off topic, but how much money it saves when somebody

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Speaker 4: eats the plant based diet And it's like the cost

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Speaker 4: for me personally, well, clearly not, but the cost of

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Speaker 4: raising I suppose animals, you know that whole process, the water,

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Speaker 4: the food, et cetera, versus I guess the water and fertilizer.

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Speaker 4: Maybe for like the plant based products, it's like a

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Speaker 4: really significant.

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Speaker 1: So we're paying more money for them to save more money.

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Speaker 5: Yeah, ripoff and also the environmental impact would be substantial there.

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Speaker 1: But I could also eat the veggie burger. They have,

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Speaker 1: like a very good veggie burger that's much more reasonably priced,

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Speaker 1: but I'm not going to do that. True on Monday, come.

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Speaker 5: At me our next ween. It comes from Sarah. I

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Speaker 5: received my first ever dividends page. It was only about

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Speaker 5: thirty dollars cares, but it feels great.

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Speaker 3: Even in these difficult times in the stock mar Oh

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Speaker 3: my gosh, love that.

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Speaker 1: I love that. I love your first diffidend. Yeah so sweet.

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Speaker 3: The next week it comes from Nicole money Win.

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Speaker 5: I had to get my puppy some Tick and Wormer tablets,

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Speaker 5: so I bit the bullet and ordered them over the

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Speaker 5: Easter weekend. Come the Tuesday, I've got a flashy message

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Speaker 5: about a sale on exactly what I had ordered, and

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Speaker 5: Tick and Wormer apparently is not cheap thanks to this group.

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Speaker 5: I contacted the company and they refunded the difference straight away,

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Speaker 5: and I'm so glad I found she's on the money.

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Speaker 1: Oh what a legend.

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Speaker 3: I love that.

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Speaker 5: The next ween it comes from Megan money In. I

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Speaker 5: noticed the price was different to the price label on

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Speaker 5: a package of twenty five dollars stake at Coals. I

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Speaker 5: took it to the checkout and scored it free through

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Speaker 5: their price scanning promise.

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Speaker 3: This was gold in grocery money. I have no idea,

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Speaker 3: I just need it.

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Speaker 4: I'm not one hundred p cent, but I think it's

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Speaker 4: if it's marked wrong, you get it for free or something.

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Speaker 3: That's what it sounds like anyway.

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Speaker 1: That what sounds so expensive but apparently not as expensive

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Speaker 1: as plant based alternative.

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Speaker 5: The final one for the week, guys, it comes from

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Speaker 5: Pierra Money Win. I scored a nine hundred dollars zimmum

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Speaker 5: and dress for seventy dollars.

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Speaker 1: Sorry, work money scenes. That is a very good money win. O.

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Speaker 1: That stuff is going to make sure that I don't

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Speaker 1: meet any of my financial year.

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Speaker 3: That's what that stuff does to us. That's it for

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Speaker 3: the week, guys.

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Speaker 1: Yeah, I love that all good money wins this week.

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Speaker 1: I want to hear people's confessions because I've been a

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Speaker 1: little bit naughty with my spending recently. So maybe we

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Speaker 1: do call out next week and confessions come on. Yep,

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Speaker 1: confession specifically, I hear your money wins. We'll keep that thread.

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Speaker 1: I want a confession thread. I might just even go

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Speaker 1: broke and ask for one myself. Thanks for coming to

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Speaker 1: my ted talk. Go to a quick break, and then

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Speaker 1: we're gonna have a chart. Apparently you're going to bring

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Speaker 1: up our friend Elon Musk again and we have a

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Speaker 1: listener question, so stick around already, guys.

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Speaker 4: Last week we spoke about mate Elon Musk and him

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Speaker 4: going a little bringing in back. I'm bringing him back

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Speaker 4: because there's been a development so raumba how I said

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Speaker 4: he bought the majority share? Was going, Oh, should I

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Speaker 4: go on the board?

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Speaker 3: I'm going to go on the board. Just kidding, No,

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Speaker 3: I'm not going to go on the board.

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Speaker 1: It was a board, no board. It was just imagine

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Speaker 1: having the money to joke about that about Twitter.

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Speaker 6: I know.

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Speaker 4: Well, Twitter has just announced that it has agreed to

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Speaker 4: a full takeover by Elon Musk. He's spending a CRISP

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Speaker 4: forty four billion with a b forty four billion dollars

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Speaker 4: to become the owner.

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Speaker 3: Of the platform.

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Speaker 1: I'll just chump change.

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Speaker 4: Oh yeah, well, clearly it's been approved and now he's

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Speaker 4: just subject to a shareholder vote, which they're saying is

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Speaker 4: very likely to go through at the time that we're

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Speaker 4: recording this, which means that everybody who owns a slice

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Speaker 4: of that pie, sorry, but see you later.

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Speaker 5: Yeah.

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Speaker 1: But also, they are getting paid out quite handsomely for

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Speaker 1: their shares. So they're going to get paid fifty four

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Speaker 1: dollars and twenty cents for every share that they have,

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Speaker 1: which is above market price. And if you're thinking like, well,

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Speaker 1: why did Twitter let that happen, it's kind of because

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Speaker 1: Elon made sure that it did happen like it was

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Speaker 1: going to come. I think a lot of people like, oh,

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Speaker 1: it will never happen. But like looking at it and

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Speaker 1: the way businesses in America function, if Twitter didn't actually

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Speaker 1: accept Elon's offer, they would have been down as bad

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Speaker 1: directors because it wouldn't have been in the quote best

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Speaker 1: interest of the shareholder. And the best interest of the

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Speaker 1: shareholder is getting them the best return possible on their investment.

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Speaker 1: So they've done quote the right thing. But like, that

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Speaker 1: seems wild to me that it's now going to go private,

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Speaker 1: And I would really wonder what that means for communicating

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Speaker 1: because like Twitter has always been I don't know if

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Speaker 1: you guys see it the same way, It's kind of

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Speaker 1: been like the wild West. Like so, there are you know,

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Speaker 1: obviously some great people on Twitter, but there are also

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Speaker 1: some people that you just don't have a lot of

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Speaker 1: respect for. I mean the fact that Twitter allowed Donald

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Speaker 1: Trump to be so vocal, and it allowed a lot

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Speaker 1: of politicians to have their say on there when maybe

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Speaker 1: they shouldn't, and historically there has been a lot of

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Speaker 1: misinformation shared on Twitter. I'd be really interested, or I

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Speaker 1: am super interested to see where this I guess medium

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Speaker 1: of communication goes and what Elon's plan is because now

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Speaker 1: he just don's Twitter like what, Yeah, pretty crazy.

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Speaker 4: He did say free speech is the bedrock of a

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Speaker 4: functioning democracy, and Twitter is the digital town square where

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Speaker 4: matters vital to the future of humanity are debated. I

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Speaker 4: also want to make Twitter better than ever by enhancing

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Speaker 4: the product with new features.

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Speaker 3: So he's obviously.

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Speaker 1: Thinking about it.

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Speaker 4: And there was a lot of discourse when he bought

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Speaker 4: the majority share where people were beginning to worry about

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Speaker 4: this happening, because, as you said, it's definitely kind of

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Speaker 4: been an open forum for people to voice their opinions,

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Speaker 4: good or bad. You know, freedom of feature is something

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Speaker 4: that we're all entitled to and that has very much

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Speaker 4: taken place on Twitter as a platform. So there were

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Speaker 4: a lot of concerns that censorship in some way, shape

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Speaker 4: or form is going to come about. So it's really

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Speaker 4: interesting to see what's going to happen. And I have

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Speaker 4: seen a few people talking online, ironically, some of them

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Speaker 4: on Twitter.

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Speaker 3: Do you go on Twitter often?

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Speaker 1: Yeah?

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Speaker 4: I do actually have a World News I follow a

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Speaker 4: few like internet people I guess that I really like.

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Speaker 4: But I also find it's a really interesting space to

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Speaker 4: gauge like general consensus and the mood. Yeah, see opinions

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Speaker 4: that might differ from mine. Sometimes I fall down a

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Speaker 4: bit of a whole. But a lot of people discussing.

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Speaker 4: And this is a real throwback for my Internet peach

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Speaker 4: from back in the day. But when Tumblr was purchased

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Speaker 4: by Yahoo, don't know if any of my other fellow.

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Speaker 1: Ladies billion dollars you remember, I can't remember what year,

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Speaker 1: but it's a a while ago, and I was heartbroken

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Speaker 1: because Tumblr was my teenage emo dream like there were

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Speaker 1: just I just had a lot going on. There's a

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Speaker 1: reason I deleted my entire time inspected from the Internet

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Speaker 1: before starting this podcast by.

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Speaker 3: Didn't we all.

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Speaker 4: But when Yahoo purchased Tumba, they made a lot of

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Speaker 4: significant platform changes, and people essentially boycotted the platform and

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Speaker 4: it died a very quick death.

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Speaker 3: But people eat it.

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Speaker 4: They eat it, indeed, and they're saying that maybe that's

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Speaker 4: something that will happen for Twitter if all of these

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Speaker 4: changes come in. People are talking about, hey, like vote

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Speaker 4: with you know what you use and you're if you're

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Speaker 4: not using the platform, it's actually no value to him.

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Speaker 4: He's going to lose a lot of things and people

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Speaker 4: just don't like Elon Musk as well, So I'm really

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Speaker 4: in's a lot of.

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Speaker 1: Colorful opinions on him, which I can completely understand. But

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Speaker 1: it's interesting that people would literally boycott their day to

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Speaker 1: day functionality and the way they function on the Internet

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Speaker 1: because they just don't like someone.

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Speaker 2: Yeah.

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Speaker 4: I think it just opens potentially the place for a

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Speaker 4: new platform to a march one hundred percent.

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Speaker 1: I'd be so interested to see what happens or even

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Speaker 1: how other social media platforms adapt to this, Like how

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Speaker 1: is Facebook and Instagram and TikTok? How are they going

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Speaker 1: to respond to? You know, I guess entire I see

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Speaker 1: people away from that platform, like a Facebook status is

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Speaker 1: coming back? Like probably not, but like I don't know, maybe.

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Speaker 4: Did anyone else get that on this day ten years

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Speaker 4: communicating with a posts?

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Speaker 3: Yeah, I've never been.

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Speaker 1: More embarrassed in the fashion and that person is me

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Speaker 1: ten years ago on Facebook. Honestly, Like, who thought that

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Speaker 1: was a good idea unpopular opinion?

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Speaker 3: Maybe?

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Speaker 5: I don't know, but I'm kind of I really have

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Speaker 5: my fingers crossed.

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Speaker 1: You just want to see a train ring?

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Speaker 3: I want to twitter burn, Twitter suck? Yeah, why do

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Speaker 3: you want this?

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Speaker 1: I've never heard you like wish anything terrible on anyone,

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Speaker 1: and now you want someone's billions to burn.

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Speaker 3: Well I would I know nothing against Elon O.

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Speaker 5: Great guy, all reports, but Twitter, I think because that's

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Speaker 5: not what reports. Okay, Wh's not my mate, but I

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Speaker 5: just think Twitter, of all of the social media platforms,

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Speaker 5: is the one that is rife with the most disgusting,

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Speaker 5: vile behavior. And I think if we can eradicate the

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Speaker 5: platform by this giant taking it over and hopefully ruining

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Speaker 5: it and having people abandoned shit because of who he is,

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Speaker 5: I think that would be fantastic.

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Speaker 3: Like it's a winter George like over. But yeah, I

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Speaker 3: don't know. I'm excited to see what happens. You all

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Speaker 3: want to see a train wreck come onto you.

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Speaker 1: I'm excited to see what happens, just because they like

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Speaker 1: watching the markets and how that's impacting, you know, other

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Speaker 1: social media platforms. I wouldn't be surprised if other billionaires

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Speaker 1: come out of the woodwork and decide that they too

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Speaker 1: want to have some level of I guess control of

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Speaker 1: different social media platforms. And it would be interesting to

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Speaker 1: see why and when and what Elon's actually planning. Because

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Speaker 1: as much as you want to see it full from

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Speaker 1: grace because of his reputation, Like a lot of people

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Speaker 1: might be happy with it, because obviously Elon said that

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Speaker 1: freedom of speech was really important, So maybe he's not

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Speaker 1: going to sense of that platform at all. So like,

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Speaker 1: who knows what's going to happen or how it's going

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Speaker 1: to be taken up. I'd be interested to see if

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Speaker 1: it kind of goes a bit more down a Reddit

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Speaker 1: rabbit hole where it's a bit more niche and not

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Speaker 1: so mainstream. I don't know.

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Speaker 5: I wonder if you're part of it as well. Is

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Speaker 5: him kind of taking it to Zuckerberg as well as

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Speaker 5: a fellow bajillionaire.

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Speaker 3: My social media platform is better than I bought mine.

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Speaker 1: I didn't even have to work.

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Speaker 4: Must be nice before we move along. I just wanted

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Speaker 4: to ask. I wouldn't be surprised if people in our community,

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Speaker 4: if some of them hold Twitter shares. And obviously we

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Speaker 4: always talk about you know, you're investing for the long term,

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Speaker 4: you're purchasing stocks with that in mind. What if someone's

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Speaker 4: purchased for stock, you know, in the last few years,

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Speaker 4: and then all of a sudden it's basically been sold

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Speaker 4: out from under them. Do they need to be concerned

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Speaker 4: me or is it going to be okay? Look, all's

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Speaker 4: fair in love and more. It's how the market works.

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Speaker 1: Like if you are being bought out, you just have

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Speaker 1: to look for another asset that is going to you know,

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Speaker 1: have the same risk yield and I guess values that

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Speaker 1: you had and don't forget.

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Speaker 4: Once that money hits your account, you will be liable

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Speaker 4: most likely to have to pay capital gain Well, it depends,

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Speaker 4: so you'll have to pay capital gains absolutely if you've

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Speaker 4: made a profit. If you have held it for less

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Speaker 4: than a year and you're living in Australia, there are

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Speaker 4: higher capital gains taxes to be paid than if you've

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Speaker 4: held it for more than twelve months. But it's the

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Speaker 4: best thing, honestly is to either check with your share

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Speaker 4: trading platform because they're probably going to announce some kind

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Speaker 4: of like info sheet on it because it is so

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Speaker 4: big and it is going to impact so many people,

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Speaker 4: or come June thirty, just touch base with your accountant

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Speaker 4: to make sure that you're doing all of the right things.

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Speaker 4: All right, Well, enough about Twitter. We're probably still.

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Speaker 1: Gonna mention it in episodes to come, because I think

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Speaker 1: it is kind of interesting to see how the market

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Speaker 1: is changing and see what happens in the market, because

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Speaker 1: you might have spent ages looking at what you want

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Speaker 1: to hold in your portfolio. You might have picked Twitter

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Speaker 1: and then been like, what do you mean I can't

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Speaker 1: have that anymore? What do you mean? It's being taken

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Speaker 1: off me? And that's just what's going to happen. And

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Speaker 1: there's probably a lot of ETFs out there as well

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Speaker 1: that are holding Twitter that are now going to have

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Speaker 1: to process that and rebalance the portfolio and find an

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Speaker 1: alternative technology company to invest in it. I'd be really

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Speaker 1: interested to see, genuinely, and I'm going to, yeah, like

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Speaker 1: what are the brokers picking up? And I have these

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Speaker 1: conversations every single week with the stockbrokers in my business

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Speaker 1: to understand, well, how does that work and what are

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Speaker 1: you guys seeing and how are you thinking? I want

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Speaker 1: to know who they're planning on replacing Twitter with in

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Speaker 1: people's portfolios. None of my client's owners. Why don't get

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Speaker 1: to be in on it? But I want to know

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Speaker 1: the information, you know, I just want to see what's

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Speaker 1: going on. I'm a little bit pervy for.

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Speaker 4: You answering it themselves. Let us know it would be curious.

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Speaker 1: Sad and why tell me? I want to see your

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Speaker 1: investment mandate tell me anyway, Moving on, we have a

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Speaker 1: really interesting money question from one of our shees on

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Speaker 1: the Money listeners that I feel like it's going to

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Speaker 1: be a question that a lot of people in this

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Speaker 1: community have been asking.

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Speaker 6: Hello, longtime listener, first time call, and my name's Jay.

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Speaker 6: I am just wondering. I've saved quite a bit of

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Speaker 6: money over the last couple of years over COVID, and

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Speaker 6: I've got split evenly between an index fund and savings.

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Speaker 6: So there's about thirty k split evenly, half to index fund,

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Speaker 6: half to savings, and I'm just wondering if I should

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Speaker 6: put more of that savings money into investments rather than

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Speaker 6: just sitting on it where it's not making a lot

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Speaker 6: of money from interest. I am a bit worried about,

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Speaker 6: you know, putting all my money to investments in case

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Speaker 6: I want to spend it. But I'm also thinking I

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Speaker 6: have too much money sitting in savings. What's a good split? Thanks?

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Speaker 1: All right, Jay, my friend, what you are asking for

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Speaker 1: there is personal advice, and unfortunately we can't give that,

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Speaker 1: but I can articulate. I suppose a little bit of

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Speaker 1: like thinking on that question process, right, because you're looking

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Speaker 1: at it and you're going, look, I'm saving, but I'm

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Speaker 1: also investing, Like what split should this be? And the

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Speaker 1: only person who can actually answer that is you. So

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Speaker 1: at the moment, I have no idea of your personal

441
00:19:50,600 --> 00:19:52,960
Speaker 1: circumstances or what you want to achieve or how you're

442
00:19:52,960 --> 00:19:55,240
Speaker 1: doing it, or why you're saving. Like, are you saving

443
00:19:55,280 --> 00:19:57,320
Speaker 1: for your first home, in which case that should be

444
00:19:57,359 --> 00:20:00,520
Speaker 1: your priority to you? Are you actually not not saving

445
00:20:00,520 --> 00:20:03,080
Speaker 1: at all and the priority is investing, in which case

446
00:20:03,080 --> 00:20:05,800
Speaker 1: your priority split is going to be different. I think

447
00:20:05,840 --> 00:20:08,720
Speaker 1: to work out how much you should be saving and investing,

448
00:20:08,760 --> 00:20:11,320
Speaker 1: you actually need to sit down and really write out

449
00:20:11,400 --> 00:20:13,840
Speaker 1: your own goals and what you want to achieve. So,

450
00:20:14,240 --> 00:20:16,480
Speaker 1: what do you want to achieve for an emergency fund?

451
00:20:16,520 --> 00:20:18,960
Speaker 1: What does that actually look like for you? And the

452
00:20:19,040 --> 00:20:22,720
Speaker 1: thing about emergency funds is they're so different for everybody. Like,

453
00:20:22,760 --> 00:20:24,720
Speaker 1: at the moment, my emergency fund and I'm going to

454
00:20:24,760 --> 00:20:26,760
Speaker 1: take a wild stab in the dark, is probably higher

455
00:20:26,760 --> 00:20:29,399
Speaker 1: than yours, Jess and yours George, purely because I've got

456
00:20:29,440 --> 00:20:31,480
Speaker 1: a mortgage, I've got a partner, I've got three pets.

457
00:20:31,480 --> 00:20:34,679
Speaker 1: There's like a lot of financial responsibilities in my life

458
00:20:35,040 --> 00:20:37,719
Speaker 1: compared to Jess who you know, you've got your savings

459
00:20:37,760 --> 00:20:40,080
Speaker 1: that you're planning on buying a house with, but you're

460
00:20:40,119 --> 00:20:43,480
Speaker 1: not financially responsible for any other humans or a partner,

461
00:20:43,880 --> 00:20:46,320
Speaker 1: And then George you'd be in a very similar position.

462
00:20:46,560 --> 00:20:49,600
Speaker 1: So we all have different personal circumstances. And I have

463
00:20:49,640 --> 00:20:52,200
Speaker 1: no idea what Jays is. It's j single, who knows.

464
00:20:52,240 --> 00:20:54,600
Speaker 1: That's a weird question to ask on this podcast, hah,

465
00:20:54,680 --> 00:20:57,000
Speaker 1: But it's one of those things where I don't know

466
00:20:57,040 --> 00:20:58,800
Speaker 1: what that looks like for you, and you need to

467
00:20:58,840 --> 00:21:01,120
Speaker 1: sit down and go, all right, I need to know

468
00:21:01,400 --> 00:21:03,879
Speaker 1: what my emergency fund should be and work towards that.

469
00:21:04,080 --> 00:21:06,359
Speaker 1: I need to think about why I'm investing in the

470
00:21:06,400 --> 00:21:09,920
Speaker 1: first place. What am I actually doing. Am I investing

471
00:21:10,000 --> 00:21:12,760
Speaker 1: just because it's fun? Or am I investing because I

472
00:21:12,800 --> 00:21:15,800
Speaker 1: want to create an early retirement? And if that's the case,

473
00:21:16,040 --> 00:21:18,720
Speaker 1: are you investing enough to achieve that goal? Or have

474
00:21:18,800 --> 00:21:21,440
Speaker 1: you not actually sat down and worked that out? Because

475
00:21:21,480 --> 00:21:23,320
Speaker 1: a lot of what we've said when we talk about

476
00:21:23,320 --> 00:21:26,600
Speaker 1: goal setting is working backwards. Because if you're planning on

477
00:21:26,760 --> 00:21:29,640
Speaker 1: retiring with a specific income at a specific age, You've

478
00:21:29,640 --> 00:21:32,240
Speaker 1: then got to work backwards as to how much money

479
00:21:32,280 --> 00:21:34,960
Speaker 1: you need to save or invest each in every single month,

480
00:21:35,000 --> 00:21:38,080
Speaker 1: week or fortnite or however often you get paid. And

481
00:21:38,160 --> 00:21:40,600
Speaker 1: I can't tell you that unless I was your financial

482
00:21:40,600 --> 00:21:43,080
Speaker 1: advisor and I literally looked at everything that I'm telling

483
00:21:43,119 --> 00:21:46,159
Speaker 1: you to look at right now. So it's very frustrating.

484
00:21:46,200 --> 00:21:48,920
Speaker 1: Because we also had someone in my DMS this week, Jess,

485
00:21:48,960 --> 00:21:52,080
Speaker 1: going hey, V like, I'm just wondering I finally got

486
00:21:52,160 --> 00:21:54,920
Speaker 1: to the point where I can buy property, really excited.

487
00:21:54,920 --> 00:21:57,000
Speaker 1: My partner and I trying to work out though do

488
00:21:57,040 --> 00:21:58,880
Speaker 1: we buy an investment, do we buy a family home?

489
00:21:58,920 --> 00:22:01,719
Speaker 1: Do we buy a land? I'm like, I can't answer

490
00:22:01,760 --> 00:22:05,200
Speaker 1: that one legally because I could literally go to jail

491
00:22:05,240 --> 00:22:08,880
Speaker 1: for five years and have a million dollar fine. It's true, yeah,

492
00:22:08,960 --> 00:22:11,359
Speaker 1: thank you as sick, but also I fully respect that.

493
00:22:11,920 --> 00:22:14,680
Speaker 1: But two, I don't know you from a bar of soap.

494
00:22:14,720 --> 00:22:17,200
Speaker 1: If you're in my DMS, like your profile picture is cute,

495
00:22:17,320 --> 00:22:19,640
Speaker 1: You've spoken to me really nicely, so I'm assuming you're

496
00:22:19,640 --> 00:22:22,679
Speaker 1: a nice lady. But how am I meant to know

497
00:22:22,800 --> 00:22:26,040
Speaker 1: your financial responsibilities and what would be better for you?

498
00:22:26,440 --> 00:22:29,360
Speaker 1: Because just cause something's better on paper, like we could

499
00:22:29,359 --> 00:22:32,320
Speaker 1: look at the different asset classes, right and go, asset

500
00:22:32,359 --> 00:22:35,960
Speaker 1: class A outperforms every other asset class. That does not

501
00:22:36,160 --> 00:22:38,480
Speaker 1: mean that it is the best option for you. So

502
00:22:38,520 --> 00:22:41,199
Speaker 1: I think it's really interesting when people ask questions that

503
00:22:41,240 --> 00:22:44,080
Speaker 1: are so like which bucket should I be putting stuff in?

504
00:22:44,119 --> 00:22:46,440
Speaker 1: I'm like, do you know what, even if you went

505
00:22:46,520 --> 00:22:48,639
Speaker 1: to a financial advisor, they're going to sit down and

506
00:22:48,640 --> 00:22:50,639
Speaker 1: be like, all right, Jess, tell me about your goals.

507
00:22:50,720 --> 00:22:53,080
Speaker 1: What do you want to achieve? And that's a process

508
00:22:53,119 --> 00:22:54,320
Speaker 1: you can go through on your own.

509
00:22:54,560 --> 00:22:56,600
Speaker 4: It's really interesting. I think a lot of people think

510
00:22:56,640 --> 00:22:59,320
Speaker 4: that way. I mean one because it definitely simplifies the process,

511
00:22:59,359 --> 00:23:02,000
Speaker 4: Like could say, oh my gosh, everybody should have fifty

512
00:23:02,000 --> 00:23:04,200
Speaker 4: percent here and fifty percent there. It would make your

513
00:23:04,200 --> 00:23:06,639
Speaker 4: life easier. But there are other platforms. If anyone's like

514
00:23:06,720 --> 00:23:09,320
Speaker 4: me and has read The Barefoot Investor, who will straight

515
00:23:09,400 --> 00:23:11,560
Speaker 4: up say you should be allocating x amount of your

516
00:23:11,560 --> 00:23:14,639
Speaker 4: income to here? And as you say one, that doesn't

517
00:23:14,640 --> 00:23:16,920
Speaker 4: work for everyone. But it's also important to recognize that

518
00:23:16,920 --> 00:23:20,159
Speaker 4: that can shift, Like I'm saving for a home currently.

519
00:23:20,080 --> 00:23:22,480
Speaker 1: So you're going to be real aggressive with that, right.

520
00:23:22,359 --> 00:23:24,440
Speaker 4: Like I am still investing, but the amount that I'm

521
00:23:24,480 --> 00:23:27,760
Speaker 4: investing has dropped off significantly to allow me to prioritize

522
00:23:27,760 --> 00:23:29,040
Speaker 4: my primary goals, I.

523
00:23:29,040 --> 00:23:31,640
Speaker 1: Need to get financial advice. So that makes sense.

524
00:23:31,760 --> 00:23:34,359
Speaker 4: Yeah, but I think as well, like it doesn't necessarily

525
00:23:34,359 --> 00:23:35,840
Speaker 4: mean that you have to do one or the other,

526
00:23:35,920 --> 00:23:38,760
Speaker 4: Like he doesn't have to just be saving or just

527
00:23:38,880 --> 00:23:41,400
Speaker 4: be investing. Like it's going to depend on which one

528
00:23:41,440 --> 00:23:43,560
Speaker 4: is his priority, and we can't answer that for you.

529
00:23:43,640 --> 00:23:45,479
Speaker 1: Yeah, And if both are a priority and you want

530
00:23:45,520 --> 00:23:47,920
Speaker 1: them both to grow alongside each other, like you can

531
00:23:48,000 --> 00:23:50,480
Speaker 1: do growth. But like if you're planning on you know,

532
00:23:50,720 --> 00:23:53,360
Speaker 1: not even looking at that particular circumstance, But like, take

533
00:23:53,400 --> 00:23:57,199
Speaker 1: your circumstance, Jess, you want a house so bad, and

534
00:23:57,280 --> 00:24:01,480
Speaker 1: like I cannot wait until you get one. But hypothetically,

535
00:24:01,520 --> 00:24:04,440
Speaker 1: if you just split it fifty to fifty, home ownership

536
00:24:04,440 --> 00:24:06,879
Speaker 1: for you would be another eighteen months off because of

537
00:24:06,920 --> 00:24:09,159
Speaker 1: the way you were previously investing, in the way that

538
00:24:09,160 --> 00:24:11,600
Speaker 1: you were previously structuring your savings. You were like, no,

539
00:24:11,640 --> 00:24:13,600
Speaker 1: I need to turbo charge this goal for the short

540
00:24:13,680 --> 00:24:15,840
Speaker 1: term so I can achieve that, and then I'll work

541
00:24:15,840 --> 00:24:19,240
Speaker 1: out my financial situation after that. Like things change and

542
00:24:19,320 --> 00:24:22,760
Speaker 1: shift and I guess it's very hard also because like

543
00:24:22,960 --> 00:24:25,800
Speaker 1: who knows is Jay earning eighty thousand dollars a year

544
00:24:25,880 --> 00:24:28,040
Speaker 1: or is he earning eight hundred thousand dollars a year,

545
00:24:28,320 --> 00:24:31,440
Speaker 1: because like that is going to be very different. So

546
00:24:31,480 --> 00:24:34,199
Speaker 1: it's yeah, unfortunately, I hope that's given a little bit

547
00:24:34,240 --> 00:24:36,879
Speaker 1: of insight. Goal setting is the most important thing that

548
00:24:36,920 --> 00:24:39,920
Speaker 1: you can do for your future financial self. Sit down,

549
00:24:40,000 --> 00:24:41,959
Speaker 1: work out what you want life to look like. It

550
00:24:41,960 --> 00:24:44,439
Speaker 1: could start as like a little vision board or something

551
00:24:44,560 --> 00:24:46,440
Speaker 1: really nice where you go. I don't know how much

552
00:24:46,440 --> 00:24:48,320
Speaker 1: it's going to cost, but like, this is the type

553
00:24:48,359 --> 00:24:49,960
Speaker 1: of life I want, and this is what I want

554
00:24:50,000 --> 00:24:52,200
Speaker 1: to create for myself. And I think that vision boarding

555
00:24:52,480 --> 00:24:56,480
Speaker 1: for me, it sounds fluffy, but like Jess vision board

556
00:24:56,480 --> 00:24:57,080
Speaker 1: as well, don't you.

557
00:24:57,119 --> 00:24:57,560
Speaker 3: I love it.

558
00:24:58,119 --> 00:24:59,639
Speaker 1: I need to do a little team day where we

559
00:24:59,760 --> 00:25:00,879
Speaker 1: just our little.

560
00:25:00,640 --> 00:25:03,160
Speaker 3: Vision boards, this physical vision Yeah, yeah, yeah.

561
00:25:03,200 --> 00:25:06,720
Speaker 1: I actually have like a corkboard from Kiki k It's white, obviously,

562
00:25:06,800 --> 00:25:09,359
Speaker 1: very aesthetic, and I cut things out of magazines or

563
00:25:09,400 --> 00:25:11,520
Speaker 1: like write things on post it notes and stick them

564
00:25:11,520 --> 00:25:14,480
Speaker 1: to my vision board about achieving the goals. Actually, we're

565
00:25:14,480 --> 00:25:16,680
Speaker 1: in the office the other day talking with Jasmine, who

566
00:25:16,680 --> 00:25:18,960
Speaker 1: works for Zella about this, and she has one and

567
00:25:18,960 --> 00:25:21,800
Speaker 1: she was like, oh, Ve, like, I manifested my job

568
00:25:21,880 --> 00:25:24,240
Speaker 1: with you at Zella because I put it on my

569
00:25:24,359 --> 00:25:26,320
Speaker 1: vision board. Like I put She's on the Money on

570
00:25:26,359 --> 00:25:28,040
Speaker 1: the vision board and said one day I'll work with

571
00:25:28,160 --> 00:25:30,840
Speaker 1: Jess and Victoria and she showed us specific yeah, but

572
00:25:30,920 --> 00:25:32,720
Speaker 1: she showed us all these other things on her vision

573
00:25:32,720 --> 00:25:35,600
Speaker 1: board that she was either already achieving or had done.

574
00:25:35,680 --> 00:25:37,679
Speaker 1: And I was just like, get it. Like, I just

575
00:25:37,880 --> 00:25:40,199
Speaker 1: feel like if you visualize it and you can see it,

576
00:25:40,240 --> 00:25:43,160
Speaker 1: you're more likely to achieve it. And it also mine's

577
00:25:43,200 --> 00:25:45,439
Speaker 1: on my wall behind my desk, so if I'm like,

578
00:25:45,520 --> 00:25:48,160
Speaker 1: you know, just bored and looking around and not doing

579
00:25:48,160 --> 00:25:49,880
Speaker 1: my work, I kind of see that and I get

580
00:25:49,920 --> 00:25:52,159
Speaker 1: a little bit more motivation to keep working because I'm like,

581
00:25:52,160 --> 00:25:53,640
Speaker 1: oh no, I've got so many things that I want

582
00:25:53,680 --> 00:25:56,359
Speaker 1: to achieve or like do. Yeah, it's kind of cute

583
00:25:56,400 --> 00:25:57,960
Speaker 1: and I think a really good vibe. If you're not

584
00:25:58,080 --> 00:26:00,680
Speaker 1: ready to sit down and do the financial side of things,

585
00:26:00,800 --> 00:26:03,439
Speaker 1: vision boarding can be really powerful to go this is

586
00:26:03,480 --> 00:26:05,199
Speaker 1: the direction I want to go in. I have no

587
00:26:05,320 --> 00:26:08,040
Speaker 1: idea what I can afford or what it looks like

588
00:26:08,119 --> 00:26:09,280
Speaker 1: yet but like do that.

589
00:26:09,320 --> 00:26:10,200
Speaker 3: It's cute, it's fun.

590
00:26:10,480 --> 00:26:12,000
Speaker 4: I'm going to make that a thread. It's gonna go

591
00:26:12,080 --> 00:26:13,480
Speaker 4: up to staying a Facebook group. If you are a

592
00:26:13,520 --> 00:26:17,280
Speaker 4: fellow vision border show it your vision. Batch can fine

593
00:26:18,160 --> 00:26:22,200
Speaker 4: wedding stuff at the moment. All right, guys, I think

594
00:26:22,200 --> 00:26:24,680
Speaker 4: that is all we have time for today. Georgia, can

595
00:26:24,720 --> 00:26:26,840
Speaker 4: you please wrap the boring but important stuff?

596
00:26:26,880 --> 00:26:27,760
Speaker 3: Of course I can.

597
00:26:28,040 --> 00:26:30,920
Speaker 5: Alrighty, guys, Please remember the advice Jed and She's on

598
00:26:30,960 --> 00:26:33,560
Speaker 5: the Money is general in nature and does not consider

599
00:26:33,720 --> 00:26:35,200
Speaker 5: your individual circumstances.

600
00:26:35,680 --> 00:26:36,640
Speaker 3: She's on the Money.

601
00:26:36,520 --> 00:26:39,840
Speaker 5: Exists purely for educational purposes and should not be relied

602
00:26:39,920 --> 00:26:42,680
Speaker 5: upon to make an investment or a financial decision.

603
00:26:42,400 --> 00:26:45,240
Speaker 3: Or a vision boarding decision. Do we promise?

604
00:26:45,359 --> 00:26:49,200
Speaker 5: Victoria Divine is an authorized representative of in Focused Securities

605
00:26:49,200 --> 00:26:53,000
Speaker 5: Australia Proprietary Limited ab IN four seven zero nine seven

606
00:26:53,119 --> 00:26:56,040
Speaker 5: seven nine seven zero four nine AFSL.

607
00:26:55,520 --> 00:26:57,000
Speaker 3: Two three six by two three.

608
00:26:57,359 --> 00:26:59,720
Speaker 1: We will see you on Monday, guys, see you next week.

609
00:27:00,040 --> 00:27:12,200
Speaker 3: Hey h