Speaker 1: Just before we get started, we'd like to acknowledge and
Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander peoples.
Speaker 1: They're the traditional custodians of the lands, the waterways and
Speaker 1: the skies all across Australia. We thank you for sharing
Speaker 1: and for caring for the land on which we are
Speaker 1: able to learn. We pay respects to elders past and present,
Speaker 1: and we share our friendship and our kindness.
Speaker 2: She's on the Money, She's on the Money.
Speaker 1: Hello, and welcome to She's on the Money, the podcast
Speaker 1: for millennials who want financial freedom. Welcome back to another
Speaker 1: one of our Friday Drinks episodes where we celebrate the
Speaker 1: money wins from our special Shees on the Money community.
Speaker 1: There are always so many great money wins and confessions
Speaker 1: shed each and every single week in our Facebook group,
Speaker 1: and Jess, George and I spend a very big part
Speaker 1: of our week. In fact, it's becoming an even larger
Speaker 1: part of our week given we try to get even
Speaker 1: better and better content. Yeah, we'll talk about that off there,
Speaker 1: but we spend a very big part of our week
Speaker 1: talking about the things that you guys share with us
Speaker 1: in the office. So Now is the time to grab
Speaker 1: a drink, throw back your hair, and relax and get
Speaker 1: straight into the week that was with Miss Jessicarci up
Speaker 1: first to let us know what happened on Money Does
Speaker 1: this Week Hello.
Speaker 3: This week we chaed to someone who found herself in
Speaker 3: a position that many a person has. She was living
Speaker 3: off of Centerlink, which you know, multitude of reasons that
Speaker 3: can happen. We've said before that that can be a
Speaker 3: really tough spot to find yourself in. She didn't want
Speaker 3: to be in that position. She got herself out of it.
Speaker 3: She now runs a six figure hospitality business, and she
Speaker 3: has another freelance business. She's got it all going on.
Speaker 3: But it was truly really incredible to hear. And I think,
Speaker 3: you know, for a lot of people, you can find
Speaker 3: yourself stuck in a cycle and it can be really
Speaker 3: hard to get yourself out of that. But she really
Speaker 3: that with a little bit of tenacity and a lot
Speaker 3: of willpower, you can definitely do it.
Speaker 1: I loved her and I like snooped her business later,
Speaker 1: I'm not sharing it with you. By Georgia King. What
Speaker 1: do we do on a deep dive? This week my
Speaker 1: Live Hello, we.
Speaker 2: Spoke about protecting your financial assets within a relationship chexy,
Speaker 2: specifically de facto relationships l Yes, which was super interesting because,
Speaker 2: as we found through talking to the community, a lot
Speaker 2: of people don't really even know what de facto.
Speaker 1: Is, and that you can accidentally be de facto. Yeah, exactly,
Speaker 1: deactor factor. I think we call.
Speaker 3: And you don't think about all of the things that
Speaker 3: it can impact as well, which I have unfortunately found
Speaker 3: out over the past year.
Speaker 1: Turns out having a boyfriend has cost this lady who
Speaker 1: wants to buy a house a little bit of serviceability.
Speaker 1: I know, it's so rude, Jane, straight to the bin.
Speaker 1: Love is the worst. We also have a wedding podcast
Speaker 1: coming up, so keep an eye out for that one. George,
Speaker 1: did we learn anything else in truth on that show?
Speaker 2: No, I think they're the main things to remember, V
Speaker 2: But I guess also like just knowing that you have
Speaker 2: rights within a de facto relationship and that there are
Speaker 2: financial implications that you may not be aware of.
Speaker 1: Yeah, And I feel like so many people say things like, oh,
Speaker 1: but we weren't married. It's like no, no, no, no, sir,
Speaker 1: sit down, Like it just doesn't make that, It doesn't
Speaker 1: make that much of a difference. So I'm sure in
Speaker 1: the sixties it made a massive difference as to whether
Speaker 1: you were a married woman or not. But nowadays it
Speaker 1: doesn't actually matter as to what your rights are. And
Speaker 1: I think that too many times we undervalue our contributions
Speaker 1: in a relationship. And I think that was another one
Speaker 1: of our building that up podcasts. So I really enjoyed it.
Speaker 1: But I also really liked talking about estate planning and
Speaker 1: assets in wealth creation. So for me, that was a
Speaker 1: good episode, but maybe a little bit dry. I promise
Speaker 1: we've got some really exciting content coming up very soon.
Speaker 1: Some absolute calkers can confind. Yeah, Like, we literally just
Speaker 1: recorded one, so I reckon it's pretty good. Tickets on ourselves.
Speaker 1: You know else, I have tickets on ge community. No
Speaker 1: my ability to segue. Could you think I say way
Speaker 1: to get into money wins this week?
Speaker 2: Well, I was going to say, you know what else
Speaker 2: is a corker because I think I said corker earlier? Yeah?
Speaker 1: Good, nice, those will use all right, let's go.
Speaker 2: Okay, the first money win of the week, ladies, it
Speaker 2: comes from Ruby.
Speaker 1: I will claim this as.
Speaker 2: A money win. I was shopping at Country Road and
Speaker 2: realized I could fit into kids sizing, which is half
Speaker 2: the price of adults.
Speaker 1: Oh my gosh, yes, brilliant, Yes, yes, you're a genius.
Speaker 1: The Kid's Ranger Country Road is stunning. Okay, But like
Speaker 1: Ruby and I, same page this week, I have been
Speaker 1: pining over this very fancy puffer jacket, but in the
Speaker 1: adult sizes too expensive. Looked at the measurements adult size
Speaker 1: eight same as fourteen year old kid money win. It's
Speaker 1: less than half the price, so anyway, it's still an
Speaker 1: expensive jacket. But I've justified it to myself, and I
Speaker 1: would like to hear another money win before you guys
Speaker 1: question my money decisions. Brilliant.
Speaker 2: The next one comes from Jess money win for charity.
Speaker 2: I raise over twenty thousand dollars. Yeah, make a wish
Speaker 2: and donate life over Easter by running a national car
Speaker 2: event with my husband.
Speaker 1: A national lass. What a honey.
Speaker 2: The event bank account stayed in the green during organizing.
Speaker 1: Always a good feeling.
Speaker 2: So apart from a couple of last cleaning bills I
Speaker 2: have to pay, that is all above.
Speaker 1: Board and yeah we're done. Oh my gosh, that's so special.
Speaker 1: Twenty grand, twenty big ones. That's actually do you're not
Speaker 1: kudos to you, because raising money for charity is so
Speaker 1: hard because people are like, oh, Jeff, here's a one
Speaker 1: thousand dollars. They're like five dollars here, ten dollars there.
Speaker 1: It's like all the small things that add up, and
Speaker 1: it usually takes so much work. So I'm impressed. I'm
Speaker 1: very impressed. We love what an Angel?
Speaker 2: What an Angel onto a slightly lower brow money win,
Speaker 2: but they all count. Did you know someone's money, Well,
Speaker 2: have a listener. Okay, it comes from Laura. I got
Speaker 2: two plant based working low brow. I got two plant
Speaker 2: based burgers from Grilled on Monday for.
Speaker 1: The price of one. Oh that's that is a money plus.
Speaker 1: With the rewards program, I got a free small chips too.
Speaker 1: Can we just talk about how expensive plant based burgers
Speaker 1: it Grilled are. I'm not across it, i am because
Speaker 1: that's what I eat. If you get the vegan guard
Speaker 1: and Goodness which has the it's like the unreal meat,
Speaker 1: like it's the fake meat burger, and then you obviously
Speaker 1: eat you're just like me, So you get the gluten
Speaker 1: free bun. And then you also add grilled pineapple, which
Speaker 1: you can't miss, like grilled pineapple and any burger ten
Speaker 1: out of ten, it's like twenty three dollars. What the
Speaker 1: hell it's grilled? Is it meant to be takeaway more expensive?
Speaker 1: I'm assuming that a normal grilled burker. Yeah, like fourteen
Speaker 1: or fifteen years That interesting.
Speaker 3: I saw a really interesting breakdown a little while and
Speaker 3: this is wildly off topic, but how much money it
Speaker 3: saves when somebody eats the plant based diet And it's
Speaker 3: like the cost for me personally, well, clearly not, but
Speaker 3: the cost of raising I suppose animals, you know that
Speaker 3: whole process, the water, the food, et cetera, versus I
Speaker 3: guess the water and fertilizer. Maybe for like the plant
Speaker 3: based products, it's like a really significant.
Speaker 1: So we're paying more money for them to save more money.
Speaker 2: Yeah, ripoff, and also the environmental impact would be substantial.
Speaker 1: Then I could also eat the veggie burger. They have,
Speaker 1: like a very good veggie burger that's much more reasonably priced,
Speaker 1: but I'm not going to do that. True on Monday, come.
Speaker 2: At me our next ween. It comes from Sarah. I
Speaker 2: received my first ever dividends page. It was only about
Speaker 2: thirty dollars cares, but it feels great, even in these
Speaker 2: difficult times in the stock mar Oh.
Speaker 1: My gosh, love that. I love that. I love your
Speaker 1: first diffidend. Yes, so sweet. The next week it comes
Speaker 1: from Nicole money Win.
Speaker 2: I had to get my puppy some Tick and Wormer tablets,
Speaker 2: so I bit the bullet and ordered them over the
Speaker 2: Easter weekend. Come the Tuesday, I've got a flashy message
Speaker 2: about a sale on exactly what I had ordered, and
Speaker 2: Tick and Wormer apparently is not cheap thanks to this group.
Speaker 2: I contacted the company and they refunded the difference straight away,
Speaker 2: and I'm so glad I found she's on the money.
Speaker 1: Oh what a legend. I love that.
Speaker 2: The next ween, it comes from Megan money In. I
Speaker 2: noticed the price was different to the price label on
Speaker 2: a package of twenty five dollars stake at Coals. I
Speaker 2: took it to the checkout and scored it free through
Speaker 2: their price scanning promise.
Speaker 1: This was gold in grocery money. I have no idea,
Speaker 1: I just need it.
Speaker 3: I'm not one hundred pcent, but I think it's if
Speaker 3: it's marked wrong, you get it for free or something.
Speaker 1: That's what it sounds like.
Speaker 4: Anyway.
Speaker 1: That sounds so expensive, but apparently not as expensive as
Speaker 1: plant based alternative.
Speaker 2: The final one for the week, guys. It comes from
Speaker 2: Pierra Money Win. I scored a nine hundred dollars zimmum
Speaker 2: and dress for seventy dollars.
Speaker 1: Sorry, work money scenes. That is a very good money win. O.
Speaker 1: That stuff is going to make sure that I don't
Speaker 1: meet any of my financial year. That's what that stuff
Speaker 1: does to us. That's it for the week, guys. Yeah,
Speaker 1: I love that all good money wins this week. I
Speaker 1: want to hear people's confessions because I've been a little
Speaker 1: bit naughty with my spending recently. So maybe we do
Speaker 1: call out next week and confessions come on. Yep, confession specifically,
Speaker 1: I hear your money wins. We'll keep that thread. I
Speaker 1: want a confession thread. I might just even go broke
Speaker 1: and ask for one myself. Thanks for coming to my
Speaker 1: ted talk. Let's go to a quick break and then
Speaker 1: we're gonna have a chart. Apparently you're going to bring
Speaker 1: up our friend Elon Musk again and we have a
Speaker 1: listener question, so stick around already, guys.
Speaker 3: Last week we spoke about mate Elon Musk and him
Speaker 3: going a little bringing in back. I'm bringing him back
Speaker 3: because there's been a development so raumba how I said
Speaker 3: he bought the majority share, was going, Oh, should I
Speaker 3: go on the board?
Speaker 1: I'm going to go on the board. Just kidding, No,
Speaker 1: I'm not going to go on the board. It was
Speaker 1: a board, no board. It was just imagine having the
Speaker 1: money to joke about that about Twitter.
Speaker 4: I know.
Speaker 3: Well, Twitter has just announced that it has agreed to
Speaker 3: a full takeover by Elon Musk. He's spending a CRISP
Speaker 3: forty four billion with a b forty four billion dollars
Speaker 3: to become the owner.
Speaker 1: Of the platform. I'll just chump change.
Speaker 3: Oh yeah, well, clearly it's been approved and now he's
Speaker 3: just subject to a shareholder vote, which they're saying is
Speaker 3: very likely to go through at the time that we're
Speaker 3: recording this, which means that everybody who owns a slice
Speaker 3: of that pie, sorry, but see you later.
Speaker 2: Yeah.
Speaker 1: But also, they are getting paid out quite handsomely for
Speaker 1: their shares. So they're going to get paid fifty four
Speaker 1: dollars and twenty cents for every share that they have,
Speaker 1: which is above market price. And if you're thinking, like, well,
Speaker 1: why did Twitter let that happen, it's kind of because
Speaker 1: Elon made sure that it did. Happen like it was
Speaker 1: going to come. I think a lot of people like, oh,
Speaker 1: it'll never happen. But like looking at it and the
Speaker 1: way businesses in America function, if Twitter didn't actually accept
Speaker 1: Elon's offer, they would have been down as bad directors
Speaker 1: because it wouldn't have been in the quote best interest
Speaker 1: of the shareholder. And the best interest of the shareholder
Speaker 1: is getting them the best return possible on their investment.
Speaker 1: So they've done quote the right thing. But like, that
Speaker 1: seems wild to me that it's now going to go private,
Speaker 1: And I would really wonder what that means for communicating
Speaker 1: because like Twitter has always been I don't know if
Speaker 1: you guys see it the same way, It's kind of
Speaker 1: been like the wild West. Like so, there are you know,
Speaker 1: obviously some great people on Twitter, but there are also
Speaker 1: some people that you just don't have a lot of
Speaker 1: respect for. I mean the fact that Twitter allowed Donald
Speaker 1: Trump to be so vocal, and it allowed a lot
Speaker 1: of politicians to have their say on there when maybe
Speaker 1: they shouldn't, and historically there has been a lot of
Speaker 1: misinformation shared on Twitter. I'd be really interested, or I
Speaker 1: am super interested to see where this I guess medium
Speaker 1: of communication goes and what Elon's plan is because now
Speaker 1: he just don's Twitter like what, Yeah, pretty crazy.
Speaker 3: He did say free speech is the bedrock of a
Speaker 3: functioning democracy, and Twitter is the digital town square where
Speaker 3: matters vital to the future of humanity are debated. I
Speaker 3: also want to make Twitter better than ever by enhancing
Speaker 3: the product with new features.
Speaker 1: So he's obviously thinking about it.
Speaker 3: And there was a lot of discourse when he bought
Speaker 3: the majority share where people were beginning to worry about
Speaker 3: this happening, because, as you said, it's definitely kind of
Speaker 3: been an open forum for people to voice their opinions,
Speaker 3: good or bad. You know, freedom of feature is something
Speaker 3: that we're all entitled to and that has very much
Speaker 3: taken place on Twitter as a platform. So there were
Speaker 3: a lot of concerns that censorship in some way, shape
Speaker 3: or form is going to come about. So it's really
Speaker 3: interesting to see what's going to happen. And I have
Speaker 3: seen a few people talking online, ironically, some of them
Speaker 3: on Twitter.
Speaker 1: Do you go on Twitter often? Yeah?
Speaker 3: I do actually have a World News I follow a
Speaker 3: few like internet people I guess that I really like.
Speaker 3: But I also find it's a really interesting space to
Speaker 3: gauge like general consensus and the mood. Yeah, see opinions
Speaker 3: that might differ from mine. Sometimes I fall down a
Speaker 3: bit of a whole. But a lot of people discussing.
Speaker 3: And this is a real throwback for my Internet peach
Speaker 3: from back in the day. But when Tumblr was purchased
Speaker 3: by Yahoo, don't know if any of my other fellow.
Speaker 1: Ladies billion dollars you remember, I can't remember what year,
Speaker 1: but it's at a while ago, and I was heartbroken
Speaker 1: because Tumblr was my teenage emo dream like. There were
Speaker 1: just I've just had a lot going on. There's a
Speaker 1: reason I deleted my entire time inspected from the Internet
Speaker 1: before starting this podcast by didn't we all.
Speaker 3: But when Yahoo purchased Tumba, they made a lot of
Speaker 3: significant platform changes, and people essentially boycotted the platform and
Speaker 3: it died a very quick death.
Speaker 1: But people eat it.
Speaker 3: They eat it, indeed, and they're saying that maybe that's
Speaker 3: something that will happen for Twitter if all of these
Speaker 3: changes come in. People are talking about hey, like vote
Speaker 3: with you know what you use and you're if you're
Speaker 3: not using the platform, it's actually no value to him.
Speaker 3: He's going to lose a lot of fax and people
Speaker 3: just don't like Elon Musk as well, So I'm really
Speaker 3: in's a lot of.
Speaker 1: Colorful opinions on him, which I can completely understand. But
Speaker 1: it's interesting that people would literally boycott their day to
Speaker 1: day functionality and the way they function on the Internet
Speaker 1: because they just don't like someone.
Speaker 3: Yeah, I think it just opens potentially the place for
Speaker 3: a new platform to a march one hundred percent.
Speaker 1: I'd be so interested to see what happens or even
Speaker 1: how other social media platforms adapt to this, Like how
Speaker 1: is Facebook and Instagram and TikTok? How are they going
Speaker 1: to respond to? You know, I guess entire I see
Speaker 1: people away from that platform, like a Facebook status is
Speaker 1: coming back? Like probably not, but like I don't know, maybe.
Speaker 3: Did anyone else get that on this day ten years
Speaker 3: you want communicating with a posts?
Speaker 1: Yeah, I've never been more embarrassed in the fashion and
Speaker 1: that person is me ten years ago on Facebook. Honestly, Like,
Speaker 1: who thought that was a good idea? Unpopular opinion? Maybe?
Speaker 2: I don't know, but I'm kind of I really have
Speaker 2: my fingers crossed.
Speaker 1: You just want to see a train ring?
Speaker 2: I want to twitter burn, twitter suck?
Speaker 1: Yeah, why do you want this. I've never heard you
Speaker 1: like wish anything terrible on anyone, and now you want
Speaker 1: someone's billions to burn. Well I would I know nothing
Speaker 1: against Elon O.
Speaker 2: Great guy, all reports, but Twitter, I think because that's
Speaker 2: not what reports. Okay, Wh's not my mate, but I
Speaker 2: just think Twitter, of all of the social media platforms,
Speaker 2: is the one that is rife with the most disgusting,
Speaker 2: vile behavior. And I think if we can eradicate the
Speaker 2: platform by this giant taking it over and hopefully ruining
Speaker 2: it and having people abandoned shit because of who he is,
Speaker 2: I think that would be fantastic.
Speaker 1: Like it's a Winter George like over. But yeah, I
Speaker 1: don't know. I'm excited to see what happens. You all
Speaker 1: want to see a train wreck come onto you. I'm
Speaker 1: excited to see what happens, just because they like watching
Speaker 1: the markets and how that's impacting, you know, other social
Speaker 1: media platforms. I wouldn't be surprised if other billionaires come
Speaker 1: out of the woodwork and decide that they too want
Speaker 1: to have some level of I guess control of different
Speaker 1: social media platforms. And it would be interesting to see
Speaker 1: why and when and what Elon's actually planning because as
Speaker 1: much as you want to see it full from grace
Speaker 1: because of his reputation, Like a lot of people might
Speaker 1: be happy with it, because obviously Elon said that freedom
Speaker 1: of speech was really important, So maybe he's not going
Speaker 1: to sense of that platform at all. So like, who
Speaker 1: knows what's going to happen or how it's going to
Speaker 1: be taken up. I'd be interested to see if it
Speaker 1: kind of goes a bit more down a Reddit rabbit
Speaker 1: hole where it's a bit more niche and not so mainstream.
Speaker 1: I don't know.
Speaker 2: I wonder if you're part of it as well. Is
Speaker 2: him kind of taking it to Zuckerberg as well as
Speaker 2: a fellow bajillionaire.
Speaker 1: My social media platform is better than I bought mine.
Speaker 1: I didn't even have to work.
Speaker 3: Must be nice before we move along. I just wanted
Speaker 3: to ask. I wouldn't be surprised if people in our community,
Speaker 3: if some of them hold Twitter shares. And obviously we
Speaker 3: always talk about you know, you're investing for the long term,
Speaker 3: you're purchasing stocks with that in mind. What if someone's
Speaker 3: purchased for stock, you know, in the last few years,
Speaker 3: and then all of a sudden it's basically been sold
Speaker 3: out from under them. Do they need to be concerned me?
Speaker 3: Or is it going to be okay? Look all's fair
Speaker 3: in love and more. It's how the market works.
Speaker 1: Like if you are being bought out, you just have
Speaker 1: to look for another asset that is going to you know,
Speaker 1: have the same risk yield and I guess values that
Speaker 1: you had and don't forget.
Speaker 3: Once that money hits your account, you will be liable
Speaker 3: most likely to have to pay capital gain Well, it depends,
Speaker 3: so you'll have to pay capital gains absolutely if you've
Speaker 3: made a profit. If you have held it for less
Speaker 3: than a year and you're living in Australia, there are
Speaker 3: higher capital gains taxes to be paid than if you've
Speaker 3: held it for more than twelve months. But it's the
Speaker 3: best thing, honestly is to either check with your share
Speaker 3: trading platform because they're probably going to announce some kind
Speaker 3: of like info sheet on it because it is so
Speaker 3: big and it is going to impact so many people,
Speaker 3: or come June thirty, just touch base with your accountant
Speaker 3: to make sure that you're doing all of the right things.
Speaker 3: All right, Well, enough about Twitter. We're probably still.
Speaker 1: Gonna mention it in episodes to come because I think
Speaker 1: It is kind of interesting to see how the market
Speaker 1: is changing and see what happens in the market, because
Speaker 1: you might have spent ages looking at what you want
Speaker 1: to hold in your portfolio. You might have picked Twitter
Speaker 1: and then been like, what do you mean I can't
Speaker 1: have that anymore? What do you mean? It's being taken
Speaker 1: off me? And that's just what's going to happen. And
Speaker 1: there's probably a lot of ETFs out there as well
Speaker 1: that are holding Twitter that are now going to have
Speaker 1: to process that and rebalance the portfolio and find an
Speaker 1: alternative technology company to invest in it. I'd be really
Speaker 1: interested to see, genuinely, and I'm going to, yeah, like,
Speaker 1: what are the brokers picking up? And I have these
Speaker 1: conversations every single week with the stockbrokers in my business
Speaker 1: to understand, well, how does that work and what are
Speaker 1: you guys seeing and how are you thinking? I want
Speaker 1: to know who they're planning on replacing Twitter with in
Speaker 1: people's portfolios. None of my client's owners, so we I
Speaker 1: don't get to be in on it, but I want
Speaker 1: to know the information, you know, I just want to
Speaker 1: see what's going on. I'm a little bit pervy for.
Speaker 3: You answering it themselves let us know it would be curious.
Speaker 1: Sad, and why tell me? I want to see your
Speaker 1: investment mandate tell me anyway, Moving on, we have a
Speaker 1: really interesting money question from one of our shees on
Speaker 1: the Money Listeners that I feel like it's going to
Speaker 1: be a question that a lot of people in this
Speaker 1: community have been asking.
Speaker 4: Hello, longtime listener, first time call, and my name's Jay.
Speaker 4: I am just wondering I've saved quite a bit of
Speaker 4: money over the last couple of years over COVID, and
Speaker 4: I've got split evenly between an index fund and savings.
Speaker 4: So there's about thirty k split evenly, half to index fund,
Speaker 4: half to savings, and I'm just wondering if I should
Speaker 4: put more of that savings money into investments rather than
Speaker 4: just sitting on it where it's not making a lot
Speaker 4: of money from interest. I am a bit worried about,
Speaker 4: you know, putting all my money to investments in case
Speaker 4: I want to spend it. But I'm also thinking I
Speaker 4: have too much money sitting in savings. What's a good split? Thanks?
Speaker 1: All right, Jay, my friend, what you are asking for
Speaker 1: there is personal advice, and unfortunately we can't give that,
Speaker 1: but I can articulate. I suppose a little bit of
Speaker 1: like thinking on that question process, right, because you're looking
Speaker 1: at it and you're going, look, I'm saving, but I'm
Speaker 1: also investing, Like what split should this be? And the
Speaker 1: only person who can actually answer that is you. So
Speaker 1: at the moment, I have no idea of your personal
Speaker 1: circumstances or what you want to achieve, or how you're
Speaker 1: doing it, or why you're saving. Like are you saving
Speaker 1: for your first home, in which case that should be
Speaker 1: your priority to you? Are you actually not not saving
Speaker 1: at all and the priority is investing, in which case
Speaker 1: your priority split is going to be different. I think
Speaker 1: to work out how much you should be saving and investing,
Speaker 1: you actually need to sit down and really write out
Speaker 1: your own goals and what you want to achieve. So,
Speaker 1: what do you want to achieve for an emergency fund?
Speaker 1: What does that actually look like for you? And the
Speaker 1: thing about emergency funds is they're so different for everybody. Like,
Speaker 1: at the moment, my emergency fund and I'm going to
Speaker 1: take a wild stab in the dark, is probably higher
Speaker 1: than yours, Jess and yours George, purely because I've got
Speaker 1: a mortgage, I've got a partner, I've got three pets.
Speaker 1: There's like a lot of financial responsibilities in my life
Speaker 1: compared to Jess, who you know, you've got your savings
Speaker 1: that you're planning on buying a house with, but you're
Speaker 1: not financially responsible for any other humans or a partner,
Speaker 1: And then George you'd be in a very similar position.
Speaker 1: So we all have different personal circumstances. And I have
Speaker 1: no idea what Jays is. It's j single who knows.
Speaker 1: That's a weird question to ask on this podcast, hah,
Speaker 1: But it's one of those things where I don't know
Speaker 1: what that looks like for you, and you need to
Speaker 1: sit down and go all right, I need to know
Speaker 1: what my emergency fund should be and work towards that.
Speaker 1: I need to think about why I'm investing in the
Speaker 1: first place. What am I actually doing. Am I investing
Speaker 1: just because it's fun? Or am I investing because I
Speaker 1: want to create an early retirement? And if that's the case,
Speaker 1: are you investing enough to achieve that goal? Or have
Speaker 1: you not actually sat down and worked that out? Because
Speaker 1: a lot of what we've said when we talk about
Speaker 1: goal setting is working backwards. Because if you're planning on
Speaker 1: retiring with a specific income at a specific age. You've
Speaker 1: then got to work backwards as to how much money
Speaker 1: you need to save or invest each in every single month, week,
Speaker 1: or fortnite or however often you get paid. And I
Speaker 1: can't tell you that unless I was your financial advisor
Speaker 1: and I literally looked at everything that I'm telling you
Speaker 1: to look at right now. So it's very frustrating. Because
Speaker 1: we also had someone in my DMS this week, Jess
Speaker 1: going hey, V like, I'm just wondering I finally got
Speaker 1: to the point where I can buy property, really excited.
Speaker 1: My partner and I trying to work out though, do
Speaker 1: we buy an investment, do we buy a family home?
Speaker 1: Do we buy a land? I'm like, I can't answer
Speaker 1: that one legally because I could literally go to jail
Speaker 1: for five years and have a million dollar fine. But true, yeah,
Speaker 1: thank you as sick, but also I fully respect that.
Speaker 1: But two, I don't know you from a bar of soap.
Speaker 1: If you're in my DMS, like your profile picture is cute,
Speaker 1: You've spoken to me really nicely, so I'm assuming you're
Speaker 1: a nice lady. But how am I meant to know
Speaker 1: your financial responsibilities and what would be better for you?
Speaker 1: Because just cause something's better on paper, Like we could
Speaker 1: look at the different asset classes, right and go, asset
Speaker 1: class A outperforms every other asset class. That does not
Speaker 1: mean that it is the best option for you. So
Speaker 1: I think it's really interesting when people ask questions that
Speaker 1: are so like which bucket should I be putting stuff in?
Speaker 1: I'm like, do you know what, even if you went
Speaker 1: to a financial advisor, they're going to sit down and
Speaker 1: be like, all right, Jess, tell me about your goals.
Speaker 1: What do you want to achieve? And that's a process
Speaker 1: you can go through on your own.
Speaker 3: It's really interesting. I think a lot of people think
Speaker 3: that way. I mean one because it definitely simplifies the process,
Speaker 3: Like could say, oh my gosh, everybody should have fifty
Speaker 3: percent here and fifty percent there. It would make your
Speaker 3: life easier. But there are other platforms. If anyone's like
Speaker 3: me and has read The Barefoot Investor, who will straight
Speaker 3: up say you should be allocating x amount of your
Speaker 3: income to here, and as you say one, that doesn't
Speaker 3: work for everyone. But it's also important to recognize that
Speaker 3: that can shift. Like I'm saving for a home currently.
Speaker 1: So you're going to be real aggressive with that right.
Speaker 3: Like, I am still investing, but the amount that I'm
Speaker 3: investing has dropped off significantly to allow me to prioritize
Speaker 3: my primary goal.
Speaker 1: So I need to get financial advice. So that makes sense.
Speaker 3: Yeah, but I think as well, like it doesn't necessarily
Speaker 3: mean that you have to do one or the other,
Speaker 3: Like he doesn't have to just be saving or just
Speaker 3: be investing. Like it's going to depend on which one
Speaker 3: is his priority, and we can't answer that for you.
Speaker 1: Yeah, and if both are a priority and you want
Speaker 1: them both to grow alongside each other, like you can
Speaker 1: do growth. But like if you're planning on you know,
Speaker 1: not even looking at that particular circumstance, but like, take
Speaker 1: your circumstance, Jess, you want a house so bad, and
Speaker 1: like I cannot wait until you get one. But hypothetically,
Speaker 1: if you just split it fifty to fifty, home ownership
Speaker 1: for you would be another eighteen months off because of
Speaker 1: the way you were previously investing, in the way that
Speaker 1: you were previously structuring your savings. You were like, no,
Speaker 1: I need to turbo charge this goal for the short
Speaker 1: term so I can achieve that and then I'll work
Speaker 1: out my financial situation after that. Like things change and shift,
Speaker 1: and I guess it's very hard also because like who
Speaker 1: knows is Jay earning eighty thousand dollars a year or
Speaker 1: is he earning eight hundred thousand dollars a year, because
Speaker 1: like that is going to be very different. So it's yeah, unfortunately.
Speaker 1: I hope that's given a little bit of insight. Goal
Speaker 1: setting is the most important thing that you can do
Speaker 1: for your future financial self. Sit down, work out what
Speaker 1: you want life to look like. It could start as
Speaker 1: like a little vision board or something really nice where
Speaker 1: you go, I don't know how much it's going to cost,
Speaker 1: but like, this is the type of life I want,
Speaker 1: and this is what I want to create for myself.
Speaker 1: And I think that vision boarding for me, it sounds fluffy,
Speaker 1: but like Jess vision board as well, don't you. I
Speaker 1: love it. I need to do a little team day
Speaker 1: where we just with our little vision boards, this physical
Speaker 1: vision Yeah, yeah, yeah. I actually have like a corkboard
Speaker 1: from Kiki k It's white, obviously very aesthetic, and I
Speaker 1: cut things out of magazines or like write things on
Speaker 1: post it notes and stick them to my vision board
Speaker 1: about achieving the goals. Actually, we're in the office the
Speaker 1: other day talking with Jasmine who works for Zella, about this,
Speaker 1: and she has one and she was like, oh, Ve, like,
Speaker 1: I manifested my job with you at Zella because I
Speaker 1: put it on my vision board. Like I put She's
Speaker 1: on the money on the vision board and said one
Speaker 1: day I'll work with Jess and Victoria and she showed
Speaker 1: us specific yeah, but she showed us all these other
Speaker 1: things on her vision board that she was either already
Speaker 1: achieving or had done. And I was just like, get it. Like,
Speaker 1: I just feel like if you visualize it and you
Speaker 1: can see it, you're more likely to achieve it. And
Speaker 1: it also, mine's on my wall behind my desk, so
Speaker 1: if I'm like, you know, just bored and looking around
Speaker 1: and not doing my work, I kind of see that
Speaker 1: and I get a little bit more motivation to keep
Speaker 1: working because I'm like, oh no, I've got so many
Speaker 1: things that I want to achieve or like do. Yeah,
Speaker 1: it's kind of cute and I think a really good vibe.
Speaker 1: If you're not ready to sit down and do the
Speaker 1: financial side of things, vision boarding can be really powerful
Speaker 1: to go this is the direction I want to go in.
Speaker 1: I have no idea what I can afford or what
Speaker 1: it looks like yet, but like do that. It's cute,
Speaker 1: it's fun.
Speaker 3: I'm going to make that a thread. It's gonna go
Speaker 3: up to stay in a Facebook group. If you are
Speaker 3: a fellow vision border show it your vision boatch can
Speaker 3: fine wedding stuff at the moment. All right, guys, I
Speaker 3: think that is all we have time for today. Georgia,
Speaker 3: can you please wrap the boring but important stuff?
Speaker 1: Of course I can.
Speaker 2: Alrighty, guys, Please remember the advice Jed and She's on
Speaker 2: the Money is general in nature and does not consider
Speaker 2: your individual circumstances.
Speaker 1: She's on the Money.
Speaker 2: Exists purely for educational purposes and should not be relied
Speaker 2: upon to make an investment or a financial decision.
Speaker 1: Or a vision boarding decision. Do we promise?
Speaker 2: Victoria Divine is an authorized representative of in Focused Securities
Speaker 2: Australia Proprietary Limited ab IN four seven zero nine seven
Speaker 2: seven nine seven zero four nine AFSL.
Speaker 1: Two three six by two three. We will see you
Speaker 1: on Monday, guys, see you next week.
Speaker 3: Heem