Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud Order Order
Speaker 2: Kerney Whalbury and a waddery woman. And before we get
Speaker 2: started on She's on the Money podcast, I would like
Speaker 2: to acknowledge the traditional custodians of the land of which
Speaker 2: this podcast is recorded on a wondery country, acknowledging the elders,
Speaker 2: the ancestors and the next generation coming through as this
Speaker 2: podcast is about connecting, empowering, knowledge sharing and the storytelling
Speaker 2: of you to make a difference for today and lasting
Speaker 2: impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: for MILLENNI who want financial freedom. We are in the
Speaker 4: new financial year, and if you didn't get cracking on
Speaker 4: your investment plan in January, it is not too late.
Speaker 4: Now is the perfect time to get started.
Speaker 1: I love this episode. I am so excited to do it.
Speaker 1: We obviously adore talking investing at Cheese on the Money,
Speaker 1: and personally, I always think it's a good time to
Speaker 1: be talking about this topic. That's why today Beck, you
Speaker 1: and I are going to be giving our little squad
Speaker 1: some steps to get your investment plan back on track,
Speaker 1: because I feel like so many of us set really
Speaker 1: big goals for January, then we didn't do them, and
Speaker 1: then it was February, and I don't know where the
Speaker 1: year is going, but I know that so many of
Speaker 1: you want to be investing amazing. Well.
Speaker 4: I may not have started my journey yet, but I
Speaker 4: do know that we need to be a lartey.
Speaker 1: That's a lie I kind of do.
Speaker 4: I don't know if I can guess. I guess I
Speaker 4: could count it. I literally have twenty five dollars in
Speaker 4: cheerseas right now?
Speaker 1: Are you an investor? Yeah? I guess.
Speaker 4: So does that mean I started?
Speaker 1: You've started?
Speaker 4: I don't need this episode?
Speaker 1: Then coming out straight in there, let's go I reckon,
Speaker 1: I could go a coffee instead of this episode. Let's
Speaker 1: do it right, Well, actually, let's do the episode. I
Speaker 1: worked really hard on this, so true.
Speaker 4: What's step one?
Speaker 1: All right? So step one is defining your investment goals? Again,
Speaker 1: not very sexy. I've been trying for literal years to
Speaker 1: make investments sexy, but sometimes it's just not. But how
Speaker 1: cool we get to sit back and think about all
Speaker 1: the things we want to achieve and this is where
Speaker 1: we can like brainstorm up all of the crazy things
Speaker 1: that we might want to achieve, and then we can
Speaker 1: whittle them down to things that might be actually manageable.
Speaker 1: So when we're setting goals, I like to have a
Speaker 1: good idea of what your short, medium, and long term
Speaker 1: goals are because I'm kind of an instant gratification girly
Speaker 1: back like I need the short term goals to keep
Speaker 1: me motivated so that the long term goals actually happen
Speaker 1: as well. Because if I only have long term goals
Speaker 1: and we're only talking about like retirement, I'm just going
Speaker 1: to spend all my money now, like I can't wait.
Speaker 1: I am impulsive if not anything else. So when it
Speaker 1: comes to long term goals for me, a good example
Speaker 1: of that would be like retirement planning or planning for
Speaker 1: your larger investment portfolio to create a passive income so
Speaker 1: that you don't have to work full time. Timeframe on
Speaker 1: this would be more than seven years, because we know,
Speaker 1: because of the rule of seventy two Beck, that money
Speaker 1: is going to pretty much double every seven years, but
Speaker 1: also a market is going to do more than a
Speaker 1: full circle in that time, so we're minimizing our risk
Speaker 1: when we're setting long term goals for more than seven years.
Speaker 1: When we're talking about long term goals, this is where
Speaker 1: you can comfortably go, all right, well, I am going
Speaker 1: to invest in a property or I am going to
Speaker 1: potentially invest in the share market, because there's less risk.
Speaker 1: Obviously when it comes to like that short term goal,
Speaker 1: let's flip to that these are things that you want
Speaker 1: to achieve in like one to three years. And if
Speaker 1: you said, v I really want to buy my first
Speaker 1: property next year. I've got my home deposit sitting right here,
Speaker 1: I'd be like, one, beck, where the heck did that
Speaker 1: come from? Like you've been hiding this from me. I'm excited.
Speaker 1: But two I'd be like, please don't invest it. It's
Speaker 1: too much of a short period of time and we
Speaker 1: don't know what the market can do in twelve months.
Speaker 1: And if the market went off like your goal of
Speaker 1: purchasing a home in twelve months, it's not going to happen.
Speaker 1: And I would hate for you to be in that situation.
Speaker 1: And even if you were to invest for twelve months,
Speaker 1: because you go will be I'm willing to take a risk,
Speaker 1: And then you want to purchase, then well, are you
Speaker 1: actually going to pull all your investment out when it's worthless.
Speaker 1: That's a bad financial decision, and I don't want you
Speaker 1: to be forced to make one. Like if you and
Speaker 1: your partner who's already a homeowner, I mean, good pool
Speaker 1: with that one. But like if you and your partner
Speaker 1: wanted to purchase property together and she was super ready
Speaker 1: in twelve months, you'd be like, oh, maybe I do
Speaker 1: have to pull my money out and cut my losses
Speaker 1: a bit so I can still achieve this goal that
Speaker 1: she's ready for. We don't want to do that. We
Speaker 1: don't want to back ourselves into a corner. So investment
Speaker 1: types for short term goals would be things like your
Speaker 1: high interest cash accounts, your term deposits. Potentially maybe you've
Speaker 1: got an offset account if you have a mortgage in
Speaker 1: this economy, not man air if you will, or even
Speaker 1: short term bonds. But I wouldn't be looking at, you know,
Speaker 1: investing your money or purchasing a property in the hope
Speaker 1: of selling it in twelve months. Like those things just
Speaker 1: don't make a lot of sense for short term goals.
Speaker 1: When it comes to short term goals, though, beck those
Speaker 1: are things like buying car, going on a holiday, A
Speaker 1: short term goal could be something really large if you've
Speaker 1: already been working on it, like buying a house, but
Speaker 1: not usually for me, short term goals are quite small things,
Speaker 1: and these are the things that often keep me motivated
Speaker 1: along the way, So like I know that it's not
Speaker 1: going to happen next year because beck, while I was
Speaker 1: very willing to travel with a three month old, I'm
Speaker 1: not that willing to travel with a one year old. No,
Speaker 1: Like they can move, they are on the move, and
Speaker 1: can you imagine trying to control a one year old
Speaker 1: on a plane. I'm not willing. Could I'm willing, I'm
Speaker 1: not able. Do not put me in the exit row,
Speaker 1: like it's just not happening. But for me having a
Speaker 1: holiday or something to work towards, or Meredith festival tickets
Speaker 1: or something, yes, that is for me motivating in the
Speaker 1: short term, so that I can set and forget my
Speaker 1: bigger goals and know that they're happening. When it comes
Speaker 1: to medium term goals, though, these are things like more education,
Speaker 1: like you might go, I really want to save up
Speaker 1: some more so that I can, you know, do this
Speaker 1: three year course or buying a home could be a
Speaker 1: medium term goal because it's all going to be different
Speaker 1: for every single person. Like you could be a long
Speaker 1: term home buying girly. You could be I'm actually ready
Speaker 1: in twelve months, girly. Or you could be someone who's
Speaker 1: like in the middle and you're like, all right, well
Speaker 1: in the next three or five years, I could probably
Speaker 1: purchase that's fantastic. But when we're talking about the investment
Speaker 1: types there, this is where we could potentially have a
Speaker 1: bit of a mix. So we could be doing things
Speaker 1: like the cash and fixed interest options that we're talking
Speaker 1: about before. You could also maybe do some more defensive
Speaker 1: shares or some bonds. But this would be where I'm
Speaker 1: being really cautious. I wouldn't be going and investing in
Speaker 1: an emerging industry with a medium term goal because you
Speaker 1: just want to be in that stuff for the long
Speaker 1: haul back.
Speaker 4: Yeah, that make a lot of sense, actually, but what
Speaker 4: about like risk tolerance, because we're all different with what
Speaker 4: we can stomach or even manage responsibly.
Speaker 1: See, this is where education comes into sure, Because let's
Speaker 1: go back to baby Beck and baby Beck is only
Speaker 1: a year younger. Ah, when you started on the podcast,
Speaker 1: would you have invested in Chares?
Speaker 4: No, I don't even think I knew what that was.
Speaker 1: If you knew what they were, would you have thought
Speaker 1: that that's a bit risky, not for me? Or would
Speaker 1: you have thought no, Or would you have thought, yeah,
Speaker 1: I'm straight in Like where would you head have been at?
Speaker 4: I wouldn't understood it, so I woudn't have done it,
Speaker 4: because I would have been like, this isn't Also, I'm
Speaker 4: more of it, exactly same as you like short term
Speaker 4: like mist gratification.
Speaker 1: Exactly like that marshmallow experiment. Have you seen that where
Speaker 1: the kid gets a marshmallow and told, if you don't
Speaker 1: eat that, beck, I'll come back and I'll give you
Speaker 1: two more. Yes, No, I don't need the extra too.
Speaker 1: I had that one just before and it was really good.
Speaker 4: Exactly. Actually, we're like another.
Speaker 1: This is why we need to have really solid plans,
Speaker 1: because I need to have a plan in place so
Speaker 1: that the responsibility has taken off me. Like I know
Speaker 1: that even at thirty three, I cannot be that responsible
Speaker 1: with my money without a solid cash flow plan. If
Speaker 1: it's not automated, it's not happening for me.
Speaker 4: I wish it was.
Speaker 1: I wish I was one of those girlies who was
Speaker 1: just like so inherently good at money, and you might
Speaker 1: have thought that V. Yes, she's on the money. You
Speaker 1: should be inherently good at money. I'm also really impulsive
Speaker 1: and have ADHD.
Speaker 4: You're relatable, Like that's probably better.
Speaker 1: I don't know if relatable, but like I'm just a
Speaker 1: little bit unhinged. So your question about risk tolerance is
Speaker 1: really important. But what we need to understand is that
Speaker 1: risk tolerance changes. And if you're listening to this podcast,
Speaker 1: you're probably already in your financial literacy era, like we
Speaker 1: in our self made millionaire era were stepping into it
Speaker 1: and we want to do better and be better and
Speaker 1: no more. So your risk tolerance over time could change.
Speaker 1: So there are about six different risk profiles. But if
Speaker 1: you were sitting down and you were going to do
Speaker 1: your risk tolerance and you survey and there are lots
Speaker 1: online so you can look up risk tolerance questionnaire and
Speaker 1: do one online. But it will go from anything from
Speaker 1: cash stable so it'll be called capital stable all the
Speaker 1: way up to high risk. Now high risk is sometimes
Speaker 1: also called an aggressive portfolio. And we've done whole episodes
Speaker 1: on risk and how to assess yourself, and we've you know,
Speaker 1: even got a free risk tolerance questionnaire on our website,
Speaker 1: which is I think pretty slay, So you can do ours,
Speaker 1: you can do anyone, so I don't care, just do it.
Speaker 1: It goes from capital stable, which is basically where all
Speaker 1: your assets are in cash and you don't like taking
Speaker 1: on any risk at all, beck because that's terrifying, and
Speaker 1: like no shares, no property, no bonds, no fixed interest,
Speaker 1: no high interest savings account all the way up to this,
Speaker 1: I guess aggressive portfolio where most of your assets are
Speaker 1: actually in more risky assets. So I've spoken about this
Speaker 1: before and please go listen to our podcasts on risk
Speaker 1: tolerance and investing. But just because you you have a
Speaker 1: high risk profile or an aggressive portfolio, doesn't mean you're
Speaker 1: investing in riskier assets. If we look at like a
Speaker 1: conservative portfolio, which is like on that lower end, so
Speaker 1: it often goes capital stable, conservative, moderately conservative, then goes growth,
Speaker 1: moderate growth, and high growth. So if we look at
Speaker 1: that scale, they actually invest in all the same things,
Speaker 1: they just have different amounts in each bucket. So a
Speaker 1: conservative person might go, I'm pretty conservative. I'm only going
Speaker 1: to put twenty percent of my assets into a share portfolio,
Speaker 1: whereas someone with a high growth risk tolerance might actually
Speaker 1: have ninety percent of their assets in the same shares Beck,
Speaker 1: So it's not having riskier shares, it's actually having more
Speaker 1: exposure to an asset, which increases your risk. So that
Speaker 1: makes sense a little bit. So like if you had
Speaker 1: a pie chart and you cut the pie chart up,
Speaker 1: you take a small piece of the pie for the
Speaker 1: conservative person, Yeah, but you take a really large piece
Speaker 1: of the pie for somebody who's high growth. But the
Speaker 1: pie is still blueberry pie. Like it's the same pie, Beck,
Speaker 1: it's not different. So like they might have the same
Speaker 1: etf as you, they just own less and you own
Speaker 1: more and more of their money might be in a
Speaker 1: bank account because they're a bit conservative and they want
Speaker 1: to just keep their money in a cash savings account.
Speaker 1: Or is someone who's like high growth they just really
Speaker 1: like pie and don't really want all of their money
Speaker 1: in a cash account.
Speaker 4: God yeah, okay, So just to whirdle this down a
Speaker 4: little bit. Yeah, So short term, medium term, long term
Speaker 4: goals that could be like literally just going out for
Speaker 4: a nice dinner could be a short term. Buying a
Speaker 4: house could be medium as well as long term could
Speaker 4: be like retiring and then we're talking about risk tolerance here.
Speaker 4: I just want to double check with you, like is
Speaker 4: this more toward something that is a house or something
Speaker 4: like shares, or or is that.
Speaker 1: It's anything anything? And I think that even if you're
Speaker 1: in heaps of debt, Beck, we should be looking at
Speaker 1: our risk tolerance so that we can understand it, because
Speaker 1: this is your willingness to invest. Like, if you're listening
Speaker 1: to this episode, you're probably pretty interested in investing. So
Speaker 1: I don't know why you're here if you're not interested
Speaker 1: in investing, if I'm being honest, But if we know
Speaker 1: our risk profile, it cuts out all of the crap back.
Speaker 1: It means that if we want to invest, we know
Speaker 1: that we want to make up a portfolio to have
Speaker 1: some shares, and we know we're a growth girly. We're
Speaker 1: not that aggressive, like we don't want one hundred percent
Speaker 1: of our assets inside shares, but we know from the
Speaker 1: pie chart that will come out of that questionnaire that
Speaker 1: we can do for free. We know, okay, well, maybe
Speaker 1: fifty percent of my portfolio is going to be in ETFs.
Speaker 1: I'm going to have twenty five percent of the cash
Speaker 1: that I have inside a savings account, and I might
Speaker 1: get a bond with the rest of the twenty five percent.
Speaker 1: So if you've got and just for number's sake, not
Speaker 1: that I expect everyone to be starting with ten thousand dollars,
Speaker 1: because that is not truths just a good number. But
Speaker 1: if you had ten thousand dollars and you're like, well,
Speaker 1: I've got ten grand and I'm going to go do
Speaker 1: my risk profile and get my pie chart, five thousand
Speaker 1: dollars would be invested in shares, two thousand, five hundred
Speaker 1: would be into a savings account so that you've got
Speaker 1: your your cash component, and then two five hundred dollars
Speaker 1: would go into a bond. So I've now given you
Speaker 1: a formulation of how you're going to invest to make
Speaker 1: sure that you're meeting your risk tolerance, which is really
Speaker 1: important because it means that in the future we're not
Speaker 1: going to freak out. You are protecting yourself against the
Speaker 1: markets turning. You might have come out as a high
Speaker 1: growth girly beck, in which case those percentages are going
Speaker 1: to be different. But you might also want to be
Speaker 1: adding an international option into your mix because you want
Speaker 1: to take on a little bit more risk. Does that
Speaker 1: make sense? So I'm kind of giving you the blueprint
Speaker 1: of Okay, here's your empty pie chart. Beck, you've got
Speaker 1: a fifty percent, you've got a twenty five and a
Speaker 1: twenty five. What products are we now going to put
Speaker 1: into our pie chart to make up that pie and.
Speaker 4: To figure out what your risk tolerance is that it's
Speaker 4: best to do like this survey is maybe on exactly website.
Speaker 1: You can literally do any of them. Just go get
Speaker 1: risk tolerance questionnaire and do it because it's going to
Speaker 1: help you understand where you stand. And also, even if
Speaker 1: you're in debt, even if you're not ready to start
Speaker 1: your investment journey, education is key. The second you get
Speaker 1: out of debt, you're able to then go all right,
Speaker 1: well I already know my risk tolerance. I've been having
Speaker 1: a little look. I've been listening to a few podcasts.
Speaker 1: I feel quite confident. We don't want to start our
Speaker 1: financial literacy or investing journey once you have the cash
Speaker 1: for it.
Speaker 4: Yeah, okay, to me.
Speaker 1: That's shooting yourself in the foot. And also it's really
Speaker 1: exciting and really sexy to talk about, so like stick
Speaker 1: around place.
Speaker 4: It's fun, it's fun. It actually is. Now that I've
Speaker 4: got sharesse I'm like actually kind of like, oh, I
Speaker 4: check it every single second of every day.
Speaker 1: You can do. It's risk tolerance. They have whole blogs
Speaker 1: on how to assess your own risk tolerance and what
Speaker 1: that means. And I think that I don't care where
Speaker 1: you get the information back, as long as it's legitimate
Speaker 1: information from a reliable source and you are educating yourself.
Speaker 1: Go hamp have a good time. I love that.
Speaker 4: Okay, so V, before you mentioned the pie blue breeth pis,
Speaker 4: I don't think I've ever had a Bluebreef pie.
Speaker 1: You.
Speaker 4: I don't think I've even ever had. You know, there's
Speaker 4: like American pies, like.
Speaker 1: If you had a pumpkin pie.
Speaker 4: I've never had a pumpkin pie. I would love a
Speaker 4: pumpkin pie pie.
Speaker 1: Yeah. Yeah, Jessici bullied me into it and it wasn't
Speaker 1: even bad. It was pretty good. But yeah, sorry pie question.
Speaker 4: It is still relevant to the pumpkin pie. But you're
Speaker 4: talking about asset classes and yes, things like that. So
Speaker 4: I do want to know what are the asset classes.
Speaker 4: I do know a little bit, but I just just
Speaker 4: in case anyone.
Speaker 1: Here in Australia, there are four asset classes that are recognized, right,
Speaker 1: So a lot of people might talk and I'm going
Speaker 1: to jump straight into this and talk about bitcoin and
Speaker 1: cryptocurrencies because a lot of people say, I've got that
Speaker 1: in my investment portfolio, and like, I mean, slay queen.
Speaker 1: If that's aligned to your restolerance and you're really willing
Speaker 1: to take that on and that's a risk that you're
Speaker 1: happy with and you're well educated, I could not care
Speaker 1: less because you're making a decision that is best for you. However,
Speaker 1: that is not a recognized asset here in Australia. It's
Speaker 1: something that we're working towards and hopefully it will be
Speaker 1: recognized soon. And the reason because Beck, you know that
Speaker 1: I'm not that positive about cryptocurrencies because I just go
Speaker 1: they're too risky. Like for me personally, I get anxious
Speaker 1: investing in something that is far more risky than anything
Speaker 1: else on the market. It gives me anxiety to think
Speaker 1: that people are willing to invest in cryptocurrency yet not
Speaker 1: play with the Australian share market. Somehow, the marketing for
Speaker 1: cryptocurrencies has been a lot more palatable than the Australian
Speaker 1: share market, when in reality, if you take any thirty
Speaker 1: year period of time here in Australia, the share market
Speaker 1: has never not yielded a positive result for someone like cryptocurrency.
Speaker 1: Cannot say the same. One it's not been around long enough.
Speaker 1: But two there's way too much up and down. The
Speaker 1: volatility in that is insane. But the reason I want
Speaker 1: cryptocurrency recognized here in Australia is regulation because the second
Speaker 1: it is recognized as a genuine asset class by the
Speaker 1: Australian government, it will be more highly regulated and that
Speaker 1: will lead to safer outcomes when we are purchasing it.
Speaker 1: And I like that, so hopefully that happens soon. But
Speaker 1: right now we only have four. The first, you know
Speaker 1: and love cash. We all understand that cash is things
Speaker 1: like your high interest savings accounts, it's your regular savings accounts,
Speaker 1: it's term deposits. I feel like we all know and
Speaker 1: love cash because it's the one thing we all have
Speaker 1: pretty good experience in. The Next is fixed income. So
Speaker 1: these are things like government and corporate bond. So government
Speaker 1: bond beck, I feel like it's a little bit confusing,
Speaker 1: but the best way to understand a government bond is
Speaker 1: kind of like an IOU. So the government they put
Speaker 1: their hand up and they say beck, we really want
Speaker 1: to build some roads. We need one thousand dollars to
Speaker 1: do that, obviously at scale. And you go, mate, I've
Speaker 1: got one thousand dollars. I want something for it. And
Speaker 1: they say, Beck, we'll give you five percent of your
Speaker 1: thousand dollars, plus we'll give you your money back once
Speaker 1: we're done building the roads and got the cash back.
Speaker 1: So over five years, we're going to hold on to
Speaker 1: your thousand dollars. We'll give you five percent return, so
Speaker 1: you get some money along the way, and at the
Speaker 1: end of that five years, we'll give you your thousand
Speaker 1: dollars back, and you go, that's a pretty good deal.
Speaker 1: So my favorite way of viewing government bonds or even
Speaker 1: corporate bonds is it's like an IOU note. So you
Speaker 1: give them your money and they give you an IOU
Speaker 1: note and you can then cash that IOU note in
Speaker 1: when the term is finished. Does that make sense?
Speaker 4: It does? Do you have to I guess it depends
Speaker 4: on case by case. But are you able to get
Speaker 4: out of that early?
Speaker 1: Yes, you can get out of them early, but it
Speaker 1: often means you're forfeiting the interest, or there's like fees
Speaker 1: and charges that might apply. So you don't want to
Speaker 1: just jump into a bond with your emergency savings that
Speaker 1: you might need.
Speaker 4: Sure.
Speaker 1: The other thing with bonds here in Australia, we are
Speaker 1: very lucky. They are what is called a triple a
Speaker 1: raided bond, which means that in the history of Australia
Speaker 1: having issued bonds to its citizens, they've never not returned
Speaker 1: their money. You can't say the same for other countries.
Speaker 1: So there are other countries that issue bonds to their
Speaker 1: citizens and they don't return the money, so there's a
Speaker 1: lot more risk, whereas in Australia, government bonds are seen
Speaker 1: as being a pretty stable return and are considered relatively
Speaker 1: low risk.
Speaker 4: Oh great, okay, that's scary.
Speaker 1: Yeah, it is scary. But like we live in a
Speaker 1: country where financially we're relatively stable, so we are very lucky.
Speaker 1: A good example of an unstable market would be like Greece,
Speaker 1: who are not very good at finances.
Speaker 4: Oh well, don't give Greece, give Greece government, just.
Speaker 1: Give it to them for holidays, just for holidays, just
Speaker 1: for holidays. The academy, Yeah, yeah, yeah, anyway you can contribute.
Speaker 1: The third thing I want to talk to you about
Speaker 1: is property. The great Australian dream. Everybody knows and loves property, right,
Speaker 1: And there are two ways that you could invest in property,
Speaker 1: So you might have your primary residence. And obviously I
Speaker 1: could have a fight with you right now about whether
Speaker 1: your primary residence is an investment or not, because I
Speaker 1: believe that your primary residence is not an investment, because
Speaker 1: beck if you go and buy your first home and
Speaker 1: then you live in it, you're like, probably you're pretty
Speaker 1: motivated to pay off your home, right, because then you
Speaker 1: don't have to pay rent, you don't have to pay
Speaker 1: your mortgage. It's only an investment if you're willing to
Speaker 1: sell it. Are you willing to sell your family home? Yeah,
Speaker 1: as much as it's an asset, And if the proverbial
Speaker 1: hit the fan, we could sell it and rent again.
Speaker 1: And you know, it's a security blanket. I wouldn't want
Speaker 1: you putting that inside your investment portfolio as an asset,
Speaker 1: because anything inside your investment portfolio we should be looking
Speaker 1: at as being able to dispose of or being an
Speaker 1: asset that generates income, and your primary residence doesn't do that.
Speaker 1: It does a lot to save you money because if
Speaker 1: you've paid the whole thing off, you're not paying rent,
Speaker 1: you're not paying a mortgage, and that's pretty sexy. But
Speaker 1: on the fleet side of property, you've got investment properties,
Speaker 1: and that's obviously like very sexy. I mean, I must
Speaker 1: be nice if you have investment properties. But inside the
Speaker 1: property asset class BECK, you've got investment property, so you
Speaker 1: could buy residential or commercial properties and lease them out.
Speaker 1: It obviously requires a lot of capital. You have to
Speaker 1: have a lot of cash al or to start. The
Speaker 1: other thing you could purchase if you're like super into
Speaker 1: property BECK, but don't have a heap of cash, is
Speaker 1: what's called an ARIIT. So that's a real estate investment
Speaker 1: trust and they're actually a share that you purchase on
Speaker 1: the share market that hold property, so you get returns
Speaker 1: that have come from property. So you're able to invest
Speaker 1: in property indirectly through the market. So if you've done
Speaker 1: your little pie and you were like, oh, I really
Speaker 1: want property in this twenty percent, but I don't have
Speaker 1: the cash to buy an investment property, or maybe you
Speaker 1: don't want the responsibility because being a landlord means you know,
Speaker 1: if they want a heater breaks, you've got to fix it.
Speaker 1: You've got to have all these overheads. Maybe you're talking
Speaker 1: about positive or negative gearing. Maybe you don't even want
Speaker 1: to have that conversation. You could go buy anriit and
Speaker 1: have exposure to property in your portfolio and have returns
Speaker 1: from the property market without all the overheads. That's kind
Speaker 1: of sexy. That is really cool it that's kind of fun.
Speaker 1: And then the last thing, Beck, the fourth asset class
Speaker 1: recognized in Australia. I think it's very sexy and it's
Speaker 1: my favorite asset class BECK because not only should they
Speaker 1: overtime increase in value, yes, most of them pay you
Speaker 1: for owning them. And that is the share market. So
Speaker 1: the share market is it's not a secret that it's
Speaker 1: my favorite type of way to invest, and it's my
Speaker 1: favorite type of way because it's so accessible, Like you
Speaker 1: can today invest for as little as one cent Beck.
Speaker 1: You were saying before that you have twenty five bucks
Speaker 1: in shares's and then you're like have I started? And
Speaker 1: I was like, yes, that's a legitimate investment. Isn't that
Speaker 1: cool because go back twenty years you wouldn't have had
Speaker 1: that option because we couldn't purchase shares with twenty five dollars.
Speaker 1: We had to have lots of cash to begin which
Speaker 1: is a stereotype we are still trying to break down.
Speaker 1: So many people still believe that to be able to invest,
Speaker 1: you need to have a lump sum of cash. Ye,
Speaker 1: you don't even Beckx doing it. She didn't even know
Speaker 1: she was doing it exactly. But when we're talking about
Speaker 1: shares here in Australia, we have Australian shares. So this
Speaker 1: is a share that is listed on the Australian Stock
Speaker 1: Exchange or the AX as we often call it. On
Speaker 1: the ASX, you can purchase shares directly. You could purchase
Speaker 1: your bonds that were talking about before, You can purchase
Speaker 1: ETFs and managed funds. This gives you access to all
Speaker 1: your investing options, right, so even those ariits that we're
Speaker 1: talking about, you can purchase through the AX. If you've
Speaker 1: got analysis paralysis and you're like, I want exposure to
Speaker 1: the Australian share market, but I didn't realize there were
Speaker 1: going to be so many options. You could go for
Speaker 1: an asset like the ASX two hundred index, which actually
Speaker 1: takes beck the top two hundred companies listed on the AX,
Speaker 1: puts your money in that and calls it a today.
Speaker 1: So that's kind of helped full to know that options
Speaker 1: like that exist. And then obviously if you're a little
Speaker 1: bit more risky and you want to diversify even further,
Speaker 1: you've got the option of international shares. So there are
Speaker 1: so many different stock exchanges around the world. So you've
Speaker 1: got like the New York Stock Exchange, You've got the
Speaker 1: New Zealand Stock Exchange, You've got literally so many I
Speaker 1: won't give you examples because I could go on and
Speaker 1: on and on, and that really excites me. But with
Speaker 1: international markets, it gives you the option to diversify internationally.
Speaker 1: When we zoom out and we just look at the
Speaker 1: economy as a whole, like the worldwide economy, we know
Speaker 1: that when Australia is doing really well, the rest of
Speaker 1: the world might be slightly off. In Australia, we kind
Speaker 1: of exist in a bit of a bubble, and that
Speaker 1: bubble means that we are often protected from things that
Speaker 1: are going on internationally. So like Australia is as an
Speaker 1: investment when we're talking about the ASEX a lot more
Speaker 1: conservative than America. America they feel the fields. They are dramatic, right,
Speaker 1: Like if there is a high, they're feeling the highest
Speaker 1: of pihs and if there is a low, they feel
Speaker 1: the lowest of lows. That's why I often we'll hear
Speaker 1: about impending recessions because America is in one that maybe
Speaker 1: not get hit with it in Australia. Does that make sense?
Speaker 1: So we are a little bit protected. But to get diversity.
Speaker 1: When Australia is not performing that well, often we see
Speaker 1: the rest of the world having better performance, so we
Speaker 1: might want to look at you know, let's just really
Speaker 1: simplify it. You go, I want exposure to the Australian
Speaker 1: market and to international b and I go, well, Beck,
Speaker 1: an option is the ASX two hundred, which is going
Speaker 1: to give you exposure to the top two hundred companies
Speaker 1: in Australia. And then you might go with a global option,
Speaker 1: which is another option. This is just one of many.
Speaker 1: Like it's not a recommendation, Beck, but like the MSCI
Speaker 1: World Index, which gives you exposure to a heap of
Speaker 1: international assets without having to do too much of your own.
Speaker 4: Research, like a sample path exactly.
Speaker 1: So those are the four asset classes that would make
Speaker 1: up your pie.
Speaker 4: So V I don't know about you, but I need
Speaker 4: to take a quick moment to absorb everything. So let's
Speaker 4: go to a really quick break.
Speaker 1: You want to pie?
Speaker 4: I do want to pe to you really got me
Speaker 4: craven a pie.
Speaker 1: I'm going to try and make pie.
Speaker 4: Can you make a pumpkin pie?
Speaker 1: No, but I'll buy one from Costco for you.
Speaker 4: Great's You're welcome.
Speaker 1: Let's go to a break And on the flip side,
Speaker 1: we've got some more investing hot tips for you. Don't
Speaker 1: go anywhere.
Speaker 4: Welcome back everyone. I think we were just about to
Speaker 4: come to the most exciting part of the episode.
Speaker 2: Is it.
Speaker 1: Actually we've been like baiting them. We're like, this is exciting,
Speaker 1: this is sexy. People are listening, going the you have
Speaker 1: rocks in your head and I'm like, yeah, please don't
Speaker 1: take them out.
Speaker 4: They're like, when's this going to be the exciting buddies.
Speaker 4: Sexy is subjective, isn't it.
Speaker 1: Sexy is very subjective. So don't judge.
Speaker 4: Us, No, exactly, don't yu out yam.
Speaker 1: So.
Speaker 4: I know that we have spoken about this in the past,
Speaker 4: but we have not mentioned it yet. But I know
Speaker 4: you say that superannuation is the most import an investment
Speaker 4: of them all. Arguably.
Speaker 1: Well, I think it's maybe not the most important investment,
Speaker 1: but an incredibly important investment and arguably the biggest investment
Speaker 1: you will have in your entire lifetime, which probably makes
Speaker 1: it the most important, right, But that's not true for everybody.
Speaker 1: But subernuation is really important to touch on here. If
Speaker 1: we're going to give you, you know, a few actionable
Speaker 1: steps to get you cracking on creating an investment plan. Right,
Speaker 1: supernuation is not actually an investment, beck, Subernuation is a
Speaker 1: tax structure, which makes it sound even more sexy, But
Speaker 1: it's a tax structure, right. Like think of a clown car.
Speaker 1: Supernuation is the clown car, right right, and you get
Speaker 1: to fill your clown car with whatever you want. Like
Speaker 1: you could go get Bonzo the clown and put him
Speaker 1: in your car. You could go get like a circus
Speaker 1: line and put him in the car. You could get
Speaker 1: in the car yourself, like you could literally, you know how,
Speaker 1: in a clown car you can basically fit anything. Yes,
Speaker 1: that's superanuation. You can literally invest in anything inside the
Speaker 1: super environment.
Speaker 4: Now, it's really cool.
Speaker 1: It's important to understand that nuance when we're talking about
Speaker 1: super because supernuation, I feel like so many of us
Speaker 1: just think it's a super fund. It's an investment. I
Speaker 1: just check it online, and I don't have a lot
Speaker 1: of control, when in reality, you have so much control
Speaker 1: it's not funny. In fact, you could go and open
Speaker 1: a self managed superfund and do absolutely everything yourself. I
Speaker 1: would not recommend that though, because it's actually incredibly regulated
Speaker 1: now and probably not for the best. But that's a
Speaker 1: conversation for another day. But I really like thinking of
Speaker 1: it as a clown car, because you're not going to
Speaker 1: forget that for one, But to this clown car, it
Speaker 1: kind of gives you access to the circus. And the
Speaker 1: circus is a very sexy fifteen percent tax rate. Right So,
Speaker 1: right now, most people are going to have a tax
Speaker 1: rate between thirty seven and thirty nine percent, right, Like,
Speaker 1: you're not going to be able to make money and
Speaker 1: only pay fifteen percent tax, Like it just doesn't happen.
Speaker 1: This clown car gives us access two or fifteen percent environment,
Speaker 1: and then we can invest inside of that. So we
Speaker 1: have this asset and it's called super and that's actually
Speaker 1: the money that goes in, and then it's up to
Speaker 1: you to choose where it's invested. Most commonly we use
Speaker 1: investment funds, so you might have host plus or hester
Speaker 1: you might have Australian super We've heard of all of them, right,
Speaker 1: But it's actually up to you to choose what fund
Speaker 1: reflects your values and reflects what you want to choose.
Speaker 1: And I think the coolest thing about super especially right now,
Speaker 1: because Beck, we're in the middle of a cost of
Speaker 1: living crisis, we're talking about investment. It is not beyond
Speaker 1: me that people listening to this episode might be like,
Speaker 1: v I can't invest. You know, at the start of
Speaker 1: the episode, Beck, you asked me like, hey, what if
Speaker 1: we didn't start investing in January? And it was our plan.
Speaker 1: So many of us haven't been able to even though
Speaker 1: it's part of our goals. And that's okay. But one
Speaker 1: way to get ahead is to look at our super
Speaker 1: because it's not going to cost you a thing out
Speaker 1: of your bank account to now actively manage this. To
Speaker 1: go and have a look at what portfolio you're in.
Speaker 1: To make sure that you understand your risk tolerance. Go
Speaker 1: do a free risk tolerance questionnaire. There will be one
Speaker 1: on your superfund website. Go do that and see what
Speaker 1: your risk tolerance is and then make sure your investment
Speaker 1: is reflective of that. If it's too hard, call your
Speaker 1: super fund. You're paying fees for your super fund to
Speaker 1: call these people and answer the questions like it's going
Speaker 1: to help you be in a better position in the
Speaker 1: long term, so that instead of feeling really stagnant and
Speaker 1: like you're not in control of your finances, let's zoom
Speaker 1: out a bit, look at the big picture and go, well,
Speaker 1: I can't really control my budget. I have literally no
Speaker 1: free cash flow, but I can have a look at
Speaker 1: my super and make sure that future me is in
Speaker 1: the best possible position, so that I feel like there
Speaker 1: is a light at the end of the tunnel, Like
Speaker 1: times might be tough right now, but this is just
Speaker 1: a season of lifeback because it's not always going to
Speaker 1: be like that. Because we're caring about our super we
Speaker 1: know what's in there, we know what insurances are in
Speaker 1: there to potentially protect us. So superannuation is something that
Speaker 1: we need to talk about and inside your super beck
Speaker 1: all the assets that we discussed in the first end
Speaker 1: of the show.
Speaker 4: Sure, okay, So if you've like hypothetically never even looked
Speaker 4: at your super you don't maybe you know how much
Speaker 4: is in there, but you've never actively invested that money anywhere.
Speaker 4: Will it just be.
Speaker 1: It'll be automatically invested on your palt most usually when
Speaker 1: you got your super fund forms and they handed them
Speaker 1: over to you and said, congrats on the new job, Beck,
Speaker 1: can you return these forms to us? Right, you would
Speaker 1: have said, I don't know what I'm talking about, and
Speaker 1: you would have ticked balanced portfolio yea and been like, h,
Speaker 1: I don't know. Balanced sounds good because often they have
Speaker 1: like in little brackets underneath the balanced most common or
Speaker 1: this is the most popular or whatever, and you go, well,
Speaker 1: if it's popular, I'm in. But more often than not,
Speaker 1: people between the age of twenty and forty are not
Speaker 1: actually balanced investors. So from the research that we've done
Speaker 1: inside of She's on the Money, we know that most
Speaker 1: people in our community are growth or high growth investors
Speaker 1: like they should be, not they should be. They are
Speaker 1: actually growth investors. That's what they've come back as. So
Speaker 1: if you're in that bucket of I don't know my
Speaker 1: risk profile, but I have a default of balanced, and
Speaker 1: you're not actively changing that, that could literally cost you
Speaker 1: hundreds of thousands of dollars in returns over the long term.
Speaker 1: So by going and checking it and making sure you're
Speaker 1: dotting all your eyes and crossing all your t's. It's
Speaker 1: so easy, I promise, And like this is not condescending
Speaker 1: at all, back, but subranuation funds service every single Australian
Speaker 1: that is employed, right, so it has to be understandable.
Speaker 1: They have to talk in a way that makes sense
Speaker 1: and if it doesn't, they're doing you a disservice. So
Speaker 1: go and have a look at your superfund. Make sure
Speaker 1: it's reflective of your actual risk tolerance, because the difference
Speaker 1: between a balanced fund and a high growth fund is
Speaker 1: often at least two hundred thousand dollars by the time
Speaker 1: you retire. Even if if you're not able to invest,
Speaker 1: you know, even a dollar on Chaz's like Beck has,
Speaker 1: you can go and have a bit of a fix
Speaker 1: up with your super and make sure that future use
Speaker 1: in the best possible position. And I think that's really empowering.
Speaker 4: Yeah, Okay, when.
Speaker 1: Was the last time you looked at your super Beck?
Speaker 4: Honestly, actually not that longer. I'm gonna say January.
Speaker 1: Oh exciting. And when you looked at it, were you
Speaker 1: like reviewing your platform or you were you just having
Speaker 1: a look at how much money was in there? Like
Speaker 1: what were you up to in there?
Speaker 4: I was curious. It's like, what's going on here? And
Speaker 4: it's much lower than thought it would be. But I
Speaker 4: changed some things around and I think I'm in a
Speaker 4: good I don't know investment.
Speaker 1: I like that. So we'll see if you've got a
Speaker 1: bit of analysis proalysis. One of my favorite tools is
Speaker 1: my super Tool, which is a free Australian government run
Speaker 1: platform that compares all of the superannuation funds in Australia
Speaker 1: apples for apples, like we all know those comparison sites.
Speaker 1: And don't get me wrong, I love a little keepe
Speaker 1: me a cat with a vest, but those are marketing
Speaker 1: platforms that feed you products based on who's paying them
Speaker 1: the most money. Right, So making sure that if you're
Speaker 1: going to look for a new super fund, you're not
Speaker 1: using a paid platform. You're using a government run platform,
Speaker 1: and beck if it gets too overwhelming, you know, like
Speaker 1: I don't really know how to use this. My favorite
Speaker 1: part of your super Tool is they give you the
Speaker 1: top five funds in Australia and the bottom five funds
Speaker 1: in Australia, and I would say, as a basic hygiene,
Speaker 1: please make sure your super fund is not in those
Speaker 1: bottom five and you're doing not that bad. Ideally, ideally
Speaker 1: in a perfect world.
Speaker 4: But I do know also, superannuation companies tend to have
Speaker 4: like their own in build financial team. They can give
Speaker 4: you advice and all that kind of things. So yeah,
Speaker 4: take advantage of exactly as you're saying, be take advantage.
Speaker 4: Just to recap, we've gone through investment goals, asset classes,
Speaker 4: risk tolerance.
Speaker 1: Are you talking dirty to me?
Speaker 4: I know that's yes. I don't like it's a loud
Speaker 4: on the shot might have to bleep all of these.
Speaker 1: All of my favorite things.
Speaker 4: We've also obviously talked about super but I guess, like
Speaker 4: on like a more human level, like what actually is
Speaker 4: holding us back?
Speaker 1: Interest rates?
Speaker 4: Interest rates and possibly you know, like not knowing enough
Speaker 4: about all of this stuff, which is why we're here.
Speaker 4: Also not really having the funds. We totally get it.
Speaker 4: There's all these things, but it can be so empowering.
Speaker 4: When I jumped into my superannuation account and like, I,
Speaker 4: this is before you this before I knew anything. I
Speaker 4: kind of just like was winging it. But there's something
Speaker 4: so nice about taking this money that I didn't put
Speaker 4: in there myself but did earn and putting it in
Speaker 4: different like risk asset classes. I don't really know.
Speaker 1: I'm really impressed. I think I love that you're having
Speaker 1: these conversations now.
Speaker 4: Thank you so much.
Speaker 1: The old Beck. She's gonna be so impressed. No, no,
Speaker 1: keep her. I love her too.
Speaker 4: Yeah, maybe I'll keep her.
Speaker 1: She's proud.
Speaker 4: She is proud. That's very true.
Speaker 1: But I guess now is a good time to have
Speaker 1: a conversation about, like, what is holding us back Beck
Speaker 1: starting your investment journey. It took I would say, a
Speaker 1: year before you felt confident enough to like download an
Speaker 1: app and like even have look at it. And I
Speaker 1: mean you've started at a baby level, but like that
Speaker 1: is the best type. Right You're dabbling your toes in
Speaker 1: the water, and I'm assuming that that doesn't feel overwhelming. No,
Speaker 1: what was holding you back before or what's been holding
Speaker 1: you back from you know, doing it before?
Speaker 3: Now?
Speaker 4: Genuinely, I think it was it was a number of things.
Speaker 4: It was like not having the money to even start
Speaker 4: in emergency fund. I just started one, which is incided you.
Speaker 4: Actually it's not much in their button, it's there, and
Speaker 4: I think also like not knowing enough about it. It's
Speaker 4: also and I think maybe a lot of people can
Speaker 4: relate to this. There's something so like mentally draining about
Speaker 4: getting myself out of a scroll hole on Instagram and
Speaker 4: going to download something and then signing up and then.
Speaker 1: I left the algorithm like I live on.
Speaker 4: Yeah, definitely, but once once you get started. I've only
Speaker 4: got twenty five dollars, but god, it feels good. And
Speaker 4: the motivation that I got from just that that inspired
Speaker 4: me to start an emergency fund that inspired me to
Speaker 4: start saving it. I don't know what's happened to myself,
Speaker 4: but like, just like starting so small, you get realerious. Yeah,
Speaker 4: I really did. Even if you have like five dollars,
Speaker 4: if you put it in a savings accounts like these
Speaker 4: are savings I've named mind savings do not spend, and
Speaker 4: I'm like, there's five dollars in there? Really back totally,
Speaker 4: yeah exactly, So I've actually cured poverty all around.
Speaker 1: But oh my gosh, I love this for us.
Speaker 4: I feel like they're writing an article about me right now.
Speaker 4: I'm making a doco but I'm sure that'll come out soon.
Speaker 4: But no, there's something so nice about just like starting small,
Speaker 4: as small as you want to, as small as you can.
Speaker 1: But it's like a little bite sized piece that doesn't
Speaker 1: feel overwhelming. And I think so many of us set
Speaker 1: goals where we're like, Okay, I'm going to start investing,
Speaker 1: and the way I'm going to do that is I'm
Speaker 1: actually going to save five hundred dollars and then I'm
Speaker 1: going to invest that five hundred dollars is so much money,
Speaker 1: You're going to feel so much responsibility making that decision
Speaker 1: when it comes time to doing that, because it is
Speaker 1: a big decision. And I mean, at the moment, we're
Speaker 1: in the middle of a cost of living crisis, and
Speaker 1: I am pretty sure a lot less of us are
Speaker 1: investing when we actually should be or want to be.
Speaker 1: And I mean, the only way to grow our capital
Speaker 1: and grow the money that we currently have is investment.
Speaker 1: Like it sounds dire, but it's literally the only way
Speaker 1: beck that you are going to make money without exchanging
Speaker 1: your time for cash. And that's how wealth is created.
Speaker 1: And I guess that's why I am so passionate about it.
Speaker 1: And I mean cash it's really sexy and I like
Speaker 1: seeing it in my bank account, but I also want
Speaker 1: future me to be in the best possible position. And
Speaker 1: I mean last year, the stock market actually did really well,
Speaker 1: so if we look at the S and P five hundred,
Speaker 1: which is an index used in the US, it returned
Speaker 1: twenty four percent. Bech oh, my twenty four percent.
Speaker 4: God, that's my pick.
Speaker 1: That's obviously just reflective of the economy and what's going on,
Speaker 1: because obviously we have quite high interest rates. I mean
Speaker 1: at the moment they're plus five percent, which is a
Speaker 1: lot a lot of us are experiencing home loans of
Speaker 1: like more than six percent, and there's a whole conversation
Speaker 1: in that coming very soon. Inflation is also really high.
Speaker 1: Last year it was at seven point one percent, and
Speaker 1: that was crippling. Everybody was anxious. So, like, I get
Speaker 1: why we haven't started, and I can also see why
Speaker 1: so many people feel like keeping cash in the bank
Speaker 1: is the smartest thing to do. But it was actually
Speaker 1: a little bit dumb, wasn't it. Like, and our community
Speaker 1: aren't silly, but in hindsight, the share market had a
Speaker 1: really solid return. We're missing out on potentially great returns.
Speaker 1: So keeping your money in a bank is actually, over time,
Speaker 1: going to set you behind. I mean, even with inflation, right,
Speaker 1: Like to make this even more dramatic, it's not dramatic,
Speaker 1: it's just fact. But like, so we know that inflation
Speaker 1: last year was seven point one percent, right, Yeah, can
Speaker 1: I contextualize that for you? So if you just had
Speaker 1: your money in a bank account and it wasn't returning
Speaker 1: anything at the moment. We've got some pretty sexy high
Speaker 1: interest savings accounts that exist, so please make sure you're
Speaker 1: considering them. But if you you just had ten thousand
Speaker 1: dollars sitting in a bank account, you had analysis paralysis,
Speaker 1: you wanted to invest it, but you didn't because of inflation,
Speaker 1: that ten thousand dollars today only buys you nine thousand,
Speaker 1: two hundred and ninety dollars worth of what it could
Speaker 1: last year. That's seven hundred and ten dollars that you
Speaker 1: have lost technically, not physically. You still might have that
Speaker 1: ten thousand dollars inside your savings account and you might go,
Speaker 1: but V, I still have what I had last year.
Speaker 1: But the costs of goods and services last year was
Speaker 1: seven point one percent less than it is this year.
Speaker 1: So life is costing you more this year. Beck, you
Speaker 1: are spending technically seven hundred and ten dollars more than
Speaker 1: you were last year.
Speaker 4: That makes sense.
Speaker 1: That's a lot of money. Yeah, that's a lot of
Speaker 1: money to be making a decision on. So I really
Speaker 1: want people to understand that there's massive risk in not
Speaker 1: taking risk. Is that powerful, But there's massive risk in
Speaker 1: not doing something. And that I think, as my dad
Speaker 1: used to say, is like not making a choice is
Speaker 1: actually making a choice. Yeah, like you're choosing the other outcome.
Speaker 1: You might not be choosing to move, but like that
Speaker 1: is a choice. And I think that the choice not
Speaker 1: to invest, it's actually not risk free. People think that
Speaker 1: they're not. You know, they're saving their butts, but it's
Speaker 1: not risk free. If you leave your money exposed to
Speaker 1: things like inflation over a long period of time, inflation
Speaker 1: eats away at it and then there's not much left.
Speaker 1: And even though you think you're putting future you in
Speaker 1: the best possible position, you're not. So we need to
Speaker 1: talk about I guess what's holding us back? And sometimes
Speaker 1: that's analysis paralysis. We don't know how to make a
Speaker 1: decision because we're just overwhelmed with education and there is
Speaker 1: so much of it today. We might not be in
Speaker 1: a financial position to make that decision. And that's okay.
Speaker 1: That's where we need to zoom out, look at things
Speaker 1: like our super and what we can control. We need
Speaker 1: to look at our income. Can we negotiate that, Should
Speaker 1: we be changing roles? What does that look like in
Speaker 1: a position where we just don't have a solid cash
Speaker 1: flow plan? Are we just you know, letting money slip
Speaker 1: through our fingers, which you were very guilty of last year.
Speaker 1: And it's not even me going that's a bad thing,
Speaker 1: But like, how much more in control do you feel
Speaker 1: today than you did six months ago?
Speaker 4: Definitely like I'm still spending Like no, we love that.
Speaker 1: We love that, we take every step, yes, the way
Speaker 1: we need to take it. But I think it's really
Speaker 1: important to maybe have a bit of a think about
Speaker 1: personally what's holding you back, because motivation to start investing
Speaker 1: isn't going to come from me or you, Beck, It's
Speaker 1: going to come from internal. Like a lot of people
Speaker 1: are going to say, Beck, how did you get the
Speaker 1: motivation to you know, do X, Y and Z. And
Speaker 1: I can almost guarantee your answer is never going to
Speaker 1: be oh, I just listened to this podcast. Yes, that
Speaker 1: might have been the trigger, but the motivation came from inside.
Speaker 1: You decided that enough was enough and you wanted to change,
Speaker 1: and that has to come from you and to do
Speaker 1: that you need to understand you. So I understand and
Speaker 1: all of these things that we've spoken about today, but
Speaker 1: also sit down and be like, well, why aren't I
Speaker 1: in the position I would like to be in? And
Speaker 1: how do I get there? Well, powerful do we think
Speaker 1: we're done here?
Speaker 4: I feel satisfied?
Speaker 1: Perposal two. All right, Well, happy Wednesday, guys. If you're
Speaker 1: not listening to this on a Wednesday, please insert whatever
Speaker 1: day of the week it is, and we'll see you
Speaker 1: on Friday to catch up with the team.
Speaker 4: So you guys are fine.
Speaker 5: The advice shared on She's on the Money is general
Speaker 5: in nature and does not consider your individual circumstances. She's
Speaker 5: on the Money exists purely for educational purposes and should
Speaker 5: not be relied upon to make an investment or financial decision.
Speaker 5: If you do choose to buy a financial product, read
Speaker 5: the PDS TMD and obtain appropriate financial.
Speaker 1: Advice tailored towards your needs.
Speaker 5: Victoria Divine and She's on the Money are authorized representatives
Speaker 5: of money sirper pty Ltd ABN three two one is
Speaker 5: six four nine two seven seven zero eight af I
Speaker 5: sell four five one two eight nine
Speaker 1: Mm hmm