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Speaker 1: She's on the Money. She's on the Money. Hello and

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Speaker 1: welcome to She's on the Money, the podcast for millennials

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Speaker 1: who want financial freedom. My name is Georgia King. I'm

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Speaker 1: a copywriter and journalism student, and each week I sit

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Speaker 1: down to chat all things financed with Melbourne based money

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Speaker 1: guru Victoria Devine. Victoria, Hello, Georgia, Hello, Hello. Now today

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Speaker 1: on the show, we're asking one very big question, that is,

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Speaker 1: what would you do with one million dollars? Now, we've

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Speaker 1: all fantasized about it, We've bought the lot of tickets,

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Speaker 1: we've applied to be on Eddie McGuire's Who wants to

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Speaker 1: be a Millionaire. But when it comes down to it,

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Speaker 1: if you received this massive sum of money, what on

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Speaker 1: earth would you actually do with it?

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Speaker 2: Is it bad that I've never done either of those things?

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Speaker 2: We're like, sorry to ruin you. You've never bought a

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Speaker 2: lot of tickets, No, nor have I applied to be

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Speaker 2: on Eddie mcguise Who wants to be a Millionaire.

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Speaker 1: Will be unpacking all of that, Plus we'll be hearing

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Speaker 1: from a listener who is unsure about what to do

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Speaker 1: with her inheritance. Before we dive deep, Victoria money wins

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Speaker 1: and confessions from the week. I know what you're going

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Speaker 1: to say.

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Speaker 2: Georgia King, I got a dog. I know. So she

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Speaker 2: is literally the most beautiful thing that I've ever seen

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Speaker 2: in my entire life, which is obviously not overdrugged by

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Speaker 2: inner stretch of the imagination. Her name is Lucy, and

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Speaker 2: Lucy is nine weeks old and is my money confession

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Speaker 2: this week because of how much money I've spent at

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Speaker 2: Camart on dog toys.

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Speaker 1: What are we talking?

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Speaker 2: Oh, look, more than I'm willing to admit to. Because

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Speaker 2: it wasn't just camar. I also went online and then

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Speaker 2: I got a little bit carried away and found some

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Speaker 2: Instagram accounts that had some really fun dog accessories. And

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Speaker 2: I grew up with dogs. I love dogs. I have

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Speaker 2: literally waited my entire life to get a dog. If

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Speaker 2: you know me personally, you know it is literally all

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Speaker 2: I talk about. The number one thing my partner and

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Speaker 2: I talk about in the mornings on our morning walks

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Speaker 2: together is dogs. I point out every dog that we

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Speaker 2: go past. I'm also on Snapchat with my friends and

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Speaker 2: I pretty much exclusively use it as a dog spotting app,

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Speaker 2: and I will take photos of people's dogs and send

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Speaker 2: it to them and be like, hey, number three dog today,

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Speaker 2: you're welcome friends.

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Speaker 1: Stunning.

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Speaker 2: Yeah. So I'm a bit dog obsessed and always have been,

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Speaker 2: and now I'm so excited to be in a position

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Speaker 2: where I can actually give the dog off my dreams

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Speaker 2: the laugh it deserves. So I'm super excited about her

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Speaker 2: and just super excited about that. She's also the official

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Speaker 2: She's on the Money office dog because she will be

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Speaker 2: in the office occasionally. I don't know how long that

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Speaker 2: will last though, because guys, she's going to get to

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Speaker 2: like thirty kilos at least are the big dogs. Yeah,

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Speaker 2: she's going to be a big dog.

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Speaker 1: What kind of dog is it again?

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Speaker 2: She's an old English sheep dog crosspoodle thing. Yeah, she's

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Speaker 2: utiful anyway, if you guys. Obviously just a subtle plug.

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Speaker 2: I made her in Instagram account. So that's Lucy the

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Speaker 2: Golden Sheeperdoodle for those of you following along at home.

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Speaker 2: But yeah, like that's my money confession slash plug for

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Speaker 2: my dog Instagram. I promised myself I wouldn't be that person.

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Speaker 2: Yet here we.

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Speaker 1: Are a little influencer dog. I love that for you.

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Speaker 2: Do you see the influencer it's stunning. It's gonna happen.

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Speaker 2: It's gonna happen. Georgia King, have you got a money

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Speaker 2: win all confession for me? That could potentially rival a puppy?

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Speaker 1: No, nothing could rival a puppy dull. It is much

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Speaker 1: more small scale. So recently I discovered this brand called

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Speaker 1: Flower Makeup brand. It's brand that's quite interesting for me anyway.

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Speaker 1: I actually can't remember the shade, which is going to

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Speaker 1: be frustrating for everyone listening. But it's this lovely kind

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Speaker 1: of beigey, quite neutral toned color and it is delicious anyway,

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Speaker 1: big fan. It was only ten dollars, but I got

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Speaker 1: it half priced for five dollars guys, So three cheers

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Speaker 1: for George.

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Speaker 2: Would the color potentially be spiced petture?

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Speaker 1: That's the one?

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Speaker 3: That one?

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Speaker 1: It's that the one. Do you have that one?

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Speaker 3: To?

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Speaker 2: Yeah? I have that one. It's the one I keep

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Speaker 2: recommending that you purchase. And now you think that you've

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Speaker 2: discovered the slipped stick brand.

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Speaker 1: All on your own. When did you recommend it?

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Speaker 2: When you were talking about how you wanted the Charlotte

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Speaker 2: Tillsbury version of it? Oh my gosh, so expensive, like

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Speaker 2: months ago, Georgia King. I feel like you are my

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Speaker 2: small sibling who doesn't listen to anything I say and

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Speaker 2: then thinks they've discovered themselves. But that's cool, that's cool.

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Speaker 2: I'm glad that you've got that money in because it's literally,

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Speaker 2: I would argue, one of the best tubes for the

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Speaker 2: Charlotte Tillsbury pillow talk. If you guys are into makeup,

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Speaker 2: you would know that that is kind of like a

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Speaker 2: cult favorite. But it's also only available I think online

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Speaker 2: and overseas, yep. And it's also kind of pricey. It's

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Speaker 2: like forty five dollars USD.

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Speaker 1: Think it might be oh yeah, USD probably.

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Speaker 2: Yeah, it's like an American price, but yeah, I think

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Speaker 2: that's what it was. So it's not cheap.

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Speaker 1: But guys, flower lipstick is cheap, so get that on

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Speaker 1: your flower lipstick. Yep.

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Speaker 2: Five bucks Chemist Warehouse. We're not sponsored by them.

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Speaker 1: Would love to be, but oh that'd be good, true,

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Speaker 1: that would listening. Get in touch hunt alrighty V. Let's

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Speaker 1: move straight across to the Facebook group. Did any posts

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Speaker 1: stand out to you this week?

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Speaker 2: Oh my gosh, yes, I have a post this week

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Speaker 2: from our friend Emily who posted money Win. Now this

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Speaker 2: one is a long story, but also a very beautiful one.

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Speaker 2: In twenty fifteen, when she was nineteen, she met her

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Speaker 2: beautiful husband, and a week after they started dating, they

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Speaker 2: found out that he was terminally ill. They ended up

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Speaker 2: getting married, which is so cute, and had almost two

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Speaker 2: wonderful years together before she lost him in twenty seventeen

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Speaker 2: when she was twenty one. In that time, she stopped

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Speaker 2: work to care for him, which honestly is such a

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Speaker 2: beautiful thing to do, and it was one of the

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Speaker 2: hardest things that she's ever been through. She was really

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Speaker 2: lost in a very dark place mentally and financially, and

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Speaker 2: as you can imagine, two years of constant hospital stays

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Speaker 2: and being four hours from her home was extremely pressing financially.

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Speaker 2: So this story is really beautiful because she said, you know,

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Speaker 2: all of that happened. She was living week to week,

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Speaker 2: had no savings. Parents looked after her, which is, you know,

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Speaker 2: such a beautiful thing to do as well, And she said,

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Speaker 2: a year and a half later, she met her now partner,

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Speaker 2: and she's worked really hard to become mentally and financially stable,

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Speaker 2: and now two and a half years after meeting her partner,

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Speaker 2: they've just built their first home, and I just this

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Speaker 2: story was so beautiful. The comments on this were even better.

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Speaker 2: I just feel like it is a constant reminder that

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Speaker 2: no matter how bad things can get, you can come

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Speaker 2: out of it. She said that she had lost all

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Speaker 2: hope and she thought that she'd be, you know, stuck

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Speaker 2: where she was for the rest of her life. But

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Speaker 2: now she's here, She's kicking goals and embracing the beautiful

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Speaker 2: things that life has to offer. And she just wanted

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Speaker 2: to remind everybody that you should all hang in there.

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Speaker 2: And I just think that that was Ah, this is

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Speaker 2: what our community is about, Georgia and these these stories. Honestly,

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Speaker 2: how grateful are we to receive these? She took the

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Speaker 2: time to share that with us, and I honestly I

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Speaker 2: had a bit of a teary when I read all

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Speaker 2: the comments because everybody was so supportive and congratulating her,

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Speaker 2: and just there was so many beautiful comments.

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Speaker 1: I have goosebumps hearing you read that again, and I

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Speaker 1: did when I read it myself as well. It's just

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Speaker 1: so moving.

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Speaker 2: Yeah, look, Emily, thank you for sharing that. It was

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Speaker 2: really beautiful. And she uploaded too, really really lovely pictures

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Speaker 2: one of her past partner and one of her current partner,

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Speaker 2: and I just think that, you know, she's honoring both

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Speaker 2: of them in such a great way.

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Speaker 1: Yeah, thanks for sharing, Emily.

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Speaker 2: Georgia King, do you have a money win or confession

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Speaker 2: from the community that you would like to share with us?

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Speaker 1: So this is very much a mood shift. So mine

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Speaker 1: is a simple little money win related to food and gifting.

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Speaker 1: So it's from Chloe and she needed gifts for Christmas

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Speaker 1: for her personal training clients, and she decided to make

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Speaker 1: homemade healthy granola. Yem it looks incredible. So the cost

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Speaker 1: of the eight jars and ribbon that she's used was

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Speaker 1: fifteen dollars. The cost of the ingredients for the granola

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Speaker 1: was also fifteen dollars from aldi little shout out to

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Speaker 1: our mates, and the total cost per gift came down

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Speaker 1: to three dollars seventy five.

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Speaker 2: And it actually looks delicious, doesn't it. I love breakfast out.

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Speaker 1: I'm quite interested in stealing some.

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Speaker 2: I actually think that looks like such beautiful granola actually,

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Speaker 2: And my favorite part about that was Chloe actually gave

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Speaker 2: us the recipe. She did. She did, and what are

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Speaker 2: you going to do with it? This week?

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Speaker 1: Georgia Kings love that in the newsletter gels.

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Speaker 2: So everybody, Chloe's granola recipe is going to be in

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Speaker 2: our newsletter this week.

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Speaker 1: Percent is Now we'll move on to the main chat today. Guys.

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Speaker 1: Before our show today, we asked in the Facebook group

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Speaker 1: what you would do with one million dollars and here

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Speaker 1: is what you had to say.

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Speaker 4: If I want a million dollars, I would buy my

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Speaker 4: mama house and set her up so she never has

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Speaker 4: to worry about money again. Hey, girls, my name is

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Speaker 4: Erin and if I want a million dollars today, I

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Speaker 4: would want to buy a blimp. I don't really know

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Speaker 4: how to justify this outrageous purchase, but as far as

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Speaker 4: I know, there's only one in the Southern Hemisphere, and

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Speaker 4: there's opportunities for ongoing advertising rights. I mean, how often

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Speaker 4: do you see a blimp in the sky? Plus I

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Speaker 4: can tell ride tickets on it too. Anyway, thanks ladies,

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Speaker 4: at least enough hungies to roll around in a photo

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Speaker 4: shoot before I.

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Speaker 2: Realized I had to kind of be responsible.

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Speaker 3: With it.

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Speaker 1: A million dollars.

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Speaker 5: First of all, I would do nothing and tell nobody,

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Speaker 5: probably for like a month, and then I would.

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Speaker 1: Book a financial advisor appointment. I'd probably aim to like

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Speaker 1: keep one hundred thousand dollars for a house deposit because

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Speaker 1: interest rates are quite low, and invest everything else. Now,

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Speaker 1: it is a weirdly hard question to answer. B and

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Speaker 1: I love the variety that we had in that little

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Speaker 1: audio clip from our community there. I think buying a

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Speaker 1: blimp was probably my favorite suggestion, even though we realized

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Speaker 1: that they actually cost forty to seventy million. But eron in.

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Speaker 2: This so honestly, erin gohard or go home.

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Speaker 1: Yeah, and we were saying we could even maybe start

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Speaker 1: a go Fundme page and we could all put in

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Speaker 1: for a blimp. So another common theme that came up

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Speaker 1: V was buying a house, which I feel like makes sense.

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Speaker 1: That's pretty seems like a sensible thing to do with

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Speaker 1: a million dollars.

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Speaker 2: I'm not gonna lie, that's a little bit more achievable

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Speaker 2: than a blimp.

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Speaker 1: But what were your favorites from the suggestions we had

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Speaker 1: in the Facebook group.

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Speaker 2: I really liked the vegan gingerbread house that was life size,

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Speaker 2: like that was really reasonable. I also loved the cars.

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Speaker 2: I loved that people wanted to pay off their debt,

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Speaker 2: and I also loved that so many of you said

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Speaker 2: that you would share it. How kind was that so

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Speaker 2: many people were like, oh my gosh, I were distributed

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Speaker 2: among my family to charity, some to charity. Yeah, you

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Speaker 2: guys are all epic and I absolutely loved your answers,

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Speaker 2: So that was really fun. Maybe we should get the

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Speaker 2: community involved more, send us more voice memos, Love fast.

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Speaker 1: Memo, They're the best. So sadly, though, not all of

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Speaker 1: us are going to win a hot one million dollars

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Speaker 1: out of nowhere, nice as it would be.

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Speaker 2: What it's not common explain to.

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Speaker 1: Our listeners who are at home thinking, how on earth

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Speaker 1: is this relevant to me? Like the girls have lost

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Speaker 1: the plot? Can you explain why we have decided to

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Speaker 1: dedicate a whole show to this topic?

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Speaker 2: Look, well, we have lost the plot. It is coming

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Speaker 2: up to Christmas. But also I felt like this was

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Speaker 2: going to be a super interesting topic. How many times

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Speaker 2: have we all fantasized about winning a million dollars? Or

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Speaker 2: we ask our friends at the dinner table like what

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Speaker 2: would you do with a million dollars? Like we've all

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Speaker 2: asked that question once in our lives. But I completely

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Speaker 2: gain that this topic might seem a little bit unrelatable,

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Speaker 2: and George, you are bang on. Realistically, not many of

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Speaker 2: us aren't actually going to win a million dollars. But

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Speaker 2: what I'm really interested in discussing today is two things.

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Speaker 2: First things, first, the psychology around what happens when we

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Speaker 2: do suddenly have a lump sum of money in our

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Speaker 2: hot little hands and we don't know what to do

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Speaker 2: with that, be that from an inheritance or a mammoth

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Speaker 2: pay rise or winning the lotto. Then secondly, I wanted

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Speaker 2: to talk about what we should be doing with that money.

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Speaker 2: Should we be saving, should be investing, should we be

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Speaker 2: spending it? Should we be you know, sharing it with

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Speaker 2: our friends and family? And I also really want to

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Speaker 2: chat today about why so many people who do win

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Speaker 2: big or end up with huge amounts of money can

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Speaker 2: often end up burning through it so so quickly. So

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Speaker 2: I get why people might be thinking, what on earth

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Speaker 2: are they thinking? What is this episode about? But I

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Speaker 2: promise you it is going to be a super interesting.

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Speaker 1: Chat, and let's start in a very interesting place here

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Speaker 1: be We're going to cut to the million dollar question. Hahaha,

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Speaker 1: what would you Victoria divine financial Advisor extraordinary do with

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Speaker 1: one million dollars? Do you save it, spend it, or

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Speaker 1: invest it.

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Speaker 2: On dog toys? Like I feel like that's something that

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Speaker 2: I would genuinely do. But if somebody gave me a

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Speaker 2: million dollars today, I would be putting it into my

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Speaker 2: share portfolio because, and I've said it before, passive income

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Speaker 2: is the thing that I am working towards. And passive

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Speaker 2: income from a million dollars, if we had a five

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Speaker 2: percent return, would mean about fifty thousand dollars a year

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Speaker 2: of passive income, and that would be money I didn't

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Speaker 2: have to work for for the rest of my life.

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Speaker 2: So a lot of you guys said, oh, I'd go

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Speaker 2: and buy a home outright, My friends, I would not.

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Speaker 2: If a home was my goal, I would be purchasing

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Speaker 2: a home with a mortgage because at the moment, interest

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Speaker 2: rates are really low. We hear us seeing twos and

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Speaker 2: ones at the start of interest rates now, which is crazy.

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Speaker 2: And I would use that passive income of fifty thousand

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Speaker 2: dollars a year to pay back my mortgage over the

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Speaker 2: long term, so that at the end of my mortgage,

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Speaker 2: I had a completely paid off house and I still

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Speaker 2: had my million dollars.

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Speaker 1: Okay, So that sounds like quite a thing to do.

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Speaker 1: But the stats show us that a good number of

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Speaker 1: people who win money suddenly do actually burn through it just.

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Speaker 2: As quickly they do so.

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Speaker 1: In one study of lot of winners, seventy percent of

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Speaker 1: them has spent every last time of their jackpot within

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Speaker 1: five years of winning. Now, you obviously know a lot

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Speaker 1: about behavioral psychology, V. Can you explain to us be

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Speaker 1: what's going on here and what the key differences are

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Speaker 1: between money earned and money one.

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Speaker 2: Yeah, these stats are not surprising to me. Gee, I

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Speaker 2: hear about this happening all the time. Not necessarily people

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Speaker 2: who are winning the lotto and then just losing it all,

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Speaker 2: but more people who are inheriting large sums of money

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Speaker 2: and not really having the financial literacy to know what

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Speaker 2: to do with it. This is why I'm so passionate

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Speaker 2: about financial education and why it is so important, because

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Speaker 2: even if you do win the lotto, or if you

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Speaker 2: have a cozy six figure salary, that doesn't automatically make

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Speaker 2: you wealthy. Rich on a superficial level, yeah, sure, but

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Speaker 2: genuinely wealthy no, of course, if we put a proper

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Speaker 2: plan in place and map out what we're going to

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Speaker 2: do with that money and set ourselves up for the

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Speaker 2: future and for future you, then you're going to be

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Speaker 2: in much better place. But ultimately, I think the key

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Speaker 2: reason behind why people are losing their fortunes when they

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Speaker 2: just get them is a lack of education, and I

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Speaker 2: wish they had the foresight to see the benefit of

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Speaker 2: meeting with a financial advisor to make sure that that

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Speaker 2: money could set them up for an amazing comfortable life

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Speaker 2: instead of you know, living large for five years and

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Speaker 2: then doing absolutely nothing beyond that, which is kind of scary.

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Speaker 2: When it comes to money earned, I think that most

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Speaker 2: people would agree that it is much harder to part

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Speaker 2: with money that you've actually earned yourself because you've spent

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Speaker 2: time and energy working for it, compared to money you

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Speaker 2: were gifted or if you won. When you've had to

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Speaker 2: put the man hours into building these finances, you don't

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Speaker 2: necessarily want to just go and blow it all on

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Speaker 2: the weekend. Whereas if you found one hundred bucks on

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Speaker 2: the ground today, George, many people would just spend it

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Speaker 2: because it's quote free money or it's a bit of

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Speaker 2: a bonus that they can splurge a little with. Instead

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Speaker 2: of being like, oh, this one hundred dollars will look

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Speaker 2: really pretty in my micro investing account. Actually, there may

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Speaker 2: be some people in ashes on the money community that

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Speaker 2: would immediately think of that. I'm thinking of my friend Fiona,

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Speaker 2: who is my Instagram friend, who's the markdown hustle for

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Speaker 2: those of you playing along the home, and I guarantee

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Speaker 2: you should have invested that. I know you, Fiona, I

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Speaker 2: love you, Fiona. But I think you get the gist

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Speaker 2: of what I'm trying to say. We treat money, we

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Speaker 2: are gifted or awarded very differently to the money that

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Speaker 2: we have earned ourselves. This perception ends up extending to

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Speaker 2: things like your tax return, which people often get very

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Speaker 2: excited about because you, guys, seem to think that it

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Speaker 2: is free money, even though it's money that you've already

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Speaker 2: worked really hard for. The government took it from you,

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Speaker 2: and now they're giving it back.

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Speaker 1: Like.

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Speaker 2: It is not free money. It is money that you've

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Speaker 2: earned and you need to do something with. Won't harp

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Speaker 2: on about that, because you best believe I'm going to

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Speaker 2: do an episode on that in the new year, probably

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Speaker 2: closer to tax time though, just so it's really relevant.

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Speaker 2: Kind of hits you in the face. You can't forget

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Speaker 2: it now, This little theory of mine is actually backed

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Speaker 2: up by a few other people. It's not just me

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Speaker 2: saying this, as you guys would probably already know, including

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Speaker 2: an economist called Richard Taylor who coined the term mental accounting,

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Speaker 2: which refers to the contrasting value we place on the

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Speaker 2: same amount of money. So basically, the theory says that

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Speaker 2: on an individual level, we classify money differently depending on

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Speaker 2: how we've acquired it or what we dedicate it to. Now,

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Speaker 2: our friend Thala says that the way that we fight

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Speaker 2: against this natural mental accounting is to think of money

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Speaker 2: as fungible, which is very fun to say. So when

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Speaker 2: we say money is fungible, it means that no matter

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Speaker 2: how it is acquired or what we plan to do

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Speaker 2: with it, all money is exactly the same. We can't

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Speaker 2: think of our tax return as free bonus money. We

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Speaker 2: need to think of it the same way we think

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Speaker 2: of the weeks it might have taken us to earn

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Speaker 2: the same amount. So for me, I think it's just

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Speaker 2: really important to really see the true value of money

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Speaker 2: instead of thinking that some money is free and some

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Speaker 2: money is earned, and like that whole thing gets a

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Speaker 2: little bit cloudy. So money is money, and that's how

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Speaker 2: we should be dealing with it.

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Speaker 1: Fungible is such a good word. I didn't really know

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Speaker 1: it before today's podcast either, but fun fungible like spongible.

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Speaker 1: I don't know if that's a word either, to be honest,

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Speaker 1: but it's.

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Speaker 2: A fun word to say. And when I saw it

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Speaker 2: written down, I was like, Oh, this is going to

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Speaker 2: be a weird word to say, like the word moist.

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Speaker 1: Yeah, don't bring moist into this chatterh friends, Oh I

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Speaker 1: love it. I actually remember a few years ago when

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Speaker 1: I was on an hourly rate when I worked at

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Speaker 1: the Maze down on the Peninsula. A few girls, a

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Speaker 1: few of the Maize girls are big fans of this podcast,

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Speaker 1: and a few Vickid so shout out to the Maze

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Speaker 1: girls listening right now.

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Speaker 2: My little sister was one of those two.

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Speaker 1: That's how I'm at Young Debo. When I worked there,

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Speaker 1: I would say it. I went shopping, I would look

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Speaker 1: at a dress and I'd be like, Oh, I really

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Speaker 1: want that. But then I'd be like, oh, no, that

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Speaker 1: is like the equivalent to four or five hours at

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Speaker 1: the Maize, So I'm gonna put it back. I don't

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Speaker 1: want it. And I just think It's really interesting the

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Speaker 1: way our brain plays kind of tricks on us like that,

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Speaker 1: and it catches you out. But then other times, like

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Speaker 1: if you just found two hundred dollars on the ground,

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Speaker 1: you'd be like, oh wow, free. Also like who has

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Speaker 1: ever found two hundred dollars on the ground?

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Speaker 2: I don't know. Can people post in our Facebook group

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Speaker 2: the most amount of money they've ever found? But also

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Speaker 2: what did you do with it? Like at what point

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Speaker 2: are you meant to hand it in to someone? Like

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Speaker 2: five bucks? Cool, that's a free coffee for you. Hey, look,

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Speaker 2: that's me using that. I'm not fungible at all. But

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Speaker 2: also if you found five bucks, like, I get it.

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Speaker 2: I have that same mentality we're talking about it. Do

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Speaker 2: as I say, not as I do my friends. But

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Speaker 2: at what point do you need to hand it in?

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Speaker 2: Like if you found five hundred dollars in an envelope

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Speaker 2: on the ground, do you need to give that?

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Speaker 1: Who? Do you give it to the police?

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Speaker 2: Like, I don't know, I would assume the police.

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Speaker 1: Yeah, in saying that, I have been known to pick

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Speaker 1: up like two dollars from the ground. That's okay, right,

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Speaker 1: I'm not handing that into any one. Hey, someone left this.

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Speaker 2: No, I know that would be weird. That would be weird.

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Speaker 2: But like, what if you found one hundred thousand dollars

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Speaker 2: under a house that you bought because someone had like

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Speaker 2: stashed it there and then like not forgotten about it.

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Speaker 2: I don't know how you forget about it? But you

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Speaker 2: know what I mean? Like, is that a thing? Is

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Speaker 2: that something that's happening? Yeah, tell us, tell us, I'm so.

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Speaker 1: Interested in the FB group and we will approve that immediately.

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Speaker 2: Also, like, what is the lowest denomination of money that

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Speaker 2: you would pick up off the ground, Georgia.

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Speaker 1: It has to be gold, you can't. I'm not interested

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Speaker 1: in silver. But maybe that's a horribly privileged thing to say.

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Speaker 1: But I don't know.

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Speaker 2: So you're not about a bird at the heart. You

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Speaker 2: only like gold.

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Speaker 1: It's got to be gold, don't I N I'm down

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Speaker 1: for but only if no one's watching. Anyway, let's get

437
00:19:00,920 --> 00:19:04,000
Speaker 1: to a podcast. So I wanted to go bigger here, fye,

438
00:19:04,000 --> 00:19:06,320
Speaker 1: We're not just talking about one dollar on the ground.

439
00:19:06,400 --> 00:19:09,200
Speaker 1: I wanted to ask you if you won like sixty

440
00:19:09,280 --> 00:19:14,120
Speaker 1: million dollars in the power Ball, would you still work? Yes?

441
00:19:14,400 --> 00:19:17,639
Speaker 2: I would still work, But I'm a bit crazy in

442
00:19:17,760 --> 00:19:20,600
Speaker 2: saying that it would completely depend on who you are

443
00:19:20,640 --> 00:19:22,439
Speaker 2: as a person and like what makes you tick, what

444
00:19:22,480 --> 00:19:25,560
Speaker 2: makes you happy, Like some people literally work to live,

445
00:19:25,640 --> 00:19:28,879
Speaker 2: whereas I live to work. I suppose is that the

446
00:19:28,960 --> 00:19:30,919
Speaker 2: right quote? I think yes, And now I know that

447
00:19:31,040 --> 00:19:33,320
Speaker 2: I would still work because I literally love what I

448
00:19:33,400 --> 00:19:35,560
Speaker 2: do and I just feel like that freedom, Like how

449
00:19:35,560 --> 00:19:37,360
Speaker 2: cool would it be if I didn't have to earn

450
00:19:37,400 --> 00:19:39,080
Speaker 2: any money ever, and I could just do Sheese on

451
00:19:39,119 --> 00:19:42,080
Speaker 2: the Money twenty four seven without any money concerns Because

452
00:19:42,119 --> 00:19:44,000
Speaker 2: at the end of the day, I am literally, like

453
00:19:44,080 --> 00:19:46,600
Speaker 2: you guys, I'm trying to create wealth and build wealth

454
00:19:46,600 --> 00:19:48,840
Speaker 2: and like, you know, get an income and all of

455
00:19:48,840 --> 00:19:51,400
Speaker 2: that other fun stuff. But yes, I would still work.

456
00:19:51,520 --> 00:19:54,000
Speaker 2: But I think if some people scored sixty mil, I

457
00:19:54,119 --> 00:19:56,320
Speaker 2: definitely think that they just quit their job pretty pronto

458
00:19:56,400 --> 00:19:59,560
Speaker 2: and start living large. In saying that, though, I think

459
00:19:59,560 --> 00:20:02,199
Speaker 2: it would be really important to also let you know

460
00:20:02,240 --> 00:20:05,399
Speaker 2: that there are a number of mental health aspects to that,

461
00:20:06,119 --> 00:20:08,280
Speaker 2: so I think it would be a really big challenge

462
00:20:08,280 --> 00:20:11,200
Speaker 2: to stop working completely. I was reading through some studies

463
00:20:11,200 --> 00:20:15,320
Speaker 2: recently in prep for today's episode and found that after unemployment,

464
00:20:15,400 --> 00:20:20,080
Speaker 2: symptoms of summatization depression and anxiety were significantly greater in

465
00:20:20,119 --> 00:20:23,240
Speaker 2: the unemployed than those who were employed. And now Joja.

466
00:20:23,240 --> 00:20:25,600
Speaker 2: While we probably don't need a study to tell us this,

467
00:20:25,880 --> 00:20:28,520
Speaker 2: because it kind of just makes sense. For many of us.

468
00:20:28,600 --> 00:20:30,560
Speaker 2: Work gives us somewhere to go and something to do,

469
00:20:30,720 --> 00:20:32,680
Speaker 2: and I really do think that the value of purpose

470
00:20:32,760 --> 00:20:36,040
Speaker 2: really can't be diminished. So for me, I think, yes,

471
00:20:36,080 --> 00:20:38,600
Speaker 2: we'd start living large, but maybe we'd still work. About

472
00:20:38,600 --> 00:20:40,480
Speaker 2: how cool would it be to have the freedom to

473
00:20:40,560 --> 00:20:43,240
Speaker 2: choose to not work for money anymore and be able

474
00:20:43,280 --> 00:20:45,480
Speaker 2: to follow your passion or something that you really love.

475
00:20:45,640 --> 00:20:48,120
Speaker 1: Yeah, I think that's exactly right, as long as you've

476
00:20:48,119 --> 00:20:50,600
Speaker 1: still got that purpose in some way or another.

477
00:20:50,760 --> 00:20:51,320
Speaker 2: Absolutely.

478
00:20:52,000 --> 00:20:55,520
Speaker 1: I also read about this idea called sudden wealth syndrome,

479
00:20:55,520 --> 00:20:58,760
Speaker 1: which impacts people who come into large sums of money

480
00:20:58,840 --> 00:21:01,320
Speaker 1: quite suddenly. Can you explain that a little more?

481
00:21:01,520 --> 00:21:04,280
Speaker 2: Yes, Georgia, I actually love this. It is an idea

482
00:21:04,320 --> 00:21:07,720
Speaker 2: that was initially coined by doctor Stephen Golbart, who is

483
00:21:07,760 --> 00:21:10,520
Speaker 2: a psychologist so for in America, and it basically refers

484
00:21:10,560 --> 00:21:13,760
Speaker 2: to the anxiety, guilt, and isolation that comes with coming

485
00:21:13,760 --> 00:21:16,160
Speaker 2: into sudden wealth. Now, I think it would be pretty

486
00:21:16,160 --> 00:21:17,919
Speaker 2: fair to say that many of us would imagine that

487
00:21:18,000 --> 00:21:20,159
Speaker 2: winning the lotter would fix all of our problems and

488
00:21:20,200 --> 00:21:22,840
Speaker 2: life would just suddenly become a breeze. But according to

489
00:21:22,920 --> 00:21:26,359
Speaker 2: this sudden wealth syndrome idea, people who come into significant

490
00:21:26,359 --> 00:21:29,440
Speaker 2: sums of money can become overwhelmed and overspend, or maybe

491
00:21:29,480 --> 00:21:31,879
Speaker 2: they lend silly amounts of money to family and friends,

492
00:21:32,080 --> 00:21:34,679
Speaker 2: which we all know is a fraught with danger. And

493
00:21:34,720 --> 00:21:37,600
Speaker 2: people can also grow super suspicious of those around them

494
00:21:37,600 --> 00:21:40,000
Speaker 2: because they don't know what their motives are. Now, the

495
00:21:40,080 --> 00:21:42,800
Speaker 2: thing here is that most people who come into huge

496
00:21:42,840 --> 00:21:45,720
Speaker 2: sums of money, be that money one or inherited or

497
00:21:45,720 --> 00:21:48,720
Speaker 2: whatever that might be, is that they don't necessarily have

498
00:21:48,800 --> 00:21:51,240
Speaker 2: the financial education to know what to do with that

499
00:21:51,320 --> 00:21:54,359
Speaker 2: money or the inherited assets. So the point here that

500
00:21:54,440 --> 00:21:56,679
Speaker 2: I really want you guys to take home with you

501
00:21:56,960 --> 00:21:59,479
Speaker 2: is that winning buckets of cash won't actually solve all

502
00:21:59,480 --> 00:22:02,439
Speaker 2: our issues. It might solve a few of them. The

503
00:22:02,480 --> 00:22:05,400
Speaker 2: fact that I really really really want another dog, even

504
00:22:05,440 --> 00:22:07,880
Speaker 2: though it sounds super delightful and payback and maybe having

505
00:22:07,880 --> 00:22:09,720
Speaker 2: your own yod or like a private jet or something

506
00:22:09,840 --> 00:22:12,960
Speaker 2: sounds pretty boogie, but the reality is often not nearly

507
00:22:13,000 --> 00:22:15,720
Speaker 2: as shiny as we imagine. And I know that some

508
00:22:15,800 --> 00:22:18,520
Speaker 2: people who do inherit large sums of money or end

509
00:22:18,640 --> 00:22:20,760
Speaker 2: up winning money, because I do have clients in both

510
00:22:20,800 --> 00:22:24,680
Speaker 2: of those situations, Georgia, they don't actually tell anybody at all,

511
00:22:24,880 --> 00:22:26,840
Speaker 2: and I think that that is probably a really good

512
00:22:26,840 --> 00:22:29,240
Speaker 2: thing to take away from this as well, is sometimes

513
00:22:29,560 --> 00:22:32,480
Speaker 2: the less people know, the better about your financial situation

514
00:22:32,600 --> 00:22:34,760
Speaker 2: when it comes to things like that. Like I'm all

515
00:22:34,800 --> 00:22:37,719
Speaker 2: about open, honest money conversations, and I talk about that

516
00:22:37,840 --> 00:22:40,440
Speaker 2: all the time, but when I talk about having open

517
00:22:40,440 --> 00:22:44,000
Speaker 2: and honest money conversations, I don't necessarily mean tell everybody

518
00:22:44,000 --> 00:22:45,840
Speaker 2: what's in your bank account or tell your friends what

519
00:22:45,920 --> 00:22:48,359
Speaker 2: you earn. Like, we can have money conversations without making

520
00:22:48,440 --> 00:22:51,679
Speaker 2: them personal, and that is really important to remember. So

521
00:22:51,920 --> 00:22:54,119
Speaker 2: if you have come into a large sum of money

522
00:22:54,119 --> 00:22:56,600
Speaker 2: and you're feeling really anxious or guilty about it, like,

523
00:22:56,760 --> 00:22:59,640
Speaker 2: you do not have to tell anybody if you don't

524
00:22:59,680 --> 00:23:02,359
Speaker 2: want to, and sometimes it's actually better for you to not,

525
00:23:02,600 --> 00:23:03,760
Speaker 2: especially if you are young.

526
00:23:04,160 --> 00:23:06,920
Speaker 1: And remember as well that I can't remember which episode

527
00:23:07,040 --> 00:23:09,719
Speaker 1: we were talking about it, but I remember we were

528
00:23:09,840 --> 00:23:14,560
Speaker 1: chatting about the unwarranted advice that like Uncle Bill may

529
00:23:14,600 --> 00:23:18,240
Speaker 1: give you it family Christmas, Oh my gosh, you know. So, yeah,

530
00:23:18,320 --> 00:23:20,719
Speaker 1: if you're going to get advice from someone, get it

531
00:23:20,760 --> 00:23:22,600
Speaker 1: from a financial advisor.

532
00:23:22,760 --> 00:23:25,359
Speaker 2: I mean, ask people that you trust, like ask family members.

533
00:23:25,400 --> 00:23:28,480
Speaker 2: And obviously sometimes family are absolutely going to know if

534
00:23:28,480 --> 00:23:31,359
Speaker 2: you have inherited a large sum of money. But I

535
00:23:31,359 --> 00:23:34,359
Speaker 2: think it's really hard because some of my clients have

536
00:23:34,560 --> 00:23:38,359
Speaker 2: said historically that they wish they hadn't told their friends

537
00:23:38,400 --> 00:23:40,960
Speaker 2: about their inheritance because it kind of ends up being

538
00:23:41,000 --> 00:23:43,080
Speaker 2: a pain point for them when they just want to

539
00:23:43,160 --> 00:23:45,720
Speaker 2: live off their income that they currently haven't invested for

540
00:23:45,760 --> 00:23:48,000
Speaker 2: the future or whatever it is. So I think it's

541
00:23:48,400 --> 00:23:50,600
Speaker 2: sometimes you really do want to have those conversations. And

542
00:23:50,640 --> 00:23:52,880
Speaker 2: I'm not saying don't talk about it, because I would

543
00:23:53,040 --> 00:23:54,720
Speaker 2: never want someone to feel like they can't.

544
00:23:54,560 --> 00:23:55,000
Speaker 1: Talk about it.

545
00:23:55,000 --> 00:23:57,480
Speaker 2: That would be isolated exactly. But sometimes in the heat

546
00:23:57,520 --> 00:24:00,959
Speaker 2: of the moment, when everything is really emotional, sometimes the

547
00:24:00,960 --> 00:24:02,959
Speaker 2: best thing that you can do is just put that

548
00:24:03,000 --> 00:24:06,320
Speaker 2: conversation on ice, like just because you're inheriting money. And

549
00:24:06,320 --> 00:24:08,320
Speaker 2: this is totally going off on a tangent, but it's

550
00:24:08,359 --> 00:24:11,560
Speaker 2: something that I'm super passionate about because inheritance is actually

551
00:24:11,560 --> 00:24:13,600
Speaker 2: what I specialize in. And what I work with with

552
00:24:13,680 --> 00:24:17,440
Speaker 2: my clients the most. Sometimes it just needs to sit

553
00:24:17,480 --> 00:24:19,119
Speaker 2: in your account for six months and you not do

554
00:24:19,160 --> 00:24:21,479
Speaker 2: anything because you need to deal with the emotional trauma

555
00:24:21,520 --> 00:24:24,360
Speaker 2: of going through that situation. Sometimes it will take a year,

556
00:24:24,440 --> 00:24:27,280
Speaker 2: sometimes it takes two years. I think the most important

557
00:24:27,280 --> 00:24:29,760
Speaker 2: thing here is that if you've inherited money, and we'll

558
00:24:29,760 --> 00:24:31,560
Speaker 2: get into this later. I know you've got some great

559
00:24:31,560 --> 00:24:33,679
Speaker 2: stats on this because we couldn't stop talking about it

560
00:24:33,720 --> 00:24:36,600
Speaker 2: before we recorded. But if you've come into a large

561
00:24:36,640 --> 00:24:39,600
Speaker 2: sum of money, do not feel any pressure whatsoever to

562
00:24:39,680 --> 00:24:43,320
Speaker 2: invest that, or spend that, or do anything with that immediately.

563
00:24:43,480 --> 00:24:45,439
Speaker 2: Like that can wait. There is always going to be

564
00:24:45,440 --> 00:24:46,400
Speaker 2: another opportunity.

565
00:24:46,560 --> 00:24:49,160
Speaker 1: Yeah, and we will talk more about that because today's

566
00:24:49,200 --> 00:24:52,320
Speaker 1: listener question is framed around inheritance, so we'll get there.

567
00:24:53,440 --> 00:24:56,720
Speaker 1: My last question for you, v is about the Fashion

568
00:24:56,800 --> 00:25:00,600
Speaker 1: Avenue podcast, which on other day I'm just doing a

569
00:25:00,600 --> 00:25:03,080
Speaker 1: podcast with you asn't enough. I need to listen to

570
00:25:03,119 --> 00:25:04,240
Speaker 1: you when I'm not with you.

571
00:25:04,240 --> 00:25:05,600
Speaker 2: You know, I love that for you.

572
00:25:05,800 --> 00:25:07,080
Speaker 1: That's not weird at all.

573
00:25:07,160 --> 00:25:08,160
Speaker 2: George True.

574
00:25:08,680 --> 00:25:12,000
Speaker 1: The podcast host Amba asked you what you would choose

575
00:25:12,280 --> 00:25:15,640
Speaker 1: one thousand dollars a day until you die, or one

576
00:25:15,680 --> 00:25:19,120
Speaker 1: million dollars right now. So if someone asked me this,

577
00:25:19,240 --> 00:25:21,679
Speaker 1: I think I would be like, yes, please, sir, I

578
00:25:21,720 --> 00:25:24,800
Speaker 1: will have the one million you would do, But what

579
00:25:24,880 --> 00:25:26,720
Speaker 1: would you say? What did you say on the podcast?

580
00:25:27,000 --> 00:25:28,880
Speaker 2: So first thing, so I think they're the number one

581
00:25:28,880 --> 00:25:31,760
Speaker 2: and say here would probably be a million dollars from

582
00:25:31,840 --> 00:25:34,720
Speaker 2: everybody else because you'd be an instant millionaire. Like that

583
00:25:34,880 --> 00:25:38,399
Speaker 2: is that crazy? But when we start breaking it down,

584
00:25:39,040 --> 00:25:42,840
Speaker 2: passive income for me is always, always, always going to win. Georgia,

585
00:25:42,880 --> 00:25:45,119
Speaker 2: you and I have had so many interesting conversations about this,

586
00:25:45,800 --> 00:25:48,240
Speaker 2: especially after all of the voice memos from people in

587
00:25:48,280 --> 00:25:50,960
Speaker 2: our community. I think it is one of those things

588
00:25:51,000 --> 00:25:54,199
Speaker 2: that you know, people just underestimate. So many people said, oh,

589
00:25:54,240 --> 00:25:56,199
Speaker 2: I'd buy a house, and it's like, well, you know

590
00:25:56,280 --> 00:25:58,840
Speaker 2: you could do that, but you could also get alone

591
00:25:59,119 --> 00:26:01,400
Speaker 2: and to keep your million dollars and have the passive

592
00:26:01,440 --> 00:26:03,560
Speaker 2: income that your million dollars is going to earn you

593
00:26:03,840 --> 00:26:05,879
Speaker 2: pay off your home. And I think it's just about

594
00:26:06,119 --> 00:26:10,160
Speaker 2: smart money decisions soon shifting our mindset around what can

595
00:26:10,200 --> 00:26:12,560
Speaker 2: this money do for me? Not what can this money

596
00:26:12,600 --> 00:26:15,120
Speaker 2: immediately buy? Like how can I make the money work

597
00:26:15,160 --> 00:26:17,800
Speaker 2: even harder than it's already working for me, so that

598
00:26:17,920 --> 00:26:19,640
Speaker 2: is something that I want you guys to take home.

599
00:26:19,840 --> 00:26:22,520
Speaker 2: But my answer was actually the one thousand dollars a day,

600
00:26:22,720 --> 00:26:24,280
Speaker 2: and I'm going to break it down because I think

601
00:26:24,320 --> 00:26:26,199
Speaker 2: it's really interesting when you get into it, and I

602
00:26:26,240 --> 00:26:28,600
Speaker 2: guarantee after i've explained this, Georgia, you're going to be like,

603
00:26:28,600 --> 00:26:30,560
Speaker 2: oh my gosh, I'll take the thousand dollars a day. Two.

604
00:26:31,040 --> 00:26:33,119
Speaker 2: So a thousand dollars a day is three hundred and

605
00:26:33,119 --> 00:26:36,760
Speaker 2: sixty five thousand dollars in a year, So that's pretty

606
00:26:36,800 --> 00:26:39,159
Speaker 2: good until you die. Like I could definitely live off that.

607
00:26:39,280 --> 00:26:42,200
Speaker 2: I don't know about you guys, but i'd be good comfortable.

608
00:26:42,760 --> 00:26:45,760
Speaker 2: But three hundred and sixty five thousand dollars a year

609
00:26:45,880 --> 00:26:49,560
Speaker 2: in passive revenue is equivalent to having seven point three

610
00:26:49,640 --> 00:26:52,480
Speaker 2: million dollars invested on your behalf. So that's obviously more

611
00:26:52,480 --> 00:26:55,280
Speaker 2: than a million dollars right now. But also, can we

612
00:26:55,320 --> 00:26:57,600
Speaker 2: also just preface this, I'm working off a rate of

613
00:26:57,680 --> 00:27:00,240
Speaker 2: return of five percent because that is super conservative and

614
00:27:00,280 --> 00:27:02,760
Speaker 2: I think really fair for right now. But then also

615
00:27:02,920 --> 00:27:05,960
Speaker 2: i'm obviously, because it's all hypothetical, my friend's not taking

616
00:27:06,000 --> 00:27:10,399
Speaker 2: into consideration any tax implications. So say you took the

617
00:27:10,440 --> 00:27:13,200
Speaker 2: million dollars and you really wanted to reach the same

618
00:27:13,240 --> 00:27:15,480
Speaker 2: outcome that I have because I took the thousand dollars

619
00:27:15,480 --> 00:27:18,359
Speaker 2: a day, Georgia, you'd have to do one of two things.

620
00:27:18,720 --> 00:27:21,960
Speaker 2: So you could invest your million dollars right now and

621
00:27:22,040 --> 00:27:24,520
Speaker 2: wait forty years. You wouldn't get any passive revenue. You'd

622
00:27:24,520 --> 00:27:26,080
Speaker 2: have to keep working in your day job. But here

623
00:27:26,080 --> 00:27:28,119
Speaker 2: it cheese on the money, yep. And with an average

624
00:27:28,200 --> 00:27:30,919
Speaker 2: rate of return in forty years, you'd have about the

625
00:27:30,960 --> 00:27:33,560
Speaker 2: same as what I have. So you'd just spend the

626
00:27:33,600 --> 00:27:37,680
Speaker 2: time or if you wanted it quicker, because obviously maybe

627
00:27:37,760 --> 00:27:39,520
Speaker 2: let's say in ten years, because you can't have it

628
00:27:39,600 --> 00:27:42,440
Speaker 2: right now, you could invest your million dollars and then, Georgia,

629
00:27:42,560 --> 00:27:44,879
Speaker 2: you'd just have to cough up a really easy forty

630
00:27:44,960 --> 00:27:48,960
Speaker 2: thousand dollars a month for the next ten years to

631
00:27:49,040 --> 00:27:51,560
Speaker 2: match my thousand dollars a day in passive revenue that

632
00:27:51,640 --> 00:27:55,120
Speaker 2: I had. Right So, does the thousand dollars a day

633
00:27:55,240 --> 00:27:56,080
Speaker 2: sound good? Now?

634
00:27:56,119 --> 00:27:58,680
Speaker 1: I think the thousand dollars a day sounds very good.

635
00:27:59,080 --> 00:28:01,280
Speaker 2: So to further compare, as I said before, the thousand

636
00:28:01,320 --> 00:28:03,680
Speaker 2: dollars a day's equivalent to three hundred and sixty five

637
00:28:03,800 --> 00:28:06,760
Speaker 2: thousand dollars a year. But if you had a million

638
00:28:06,800 --> 00:28:09,320
Speaker 2: dollars invested at a five percent interest rate return, you'd

639
00:28:09,320 --> 00:28:11,720
Speaker 2: only make fifty thousand dollars a year, which is obviously epic.

640
00:28:11,800 --> 00:28:14,359
Speaker 2: Still like, this is all hypothetical. This is just more

641
00:28:14,560 --> 00:28:17,919
Speaker 2: because I want you, guys to fully understand the impact

642
00:28:18,000 --> 00:28:21,720
Speaker 2: of investing and essentially what a dollar today means versus

643
00:28:21,720 --> 00:28:23,919
Speaker 2: a dollar tomorrow and all of that other fun stuff.

644
00:28:24,000 --> 00:28:25,960
Speaker 2: So the answer here, my friends, is take a thousand

645
00:28:25,960 --> 00:28:27,800
Speaker 2: dollars a day because you will be much better off

646
00:28:27,800 --> 00:28:29,800
Speaker 2: in the long term and the short term. It's seeds,

647
00:28:29,880 --> 00:28:33,280
Speaker 2: yeap love it. Like these are all hypotheticals. I wish

648
00:28:33,280 --> 00:28:35,000
Speaker 2: that people were just like walking around the city and

649
00:28:35,000 --> 00:28:37,080
Speaker 2: they're like, hey, just giving millions of dollars.

650
00:28:36,840 --> 00:28:38,280
Speaker 1: Out today, wouldn't that be nice?

651
00:28:38,360 --> 00:28:41,000
Speaker 2: I'll take it. If anybody knows where I'm putting my

652
00:28:41,040 --> 00:28:42,360
Speaker 2: hand up, I'll be there with bells on.

653
00:28:42,440 --> 00:28:45,400
Speaker 1: Share it in the Facebook group. So to wrap today, guys,

654
00:28:45,440 --> 00:28:48,000
Speaker 1: if you win a hot million dollars, don't just spend it.

655
00:28:48,040 --> 00:28:51,040
Speaker 1: See your financial advisor and get a plan in place,

656
00:28:51,440 --> 00:29:00,720
Speaker 1: and also remember to give you all money as fungible, fungible, bungible. Hi, there,

657
00:29:00,880 --> 00:29:02,920
Speaker 1: you've breached the ses on the money mailbox. Do you

658
00:29:02,960 --> 00:29:04,880
Speaker 1: have the money problem you want help solving. Do you

659
00:29:04,880 --> 00:29:07,160
Speaker 1: have a money dilemma you just want to chat about.

660
00:29:07,360 --> 00:29:10,240
Speaker 1: Victoria is here to help. Every week we'll be playing

661
00:29:10,240 --> 00:29:12,280
Speaker 1: your questions to help make sense of a money mess

662
00:29:12,280 --> 00:29:14,360
Speaker 1: you may have found yourself in. Make a quick recording

663
00:29:14,400 --> 00:29:16,479
Speaker 1: on your phone and send it through to podcast at

664
00:29:16,560 --> 00:29:19,120
Speaker 1: chesothmoney dot com dot au and you might even find

665
00:29:19,120 --> 00:29:22,440
Speaker 1: yourself on the show. But for now, here's today's listener question.

666
00:29:24,960 --> 00:29:26,120
Speaker 2: Hey, Victoria and Georgia.

667
00:29:26,360 --> 00:29:29,800
Speaker 6: Someone in my family recently passed away, and quite unexpectedly,

668
00:29:29,880 --> 00:29:32,160
Speaker 6: I was mentioned in their will, and I'll be receiving

669
00:29:32,200 --> 00:29:34,920
Speaker 6: a quarter of a house that's valued at about six million.

670
00:29:35,480 --> 00:29:37,680
Speaker 6: The planners I know it at the moment, will be

671
00:29:37,760 --> 00:29:40,080
Speaker 6: to sell the home and split what it sells for.

672
00:29:40,520 --> 00:29:42,840
Speaker 6: But I wanted to ask you both about the anxiety

673
00:29:42,880 --> 00:29:45,440
Speaker 6: that I'm feeling about wasting such a big amount of money,

674
00:29:45,720 --> 00:29:48,520
Speaker 6: especially because I'm only twenty six and I don't want

675
00:29:48,520 --> 00:29:51,560
Speaker 6: to waste it. I'm also thinking perhaps I should split

676
00:29:51,600 --> 00:29:54,360
Speaker 6: it with other members of my immediate family. None of

677
00:29:54,400 --> 00:29:57,320
Speaker 6: whom were written into the will. Hope you can help

678
00:29:57,320 --> 00:29:58,480
Speaker 6: with advice and ideas.

679
00:29:58,640 --> 00:29:59,320
Speaker 2: Thanks ladies.

680
00:30:01,160 --> 00:30:05,040
Speaker 1: Okay, V a very big question here with a few

681
00:30:05,120 --> 00:30:08,600
Speaker 1: elements involved. Kick us off with wherever you want to start.

682
00:30:09,600 --> 00:30:11,160
Speaker 2: I don't know where I want to start with this one.

683
00:30:11,240 --> 00:30:14,200
Speaker 2: This is massive, and I know it can also be

684
00:30:14,200 --> 00:30:16,560
Speaker 2: a little bit unrelatable, but at the end of the day,

685
00:30:16,920 --> 00:30:19,520
Speaker 2: I think it's also really important to understand other people's

686
00:30:19,560 --> 00:30:22,360
Speaker 2: money stories because that helps you understand money better. And

687
00:30:22,400 --> 00:30:24,280
Speaker 2: the more you know, the more empowered you are, and

688
00:30:24,320 --> 00:30:27,160
Speaker 2: the more empowering you can be to others. So that

689
00:30:27,320 --> 00:30:29,280
Speaker 2: is why we want questions like this on the pod

690
00:30:29,400 --> 00:30:31,920
Speaker 2: instead of just having things that are always super relatable

691
00:30:31,960 --> 00:30:34,240
Speaker 2: to you. It's all about like open mindset and growth

692
00:30:34,280 --> 00:30:38,000
Speaker 2: mindset and just like pushing you to understand different mentality.

693
00:30:38,080 --> 00:30:40,040
Speaker 2: So I just want to preface that because sometimes we

694
00:30:40,080 --> 00:30:42,240
Speaker 2: do get feedback that they're not relatable enough, and I

695
00:30:42,280 --> 00:30:44,680
Speaker 2: get that, but you are still learning, Like you are

696
00:30:44,760 --> 00:30:48,200
Speaker 2: learning so much by hearing stories like this because you

697
00:30:48,320 --> 00:30:50,880
Speaker 2: now know so much more about wealth and wealth generation

698
00:30:51,120 --> 00:30:53,640
Speaker 2: and money, and I just think that's epic. Another thing

699
00:30:53,640 --> 00:30:56,040
Speaker 2: I want to preface as well is this wasn't just

700
00:30:56,080 --> 00:30:58,480
Speaker 2: a listener question. This was a listener question that came

701
00:30:58,520 --> 00:31:00,760
Speaker 2: in that has now converted into being a client of

702
00:31:00,800 --> 00:31:04,200
Speaker 2: mine because obviously she needs some help, so do not worry.

703
00:31:04,200 --> 00:31:07,920
Speaker 2: She is being looked after. But it is so normal

704
00:31:08,080 --> 00:31:10,120
Speaker 2: to have this sense of angst. It is such a

705
00:31:10,120 --> 00:31:12,840
Speaker 2: big deal to be written into somebody's will, and really

706
00:31:12,880 --> 00:31:15,080
Speaker 2: wanting to respect that money on behalf of the person

707
00:31:15,080 --> 00:31:17,719
Speaker 2: who handed it down makes so much sense. It can

708
00:31:17,760 --> 00:31:21,120
Speaker 2: also feel like so much pressure, like it is so hard,

709
00:31:21,200 --> 00:31:23,560
Speaker 2: And that goes back to what I was saying before.

710
00:31:23,640 --> 00:31:26,000
Speaker 2: You do not have to make any decision right now.

711
00:31:26,680 --> 00:31:29,040
Speaker 2: And if you are in this situation and you have

712
00:31:29,160 --> 00:31:32,120
Speaker 2: inherited a large amount of money, please do not feel

713
00:31:32,120 --> 00:31:35,440
Speaker 2: pressured by anyone, including a financial advisor, to invest it.

714
00:31:35,480 --> 00:31:37,720
Speaker 2: Like if a financial advisor ever tells you that you

715
00:31:37,760 --> 00:31:40,040
Speaker 2: need to do it asap, just run for the hills,

716
00:31:40,080 --> 00:31:42,760
Speaker 2: my friend, because it is a terrible idea because at

717
00:31:42,760 --> 00:31:45,520
Speaker 2: the end of the day, fifty percent of investing is mental.

718
00:31:45,640 --> 00:31:48,640
Speaker 2: You have to be invested in it mentally and physically,

719
00:31:48,920 --> 00:31:51,000
Speaker 2: because at the end of the day, if you're not comfortable,

720
00:31:51,040 --> 00:31:53,280
Speaker 2: you're probably going to pull your money out and lose

721
00:31:53,320 --> 00:31:55,400
Speaker 2: the long term gain of being invested for the long

722
00:31:55,480 --> 00:31:58,440
Speaker 2: term purely because you are scared. So it just makes

723
00:31:58,480 --> 00:32:01,080
Speaker 2: a lot of sense to just get good advice from

724
00:32:01,080 --> 00:32:04,000
Speaker 2: someone who respects you and also respects where it's come from,

725
00:32:04,040 --> 00:32:06,200
Speaker 2: because that is really special. At the end of the day,

726
00:32:06,360 --> 00:32:09,200
Speaker 2: we would always prefer to have that person here, but

727
00:32:09,440 --> 00:32:12,800
Speaker 2: let's respect them. Let's create something together that that person

728
00:32:12,880 --> 00:32:16,440
Speaker 2: would really be proud of you for. So also, just

729
00:32:16,480 --> 00:32:18,280
Speaker 2: to throw in some stats here, I really want to

730
00:32:18,280 --> 00:32:20,640
Speaker 2: talk about the shift of intergenerational wealth.

731
00:32:20,640 --> 00:32:22,120
Speaker 1: Can you explain what that means?

732
00:32:22,320 --> 00:32:23,000
Speaker 2: Absolutely?

733
00:32:23,120 --> 00:32:23,200
Speaker 1: So.

734
00:32:23,280 --> 00:32:27,560
Speaker 2: Intergenerational wealth is where money comes down from inheritance, so

735
00:32:27,600 --> 00:32:30,360
Speaker 2: it comes from other people you haven't earned that money.

736
00:32:30,720 --> 00:32:33,640
Speaker 2: And Australia is actually on the cusp of its largest

737
00:32:33,680 --> 00:32:38,080
Speaker 2: handover of wealth, with an estimated three point five trillion

738
00:32:38,200 --> 00:32:42,280
Speaker 2: dollars worth being transferred from the baby boomer generation to

739
00:32:42,400 --> 00:32:45,840
Speaker 2: younger Australians over the next twenty years. So I said

740
00:32:45,880 --> 00:32:48,120
Speaker 2: it was unrelatable, but it's not going to be that

741
00:32:48,240 --> 00:32:52,480
Speaker 2: unrelatable for our community because that is you, guys. So

742
00:32:52,600 --> 00:32:54,920
Speaker 2: to give you some sense of how much that actually is,

743
00:32:55,000 --> 00:32:58,080
Speaker 2: let's just start a breakdown. What are trillion dollars actually is,

744
00:32:58,120 --> 00:33:00,640
Speaker 2: because it's super hard to visualize one million dollars, let

745
00:33:00,640 --> 00:33:06,280
Speaker 2: alone a trillion dollars. So one trillion is one million millions, Like.

746
00:33:06,360 --> 00:33:07,000
Speaker 1: What a million?

747
00:33:07,080 --> 00:33:09,200
Speaker 2: That's a lot of millions. If you went back in

748
00:33:09,280 --> 00:33:13,640
Speaker 2: time one billion seconds, you'd be in nineteen eighty seven.

749
00:33:14,280 --> 00:33:17,120
Speaker 2: But if you went back a trillion seconds, you'd be

750
00:33:17,120 --> 00:33:20,760
Speaker 2: in roughly thirty thousand BC. That's a really long time ago.

751
00:33:21,400 --> 00:33:23,560
Speaker 2: So a trillion, that's that's a hell of a lot.

752
00:33:23,680 --> 00:33:27,360
Speaker 2: And three point five trillion is literally an incomprehensible amount

753
00:33:27,400 --> 00:33:29,320
Speaker 2: of money. So that is a lot of money that

754
00:33:29,400 --> 00:33:31,440
Speaker 2: is going to be transferred and a lot of you

755
00:33:31,480 --> 00:33:34,480
Speaker 2: who are going to need advice. And yeah, that that's

756
00:33:34,520 --> 00:33:37,720
Speaker 2: how much money's coming. Wow, imagine being a trillionaire.

757
00:33:38,640 --> 00:33:40,920
Speaker 1: Are there trillionaires? I don't pass bezos?

758
00:33:40,960 --> 00:33:41,680
Speaker 2: What's he a billion?

759
00:33:41,680 --> 00:33:42,960
Speaker 1: I think he's a just a billionaire.

760
00:33:43,000 --> 00:33:44,720
Speaker 2: Yeah, just a measly billionaire.

761
00:33:45,920 --> 00:33:49,680
Speaker 1: Okay, So a few questions here then, fe what did

762
00:33:49,720 --> 00:33:53,719
Speaker 1: you think about her wanting to split the money that

763
00:33:53,760 --> 00:33:57,040
Speaker 1: she'll receive with the members of her family who weren't

764
00:33:57,040 --> 00:33:57,520
Speaker 1: in the will.

765
00:33:58,000 --> 00:34:01,240
Speaker 2: I would question that purely because that wasn't the intention

766
00:34:01,360 --> 00:34:04,120
Speaker 2: of the person. You've inherited it from. And a very

767
00:34:04,120 --> 00:34:06,800
Speaker 2: big part of inheritance for me is about respect and

768
00:34:06,840 --> 00:34:09,560
Speaker 2: it is about honoring that person, and that becomes a

769
00:34:09,600 --> 00:34:11,960
Speaker 2: really big piece of what I do. It's just like,

770
00:34:12,040 --> 00:34:14,280
Speaker 2: I want to know about that person, Like that person

771
00:34:14,400 --> 00:34:17,560
Speaker 2: was clearly special to you, and you know obviously played

772
00:34:17,600 --> 00:34:19,439
Speaker 2: a big part of your life, and I just want

773
00:34:19,440 --> 00:34:21,400
Speaker 2: to know who they were, what they meant to you,

774
00:34:21,760 --> 00:34:24,000
Speaker 2: how we can honor them, what did they want for you,

775
00:34:24,120 --> 00:34:26,080
Speaker 2: what would they like? Were they nice people? Because at

776
00:34:26,120 --> 00:34:27,799
Speaker 2: the end of the day, they were such a large

777
00:34:27,800 --> 00:34:29,239
Speaker 2: piece of your life, and I want them to be

778
00:34:29,320 --> 00:34:32,960
Speaker 2: a part of that growth and that change. So for me,

779
00:34:33,280 --> 00:34:36,120
Speaker 2: that's what I would want to do. But it's definitely

780
00:34:36,120 --> 00:34:39,000
Speaker 2: worthy of a conversation because you can essentially do whatever

781
00:34:39,000 --> 00:34:42,480
Speaker 2: you want with your inheritance. But let's go back to

782
00:34:42,520 --> 00:34:45,279
Speaker 2: that million dollar question before, Like, would you split a

783
00:34:45,320 --> 00:34:48,840
Speaker 2: million dollars three ways and give that to other people

784
00:34:49,000 --> 00:34:50,960
Speaker 2: and kind of get rid of a lot of the

785
00:34:51,000 --> 00:34:54,160
Speaker 2: power of that money, or would you take an ongoing

786
00:34:54,280 --> 00:34:56,960
Speaker 2: income and be able to help your family for the

787
00:34:56,960 --> 00:34:59,480
Speaker 2: foreseeable future and still have that million dollars sitting in

788
00:34:59,520 --> 00:35:02,320
Speaker 2: an investment somewhere You don't have to just split the

789
00:35:02,360 --> 00:35:04,600
Speaker 2: money to have an impact and help people like your

790
00:35:04,719 --> 00:35:07,520
Speaker 2: investment could be the passive income. That means that you

791
00:35:07,520 --> 00:35:09,600
Speaker 2: can give your mom at ten thousand dollars a year

792
00:35:09,880 --> 00:35:12,400
Speaker 2: for the foreseeable future, if that's what you wanted to

793
00:35:12,400 --> 00:35:15,040
Speaker 2: do without ever impacting that million dollars.

794
00:35:15,719 --> 00:35:17,880
Speaker 1: When it comes to the anxiety, just going back to

795
00:35:17,920 --> 00:35:20,640
Speaker 1: that question fee in terms of tools. So I know

796
00:35:20,680 --> 00:35:23,520
Speaker 1: you're looking after this client, which is amazing. But for

797
00:35:23,560 --> 00:35:26,960
Speaker 1: anyone listening who has received a large inheritance or any

798
00:35:27,040 --> 00:35:29,560
Speaker 1: kind of inheritance, who is feeling that angst, what words

799
00:35:29,560 --> 00:35:30,640
Speaker 1: of wisdom would you leave them with?

800
00:35:30,680 --> 00:35:33,279
Speaker 2: Money is fraught with anxiety, and I think that I

801
00:35:33,280 --> 00:35:37,640
Speaker 2: would just say this is this is what that person wanted.

802
00:35:37,760 --> 00:35:40,440
Speaker 2: You need to get rid of that anxiety. You need

803
00:35:40,440 --> 00:35:42,640
Speaker 2: to put yourself in a position where you can actually

804
00:35:42,640 --> 00:35:46,640
Speaker 2: feel confident about this, because I understand that inheritance is

805
00:35:46,760 --> 00:35:49,560
Speaker 2: usually a bit cloudy. I mean, someone's passed away, but

806
00:35:49,719 --> 00:35:52,440
Speaker 2: that person wanted to give it to you because they

807
00:35:52,480 --> 00:35:55,480
Speaker 2: couldn't be their figure. So how do we put that

808
00:35:55,600 --> 00:35:58,520
Speaker 2: money to work so that it is honoring that person

809
00:35:58,560 --> 00:36:00,800
Speaker 2: in the best possible way. And at the end of

810
00:36:00,840 --> 00:36:02,799
Speaker 2: the day. As I said, you don't have to do

811
00:36:02,840 --> 00:36:05,799
Speaker 2: anything immediately, but you do have to work out what

812
00:36:05,920 --> 00:36:07,920
Speaker 2: is the best way of honoring that person. And if

813
00:36:07,960 --> 00:36:10,359
Speaker 2: you see a financial advisor, you don't have to go

814
00:36:10,440 --> 00:36:14,640
Speaker 2: through with that strategy immediately, but least start educating yourself

815
00:36:14,719 --> 00:36:16,520
Speaker 2: and know there are going to be a very small

816
00:36:16,560 --> 00:36:19,239
Speaker 2: handful of people who are listening who have an inheritance

817
00:36:19,280 --> 00:36:20,960
Speaker 2: sitting in a bank account, and it might have been

818
00:36:21,000 --> 00:36:23,359
Speaker 2: there for a little while. That money sitting in your

819
00:36:23,400 --> 00:36:26,279
Speaker 2: savings is genuinely giving you more anxiety because you don't

820
00:36:26,280 --> 00:36:27,919
Speaker 2: know what to do with it. I would say half

821
00:36:27,960 --> 00:36:29,680
Speaker 2: my job is being a psychologist.

822
00:36:29,719 --> 00:36:32,719
Speaker 1: Still, yeah, yeah, that makes so much sense. Was there

823
00:36:32,800 --> 00:36:35,160
Speaker 1: anything else you wanted to add here? V I was

824
00:36:35,200 --> 00:36:38,239
Speaker 1: going to ask you a question about your faith in

825
00:36:38,320 --> 00:36:41,480
Speaker 1: the generations that will be inheriting that three point five

826
00:36:41,600 --> 00:36:43,719
Speaker 1: trillion dollars. Do you think that we're going to be

827
00:36:43,760 --> 00:36:46,920
Speaker 1: okay with that? Is our financial literacy up to scratch? Oh?

828
00:36:46,960 --> 00:36:49,160
Speaker 2: We have terrible financial literacy, which is why I'm so

829
00:36:49,200 --> 00:36:50,920
Speaker 2: passionate about it. But at the end of the day,

830
00:36:50,960 --> 00:36:52,600
Speaker 2: I think that we are all smart and we are

831
00:36:52,640 --> 00:36:54,640
Speaker 2: all going to make the right decisions for us. There

832
00:36:54,680 --> 00:36:56,440
Speaker 2: are always going to be people who just stick their

833
00:36:56,440 --> 00:36:58,600
Speaker 2: head in the sand about money and they're not going

834
00:36:58,680 --> 00:37:00,920
Speaker 2: to do what I would. But at the end of

835
00:37:00,920 --> 00:37:04,000
Speaker 2: the day, these are all my opinions, guys, that there's

836
00:37:04,080 --> 00:37:06,560
Speaker 2: no right or wrong. You could choose not to invest

837
00:37:06,680 --> 00:37:08,719
Speaker 2: because it might not be aligned to your risk profile.

838
00:37:09,080 --> 00:37:11,440
Speaker 2: I think it's really important to realize that my opinion

839
00:37:11,560 --> 00:37:15,759
Speaker 2: is one of many, one of millions, one of trillions Georgia,

840
00:37:15,800 --> 00:37:17,759
Speaker 2: and I think that you know, you might follow me

841
00:37:17,920 --> 00:37:19,640
Speaker 2: or you might not. But at the end of the day,

842
00:37:19,719 --> 00:37:21,719
Speaker 2: you need to make the right decision for you, and

843
00:37:21,840 --> 00:37:24,000
Speaker 2: if that means sitting it in a bank account, then

844
00:37:24,040 --> 00:37:25,759
Speaker 2: you do. You There is no right or wrong when

845
00:37:25,800 --> 00:37:29,080
Speaker 2: it comes to the management of money. And I'm sure

846
00:37:29,080 --> 00:37:32,120
Speaker 2: that there are some people. I mean, I'm assuming I

847
00:37:32,120 --> 00:37:35,080
Speaker 2: haven't haven't met them, but this is just a grand assumption.

848
00:37:35,440 --> 00:37:37,360
Speaker 2: I'm assuming that there are some people who might have

849
00:37:37,440 --> 00:37:40,560
Speaker 2: inherited a million dollars blew it over two years. But

850
00:37:40,600 --> 00:37:42,680
Speaker 2: also so that was the best two years of my

851
00:37:42,880 --> 00:37:45,200
Speaker 2: entire life, So it would be very naive of me

852
00:37:45,280 --> 00:37:46,799
Speaker 2: to think that my way is the only way.

853
00:37:46,880 --> 00:37:55,239
Speaker 1: Ye And now it's time to take a sneak peek

854
00:37:55,280 --> 00:37:58,640
Speaker 1: into their financial lives. The perfect strangers. It's time for

855
00:37:58,680 --> 00:37:59,440
Speaker 1: money diaries.

856
00:38:01,520 --> 00:38:03,960
Speaker 5: Hi, I'm the twenty nine year old with her super

857
00:38:04,120 --> 00:38:07,920
Speaker 5: in her hands, and this is my money diary. My

858
00:38:08,000 --> 00:38:11,280
Speaker 5: mom's uncle, who was living in Australia, sponsored my mom

859
00:38:11,560 --> 00:38:15,520
Speaker 5: during a time that Australia was taking in refugees. So yeah,

860
00:38:15,560 --> 00:38:18,560
Speaker 5: my parents ended up in Australia and they had to

861
00:38:18,560 --> 00:38:20,560
Speaker 5: start from scratch. They came from the village of Vietnam,

862
00:38:20,560 --> 00:38:23,600
Speaker 5: so they didn't have any money, didn't have anything growing up.

863
00:38:23,640 --> 00:38:26,880
Speaker 5: When I was younger, my parents used to buy a

864
00:38:26,880 --> 00:38:29,520
Speaker 5: lot about money, and I really paid attention to that,

865
00:38:29,760 --> 00:38:32,759
Speaker 5: and I told myself when I was young that I

866
00:38:32,800 --> 00:38:36,360
Speaker 5: would definitely make enough money in the future so that

867
00:38:36,480 --> 00:38:38,400
Speaker 5: I would never ever have to argue about money. I

868
00:38:38,400 --> 00:38:40,680
Speaker 5: would be happy to argue about anything else. But I

869
00:38:40,800 --> 00:38:43,960
Speaker 5: did not want money to rule my life. My parents

870
00:38:43,960 --> 00:38:47,120
Speaker 5: do have the expectations that because it wasn't easy for

871
00:38:47,160 --> 00:38:49,319
Speaker 5: them to find work and make money. But as soon

872
00:38:49,360 --> 00:38:51,440
Speaker 5: as I get money that I should buy a house

873
00:38:51,480 --> 00:38:53,480
Speaker 5: to away, I should settle down, I should have a family.

874
00:38:53,760 --> 00:38:55,720
Speaker 3: You've given me the opportunity to have more choices.

875
00:38:55,800 --> 00:38:57,480
Speaker 5: You give me the opportunity to you know, now that

876
00:38:57,560 --> 00:38:59,960
Speaker 5: I have an Australian passport, I can go and live

877
00:39:00,160 --> 00:39:00,760
Speaker 5: work overseas.

878
00:39:00,800 --> 00:39:02,840
Speaker 3: You've never had the opportunity. I'm going to use my

879
00:39:02,920 --> 00:39:04,080
Speaker 3: money and buy that.

880
00:39:04,040 --> 00:39:06,440
Speaker 5: Visa and live and work overseas and pay rent and

881
00:39:06,680 --> 00:39:08,840
Speaker 5: experience life because you didn't have that chance.

882
00:39:09,120 --> 00:39:12,759
Speaker 1: What does our superinhad money diarist do for work? How

883
00:39:12,840 --> 00:39:14,600
Speaker 1: much does she earn and how much is in her

884
00:39:14,600 --> 00:39:15,640
Speaker 1: bank account right now?

885
00:39:15,960 --> 00:39:19,399
Speaker 5: My first full time job after graduating UNI was a

886
00:39:19,600 --> 00:39:23,359
Speaker 5: graduate site engineer for a construction company. And I've been

887
00:39:23,400 --> 00:39:27,440
Speaker 5: working in construction management for almost five years now. And

888
00:39:27,600 --> 00:39:31,640
Speaker 5: the salary for site engineer or construction management is usually

889
00:39:32,000 --> 00:39:36,200
Speaker 5: seventy five up to ninety or more depending on your experience.

890
00:39:37,080 --> 00:39:41,640
Speaker 5: I moved to London this year when the pandemic started,

891
00:39:42,080 --> 00:39:45,720
Speaker 5: and so I haven't really worked properly for in construction

892
00:39:45,760 --> 00:39:48,279
Speaker 5: management for about eight months. So at the moment in

893
00:39:48,280 --> 00:39:52,120
Speaker 5: my bank account, it's going to sound crazy. I came

894
00:39:52,200 --> 00:39:55,359
Speaker 5: to London with ten thousand Australian dollars and so now

895
00:39:55,440 --> 00:39:57,640
Speaker 5: I have four thousands in my account.

896
00:39:58,040 --> 00:39:58,279
Speaker 3: Only.

897
00:39:58,320 --> 00:40:00,560
Speaker 5: I was able to survive because Australian and said we

898
00:40:00,560 --> 00:40:03,520
Speaker 5: could withdraw our super up and I thought, Okay, if

899
00:40:03,560 --> 00:40:05,680
Speaker 5: I'm not going to withdraw money and don't have emergency

900
00:40:05,719 --> 00:40:07,879
Speaker 5: money on my account, I'll have to fly home right now.

901
00:40:08,680 --> 00:40:10,399
Speaker 3: And I'm like almost thirty one.

902
00:40:10,440 --> 00:40:12,640
Speaker 5: If I'm not going to continue trying to live in

903
00:40:12,680 --> 00:40:14,560
Speaker 5: London and work in London now, it's not going to

904
00:40:14,600 --> 00:40:17,440
Speaker 5: happen again. So having that super money that I was

905
00:40:17,480 --> 00:40:20,200
Speaker 5: able to withdraw really helped me with my confidence and

906
00:40:20,560 --> 00:40:23,560
Speaker 5: not have the scarcity mindset, which I think saved me.

907
00:40:24,040 --> 00:40:26,440
Speaker 1: What are her thoughts on investing and does she invest

908
00:40:26,480 --> 00:40:27,040
Speaker 1: in herself?

909
00:40:27,719 --> 00:40:30,920
Speaker 5: I know nothing about investing. I feel like everyone's at

910
00:40:31,000 --> 00:40:34,240
Speaker 5: different stages in their life's money and for me, because

911
00:40:34,239 --> 00:40:36,760
Speaker 5: I haven't had the experiences in life that because I

912
00:40:36,880 --> 00:40:41,480
Speaker 5: never had money or extra money, my first thing that

913
00:40:41,520 --> 00:40:44,040
Speaker 5: I care about is experience in life and like investing

914
00:40:44,040 --> 00:40:46,120
Speaker 5: in myself. Other people who like know who they are

915
00:40:46,160 --> 00:40:49,000
Speaker 5: blah blah blah, like they would want to invest in

916
00:40:49,040 --> 00:40:51,719
Speaker 5: other like a house or a car or whatever. But

917
00:40:51,760 --> 00:40:54,480
Speaker 5: for me, that comes after I invest in myself and

918
00:40:54,520 --> 00:40:56,399
Speaker 5: I know myself, I know what I want they want

919
00:40:56,440 --> 00:41:00,239
Speaker 5: to care about. So I've only invested for myself with

920
00:41:00,280 --> 00:41:04,799
Speaker 5: life coaching when I needed it, buying books, traveling, you know,

921
00:41:04,840 --> 00:41:07,759
Speaker 5: moving out of home and paying rent in like an

922
00:41:07,840 --> 00:41:10,560
Speaker 5: area that I like, being surrounded by community that are

923
00:41:10,600 --> 00:41:12,960
Speaker 5: like with like organic shops, and you know that's expensive,

924
00:41:13,520 --> 00:41:17,360
Speaker 5: but I feel like investing in the energy, the location,

925
00:41:18,160 --> 00:41:20,920
Speaker 5: people that I surround myself with. So I like the

926
00:41:20,920 --> 00:41:23,840
Speaker 5: money that I made. I invested one day's money is

927
00:41:23,880 --> 00:41:25,799
Speaker 5: worth at a coworking space just to be in the

928
00:41:25,840 --> 00:41:28,680
Speaker 5: right energy and like the right mindset. And I think

929
00:41:28,880 --> 00:41:31,040
Speaker 5: during that time I was able to attract my first

930
00:41:31,120 --> 00:41:33,719
Speaker 5: job in construction management. Once I know who I am

931
00:41:33,840 --> 00:41:37,280
Speaker 5: and settled, then the next thing is invest in a house.

932
00:41:37,360 --> 00:41:40,680
Speaker 5: You know, save up money, listen to podcasts about money.

933
00:41:40,800 --> 00:41:42,440
Speaker 1: What is her best money habit?

934
00:41:42,840 --> 00:41:46,160
Speaker 5: I only buy what I know, like I really really need.

935
00:41:46,360 --> 00:41:49,360
Speaker 5: When it comes to buying clothes, I only buy clothes

936
00:41:49,400 --> 00:41:51,759
Speaker 5: that I can wear to work and wear out. So

937
00:41:51,880 --> 00:41:54,520
Speaker 5: it's like I don't have a billion clothes sitting around.

938
00:41:54,840 --> 00:41:56,400
Speaker 1: And what's her worst money habit?

939
00:41:56,560 --> 00:41:58,800
Speaker 5: I really try to be a minimalist as I get older,

940
00:41:59,120 --> 00:42:01,480
Speaker 5: because I think it's good for the environment in the world.

941
00:42:01,760 --> 00:42:03,880
Speaker 5: But I have my no negotiables, and one of that

942
00:42:04,000 --> 00:42:07,240
Speaker 5: is always getting my nails painted. It's not at the moment,

943
00:42:07,360 --> 00:42:10,080
Speaker 5: but I'll always get my hair done, I'll always get

944
00:42:10,120 --> 00:42:12,239
Speaker 5: my nails painted, so like, yeah, I'm not going to

945
00:42:12,239 --> 00:42:14,879
Speaker 5: be like so Thindy that I'm not going to make

946
00:42:14,920 --> 00:42:15,759
Speaker 5: myself feel good.

947
00:42:16,360 --> 00:42:17,960
Speaker 1: What is her big money goal?

948
00:42:18,360 --> 00:42:21,479
Speaker 5: On my excel shape showing my goals for long term goals,

949
00:42:21,480 --> 00:42:24,560
Speaker 5: I wrote, I want to own a house at some point,

950
00:42:24,920 --> 00:42:27,400
Speaker 5: and I want to own an event space so I

951
00:42:27,400 --> 00:42:31,040
Speaker 5: can host things because I just like hosting gatherings of people.

952
00:42:31,280 --> 00:42:33,280
Speaker 1: What grade would she give her money habits?

953
00:42:33,640 --> 00:42:36,440
Speaker 5: The grade I'd give it is probably the lowest because

954
00:42:36,560 --> 00:42:38,640
Speaker 5: at the moment it's not my priority. But I think

955
00:42:38,680 --> 00:42:41,080
Speaker 5: when I'm ready, it will become like higher and I'll

956
00:42:41,080 --> 00:42:42,880
Speaker 5: do all the education I need and I'll focus on it.

957
00:42:42,880 --> 00:42:45,440
Speaker 5: That's why I think I'll have goals. There's different priorities

958
00:42:45,480 --> 00:42:45,879
Speaker 5: each year.

959
00:42:46,280 --> 00:42:48,360
Speaker 1: Is there anything she wants to learn more about or

960
00:42:48,400 --> 00:42:49,360
Speaker 1: share with the community?

961
00:42:49,680 --> 00:42:51,560
Speaker 5: Now that the money is sitting out of my super

962
00:42:52,200 --> 00:42:54,360
Speaker 5: what do you think I should deal with it? I

963
00:42:54,400 --> 00:42:56,440
Speaker 5: really want to invest it into something. I think it's

964
00:42:56,480 --> 00:42:57,400
Speaker 5: a great opportunity.

965
00:42:57,920 --> 00:43:01,799
Speaker 1: Okay, VICKI d just like so much to unpack there.

966
00:43:02,360 --> 00:43:04,640
Speaker 1: I don't know where to begin. I've got a hell

967
00:43:04,680 --> 00:43:05,400
Speaker 1: of a lot of notes.

968
00:43:05,800 --> 00:43:09,600
Speaker 2: Obviously this is non judgmental. I just think that investment

969
00:43:09,640 --> 00:43:14,000
Speaker 2: needs to be investment for future you, not for current lifestyle.

970
00:43:14,080 --> 00:43:17,280
Speaker 2: And I feel like there's a lot of clarity missing

971
00:43:17,800 --> 00:43:21,040
Speaker 2: from this individual's money story. And I just genuinely feel

972
00:43:21,120 --> 00:43:25,640
Speaker 2: like treat yourself is probably the summary of this ye,

973
00:43:26,040 --> 00:43:28,480
Speaker 2: whereas I don't think that they see it that way,

974
00:43:28,560 --> 00:43:30,640
Speaker 2: and I'm really sorry that that's my opinion. I just

975
00:43:30,680 --> 00:43:34,359
Speaker 2: think that this mentality is going to in the long term,

976
00:43:34,400 --> 00:43:36,480
Speaker 2: going to get them in a little bit more trouble

977
00:43:36,520 --> 00:43:39,920
Speaker 2: than they anticipate investing in a space because you like,

978
00:43:40,120 --> 00:43:43,000
Speaker 2: entertaining is not investing, my friend, I'm so sorry it

979
00:43:43,120 --> 00:43:45,239
Speaker 2: is not. It might be a really nice thing that

980
00:43:45,280 --> 00:43:48,440
Speaker 2: you prioritize, but we really have to prioritize future you,

981
00:43:49,000 --> 00:43:51,080
Speaker 2: and we can't have our cake and eat it too.

982
00:43:51,120 --> 00:43:53,400
Speaker 2: And I feel like that's what this money dirist is

983
00:43:53,440 --> 00:43:56,200
Speaker 2: potentially thinking. Yeah, does that really mean to say? I

984
00:43:56,239 --> 00:43:56,759
Speaker 2: don't mean it.

985
00:43:57,160 --> 00:43:59,799
Speaker 1: I think I don't know. I think you have to

986
00:43:59,800 --> 00:44:02,719
Speaker 1: be honest about your take on this. You'r a financial advisors,

987
00:44:02,719 --> 00:44:04,000
Speaker 1: so you can't listen to this and be like she

988
00:44:04,080 --> 00:44:06,520
Speaker 1: is doing everything right. I love it because that would

989
00:44:06,560 --> 00:44:10,759
Speaker 1: be contrary to everything else you tell us on this podcast.

990
00:44:10,560 --> 00:44:12,640
Speaker 2: One hundred percent. And I just think if you say

991
00:44:12,680 --> 00:44:15,440
Speaker 2: you want to invest in space because you love hosting gatherings,

992
00:44:15,480 --> 00:44:18,040
Speaker 2: I really like that. But I think this money direst

993
00:44:18,080 --> 00:44:20,799
Speaker 2: potentially has a lot to learn about money. And I

994
00:44:20,880 --> 00:44:23,320
Speaker 2: know that she's a new listener to she's all the money,

995
00:44:23,600 --> 00:44:26,239
Speaker 2: so maybe once she gets through them all, she'll be there.

996
00:44:26,280 --> 00:44:29,040
Speaker 2: And obviously our money diarists, they all get a copy

997
00:44:29,080 --> 00:44:31,560
Speaker 2: of the cash Flow and Budget Masterclass, and I think

998
00:44:31,560 --> 00:44:34,279
Speaker 2: that that could potentially be really helpful. But there are

999
00:44:34,360 --> 00:44:36,239
Speaker 2: a few things that I was concerned about.

1000
00:44:36,280 --> 00:44:39,239
Speaker 1: So talk to me about your first concern because there

1001
00:44:39,280 --> 00:44:40,040
Speaker 1: are a few.

1002
00:44:40,000 --> 00:44:42,839
Speaker 2: Are the Super thing. She's taken twenty thousand dollars out

1003
00:44:42,840 --> 00:44:45,440
Speaker 2: of Super and she said that I've never had this

1004
00:44:45,600 --> 00:44:48,239
Speaker 2: amount before and I really need to invest it, my love.

1005
00:44:48,280 --> 00:44:51,279
Speaker 2: It was already invested in your superannuation account and now

1006
00:44:51,320 --> 00:44:53,719
Speaker 2: we are one paying tax on that. But we are

1007
00:44:53,760 --> 00:44:55,879
Speaker 2: not making at work as hard as it is meant

1008
00:44:55,920 --> 00:44:58,320
Speaker 2: to be working for you. If you are taking money

1009
00:44:58,360 --> 00:45:01,200
Speaker 2: out of Super to invest, you don't understand the basic

1010
00:45:01,239 --> 00:45:05,440
Speaker 2: principles of investment or the fact that the superannuation environment

1011
00:45:05,480 --> 00:45:07,880
Speaker 2: in Australia is literally the closest thing we have to

1012
00:45:07,960 --> 00:45:11,760
Speaker 2: a tax haven. The superannuation tax rate is only fifteen percent,

1013
00:45:11,840 --> 00:45:14,399
Speaker 2: whereas if you withdraw it, obviously we have to pay

1014
00:45:14,440 --> 00:45:17,320
Speaker 2: our maginal tax rates which are more than fifteen percent.

1015
00:45:17,360 --> 00:45:20,960
Speaker 2: And I know she's experienced significant financial distress this year

1016
00:45:21,000 --> 00:45:25,319
Speaker 2: because you know, moving et cetera really hard. But you

1017
00:45:25,360 --> 00:45:28,160
Speaker 2: don't withdraw money from super to invest. It's just a

1018
00:45:28,160 --> 00:45:29,960
Speaker 2: bad idea. At the end of the day, you are

1019
00:45:30,040 --> 00:45:33,160
Speaker 2: already investing. And if you've been thinking about this, I

1020
00:45:33,200 --> 00:45:36,520
Speaker 2: think my main advice would genuinely be go and have

1021
00:45:36,600 --> 00:45:38,920
Speaker 2: a look at what your super is invested in, and

1022
00:45:39,000 --> 00:45:41,120
Speaker 2: be a little bit more on top of the types

1023
00:45:41,120 --> 00:45:43,560
Speaker 2: of portfolio that you're invested in, making sure it's in

1024
00:45:43,600 --> 00:45:46,120
Speaker 2: line with your risk profile, making sure it's in line

1025
00:45:46,120 --> 00:45:48,560
Speaker 2: with your goals and values. Not taking it out to

1026
00:45:48,600 --> 00:45:51,720
Speaker 2: make a decision about investment, because we're literally losing money,

1027
00:45:52,160 --> 00:45:54,360
Speaker 2: and given the timeframes, and I don't know if this

1028
00:45:54,480 --> 00:45:56,719
Speaker 2: is true or not, so this could be wild speculation.

1029
00:45:56,880 --> 00:45:59,120
Speaker 2: I don't know the dates she pulled it out, but

1030
00:45:59,200 --> 00:46:02,160
Speaker 2: she potentially had massive losses when she pulled the money

1031
00:46:02,160 --> 00:46:05,440
Speaker 2: out because the market guys obviously went down during COVID,

1032
00:46:05,760 --> 00:46:08,360
Speaker 2: and that's the point in time that most people withdrew

1033
00:46:08,400 --> 00:46:12,040
Speaker 2: money out of superannuation, which means you crystallized a loss,

1034
00:46:12,080 --> 00:46:16,440
Speaker 2: which sounds fancy, but it essentially means you accepted less

1035
00:46:16,480 --> 00:46:20,280
Speaker 2: money per share for that share and took it out

1036
00:46:20,400 --> 00:46:23,000
Speaker 2: instead of waiting for the market to recover so that

1037
00:46:23,080 --> 00:46:25,160
Speaker 2: if you ever were to sell something off you would

1038
00:46:25,160 --> 00:46:27,759
Speaker 2: get a better return. So you accepted low return. So

1039
00:46:27,800 --> 00:46:30,480
Speaker 2: your money is already backwards and now you're going to

1040
00:46:30,520 --> 00:46:34,600
Speaker 2: invest it in a market that's technically already starting to recover.

1041
00:46:34,800 --> 00:46:37,439
Speaker 2: So you've missed out on a period of time where

1042
00:46:37,440 --> 00:46:39,279
Speaker 2: you could have been investing and your money could have

1043
00:46:39,320 --> 00:46:42,080
Speaker 2: been working for you. It's been sitting in your savings account.

1044
00:46:42,239 --> 00:46:44,439
Speaker 2: I feel like I'm being quite negative and quite harsh,

1045
00:46:44,520 --> 00:46:45,719
Speaker 2: but at the end of the day, I need to

1046
00:46:45,719 --> 00:46:48,399
Speaker 2: be realistic. That is what you've done, and I think

1047
00:46:48,400 --> 00:46:50,400
Speaker 2: that you need to understand that that's maybe not the

1048
00:46:50,440 --> 00:46:52,080
Speaker 2: best thing that you could have done for your money,

1049
00:46:52,160 --> 00:46:54,560
Speaker 2: and that's my job to share that with you.

1050
00:46:54,480 --> 00:46:56,799
Speaker 1: Exactly right, And you know we're not just piling on

1051
00:46:57,080 --> 00:46:59,120
Speaker 1: this lovely money diarist. I think a lot of people

1052
00:46:59,120 --> 00:47:01,240
Speaker 1: could probably relate to this. A lot of people maybe

1053
00:47:01,280 --> 00:47:03,040
Speaker 1: have taken that money out as well and are thinking,

1054
00:47:03,040 --> 00:47:06,279
Speaker 1: oh God, what have I done? It is so important

1055
00:47:06,440 --> 00:47:10,160
Speaker 1: and special. I guess that she really values investing in herself,

1056
00:47:10,160 --> 00:47:14,560
Speaker 1: investing in traveling, investing in all of those amazing life experiences.

1057
00:47:14,600 --> 00:47:17,120
Speaker 1: But there are ways you can do that without pulling

1058
00:47:17,120 --> 00:47:20,200
Speaker 1: your money out of superannuation or just spending all of

1059
00:47:20,200 --> 00:47:22,440
Speaker 1: your money on this stuff. As you always say on

1060
00:47:22,480 --> 00:47:24,960
Speaker 1: the podcast, if you work out your budgeting and cash flow,

1061
00:47:25,239 --> 00:47:27,160
Speaker 1: you can get on the right track and you can

1062
00:47:27,239 --> 00:47:29,040
Speaker 1: afford those splurges from time to time. And like, she

1063
00:47:30,000 --> 00:47:33,400
Speaker 1: an amazing salary, she's a great industry, Like she'll be

1064
00:47:33,440 --> 00:47:35,120
Speaker 1: great salary industry.

1065
00:47:35,200 --> 00:47:37,359
Speaker 2: I think that she was doing really well. I think

1066
00:47:37,400 --> 00:47:41,200
Speaker 2: I was really concerned though about her. Can I'm really

1067
00:47:41,280 --> 00:47:44,360
Speaker 2: sorry I feel really negative about this, but I was

1068
00:47:44,360 --> 00:47:47,320
Speaker 2: really concerned when she said I'll always earn more money later,

1069
00:47:47,640 --> 00:47:50,080
Speaker 2: Like that's such a future you problem.

1070
00:47:50,960 --> 00:47:52,600
Speaker 1: But so many people would think like that.

1071
00:47:52,960 --> 00:47:55,799
Speaker 2: Yeah, it's let's stop making things a problem for future you.

1072
00:47:55,880 --> 00:47:57,640
Speaker 2: Like I don't want to hear that you'll make money later,

1073
00:47:57,680 --> 00:47:59,399
Speaker 2: and want to hear that you are making the most

1074
00:47:59,440 --> 00:48:02,920
Speaker 2: of everything. You have on offer right now. The idea, oh, oh,

1075
00:48:02,960 --> 00:48:05,120
Speaker 2: make money later is so negative and it's going to

1076
00:48:05,120 --> 00:48:07,640
Speaker 2: put you back because money compounds in the more time

1077
00:48:07,680 --> 00:48:11,160
Speaker 2: that you're investing, the more energy. I just don't know, Georgia.

1078
00:48:11,200 --> 00:48:14,240
Speaker 2: I genuinely feel a bit thrown by this, potentially because

1079
00:48:14,239 --> 00:48:17,120
Speaker 2: of the conviction that she had in her voice when

1080
00:48:17,640 --> 00:48:18,239
Speaker 2: addressing this.

1081
00:48:18,440 --> 00:48:20,239
Speaker 1: She wasn't really concerned about it at all.

1082
00:48:20,400 --> 00:48:23,000
Speaker 2: No, she wasn't concerned about it, and I would have been.

1083
00:48:23,160 --> 00:48:25,960
Speaker 2: And I think that maybe that's where my views are

1084
00:48:25,960 --> 00:48:29,759
Speaker 2: coming from, because that's something that would concern me. And

1085
00:48:30,000 --> 00:48:32,640
Speaker 2: I just don't know if she sees the seriousness of

1086
00:48:33,480 --> 00:48:37,680
Speaker 2: those values or seeing investment in those things as actual

1087
00:48:37,719 --> 00:48:39,960
Speaker 2: investments when they're not. I think that we really need

1088
00:48:40,000 --> 00:48:43,080
Speaker 2: to be clear about what investing is. Yes, there's investing

1089
00:48:43,080 --> 00:48:45,279
Speaker 2: in yourself, and yes we absolutely should be doing that,

1090
00:48:45,400 --> 00:48:48,160
Speaker 2: but I don't want you guys to be confusing investing

1091
00:48:48,200 --> 00:48:52,319
Speaker 2: in yourself with investing in the financial markets and understanding

1092
00:48:52,400 --> 00:48:55,719
Speaker 2: that yeah, there's a difference there, and that difference is

1093
00:48:55,719 --> 00:48:58,200
Speaker 2: really tangible and going to essentially change your life.

1094
00:48:58,280 --> 00:49:01,080
Speaker 1: I think it's probably important to note before we wrap

1095
00:49:01,160 --> 00:49:03,520
Speaker 1: the show as well, that you know she's not in

1096
00:49:04,080 --> 00:49:05,359
Speaker 1: hundreds of thousands of.

1097
00:49:05,280 --> 00:49:09,399
Speaker 2: Dollars to absolutely not. She's in a great financial and.

1098
00:49:09,360 --> 00:49:11,880
Speaker 1: Cash flow masterclass course to help.

1099
00:49:11,719 --> 00:49:15,359
Speaker 2: Her out, and it sounds like she's literally living her

1100
00:49:15,400 --> 00:49:18,600
Speaker 2: best life. She's saved up money, she's moved overseas, she's

1101
00:49:18,680 --> 00:49:21,680
Speaker 2: loving life in what has been essentially what we call

1102
00:49:21,719 --> 00:49:24,120
Speaker 2: a garbage fire every year. And I think that that's

1103
00:49:24,160 --> 00:49:26,560
Speaker 2: really epic. I think it's just I need to be

1104
00:49:26,600 --> 00:49:30,080
Speaker 2: super critical of things sometimes because I would hate for

1105
00:49:30,200 --> 00:49:33,799
Speaker 2: you guys to be listening to a podcast and thinking, oh,

1106
00:49:33,920 --> 00:49:36,640
Speaker 2: that's cool, I'll do that. I don't want that for you.

1107
00:49:37,000 --> 00:49:39,400
Speaker 2: I want you to be in the best possible position

1108
00:49:39,560 --> 00:49:42,239
Speaker 2: because I care so much about literally every single one

1109
00:49:42,280 --> 00:49:43,880
Speaker 2: of you, and I want you to be in the

1110
00:49:43,920 --> 00:49:46,759
Speaker 2: best possible position always. And this is not going to

1111
00:49:46,840 --> 00:49:47,359
Speaker 2: put you there.

1112
00:49:47,520 --> 00:49:50,080
Speaker 1: Yeah, exactly right. It's just a platform for you guys

1113
00:49:50,080 --> 00:49:52,799
Speaker 1: to learn, I guess from these stories. Let's leave the

1114
00:49:52,840 --> 00:49:54,480
Speaker 1: show there, Victoria.

1115
00:49:54,120 --> 00:49:56,240
Speaker 2: But just before we head off, we'd like to acknowledge

1116
00:49:56,280 --> 00:49:59,680
Speaker 2: and pay respects to Australian's aboriginal and tourist rate islander people's,

1117
00:50:00,040 --> 00:50:02,880
Speaker 2: the traditional custodians of the lands, the waterways and the

1118
00:50:02,880 --> 00:50:05,880
Speaker 2: skies across Australia. We thank you for sharing and the

1119
00:50:06,000 --> 00:50:08,359
Speaker 2: caring for the land on which we are able to learn.

1120
00:50:08,680 --> 00:50:10,880
Speaker 2: We pay our respects to elders past and present, and

1121
00:50:10,920 --> 00:50:12,800
Speaker 2: we share our friendship and our kindness.

1122
00:50:13,080 --> 00:50:15,520
Speaker 1: And it is very important to remember that the advice

1123
00:50:15,600 --> 00:50:17,800
Speaker 1: shared on Chees on the Money is general in nature

1124
00:50:17,840 --> 00:50:20,920
Speaker 1: and does not consider your individual circumstances. She is on

1125
00:50:20,960 --> 00:50:24,200
Speaker 1: the money exists purely for educational purposes and should not

1126
00:50:24,280 --> 00:50:27,200
Speaker 1: be relied upon to make an investment or a financial decision.

1127
00:50:27,520 --> 00:50:30,920
Speaker 1: And we promise. Victoria Divine is an authorized representative of

1128
00:50:30,960 --> 00:50:34,600
Speaker 1: Australia Pacific Funds Management Propriety Limited ABN three four one

1129
00:50:34,680 --> 00:50:37,359
Speaker 1: three two four six three two five seven AFSL three

1130
00:50:37,440 --> 00:50:38,479
Speaker 1: three nine one point one.

1131
00:50:38,600 --> 00:50:40,920
Speaker 2: Oh we did that in one take. I'm so impressed

1132
00:50:41,040 --> 00:50:42,280
Speaker 2: with you, Skirl.

1133
00:50:42,440 --> 00:50:45,800
Speaker 1: And another thank you to Ryan and Beck our producer

1134
00:50:45,920 --> 00:50:48,000
Speaker 1: Daralins for putting it all together.

1135
00:50:48,440 --> 00:50:50,600
Speaker 2: And we would love it if you joined our Facebook

1136
00:50:50,640 --> 00:50:53,560
Speaker 2: group where our community shares money tips and tricks every

1137
00:50:53,600 --> 00:50:55,960
Speaker 2: single day, free of judgment. Search She's on money on

1138
00:50:56,000 --> 00:50:58,239
Speaker 2: Facebook and join us. If this looks anything, you can

1139
00:50:58,280 --> 00:51:00,960
Speaker 2: literally find us on every other social work media platform.

1140
00:51:01,160 --> 00:51:01,440
Speaker 6: You know.

1141
00:51:01,520 --> 00:51:04,280
Speaker 1: Our name, book it up. See you next week, guys.

1142
00:51:05,920 --> 00:51:09,719
Speaker 2: Mm hmm